OCBC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/19	CIMB	OCBC	11.1	14	Add	PER10.8x FY20
01/04/19	UOB Kay Hian	OCBC	11.03	14.05	Buy
01/08/19	UOB Kay Hian	OCBC	11.37	13.82	Buy
01/31/19	Kim Eng	OCBC	11.39	10.95	Hold	DDM
02/01/19	phillip	OCBC	11.51	13.7	Buy	GGM, PB1.4x FY19
02/08/19	UOB Kay Hian	OCBC	11.49	13.82	Buy
02/13/19	Kim Eng	OCBC	11.41	10.95	Hold
02/25/19	CIMB	OCBC	11.39	12	Hold	PB1.2x CY19
02/25/19	UOB Kay Hian	OCBC	11.39	13.85	Buy
02/25/19	DBS Vickers	OCBC	11.39	12.9	Buy	GGM, PB1.2x FY19
02/25/19	Kim Eng	OCBC	11.39	10.73	Hold	DDM
02/27/19	Macquarie	OCBC	11.2	13	Outperform	PB
03/04/19	phillip	OCBC	11.1	13.7	Buy
03/07/19	Kim Eng	OCBC	11.22	10.73	Hold
03/11/19	CIMB	OCBC	11.05	12	Hold
03/26/19	UOB Kay Hian	OCBC	10.99	13.85	Buy
04/02/19	phillip	OCBC	11.21	13.7	Buy
04/02/19	DBS Vickers	OCBC	11.21	12.9	Buy
04/11/19	CIMB	OCBC	11.72	12	Hold
04/22/19	DMG & Partners	OCBC	11.77	12.2	Neutral	PB1.12x FY20, Up from $10.96
04/23/19	Kim Eng	OCBC	11.78	10.73	Hold
04/24/19	UOB Kay Hian	OCBC	11.83	14.12	Buy	GGM, PB1.39x FY19
05/03/19	phillip	OCBC	12.04	13.7	Buy
05/10/19	DMG & Partners	OCBC	11.31	12.2	Neutral	PB1.12x FY20
05/10/19	CIMB	OCBC	11.31	12	Hold
05/13/19	Macquarie	OCBC	11.39	13	Outperform
05/13/19	phillip	OCBC	11.39	12.68	Accumulate	GGM, PB1.3x FY19
05/13/19	UOB Kay Hian	OCBC	11.39	14.62	Buy	GGM, PB1.42x FY19
05/13/19	CIMB	OCBC	11.39	12.59	Hold	GGM, PB1.26x
05/22/19	Kim Eng	OCBC	11.09	11.07	Hold
06/03/19	CIMB	OCBC	10.57	12.59	Hold
06/06/19	phillip	OCBC	10.63	12.7	Accumulate
06/13/19	UOB Kay Hian	OCBC	10.8	14.62	Buy
06/17/19	Kim Eng	OCBC	10.78	11.07	Hold
06/25/19	DBS Vickers	OCBC	11.28	11.5	Hold	GGM, PB1.1x FY20
07/01/19	UOB Kay Hian	OCBC	11.4	14.62	Buy
07/02/19	Kim Eng	OCBC	11.59	11.07	Hold
07/03/19	phillip	OCBC	11.54	12.7	Accumulate
07/08/19	DMG & Partners	OCBC	11.39	12.2	Neutral	GGM, PB1.12x FY20
07/23/19	DBS Vickers	OCBC	11.64	11.5	Hold
08/02/19	Lim & Tan	OCBC	11.42	0	Buy on weakness
08/05/19	phillip	OCBC	11.21	12.5	Accumulate	GGM, PB1.3x
08/05/19	DMG & Partners	OCBC	11.21	11.8	Neutral	GGM, PB1.1x FY20
08/05/19	UOB Kay Hian	OCBC	11.21	14.48	Buy	GGM, PB1.4x FY19
08/05/19	DBS Vickers	OCBC	11.21	11.5	Hold	GGM, PB1.1x FY20
08/06/19	CIMB	OCBC	11.08	12.59	Hold	GGM, PB1.3x
08/06/19	Kim Eng	OCBC	11.08	11.05	Hold	DDM
08/20/19	DMG & Partners	OCBC	10.71	11.5	Neutral	GGM, PB1.07x FY20
08/21/19	CIMB	OCBC	10.69	12.53	Hold
09/02/19	phillip	OCBC	10.65	12.32	Accumulate	GGM
09/05/19	UOB Kay Hian	OCBC	10.71	14.48	Buy	GGM, PB1.4x FY19
09/26/19	Kim Eng	OCBC	10.77	11.05	Neutral
09/26/19	DMG & Partners	OCBC	10.77	11.5	Neutral	GGM, PB1.07x FY20
09/27/19	CIMB	OCBC	10.82	12.53	Hold
10/04/19	phillip	OCBC	10.71	12.32	Accumulate
10/17/19	UOB Kay Hian	OCBC	10.86	14.45	Buy	GGM, PB1.4x FY19
10/23/19	DBS Vickers	OCBC	10.71	11.5	Hold
11/05/19	phillip	OCBC	11.07	12.32	Accumulate
11/05/19	DMG & Partners	OCBC	11.07	11.5	Neutral	GGM, PB1.08x FY20
11/05/19	Lim & Tan	OCBC	11.07	0	Buy
11/06/19	Macquarie	OCBC	11.08	12.4	Outperform	PB
11/06/19	Kim Eng	OCBC	11.08	11.26	Hold	DDM
11/06/19	UOB Kay Hian	OCBC	11.08	14.45	Buy	GGM, PB1.4x FY19
11/06/19	DBS Vickers	OCBC	11.08	11.5	Hold	GGM, PB1.1x FY20
11/07/19	phillip	OCBC	11.1	11.7	Accumulate	GGM, PB1.1x
12/02/19	CIMB	OCBC	10.78	11.94	Hold
12/02/19	Kim Eng	OCBC	10.78	11.26	Hold
12/03/19	DMG & Partners	OCBC	10.75	11.5	Neutral
12/03/19	DBS Vickers	OCBC	10.75	11.5	Hold
12/04/19	phillip	OCBC	10.68	11.7	Accumulate
01/03/20	UOB Kay Hian	OCBC	11.03	14.45	Buy
01/08/20	CIMB	OCBC	11	11.94	Hold
02/03/20	DBS Vickers	OCBC	10.83	11.5	Hold	GGM, PB1x FY20
02/10/20	UOB Kay Hian	OCBC	10.86	12.8	Buy
02/19/20	Macquarie	OCBC	10.97	12.4	Outperform
02/24/20	phillip	OCBC	11.02	12.1	Accumulate	GGM, PB1.11x FY20
02/24/20	DMG & Partners	OCBC	11.02	11.2	Neutral	GGM, PB1.03x FY20
02/24/20	UOB Kay Hian	OCBC	11.02	12.68	Buy
02/25/20	Kim Eng	OCBC	10.92	11.57	Hold
03/02/20	DBS Vickers	OCBC	10.6	11.5	Hold

Stock calls for 2 March 2020

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/20	DBS Vickers	A-Reit	3.06	3.45	Buy	DCF
03/02/20	DBS Vickers	AIMS AMP Cap Ind Reit	1.4	1.5	Buy	DCF
03/02/20	DBS Vickers	Ascendas India Trust	1.65	1.85	Buy
03/02/20	DBS Vickers	Cache Logistics	0.685	0.75	Hold
03/02/20	DMG & Partners	Centurion	0.445	0.49	Neutral	DCF
03/02/20	DBS Vickers	Centurion	0.445	0.53	Buy	DCF
03/02/20	DBS Vickers	CSE Global	0.52	0.7	Buy	PER12x FY20
03/02/20	DMG & Partners	EC World Reit	0.705	0.78	Buy	DDM
03/02/20	DBS Vickers	EC World Reit	0.705	0.8	Buy	DCF
03/02/20	Amfrasers	EC World Reit	0.705	0.82	outperform
03/02/20	DBS Vickers	ESR-Reit	0.53	0.59	Buy	DCF
03/02/20	CIMB	Frencken	0.83	1.06	Add
03/02/20	DMG & Partners	Golden Agri	0.2	0.25	Buy	Sum of parts
03/02/20	OCBC	Golden Agri	0.2	0.22	Hold
03/02/20	UOB Kay Hian	Golden Agri	0.2	0.22	Hold	Buy @ $0.20
03/02/20	CIMB	Golden Agri	0.2	0.23	Hold
03/02/20	DMG & Partners	HRnetGroup	0.56	0.61	Neutral	PER12x FY20
03/02/20	Kim Eng	IHH Healthcare	1.87	2.09	Buy	Sum of parts, Ringgit $6.30 target price
03/02/20	UOB Kay Hian	IHH Healthcare	1.87	1.94	Buy	Ringgit $5.86 target price
03/02/20	CIMB	IHH Healthcare	1.87	2.07	Add	Ringgit $6.26 target price
03/02/20	DBS Vickers	Keppel DC Reit	2.32	2.55	Hold	DCF
03/02/20	DBS Vickers	Koufu	0.705	0.84	Buy	PER17x FY20
03/02/20	DBS Vickers	Mapletree Industrial	2.68	3	Buy
03/02/20	DBS Vickers	Mapletree Logistics	1.85	1.9	Hold
03/02/20	DMG & Partners	Mindchamps	0.395	0.37	Neutral	DCF
03/02/20	DMG & Partners	Moya Asia	0.073	0.082	Buy	DCF
03/02/20	DBS Vickers	Netlink	0.98	1.05	Buy
03/02/20	DBS Vickers	OCBC	10.6	11.5	Hold
03/02/20	phillip	Propnex	0.545	0.7	Buy	DCF
03/02/20	DBS Vickers	Soilbuild Reit	0.495	0.55	Hold
03/02/20	UOB Kay Hian	Sunningdale	1.21	1.06	Hold	Buy @ $1
03/02/20	UOB Kay Hian	Sunpower	0.525	0.88	Buy	Sum of parts
03/02/20	DBS Vickers	UOB	24.48	27.2	Buy
03/02/20	OCBC	UOL	7.37	9.6	Buy	RNAV (30% discount)
03/02/20	DBS Vickers	UOL	7.37	9.5	Buy	RNAV (28% discount)
03/02/20	Lim & Tan	UOL	7.37	0	Buy on weakness
03/02/20	Phillip	Venture	16.45	18.1	Accumulate	PER14x FY20
03/02/20	OCBC	Venture	16.45	18.09	Buy	PER13.9x
03/02/20	OCBC	Yangzijiang	0.945	1.2	Buy	Sum of parts
03/02/20	UOB Kay Hian	Yangzijiang	0.945	1.4	Buy
03/02/20	DBS Vickers	Yangzijiang	0.945	1.5	Buy	Sum of parts, PB0.9x
03/02/20	DBS Vickers	Yanlord	1.16	1.1	Hold	PER4.5x FY20

Why are global scientists claiming now that covid-19 virus is not man-made?

https://www.caixinglobal.com/2020-02-25/new-paper-adds-support-to-covid-19s-natural-origins-101520278.html

The global scientists could have come out much earlier to state their consensus claim that covid-19 virus was not man-made but they didn't.  They only came out to state this claim when there were more prima facie pieces of evidence that pinpointed the US as the origin (See my post below).

http://sg-stock.blogspot.com/2020/03/japan-and-russia-alleged-that-covid-19.html

I believe the mounting pieces of evidence and Russian's allegation that CIA created covid-19 virus prompt the US to use its resources to embark on this scientific claim.

We all know the potency of the 3rd generation covid-19 virus in China from its death toll.  The normal virus evolution path is that the earlier generation is much more potent than the latest generation.  Please look at my comment for the post below to understand more about a virus evolution.

http://sg-stock.blogspot.com/2020/02/the-infected-chinese-are-dropping-dead.html

Since the US has 1st, 2nd and 4th-generation covid-19 cases, its death toll should be much higher than China's.  This might explain the high flu death toll (Dec 2019 to Feb 2020) in the US as the flu deaths were classified wrongly since the doctors had not encountered this virus before.

This might also explain the heavy sell-off in the US stock markets last week because the smart investors knew that the covid-19 virus originated in the US and this would hurt the US severely economically and politically.

The US reports its 1st covid-19 death.

https://finance.yahoo.com/news/germany-boosts-border-checks-google-215438086.html

We had expected a major outbreak in the US soon.

http://sg-stock.blogspot.com/2020/02/who-has-raised-covid-19-outbreak-to.html

Japan and Russia alleged that covid-19 originated in the US. - Part 2

China confirmed the covid-19 virus outbreak in Wuhan was in December 2019.  

This would mean that the actual timeline for the virus to appear in Wuhan was in November 2019 because the incubation period was 14-day and it would take some time for the cases to build up before the medical authority was cognizant of the outbreak.  (Please remember this timeline.)

China scientists had already stated that covid-19 H38 was traced back to the US and the virus was imported into Wuhan.  Japan and Russia also alleged that the virus originated in the US.

http://sg-stock.blogspot.com/2020/02/japan-and-russia-alleged-that-covid-19.html

Let's see if the allegation was valid or not.

If the US wanted to smuggle the virus into China in late 2019, when would be the best time to do it?  The best time would be when the airport was super busy because airport security won't be so tight as it had to clear the vast number of passengers fast.

When will an airport be super busy? The airport would be super busy when there was a major event happening.  I googled and discovered that China held 2019 Military World Games in Wuhan from October 18-27 (Please remember this timeline).

https://en.wikipedia.org/wiki/2019_Military_World_Games

I found something uncanny when I looked at the scoreboard.  The US team didn't win any gold medal in this international competition despite sending more than 300 personnel to Wuhan.

http://www.xinhuanet.com/english/2019-10/15/c_138473332.htm

Please remember that the US has the strongest and most powerful military in the world and yet its personnel can't win a single medal in the military games.  Isn't this strange?

The only explanation for this failure was that the US didn't send its best personnel for the competition because the US was afraid that its best personnel would get caught for spreading the virus in Wuhan.  The Athletes also stayed near Huangjiahu Lake which was very near to Huanan Seafood Market.

http://eng.chinamil.com.cn/view/2019-10/12/content_9649535.htm

Just look at how close the Athletes were from Huanan Seafood Market (Less than 25km).

If the US personnel released the virus at Huanan Seafood Market before their departure, the first case of covid-19 would appear in mid-November after the 14-day incubation period.  Then, it would take some time for the cases to build up before China confirmed the outbreak in December 2019.  The chronological events matched the timeline of the virus outbreak.

Let's recap:

1. Japan alleged that the virus originated in the US by analyzing big data.

2. China scientists traced covid-19 H38 to the US.

3. Russia alleged that the virus originated in the US.

4. The chronological events in 2019 also inferred that the US was involved.

OK, case closed!

WHO has raised the covid-19 outbreak to the highest alert level.

https://sg.news.yahoo.com/virus-detected-sub-saharan-africa-global-stocks-tank-044456027.html

This is really a piece of bad news for the stock markets.

The world is just waiting for a major outbreak in the USA now.  Even the US CDC said that it would be a matter of WHEN and not IF.  The US cannot contain the US flu virus and I doubt the US will be able to contain the covid-19 outbreak like what China is doing.  I suspect the US will focus on supportive healthcare for this outbreak instead which is what SG is doing.

Let's see how this will unfold.

Beware of Goldman Sachs!

GS is a devious investment bank!  Why?

Firstly, GS advised investors not to buy the stock dip.

https://www.marketwatch.com/story/dont-buy-the-stock-dip-yet-says-goldman-as-it-warns-coronavirus-will-wipe-out-earnings-growth-this-year-2020-02-27

Then, GS AMU went on to scoop up company shares during the stock dip despite telling investors not to buy.

https://sg.finance.yahoo.com/news/goldmans-asset-management-unit-ups-220513061.html

Shame on you, GS!

Baltic dry index - 529

Today, Thursday, February 27 2020, the Baltic Dry Index climbed by 12 points, reaching 529 points.

Baltic Dry Index is compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore. The index is based on a daily survey of agents all over the world. Baltic Dry hit a temporary peak on May 20, 2008, when the index hit 11,793. The lowest level ever reached was on Wednesday the 10th of February 2016, when the index dropped to 290 points.

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Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 790

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

United airlines and British Airways have cut flights to Singapore due to covid-19 outbreak.

https://www.channelnewsasia.com/news/business/united-airlines-cancels-flights-tokyo-seoul-singapore-12482822

https://www.channelnewsasia.com/news/world/covid19-british-airways-flights-italy-south-korea-singapore-12479098

If more airlines follow the US and UK, Singapore will become an isolated island and our air hub businesses will be badly affected.