SATS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/17	UOB Kay Hian	SATS	4.94	4.5	Hold
01/20/17	DIR	SATS	5.19	4.97	Hold
02/02/17	Credit Suisse	SATS	5.26	4.9	Neutral
02/08/17	UOB Kay Hian	SATS	5.15	4.5	Hold
02/10/17	CIMB	SATS	4.98	5	Hold	DCF & PER19x CY19
02/10/17	DIR	SATS	4.98	4.93	Hold	DCF
02/10/17	Kim Eng	SATS	4.98	3.76	Sell	PER17x FY18
02/10/17	Lim & Tan	SATS	4.98	0	Hold
02/10/17	OCBC	SATS	4.98	4.7	Hold	Buy @ $4.40
02/10/17	phillip	SATS	4.98	4.73	Neutral	DCF
02/10/17	UOB Kay Hian	SATS	4.98	4.6	Hold	DDM, PER23x FY18, Buy @ $4.30
03/21/17	DIR	SATS	4.82	4.93	Hold	DCF
04/03/17	UOB Kay Hian	SATS	4.88	4.6	Hold
04/07/17	Credit Suisse	SATS	4.89	4.9	Neutral
05/03/17	UOB Kay Hian	SATS	5.12	4.6	Hold
05/18/17	CIMB	SATS	5.28	5.17	Hold	DCF & PER19x
05/22/17	CIMB	SATS	5.29	5.11	Hold	DCF & PER19x
05/22/17	Credit Suisse	SATS	5.29	4.65	Underperform
05/22/17	DIR	SATS	5.29	5	Hold	DCF
05/22/17	Kim Eng	SATS	5.29	4.9	Hold	PER17x
05/22/17	OCBC	SATS	5.29	5.12	Hold	DCF, Buy @ $4.7 or lower
05/22/17	phillip	SATS	5.29	5.08	Hold	DCF, PER23.2x FY18
05/22/17	UOB Kay Hian	SATS	5.29	5.05	Hold	DDM
06/06/17	UOB Kay Hian	SATS	5.22	5.05	Hold	Buy @ $4.75
06/16/17	OCBC	SATS	5.08	5.12	Hold	Buy @ $4.70 or lower
07/14/17	DIR	SATS	4.94	5	Hold	DCF
07/20/17	Credit Suisse	SATS	5.09	4.65	Underperform
07/24/17	Kim Eng	SATS	5.08	4.9	Hold	PER
07/24/17	DIR	SATS	5.08	5.05	Hold	DCF
07/24/17	phillip	SATS	5.08	5.08	Neutral	DCF, PER23.2x FY18
07/24/17	UOB Kay Hian	SATS	5.08	5.1	Hold	DDM
07/24/17	CIMB	SATS	5.08	5.11	Hold	DCF & PER19x
07/24/17	OCBC	SATS	5.08	5.05	Hold	DCF, Buy @ $4.7 or lower
07/24/17	Lim & Tan	SATS	5.08	5.09	Sell	Bloomberg consensus
08/02/17	DIR	SATS	4.85	5.05	Hold
08/02/17	UOB Kay Hian	SATS	4.85	5.4	Buy	DDM, PER23.5x FY18
08/22/17	Credit Suisse	SATS	4.83	4.6	Underperform
09/05/17	UOB Kay Hian	SATS	4.76	5.4	Buy	DDM, PER23.5x FY18
09/18/17	OCBC	SATS	4.74	5.05	Hold	Buy @ $4.70 or lower
09/25/17	DBS Vickers	SATS	4.65	5.02	Buy	DCF & PER21x FY18
09/25/17	CIMB	SATS	4.65	4.24	Reduce	PER18x CY19
09/26/17	DIR	SATS	4.57	5.19	Outperform	DCF
10/02/17	OCBC	SATS	4.61	5.05	Buy
10/04/17	UOB Kay Hian	SATS	4.66	5.4	Buy	PER23.5x FY18
11/01/17	DBS Vickers	SATS	4.7	5.02	Buy
11/02/17	UOB Kay Hian	SATS	4.75	5.4	Buy	PER23.5x FY18
11/10/17	UOB Kay Hian	SATS	4.71	6	Buy	DCF, PER24.6x FY18
11/10/17	OCBC	SATS	4.71	5.05	Buy
11/10/17	CIMB	SATS	4.71	4.81	Hold	PER20x CY18
11/10/17	phillip	SATS	4.71	5.24	Accumulate	DCF, PER23.2x FY18
11/13/17	Kim Eng	SATS	5.01	5.7	Buy	PER21x FY19/20
11/13/17	Credit Suisse	SATS	5.01	4.6	Neutral
12/04/17	UOB Kay Hian	SATS	5.24	6	Buy
12/20/17	CIMB	SATS	5.26	4.81	Hold
01/16/18	OCBC	SATS	5.78	5.5	Hold	Buy @ $5.05 or lower
02/14/18	Kim Eng	SATS	5.25	6.1	Buy	PER21x FY20
02/14/18	UOB Kay Hian	SATS	5.25	5.9	Buy	DCF, PER25.2x FY18
02/14/18	OCBC	SATS	5.25	5.5	Hold	Buy @ $5.05 or lower
02/14/18	CIMB	SATS	5.25	5.17	Hold	PER20x FY19
02/14/18	phillip	SATS	5.25	5.33	Neutral	DCF, PER23.3x FY18
02/14/18	DBS Vickers	SATS	5.25	5.67	Buy	DCF, PER22x FY19
03/09/18	UOB Kay Hian	SATS	5.03	5.9	Buy
04/13/18	UOB Kay Hian	SATS	5.18	5.8	Buy	PER25.3x FY19
04/19/18	CIMB	SATS	5.45	5.17	Hold
05/30/18	Lim & Tan	SATS	5.35	0	Hold
05/31/18	phillip	SATS	5.28	5.58	Accumulate	DCF
05/31/18	UOB Kay Hian	SATS	5.28	5.7	Buy	DCF, PER24.3x FY19
05/31/18	DBS Vickers	SATS	5.28	5.64	Buy
05/31/18	OCBC	SATS	5.28	5.5	Hold
06/11/18	UOB Kay Hian	SATS	5.13	5.7	Buy
06/14/18	OCBC	SATS	5.06	5.5	Buy
07/03/18	UOB Kay Hian	SATS	4.91	5.7	Buy
07/20/18	phillip	SATS	5.1	5.58	Accumulate	DCF, PER24.7x FY19
07/20/18	UOB Kay Hian	SATS	5.1	6.1	Buy	DCF, PER23x FY20
07/20/18	Kim Eng	SATS	5.1	5.9	Buy	PER21x FY20
07/20/18	CIMB	SATS	5.1	5.06	Hold	PER20x CY19
07/20/18	DBS Vickers	SATS	5.1	5.65	Buy	DCF & PER22x FY19

Sasseur - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/07/18	Kim Eng	Sasseur	0.77	0.9	Buy
06/20/18	Citi Research	Sasseur	0.76	0.92	Buy

Stock calls for 23 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/23/18	DMG & Partners	Capitaland	3.19	3.95	Buy	RNAV (20% discount)
07/23/18	Phillip	Capitamall Trust	2.16	2.05	Neutral	DDM, PB1.03x FY18
07/23/18	DBS Vickers	Capitamall Trust	2.16	2.3	Buy
07/23/18	UOB Kay Hian	Capitamall Trust	2.16	2.02	Hold	DDM, Buy @ $1.84
07/23/18	Credit Suisse	Capitamall Trust	2.16	2.3	Outperform
07/23/18	OCBC	Capitamall Trust	2.16	2.1	Hold
07/23/18	CIMB	Capitamall Trust	2.16	2.21	Hold	DDM
07/23/18	Deutsche	Capitamall Trust	2.16	2.3	Buy	DDM & RNAV
07/23/18	DMG & Partners	City Developments	10.06	10.4	Neutral	RNAV (35% discount)
07/23/18	Kim Eng	Genting	1.28	1.46	Buy	EV/Ebitda 12x FY18
07/23/18	CIMB	Keppel Corp	7.09	8.82	Add	Sum of parts
07/23/18	Lim & Tan	Keppel Corp	7.09	0	Hold
07/23/18	Deutsche	Keppel Corp	7.09	8.4	Hold	RNAV (35% discount)
07/23/18	UOB Kay Hian	Sembcorp Marine	1.96	1.83	Hold	PB1.7x FY19, Buy @ $1.73
07/23/18	Credit Suisse	Sembcorp Marine	1.96	2.4	Outperform
07/23/18	OCBC	Sembcorp Marine	1.96	2.1	Hold
07/23/18	phillip	Sembcorp Marine	1.96	1.78	Reduce	PB1.6x FY19
07/23/18	UOB Kay Hian	SIA Engineering	3.2	3.4	Hold	DCF, PER21.8x FY19, Buy @ $3-3.1

This is how a crab defends itself!

Don't mess with a wrong crab and this crab won't be a chilli pepper crab on your table.

Trump threatens tariffs on 500b China goods.

https://www.reuters.com/article/us-usa-trade-china/trump-threatens-tariffs-on-all-500-billion-of-chinese-imports-cnbc-idUSKBN1KA18Q

This is great news because Trump will lose the election in November 2018 as China will boycott USA goods in retaliation.

Sarine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/17	CIMB	Sarine	1.9	1.95	Hold
05/15/17	CIMB	Sarine	1.915	1.96	Hold	PER15.3x CY18
02/06/18	CIMB	Sarine	1.05	1.56	Add	PER17.2x CY19
02/27/18	CIMB	Sarine	1.18	1.53	Add	PER17.2x CY19
05/15/18	CIMB	Sarine	1.03	1.53	Add	PER17.2x CY19

Sanli Env - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/14/17	SAC Advisors	Sanli Env	0.3	0.36	Buy
01/11/18	SAC Advisors	Sanli Env	0.295	0.36	Buy	PER15.9x FY18
05/25/18	SAC Advisors	Sanli Env	0.25	0.36	Buy

Stock calls for 20 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/20/18	CIMB	CapitaCommercial	1.75	1.9	Add
07/20/18	UOB Kay Hian	CapitaCommercial	1.75	1.99	Buy	DDM
07/20/18	DBS Vickers	Keppel Corp	6.96	8.82	Buy	Sum of parts, PB1.3x FY18
07/20/18	OCBC	Keppel Corp	6.96	8.7	Buy
07/20/18	phillip	SATS	5.1	5.58	Accumulate	DCF, PER24.7x FY19
07/20/18	UOB Kay Hian	SATS	5.1	6.1	Buy	DCF, PER23x FY20
07/20/18	Kim Eng	SATS	5.1	5.9	Buy	PER21x FY20
07/20/18	CIMB	SATS	5.1	5.06	Hold	PER20x CY19
07/20/18	DBS Vickers	SATS	5.1	5.65	Buy	DCF & PER22x FY19
07/20/18	phillip	SIA Engineering	3.19	3.56	Accumulate	DCF, PER22x FY19
07/20/18	DBS Vickers	SIA Engineering	3.19	3.92	Buy	Sum of parts

Malaysia has to delay the HSR project after realising it cannot wiggle itself out of the contract.

https://sg.finance.yahoo.com/news/hsr-likely-delayed-not-scrapped-031520857.html

Flip-flop again and again.  Cancel or delay?

Look like Malaysia cannot wiggle itself out of the compensation clause and has no choice but to delay the HSR project.

However, Malaysia still has to pay for liquidation damage for the deferment which may be lower than the cancellation fee.

Singapore has signed the CPTPP.

https://www.channelnewsasia.com/news/business/singapore-cptpp-trade-tpp-10543674

I prefer Singapore to sign the RCEP rather the CPTPP because the RCEP is much bigger.  CPTPP had a bad name because it was known to be an economic cooperation to contain China's economic growth in the past.

Furthermore, the USA is getting very protectionist and we need to promote free trade for our economic growth.

http://sg-stock.blogspot.com/2018/03/cpttp-is-nothing-compared-to-rcep.html

Ofo bike sharing has failed in the USA.

https://www.businesstimes.com.sg/transport/china-bike-sharing-giant-ofo-to-close-most-us-operations-after-less-than-a-year-wsj

As expected, the bike sharing business has failed in the USA.  Please read our previous postings on this flawed business concept.

http://sg-stock.blogspot.com/2018/06/another-bike-sharing-company-obike-has.html

http://sg-stock.blogspot.com/2018/02/chinese-bike-sharing-firm-has-gone.html

http://sg-stock.blogspot.com/2018/07/sharebikesg-shuts-down-in-singapore.html

http://sg-stock.blogspot.com/2018/06/bike-sharing-business-concept-is-not.html

Tat Hong to be delisted soon!

https://www.businesstimes.com.sg/companies-markets/tat-hong-to-delist-on-friday-morning-after-successful-buyout

Delisting from SGX in 2018:

Jaya
GLP
Genting HK
Tat Hong

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

http://sg-stock.blogspot.com/2017/10/sigh-another-big-market-capitalisation.html

Samudera - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/26/17	Amfrasers	Samudera	0.189	0.26	Buy	PB0.4x
10/13/17	Amfrasers	Samudera	0.24	0.38	Buy	PB0.6x FY17

Sabana Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/17	phillip	Sabana Reit	0.375	0.51	Trading Buy	PB0.9x, Ex-rights 42 for 100 @ $0.258
03/06/17	phillip	Sabana Reit	0.43	0.54	Trading Buy	PB0.9x
05/11/17	phillip	Sabana Reit	0.455	0.54	Trading Buy	PB0.9X
08/08/17	phillip	Sabana Reit	0.49	0.57	Trading Buy	PB1x

Roxy-Pacific - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/17	OCBC	Roxy-Pacific	0.525	0.52	Hold
11/22/17	OCBC	Roxy-Pacific	0.52	0.52	Hold
12/07/17	OCBC	Roxy-Pacific	0.54	0.6	Buy
12/12/17	DBS Vickers	Roxy-Pacific	0.53	0.69	Buy	RNAV (30% discount)
02/15/18	OCBC	Roxy-Pacific	0.56	0.66	Buy
02/19/18	DBS Vickers	Roxy-Pacific	0.56	0.69	Buy	RNAV (30% discount)
03/20/18	DBS Vickers	Roxy-Pacific	0.555	0.69	Buy	RNAV (30% discount)
04/03/18	DBS Vickers	Roxy-Pacific	0.55	0.69	Buy
05/08/18	DBS Vickers	Roxy-Pacific	0.515	0.63	Buy
05/15/18	OCBC	Roxy-Pacific	0.515	0.6	Buy
06/05/18	DBS Vickers	Roxy-Pacific	0.505	0.63	Buy
07/09/18	DBS Vickers	Roxy-Pacific	0.43	0.4	Fully Valued	RNAV (55% discount)

Stock calls for 19 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/19/18	DMG & Partners	Breadtalk	1.1	1.04	Neutral	Sum of parts
07/19/18	phillip	First Reit	1.32	1.31	Neutral	DDM, PB1.21x
07/19/18	OCBC	First Reit	1.32	1.34	Hold
07/19/18	CIMB	First Reit	1.32	1.41	Hold	DDM
07/19/18	DBS Vickers	Keppel Infrastructure	0.53	0.58	Buy	DDM
07/19/18	DBS Vickers	Keppel KBS	0.88	0.95	Buy	DCF
07/19/18	Lim & Tan	MIT	0.33	0.456	Buy
07/19/18	UOB Kay Hian	OCBC	11.15	13.52	Buy	GGM, PB1.41x FY18
07/19/18	Credit Suisse	Venture	16.89	14.5	Underperform	PER11x
07/19/18	Lim & Tan	Wheelock Properties	1.74	2.1	Reject offer	Offer $2.1
07/19/18	OCBC	Wheelock Properties	1.74	2.34	Reject offer	Offer $2.1

Riverstone - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Riverstone	0.88	0.93	Neutral
02/24/17	CIMB	Riverstone	0.91	0.91	Hold	PER16.4x CY18
02/24/17	Kim Eng	Riverstone	0.91	0.83	Hold	PER16x FY17
05/05/17	Kim Eng	Riverstone	0.885	1.05	Buy
05/05/17	Lim & Tan	Riverstone	0.885	1.06	Buy	PER16x
05/08/17	CIMB	Riverstone	0.96	1.11	Add	PER18.3x FY18
05/08/17	DBS Vickers	Riverstone	0.96	1.07	Buy	PER16x FY18
08/04/17	Lim & Tan	Riverstone	1.065	0	Hold
08/04/17	DBS Vickers	Riverstone	1.065	1.07	Buy	PER16x FY18
08/07/17	CIMB	Riverstone	1.05	1.2	Add	PER16.3x FY18
08/07/17	Kim Eng	Riverstone	1.05	1.05	Hold
08/08/17	DBS Vickers	Riverstone	1.055	1.09	Hold	PER16x FY18
11/09/17	Kim Eng	Riverstone	1.065	1.05	Hold	PER16x FY18
11/09/17	DBS Vickers	Riverstone	1.065	1.09	Hold
02/26/18	CIMB	Riverstone	1.04	1.28	Add	PER18.6x FY19
02/26/18	DBS Vickers	Riverstone	1.04	1.27	Buy	PER16x FY19
02/26/18	Kim Eng	Riverstone	1.04	1.22	Buy	PER18x FY18
05/09/18	DBS Vickers	Riverstone	0.985	1.27	Buy
05/09/18	Lim & Tan	Riverstone	0.985	0	Hold
05/14/18	CIMB	Riverstone	1	1.28	Add

Religare Health Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/07/17	DBS Vickers	Religare Health Trust	0.925	0.85	Hold	DDM
02/08/17	CIMB	Religare Health Trust	0.89	0.89	Hold	DDM
05/24/17	DBS Vickers	Religare Health Trust	0.92	0.85	Hold	DDM, PB1x
08/07/17	CIMB	Religare Health Trust	0.88	0.92	Hold	DDM
11/16/17	DBS Vickers	Religare Health Trust	0.895	0.85	Hold	DDM, Offer $0.90
11/16/17	CIMB	Religare Health Trust	0.895	0.92	Hold	DDM, PB1.08x
02/14/18	CIMB	Religare Health Trust	0.83	0.92	Hold	DDM
03/20/18	DBS Vickers	Religare Health Trust	0.775	0.85	Hold
06/14/18	CIMB	Religare Health Trust	0.765	0.81	Hold	DDM

Regal - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/17	NRA	Regal	0.145	0.315	Overweight
03/20/17	NRA	Regal	0.149	0.3	Overweight	RNAV (15% discount)
06/19/17	NRA	Regal	0.143	0.3	Overweight
12/11/17	NRA	Regal	0.135	0.3	Overweight
04/10/18	NRA	Regal	0.13	0.3	Overweight

Stock calls for 18 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/18/18	CIMB	CSE Global	0.44	0.5	Add	PER13.5x CY19
07/18/18	UOB Kay Hian	DBS	26.01	28.95	Buy	GGM, PB1.58x FY18
07/18/18	Phillip	Keppel DC Reit	1.35	1.45	Accumulate	DDM
07/18/18	OCBC	Keppel DC Reit	1.35	1.54	Buy
07/18/18	CIMB	Keppel DC Reit	1.35	1.49	Add	DDM
07/18/18	DBS Vickers	Keppel DC Reit	1.35	1.52	Buy
07/18/18	Macquarie	SGX	7.45	7.7	Neutral
07/18/18	OCBC	Soilbuild Reit	0.65	0.69	Buy
07/18/18	DBS Vickers	Soilbuild Reit	0.65	0.62	Hold	DCF