First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/19/17	CIMB	First Reit	1.305	1.26	Hold
01/19/17	OCBC	First Reit	1.305	1.32	Hold
01/19/17	phillip	First Reit	1.305	1.32	Accumulate	DDM
03/16/17	OCBC	First Reit	1.285	1.32	Hold
04/18/17	CIMB	First Reit	1.345	1.36	Hold	DDM
04/18/17	OCBC	First Reit	1.345	1.32	Hold	Buy @ $1.25 or lower
04/18/17	phillip	First Reit	1.345	1.32	Hold	DDM
05/25/17	OCBC	First Reit	1.31	1.32	Hold
07/18/17	OCBC	First Reit	1.335	1.32	Hold
07/18/17	Lim & Tan	First Reit	1.335	0	Hold
07/19/17	phillip	First Reit	1.34	1.32	Neutral	DDM, PB1.22x FY17
07/19/17	CIMB	First Reit	1.34	1.36	Hold	DDM
08/17/17	OCBC	First Reit	1.33	1.38	Hold
10/03/17	OCBC	First Reit	1.335	1.38	Hold
10/05/17	Amfrasers	First Reit	1.36	1.38	Not Rated	DCF
10/20/17	phillip	First Reit	1.37	1.32	Neutral	DDM
10/24/17	OCBC	First Reit	1.38	1.44	Buy
10/25/17	CIMB	First Reit	1.38	1.39	Hold	DDM
12/11/17	OCBC	First Reit	1.39	1.44	Buy
01/18/18	Lim & Tan	First Reit	1.4	0	Hold
01/19/18	CIMB	First Reit	1.41	1.44	Hold	DDM
01/19/18	OCBC	First Reit	1.41	1.48	Buy
01/23/18	phillip	First Reit	1.42	1.32	Neutral	DDM
04/18/18	CIMB	First Reit	1.37	1.44	Hold	DDM
04/19/18	phillip	First Reit	1.37	1.31	Neutral	PB1.19x FY18
04/19/18	OCBC	First Reit	1.37	1.48	Buy

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Far East Hospitality	0.6	0.62	Hold	DCF
02/23/17	CIMB	Far East Hospitality	0.595	0.57	Hold	DDM
02/23/17	OCBC	Far East Hospitality	0.595	0.6	Hold
02/24/17	DBS Vickers	Far East Hospitality	0.6	0.63	Hold	DCF
05/15/17	DBS Vickers	Far East Hospitality	0.6	0.66	Buy	DCF
05/15/17	OCBC	Far East Hospitality	0.6	0.6	Hold
06/15/17	CIMB	Far East Hospitality	0.65	0.63	Hold	DDM
06/16/17	DBS Vickers	Far East Hospitality	0.65	0.66	Buy
08/04/17	OCBC	Far East Hospitality	0.67	0.6	Hold
08/07/17	OCBC	Far East Hospitality	0.67	0.66	Hold
08/07/17	CIMB	Far East Hospitality	0.67	0.66	Hold	DDM
08/08/17	DBS Vickers	Far East Hospitality	0.67	0.7	Buy	DCF
09/04/17	CIMB	Far East Hospitality	0.66	0.66	Hold
11/03/17	OCBC	Far East Hospitality	0.715	0.65	Hold
11/03/17	CIMB	Far East Hospitality	0.715	0.69	Hold	DDM
11/03/17	DBS Vickers	Far East Hospitality	0.715	0.76	Buy	DCF
12/14/17	CIMB	Far East Hospitality	0.71	0.69	Hold	DDM
01/04/18	CIMB	Far East Hospitality	0.725	0.84	Add
01/15/18	CIMB	Far East Hospitality	0.72	0.82	Add	DDM
02/19/18	OCBC	Far East Hospitality	0.715	0.75	Buy
03/09/18	OCBC	Far East Hospitality	0.72	0.75	Buy
04/10/18	CIMB	Far East Hospitality	0.68	0.79	Add	DDM
04/17/18	DBS Vickers	Far East Hospitality	0.68	0.76	Buy	DCF
04/27/18	OCBC	Far East Hospitality	0.675	0.735	Buy

Stock calls for 16 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/16/18	DMG & Partners	Amara	0.515	0.88	Buy	PB0.65x
05/16/18	DMG & Partners	Avi-Tech	0.44	0.43	Neutral	DCF, PER11.5x FY19
05/16/18	UOB Kay Hian	Banyan Tree	0.58	1	Buy	Sum of parts
05/16/18	CIMB	Best World	1.29	1.39	Hold	PER12.5x CY19
05/16/18	DMG & Partners	First Resources	1.56	1.6	Neutral	PER12x FY18
05/16/18	DBS Vickers	First Resources	1.56	2.18	Buy
05/16/18	DMG & Partners	Fu Yu	0.186	0.2	Neutral	DCF
05/16/18	UOB Kay Hian	Golden Agri	0.35	0.26	Sell	PER14x FY18
05/16/18	CIMB	Golden Agri	0.35	0.31	Reduce	Sum of parts (10% discount)
05/16/18	OCBC	Golden Agri	0.35	0.34	Hold
05/16/18	Kim Eng	HMI	0.665	0.8	Buy
05/16/18	CIMB	Jadason	0.05	0.077	Add	PB1x CY18
05/16/18	UOB Kay Hian	Jumbo	0.54	0.53	Hold	DCF, Buy @ $0.48
05/16/18	OCBC	Netlink	0.82	0.9	Buy
05/16/18	DBS Vickers	Netlink	0.82	0.97	Buy	DCF
05/16/18	phillip	Q & M	0.605	0.625	Neutral	PER27x FY18
05/16/18	Lim & Tan	SIA Engineering	3.33	0	Hold
05/16/18	DMG & Partners	Silverlake	0.55	0.65	Buy	DCF, PER21x FY19
05/16/18	CIMB	Silverlake	0.55	0.56	Add	DCF
05/16/18	UOB Kay Hian	Singapore Medical	0.505	0.74	Buy	PER26.8x FY18
05/16/18	DMG & Partners	Singapore Medical	0.505	0.68	Buy	DCF
05/16/18	DBS Vickers	Singapore Medical	0.505	0.73	Buy	PER25x FY19
05/16/18	DMG & Partners	Spackman	0.073	0.1	Buy	DCF, PER14x FY18
05/16/18	DBS Vickers	Thai Beverage	0.8	1.02	Buy
05/16/18	Kim Eng	Viva Industrial	0.89	1.05	Buy	DDM
05/16/18	CIMB	Yongnam	0.31	0.56	Add	PB0.8x FY19

US bond yields are rising!

We had stated previously in our postings that US bond yields would be rising because investors would wake up from their denial as economic logic would prevail.

The US bond yields are rising now and will continue to rise for 2018 and 2019.

http://sg-stock.blogspot.sg/2018/02/us-bond-yields-will-continue-to-rise-in.html

F & N - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/09/17	DBS Vickers	F & N	2.11	2.37	Hold	Sum of parts
02/10/17	phillip	F & N	2.12	1.8	Reduce	EV/Ebitda15x
03/24/17	DMG & Partners	F & N	2.22	2.76	Not Rated	Sum of parts
04/17/17	phillip	F & N	2.35	1.8	Reduce
05/09/17	DBS Vickers	F & N	2.4	2.37	Hold	Sum of parts
05/11/17	phillip	F & N	2.38	2.31	Neutral	Sum of parts
06/29/17	DBS Vickers	F & N	2.34	2.57	Hold	Sum of parts
08/10/17	DBS Vickers	F & N	2.44	2.57	Hold	Sum of parts, PER24.4x FY18
08/10/17	phillip	F & N	2.44	2.52	Neutral	Sum of parts
11/13/17	phillip	F & N	2.6	2.83	Accumulate	Sum of parts, PER27.1x FY18
12/04/17	phillip	F & N	2.58	2.83	Accumulate
02/13/18	phillip	F & N	2.39	2.83	Accumulate	Sum of parts, PER27.1x FY18
03/19/18	phillip	F & N	2.25	2.83	Buy
04/16/18	phillip	F & N	2.12	2.83	Buy
05/10/18	phillip	F & N	2.08	2.75	Buy	Sum of parts

Ezion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/17	DBS Vickers	Ezion	0.415	0.56	Buy
01/13/17	OCBC	Ezion	0.415	0.54	Buy	PB0.55x
02/20/17	CIMB	Ezion	0.38	0.44	Add	PB0.45x FY17
02/20/17	Lim & Tan	Ezion	0.38	0	Reduce
02/20/17	OCBC	Ezion	0.38	0.54	Buy	PB0.55x FY17
02/20/17	UOB Kay Hian	Ezion	0.38	0.39	Hold
02/24/17	CIMB	Ezion	0.395	0.45	Add	PB0.5x FY17
02/24/17	DBS Vickers	Ezion	0.395	0.62	Buy	PB0.7x FY17
02/24/17	UOB Kay Hian	Ezion	0.395	0.45	Buy	PB0.65x FY17
02/27/17	phillip	Ezion	0.395	0.45	Accumulate	DCF
03/08/17	Lim & Tan	Ezion	0.37	0	Hold
03/17/17	CIMB	Ezion	0.35	0.45	Add	PB0.5x FY17
03/17/17	DIR	Ezion	0.35	0.31	Underperform	Sum of parts
04/10/17	DBS Vickers	Ezion	0.365	0.62	Buy
05/12/17	OCBC	Ezion	0.31	0.54	Buy
05/15/17	Amfrasers	Ezion	0.31	0.25	Sell	PB0.3x FY17
05/15/17	CIMB	Ezion	0.31	0.26	Reduce	PB0.3x FY17
05/15/17	DIR	Ezion	0.31	0.29	Underperform	Sum of parts
05/15/17	phillip	Ezion	0.31	0.4	Buy	DCF
05/15/17	UOB Kay Hian	Ezion	0.31	0.33	Hold	PB0.5x FY17, Buy @ $0.28
05/16/17	DBS Vickers	Ezion	0.295	0.62	Buy	PB0.7x FY17
05/23/17	OCBC	Ezion	0.295	0.32	Hold
06/14/17	UOB Kay Hian	Ezion	0.25	0.33	Hold
08/15/17	CIMB	Ezion	0.2	0.13	Reduce	PB0.15x
08/15/17	DBS Vickers	Ezion	0.2	0.13	Fully Valued	PB0.15x
08/16/17	phillip	Ezion	0.197	0	Suspended
11/10/17	DBS Vickers	Ezion	0.197	0.13	Fully Valued	PB0.15x FY17
01/12/18	CIMB	Ezion	0.197	0.13	Reduce	PB0.15x CY17
04/04/18	DBS Vickers	Ezion	0.197	0.13	Fully Valued
04/10/18	DBS Vickers	Ezion	0.197	0.29	Buy	PB1.4x FY18
04/17/18	UOB Kay Hian	Ezion	0.197	0.18	Hold	PB1x FY19, Buy @ $0.151
04/25/18	Amfrasers	Ezion	0.158	0.1	Sell	RNAV
05/15/18	DBS Vickers	Ezion	0.115	0.29	Buy	PB1.4x FY18

ESR-Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	ESR-Reit	0.55	0.54	Hold	DCF
01/09/17	CIMB	ESR-Reit	0.55	0.55	Hold
01/26/17	DBS Vickers	ESR-Reit	0.565	0.6	Buy
01/26/17	DIR	ESR-Reit	0.565	0.59	Outperform	DDM
01/26/17	DMG & Partners	ESR-Reit	0.565	0.64	Buy	DDM
04/18/17	DIR	ESR-Reit	0.585	0.59	Outperform
04/27/17	DBS Vickers	ESR-Reit	0.58	0.6	Buy
05/24/17	DIR	ESR-Reit	0.57	0.57	Hold	DDM
07/06/17	DIR	ESR-Reit	0.605	0.57	Hold	DDM
07/14/17	CIMB	ESR-Reit	0.6	0.56	Hold	DDM
07/18/17	DBS Vickers	ESR-Reit	0.595	0.6	Hold
10/19/17	DIR	ESR-Reit	0.58	0.57	Hold	DDM
10/19/17	CIMB	ESR-Reit	0.58	0.57	Hold	DDM
10/19/17	DBS Vickers	ESR-Reit	0.58	0.6	Hold
12/11/17	DBS Vickers	ESR-Reit	0.565	0.62	Buy
12/15/17	CIMB	ESR-Reit	0.56	0.63	Add	DDM
01/17/18	Lim & Tan	ESR-Reit	0.575	0	Hold
01/18/18	CIMB	ESR-Reit	0.575	0.64	Add	DDM
01/18/18	DBS Vickers	ESR-Reit	0.575	0.63	Buy
04/23/18	DBS Vickers	ESR-Reit	0.54	0.63	Buy
04/23/18	CIMB	ESR-Reit	0.54	0.6	Add	DDM

Stock calls for 15 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/15/18	DBS Vickers	Ascendas India Trust	1.05	1.22	Buy
05/15/18	DBS Vickers	Best World	1.45	1.29	Fully Valued	PER15x FY18/19
05/15/18	phillip	City Developments	12.4	13.4	Accumulate	RNAV (15% discount), PB1.29x FY18
05/15/18	Lim & Tan	City Developments	12.4	15	Buy
05/15/18	UOB Kay Hian	Cityneon	1.06	1.55	Buy	PER15.4x FY18
05/15/18	CIMB	Cityneon	1.06	1.16	Hold	PER11x FY19
05/15/18	Kim Eng	Comfortdelgro	2.34	2.65	Buy
05/15/18	DBS Vickers	Ezion	0.115	0.29	Buy	PB1.4x FY18
05/15/18	CIMB	First Resources	1.61	2.03	Add	PER15x CY19
05/15/18	DMG & Partners	First Resources	1.61	1.75	Neutral	PER12x FY18
05/15/18	UOB Kay Hian	ISDN	0.21	0.365	Buy
05/15/18	DBS Vickers	Jumbo	0.56	0.58	Hold	PER23x FY18/19
05/15/18	Amfrasers	Mindchamps	0.78	0.86	Buy	PER23.2x FY18
05/15/18	OCBC	Netlink	0.815	0.91	Buy
05/15/18	OCBC	Roxy-Pacific	0.515	0.6	Buy
05/15/18	CIMB	Sarine	1.03	1.53	Add	PER17.2x CY19
05/15/18	phillip	Singapore O&G	0.38	0.42	Accumulate	PB1.82x FY18, PER23.2x
05/15/18	DBS Vickers	Singapore Post	1.37	1.55	Buy	DCF
05/15/18	CIMB	UMS	1.07	1.21	Add	PB2.81x
05/15/18	DBS Vickers	UOL	8.61	10.23	Buy

China's moves on USA pork & apple are forcing Trump to back down.

http://sg-stock.blogspot.sg/2018/05/china-is-targeting-usa-agricultural.html

http://sg-stock.blogspot.sg/2018/05/china-is-also-targeting-usa-pork-now.html

https://sg.finance.yahoo.com/news/china-says-appreciates-u-position-zte-080108847--finance.html

Trump has tweeted that he will help China ZTE to get back into the business fast.

This shows that China's moves to hurt Trump's supporters are working successfully.

Kudos to China!

Ellipsiz - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/22/17	Lim & Tan	Ellipsiz	0.665	0	Buy

EC World Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/17	Religare	EC World Reit	0.74	0.92	Buy
05/16/17	Religare	EC World Reit	0.765	0.92	Buy
04/16/18	Soochow	EC World Reit	0.735	0.88	Buy

Dyna-Mac - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/22/18	CIMB	Dyna-Mac	0.13	0.18	Add	PB1.8x CY18

Stock calls for 14 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/18	Phillip	800Super	1.12	1.3	Accumulate	DCF, PER19.1x FY18
05/14/18	phillip	China Everbright	0.43	0.55	Buy	PER11.4x FY18
05/14/18	OCBC	City Developments	12.53	15.78	Buy
05/14/18	DBS Vickers	City Developments	12.53	15.4	Buy
05/14/18	CIMB	City Developments	12.53	13.41	Add	RNAV (20% discount)
05/14/18	DMG & Partners	City Developments	12.53	15	Buy	RNAV (10% discount)
05/14/18	Kim Eng	City Developments	12.53	14.2	Buy
05/14/18	phillip	Comfortdelgro	2.33	2.48	Accumulate	DCF, PER17.8x FY18
05/14/18	UOB Kay Hian	Comfortdelgro	2.33	2.43	Buy	PER16.6x FY19
05/14/18	DBS Vickers	Comfortdelgro	2.33	2.12	Hold
05/14/18	OCBC	Comfortdelgro	2.33	2.5	Buy
05/14/18	CIMB	Comfortdelgro	2.33	2.37	Hold	DCF
05/14/18	DMG & Partners	Comfortdelgro	2.33	2.2	Neutral	DCF
05/14/18	CIMB	CSE Global	0.46	0.5	Add
05/14/18	DMG & Partners	Food Empire	0.67	1.07	Buy	PER18x FY18
05/14/18	DMG & Partners	Genting	1.28	1.42	Buy	DCF
05/14/18	OCBC	OUE	1.81	2.25	Buy
05/14/18	CIMB	Riverstone	1	1.28	Add
05/14/18	UOB Kay Hian	Singapore Post	1.36	1.59	Buy	Sum of parts
05/14/18	Kim Eng	Singapore Post	1.36	1.5	Buy	DCF
05/14/18	CIMB	Singapore Post	1.36	1.59	Add	DCF
05/14/18	CIMB	ST Engineering	3.39	3.8	Add	DCF & PER20x CY19
05/14/18	DBS Vickers	ST Engineering	3.39	4.1	Buy
05/14/18	DMG & Partners	ST Engineering	3.39	4.04	Buy
05/14/18	DMG & Partners	UG Healthcare	0.205	0.32	Buy	PER14x FY19
05/14/18	DBS Vickers	UMS	1.04	1.37	Buy	PER12x FY19
05/14/18	OCBC	UOL	8.72	10.63	Buy
05/14/18	CIMB	UOL	8.72	9.65	Add	RNAV (20% discount)
05/14/18	Lim & Tan	UOL	8.72	0	Buy
05/14/18	UOB Kay Hian	Wilmar	3.16	3.9	Buy	Sum of parts, PER14.5x FY18
05/14/18	DBS Vickers	Wilmar	3.16	3.65	Buy	DCF, PER14.4x FY18
05/14/18	OCBC	Wilmar	3.16	3.51	Buy
05/14/18	DMG & Partners	Wilmar	3.16	3.59	Buy	Sum of parts

Baltic dry index - 1472

Today, Friday, May 11 2018, the Baltic Dry Index climbed by 19 points, reaching 1472 points.

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

====================

Related stocks: Sembcorp Marine, Cosco & Pan Ocean

US rig count - 1045

HOUSTON (AP) - The number of rigs exploring for oil and natural gas in the U.S. increased by 13 this week to 1,045.

At this time a year ago there were 885 active rigs.

Houston oilfield services company Baker Hughes reported Friday that 844 rigs drilled for oil this week and 199 for gas. Two were listed as miscellaneous.

Among major oil- and gas-producing states, Texas added eight rigs, Colorado and Oklahoma each gained three, Alaska added two and Louisiana and West Virginia each gained one.

New Mexico declined by four rigs and Wyoming lost one.

Arkansas, California, North Dakota, Ohio, Pennsylvania and Utah were unchanged.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.

===================

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Duty Free - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	UOB Kay Hian	Duty Free	0.37	0.57	Buy
01/13/17	UOB Kay Hian	Duty Free	0.39	0.55	Buy	DCF
01/16/17	CIMB	Duty Free	0.39	0.55	Add	DCF
04/28/17	CIMB	Duty Free	0.415	0.57	Add	DCF
04/28/17	UOB Kay Hian	Duty Free	0.415	0.49	Buy	DCF
07/14/17	UOB Kay Hian	Duty Free	0.315	0.37	Hold	DCF, Buy @ $0.3
07/14/17	CIMB	Duty Free	0.315	0.33	Hold	DCF, PER18x CY18
10/13/17	UOB Kay Hian	Duty Free	0.28	0.33	Hold	DCF, Buy @ $0.26

Dutech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/03/17	CIMB	Dutech	0.475	0.55	Hold	DCF
05/12/17	CIMB	Dutech	0.495	0.53	Hold	DCF CY17

Delfi - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
01/03/17	DMG & Partners	P34	Delfi	2.22	2.55	Buy	14.86
01/16/17	OCBC	P34	Delfi	2.25	2.39	Hold	6.22
02/23/17	CIMB	P34	Delfi	2.32	2.3	Hold	-0.86	PER25x CY18
02/23/17	OCBC	P34	Delfi	2.32	2.39	Hold	3.02	PER30x FY17
02/24/17	DMG & Partners	P34	Delfi	2.35	2.55	Neutral	8.51	DCF
02/24/17	OCBC	P34	Delfi	2.35	2.37	Hold	0.85	PER30x FY17
02/27/17	DBS Vickers	P34	Delfi	2.33	2.26	Hold	-3.00	PER26x FY17/18
03/17/17	OCBC	P34	Delfi	2.24	2.37	Hold	5.80
05/09/17	OCBC	P34	Delfi	2.2	2.37	Hold	7.73
05/11/17	CIMB	P34	Delfi	2.2	2.3	Hold	4.55	PER25x CY18
05/11/17	OCBC	P34	Delfi	2.2	2.21	Hold	0.45	PER30x FY17/18
06/16/17	OCBC	P34	Delfi	2.05	2.21	Hold	7.80
08/10/17	OCBC	P34	Delfi	2.12	2.08	Hold	-1.89	PER30x FY18
08/10/17	DMG & Partners	P34	Delfi	2.12	2	Neutral	-5.66	DCF
10/02/17	DMG & Partners	P34	Delfi	1.515	1.86	Buy	22.77	DCF
11/15/17	DMG & Partners	P34	Delfi	1.45	1.65	Buy	13.79	DCF
12/19/17	DBS Vickers	P34	Delfi	1.43	1.8	Buy	25.87	PER26x FY18/19
02/28/18	DMG & Partners	P34	Delfi	1.52	1.54	Neutral	1.32	DCF
05/09/18	DBS Vickers	P34	Delfi	1.48	1.8	Buy	21.62	PER26x FY18/19
05/09/18	DMG & Partners	P34	Delfi	1.48	1.54	Neutral	4.05