Thursday, April 5, 2018

Stock calls for 5 April 2018

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/18	CIMB	China Sunsine	1.25	1.62	Add	PER9.8x CY19
04/05/18	OCBC	Frasers Commercial Trust	1.41	1.51	Buy
04/05/18	UOB Kay Hian	Genting	1.03	1.3	Buy	EV/Ebitda10.4x FY18
04/05/18	Amfrasers	Mindchamps	0.74	0.86	Buy	PER23.2x FY18
04/05/18	Amfrasers	Sing Holdings	0.42	0.68	Buy	RNAV (30% discount), PB1x FY17
04/05/18	DMG & Partners	Wilmar	3.08	3.45	Buy

The 3rd company, Vard, is delisting from SGX in 2018.

http://www.businesstimes.com.sg/companies-markets/vard-gets-sgx-nod-for-proposed-delisting

Vard is the 3rd company to leave SGX in 2018.

SGX will be in serious trouble when there are more delisting than IPO listing.

http://sg-stock.blogspot.sg/2018/02/another-company-jaya-is-leaving-sgx.html

Who will win in a trade war? US or China?

Who will emerge as a winner in this trade war?

The main determinant to be a winner in this trade war is actually the country saving rate. The Chinese are savers but the Americans are spenders. In a trade war, the high saving rate will help the country to withstand the price hikes and support the economy. When the citizens have little savings, they will not support the country in a trade war and oust the government for causing them the miseries. This is a fact of life and Trump doesn't get it because he is a billionaire.

OMG! Africa is splitting up into 2 continents soon!

https://qz.com/1244443/scientists-now-have-evidence-africa-is-physically-splitting-into-two-continents/

Nothing can stop the forces of nature.

Wednesday, April 4, 2018

Wheelock Properties - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/16	Lim & Tan	Wheelock Properties	1.435	0	Buy
03/02/16	OCBC	Wheelock Properties	1.435	2.27	Buy
05/16/16	OCBC	Wheelock Properties	1.425	2.27	Buy
03/01/17	Lim & Tan	Wheelock Properties	1.82	0	Hold
03/13/17	OCBC	Wheelock Properties	1.88	2.27	Buy
06/02/17	Phillip	Wheelock Properties	1.74	2.28	Trading Buy	RNAV (15% discount)
06/05/17	OCBC	Wheelock Properties	1.82	2.27	Buy
06/14/17	DBS Vickers	Wheelock Properties	1.895	2.27	Buy
08/15/17	OCBC	Wheelock Properties	1.805	2.27	Buy
09/06/17	UOB Kay Hian	Wheelock Properties	1.84	2.33	Buy	RNAV (15% discount)
09/28/17	OCBC	Wheelock Properties	1.865	2.27	Buy
10/06/17	Lim & Tan	Wheelock Properties	1.905	0	Buy
11/15/17	UOB Kay Hian	Wheelock Properties	1.95	2.33	Buy	RNAV (15% discount)
11/24/17	OCBC	Wheelock Properties	1.91	2.27	Buy
12/01/17	UOB Kay Hian	Wheelock Properties	1.9	2.33	Buy
12/14/17	OCBC	Wheelock Properties	1.89	2.27	Buy
03/01/18	OCBC	Wheelock Properties	1.87	2.34	Buy

Viva Industrial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/07/16	OCBC	Viva Industrial	0.705	0.75	Buy	DDM
07/28/16	OCBC	Viva Industrial	0.77	0.76	Hold	DDM
09/13/16	DMG & Partners	Viva Industrial	0.795	0.85	Buy
11/09/16	OCBC	Viva Industrial	0.74	0.81	Buy	DDM
12/05/16	DMG & Partners	Viva Industrial	0.75	0.85	Buy
01/10/17	CIMB	Viva Industrial	0.755	0.83	Not Rated	Bloomberg consensus
01/20/17	OCBC	Viva Industrial	0.765	0.78	Buy
01/27/17	DMG & Partners	Viva Industrial	0.765	0.85	Buy	DDM
01/27/17	OCBC	Viva Industrial	0.765	0.8	Buy
02/03/17	Religare	Viva Industrial	0.765	0.9	Buy
03/10/17	DMG & Partners	Viva Industrial	0.78	0.85	Buy
04/07/17	DMG & Partners	Viva Industrial	0.79	0.85	Buy	DDM
04/18/17	Kim Eng	Viva Industrial	0.795	0.95	Buy	DDM
04/26/17	OCBC	Viva Industrial	0.79	0.795	Buy
05/02/17	DMG & Partners	Viva Industrial	0.815	0.85	Buy	DDM
05/02/17	OCBC	Viva Industrial	0.815	0.825	Buy
05/23/17	OCBC	Viva Industrial	0.805	0.83	Buy
06/14/17	Amfrasers	Viva Industrial	0.84	0.88	Hold	Consensus target
06/22/17	Kim Eng	Viva Industrial	0.86	0.95	Buy
07/03/17	Kim Eng	Viva Industrial	0.89	0.95	Buy
07/12/17	DMG & Partners	Viva Industrial	0.905	0.85	Buy
07/18/17	DMG & Partners	Viva Industrial	0.915	0.97	Buy	DDM
07/27/17	OCBC	Viva Industrial	0.92	0.895	Hold
07/27/17	Kim Eng	Viva Industrial	0.92	1	Buy	DDM
08/03/17	Kim Eng	Viva Industrial	0.82	1	Buy
08/07/17	Amfrasers	Viva Industrial	0.925	0.97	Buy	DDM
08/21/17	CIMB	Viva Industrial	0.925	0.96	Not Rated	Bloomberg consensus
09/21/17	DMG & Partners	Viva Industrial	0.945	0.97	Buy
10/10/17	DMG & Partners	Viva Industrial	0.94	0.97	Buy	DDM
10/30/17	OCBC	Viva Industrial	0.96	0.9	Hold
10/30/17	DMG & Partners	Viva Industrial	0.96	1.02	Buy	DDM
01/29/18	Kim Eng	Viva Industrial	0.94	1.05	Buy	DDM
01/29/18	OCBC	Viva Industrial	0.94	0.93	Hold
03/23/18	OCBC	Viva Industrial	0.75	0.93	Buy
04/02/18	OCBC	Viva Industrial	0.885	0.93	Buy

Stock calls for 4 April 2018

Date	Analyst	Company	Last	Target	Call	Valuation
04/04/18	DBS Vickers	Ezion	0.197	0.13	Fully Valued
04/04/18	Amfrasers	Jiutian	0.064	0.11	Not Rated	PER10x FY18
04/04/18	DMG & Partners	OUE Hospitality	0.795	0.95	Buy
04/04/18	Soochow SSD	Oxley	0.495	0.63	Buy	RNAV (20% discount)
04/04/18	DBS Vickers	PACC Offshore	0.35	0.32	Hold	PB1x
04/04/18	UOB Kay Hian	Sembcorp Industries	3.06	3.28	Hold	Sum of parts, Buy @ $3
04/04/18	DMG & Partners	UOB	26.96	30	Buy

China imposes more tariffs against US goods.

https://finance.yahoo.com/news/china-announces-additional-tariffs-50-080902867.html

This is getting interesting!

Gemas-Johor Bahru Electrified Double-Tracking Railway Project was awarded to China.

http://www.theiskandarian.com/web/ytl-secures-gemas-johor-bahru-electrified-double-tracking-railway-project/

Gemas-Johor Bahru Electrified Double-Tracking Railway Project was awarded to China.

This might mean that the KL-SG HSR would not be awarded to China since this double-tracking railway was awarded to China already.

Malaysia would not want to award everything to China because it would be an over-reliant on China construction. Therefore, it is in Malaysia's interest to diversify the risks even though China offers the most economical construction cost.

Let's see how this will pan out.

Tuesday, April 3, 2018

Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/16	UOB Kay Hian	Venture	8.06	9.15	Buy
02/26/16	CIMB	Venture	8.04	9.52	Add	PER14x FY17
02/26/16	Lim & Tan	Venture	8.04	0	Buy
02/26/16	OCBC	Venture	8.04	9	Buy
02/26/16	UOB Kay Hian	Venture	8.04	9.25	Buy	PER16x FY16
02/29/16	DMG & Partners	Venture	8.22	9.1	Buy	PER15.5x FY16
02/29/16	Kim Eng	Venture	8.22	9.6	Buy	PER16.5x
03/03/16	CIMB	Venture	8.24	9.52	Add
03/03/16	Citigroup	Venture	8.24	9.11	Buy
03/17/16	DBS Vickers	Venture	8.21	9	Buy
04/08/16	UOB Kay Hian	Venture	8.43	9.25	Buy	PER16x FY16
04/29/16	CIMB	Venture	8.39	9.52	Add	PER14x CY17
04/29/16	DBS Vickers	Venture	8.39	9	Buy	PER15X FY16
04/29/16	Lim & Tan	Venture	8.39	0	Buy
04/29/16	OCBC	Venture	8.39	9	Buy
05/18/16	CIMB	Venture	8.16	9.52	Add
06/27/16	CIMB	Venture	8.63	9.52	Add
07/08/16	OCBC	Venture	8.56	9.35	Buy	PER15x FY16/17
07/15/16	UOB Kay Hian	Venture	8.82	9.82	Buy	PER16x FY17
08/08/16	CIMB	Venture	8.9	9.52	Hold	PER14x CY17
08/08/16	DBS Vickers	Venture	8.9	9.2	Hold
08/08/16	DMG & Partners	Venture	8.9	9.9	Buy
08/08/16	Lim & Tan	Venture	8.9	0	Buy
08/08/16	OCBC	Venture	8.9	9.35	Buy	Buy @ $8.80
08/08/16	UOB Kay Hian	Venture	8.9	9.82	Buy	PER16x FY17
08/10/16	Kim Eng	Venture	8.98	9.75	Buy	PER14x FY17
09/20/16	CIMB	Venture	8.99	9.52	Hold
10/06/16	UOB Kay Hian	Venture	9.3	10.3	Buy	PER16x FY17
10/28/16	CIMB	Venture	9.25	10.57	Add	PER14.4x
11/07/16	CIMB	Venture	9.5	10.94	Add	PER14.4x CY18
11/07/16	Citigroup	Venture	9.5	10.51	Buy
11/07/16	DBS Vickers	Venture	9.5	10.9	Buy
11/07/16	DMG & Partners	Venture	9.5	9.9	Buy	DCF, PER15.8x FY17
11/07/16	Kim Eng	Venture	9.5	11	Buy	PER15x FY17
11/07/16	Lim & Tan	Venture	9.5	0	Buy
11/07/16	OCBC	Venture	9.5	10.36	Buy	PER15x FY17
11/07/16	UOB Kay Hian	Venture	9.5	11	Buy	PER16x FY17
12/01/16	OCBC	Venture	9.71	10.36	Buy
12/06/16	CIMB	Venture	10.04	10.94	Add	PER14.4x FY18
12/08/16	Citigroup	Venture	9.93	10.51	Buy
12/13/16	Kim Eng	Venture	9.66	11	Buy	PER15x
12/15/16	DBS Vickers	Venture	9.9	10.9	Buy	PER16x FY17
01/03/17	UOB Kay Hian	Venture	9.88	11	Buy
01/19/17	DBS Vickers	Venture	9.84	10.9	Buy
01/20/17	CIMB	Venture	9.8	10.94	Add
01/23/17	Credit Suisse	Venture	9.74	11.6	Outperform
02/08/17	UOB Kay Hian	Venture	10.28	11	Buy
02/10/17	CIMB	Venture	10.37	10.94	Add	PER14.4x FY18
02/10/17	Credit Suisse	Venture	10.37	11.6	Outperform
02/27/17	CIMB	Venture	10.32	11.5	Add	PER14.4x CY18
02/27/17	Credit Suisse	Venture	10.32	11.9	Outperform
02/27/17	DBS Vickers	Venture	10.32	11.37	Buy	PER16x FY17
02/27/17	DMG & Partners	Venture	10.32	11.2	Buy	DCF, PER16x FY17
02/27/17	Kim Eng	Venture	10.32	11.5	Buy	PER15x FY17
02/27/17	OCBC	Venture	10.32	11	Buy
02/27/17	UOB Kay Hian	Venture	10.32	12.4	Buy	PER16x FY17
03/02/17	UOB Kay Hian	Venture	10.71	12.4	Buy
05/02/17	CIMB	Venture	12.2	12.01	Hold	PER14.4x FY18
05/02/17	DMG & Partners	Venture	12.2	14.1	Buy	DCF, PER17x FY17
05/02/17	Kim Eng	Venture	12.2	13.35	Buy	PER16x FY17
05/02/17	Lim & Tan	Venture	12.2	0	Buy
05/02/17	OCBC	Venture	12.2	13	Buy	DCF
05/02/17	UOB Kay Hian	Venture	12.2	13.6	Buy	PER16x FY17
05/03/17	DBS Vickers	Venture	12.9	14.3	Buy	PER18.6x FY17/18
06/02/17	UOB Kay Hian	Venture	13	13.3	Hold	PER16.2x FY17, Buy @ $12
07/05/17	CIMB	Venture	11.89	12.01	Hold	PER14.4x FY18
07/05/17	UOB Kay Hian	Venture	11.89	13.3	Hold
07/10/17	OCBC	Venture	11.8	13	Buy
08/07/17	UOB Kay Hian	Venture	13.85	15.15	Buy	PER16x FY18
08/07/17	DMG & Partners	Venture	13.85	14.7	Buy	DCF, PER17x FY17
08/07/17	OCBC	Venture	13.85	14.8	Buy	DCF
08/07/17	CIMB	Venture	13.85	15.8	Add	PER15.2x FY18
08/07/17	Lim & Tan	Venture	13.85	0	Buy
08/08/17	DBS Vickers	Venture	14.89	16.6	Buy	PER18.2x FY18
08/10/17	Credit Suisse	Venture	15.7	16.4	Outperform
09/13/17	Lim & Tan	Venture	15.25	0	Buy
09/15/17	Credit Suisse	Venture	16.2	20	Outperform
09/26/17	DMG & Partners	Venture	17.29	19.7	Buy	DCF, PER19x FY18
10/03/17	CIMB	Venture	18.06	20.87	Add	PER17.3x FY18
10/06/17	DBS Vickers	Venture	18.6	21	Buy	PER20x FY18/19
10/12/17	OCBC	Venture	18.55	20.33	Buy
11/06/17	UOB Kay Hian	Venture	19.29	23.5	Buy	PER18x FY18
11/06/17	DMG & Partners	Venture	19.29	24.1	Buy	DCF, PER18x FY18
11/06/17	OCBC	Venture	19.29	23	Buy
11/06/17	CIMB	Venture	19.29	24.74	Add	PER17.3x FY19
11/06/17	Lim & Tan	Venture	19.29	0	Buy
11/06/17	DBS Vickers	Venture	19.29	26	Buy	PER19.5x FY18/19
11/06/17	Credit Suisse	Venture	19.29	22.1	Outperform
12/06/17	DBS Vickers	Venture	20.54	26	Buy
12/20/17	CIMB	Venture	20.2	24.74	Add
01/05/18	DBS Vickers	Venture	21.97	26	Buy
01/10/18	Kim Eng	Venture	21.57	27.5	Buy	PER18.8x FY18
01/15/18	UOB Kay Hian	Venture	22.65	23.5	Buy
01/19/18	Lim & Tan	Venture	23.15	0	Buy
01/24/18	DMG & Partners	Venture	23.9	24.1	Buy
01/24/18	Credit Suisse	Venture	23.9	27.2	Outperform
02/07/18	CIMB	Venture	22.48	24.74	Add
02/08/18	CIMB	Venture	22.29	29.13	Add
02/13/18	UOB Kay Hian	Venture	21.92	23.5	Buy
02/20/18	DMG & Partners	Venture	23.53	24.1	Buy
02/23/18	UOB Kay Hian	Venture	25.03	31.88	Buy	PER19x FY18
03/01/18	OCBC	Venture	27.56	34	Buy
03/01/18	UOB Kay Hian	Venture	27.56	31.88	Buy	PER19x FY18
03/01/18	DMG & Partners	Venture	27.56	30.5	Buy	DCF, PER19x FY18
03/01/18	Kim Eng	Venture	27.56	31.2	Buy	PB3.7x FY18
03/01/18	CIMB	Venture	27.56	30.81	Add	PER17.7x FY19
03/01/18	Lim & Tan	Venture	27.56	0	Buy
03/01/18	DBS Vickers	Venture	27.56	32.2	Buy	PER19.5x FY18/19
03/05/18	Credit Suisse	Venture	26.84	32	Outperform
04/03/18	DBS Vickers	Venture	28.14	32.2	Buy

Vard - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/16	DBS Vickers	Vard	0.153	0.13	Fully Valued	PB0.3x
03/01/16	DIR	Vard	0.153	0.115	Sell	P/NTA0.81x
03/03/16	DMG & Partners	Vard	0.177	0.21	Buy	PB0.4x FY16
04/01/16	OCBC	Vard	0.198	0.2	Hold	P/NTA0.4x, Cut from $0.33 (P/NTA0.6x)
05/13/16	DBS Vickers	Vard	0.187	0.19	Hold
05/13/16	DIR	Vard	0.187	0.118	Sell	P/NTA0.81x
05/13/16	OCBC	Vard	0.187	0.2	Hold	P/NTA0.45x
06/03/16	CIMB	Vard	0.178	0.234	Not Rated
07/22/16	DIR	Vard	0.161	0.134	Sell	P/NTA0.81x
07/26/16	DBS Vickers	Vard	0.16	0.18	Hold
09/26/16	OCBC	Vard	0.154	0.166	Hold	P/NTA0.4x FY17
11/14/16	DIR	Vard	0.23	0.134	Sell	P/NTA0.81x
11/14/16	OCBC	Vard	0.23	0.24	Accept Offer	Offer $0.24
11/15/16	DBS Vickers	Vard	0.245	0.24	Accept Offer
11/15/16	DIR	Vard	0.245	0.24	Hold	Offer $0.24
05/15/17	OCBC	Vard	0.24	0.23	Hold	PB0.8x
05/16/17	DBS Vickers	Vard	0.24	0.25	Hold	PB0.8x
07/21/17	DBS Vickers	Vard	0.245	0.25	Hold
07/26/17	DBS Vickers	Vard	0.245	0.24	Hold	PB0.8x
11/14/17	DBS Vickers	Vard	0.245	0.25	Hold	PB0.78x, P/NTA0.99x, Offer price $0.25

Stock calls for 3 April 2018

Date	Analyst	Company	Last	Target	Call	Valuation
04/03/18	CIMB	AEM	6.78	8.19	Add
04/03/18	DBS Vickers	Bumitama	0.72	0.94	Buy
04/03/18	OCBC	Capitaland	3.62	4.26	Buy
04/03/18	DBS Vickers	Capitaland	3.62	4.35	Buy
04/03/18	UOB Kay Hian	CDL Hospitality	1.69	1.95	Buy
04/03/18	Edison	China Aviation Oil	1.56	1.82	Buy	DCF, Cut from $1.88
04/03/18	UOB Kay Hian	Citic Envirotech	0.715	1.06	Buy
04/03/18	OCBC	City Developments	13.2	15.91	Buy
04/03/18	UOB Kay Hian	City Developments	13.2	14.03	Buy
04/03/18	DBS Vickers	City Developments	13.2	15.4	Buy
04/03/18	UOB Kay Hian	DBS	27.32	30.4	Buy
04/03/18	DBS Vickers	First Resources	1.68	2.18	Buy
04/03/18	DBS Vickers	Hi-P	2.17	2.48	Buy
04/03/18	CIMB	Keppel Corp	7.8	10	Add	Sum of parts
04/03/18	UOB Kay Hian	Keppel Corp	7.8	9.1	Buy
04/03/18	DBS Vickers	Keppel Corp	7.8	10.2	Buy
04/03/18	CIMB	Keppel DC Reit	1.43	1.52	Add	DDM
04/03/18	Kim Eng	M1	1.75	1.63	Hold
04/03/18	UOB Kay Hian	OCBC	12.77	14.95	Buy
04/03/18	DBS Vickers	Olam	2.32	2.31	Hold
04/03/18	DBS Vickers	Roxy-Pacific	0.55	0.69	Buy
04/03/18	DBS Vickers	Sembcorp Industries	3.11	4.4	Buy
04/03/18	DBS Vickers	Sembcorp Marine	2.22	2.9	Buy
04/03/18	Kim Eng	Sheng Siong	0.95	1.2	Buy	DCF, PER25x FY18, EV/Ebitda7x
04/03/18	UOB Kay Hian	Sheng Siong	0.95	1.1	Buy
04/03/18	UOB Kay Hian	Singtel	3.39	4.4	Buy
04/03/18	Kim Eng	Singtel	3.39	3.69	Hold
04/03/18	Kim Eng	Starhub	2.33	2.27	Hold
04/03/18	DBS Vickers	Sunningdale	1.89	2.7	Buy
04/03/18	DBS Vickers	UMS	1.13	1.37	Buy
04/03/18	OCBC	UOL	8.64	10.63	Buy
04/03/18	DBS Vickers	UOL	8.64	10.23	Buy
04/03/18	DBS Vickers	Venture	28.14	32.2	Buy
04/03/18	DBS Vickers	Wilmar	3.21	3.65	Buy
04/03/18	UOB Kay Hian	Wing Tai	2.06	2.78	Buy

Bitcoin is still way over-valued and has more rooms to fall!

https://finance.yahoo.com/news/bitcoin-still-way-over-valued-174344394.html

According to a network pricing equation, bitcoin is 4x overvalued at the current level.

Furthermore, it has become uneconomical to mine bitcoin now as the average mining cost per bitcoin is around USD$8,000.

Monday, April 2, 2018

Valuetronics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/02/16	UOB Kay Hian	Valuetronics	0.395	0.54	Buy
02/04/16	Amfrasers	Valuetronics	0.385	0.56	Buy	PER9x FY17
02/04/16	DMG & Partners	Valuetronics	0.385	0.5	Buy
02/04/16	UOB Kay Hian	Valuetronics	0.385	0.52	Buy	PER8.7x FY17
03/10/16	CIMB	Valuetronics	0.43	0.56	Add	PER8.4x CY17
03/15/16	UOB Kay Hian	Valuetronics	0.44	0.52	Buy
04/22/16	UOB Kay Hian	Valuetronics	0.485	0.52	Buy
05/09/16	Amfrasers	Valuetronics	0.46	0.56	Buy	PER9x FY17
05/27/16	Amfrasers	Valuetronics	0.49	0.62	Buy	PER10x FY17
05/27/16	UOB Kay Hian	Valuetronics	0.49	0.6	Buy	PER9.5x FY18
05/30/16	DMG & Partners	Valuetronics	0.515	0.54	Neutral	DCF
06/09/16	UOB Kay Hian	Valuetronics	0.525	0.6	Buy
06/17/16	Amfrasers	Valuetronics	0.51	0.62	Buy
07/14/16	UOB Kay Hian	Valuetronics	0.52	0.6	Buy
08/16/16	Amfrasers	Valuetronics	0.51	0.62	Buy	PER10x FY17
08/16/16	CIMB	Valuetronics	0.51	0.6	Add	PER8.4x CY17
08/16/16	UOB Kay Hian	Valuetronics	0.51	0.6	Buy	PER9.5x FY18
08/18/16	DMG & Partners	Valuetronics	0.515	0.54	Neutral
11/07/16	Amfrasers	Valuetronics	0.495	0.62	Buy	PER10x FY17
11/08/16	CIMB	Valuetronics	0.545	0.6	Add	PER8.4x CY17
11/08/16	DMG & Partners	Valuetronics	0.545	0.57	Neutral
11/08/16	UOB Kay Hian	Valuetronics	0.545	0.6	Buy	PER9.5x FY18
12/06/16	CIMB	Valuetronics	0.53	0.6	Add	PER8.4x CY18
02/14/17	CIMB	Valuetronics	0.65	0.72	Add	PER9.8x CY18
02/14/17	DMG & Partners	Valuetronics	0.65	0.65	Buy	DCF
02/14/17	UOB Kay Hian	Valuetronics	0.65	0.72	Buy	PER10.1x FY18
05/23/17	DBS Vickers	Valuetronics	0.85	0.95	Not Rated	PER8x CY17 ex-cash
05/30/17	CIMB	Valuetronics	0.815	0.89	Add	PER11x CY18
05/30/17	UOB	Valuetronics	0.815	0.8	Hold
05/31/17	DMG & Partners	Valuetronics	0.8	0.81	Neutral	DCF
06/22/17	DMG & Partners	Valuetronics	0.795	0.85	Neutral	DCF, PER10x FY18
06/30/17	Amfrasers	Valuetronics	0.795	0.86	Buy	DCF
07/05/17	CIMB	Valuetronics	0.785	0.89	Add	PER11x CY18
08/07/17	DMG & Partners	Valuetronics	0.825	0.85	Neutral
08/15/17	UOB Kay Hian	Valuetronics	0.975	0.94	Hold	PER11.7x FY18, Buy @ $0.85
08/15/17	Amfrasers	Valuetronics	0.975	0.91	Hold	DCF, PER13.6x FY18
08/15/17	CIMB	Valuetronics	0.975	1.02	Add	PER11.9x CY18
08/16/17	DMG & Partners	Valuetronics	0.96	0.93	Neutral	DCF
09/26/17	CIMB	Valuetronics	0.865	1.02	Add
11/10/17	DMG & Partners	Valuetronics	0.995	1.05	Neutral	DCF
11/14/17	CIMB	Valuetronics	1.01	1.1	Add	PER11x CY19
02/13/18	CIMB	Valuetronics	0.92	1.1	Add	PER11x CY19
02/13/18	UOB Kay Hian	Valuetronics	0.92	0.95	Buy	PER11.3x FY19, Buy @ $0.86
02/15/18	DMG & Partners	Valuetronics	0.915	1.05	Buy	DCF
03/23/18	Kim Eng	Valuetronics	0.955	1.25	Buy	ROE-g/COE-g, PB2.8x FY19

Valuemax - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/07/17	Amfrasers	Valuemax	0.28	0.39	Buy	PB1.15x FY17
01/10/18	Amfrasers	Valuemax	0.295	0.39	Buy

Stock calls for 2 April 2018

Date	Analyst	Company	Last	Target	Call	Valuation
04/02/18	CIMB	Aspen	0.215	0.29	Add	RNAV (45% discount)
04/02/18	Kim Eng	Best World	1.84	2.06	Buy
04/02/18	CIMB	City Developments	13	13.44	Add	RNAV (20% discount)
04/02/18	Kim Eng	Guocoland	2.08	3	Buy	RNAV (20% discount)
04/02/18	Kim Eng	Singapore Post	1.37	1.5	Buy	DCF
04/02/18	UOB Kay Hian	Tianjin Zhongxin	0.92	1.66	Buy	PER14.1x FY18
04/02/18	CIMB	United Engineers	2.61	2.94	Add	RNAV (15% discount)
04/02/18	CIMB	UOL	8.55	9.67	Add	RNAV (20% discount)
04/02/18	OCBC	Viva Industrial	0.885	0.93	Buy

China has retaliated with more tariffs for US goods.

https://www.telegraph.co.uk/news/2018/04/02/china-hits-back-us-tariffs-pork-wine-120-products-trade-war/

128 US goods are being targeted by China.

Look like we will all suffer soon from the US-China trade war.

Vietnam and China has reached a settlement for South China Sea issue.

https://www.kpvi.com/news/national_news/vietnam-china-urge-restraint-in-disputes-in-s-china-sea/article_d36be766-6375-5fdf-8a5c-1512633c1ddc.html

Vietnam and China have reached a settlement for South China Sea issue and this will give the USA fewer opportunities to exploit the South China Sea issue and create ramifications in ASEAN-China relationship.

This new milestone achievement will definitely bring more peace and prosperity to ASEAN.

Yeah!