Date/Research House/Last Done/Target Price/Call/Valuation Method
02/04/10 CIMB Sound Global 0.9 1.28 Outperform PER20x
03/01/10 CIMB Sound Global 0.81 1.33 Outperform PER20x
04/09/10 CIMB Sound Global 0.99 1.33 Outperform PER20x
04/30/10 CIMB Sound Global 0.91 1.33 Outperform
05/17/10 CIMB Sound Global 0.81 1.33 Outperform PER20x
01/04/10 DBS Vickers Sound Global 0.69 0.71 Buy
01/07/10 DBS Vickers Sound Global 0.825 1.1 Buy PER29x
01/08/10 DBS Vickers Sound Global 0.825 1.1 Buy
02/02/10 DBS Vickers Sound Global 0.905 1.2 Buy PER26x
05/18/10 DMG & Partners Sound Global 0.81 1.04 Buy PER16x
05/24/10 DMG & Partners Sound Global 0.83 1.04 Buy PER16x
05/31/10 DMG & Partners Sound Global 0.78 1.04 Buy
02/08/10 phillip Sound Global 0.83 1.08 Buy DCF
03/04/10 phillip Sound Global 0.86 1.1 Buy DCF
05/17/10 phillip Sound Global 0.81 1.1 Buy DCF
Monday, May 31, 2010
Yanlord - The fallen angel of china property stock
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
05/14/10 CIMB Yanlord 1.64 1.83 Neutral RNAV (35% discount)
02/18/10 DBS Vickers Yanlord 1.79 2.22 Buy RNAV (20% discount)
02/26/10 DBS Vickers Yanlord 1.77 2.3 Buy RNAV (20% discount)
04/23/10 DBS Vickers Yanlord 1.74 1.99 Hold RNAV (30% discount)
05/14/10 DBS Vickers Yanlord 1.62 1.71 Hold RNAV (40% discount)
05/14/10 CIMB Yanlord 1.64 1.83 Neutral RNAV (35% discount)
02/18/10 DBS Vickers Yanlord 1.79 2.22 Buy RNAV (20% discount)
02/26/10 DBS Vickers Yanlord 1.77 2.3 Buy RNAV (20% discount)
04/23/10 DBS Vickers Yanlord 1.74 1.99 Hold RNAV (30% discount)
05/14/10 DBS Vickers Yanlord 1.62 1.71 Hold RNAV (40% discount)
Saturday, May 29, 2010
ST Engineering - A defensive stock that is only loved by DBS vickers
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
02/19/10 CIMB ST Engineering 3.19 2.98 Underperform PER20.1x
04/01/10 CIMB ST Engineering 3.19 3.62 Outperform PER18.5x
05/05/10 CIMB ST Engineering 3.13 3.62 Outperform Blended (PER, DCF, Div Yield)
05/18/10 CIMB ST Engineering 3.22 3.62 Outperform
01/06/10 DBS Vickers ST Engineering 3.27 3.8 Buy PER23x
01/18/10 DBS Vickers ST Engineering 3.22 3.8 Buy
02/19/10 DBS Vickers ST Engineering 3.19 3.6 Buy
05/05/10 DBS Vickers ST Engineering 3.13 3.55 Buy
05/05/10 DMG & Partners ST Engineering 3.13 3.15 Hold PER19.9x
02/19/10 Kim Eng ST Engineering 3.19 3.15 Hold PER19x
04/01/10 Kim Eng ST Engineering 3.19 3.15 Hold PER19.3x
04/09/10 Kim Eng ST Engineering 3.28 3.15 Hold PER15x
02/19/10 CIMB ST Engineering 3.19 2.98 Underperform PER20.1x
04/01/10 CIMB ST Engineering 3.19 3.62 Outperform PER18.5x
05/05/10 CIMB ST Engineering 3.13 3.62 Outperform Blended (PER, DCF, Div Yield)
05/18/10 CIMB ST Engineering 3.22 3.62 Outperform
01/06/10 DBS Vickers ST Engineering 3.27 3.8 Buy PER23x
01/18/10 DBS Vickers ST Engineering 3.22 3.8 Buy
02/19/10 DBS Vickers ST Engineering 3.19 3.6 Buy
05/05/10 DBS Vickers ST Engineering 3.13 3.55 Buy
05/05/10 DMG & Partners ST Engineering 3.13 3.15 Hold PER19.9x
02/19/10 Kim Eng ST Engineering 3.19 3.15 Hold PER19x
04/01/10 Kim Eng ST Engineering 3.19 3.15 Hold PER19.3x
04/09/10 Kim Eng ST Engineering 3.28 3.15 Hold PER15x
Friday, May 28, 2010
Venture - conflicting signals from analysts
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
03/11/10 CIMB Venture 8.48 9.36 Outperform
04/30/10 CIMB Venture 9.86 10.54 Neutral PER14x
05/18/10 CIMB Venture 8.94 10.54 Outperform
03/01/10 DBS Vickers Venture 8.44 9.8 Buy PER15x
03/02/10 DMG & Partners Venture 8.44 8.61 Neutral PER14.8x
04/30/10 DMG & Partners Venture 9.86 9.31 Neutral PER13.6x
03/01/10 Kim Eng Venture 8.44 8.47 Hold PER12x
04/30/10 Kim Eng Venture 9.86 11.3 Buy PER17x
03/01/10 Lim & Tan Venture 8.44 0 Sell
04/30/10 Lim & Tan Venture 9.86 0 Sell
03/01/10 OCBC Venture 8.44 9.03 Buy PER13x
04/08/10 OCBC Venture 9.28 9.93 Buy PER14x
03/11/10 CIMB Venture 8.48 9.36 Outperform
04/30/10 CIMB Venture 9.86 10.54 Neutral PER14x
05/18/10 CIMB Venture 8.94 10.54 Outperform
03/01/10 DBS Vickers Venture 8.44 9.8 Buy PER15x
03/02/10 DMG & Partners Venture 8.44 8.61 Neutral PER14.8x
04/30/10 DMG & Partners Venture 9.86 9.31 Neutral PER13.6x
03/01/10 Kim Eng Venture 8.44 8.47 Hold PER12x
04/30/10 Kim Eng Venture 9.86 11.3 Buy PER17x
03/01/10 Lim & Tan Venture 8.44 0 Sell
04/30/10 Lim & Tan Venture 9.86 0 Sell
03/01/10 OCBC Venture 8.44 9.03 Buy PER13x
04/08/10 OCBC Venture 9.28 9.93 Buy PER14x
Dow Jones surged 284 points after China reiterated its support for Euro. Latest updates for EU.
This surge of 284 points is simply a knee-jerk reaction to China's commitment of Euro but I believe investors will sell into the rally and cause the Dow to fall next week again unless EU is able to stabilize the euro which I think will be difficult.
Spain has just approved a cut of over euro $20b on top of the euro $50b cut earlier in its austerity programme. French is also starting to tackle its deficit and Italy has just cut $24b of spendings.
Therefore, austerity programme equates to anti-growth measure which will definitely slow down the growth in EU.
Spain has just approved a cut of over euro $20b on top of the euro $50b cut earlier in its austerity programme. French is also starting to tackle its deficit and Italy has just cut $24b of spendings.
Therefore, austerity programme equates to anti-growth measure which will definitely slow down the growth in EU.
Ying Li - S-chip that analysts love!
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
01/08/10 DBS Vickers Ying Li 0.67 1.17 Buy
01/19/10 DBS Vickers Ying Li 0.62 1.08 Buy RNAV (10% discount)
01/26/10 DBS Vickers Ying Li 0.59 1.06 Buy RNAV (20% discount)
05/18/10 DBS Vickers Ying Li 0.42 0.67 Buy RNAV (40% discount)
01/25/10 DMG & Partners Ying Li 0.58 1.09 Buy RNAV
02/24/10 DMG & Partners Ying Li 0.45 0.8 Buy RNAV (20% discount)
05/05/10 DMG & Partners Ying Li 0.485 0.5 Neutral RNAV (50% discount)
05/19/10 DMG & Partners Ying Li 0.435 0.42 neutral RNAV (50% discount)
01/25/10 Kim Eng Ying Li 0.575 1.2 Buy
02/25/10 Kim Eng Ying Li 0.45 1.2 Buy
04/09/10 Kim Eng Ying Li 0.53 1.04 Buy RNAV
05/18/10 Kim Eng Ying Li 0.42 0.78 Buy RNAV
01/25/10 phillip Ying Li 0.58 1.15 Buy RNAV
02/25/10 phillip Ying Li 0.45 0.655 Buy RNAV (30% discount)
01/08/10 DBS Vickers Ying Li 0.67 1.17 Buy
01/19/10 DBS Vickers Ying Li 0.62 1.08 Buy RNAV (10% discount)
01/26/10 DBS Vickers Ying Li 0.59 1.06 Buy RNAV (20% discount)
05/18/10 DBS Vickers Ying Li 0.42 0.67 Buy RNAV (40% discount)
01/25/10 DMG & Partners Ying Li 0.58 1.09 Buy RNAV
02/24/10 DMG & Partners Ying Li 0.45 0.8 Buy RNAV (20% discount)
05/05/10 DMG & Partners Ying Li 0.485 0.5 Neutral RNAV (50% discount)
05/19/10 DMG & Partners Ying Li 0.435 0.42 neutral RNAV (50% discount)
01/25/10 Kim Eng Ying Li 0.575 1.2 Buy
02/25/10 Kim Eng Ying Li 0.45 1.2 Buy
04/09/10 Kim Eng Ying Li 0.53 1.04 Buy RNAV
05/18/10 Kim Eng Ying Li 0.42 0.78 Buy RNAV
01/25/10 phillip Ying Li 0.58 1.15 Buy RNAV
02/25/10 phillip Ying Li 0.45 0.655 Buy RNAV (30% discount)
Thursday, May 27, 2010
Wheelock Properties - A well-liked property stock by CIMB & DBS Vickers
Date/Research House/Last Done/Target Price/Call/Valuation Method
02/24/10 AmFraser Wheelock Properties 1.87 2.08 Hold RNAV (10% discount)
03/15/10 AmFraser Wheelock Properties 1.92 2.1 Hold RNAV
05/17/10 AmFraser Wheelock Properties 1.87 2.1 Hold RNAV
04/16/10 CIMB Wheelock Properties 1.96 2.19 Neutral
04/20/10 CIMB Wheelock Properties 1.99 2.39 Outperform RNAV
05/10/10 CIMB Wheelock Properties 1.79 2.39 Outperform
05/17/10 CIMB Wheelock Properties 1.87 2.39 Outperform RNAV
02/22/10 DBS Vickers Wheelock Properties 1.9 2.14 Buy
02/24/10 DBS Vickers Wheelock Properties 1.87 2.24 Buy RNAV (10% discount)
03/08/10 DBS Vickers Wheelock Properties 1.91 2.24 Buy
03/30/10 DBS Vickers Wheelock Properties 1.9 2.24 Buy
05/17/10 DBS Vickers Wheelock Properties 1.87 2.28 Buy RNAV (10% discount)
05/18/10 DBS Vickers Wheelock Properties 1.87 2.28 Buy
02/24/10 AmFraser Wheelock Properties 1.87 2.08 Hold RNAV (10% discount)
03/15/10 AmFraser Wheelock Properties 1.92 2.1 Hold RNAV
05/17/10 AmFraser Wheelock Properties 1.87 2.1 Hold RNAV
04/16/10 CIMB Wheelock Properties 1.96 2.19 Neutral
04/20/10 CIMB Wheelock Properties 1.99 2.39 Outperform RNAV
05/10/10 CIMB Wheelock Properties 1.79 2.39 Outperform
05/17/10 CIMB Wheelock Properties 1.87 2.39 Outperform RNAV
02/22/10 DBS Vickers Wheelock Properties 1.9 2.14 Buy
02/24/10 DBS Vickers Wheelock Properties 1.87 2.24 Buy RNAV (10% discount)
03/08/10 DBS Vickers Wheelock Properties 1.91 2.24 Buy
03/30/10 DBS Vickers Wheelock Properties 1.9 2.24 Buy
05/17/10 DBS Vickers Wheelock Properties 1.87 2.28 Buy RNAV (10% discount)
05/18/10 DBS Vickers Wheelock Properties 1.87 2.28 Buy
Wednesday, May 26, 2010
Is double dip recession coming?
The possibility of a double-dip recession is coming and real as the crisis in Europe is escalating. It is highly probable that Greece won't be able to service its debt and Spain is starting to show symptoms of struggling with its debts. Spain government has nationalized a bank and force 4 banks to consolidate to avoid getting into further trouble and god knows what will happen in portugal later. The austerity measures taken by EU are definitely anti-growth but this is being written off by overly optimistic economists and politicians.
US has disregarded Europe crisis as a major problem and will only cut back US growth by about1.2%. If Lehman Brothers could bring down the world, then Europe could be worse as it has more than 500m population and is a major trading partner in the world. By negating the impact of Europe, the world is making a major mistake and we'll pay a heavy price later.
US has disregarded Europe crisis as a major problem and will only cut back US growth by about1.2%. If Lehman Brothers could bring down the world, then Europe could be worse as it has more than 500m population and is a major trading partner in the world. By negating the impact of Europe, the world is making a major mistake and we'll pay a heavy price later.
Asia Travel - Not the time to travel? Nope, just not the time to buy yet.
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
02/12/10 DBS Vickers Asiatravel 0.695 0.82 Buy DCF
05/26/10 DBS Vickers Asiatravel 0.38 0.42 Hold DCF, PER14x
01/25/10 DMG & Partners Asiatravel 0.775 0.78 Neutral PER21.7x
04/09/10 DMG & Partners Asiatravel 0.585 0.61 Neutral DCF
04/12/10 DMG & Partners Asiatravel 0.605 0.61 Neutral DCF, PER23x
02/11/10 Kim Eng Asiatravel 0.715 0.9 Buy
02/12/10 DBS Vickers Asiatravel 0.695 0.82 Buy DCF
05/26/10 DBS Vickers Asiatravel 0.38 0.42 Hold DCF, PER14x
01/25/10 DMG & Partners Asiatravel 0.775 0.78 Neutral PER21.7x
04/09/10 DMG & Partners Asiatravel 0.585 0.61 Neutral DCF
04/12/10 DMG & Partners Asiatravel 0.605 0.61 Neutral DCF, PER23x
02/11/10 Kim Eng Asiatravel 0.715 0.9 Buy
Parkway Holdings - A well-liked stock for many research houses
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
02/24/10 AmFraser Parkway Holdings 2.93 3.55 Buy Sum of parts
02/02/10 CIMB Parkway Holdings 2.64 3.16 Outperform
03/12/10 CIMB Parkway Holdings 3.12 3.69 Outperform Sum of parts
05/18/10 CIMB Parkway Holdings 3.23 3.69 Outperform
02/24/10 DBS Vickers Parkway Holdings 2.93 2.71 Hold Sum of parts
03/15/10 DBS Vickers Parkway Holdings 3.11 2.71 Fully Valued Sum of parts, PER20x
05/13/10 DBS Vickers Parkway Holdings 3.35 2.8 Fully Valued Sum of parts
02/25/10 DMG & Partners Parkway Holdings 2.93 3.36 Buy PER22x
02/10/10 Kim Eng Parkway Holdings 2.8 3.55 Buy
02/24/10 Kim Eng Parkway Holdings 2.93 3.58 Buy PER16x
03/26/10 Kim Eng Parkway Holdings 3.38 4.06 Buy Sum of parts
05/13/10 Kim Eng Parkway Holdings 3.35 4.03 Buy Sum of parts
05/19/10 Kim Eng Parkway Holdings 3.38 4.03 Buy
02/11/10 Lim & Tan Parkway Holdings 2.77 0 Buy
03/12/10 Lim & Tan Parkway Holdings 3.12 0 Buy
03/29/10 Lim & Tan Parkway Holdings 3.46 0 Buy
02/24/10 OCBC Parkway Holdings 2.93 3.31 Buy Sum of parts
03/22/10 OCBC Parkway Holdings 3.16 3.53 Buy Sum of parts
05/13/10 OCBC Parkway Holdings 3.35 3.71 Buy Sum of parts
02/24/10 AmFraser Parkway Holdings 2.93 3.55 Buy Sum of parts
02/02/10 CIMB Parkway Holdings 2.64 3.16 Outperform
03/12/10 CIMB Parkway Holdings 3.12 3.69 Outperform Sum of parts
05/18/10 CIMB Parkway Holdings 3.23 3.69 Outperform
02/24/10 DBS Vickers Parkway Holdings 2.93 2.71 Hold Sum of parts
03/15/10 DBS Vickers Parkway Holdings 3.11 2.71 Fully Valued Sum of parts, PER20x
05/13/10 DBS Vickers Parkway Holdings 3.35 2.8 Fully Valued Sum of parts
02/25/10 DMG & Partners Parkway Holdings 2.93 3.36 Buy PER22x
02/10/10 Kim Eng Parkway Holdings 2.8 3.55 Buy
02/24/10 Kim Eng Parkway Holdings 2.93 3.58 Buy PER16x
03/26/10 Kim Eng Parkway Holdings 3.38 4.06 Buy Sum of parts
05/13/10 Kim Eng Parkway Holdings 3.35 4.03 Buy Sum of parts
05/19/10 Kim Eng Parkway Holdings 3.38 4.03 Buy
02/11/10 Lim & Tan Parkway Holdings 2.77 0 Buy
03/12/10 Lim & Tan Parkway Holdings 3.12 0 Buy
03/29/10 Lim & Tan Parkway Holdings 3.46 0 Buy
02/24/10 OCBC Parkway Holdings 2.93 3.31 Buy Sum of parts
03/22/10 OCBC Parkway Holdings 3.16 3.53 Buy Sum of parts
05/13/10 OCBC Parkway Holdings 3.35 3.71 Buy Sum of parts
Tuesday, May 25, 2010
STI - Straits Times Index, where is it heading next?
Ezra - The darling of offshore marine industry
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
01/15/10 CIMB Ezra 2.49 3.08 Outperform
01/20/10 CIMB Ezra 2.52 3.08 Outperform Sum of parts
02/08/10 CIMB Ezra 2.15 3.12 Outperform Sum of parts
04/12/10 CIMB Ezra 2.55 3.13 Outperform Sum of parts
05/14/10 CIMB Ezra 1.97 3.13 Outperform
05/18/10 CIMB Ezra 1.96 3.13 Outperform
01/04/10 DBS Vickers Ezra 2.19 2.77 Buy
01/15/10 DBS Vickers Ezra 2.49 2.77 Hold
02/08/10 DBS Vickers Ezra 2.15 2.75 Buy Sum of parts, PER13x
03/08/10 DBS Vickers Ezra 2.32 2.75 Buy
04/12/10 DBS Vickers Ezra 2.55 2.62 Hold
01/29/10 DMG & Partners Ezra 2.19 2.91 Buy Sum of parts, PER12.2x
04/01/10 DMG & Partners Ezra 2.44 2.96 Buy
04/23/10 DMG & Partners Ezra 2.17 2.8 Buy
05/03/10 DMG & Partners Ezra 2.09 2.8 Buy
05/06/10 DMG & Partners Ezra 2.03 2.8 Buy
01/20/10 OCBC Ezra 2.52 2.54 Hold
02/03/10 OCBC Ezra 2.07 2.54 Buy
03/05/10 OCBC Ezra 2.21 2.54 Buy
03/18/10 OCBC Ezra 2.48 2.88 Buy Blended PE
05/06/10 OCBC Ezra 2.03 2.81 Buy
05/20/10 OCBC Ezra 1.82 2.81 Buy
01/15/10 CIMB Ezra 2.49 3.08 Outperform
01/20/10 CIMB Ezra 2.52 3.08 Outperform Sum of parts
02/08/10 CIMB Ezra 2.15 3.12 Outperform Sum of parts
04/12/10 CIMB Ezra 2.55 3.13 Outperform Sum of parts
05/14/10 CIMB Ezra 1.97 3.13 Outperform
05/18/10 CIMB Ezra 1.96 3.13 Outperform
01/04/10 DBS Vickers Ezra 2.19 2.77 Buy
01/15/10 DBS Vickers Ezra 2.49 2.77 Hold
02/08/10 DBS Vickers Ezra 2.15 2.75 Buy Sum of parts, PER13x
03/08/10 DBS Vickers Ezra 2.32 2.75 Buy
04/12/10 DBS Vickers Ezra 2.55 2.62 Hold
01/29/10 DMG & Partners Ezra 2.19 2.91 Buy Sum of parts, PER12.2x
04/01/10 DMG & Partners Ezra 2.44 2.96 Buy
04/23/10 DMG & Partners Ezra 2.17 2.8 Buy
05/03/10 DMG & Partners Ezra 2.09 2.8 Buy
05/06/10 DMG & Partners Ezra 2.03 2.8 Buy
01/20/10 OCBC Ezra 2.52 2.54 Hold
02/03/10 OCBC Ezra 2.07 2.54 Buy
03/05/10 OCBC Ezra 2.21 2.54 Buy
03/18/10 OCBC Ezra 2.48 2.88 Buy Blended PE
05/06/10 OCBC Ezra 2.03 2.81 Buy
05/20/10 OCBC Ezra 1.82 2.81 Buy
Monday, May 24, 2010
Capitaland - Strong supporters from various research houses
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
01/19/10 AmFraser Capitaland 4.28 5.02 Buy RNAV
04/19/10 AmFraser Capitaland 4.1 4.82 Buy RNAV
04/16/10 CIMB Capitaland 4.16 4.81 Outperform
05/10/10 CIMB Capitaland 3.63 4.83 Outperform
05/18/10 CIMB Capitaland 3.64 4.83 Outperform
01/20/10 Citigroup Capitaland 4.38 4.48 Hold RNAV
01/06/10 DBS Vickers Capitaland 4.28 4.62 Buy RNAV (10% discount)
02/12/10 DBS Vickers Capitaland 3.86 5.08 Buy RNAV (10% discount)
02/22/10 DBS Vickers Capitaland 3.9 5.08 Buy
03/08/10 DBS Vickers Capitaland 3.9 5.08 Buy
04/08/10 DBS Vickers Capitaland 4.06 5.08 Buy
04/19/10 DBS Vickers Capitaland 4.1 5.03 Buy RNAV (10% discount)
04/23/10 DBS Vickers Capitaland 3.93 5.03 Buy
02/12/10 DMG & Partners Capitaland 3.75 5.18 Buy RNAV (20% premium)
03/15/10 DMG & Partners Capitaland 3.93 5.18 Buy
04/06/10 DMG & Partners Capitaland 4.06 5.18 Buy RNAV (20% premium)
04/16/10 DMG & Partners Capitaland 4.04 5.18 Buy
04/19/10 DMG & Partners Capitaland 4.1 4.27 Neutral RNAV
01/19/10 Kim Eng Capitaland 4.28 5.33 Buy RNAV (15% premium)
02/12/10 Kim Eng Capitaland 3.86 5.25 Buy RNAV (15% premium)
03/03/10 Kim Eng Capitaland 3.84 5.29 Buy RNAV (15% premium)
04/19/10 Kim Eng Capitaland 4.1 5.31 Buy PB1.15x
01/19/10 Lim & Tan Capitaland 4.28 0 Hold
03/19/10 Lim & Tan Capitaland 4.28 0 Hold
03/22/10 Lim & Tan Capitaland 4.28 0 Hold
01/20/10 Macquarie Capitaland 4.28 4.79 Buy RNAV (10% discount)
01/15/10 OCBC Capitaland 4.28 4.95 Buy RNAV
01/18/10 OCBC Capitaland 4.28 5.3 Buy
02/01/10 OCBC Capitaland 3.86 5.3 Buy
03/03/10 OCBC Capitaland 3.84 5 Buy
04/05/10 OCBC Capitaland 4.04 5 Buy
05/04/10 OCBC Capitaland 3.69 5.09 Buy RNAV
05/11/10 OCBC Capitaland 3.7 4.97 Buy RNAV
01/19/10 AmFraser Capitaland 4.28 5.02 Buy RNAV
04/19/10 AmFraser Capitaland 4.1 4.82 Buy RNAV
04/16/10 CIMB Capitaland 4.16 4.81 Outperform
05/10/10 CIMB Capitaland 3.63 4.83 Outperform
05/18/10 CIMB Capitaland 3.64 4.83 Outperform
01/20/10 Citigroup Capitaland 4.38 4.48 Hold RNAV
01/06/10 DBS Vickers Capitaland 4.28 4.62 Buy RNAV (10% discount)
02/12/10 DBS Vickers Capitaland 3.86 5.08 Buy RNAV (10% discount)
02/22/10 DBS Vickers Capitaland 3.9 5.08 Buy
03/08/10 DBS Vickers Capitaland 3.9 5.08 Buy
04/08/10 DBS Vickers Capitaland 4.06 5.08 Buy
04/19/10 DBS Vickers Capitaland 4.1 5.03 Buy RNAV (10% discount)
04/23/10 DBS Vickers Capitaland 3.93 5.03 Buy
02/12/10 DMG & Partners Capitaland 3.75 5.18 Buy RNAV (20% premium)
03/15/10 DMG & Partners Capitaland 3.93 5.18 Buy
04/06/10 DMG & Partners Capitaland 4.06 5.18 Buy RNAV (20% premium)
04/16/10 DMG & Partners Capitaland 4.04 5.18 Buy
04/19/10 DMG & Partners Capitaland 4.1 4.27 Neutral RNAV
01/19/10 Kim Eng Capitaland 4.28 5.33 Buy RNAV (15% premium)
02/12/10 Kim Eng Capitaland 3.86 5.25 Buy RNAV (15% premium)
03/03/10 Kim Eng Capitaland 3.84 5.29 Buy RNAV (15% premium)
04/19/10 Kim Eng Capitaland 4.1 5.31 Buy PB1.15x
01/19/10 Lim & Tan Capitaland 4.28 0 Hold
03/19/10 Lim & Tan Capitaland 4.28 0 Hold
03/22/10 Lim & Tan Capitaland 4.28 0 Hold
01/20/10 Macquarie Capitaland 4.28 4.79 Buy RNAV (10% discount)
01/15/10 OCBC Capitaland 4.28 4.95 Buy RNAV
01/18/10 OCBC Capitaland 4.28 5.3 Buy
02/01/10 OCBC Capitaland 3.86 5.3 Buy
03/03/10 OCBC Capitaland 3.84 5 Buy
04/05/10 OCBC Capitaland 4.04 5 Buy
05/04/10 OCBC Capitaland 3.69 5.09 Buy RNAV
05/11/10 OCBC Capitaland 3.7 4.97 Buy RNAV
Saturday, May 22, 2010
ASL Marine - OCBC is a strong supporter!
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
05/11/10 CIMB ASL Marine 0.9 1.1 Outperform PER7.5x
05/18/10 CIMB ASL Marine 0.89 1.1 Outperform
02/11/10 DBS Vickers ASL Marine 0.91 0.96 Hold Sum of parts
05/13/10 DBS Vickers ASL Marine 0.92 0.96 Hold Blended PER 7x & PER10x
02/11/10 Kim Eng ASL Marine 0.91 1.62 Buy PB1.6x
01/07/10 OCBC ASL Marine 1.01 1.19 Buy PER8x
02/11/10 OCBC ASL Marine 0.91 1.09 Buy
03/05/10 OCBC ASL Marine 0.89 1.18 Buy
04/05/10 OCBC ASL Marine 0.9 1.09 Buy
05/06/10 OCBC ASL Marine 0.905 1.09 Buy
05/13/10 OCBC ASL Marine 0.92 1.09 Buy
05/20/10 OCBC ASL Marine 0.845 1.09 Buy
05/11/10 CIMB ASL Marine 0.9 1.1 Outperform PER7.5x
05/18/10 CIMB ASL Marine 0.89 1.1 Outperform
02/11/10 DBS Vickers ASL Marine 0.91 0.96 Hold Sum of parts
05/13/10 DBS Vickers ASL Marine 0.92 0.96 Hold Blended PER 7x & PER10x
02/11/10 Kim Eng ASL Marine 0.91 1.62 Buy PB1.6x
01/07/10 OCBC ASL Marine 1.01 1.19 Buy PER8x
02/11/10 OCBC ASL Marine 0.91 1.09 Buy
03/05/10 OCBC ASL Marine 0.89 1.18 Buy
04/05/10 OCBC ASL Marine 0.9 1.09 Buy
05/06/10 OCBC ASL Marine 0.905 1.09 Buy
05/13/10 OCBC ASL Marine 0.92 1.09 Buy
05/20/10 OCBC ASL Marine 0.845 1.09 Buy
Friday, May 21, 2010
Raffles Education - Hold, not time to buy yet.
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
01/08/10 DBS Vickers Raffles Education 0.44 0.42 Hold
02/04/10 DBS Vickers Raffles Education 0.41 0.32 Fully Valued PER18x
02/10/10 DBS Vickers Raffles Education 0.345 0.32 Fully Valued
05/05/10 DBS Vickers Raffles Education 0.38 0.33 Fully Valued PER18x
05/05/10 DMG & Partners Raffles Education 0.375 0.48 Buy
02/04/10 Kim Eng Raffles Education 0.41 0.42 Hold
02/04/10 OCBC Raffles Education 0.41 0.37 Hold PER20x
03/24/10 OCBC Raffles Education 0.38 0.37 Hold PER20x
05/05/10 OCBC Raffles Education 0.375 0.37 Hold PER20x
01/08/10 DBS Vickers Raffles Education 0.44 0.42 Hold
02/04/10 DBS Vickers Raffles Education 0.41 0.32 Fully Valued PER18x
02/10/10 DBS Vickers Raffles Education 0.345 0.32 Fully Valued
05/05/10 DBS Vickers Raffles Education 0.38 0.33 Fully Valued PER18x
05/05/10 DMG & Partners Raffles Education 0.375 0.48 Buy
02/04/10 Kim Eng Raffles Education 0.41 0.42 Hold
02/04/10 OCBC Raffles Education 0.41 0.37 Hold PER20x
03/24/10 OCBC Raffles Education 0.38 0.37 Hold PER20x
05/05/10 OCBC Raffles Education 0.375 0.37 Hold PER20x
Thursday, May 20, 2010
Misleading Singapore's Q1 GDP figure?
The Singapore government has just released the Q1 GDP figure which states that the economy grew sharply by an annualised 38.6% from the previous 3 months this year and a 15.5% growth in the 1st quarter from last year.
If we were to convert the annualised figure to an actual 3-month GDP growth, that would amount to only 9.65% for the 1st quarter or 3.217% per month for the 1st quarter.
After this conversion, we can clearly see the actual growth scenario which is 9.65% vs 15.5%.
If we were to convert the annualised figure to an actual 3-month GDP growth, that would amount to only 9.65% for the 1st quarter or 3.217% per month for the 1st quarter.
After this conversion, we can clearly see the actual growth scenario which is 9.65% vs 15.5%.
Armstrong - Buy calls from all research houses.
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
02/25/10 CIMB Armstrong 0.26 0.48 Outperform PER9x
03/11/10 CIMB Armstrong 0.29 0.48 Outperform
04/06/10 CIMB Armstrong 0.34 0.48 Outperform PER9x
02/26/10 DMG & Partners Armstrong 0.27 0.37 Buy PER9.8x
04/13/10 DMG & Partners Armstrong 0.375 0.45 Buy PER9.8x
05/18/10 DMG & Partners Armstrong 0.39 0.49 Buy PER9.8x
05/19/10 DMG & Partners Armstrong 0.39 0.49 Buy PER9.8x
02/26/10 Kim Eng Armstrong 0.27 0.4 Buy PER10x
03/09/10 Kim Eng Armstrong 0.27 0.4 Buy
05/17/10 Kim Eng Armstrong 0.38 0.48 Buy PER11x
01/28/10 Lim & Tan Armstrong 0.245 0 Buy
02/25/10 Lim & Tan Armstrong 0.26 0 Buy
02/26/10 Lim & Tan Armstrong 0.27 0 Buy
03/10/10 Lim & Tan Armstrong 0.275 0 Buy
05/17/10 Lim & Tan Armstrong 0.38 0 Buy
02/25/10 CIMB Armstrong 0.26 0.48 Outperform PER9x
03/11/10 CIMB Armstrong 0.29 0.48 Outperform
04/06/10 CIMB Armstrong 0.34 0.48 Outperform PER9x
02/26/10 DMG & Partners Armstrong 0.27 0.37 Buy PER9.8x
04/13/10 DMG & Partners Armstrong 0.375 0.45 Buy PER9.8x
05/18/10 DMG & Partners Armstrong 0.39 0.49 Buy PER9.8x
05/19/10 DMG & Partners Armstrong 0.39 0.49 Buy PER9.8x
02/26/10 Kim Eng Armstrong 0.27 0.4 Buy PER10x
03/09/10 Kim Eng Armstrong 0.27 0.4 Buy
05/17/10 Kim Eng Armstrong 0.38 0.48 Buy PER11x
01/28/10 Lim & Tan Armstrong 0.245 0 Buy
02/25/10 Lim & Tan Armstrong 0.26 0 Buy
02/26/10 Lim & Tan Armstrong 0.27 0 Buy
03/10/10 Lim & Tan Armstrong 0.275 0 Buy
05/17/10 Lim & Tan Armstrong 0.38 0 Buy
City Developments - The darling of property sector as most analysts ascribed a premium to it
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
05/13/10 AmFraser City Developments 10.86 12.72 Buy RNAV
01/11/10 CIMB City Developments 11.78 12.04 Neutral RNAV (10% premium)
02/05/10 CIMB City Developments 10.64 12.16 Neutral RNAV (10% premium)
04/16/10 CIMB City Developments 11.46 12.16 Neutral
05/10/10 CIMB City Developments 10.46 12.16 Neutral
05/18/10 CIMB City Developments 10.48 12.09 neutral
02/26/10 DBS Vickers City Developments 10.34 11.38 Hold RNAV (15% premium)
03/08/10 DBS Vickers City Developments 10.36 11.38 Hold
03/16/10 DBS Vickers City Developments 10.66 11.85 Buy RNAV (15% premium)
03/30/10 DBS Vickers City Developments 10.98 11.85 Buy
04/08/10 DBS Vickers City Developments 11.4 11.85 Buy
05/13/10 DBS Vickers City Developments 10.86 12.04 Buy RNAV (15% premium)
02/05/10 DMG & Partners City Developments 10.64 12.44 Buy RNAV (20% premium)
02/26/10 DMG & Partners City Developments 10.34 12.44 Buy RNAV (20% premium)
03/15/10 DMG & Partners City Developments 10.46 12.44 Buy
04/06/10 DMG & Partners City Developments 10.98 12.44 Buy RNAV (20% premium)
04/16/10 DMG & Partners City Developments 11.46 12.44 Buy
04/23/10 DMG & Partners City Developments 11 12.45 Buy RNAV (20% premium)
04/28/10 DMG & Partners City Developments 10.86 12.48 Buy RNAV (20% premium)
05/13/10 DMG & Partners City Developments 10.86 12.48 Buy RNAV (20% premium)
01/06/10 Kim Eng City Developments 12.04 12.42 Hold RNAV (15% premium)
02/26/10 Kim Eng City Developments 10.34 12.65 Buy RNAV (15% premium)
04/14/10 Kim Eng City Developments 11.22 11.39 Buy RNAV (15% premium)
05/13/10 Kim Eng City Developments 10.86 13.2 Buy RNAV (15% premium)
01/18/10 Lim & Tan City Developments 11.66 0 Buy
02/25/10 Lim & Tan City Developments 10.32 0 Buy
05/13/10 Lim & Tan City Developments 10.86 0 Buy
02/01/10 OCBC City Developments 10.72 10.43 Hold
02/08/10 OCBC City Developments 10.38 10.46 Hold RNAV
03/03/10 OCBC City Developments 10.18 10.95 Hold
03/12/10 OCBC City Developments 10.32 10.95 Hold
04/05/10 OCBC City Developments 10.86 10.95 Hold
04/30/10 OCBC City Developments 10.7 11 Hold RNAV
05/13/10 AmFraser City Developments 10.86 12.72 Buy RNAV
01/11/10 CIMB City Developments 11.78 12.04 Neutral RNAV (10% premium)
02/05/10 CIMB City Developments 10.64 12.16 Neutral RNAV (10% premium)
04/16/10 CIMB City Developments 11.46 12.16 Neutral
05/10/10 CIMB City Developments 10.46 12.16 Neutral
05/18/10 CIMB City Developments 10.48 12.09 neutral
02/26/10 DBS Vickers City Developments 10.34 11.38 Hold RNAV (15% premium)
03/08/10 DBS Vickers City Developments 10.36 11.38 Hold
03/16/10 DBS Vickers City Developments 10.66 11.85 Buy RNAV (15% premium)
03/30/10 DBS Vickers City Developments 10.98 11.85 Buy
04/08/10 DBS Vickers City Developments 11.4 11.85 Buy
05/13/10 DBS Vickers City Developments 10.86 12.04 Buy RNAV (15% premium)
02/05/10 DMG & Partners City Developments 10.64 12.44 Buy RNAV (20% premium)
02/26/10 DMG & Partners City Developments 10.34 12.44 Buy RNAV (20% premium)
03/15/10 DMG & Partners City Developments 10.46 12.44 Buy
04/06/10 DMG & Partners City Developments 10.98 12.44 Buy RNAV (20% premium)
04/16/10 DMG & Partners City Developments 11.46 12.44 Buy
04/23/10 DMG & Partners City Developments 11 12.45 Buy RNAV (20% premium)
04/28/10 DMG & Partners City Developments 10.86 12.48 Buy RNAV (20% premium)
05/13/10 DMG & Partners City Developments 10.86 12.48 Buy RNAV (20% premium)
01/06/10 Kim Eng City Developments 12.04 12.42 Hold RNAV (15% premium)
02/26/10 Kim Eng City Developments 10.34 12.65 Buy RNAV (15% premium)
04/14/10 Kim Eng City Developments 11.22 11.39 Buy RNAV (15% premium)
05/13/10 Kim Eng City Developments 10.86 13.2 Buy RNAV (15% premium)
01/18/10 Lim & Tan City Developments 11.66 0 Buy
02/25/10 Lim & Tan City Developments 10.32 0 Buy
05/13/10 Lim & Tan City Developments 10.86 0 Buy
02/01/10 OCBC City Developments 10.72 10.43 Hold
02/08/10 OCBC City Developments 10.38 10.46 Hold RNAV
03/03/10 OCBC City Developments 10.18 10.95 Hold
03/12/10 OCBC City Developments 10.32 10.95 Hold
04/05/10 OCBC City Developments 10.86 10.95 Hold
04/30/10 OCBC City Developments 10.7 11 Hold RNAV
Wednesday, May 19, 2010
Sembcorp Marine - What did Sembmarine do to incur the dislikes of DMG?
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
02/05/10 AmFraser Sembcorp Marine 3.42 4.65 Buy PER20x
02/23/10 CIMB Sembcorp Marine 3.41 4.54 Outperform
03/12/10 CIMB Sembcorp Marine 4.11 4.54 Outperform DCF, PER18x
03/19/10 CIMB Sembcorp Marine 4.02 5.44 Outperform DCF, PER18x
04/19/10 CIMB Sembcorp Marine 4.42 5.44 Outperform
05/10/10 CIMB Sembcorp Marine 4.09 5.44 Outperform DCF, PER18x
05/18/10 CIMB Sembcorp Marine 4.2 5.44 Outperform
01/05/10 DBS Vickers Sembcorp Marine 3.7 4.26 Buy
02/04/10 DBS Vickers Sembcorp Marine 3.46 4.26 Buy
02/23/10 DBS Vickers Sembcorp Marine 3.41 5.25 Buy Sum of parts
03/08/10 DBS Vickers Sembcorp Marine 3.89 5.25 Buy
04/15/10 DBS Vickers Sembcorp Marine 4.4 5.6 Buy
05/10/10 DBS Vickers Sembcorp Marine 4.09 5.4 Buy Sum of parts, PER16x
02/08/10 DMG & Partners Sembcorp Marine 3.32 3.31 Neutral Sum of parts, PER14.6x
02/23/10 DMG & Partners Sembcorp Marine 3.41 3.51 Neutral Sum of parts, PER15.5x
03/12/10 DMG & Partners Sembcorp Marine 4.11 3.51 Sell Sum of parts, PER15.4x
03/19/10 DMG & Partners Sembcorp Marine 4.02 3.51 Sell Sum of parts
04/15/10 DMG & Partners Sembcorp Marine 4.4 3.67 Sell Sum of parts, PER15.5x
04/23/10 DMG & Partners Sembcorp Marine 4.28 3.67 Sell
04/30/10 DMG & Partners Sembcorp Marine 4.31 3.67 Sell Sum of parts, PER15.7x, PB3.4x
05/06/10 DMG & Partners Sembcorp Marine 4.04 3.67 Sell
05/10/10 DMG & Partners Sembcorp Marine 4.09 3.67 Sell Sum of parts
05/17/10 DMG & Partners Sembcorp Marine 4.2 3.67 Sell
02/23/10 Kim Eng Sembcorp Marine 3.41 4.95 Buy PER14x
03/19/10 Kim Eng Sembcorp Marine 4.02 4.95 Buy PER14x
04/06/10 Kim Eng Sembcorp Marine 4.35 4.95 Buy PER14x
05/10/10 Kim Eng Sembcorp Marine 4.09 4.95 Buy PER14x
02/23/10 Lim & Tan Sembcorp Marine 3.41 0 Buy
04/15/10 Lim & Tan Sembcorp Marine 4.4 0 Buy
03/05/10 OCBC Sembcorp Marine 3.82 4.16 Buy
03/11/10 OCBC Sembcorp Marine 3.97 4.58 Buy
04/05/10 OCBC Sembcorp Marine 4.29 4.58 Buy
04/13/10 phillip Sembcorp Marine 4.26 4.72 Buy Sum of parts
05/10/10 phillip Sembcorp Marine 4.09 4.74 Buy Sum of 2 parts
02/05/10 AmFraser Sembcorp Marine 3.42 4.65 Buy PER20x
02/23/10 CIMB Sembcorp Marine 3.41 4.54 Outperform
03/12/10 CIMB Sembcorp Marine 4.11 4.54 Outperform DCF, PER18x
03/19/10 CIMB Sembcorp Marine 4.02 5.44 Outperform DCF, PER18x
04/19/10 CIMB Sembcorp Marine 4.42 5.44 Outperform
05/10/10 CIMB Sembcorp Marine 4.09 5.44 Outperform DCF, PER18x
05/18/10 CIMB Sembcorp Marine 4.2 5.44 Outperform
01/05/10 DBS Vickers Sembcorp Marine 3.7 4.26 Buy
02/04/10 DBS Vickers Sembcorp Marine 3.46 4.26 Buy
02/23/10 DBS Vickers Sembcorp Marine 3.41 5.25 Buy Sum of parts
03/08/10 DBS Vickers Sembcorp Marine 3.89 5.25 Buy
04/15/10 DBS Vickers Sembcorp Marine 4.4 5.6 Buy
05/10/10 DBS Vickers Sembcorp Marine 4.09 5.4 Buy Sum of parts, PER16x
02/08/10 DMG & Partners Sembcorp Marine 3.32 3.31 Neutral Sum of parts, PER14.6x
02/23/10 DMG & Partners Sembcorp Marine 3.41 3.51 Neutral Sum of parts, PER15.5x
03/12/10 DMG & Partners Sembcorp Marine 4.11 3.51 Sell Sum of parts, PER15.4x
03/19/10 DMG & Partners Sembcorp Marine 4.02 3.51 Sell Sum of parts
04/15/10 DMG & Partners Sembcorp Marine 4.4 3.67 Sell Sum of parts, PER15.5x
04/23/10 DMG & Partners Sembcorp Marine 4.28 3.67 Sell
04/30/10 DMG & Partners Sembcorp Marine 4.31 3.67 Sell Sum of parts, PER15.7x, PB3.4x
05/06/10 DMG & Partners Sembcorp Marine 4.04 3.67 Sell
05/10/10 DMG & Partners Sembcorp Marine 4.09 3.67 Sell Sum of parts
05/17/10 DMG & Partners Sembcorp Marine 4.2 3.67 Sell
02/23/10 Kim Eng Sembcorp Marine 3.41 4.95 Buy PER14x
03/19/10 Kim Eng Sembcorp Marine 4.02 4.95 Buy PER14x
04/06/10 Kim Eng Sembcorp Marine 4.35 4.95 Buy PER14x
05/10/10 Kim Eng Sembcorp Marine 4.09 4.95 Buy PER14x
02/23/10 Lim & Tan Sembcorp Marine 3.41 0 Buy
04/15/10 Lim & Tan Sembcorp Marine 4.4 0 Buy
03/05/10 OCBC Sembcorp Marine 3.82 4.16 Buy
03/11/10 OCBC Sembcorp Marine 3.97 4.58 Buy
04/05/10 OCBC Sembcorp Marine 4.29 4.58 Buy
04/13/10 phillip Sembcorp Marine 4.26 4.72 Buy Sum of parts
05/10/10 phillip Sembcorp Marine 4.09 4.74 Buy Sum of 2 parts
SIA - The airliner that is flying high!
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
02/09/10 AmFraser SIA 14.3 18.6 Buy EV/Ebita 6x
01/18/10 CIMB SIA 14.38 15 Underperform PB1.4x
02/03/10 CIMB SIA 13.66 15.9 Outperform PB1.4x, PER12.5x
02/08/10 CIMB SIA 14.1 15.9 Trading Buy PB1.4x
02/18/10 CIMB SIA 14.8 15.9 Trading Buy PB1.4x
03/16/10 CIMB SIA 15.78 17.9 Outperform PER14x
04/16/10 CIMB SIA 15.44 17.9 Outperform PER14x
05/18/10 CIMB SIA 14.8 17.9 Outperform
03/09/10 Citigroup SIA 15.62 16 Sell
05/10/10 Citigroup SIA 14.62 16 Buy
03/09/10 DBS Vickers SIA 15.62 18 Buy PB1.5x
04/15/10 DBS Vickers SIA 15.54 18 Buy PB1.5x
02/03/10 DMG & Partners SIA 13.66 16.71 Buy PER15x
02/18/10 DMG & Partners SIA 14.8 16.71 Buy PER15x
03/16/10 DMG & Partners SIA 15.78 16.71 Neutral PER15x
04/16/10 DMG & Partners SIA 15.48 17.82 Buy PER16x
05/18/10 DMG & Partners SIA 14.56 17.82 Buy PER16x
02/03/10 Kim Eng SIA 13.66 16.2 Buy PB1.5x
02/18/10 Kim Eng SIA 14.8 16.2 Buy PB1.5x
03/16/10 Kim Eng SIA 15.78 16.2 Buy
03/31/10 Kim Eng SIA 15.66 18.9 Buy PB1.7x
04/16/10 Kim Eng SIA 15.44 18.9 Buy PB1.7x
05/18/10 Kim Eng SIA 14.56 18.9 Buy PB1.7x
02/09/10 AmFraser SIA 14.3 18.6 Buy EV/Ebita 6x
01/18/10 CIMB SIA 14.38 15 Underperform PB1.4x
02/03/10 CIMB SIA 13.66 15.9 Outperform PB1.4x, PER12.5x
02/08/10 CIMB SIA 14.1 15.9 Trading Buy PB1.4x
02/18/10 CIMB SIA 14.8 15.9 Trading Buy PB1.4x
03/16/10 CIMB SIA 15.78 17.9 Outperform PER14x
04/16/10 CIMB SIA 15.44 17.9 Outperform PER14x
05/18/10 CIMB SIA 14.8 17.9 Outperform
03/09/10 Citigroup SIA 15.62 16 Sell
05/10/10 Citigroup SIA 14.62 16 Buy
03/09/10 DBS Vickers SIA 15.62 18 Buy PB1.5x
04/15/10 DBS Vickers SIA 15.54 18 Buy PB1.5x
02/03/10 DMG & Partners SIA 13.66 16.71 Buy PER15x
02/18/10 DMG & Partners SIA 14.8 16.71 Buy PER15x
03/16/10 DMG & Partners SIA 15.78 16.71 Neutral PER15x
04/16/10 DMG & Partners SIA 15.48 17.82 Buy PER16x
05/18/10 DMG & Partners SIA 14.56 17.82 Buy PER16x
02/03/10 Kim Eng SIA 13.66 16.2 Buy PB1.5x
02/18/10 Kim Eng SIA 14.8 16.2 Buy PB1.5x
03/16/10 Kim Eng SIA 15.78 16.2 Buy
03/31/10 Kim Eng SIA 15.66 18.9 Buy PB1.7x
04/16/10 Kim Eng SIA 15.44 18.9 Buy PB1.7x
05/18/10 Kim Eng SIA 14.56 18.9 Buy PB1.7x
Tuesday, May 18, 2010
Sembcorp Industries - CIMB is a strong supporter for this stock
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
02/26/10 CIMB Sembcorp Industries 3.77 4.72 Outperform Sum of parts
04/27/10 CIMB Sembcorp Industries 4.39 5.58 Outperform Sum of parts
05/10/10 CIMB Sembcorp Industries 3.91 5.58 Outperform Sum of parts
05/18/10 CIMB Sembcorp Industries 4.18 5.58 Outperform Sum of parts
02/26/10 DBS Vickers Sembcorp Industries 3.7 4.91 Buy Sum of parts
05/12/10 DMG & Partners Sembcorp Industries 4.15 4.63 Buy Sum of parts
05/13/10 DMG & Partners Sembcorp Industries 4.15 4.63 Buy Sum of parts
02/26/10 Kim Eng Sembcorp Industries 3.7 4.14 Buy Sum of parts, PER10.6x
04/27/10 Kim Eng Sembcorp Industries 4.39 4.38 Hold PER11.5x
04/28/10 Kim Eng Sembcorp Industries 4.36 4.38 Hold
05/11/10 Kim Eng Sembcorp Industries 4.04 4.38 Hold Sum of parts
02/26/10 Lim & Tan Sembcorp Industries 3.7 0 Buy
04/27/10 Lim & Tan Sembcorp Industries 4.39 0 Buy
02/26/10 CIMB Sembcorp Industries 3.77 4.72 Outperform Sum of parts
04/27/10 CIMB Sembcorp Industries 4.39 5.58 Outperform Sum of parts
05/10/10 CIMB Sembcorp Industries 3.91 5.58 Outperform Sum of parts
05/18/10 CIMB Sembcorp Industries 4.18 5.58 Outperform Sum of parts
02/26/10 DBS Vickers Sembcorp Industries 3.7 4.91 Buy Sum of parts
05/12/10 DMG & Partners Sembcorp Industries 4.15 4.63 Buy Sum of parts
05/13/10 DMG & Partners Sembcorp Industries 4.15 4.63 Buy Sum of parts
02/26/10 Kim Eng Sembcorp Industries 3.7 4.14 Buy Sum of parts, PER10.6x
04/27/10 Kim Eng Sembcorp Industries 4.39 4.38 Hold PER11.5x
04/28/10 Kim Eng Sembcorp Industries 4.36 4.38 Hold
05/11/10 Kim Eng Sembcorp Industries 4.04 4.38 Hold Sum of parts
02/26/10 Lim & Tan Sembcorp Industries 3.7 0 Buy
04/27/10 Lim & Tan Sembcorp Industries 4.39 0 Buy
Capital flight from EU to US?
Monday, May 17, 2010
A new crisis in the offing?
If Euro were to continue to fall, there'll be chaos in Europe as there'll be capital flights and inflations will also start popping up everywhere in Europe. Thereafter, exports to Europe will falter and the world will spiral down into the abyss again. Watch how the story will unfold by closely monitoring the euro. It will be impossible for US to escape unscathed if EU becomes disintegrated.
NOL - A shipping liner in trouble?
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
01/12/10 CIMB NOL 1.9 2.6 Outperform PB1.8x
01/26/10 CIMB NOL 1.74 2.6 Outperform PB1.8x
02/02/10 CIMB NOL 1.7 2.6 Outperform
03/02/10 CIMB NOL 1.81 2.6 Outperform PB1.8x
03/30/10 CIMB NOL 1.93 2.6 Outperform PB1.8x
04/27/10 CIMB NOL 2.18 2.6 Outperform PB1.8x
05/17/10 CIMB NOL 2.14 2.5 Outperform PB1.8x
03/31/10 DBS Vickers NOL 1.98 2.4 Buy EV/Ebita 7x, PB1.6x
04/15/10 DBS Vickers NOL 2.3 2.4 Buy EV/Ebita 7x
05/13/10 DBS Vickers NOL 2.1 2.4 Buy
05/17/10 DBS Vickers NOL 2.14 2.5 Buy EV/Ebitda 7x
02/03/10 OCBC NOL 1.73 1.63 Hold NTA1.1x
03/03/10 phillip NOL 1.86 1.95 Hold BV1.3x
04/01/10 phillip NOL 2.01 2.32 Buy PB1.6x
05/17/10 phillip NOL 2.14 2.48 Outperform PB1.6x
CIMB & DBS Vickers have been strong supporters of NOL and both research houses coincidentally called for a BUY today but NOL tumbles today. What a joke!
01/12/10 CIMB NOL 1.9 2.6 Outperform PB1.8x
01/26/10 CIMB NOL 1.74 2.6 Outperform PB1.8x
02/02/10 CIMB NOL 1.7 2.6 Outperform
03/02/10 CIMB NOL 1.81 2.6 Outperform PB1.8x
03/30/10 CIMB NOL 1.93 2.6 Outperform PB1.8x
04/27/10 CIMB NOL 2.18 2.6 Outperform PB1.8x
05/17/10 CIMB NOL 2.14 2.5 Outperform PB1.8x
03/31/10 DBS Vickers NOL 1.98 2.4 Buy EV/Ebita 7x, PB1.6x
04/15/10 DBS Vickers NOL 2.3 2.4 Buy EV/Ebita 7x
05/13/10 DBS Vickers NOL 2.1 2.4 Buy
05/17/10 DBS Vickers NOL 2.14 2.5 Buy EV/Ebitda 7x
02/03/10 OCBC NOL 1.73 1.63 Hold NTA1.1x
03/03/10 phillip NOL 1.86 1.95 Hold BV1.3x
04/01/10 phillip NOL 2.01 2.32 Buy PB1.6x
05/17/10 phillip NOL 2.14 2.48 Outperform PB1.6x
CIMB & DBS Vickers have been strong supporters of NOL and both research houses coincidentally called for a BUY today but NOL tumbles today. What a joke!
Comfortdelgro - Another public transport stock.
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
04/21/10 AmFraser Comfortdelgro 1.59 1.9 Buy
02/11/10 CIMB Comfortdelgro 1.57 1.73 Underperform DCF (10% discount)
04/21/10 CIMB Comfortdelgro 1.59 1.73 Underperform DCF
05/17/10 CIMB Comfortdelgro 1.49 1.73 Underperform DCF (10% discount)
05/17/10 DBS Vickers Comfortdelgro 1.49 1.64 Hold DCF, PER15x
02/10/10 DMG & Partners Comfortdelgro 1.57 1.78 Buy DCF, PER16.5x
02/11/10 DMG & Partners Comfortdelgro 1.57 1.78 Neutral DCF, PER16.5x
04/01/10 DMG & Partners Comfortdelgro 1.57 1.78 Buy
05/03/10 DMG & Partners Comfortdelgro 1.57 1.78 Buy PER13x
05/14/10 DMG & Partners Comfortdelgro 1.49 1.78 Buy DCF
05/17/10 DMG & Partners Comfortdelgro 1.49 1.78 Buy DCF
02/11/10 Kim Eng Comfortdelgro 1.57 1.72 Hold
04/21/10 Kim Eng Comfortdelgro 1.59 1.72 Hold
05/17/10 Kim Eng Comfortdelgro 1.49 1.87 Buy PER17x
03/18/10 phillip Comfortdelgro 1.58 1.68 Hold
05/17/10 phillip Comfortdelgro 1.49 1.73 Buy DCF
04/21/10 AmFraser Comfortdelgro 1.59 1.9 Buy
02/11/10 CIMB Comfortdelgro 1.57 1.73 Underperform DCF (10% discount)
04/21/10 CIMB Comfortdelgro 1.59 1.73 Underperform DCF
05/17/10 CIMB Comfortdelgro 1.49 1.73 Underperform DCF (10% discount)
05/17/10 DBS Vickers Comfortdelgro 1.49 1.64 Hold DCF, PER15x
02/10/10 DMG & Partners Comfortdelgro 1.57 1.78 Buy DCF, PER16.5x
02/11/10 DMG & Partners Comfortdelgro 1.57 1.78 Neutral DCF, PER16.5x
04/01/10 DMG & Partners Comfortdelgro 1.57 1.78 Buy
05/03/10 DMG & Partners Comfortdelgro 1.57 1.78 Buy PER13x
05/14/10 DMG & Partners Comfortdelgro 1.49 1.78 Buy DCF
05/17/10 DMG & Partners Comfortdelgro 1.49 1.78 Buy DCF
02/11/10 Kim Eng Comfortdelgro 1.57 1.72 Hold
04/21/10 Kim Eng Comfortdelgro 1.59 1.72 Hold
05/17/10 Kim Eng Comfortdelgro 1.49 1.87 Buy PER17x
03/18/10 phillip Comfortdelgro 1.58 1.68 Hold
05/17/10 phillip Comfortdelgro 1.49 1.73 Buy DCF
Saturday, May 15, 2010
SMRT - Is public transport a defensive play?
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
01/27/10 AmFraser SMRT 1.86 2.03 Buy
01/28/10 AmFraser SMRT 1.89 2.19 Buy
04/08/10 AmFraser SMRT 2.13 2.19 Hold
04/21/10 AmFraser SMRT 2.19 2.19 Hold
05/03/10 AmFraser SMRT 2.16 1.99 Hold
01/28/10 CIMB SMRT 1.89 2.26 Outperform DCF
04/21/10 CIMB SMRT 2.19 2.41 Outperform DCF
05/03/10 CIMB SMRT 2.28 2.35 Neutral DCF
04/30/10 Citigroup SMRT 2.15 1.9 Sell PER16.4x, PB3.5x
01/05/10 DBS Vickers SMRT 1.91 2.08 Buy
01/28/10 DBS Vickers SMRT 1.89 2.08 Buy DCF, PER15x
02/23/10 DBS Vickers SMRT 1.94 2.08 Buy
05/03/10 DBS Vickers SMRT 2.28 2 Fully Valued DCF, PER15x
01/28/10 DMG & Partners SMRT 1.89 2 Buy DCF, PER16.5x
04/05/10 DMG & Partners SMRT 2.05 2 Buy DCF
04/30/10 DMG & Partners SMRT 2.28 2 Neutral
05/03/10 DMG & Partners SMRT 2.28 2 Neutral PER21x
03/16/10 Kim Eng SMRT 1.99 0 Buy
04/13/10 Kim Eng SMRT 2.13 2.22 Buy PER20x
04/21/10 Kim Eng SMRT 2.19 2.47 Buy
01/28/10 Lim & Tan SMRT 1.89 0 Buy
04/21/10 Lim & Tan SMRT 2.19 0 Buy
03/08/10 OCBC SMRT 1.96 2.05 Buy DDM
04/07/10 OCBC SMRT 2.09 2.22 Buy DDM, PER19x
03/18/10 phillip SMRT 2.01 2.19 Buy
04/28/10 phillip SMRT 2.24 2.42 Hold DCF
05/03/10 phillip SMRT 2.28 2.36 Hold
05/03/10 phillip SMRT 2.28 2.36 Hold DCF
01/27/10 AmFraser SMRT 1.86 2.03 Buy
01/28/10 AmFraser SMRT 1.89 2.19 Buy
04/08/10 AmFraser SMRT 2.13 2.19 Hold
04/21/10 AmFraser SMRT 2.19 2.19 Hold
05/03/10 AmFraser SMRT 2.16 1.99 Hold
01/28/10 CIMB SMRT 1.89 2.26 Outperform DCF
04/21/10 CIMB SMRT 2.19 2.41 Outperform DCF
05/03/10 CIMB SMRT 2.28 2.35 Neutral DCF
04/30/10 Citigroup SMRT 2.15 1.9 Sell PER16.4x, PB3.5x
01/05/10 DBS Vickers SMRT 1.91 2.08 Buy
01/28/10 DBS Vickers SMRT 1.89 2.08 Buy DCF, PER15x
02/23/10 DBS Vickers SMRT 1.94 2.08 Buy
05/03/10 DBS Vickers SMRT 2.28 2 Fully Valued DCF, PER15x
01/28/10 DMG & Partners SMRT 1.89 2 Buy DCF, PER16.5x
04/05/10 DMG & Partners SMRT 2.05 2 Buy DCF
04/30/10 DMG & Partners SMRT 2.28 2 Neutral
05/03/10 DMG & Partners SMRT 2.28 2 Neutral PER21x
03/16/10 Kim Eng SMRT 1.99 0 Buy
04/13/10 Kim Eng SMRT 2.13 2.22 Buy PER20x
04/21/10 Kim Eng SMRT 2.19 2.47 Buy
01/28/10 Lim & Tan SMRT 1.89 0 Buy
04/21/10 Lim & Tan SMRT 2.19 0 Buy
03/08/10 OCBC SMRT 1.96 2.05 Buy DDM
04/07/10 OCBC SMRT 2.09 2.22 Buy DDM, PER19x
03/18/10 phillip SMRT 2.01 2.19 Buy
04/28/10 phillip SMRT 2.24 2.42 Hold DCF
05/03/10 phillip SMRT 2.28 2.36 Hold
05/03/10 phillip SMRT 2.28 2.36 Hold DCF
Friday, May 14, 2010
Singtel - To buy or hold?
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
02/02/10 AmFraser Singtel 3.01 3.05 Hold
02/09/10 AmFraser Singtel 3.01 3.05 Hold
02/18/10 AmFraser Singtel 3 3.05 Hold
05/10/10 AmFraser Singtel 2.98 3.05 Hold
05/14/10 AmFraser Singtel 2.97 3.04 Hold
01/25/10 CIMB Singtel 3.01 3.3 Underperform Sum of parts
02/04/10 CIMB Singtel 2.99 3.3 Underperform Sum of parts
02/09/10 CIMB Singtel 2.95 3.3 Underperform Sum of parts
02/10/10 CIMB Singtel 3.03 3.3 Underperform Sum of parts
03/05/10 CIMB Singtel 3.05 3.3 Underperform
04/05/10 CIMB Singtel 3.19 3.3 Underperform Sum of parts
04/05/10 CIMB Singtel 3.2 3.3 Underperform Sum of parts
04/15/10 CIMB Singtel 3.15 3.3 Underperform
04/22/10 CIMB Singtel 3.12 3.3 Neutral Sum of parts
04/29/10 CIMB Singtel 3.01 3.3 Underperform Sum of parts
05/12/10 CIMB Singtel 2.98 3.3 Underperform
05/14/10 CIMB Singtel 2.97 3 Underperform Sum of parts
01/25/10 DBS Vickers Singtel 3.01 3.15 Hold Sum of parts
02/01/10 DBS Vickers Singtel 3.01 3.5 Buy Sum of parts
02/09/10 DBS Vickers Singtel 2.95 3.5 Buy
02/23/10 DBS Vickers Singtel 3.02 3.5 Buy
03/15/10 DBS Vickers Singtel 3.12 3.5 Buy
05/05/10 DBS Vickers Singtel 2.96 3.4 Buy PER12x
05/13/10 DBS Vickers Singtel 3 3.4 Buy Sum of parts
02/10/10 DMG & Partners Singtel 3.02 2.98 Neutral Sum of parts
04/28/10 DMG & Partners Singtel 3.09 2.98 Neutral
05/10/10 DMG & Partners Singtel 2.98 2.98 Neutral
02/10/10 Kim Eng Singtel 3.03 3.42 Buy
03/18/10 Kim Eng Singtel 3.2 3.42 Buy
04/01/10 Kim Eng Singtel 3.17 3.42 Buy
05/14/10 Kim Eng Singtel 2.97 3.13 Hold PER12x
02/09/10 Lim & Tan Singtel 2.95 0 Neutral
04/29/10 Lim & Tan Singtel 3.01 0 Neutral
05/13/10 Lim & Tan Singtel 3 0 Neutral
02/09/10 OCBC Singtel 2.95 3.51 Buy Sum of parts
04/26/10 OCBC Singtel 3.14 3.51 Buy
05/14/10 OCBC Singtel 2.97 3.4 Buy Sum of parts
02/10/10 phillip Singtel 3.03 3.52 Buy DCF
05/14/10 phillip Singtel 2.96 3.43 Buy DCF
02/02/10 AmFraser Singtel 3.01 3.05 Hold
02/09/10 AmFraser Singtel 3.01 3.05 Hold
02/18/10 AmFraser Singtel 3 3.05 Hold
05/10/10 AmFraser Singtel 2.98 3.05 Hold
05/14/10 AmFraser Singtel 2.97 3.04 Hold
01/25/10 CIMB Singtel 3.01 3.3 Underperform Sum of parts
02/04/10 CIMB Singtel 2.99 3.3 Underperform Sum of parts
02/09/10 CIMB Singtel 2.95 3.3 Underperform Sum of parts
02/10/10 CIMB Singtel 3.03 3.3 Underperform Sum of parts
03/05/10 CIMB Singtel 3.05 3.3 Underperform
04/05/10 CIMB Singtel 3.19 3.3 Underperform Sum of parts
04/05/10 CIMB Singtel 3.2 3.3 Underperform Sum of parts
04/15/10 CIMB Singtel 3.15 3.3 Underperform
04/22/10 CIMB Singtel 3.12 3.3 Neutral Sum of parts
04/29/10 CIMB Singtel 3.01 3.3 Underperform Sum of parts
05/12/10 CIMB Singtel 2.98 3.3 Underperform
05/14/10 CIMB Singtel 2.97 3 Underperform Sum of parts
01/25/10 DBS Vickers Singtel 3.01 3.15 Hold Sum of parts
02/01/10 DBS Vickers Singtel 3.01 3.5 Buy Sum of parts
02/09/10 DBS Vickers Singtel 2.95 3.5 Buy
02/23/10 DBS Vickers Singtel 3.02 3.5 Buy
03/15/10 DBS Vickers Singtel 3.12 3.5 Buy
05/05/10 DBS Vickers Singtel 2.96 3.4 Buy PER12x
05/13/10 DBS Vickers Singtel 3 3.4 Buy Sum of parts
02/10/10 DMG & Partners Singtel 3.02 2.98 Neutral Sum of parts
04/28/10 DMG & Partners Singtel 3.09 2.98 Neutral
05/10/10 DMG & Partners Singtel 2.98 2.98 Neutral
02/10/10 Kim Eng Singtel 3.03 3.42 Buy
03/18/10 Kim Eng Singtel 3.2 3.42 Buy
04/01/10 Kim Eng Singtel 3.17 3.42 Buy
05/14/10 Kim Eng Singtel 2.97 3.13 Hold PER12x
02/09/10 Lim & Tan Singtel 2.95 0 Neutral
04/29/10 Lim & Tan Singtel 3.01 0 Neutral
05/13/10 Lim & Tan Singtel 3 0 Neutral
02/09/10 OCBC Singtel 2.95 3.51 Buy Sum of parts
04/26/10 OCBC Singtel 3.14 3.51 Buy
05/14/10 OCBC Singtel 2.97 3.4 Buy Sum of parts
02/10/10 phillip Singtel 3.03 3.52 Buy DCF
05/14/10 phillip Singtel 2.96 3.43 Buy DCF
Thursday, May 13, 2010
Sell Straits Asia as OCBC doesn't like it.
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
01/13/10 CIMB Straits Asia 2.6 3.37 Trading Buy DCF
03/08/10 CIMB Straits Asia 1.99 2.09 Neutral DCF
01/19/10 DBS Vickers Straits Asia 2.57 3.35 Buy DCF
02/25/10 DBS Vickers Straits Asia 2.14 3.2 Buy DCF
04/08/10 DMG & Partners Straits Asia 1.19 1.4 Buy PER15x
04/12/10 DMG & Partners Straits Asia 2.21 2.08 Neutral DCF
04/29/10 DMG & Partners Straits Asia 2.04 2.08 Neutral DCF, PER11.4x
01/20/10 OCBC Straits Asia 2.57 2.49 Hold
02/25/10 OCBC Straits Asia 2.14 1.73 Sell
03/05/10 OCBC Straits Asia 1.97 1.76 Sell
03/10/10 OCBC Straits Asia 2.12 1.76 Sell
04/27/10 OCBC Straits Asia 2.11 1.76 Sell
04/29/10 OCBC Straits Asia 2.04 1.8 Sell
01/13/10 CIMB Straits Asia 2.6 3.37 Trading Buy DCF
03/08/10 CIMB Straits Asia 1.99 2.09 Neutral DCF
01/19/10 DBS Vickers Straits Asia 2.57 3.35 Buy DCF
02/25/10 DBS Vickers Straits Asia 2.14 3.2 Buy DCF
04/08/10 DMG & Partners Straits Asia 1.19 1.4 Buy PER15x
04/12/10 DMG & Partners Straits Asia 2.21 2.08 Neutral DCF
04/29/10 DMG & Partners Straits Asia 2.04 2.08 Neutral DCF, PER11.4x
01/20/10 OCBC Straits Asia 2.57 2.49 Hold
02/25/10 OCBC Straits Asia 2.14 1.73 Sell
03/05/10 OCBC Straits Asia 1.97 1.76 Sell
03/10/10 OCBC Straits Asia 2.12 1.76 Sell
04/27/10 OCBC Straits Asia 2.11 1.76 Sell
04/29/10 OCBC Straits Asia 2.04 1.8 Sell
Wednesday, May 12, 2010
Is Wilmar still worth to buy at this level?
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
03/02/10 AmFraser Wilmar 6.67 6.55 Hold PER18x
04/08/10 AmFraser Wilmar 6.93 7.31 Hold
05/06/10 AmFraser Wilmar 6.72 7.3 Hold
04/19/10 CIMB Wilmar 6.93 8.4 Outperform
05/12/10 CIMB Wilmar 6.54 8.4 Outperform PER20x
01/05/10 DBS Vickers Wilmar 6.43 7.3 Buy
03/01/10 DBS Vickers Wilmar 6.67 8 Buy DCF
04/08/10 DBS Vickers Wilmar 6.93 8 Buy
03/02/10 DMG & Partners Wilmar 6.67 7.35 Buy PER18.8x
01/15/10 Kim Eng Wilmar 7.04 8.1 Buy Sum of parts
03/02/10 Kim Eng Wilmar 6.67 8.1 Buy PER20x
03/02/10 OCBC Wilmar 6.67 8.23 Buy PER20x
03/02/10 AmFraser Wilmar 6.67 6.55 Hold PER18x
04/08/10 AmFraser Wilmar 6.93 7.31 Hold
05/06/10 AmFraser Wilmar 6.72 7.3 Hold
04/19/10 CIMB Wilmar 6.93 8.4 Outperform
05/12/10 CIMB Wilmar 6.54 8.4 Outperform PER20x
01/05/10 DBS Vickers Wilmar 6.43 7.3 Buy
03/01/10 DBS Vickers Wilmar 6.67 8 Buy DCF
04/08/10 DBS Vickers Wilmar 6.93 8 Buy
03/02/10 DMG & Partners Wilmar 6.67 7.35 Buy PER18.8x
01/15/10 Kim Eng Wilmar 7.04 8.1 Buy Sum of parts
03/02/10 Kim Eng Wilmar 6.67 8.1 Buy PER20x
03/02/10 OCBC Wilmar 6.67 8.23 Buy PER20x
EU rescue package is just like an adrenaline jab.
EU rescue package of $750b doesn't seem to impress investors and euro keeps sliding down after the announcement. Why?
Well, for a start, EU has to sell debt to raise the fund and lend it to Greece and investors are not willing to buy EU debt especially asian investors as they are doubtful about EU. Let me use a rhetoric question to explain the attitude of asian investors. "Would you lend money to a debtor when the debtor can't pay existing debt?"
Selling debt at a time like this is not easy as US and other countries are also selling massive debts to raise fund for their own economies. What EU has just done is just stalling time but the break-up of the 16 nations looks inevitable. This is just like a critically-ill patient who has just being injected with adrenalin. Greece can only do so much to cut its deficit as its citizens still need to eat and drink.
In conclusion, it is highly likely that Greece will be the first country to break away from the EU. Taking on more debts when you can't even pay existing debts would not be the solution to a healthier economy. EU won't be the same continent anymore after this crisis.
Well, for a start, EU has to sell debt to raise the fund and lend it to Greece and investors are not willing to buy EU debt especially asian investors as they are doubtful about EU. Let me use a rhetoric question to explain the attitude of asian investors. "Would you lend money to a debtor when the debtor can't pay existing debt?"
Selling debt at a time like this is not easy as US and other countries are also selling massive debts to raise fund for their own economies. What EU has just done is just stalling time but the break-up of the 16 nations looks inevitable. This is just like a critically-ill patient who has just being injected with adrenalin. Greece can only do so much to cut its deficit as its citizens still need to eat and drink.
In conclusion, it is highly likely that Greece will be the first country to break away from the EU. Taking on more debts when you can't even pay existing debts would not be the solution to a healthier economy. EU won't be the same continent anymore after this crisis.
Tuesday, May 11, 2010
First Ship Lease Trust - Various research report calls
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
01/26/10 DBS Vickers First Ship Lease Trust 0.6 0.78 Buy
04/21/10 DBS Vickers First Ship Lease Trust 0.64 0.78 Buy
05/05/10 DBS Vickers First Ship Lease Trust 0.545 0.55 Hold 12% Yield
01/26/10 OCBC First Ship Lease Trust 0.6 0.53 Hold
03/19/10 OCBC First Ship Lease Trust 0.61 0.53 Hold
04/16/10 OCBC First Ship Lease Trust 0.65 0.53 Hold
04/22/10 OCBC First Ship Lease Trust 0.635 0.59 Hold FCFE Model (20% discount)
05/11/10 OCBC First Ship Lease Trust 0.505 0.48 Hold FCFE Model (25% discount)
01/26/10 DBS Vickers First Ship Lease Trust 0.6 0.78 Buy
04/21/10 DBS Vickers First Ship Lease Trust 0.64 0.78 Buy
05/05/10 DBS Vickers First Ship Lease Trust 0.545 0.55 Hold 12% Yield
01/26/10 OCBC First Ship Lease Trust 0.6 0.53 Hold
03/19/10 OCBC First Ship Lease Trust 0.61 0.53 Hold
04/16/10 OCBC First Ship Lease Trust 0.65 0.53 Hold
04/22/10 OCBC First Ship Lease Trust 0.635 0.59 Hold FCFE Model (20% discount)
05/11/10 OCBC First Ship Lease Trust 0.505 0.48 Hold FCFE Model (25% discount)
Is it time to buy Cosco now?
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
02/23/10 AmFraser Cosco 1.28 1.17 Hold PER17x
03/08/10 AmFraser Cosco 1.21 1.17 Hold PER17x
02/23/10 CIMB Cosco 1.28 0.67 Underperform Sum of parts
03/15/10 CIMB Cosco 1.23 0.87 Underperform Sum of parts
01/08/10 DBS Vickers Cosco 1.26 0.78 Fully Valued
02/23/10 DBS Vickers Cosco 1.28 1 Fully Valued Sum of parts
04/07/10 DBS Vickers Cosco 1.35 1.6 Buy Sum of parts
04/13/10 DBS Vickers Cosco 1.65 1.8 Buy Sum of parts
04/16/10 DBS Vickers Cosco 1.75 1.8 Buy
05/07/10 DBS Vickers Cosco 1.56 1.8 Buy Sum of parts
02/23/10 Kim Eng Cosco 1.28 0.81 Sell PB1.7x
03/16/10 Kim Eng Cosco 1.25 0.81 Sell
04/21/10 Kim Eng Cosco 1.79 1.17 Sell PB2.5x
02/23/10 phillip Cosco 1.28 1.03 Sell BV2.01x
03/16/10 phillip Cosco 1.25 1.45 Buy PB2.8x
05/07/10 phillip Cosco 1.56 1.86 Buy BV3.6x
02/23/10 AmFraser Cosco 1.28 1.17 Hold PER17x
03/08/10 AmFraser Cosco 1.21 1.17 Hold PER17x
02/23/10 CIMB Cosco 1.28 0.67 Underperform Sum of parts
03/15/10 CIMB Cosco 1.23 0.87 Underperform Sum of parts
01/08/10 DBS Vickers Cosco 1.26 0.78 Fully Valued
02/23/10 DBS Vickers Cosco 1.28 1 Fully Valued Sum of parts
04/07/10 DBS Vickers Cosco 1.35 1.6 Buy Sum of parts
04/13/10 DBS Vickers Cosco 1.65 1.8 Buy Sum of parts
04/16/10 DBS Vickers Cosco 1.75 1.8 Buy
05/07/10 DBS Vickers Cosco 1.56 1.8 Buy Sum of parts
02/23/10 Kim Eng Cosco 1.28 0.81 Sell PB1.7x
03/16/10 Kim Eng Cosco 1.25 0.81 Sell
04/21/10 Kim Eng Cosco 1.79 1.17 Sell PB2.5x
02/23/10 phillip Cosco 1.28 1.03 Sell BV2.01x
03/16/10 phillip Cosco 1.25 1.45 Buy PB2.8x
05/07/10 phillip Cosco 1.56 1.86 Buy BV3.6x
Monday, May 10, 2010
Greece's debt problem seems to get bigger and bigger.
The rescue package for Greece just seems to get bigger and bigger from the initial Euro $40b and then upped to $110b and upped to $140b over the last few days. This just goes to show that Greece is hiding massive debts from the EU members. Furthermore, EU has to setup a massive emergency fund to defend euro. What happens if Spain or Portugal also collapses? How is EU going to find money to help its member?
Saturday, May 8, 2010
EU is setting up a multi-billion stabilization fund to defend EURO.
EU has come together to defend the euro next week and rumour has it that the stabilization fund might be around euro $600b. Will this scare off currency speculators like George Soros? Let's see.
Friday, May 7, 2010
Countries that need to raise funds urgently.
The following countries that need to raise funds urgently:
Greece
Spain
Portugal
USA
Japan
UK
Russia
When these countries drain huge amount of money from the stock market, there will be a significant drop in liquidity and the stock market won't be able to move up anymore.
Greece
Spain
Portugal
USA
Japan
UK
Russia
When these countries drain huge amount of money from the stock market, there will be a significant drop in liquidity and the stock market won't be able to move up anymore.
Explanation for US big plunge in stock market
The close to 1000 points drop in US market on 6 May was due to computerized trading and may not be due to trader'e error for some who tried to explain the plunge.
The staggered stop-loss levels set by investors/traders triggered the exacerbation of the quick plunge when the Dow Jones index fell to those levels but quickly recovered more than 50% of its loss.
The staggered stop-loss levels set by investors/traders triggered the exacerbation of the quick plunge when the Dow Jones index fell to those levels but quickly recovered more than 50% of its loss.
Thursday, May 6, 2010
Baltic Dry Index (BDI) is now at 2988!
Shipping stocks will be badly affected when the world economy is down as BDI will continue to fall and shipments will drop as consumers rein in their spendings.
STI - Singapore stock market is down due to negative market sentiment.
The European-crisis is driving fear in asian markets and Singapore stock market is also affected. Fundamentally strong stocks will continue to fall and those S-chips are especially vulnerable.
New Century Shipbuilding cancels IPO on SGX
China stocks or S-Chips are really losing integrity big time as this latest cancellation (New Century Shipbuilding) shows that many china stocks are hiding important materials from IPOs and their P&L statements would show huge deteriorations within 2 years of listings.
Many china companies cook their books during IPOs to raise funds from the stock market and they would be suspended and delisted when they have cashflow problems leaving minority shareholders in a dry high situation.
I think it's time we realized that we've to take a pinch of salt from those S-chips and avoid them at all cost as sifting through the good ones are not really worth the effort as we don't know the veracities of their accounts.
Many china companies cook their books during IPOs to raise funds from the stock market and they would be suspended and delisted when they have cashflow problems leaving minority shareholders in a dry high situation.
I think it's time we realized that we've to take a pinch of salt from those S-chips and avoid them at all cost as sifting through the good ones are not really worth the effort as we don't know the veracities of their accounts.
Wednesday, May 5, 2010
OCBC - Research report calls from various research houses
Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
02/22/10 CIMB OCBC 8.54 9.38 Neutral
04/30/10 CIMB OCBC 8.69 9.38 Neutral
02/04/10 DBS Vickers OCBC 8.35 9.5 Buy
02/22/10 DBS Vickers OCBC 8.54 9.5 Buy Gordon Growth Model
03/04/10 DBS Vickers OCBC 8.45 9.5 Buy Gordon Growth Model
04/08/10 DBS Vickers OCBC 8.91 10.15 Buy BV1.8x
04/15/10 DBS Vickers OCBC 9.16 10.15 Buy PB1.8x
05/03/10 DBS Vickers OCBC 8.8 10.15 Buy PB1.8x
02/03/10 DMG & Partners OCBC 8.19 9 Neutral BV1.7x
02/22/10 DMG & Partners OCBC 8.54 9 Neutral PB1.6x
04/28/10 DMG & Partners OCBC 8.81 9 Neutral PB1.6x
02/22/10 Kim Eng OCBC 8.54 9.5 Hold PB1.65x
03/08/10 Kim Eng OCBC 8.53 9.5 Hold
02/22/10 phillip OCBC 8.54 8.63 Hold NAV1.54x
05/03/10 phillip OCBC 8.8 8.63 Hold Gordon Growth Model
02/22/10 CIMB OCBC 8.54 9.38 Neutral
04/30/10 CIMB OCBC 8.69 9.38 Neutral
02/04/10 DBS Vickers OCBC 8.35 9.5 Buy
02/22/10 DBS Vickers OCBC 8.54 9.5 Buy Gordon Growth Model
03/04/10 DBS Vickers OCBC 8.45 9.5 Buy Gordon Growth Model
04/08/10 DBS Vickers OCBC 8.91 10.15 Buy BV1.8x
04/15/10 DBS Vickers OCBC 9.16 10.15 Buy PB1.8x
05/03/10 DBS Vickers OCBC 8.8 10.15 Buy PB1.8x
02/03/10 DMG & Partners OCBC 8.19 9 Neutral BV1.7x
02/22/10 DMG & Partners OCBC 8.54 9 Neutral PB1.6x
04/28/10 DMG & Partners OCBC 8.81 9 Neutral PB1.6x
02/22/10 Kim Eng OCBC 8.54 9.5 Hold PB1.65x
03/08/10 Kim Eng OCBC 8.53 9.5 Hold
02/22/10 phillip OCBC 8.54 8.63 Hold NAV1.54x
05/03/10 phillip OCBC 8.8 8.63 Hold Gordon Growth Model
Tuesday, May 4, 2010
Good news for Abterra!
Glencore which is a customer of Abterra mulls merger with Xstrata and IPO and Abterra is expected to do more businesses with Glencore and Xstrata.
Baker Tech has fallen more than 10 cents after agreeing to sell PPL to Yangzijiang
I refer to my previous thread on Baker Tech here.
Baker Tech has dropped as expected as investors have bailed out. Lesson learnt here is never catch a falling knife. I pity those who bought Baker Tech at around 55cents. 3 cheers to those who sold Baker Tech!
Baker Tech has dropped as expected as investors have bailed out. Lesson learnt here is never catch a falling knife. I pity those who bought Baker Tech at around 55cents. 3 cheers to those who sold Baker Tech!
DBS research report calls from various research houses
Date/Research House/Last Done/Target Price/Call/Valuation Method
02/05/10 CIMB DBS 14.2 16.28 Neutral PB1.4x
02/08/10 CIMB DBS 14.04 14.88 Underperform PB1.3x
04/30/10 CIMB DBS 15.3 14.88 Underperform
01/27/10 DMG & Partners DBS 14.7 14 Neutral BV1.3x
02/05/10 DMG & Partners DBS 14.2 14 Neutral
03/31/10 DMG & Partners DBS 14.56 14 Neutral
04/30/10 DMG & Partners DBS 15.3 14 Neutral PB1.3x
02/08/10 Kim Eng DBS 14.04 17.4 Buy PB1.5x
03/08/10 Kim Eng DBS 14.06 17.4 Buy PB1.5x
02/02/10 OCBC DBS 14.16 16.6 Buy PB1.5x
02/08/10 OCBC DBS 14.04 16.6 Buy
01/19/10 phillip DBS 15.14 14.55 Hold NAV1.31x
02/08/10 phillip DBS 14.04 14.55 Hold NAV1.32x, Gordon Growth Model
05/03/10 phillip DBS 15.3 14.55 Hold Gordon Growth Model
02/05/10 CIMB DBS 14.2 16.28 Neutral PB1.4x
02/08/10 CIMB DBS 14.04 14.88 Underperform PB1.3x
04/30/10 CIMB DBS 15.3 14.88 Underperform
01/27/10 DMG & Partners DBS 14.7 14 Neutral BV1.3x
02/05/10 DMG & Partners DBS 14.2 14 Neutral
03/31/10 DMG & Partners DBS 14.56 14 Neutral
04/30/10 DMG & Partners DBS 15.3 14 Neutral PB1.3x
02/08/10 Kim Eng DBS 14.04 17.4 Buy PB1.5x
03/08/10 Kim Eng DBS 14.06 17.4 Buy PB1.5x
02/02/10 OCBC DBS 14.16 16.6 Buy PB1.5x
02/08/10 OCBC DBS 14.04 16.6 Buy
01/19/10 phillip DBS 15.14 14.55 Hold NAV1.31x
02/08/10 phillip DBS 14.04 14.55 Hold NAV1.32x, Gordon Growth Model
05/03/10 phillip DBS 15.3 14.55 Hold Gordon Growth Model
Monday, May 3, 2010
UOB - BUY calls from various research houses
Date/Research House/Stock/Last Done/Target Price/Valuation Method
01/07/10 phillip UOB 19.9 23 Buy NAV2x
01/07/10 CIMB UOB 19.9 23.32 Outperform PB1.96x
01/07/10 Kim Eng UOB 19.9 23 Buy
01/07/10 AmFraser UOB 19.9 23.77 Buy Gordon Growth Model
02/02/10 CIMB UOB 18.24 23.32 Outperform
02/04/10 DBS Vickers UOB 18.54 21.2 Buy
02/27/10 DMG & Partners UOB 18.64 22.3 Buy PB1.9x
03/01/10 Kim Eng UOB 18.64 21.8 Buy PB1.8x
03/01/10 DBS Vickers UOB 18.64 21.2 Buy Gordon Growth Model
03/01/10 phillip UOB 18.64 23 Buy Gordon Growth Model, PB1.94x
03/01/10 AmFraser UOB 18.64 23.95 Buy Gordon Growth Model
03/04/10 DBS Vickers UOB 18.2 21.2 Buy
03/08/10 Kim Eng UOB 17.86 21.8 Buy PB1.8x
04/01/10 DMG & Partners UOB 19.44 22.3 Buy
04/08/10 DBS Vickers UOB 19.8 22.2 Buy BV1.8x
04/15/10 DBS Vickers UOB 20.88 22.2 Buy PB1.8x
04/19/10 CIMB UOB 20.46 23.32 Outperform
04/30/10 CIMB UOB 20.16 23.32 Outperform
05/03/10 DBS Vickers UOB 20.32 22.2 Buy PB1.8x
05/03/10 phillip UOB 20.32 23 Buy Gordon Growth Model
01/07/10 phillip UOB 19.9 23 Buy NAV2x
01/07/10 CIMB UOB 19.9 23.32 Outperform PB1.96x
01/07/10 Kim Eng UOB 19.9 23 Buy
01/07/10 AmFraser UOB 19.9 23.77 Buy Gordon Growth Model
02/02/10 CIMB UOB 18.24 23.32 Outperform
02/04/10 DBS Vickers UOB 18.54 21.2 Buy
02/27/10 DMG & Partners UOB 18.64 22.3 Buy PB1.9x
03/01/10 Kim Eng UOB 18.64 21.8 Buy PB1.8x
03/01/10 DBS Vickers UOB 18.64 21.2 Buy Gordon Growth Model
03/01/10 phillip UOB 18.64 23 Buy Gordon Growth Model, PB1.94x
03/01/10 AmFraser UOB 18.64 23.95 Buy Gordon Growth Model
03/04/10 DBS Vickers UOB 18.2 21.2 Buy
03/08/10 Kim Eng UOB 17.86 21.8 Buy PB1.8x
04/01/10 DMG & Partners UOB 19.44 22.3 Buy
04/08/10 DBS Vickers UOB 19.8 22.2 Buy BV1.8x
04/15/10 DBS Vickers UOB 20.88 22.2 Buy PB1.8x
04/19/10 CIMB UOB 20.46 23.32 Outperform
04/30/10 CIMB UOB 20.16 23.32 Outperform
05/03/10 DBS Vickers UOB 20.32 22.2 Buy PB1.8x
05/03/10 phillip UOB 20.32 23 Buy Gordon Growth Model
Friday, April 30, 2010
Greece will be saved in a couple of days!
If Greece is allowed to collapse, it will drag down portugal and spain too and the contagion will spread across europe as many banks and funds that bought into the government bonds of these 3 countries will suffer a painful and acrimonious death and EU will have to bail out many financial institutions. The cost of saving Greece certainly outweighs the cost of not saving Greece. If EU collapses, nobody will be around to buy US treasury bills and US will never be able to stand on its own feet anymore.
Synopsis of Abterra's AGM
Abterra bought 49% of Jiaozhong coal mine (Shanxi) at $188m rmb with a coal reserve of 10m metric tonnes but was later revised up to 64m metric tonnes. However, it was found later that the true minable coal reserve was 50m metric tonnes. During that time, foreigners were not allowed to own more than 50% shares in chinese coal mines and Abterra made a smart move by buying 49%(24.5m metric tonnes) of Jiaozhong coal mine at a super cheap price with a minable coal reserve of 50m metric tonnes. Please note that Abterra did not account for Jiaozhong's earning contribution in its financial statement and therefore, the temporary production shutdown in Shanxi had no effect on Abterra. Abterra's revenue and earning drops were mainly due to its core trading business which suffered from the worldwide financial crisis and the olympic event whereby coal shipments to china came to a virtual stop.
Thereafter, the chinese government started to restructure the mining industry in 2009. No foreigner is allowed to own any chinese mine now and the chairman of Abterra used his guanxi(close relationship) with Shanxi government to retain part of the shareholding by diluting from 49% to 24.01% as the chairman had been investing in Shanxi province for the past 20 years. Although the purchase price of 188m rmb remained the same, the total coal reserve increased to 117m metric tonnes due to Shanxi government injection of its own coals and the production capacity had been increased to 900,000 metric tonnes instead of 150,000 metric tonnes. Therefore, Abterra can be considered to be in ownership of 28m metric tonnes which is slightly more than its previous holding of 24.5m metric tonnes. Jiaozhong coal mine is said to be restarting production this month and Abterra is awaiting formal confirmation in writing from Jiaozhong and abterra will be accounting for jiaozhong earnings on its financial statement this year.
Abterra also announced during the AGM that it had just clinched a S$20m deal from Glencore with a profit margin of 7-12% and all the cylinders will be firing at full speed this year with the expectation of about 300% improvement in its businesses for 2010. GNR also would like to increase its shareholdings in abterra but is only permitted to purchase only 1% every 6-month according to SGX ruling. This move can be seen by the recent purchases by GNR in the SGX announcement.
Abterra sought a credit line of $20m with YA Global because it had to put up money for bank LC for its trading business. In a nutshell, Abterra has to put up about $30k for every $1m of trade. The shareholders passed all the resolutions including issuance of additional shares for future expansion of credit lines and acquisitions. Abterra also has the intention to increase its shareholdings in yongxin from 15% to 20% so that it can equity account for yongxing's earnings under Abterra.
In conclusion, anyone or company that would like to have a hand in the coal mines in China has to acquire companies like Abterra. Furthermore, China does not export any coal and is a net importer of coals which only goes to show that any coal mine under Abterra in China will be selling all the coals to China users easily. In short, there is no demand problem but supply problem in China and the coal price is definitely increasing over time.
Thereafter, the chinese government started to restructure the mining industry in 2009. No foreigner is allowed to own any chinese mine now and the chairman of Abterra used his guanxi(close relationship) with Shanxi government to retain part of the shareholding by diluting from 49% to 24.01% as the chairman had been investing in Shanxi province for the past 20 years. Although the purchase price of 188m rmb remained the same, the total coal reserve increased to 117m metric tonnes due to Shanxi government injection of its own coals and the production capacity had been increased to 900,000 metric tonnes instead of 150,000 metric tonnes. Therefore, Abterra can be considered to be in ownership of 28m metric tonnes which is slightly more than its previous holding of 24.5m metric tonnes. Jiaozhong coal mine is said to be restarting production this month and Abterra is awaiting formal confirmation in writing from Jiaozhong and abterra will be accounting for jiaozhong earnings on its financial statement this year.
Abterra also announced during the AGM that it had just clinched a S$20m deal from Glencore with a profit margin of 7-12% and all the cylinders will be firing at full speed this year with the expectation of about 300% improvement in its businesses for 2010. GNR also would like to increase its shareholdings in abterra but is only permitted to purchase only 1% every 6-month according to SGX ruling. This move can be seen by the recent purchases by GNR in the SGX announcement.
Abterra sought a credit line of $20m with YA Global because it had to put up money for bank LC for its trading business. In a nutshell, Abterra has to put up about $30k for every $1m of trade. The shareholders passed all the resolutions including issuance of additional shares for future expansion of credit lines and acquisitions. Abterra also has the intention to increase its shareholdings in yongxin from 15% to 20% so that it can equity account for yongxing's earnings under Abterra.
In conclusion, anyone or company that would like to have a hand in the coal mines in China has to acquire companies like Abterra. Furthermore, China does not export any coal and is a net importer of coals which only goes to show that any coal mine under Abterra in China will be selling all the coals to China users easily. In short, there is no demand problem but supply problem in China and the coal price is definitely increasing over time.
Thursday, April 29, 2010
Is Genting turning around now or the surge today is just an abberation?
Let's take a look at various research report calls below.
Date/Research House/Last Done/Target Price/Call/Valuation Method
14/01,CIMB,$1.24,$1.50,Outperform,Ebitda 20x
27/01,CIMB,$1.10,$1.50,Trading Buy,SOTP
09/02,CIMB,$1.09,$1.50,Trading Buy,SOTP
18/03,CIMB,$0.97,$1.23,Trading Buy,Not Disclosed
29/04,CIMB,$0.87,$1.23,Outperform,SOTP
22/01,Citigroup,$1.23,$0.80,Sell,Not Disclosed
22/02,Citigroup,$0.97,$0.76,Sell,SOTP & DCF
29/01,DMG,$1.08,$1.22,Trading Buy,Not Disclosed
08/02,DBS Vickers,$1.09,$1.20,Hold,SOTP
22/02,DBS Vickers,$1.04,$1.07,Hold,SOTP
08/03,DBS Vickers,$0.90,$1.07,Hold,PER26x,Ev/Ebitda 14x
19/03,DBS Vickers,$0.97,$1.07,Hold,SOTP
08/02,OCBC,$1.09,$1.39,Buy,Not Disclosed
22/02,OCBC,$0.94,$1.04,Buy,DCF
08/03,OCBC,$0.905,$1.04,Buy,Not Disclosed
18/03,OCBC,$0.97,$1.04,Buy,Not Disclosed
We can see that CIMB has been pushing for a BUY on Genting every month from January to April when Genting has been falling for the past 4 months. The surge in Genting today maybe due to CIMB as it issues a BUY call again on Genting.
Date/Research House/Last Done/Target Price/Call/Valuation Method
14/01,CIMB,$1.24,$1.50,Outperform,Ebitda 20x
27/01,CIMB,$1.10,$1.50,Trading Buy,SOTP
09/02,CIMB,$1.09,$1.50,Trading Buy,SOTP
18/03,CIMB,$0.97,$1.23,Trading Buy,Not Disclosed
29/04,CIMB,$0.87,$1.23,Outperform,SOTP
22/01,Citigroup,$1.23,$0.80,Sell,Not Disclosed
22/02,Citigroup,$0.97,$0.76,Sell,SOTP & DCF
29/01,DMG,$1.08,$1.22,Trading Buy,Not Disclosed
08/02,DBS Vickers,$1.09,$1.20,Hold,SOTP
22/02,DBS Vickers,$1.04,$1.07,Hold,SOTP
08/03,DBS Vickers,$0.90,$1.07,Hold,PER26x,Ev/Ebitda 14x
19/03,DBS Vickers,$0.97,$1.07,Hold,SOTP
08/02,OCBC,$1.09,$1.39,Buy,Not Disclosed
22/02,OCBC,$0.94,$1.04,Buy,DCF
08/03,OCBC,$0.905,$1.04,Buy,Not Disclosed
18/03,OCBC,$0.97,$1.04,Buy,Not Disclosed
We can see that CIMB has been pushing for a BUY on Genting every month from January to April when Genting has been falling for the past 4 months. The surge in Genting today maybe due to CIMB as it issues a BUY call again on Genting.
Wednesday, April 28, 2010
Is Yangzijiang worth buying after purchasing PPLH from Baker Tech?
Yangzijiang has just announced its revenue and profit increased by more than 20% respectively.
Please take a look at the various research report calls for this April:
Date/Research House/Last Done/Target Price/Call/Valuation Method
19/4,DBS Vickers,$1.43,$1.75,Buy,Not Disclosed
19/4,CIMB,$1.43,$2.07,Outperform,PER14x
28/4,DMG,$1.40,$1.80,Buy,PER15x
28/4,OCBC,$1.40,$1.60,Hold,Not Disclosed
Please take a look at the various research report calls for this April:
Date/Research House/Last Done/Target Price/Call/Valuation Method
19/4,DBS Vickers,$1.43,$1.75,Buy,Not Disclosed
19/4,CIMB,$1.43,$2.07,Outperform,PER14x
28/4,DMG,$1.40,$1.80,Buy,PER15x
28/4,OCBC,$1.40,$1.60,Hold,Not Disclosed
Is Golden Agri still worth buying after clashes with greenpeace?
The incident with greenpeace is just a blip and will not tarnish the reputation of Golden Agri as Golden Agri has taken action to prevent escalation of the problem.
Please look below for the various research report calls for this year,:
Date/Reseach House/Last Done/Target Price/Call/Valuation Method
02/02,CIMB,$0.52,$0.69,Trading Buy,PER18x
26/02,DMG,$0.54,$0.68,Trading Buy,PER15x
02/03,Philips,$0.54,$0.46,Hold,DCF
28/4,OCBC,$0.61,$0.72,Buy,PER17x
Please look below for the various research report calls for this year,:
Date/Reseach House/Last Done/Target Price/Call/Valuation Method
02/02,CIMB,$0.52,$0.69,Trading Buy,PER18x
26/02,DMG,$0.54,$0.68,Trading Buy,PER15x
02/03,Philips,$0.54,$0.46,Hold,DCF
28/4,OCBC,$0.61,$0.72,Buy,PER17x
Tuesday, April 27, 2010
US should not persist in making China revalues its yuan upward.
US is having a myopic view by making China revalues its yuan so that it can rebalance its deficit. First and foremost, US can't rebalance its deficit and bump up its employment. If China revalues its yuan, China will export inflation to the world in this crisis-hit era. Exports will slow down in China causing retrenchments and closures of factories and prices will shoot up worldwide especially in US as there is no cheap production anymore.
There was a consumer research done a few years ago on price influences in US without using China made products and the ensuing outcome was HIGH PRICES. I think US is trying to shift focus away from its own problems and conveniently use China as a scapegoat for all the problems.
Nonetheless, this is NOT the time to allow inflation to creep in or we'll be having another BIGGER problem pretty soon in the unforeseenable future.
There was a consumer research done a few years ago on price influences in US without using China made products and the ensuing outcome was HIGH PRICES. I think US is trying to shift focus away from its own problems and conveniently use China as a scapegoat for all the problems.
Nonetheless, this is NOT the time to allow inflation to creep in or we'll be having another BIGGER problem pretty soon in the unforeseenable future.
NOL share price has run ahead of fundamentals!
NOL is getting overpriced as it has sped ahead of fundamentals which is driven by market sentiment.
Looking back at the 12th Global Liner Shipping Conference in London in April 2010, Maersk, the world's largest container shipping company, predicted that 2010 freight rates would only reach break-even level at best on the back of a slow recovery in demand and it would only be making a modest profit for the year of 2010.
Therefore, how would the world economy recover so much in a span of just 2 weeks and propel NOL's shares to surge higher?
Looking back at the 12th Global Liner Shipping Conference in London in April 2010, Maersk, the world's largest container shipping company, predicted that 2010 freight rates would only reach break-even level at best on the back of a slow recovery in demand and it would only be making a modest profit for the year of 2010.
Therefore, how would the world economy recover so much in a span of just 2 weeks and propel NOL's shares to surge higher?
Where is the cash in China Hongxing?
China Hongxing had been reassuring investors that it had the cash to redeem the bonds but it could not repatriate the money to Singapore due to administrative issues in China. It has been months since China Hongxing reported the problem but there is still no new outcome on this problem.
Therefore, I'm very doubtful about this counter and will not touch it at all. Better to invest in another company and sleep well at night.
Therefore, I'm very doubtful about this counter and will not touch it at all. Better to invest in another company and sleep well at night.
Monday, April 26, 2010
Is Rickmers worth buying? What about other shipping trusts?
Rickmers has just reported its profit plunges by 51% even though revenue improves by 14%. This shows that its expenses are growing faster than earnings and that it also has to pay compensations for the huge order cancellations (US$918.7m) by cash & interest-bearing convertible loan (US$64m in total).
This, in fact, is a good thing as Rickmers is biting the bullet and it no longer has to find ways to fund the humongous purchase. Lesson learnt here is never bite more than you can chew. If Rickmers were to persist in the purchase, its loan-to-value (LTV) clause would be invoked and the loan interest would be revised upward and put Rickmers in dire straits.
However, the bad side to this is whether Rickmers will be able to deliver better revenue with its 16 container ships. Shipping trusts like Rickmers have to constantly acquire more ships to increase its yield as most of the ships have already locked in chartering rates for the long terms (usually 7-10 years).
I, personally, would advise investors to jump ship and invest in Pacific Shipping as it has no LTV compared to Rickmers & First Ship.
This, in fact, is a good thing as Rickmers is biting the bullet and it no longer has to find ways to fund the humongous purchase. Lesson learnt here is never bite more than you can chew. If Rickmers were to persist in the purchase, its loan-to-value (LTV) clause would be invoked and the loan interest would be revised upward and put Rickmers in dire straits.
However, the bad side to this is whether Rickmers will be able to deliver better revenue with its 16 container ships. Shipping trusts like Rickmers have to constantly acquire more ships to increase its yield as most of the ships have already locked in chartering rates for the long terms (usually 7-10 years).
I, personally, would advise investors to jump ship and invest in Pacific Shipping as it has no LTV compared to Rickmers & First Ship.
Baker Tech has sold PPLH to Yangzijiang.
Baker Tech has sold off the golden goose to Yangzijiang and this company has nothing much to offer in the future. This company also reported its profit plunged 60% recently. No doubt the next earnings report will look good due to this one-time off sale but the future prospect is dimmer than before. If not, why would Sembcorp Marine object to the sale? Time to sell out and reinvest in another stock.
Saturday, April 24, 2010
Death knell bellowing for Genting (RWS)?
There is a high probability that Genting share price is on a downfall trajectory when MBS's casino is opened at the end of April 2010. In fact, Genting share prices has been falling when the MBS's casino official inauguration date gets nearer and nearer.
As customers are always fond of novelties, majority of them would visit and play at MBS's casino instead to experience which of the two would be the preferred joint for themselves. Therefore, it is not a surprise for RWS to report a drastic drop in customers of at least 50% after the opening of MBS.
Singapore, afterall, is a small isle and I do not think that it can accomodate 2 casino resorts. Having 2 casino resorts will not widen the pie but cannibalize each other.
As customers are always fond of novelties, majority of them would visit and play at MBS's casino instead to experience which of the two would be the preferred joint for themselves. Therefore, it is not a surprise for RWS to report a drastic drop in customers of at least 50% after the opening of MBS.
Singapore, afterall, is a small isle and I do not think that it can accomodate 2 casino resorts. Having 2 casino resorts will not widen the pie but cannibalize each other.
Friday, April 23, 2010
Prudential is seeking secondary listing on SGX
It is good to subscribe for prudential shares on SGX as the primary listing on HKE is expected to perform well. Generally speaking, AIA life was a golden goose under AIG and if not for the crisis, AIG would not sell AIA life. Prudential had the foresight and took the opportunity to subsume AIA life under its wings at the right time.
Thursday, April 22, 2010
Abterra - Buyers buying!
The chart above dated 22/04/2010 shows that buyers had been buying up Abterra 1 and a half month ago.
Singapore Stock Market - Straits Times Index (STI)
Wednesday, April 21, 2010
The real situation in US stock market.
The above chart dated 20/04/2010 shows that the rise in Dow Jones Index was not accompanied by rising trading volumes which can only mean that Dow Jones Index can fall easily as it is not well supported. If the Dow Jones Index is well supported, buyers will be buying up the index as they feel that the index level is cheap but this is not so. As the index goes higher and higher, there are lesser buyers buying up. Why?
This could only mean that the buyers felt that the index had moved up ahead of its fundamental and was no longer cheap to buy.
Tuesday, April 20, 2010
Will Greece get IMF's help?
Yes, I believe the probability is very high that Greece will get funds from IMF and as usual, IMF will impose strict economic policies for Greece in exchange for its funds. The air travel impasse caused by the volcanic clouds looks set to exacerbate the exigency.
Monday, April 19, 2010
Is Goldman Sach saga the trigger for market correction?
Well, it depends on how far the US government will want to pursue the path of justice. If Goldman Sach just gets away with just a multi-million fine, the world market will not spin into a free fall but if this incident leads to a breakup of Goldman Sach which in my view is very remote, then it will be a trigger for a major correction for the world market.
Sunday, April 18, 2010
Abterra has the potential to be a multi-bagger.
Abterra is in the business of commodity trading (iron ore, coal & coke) but has also started to expand its business downstream and upstream by acquiring coal mines, logistics company & processing factories. Abterra has businesses in india, australia, indonesia & china presently and will make a foray into thailand in the future.
Judging from the M&A activities around the world, commodity business seems to be a piping hot plate now. Recently, india has also started to jump on the bandwagon to acquire coal mines for its own needs while Noble (another Singapore listed company) is trying to take full control of gloucester coal mine in australia.
Abterra is currently a mid-cap stock and if it executes its strategy right, it will likely catch the eyes of fund managers and/or be acquired by the bigger player. The coke prices have been going up by leaps & bounds after the financial crisis in 2007 and this will benefit abterra tremendously and increase its profit exponentially in 2010.
With china & india relentless economic expansions, there is no turning back for abterra. The last closing price is $0.06 and the 100-day simple moving average on the trading volume shows that investors have started to accumulate this stock. Don't miss the boat now!
Judging from the M&A activities around the world, commodity business seems to be a piping hot plate now. Recently, india has also started to jump on the bandwagon to acquire coal mines for its own needs while Noble (another Singapore listed company) is trying to take full control of gloucester coal mine in australia.
Abterra is currently a mid-cap stock and if it executes its strategy right, it will likely catch the eyes of fund managers and/or be acquired by the bigger player. The coke prices have been going up by leaps & bounds after the financial crisis in 2007 and this will benefit abterra tremendously and increase its profit exponentially in 2010.
With china & india relentless economic expansions, there is no turning back for abterra. The last closing price is $0.06 and the 100-day simple moving average on the trading volume shows that investors have started to accumulate this stock. Don't miss the boat now!
The stock market is in a conundrum!
The stock market trading volume, from the 100-day simple moving average, is still at a low level compared to its peak when the sti was around 3500. This shows that the rise in the stock market is not sustainable as the market is propped up by institutional funds only. The market has run ahead of its fundamental as not many companies reported more than 50% increase in their financial statements.
Retail investors won't be able to support the market like this as they have very short time horizon and also lack the money resources. Only institutional funds can support the market under low liquidity. The time will come for the institutions to cash out and hand over the baton to the next buyer. When that time comes, the market will correct.
Retail investors won't be able to support the market like this as they have very short time horizon and also lack the money resources. Only institutional funds can support the market under low liquidity. The time will come for the institutions to cash out and hand over the baton to the next buyer. When that time comes, the market will correct.
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