Stock calls for 23 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/23/18	MIDF	IHH Healthcare	2.01	2.32	Buy	Ringgit $6.91 target price
03/23/18	CIMB	OUE Commercial	0.72	0.75	Hold	DDM
03/23/18	UOB Kay Hian	ST Engineering	3.47	4.1	Buy	EV/Invested capital basis, PER23x FY19
03/23/18	DBS Vickers	ST Engineering	3.47	4.1	Buy	DCF & PER22x
03/23/18	Kim Eng	Valuetronics	0.955	1.25	Buy	ROE-g/COE-g, PB2.8x FY19
03/23/18	OCBC	Viva Industrial	0.75	0.93	Buy

Another lawsuit for Noble Group.

https://www.bloombergquint.com/markets/2018/03/22/noble-group-s-week-from-hell-gets-worse-as-another-lawsuit-hits

More and more bad news!

Another company is suing Noble Group for $260m.

US has imposed tariffs on $60b China imports.

https://www.cnbc.com/2018/03/22/trump-moves-to-slap-china-with-50-billion-in-tariffs-over-intellectual-property-theft.html

https://finance.yahoo.com/news/china-hits-back-trump-planned-232227157.html

The USA has imposed tariffs on $60b China goods but China has retaliated with very restrained effort targeting at Trump's supporters' businesses.

This trade war is real because the USA wants to cripple China's economy now.  Trump has replaced all his key personnel with anti-China characteristics.  They are advising Trump to wage an economic war against China because China will become the world leader in the future.  If the USA doesn't attack China economically now, the USA won't stand a chance in the future.

The USA has just passed a US$1.3T spending bill.

https://finance.yahoo.com/news/u-house-passes-1-3-170134662.html

Here we go again!  The USA will issue more government bonds to fund this newly passed $1.3T spending bill but it won't be easy to attract foreign central banks and investors to buy US treasuries this time.  Why?

This is because the USA has rankled many countries with its upcoming global trade war.  This global trade war will affect many economies and induce slower economic growth.  When other government coffers and investors are badly affected, they won't purchase more US treasuries.

The USA really has a warped logic!

Trendlines - Stock calls

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Date	Analyst	Company	Last	Target	Call	Valuation
02/12/16	DBS Vickers	Trendlines	0.161	0.28	Buy	PB1.1x FY16
03/17/16	DBS Vickers	Trendlines	0.192	0.28	Buy	PB1.1x FY16
04/25/16	DBS Vickers	Trendlines	0.225	0.24	Hold
11/27/17	NRA	Trendlines	0.143	0.225	Overweight	RNAV (20% discount)

Top Glove - Stock calls

12/16/16	Kim Eng	Top Glove	1.63	1.71	Hold	Ringgit target $5.30
10/19/17	Aminvestment	Top Glove	1.98	2.05	Hold	Ringgit target $6.36, up from $6.22

Tianjin Zhongxin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/16	CIMB	Tianjin Zhongxin	0.895	1.42	Add	DCF
04/25/16	CIMB	Tianjin Zhongxin	0.845	1.3	Add	DCF CY16
11/02/16	CIMB	Tianjin Zhongxin	0.765	1.3	Add	DCF CY17
12/06/16	CIMB	Tianjin Zhongxin	0.805	1.3	Add	DCF CY17
04/05/17	CIMB	Tianjin Zhongxin	0.975	1.3	Add	DCF FY17
08/02/17	UOB Kay Hian	Tianjin Zhongxin	1.05	1.66	Buy	PER15.5x FY18
09/05/17	UOB Kay Hian	Tianjin Zhongxin	1.13	1.66	Buy	PER15.5x FY18
10/04/17	UOB Kay Hian	Tianjin Zhongxin	1.055	1.66	Buy	PER15.5x FY18
11/02/17	UOB Kay Hian	Tianjin Zhongxin	1.03	1.5	Buy	PER14.6x FY18
01/03/18	UOB Kay Hian	Tianjin Zhongxin	0.945	1.52	Buy	PER14.1x FY18

Stock calls for 22 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/22/18	phillip	Comfortdelgro	2	2.5	Buy
03/22/18	Lim & Tan	DBS	28.4	0	Buy
03/22/18	CIMB	Dyna-Mac	0.13	0.18	Add	PB1.8x CY18
03/22/18	Lim & Tan	OCBC	13.42	0	Buy
03/22/18	Lim & Tan	UOB	28.58	0	Buy

Huge fireball in Thailand sky.

Some people say it is a sunset warped by the vapour in the air.

Some people say it is a falling asteroid.

Some people say it is a warning from God.

What say you?

Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	OCBC	Thai Beverage	0.695	0.83	Buy
01/08/16	Religare	Thai Beverage	0.695	0.76	Buy
02/29/16	DBS Vickers	Thai Beverage	0.69	0.82	Buy	Sum of parts, PER21x FY16
02/29/16	OCBC	Thai Beverage	0.69	0.83	Buy
03/01/16	CIMB	Thai Beverage	0.7	0.83	Add
03/15/16	UBS	Thai Beverage	0.74	0.76	Neutral
03/24/16	DBS Vickers	Thai Beverage	0.725	0.82	Buy
04/15/16	DBS Vickers	Thai Beverage	0.715	0.82	Buy
05/13/16	Credit Suisse	Thai Beverage	0.75	0.85	Outperform	Sum of parts
05/16/16	CIMB	Thai Beverage	0.75	0.92	Add	Sum of parts
05/16/16	DBS Vickers	Thai Beverage	0.75	0.92	Buy
05/16/16	OCBC	Thai Beverage	0.75	0.83	Buy	DCF
05/25/16	Religare	Thai Beverage	0.89	1.1	Buy	Up from $0.76
06/16/16	OCBC	Thai Beverage	0.91	0.89	Hold	Sum of parts, Buy @ $0.85 or below
07/19/16	OCBC	Thai Beverage	0.96	0.89	Hold
08/12/16	Credit Suisse	Thai Beverage	1.03	1.08	Neutral
08/12/16	OCBC	Thai Beverage	1.03	1.01	Hold	Sum of parts
08/15/16	DBS Vickers	Thai Beverage	1.025	1.13	Buy	Sum of parts, PER23.5x FY17
09/05/16	CIMB	Thai Beverage	0.995	1.14	Add	Sum of parts, PER24.7x CY17
09/21/16	OCBC	Thai Beverage	0.95	1.01	Hold
10/04/16	DBS Vickers	Thai Beverage	0.975	1.13	Buy
10/11/16	OCBC	Thai Beverage	0.975	1.01	Hold
10/17/16	Credit Suisse	Thai Beverage	0.95	1.08	Outperform	DCF
10/18/16	DBS Vickers	Thai Beverage	0.945	1.13	Buy
11/10/16	Credit Suisse	Thai Beverage	0.92	1.08	Outperform
11/21/16	CIMB	Thai Beverage	0.895	1.14	Add	Sum of parts
11/21/16	DBS Vickers	Thai Beverage	0.895	1.09	Buy	Sum of parts
11/21/16	OCBC	Thai Beverage	0.895	1.01	Hold
11/22/16	OCBC	Thai Beverage	0.88	1.01	Buy
12/06/16	CIMB	Thai Beverage	0.845	1.07	Add
12/07/16	OCBC	Thai Beverage	0.845	1.01	Buy
12/09/16	DBS Vickers	Thai Beverage	0.865	1.09	Buy	Sum of parts
01/04/17	CIMB	Thai Beverage	0.855	1.07	Add	Sum of parts, PER19.6x CY17
01/10/17	OCBC	Thai Beverage	0.845	1.01	Buy
02/02/17	OCBC	Thai Beverage	0.87	1.01	Buy
02/15/17	CIMB	Thai Beverage	0.88	1.07	Add	Sum of parts
02/16/17	DBS Vickers	Thai Beverage	0.94	1.01	Buy
03/06/17	OCBC	Thai Beverage	0.935	1.01	Buy
03/23/17	CIMB	Thai Beverage	0.925	1.07	Add	Sum of parts
03/31/17	UOB Kay Hian	Thai Beverage	0.935	1.09	Buy	Sum of parts
04/10/17	DBS Vickers	Thai Beverage	0.94	1.09	Buy	Sum of parts
04/10/17	DMG & Partners	Thai Beverage	0.94	1.1	Buy	Sum of parts
05/08/17	CIMB	Thai Beverage	0.91	1.07	Add	Sum of parts
05/12/17	DBS Vickers	Thai Beverage	0.915	1.09	Buy	Sum of parts
05/12/17	OCBC	Thai Beverage	0.915	1.01	Buy
05/15/17	DMG & Partners	Thai Beverage	0.885	1.1	Buy	Sum of parts
05/15/17	UOB Kay Hian	Thai Beverage	0.885	1.09	Buy	Sum of parts
06/13/17	OCBC	Thai Beverage	0.88	1.01	Buy
06/14/17	UOB Kay Hian	Thai Beverage	0.885	1.09	Buy
06/16/17	DBS Vickers	Thai Beverage	0.895	1.09	Buy
06/29/17	DBS Vickers	Thai Beverage	0.89	1.07	Buy	Sum of parts
07/03/17	DMG & Partners	Thai Beverage	0.9	1.1	Buy	Sum of parts, PER26x FY17
07/07/17	CIMB	Thai Beverage	0.91	1.07	Add	Sum of parts
07/10/17	Phillip	Thai Beverage	0.91	1.05	Accumulate	Sum of parts
07/11/17	UOB Kay Hian	Thai Beverage	0.915	1.09	Buy	Sum of parts
07/25/17	DBS Vickers	Thai Beverage	0.93	1.07	Buy	Sum of parts
08/08/17	UOB Kay Hian	Thai Beverage	0.96	1.09	Buy	Sum of parts
08/10/17	CIMB	Thai Beverage	0.955	1.07	Add	Sum of parts
08/10/17	DMG & Partners	Thai Beverage	0.955	1.1	Buy	Sum of parts
08/10/17	OCBC	Thai Beverage	0.955	1.01	Buy
08/11/17	DBS Vickers	Thai Beverage	0.945	1.07	Buy
08/14/17	Phillip	Thai Beverage	0.93	1.05	Accumulate	Sum of parts
08/14/17	UOB Kay Hian	Thai Beverage	0.93	1.09	Buy	Sum of parts
09/05/17	UOB Kay Hian	Thai Beverage	0.925	1.09	Buy	Sum of parts
09/18/17	OCBC	Thai Beverage	0.92	1.01	Buy
09/18/17	Credit Suisse	Thai Beverage	0.92	1.04	Outperform
09/19/17	DBS Vickers	Thai Beverage	0.915	1.07	Buy
09/20/17	DMG & Partners	Thai Beverage	0.91	1.1	Buy	Sum of parts
10/04/17	UOB Kay Hian	Thai Beverage	0.9	1.09	Buy	Sum of parts
10/13/17	DBS Vickers	Thai Beverage	0.945	1.07	Buy
10/16/17	DMG & Partners	Thai Beverage	0.94	1.12	Buy	Sum of parts
11/02/17	UOB Kay Hian	Thai Beverage	0.98	1.09	Buy	Sum of parts
11/24/17	DBS Vickers	Thai Beverage	0.94	1.07	Buy
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add	Sum of parts, PER24.8x FY18
11/27/17	Phillip	Thai Beverage	0.97	1.18	Buy	Sum of parts, PER24.2x FY18
11/27/17	UOB Kay Hian	Thai Beverage	0.97	1.11	Buy	Sum of parts
11/27/17	OCBC	Thai Beverage	0.97	1.07	Buy	Sum of parts
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add
12/04/17	Phillip	Thai Beverage	0.96	1.18	Buy
12/06/17	UOB Kay Hian	Thai Beverage	0.955	1.11	Buy	Sum of parts
12/13/17	Phillip	Thai Beverage	0.955	1.18	Buy	Sum of parts
12/13/17	CIMB	Thai Beverage	0.955	1.15	Add	Sum of parts
12/19/17	DBS Vickers	Thai Beverage	0.97	1.07	Buy	Sum of parts
12/20/17	CIMB	Thai Beverage	0.95	1	Hold	Sum of parts, PER22.6x CY18
01/04/18	UOB Kay Hian	Thai Beverage	0.915	1.11	Buy	Sum of parts
01/11/18	OCBC	Thai Beverage	0.93	1.07	Buy
01/23/18	Nomura	Thai Beverage	0.92	1.13	Buy
01/23/18	DBS Vickers	Thai Beverage	0.92	1.07	Buy
01/23/18	CIMB	Thai Beverage	0.92	1	Hold
02/01/18	UOB Kay Hian	Thai Beverage	0.92	1.06	Buy	Sum of parts
02/15/18	UOB Kay Hian	Thai Beverage	0.91	0.99	Hold	Sum of parts, Buy @ $0.84
02/15/18	CIMB	Thai Beverage	0.91	0.98	Hold	Sum of parts, PER21.8x CY18
02/19/18	DBS Vickers	Thai Beverage	0.85	1.02	Buy	Sum of parts
02/22/18	Phillip	Thai Beverage	0.835	1.05	Buy	Sum of parts
03/05/18	OCBC	Thai Beverage	0.825	0.95	Buy
03/19/18	Phillip	Thai Beverage	0.815	1.05	Buy

Telechoice - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/16	NRA	Telechoice	0.255	0.223	Neutral	PER9.3x FY16
02/29/16	Lim & Tan	Telechoice	0.25	0	Buy
03/11/16	NRA	Telechoice	0.27	0.305	Overweight	PER13.3x FY15
07/12/16	NRA	Telechoice	0.28	0.34	Overweight	PER13.86x FY16
08/29/16	NRA	Telechoice	0.275	0.34	Overweight	PER16.2x FY17
11/14/16	Lim & Tan	Telechoice	0.27	0	Buy
12/14/16	NRA	Telechoice	0.26	0.34	Overweight
04/10/17	NRA	Telechoice	0.27	0.34	Overweight	PER15.56x FY17
08/15/17	NRA	Telechoice	0.25	0.34	Overweight

Stock calls for 21 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/21/18	DIR	Capitaland	3.68	4.1	Outperform	RNAV (20% discount), Up from $4
03/21/18	OCBC	Comfortdelgro	2.02	2.25	Buy
03/21/18	UOB Kay Hian	Keppel Corp	7.77	9.1	Buy	Sum of parts

China may impose anti-dumping measures on US soybean and pork.

https://www.bloombergquint.com/china/2018/03/21/china-newspaper-calls-for-curbs-against-u-s-soybean-dumping

China may impose anti-dumping measures on US soybean and pork in retaliation for US unilateral tariffs imposition against China.

Like the USA, China is also not afraid of a trade war and will fight to protect its own interest.

Another bad news for Noble Group. The debt restructuring process will cost $100m.

https://finance.yahoo.com/news/cost-nobles-restructuring-likely-top-000102185.html

All the lawyers, investment banks and top management are profiteering from Noble's saga.

Noble is a goner when there are so many vultures plundering it.

Goldilocks, a major shareholder, has sued Noble group.

https://www.bloombergquint.com/markets/2018/03/20/noble-group-hit-by-lawsuit-from-top-shareholder-as-default-looms

Goldilocks has sued Noble for fraud by fudging its accounts.  Furthermore, S&P has downgraded Noble's rating.

http://www.businesstimes.com.sg/companies-markets/sp-downgrades-noble-rating-to-d

Tee Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/16	NRA	Tee Land	0.21	0.33	Overweight
08/23/16	NRA	Tee Land	0.194	0.325	Overweight	RNAV (40% discount)
10/04/16	NRA	Tee Land	0.199	0.335	Overweight	RNAV (40% discount)
01/20/17	NRA	Tee Land	0.195	0.29	Overweight
03/09/18	NRA	Tee Land	0.21	0.28	Overweight	Sum of parts

Tat Hong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/16/16	OCBC	Tat Hong	0.43	0.45	Hold	PB0.45x
03/16/16	OCBC	Tat Hong	0.635	0.45	Hold	PB0.45x
05/16/16	OCBC	Tat Hong	0.51	0.45	Hold
05/30/16	OCBC	Tat Hong	0.52	0.5	Hold	PB0.55x
06/20/16	OCBC	Tat Hong	0.54	0.5	Hold
07/05/16	OCBC	Tat Hong	0.57	0.5	Hold
07/13/16	OCBC	Tat Hong	0.56	0.55	Hold	PB0.6x
08/15/16	OCBC	Tat Hong	0.535	0.55	Hold
08/19/16	OCBC	Tat Hong	0.525	0.54	Hold	PB0.6x
09/19/16	OCBC	Tat Hong	0.485	0.49	Hold	PB0.55x
11/08/16	OCBC	Tat Hong	0.46	0.49	Hold	PB0.55x
11/16/16	OCBC	Tat Hong	0.39	0.4	Hold	PB0.5x
01/09/17	OCBC	Tat Hong	0.345	0.4	Hold
02/15/17	OCBC	Tat Hong	0.39	0.4	Hold
03/10/17	OCBC	Tat Hong	0.375	0.4	Hold
05/18/17	OCBC	Tat Hong	0.37	0.4	Hold
08/15/17	OCBC	Tat Hong	0.34	0.4	Hold
08/17/17	OCBC	Tat Hong	0.36	0.37	Hold

Stock calls for 20 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/20/18	DBS Vickers	APAC Realty	1.19	1.42	Buy	DCF & PER15x FY18
03/20/18	Kim Eng	Bukit Sembawang	6.03	8.55	Buy	RNAV (20% discount)
03/20/18	Kim Eng	Capitaland	3.67	4.1	Buy
03/20/18	DMG & Partners	China Aviation Oil	1.54	1.8	Buy	PER12.2x FY18, PEG1x FY18
03/20/18	UOB Kay Hian	Chip Eng Seng	0.94	1.38	Buy	Sum of parts
03/20/18	DBS Vickers	Chip Eng Seng	0.94	1.18	Buy	Sum of parts
03/20/18	DMG & Partners	City Developments	13.25	15	Buy	RNAV (10% discount), Up froM $14.12 (RNAV 20% discount)
03/20/18	Kim Eng	DBS	28.07	29.66	Hold
03/20/18	CIMB	Guocoland	2.11	2.88	Add	RNAV (25% discount)
03/20/18	Kim Eng	Guocoland	2.11	3	Buy	RNAV (20% discount)
03/20/18	DBS Vickers	IHH Healthcare	2.02	2.29	Buy	Ringgit $6.81 target
03/20/18	UOB Kay Hian	M1	1.79	1.6	Sell
03/20/18	Kim Eng	OCBC	13.18	14.83	Buy
03/20/18	DBS Vickers	Religare Health Trust	0.775	0.85	Hold
03/20/18	DBS Vickers	Roxy-Pacific	0.555	0.69	Buy	RNAV (30% discount)
03/20/18	UOB Kay Hian	Starhub	2.43	2.25	Sell
03/20/18	Kim Eng	UOB	28.1	31.08	Buy
03/20/18	Kim Eng	UOL	8.69	10.4	Buy
03/20/18	Lim & Tan	Yuuzoo	0.038	0	Sell/Avoid

Fund managers are starting to dump Noble Group shares.

https://www.businesstimes.com.sg/companies-markets/fund-managers-prudential-orbis-dispose-noble-shares

Fund managers have lost faith in Noble Group and have started to dump the shares.

It may be better to dump the Noble shares in the open market now than to have their stakes diluted to 15% after the debt restructuring if the plan is successful.  If the restructuring plan fails, then Noble will be heading into bankruptcy which will make the shares worthless.

This is the rationale behind the shares dumping because the fund managers are starting to lose hope.

The despicable USA is creating troubles again.

https://www.bloombergquint.com/business/2018/03/19/u-s-said-to-seek-alliance-against-china-in-tariff-relief-talks

We know the malicious intention of the US tariff now.

The tariff is just a pawn used to compel other countries to support the USA in exchange for tariff exclusions for any anti-China policies.

Like I said many times before, the USA is a bigger evil compared to China.