Stock calls for 13 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/13/19	Lim & Tan	Fu Yu	0.25	0	Buy
12/13/19	DMG & Partners	Manulife US Reit	1	1.1	Buy	DDM
12/13/19	Lim & Tan	Sunningdale	1.28	0	Buy
12/13/19	UOB Kay Hian	Unusual	0.28	0.44	Buy

The 15 Dec tariffs between the US & China are halted.

https://sg.finance.yahoo.com/news/trump-approves-us-china-trade-deal-to-halt-dec-15-tariffs-034516939.html

It is a piece of good news to halt the 15 Dec tariffs so that we all can enjoy our festive seasons like X'mas and New Year.

However, I'm not optimistic about the signing of the agreement because the US is forcing China to buy US$50B worth of farm products especially the soybeans.  This US$50B is double what China bought in the previous year and far exceeded China's demands.  China had already signed soybean purchase orders from Brazil, Argentina, Russia and also started to plant its own hybrid soybeans.

http://sg-stock.blogspot.com/2019/10/trump-has-fallen-into-chinas-gambit.html

http://sg-stock.blogspot.com/2019/08/trump-is-in-trouble-because-china-is-no.html

Therefore, it will be impossible for China to purchase US$50B of farm products since there is no such demand and soybeans are perishable goods.  China also won't put its food supplies in the hands of the US because food is a strategic supply.  The bottom line is China doesn't want its people to go hungry during any US-China confrontation.

SIA - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	UOB Kay Hian	SIA	9.76	10.2	Hold	Sum of parts, Buy @ $9
01/24/19	Kim Eng	SIA	9.5	11.2	Buy	PB0.94x
01/24/19	CIMB	SIA	9.5	10.25	Hold	PB0.9x CY19
02/15/19	CIMB	SIA	9.87	10.25	Hold	PB0.9x CY19
02/15/19	DBS Vickers	SIA	9.87	11	Buy	PB0.9x FY20
02/15/19	Lim & Tan	SIA	9.87	0	Hold
02/18/19	Kim Eng	SIA	9.76	11.2	Buy	PB0.94x
02/18/19	UOB Kay Hian	SIA	9.76	10.2	Hold	Buy @ $9.50
02/18/19	OCBC	SIA	9.76	10.71	Buy
03/19/19	CIMB	SIA	9.83	10.25	Hold
03/19/19	UOB Kay Hian	SIA	9.83	10.1	Hold	Buy @ $9
04/16/19	UOB Kay Hian	SIA	9.88	10.1	Hold	Sum of parts
04/16/19	OCBC	SIA	9.88	11.02	Buy
05/17/19	CIMB	SIA	9.4	10.14	Hold	PB0.9x CY19
05/21/19	OCBC	SIA	9.3	11.02	Buy
05/21/19	UOB Kay Hian	SIA	9.3	9.6	Hold	Buy @ $8.80
05/21/19	DBS Vickers	SIA	9.3	10.8	Buy	PB0.95x FY20
06/19/19	UOB Kay Hian	SIA	9.17	9.5	Hold	Sum of parts, Buy @ $8.60
06/19/19	CIMB	SIA	9.17	10.04	Hold
08/01/19	UOB Kay Hian	SIA	9.67	9.5	Hold	Sum of parts, Buy @ $9.10
08/01/19	DBS Vickers	SIA	9.67	10.8	Buy	PB0.95x FY20
08/01/19	Lim & Tan	SIA	9.67	0	Hold
08/02/19	CIMB	SIA	9.2	10.04	Hold	PB0.9x CY19
09/19/19	UOB Kay Hian	SIA	9.15	9.5	Hold	Sum of parts, Buy @ $8.70
10/17/19	UOB Kay Hian	SIA	9.16	9.5	Hold	Buy @ $9
11/06/19	CIMB	SIA	9.43	10	Hold	PB0.9x CY19
11/06/19	Kim Eng	SIA	9.43	10.7	Buy	PB1x FY21
11/07/19	OCBC	SIA	9.18	10.46	Buy
11/07/19	UOB Kay Hian	SIA	9.18	9.4	Hold	Buy @ $8.70
11/07/19	DBS Vickers	SIA	9.18	10.4	Buy	PB0.95x FY20

SHS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/19	phillip	SHS	0.197	0.24	Accumulate	PER10x FY19
03/08/19	phillip	SHS	0.191	0.194	Neutral	PB0.7x
05/21/19	phillip	SHS	0.174	0	Cease coverage

Sheng Siong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Sheng Siong	1.06	1.27	Buy
01/04/19	phillip	Sheng Siong	1.07	1.13	Accumulate
02/20/19	UOB Kay Hian	Sheng Siong	1.08	1.15	Hold
02/27/19	DMG & Partners	Sheng Siong	1.09	1.25	Buy	DCF
02/27/19	OCBC	Sheng Siong	1.09	1.19	Buy
02/27/19	DBS Vickers	Sheng Siong	1.09	1.25	Buy	PER25x FY19
02/27/19	CIMB	Sheng Siong	1.09	1.22	Add	PER22.2x FY20
02/27/19	UOB Kay Hian	Sheng Siong	1.09	1.11	Hold
03/04/19	phillip	Sheng Siong	1.09	1.3	Accumulate	PER25x
03/05/19	Amfrasers	Sheng Siong	1.09	1.24	Buy
03/13/19	DMG & Partners	Sheng Siong	1.08	1.25	Buy	DCF
03/19/19	Kim Eng	Sheng Siong	1.08	0.95	Sell	DCF, PER19.5x FY19
04/05/19	DMG & Partners	Sheng Siong	1.04	1.25	Buy
04/16/19	Kim Eng	Sheng Siong	1.06	0.95	Sell	DCF
04/29/19	UOB Kay Hian	Sheng Siong	1.04	1.11	Hold	Buy @ $1
04/29/19	DBS Vickers	Sheng Siong	1.04	1.25	Buy	PER5x FY19
04/30/19	DMG & Partners	Sheng Siong	1.04	1.23	Buy	DCF & PER21x
04/30/19	CIMB	Sheng Siong	1.04	1.1	Hold	PER20.5x CY20
04/30/19	Amfrasers	Sheng Siong	1.04	1.24	Buy	DCF
04/30/19	OCBC	Sheng Siong	1.04	1.19	Buy
05/02/19	phillip	Sheng Siong	1.03	1.3	Buy	PER25x
06/06/19	DMG & Partners	Sheng Siong	1.1	1.23	Buy
06/06/19	DBS Vickers	Sheng Siong	1.1	1.25	Buy
06/14/19	Kim Eng	Sheng Siong	1.09	0.95	Sell	DCF
07/02/19	DMG & Partners	Sheng Siong	1.1	1.23	Buy
07/15/19	phillip	Sheng Siong	1.1	1.3	Buy	PER25x
07/16/19	Kim Eng	Sheng Siong	1.09	0.95	Sell	DCF
07/30/19	DMG & Partners	Sheng Siong	1.11	1.32	Buy	DCF
07/30/19	DBS Vickers	Sheng Siong	1.11	1.32	Buy	PER25x FY20
07/31/19	Kim Eng	Sheng Siong	1.15	0.96	Sell	DCF
07/31/19	OCBC	Sheng Siong	1.15	1.19	Buy
07/31/19	CIMB	Sheng Siong	1.15	1.25	Add
08/01/19	phillip	Sheng Siong	1.16	1.3	Accumulate	PER25x FY19
08/06/19	Amfrasers	Sheng Siong	1.16	1.27	Outperform
08/13/19	Kim Eng	Sheng Siong	1.18	0.96	Sell	DCF
08/23/19	DMG & Partners	Sheng Siong	1.16	1.32	Buy
09/11/19	DMG & Partners	Sheng Siong	1.2	1.32	Buy
10/01/19	DBS Vickers	Sheng Siong	1.11	1.32	Buy	PER25x FY20
10/02/19	DMG & Partners	Sheng Siong	1.13	1.32	Buy	DCF
10/11/19	phillip	Sheng Siong	1.16	1.3	Accumulate
10/14/19	Kim Eng	Sheng Siong	1.15	0.96	Sell	DCF
11/01/19	UOB Kay Hian	Sheng Siong	1.17	1.27	Hold	Buy @ $1.14
11/01/19	DMG & Partners	Sheng Siong	1.17	1.32	Buy
11/01/19	Kim Eng	Sheng Siong	1.17	1	Sell	DCF
11/01/19	DBS Vickers	Sheng Siong	1.17	1.32	Buy
11/04/19	phillip	Sheng Siong	1.18	1.32	Accumulate	PER25x
11/04/19	Amfrasers	Sheng Siong	1.18	1.35	Outperform
11/04/19	CIMB	Sheng Siong	1.18	1.3	Add	PER22.5x CY20
11/04/19	OCBC	Sheng Siong	1.18	1.21	Hold
12/10/19	DMG & Partners	Sheng Siong	1.24	1.39	Buy	DCF

Stock calls for 12 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/12/19	DBS Vickers	Hongkong Land	5.47	6.64	Buy	RNAV (45% discount)
12/12/19	UOB Kay Hian	Rex	0.167	0.218	Buy	Sum of parts, PB1.1x FY20

Hong Kong financial hub will be undermined by upcoming Shenzhen and Macau.

https://www.theedgesingapore.com/news/china-focus/protest-free-macau-win-financial-policy-rewards-china

China is trying to make Macau another financial hub by giving it some favourable policies.  However, I think that Shenzhen has a better chance to displace HK than Macau.  When China doesn't support HK anymore, HK will definitely fall from its grace.

http://sg-stock.blogspot.com/2019/11/hong-kong-is-financial-hub-because-of.html

http://sg-stock.blogspot.com/2019/08/omg-china-has-displaced-hong-kong-with.html

Why is Shenzhen (SZ) a better choice?

First of all, we need to understand what makes a country a financial hub.  In order to be a financial hub, a country has to be an open economy in order to be an international trading centre.  International trading is a prerequisite to be a financial hub because it will engender many financial services like forex trading, insurance services, etc.  Singapore and HK are financial hubs because both countries have the busiest ports in the world to generate a lot of trading activities.

Besides being the 3rd busiest port in the world, Shenzhen is also a technological hub whereby many technology companies set up their HQ there.  Thus, it is so much easier for SZ to be a financial hub to displace HK.

How is China's economy doing?

https://sg.finance.yahoo.com/news/etfs-focus-trade-tussle-dampens-214809679.html

For a consumption-led economy like China, import matters more than export.  Why?

From a simplistic perspective, the export number reflects "yesterday" demand and the import figure reflects "tomorrow" demand.

Therefore, I expect China's PMI to continue to expand because the importers are anticipating higher demand ahead and also the de-americanization will help to boost the local industries.

The US does not practise the human rights that it preached.

https://sg.news.yahoo.com/immigration-officials-stop-doctors-giving-014039953.html

The US government stopped doctors from saving children from preventable deaths.

Amnesty International is turning a blind eye to this!

Shangri-La Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/21/19	OCBC	Shangri-La Asia	11.04	16.4	Buy
03/22/19	OCBC	Shangri-La Asia	11.18	16.16	Buy
08/26/19	OCBC	Shangri-La Asia	8.3	13.9	Buy

SGX - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	phillip	SGX	7.15	9.01	Buy
01/25/19	CIMB	SGX	7.5	7.9	Add	PER22.1x FY20
01/25/19	DMG & Partners	SGX	7.5	8.2	Buy	PER22x FY20
01/28/19	phillip	SGX	7.57	8.36	Buy	PER23.2x FY19
01/28/19	OCBC	SGX	7.57	7.98	Buy	PER22x F19/20
02/22/19	Citibank	SGX	7.87	7.8	Hold
03/12/19	Citibank	SGX	7.46	7	Sell
03/14/19	DBS Vickers	SGX	7.26	7.05	Hold	DDM, PER20x CY20
03/19/19	phillip	SGX	7.31	8.17	Accumulate	PER23.2x
04/05/19	DMG & Partners	SGX	7.42	8.1	Buy	PER23x FY20
04/26/19	OCBC	SGX	7.26	7.6	Hold	PER21x FY20
04/26/19	DBS Vickers	SGX	7.26	7.05	Hold	DDM, PER20x FY20
04/26/19	Kim Eng	SGX	7.26	8.79	Buy	PER23x FY19
04/29/19	phillip	SGX	7.4	8.09	Accumulate	PER21.4x
04/29/19	CIMB	SGX	7.4	7.9	Add	PER22.1x FY20
06/28/19	DBS Vickers	SGX	7.95	7.05	Hold	DDM, PER20x FY20
07/15/19	phillip	SGX	7.99	8.09	Accumulate	PER21.4x
08/01/19	DMG & Partners	SGX	7.92	8.1	Neutral	PER23x FY20
08/01/19	DBS Vickers	SGX	7.92	8.3	Buy	DDM
08/02/19	phillip	SGX	7.78	8.09	Accumulate	PER21x
08/05/19	CIMB	SGX	7.98	8.1	Hold	PER21.5x
10/02/19	phillip	SGX	8.5	8.6	Accumulate	PER22x
10/02/19	OCBC	SGX	8.5	7.6	Hold
10/09/19	DMG & Partners	SGX	8.4	8.1	Neutral	PER23x FY20
10/25/19	DMG & Partners	SGX	8.28	8.3	Neutral	PER23x FY20
10/25/19	CIMB	SGX	8.28	9	Add	PER22.4x FY20
10/25/19	OCBC	SGX	8.28	8.6	Hold	PER22x FY20
10/25/19	DBS Vickers	SGX	8.28	8.9	Buy	DDM, PER21x FY20
11/25/19	phillip	SGX	8.97	8.6	Neutral	PER22x

Sembcorp Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/19	DIR	Sembcorp Marine	1.62	1.62	Hold	Cut from $1.78, PB1.8x FY19
01/22/19	Amfrasers	Sembcorp Marine	1.66	2.5	Buy
02/01/19	UOB Kay Hian	Sembcorp Marine	1.6	1.83	Hold	PB1.7x FY19, Buy @ $1.50
02/04/19	DBS Vickers	Sembcorp Marine	1.59	2.4	Buy	PB2.1x FY19
02/21/19	CIMB	Sembcorp Marine	1.68	2.21	Add	PB2x CY19
02/21/19	OCBC	Sembcorp Marine	1.68	1.77	Hold
02/21/19	phillip	Sembcorp Marine	1.68	1.76	Neutral	PB1.6x
02/21/19	Lim & Tan	Sembcorp Marine	1.68	0	Hold
02/26/19	Amfrasers	Sembcorp Marine	1.72	2.48	Buy
04/09/19	Amfrasers	Sembcorp Marine	1.7	2.48	Buy
04/09/19	DBS Vickers	Sembcorp Marine	1.7	2.4	Buy
05/03/19	CIMB	Sembcorp Marine	1.69	2.21	Add	PB2x
05/06/19	phillip	Sembcorp Marine	1.67	1.76	Neutral	PB1.6x
05/06/19	OCBC	Sembcorp Marine	1.67	1.77	Hold
05/06/19	Amfrasers	Sembcorp Marine	1.67	2.48	Buy
05/06/19	DBS Vickers	Sembcorp Marine	1.67	2.4	Buy	PB2.1x FY19
05/30/19	OCBC	Sembcorp Marine	1.45	1.6	Hold	PB1.45x
06/04/19	DMG & Partners	Sembcorp Marine	1.39	1.99	Buy	PB1.8x FY20
07/03/19	CIMB	Sembcorp Marine	1.54	1.75	Add	PB1.6x CY19
07/03/19	OCBC	Sembcorp Marine	1.54	1.6	Hold
07/04/19	Macquarie	Sembcorp Marine	1.41	1.57	Neutral
07/04/19	DBS Vickers	Sembcorp Marine	1.41	2.4	Buy
07/31/19	DBS Vickers	Sembcorp Marine	1.36	1.9	Buy	PB1.8x FY19
07/31/19	Amfrasers	Sembcorp Marine	1.36	1.59	Neutral	PB1.6x FY19
07/31/19	DMG & Partners	Sembcorp Marine	1.36	1.8	Buy	PB1.64x FY20
07/31/19	CIMB	Sembcorp Marine	1.36	1.16	Reduce	PB1.1x
07/31/19	UOB Kay Hian	Sembcorp Marine	1.36	1.32	Hold	DCF, Buy @ $1.25
08/06/19	Macquarie	Sembcorp Marine	1.28	1.4	Neutral	PB
09/03/19	UOB Kay Hian	Sembcorp Marine	1.16	1.22	Hold	Buy @ $1.10
09/03/19	DMG & Partners	Sembcorp Marine	1.16	1.63	Buy	PB1.48x FY20
09/09/19	CIMB	Sembcorp Marine	1.19	1.26	Hold	PB1.2x CY19
10/09/19	CIMB	Sembcorp Marine	1.2	1.26	Hold	PB1.2x CY19
10/09/19	OCBC	Sembcorp Marine	1.2	1.29	Hold
10/09/19	DBS Vickers	Sembcorp Marine	1.2	1.9	Buy
10/25/19	DBS Vickers	Sembcorp Marine	1.4	1.45	Hold
11/12/19	UOB Kay Hian	Sembcorp Marine	1.33	1.22	Sell
11/13/19	OCBC	Sembcorp Marine	1.34	1.24	Sell
11/14/19	DMG & Partners	Sembcorp Marine	1.29	1.6	Buy	PB1.47x FY20
11/14/19	UOB Kay Hian	Sembcorp Marine	1.29	1.17	Sell
11/14/19	CIMB	Sembcorp Marine	1.29	1.26	Hold	PB1.2x CY21
11/15/19	Macquarie	Sembcorp Marine	1.28	1.4	Neutral	DCF
11/15/19	DBS Vickers	Sembcorp Marine	1.28	1.4	Hold	PB1.3x FY20

Stock calls for 11 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/11/19	DMG & Partners	Amara	0.45	0.88	Buy
12/11/19	DMG & Partners	Breadtalk	0.625	0.67	Neutral
12/11/19	Lim & Tan	City Developments	10.54	0	Buy
12/11/19	DMG & Partners	Dairy Farm	5.9	6.63	Neutral
12/11/19	DMG & Partners	Delfi	1	1.68	Buy
12/11/19	DMG & Partners	Food Empire	0.6	0.73	Buy
12/11/19	DMG & Partners	Genting	0.915	0.97	Neutral
12/11/19	DMG & Partners	Japan Foods	0.425	0.4	Neutral
12/11/19	DMG & Partners	Kimly	0.245	0.24	Neutral
12/11/19	SAC Capital	Koufu	0.765	0.87	Buy
12/11/19	DMG & Partners	Mindchamps	0.46	0.87	Buy
12/11/19	DMG & Partners	Thai Beverage	0.89	0.95	Neutral
12/11/19	UOB Kay Hian	Yangzijiang	1.09	1.46	Buy

Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/19	DIR	Sembcorp Industries	2.64	3.05	Outperform	Sum of parts, cut from $3.26
01/15/19	UOB Kay Hian	Sembcorp Industries	2.63	3.2	Buy	Sum of parts
01/23/19	CIMB	Sembcorp Industries	2.69	3.49	Add
02/01/19	UOB Kay Hian	Sembcorp Industries	2.59	3.2	Buy
02/04/19	DBS Vickers	Sembcorp Industries	2.58	3.7	Buy
02/21/19	Lim & Tan	Sembcorp Industries	2.66	0	Hold
02/25/19	DBS Vickers	Sembcorp Industries	2.67	3.9	Buy	RNAV (10% discount), PB1x
03/13/19	UOB Kay Hian	Sembcorp Industries	2.57	2.8	Hold	Sum of parts, Buy @ $2.35
03/18/19	Lim & Tan	Sembcorp Industries	2.52	0	Hold
04/09/19	DBS Vickers	Sembcorp Industries	2.75	3.9	Buy
05/16/19	OCBC	Sembcorp Industries	2.54	3.13	Buy	Sum of parts
05/16/19	DBS Vickers	Sembcorp Industries	2.54	3.9	Buy	Sum of parts, PB1x
05/16/19	CIMB	Sembcorp Industries	2.54	3.41	Add	Sum of parts
05/17/19	phillip	Sembcorp Industries	2.55	3.75	Buy	Sum of parts
06/04/19	OCBC	Sembcorp Industries	2.38	3.03	Buy	Sum of parts
07/03/19	OCBC	Sembcorp Industries	2.47	3.03	Buy
07/04/19	Macquarie	Sembcorp Industries	2.41	2.84	Outperform
08/15/19	CIMB	Sembcorp Industries	2.26	2.83	Add	Sum of parts
08/15/19	UOB Kay Hian	Sembcorp Industries	2.26	2.34	Hold
08/16/19	DBS Vickers	Sembcorp Industries	2.26	3.2	Buy	Sum of parts (10% discount), PER16x FY19, PB0.8x FY19
09/12/19	DBS Vickers	Sembcorp Industries	2.21	3.2	Buy	Sum of parts (10% discount), PER16x FY19, PB0.8x FY19
09/12/19	Lim & Tan	Sembcorp Industries	2.21	0	Buy
09/18/19	DMG & Partners	Sembcorp Industries	2.22	2.68	Buy	Sum of parts, PER9.9x FY20
09/18/19	OCBC	Sembcorp Industries	2.22	2.79	Buy
10/07/19	UOB Kay Hian	Sembcorp Industries	2.06	2.22	Hold	Buy @ $2
10/08/19	CIMB	Sembcorp Industries	2.08	2.83	Add	Sum of parts
10/09/19	DBS Vickers	Sembcorp Industries	2.11	3.2	Buy
10/25/19	DBS Vickers	Sembcorp Industries	2.28	2.9	Buy
11/15/19	OCBC	Sembcorp Industries	2.29	2.51	Hold	Sum of parts
11/15/19	DMG & Partners	Sembcorp Industries	2.29	2.68	Buy	Sum of parts (20% discount), PER10x FY20
11/18/19	UOB Kay Hian	Sembcorp Industries	2.26	2.19	Hold	Buy @ $2
11/18/19	DBS Vickers	Sembcorp Industries	2.26	2.9	Buy	RNAV (10% discount), PB0.7x

SATS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	UOB Kay Hian	SATS	4.59	5.6	Buy
01/11/19	OCBC	SATS	4.94	5.23	Hold	DCF
02/08/19	UOB Kay Hian	SATS	4.8	5.6	Buy
02/14/19	phillip	SATS	4.98	5.47	Accumulate	DCF, PER24.6x FY19
02/14/19	OCBC	SATS	4.98	5.23	Hold
02/14/19	CIMB	SATS	4.98	5.46	Add	PER20.3x
02/14/19	Lim & Tan	SATS	4.98	0	Hold
02/14/19	DBS Vickers	SATS	4.98	5.59	Buy	DCF & PER22x FY19
02/14/19	Kim Eng	SATS	4.98	5.8	Buy
02/15/19	Citi Research	SATS	5.08	6	Buy
03/26/19	UOB Kay Hian	SATS	5.06	5.6	Buy
04/15/19	Kim Eng	SATS	5.31	5.8	Buy
05/13/19	UOB Kay Hian	SATS	5.27	5.6	Buy
05/17/19	OCBC	SATS	5.22	5.35	Hold
05/21/19	phillip	SATS	5.08	5.47	Accumulate	DCF, PER24x FY19
05/21/19	UOB Kay Hian	SATS	5.08	5.05	Hold	Buy @ 4.60
05/21/19	DBS Vickers	SATS	5.08	5.44	Buy	DCF & PER22x FY20
06/03/19	UOB Kay Hian	SATS	5.07	5.05	Hold	Buy @ $4.70
06/06/19	DBS Vickers	SATS	5.04	5.44	Buy
06/12/19	Kim Eng	SATS	5.04	6.1	Buy	DCF
06/17/19	CIMB	SATS	5.14	5.4	Add	PER21.9x CY20
07/05/19	Kim Eng	SATS	5.36	6.1	Buy	DCF
07/15/19	UOB Kay Hian	SATS	5.37	5.05	Sell
07/19/19	UOB Kay Hian	SATS	5.32	4.8	Sell
07/19/19	DBS Vickers	SATS	5.32	5	Hold	DCF
07/19/19	CIMB	SATS	5.32	5.4	Hold	PER21.9x CY20
07/22/19	OCBC	SATS	5	5.28	Hold	FCFF
07/22/19	phillip	SATS	5	5.47	Accumulate
07/22/19	Lim & Tan	SATS	5	0	Hold
09/20/19	Kim Eng	SATS	4.78	6.1	Buy
10/15/19	UOB Kay Hian	SATS	4.82	5.3	Buy	DCF
11/13/19	UOB Kay Hian	SATS	5.09	5.3	Buy
11/14/19	DBS Vickers	SATS	4.99	5.06	Hold	DCF & PER22x FY21
11/19/19	phillip	SATS	5.07	5.36	Accumulate	DCF, PER23.3x FY19
11/19/19	OCBC	SATS	5.07	5.28	Hold
11/25/19	Kim Eng	SATS	5.06	6.1	Buy

Sasseur - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/19	Kim Eng	Sasseur	0.74	0.9	Buy	DDM
02/20/19	DBS Vickers	Sasseur	0.74	0.97	Buy	DCF
04/03/19	CIMB	Sasseur	0.78	0.92	Add
06/25/19	Kim Eng	Sasseur	0.79	0.9	Buy
08/08/19	DBS Vickers	Sasseur	0.8	0.97	Buy	DCF
08/13/19	CIMB	Sasseur	0.805	0.94	Add	DDM
10/30/19	UOB Kay Hian	Sasseur	0.8	0.97	Buy	DDM
11/18/19	Kim Eng	Sasseur	0.845	1	Buy	DDM
11/18/19	UOB Kay Hian	Sasseur	0.845	0.97	Buy
11/18/19	DBS Vickers	Sasseur	0.845	0.97	Buy
11/20/19	CIMB	Sasseur	0.85	0.94	Add