DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	DBS	17.34	18.38	Buy
01/04/17	Kim Eng	DBS	17.32	15.68	Hold
01/05/17	Credit Suisse	DBS	17.52	18.93	Outperform
01/06/17	UOB Kay Hian	DBS	17.8	21.2	Buy	GGM, PB1.17x FY17
01/10/17	OCBC	DBS	17.85	17.83	Hold	PB1x
01/11/17	DIR	DBS	17.99	22.4	Buy
01/16/17	Jefferies	DBS	18.31	14	Underperform
01/16/17	phillip	DBS	18.31	16.85	Neutral	PB0.95x FY17
01/16/17	UBS	DBS	18.31	17.9	Neutral
02/02/17	Lim & Tan	DBS	18.88	0	Hold
02/02/17	UOB Kay Hian	DBS	18.88	21.2	Buy	GGM, PB1.17x FY17
02/03/17	CIMB	DBS	18.78	15.4	Hold
02/06/17	Macquarie	DBS	18.66	21.5	Outperform
02/16/17	Lim & Tan	DBS	18.23	0	Take profit/Sell	Buy @ $16.87
02/17/17	CIMB	DBS	18.54	17.66	Hold	GGM, PB0.99x CY17
02/17/17	Credit Suisse	DBS	18.54	19.8	Neutral
02/17/17	DIR	DBS	18.54	22.5	Buy	Warranted Equity Method, PB1.24x
02/17/17	DMG & Partners	DBS	18.54	19.8	Neutral	GGM, PB1.1x FY17
02/17/17	Kim Eng	DBS	18.54	18.13	Hold	PB1x FY17
02/17/17	phillip	DBS	18.54	16.73	Reduce	PB0.95x FY17
02/17/17	UOB Kay Hian	DBS	18.54	21.5	Buy	GGM, PB1.19x FY17
03/03/17	CIMB	DBS	19.03	17.66	Hold
03/03/17	Jefferies	DBS	19.03	16.2	Underperform
03/06/17	Macquarie	DBS	18.97	21	Outperform
03/14/17	UOB Kay Hian	DBS	19.11	21.5	Buy	GGM, PB1.19x FY17
03/21/17	Kim Eng	DBS	19.01	18.13	Hold	PB1x
04/03/17	Kim Eng	DBS	19.4	18.13	Hold
04/18/17	DIR	DBS	18.9	22.5	Buy
04/20/17	UOB Kay Hian	DBS	18.79	21.5	Buy	GGM, PB1.19x FY17
04/25/17	CIMB	DBS	19	17.66	Hold
05/02/17	Bernstein	DBS	19.35	22	Outperform
05/02/17	UBS	DBS	19.35	19.2	Neutral
05/03/17	CIMB	DBS	19.86	18.75	Hold	GGM, PB1.04x CY17
05/03/17	Credit Suisse	DBS	19.86	22.6	Outperform
05/03/17	DMG & Partners	DBS	19.86	20.5	Neutral
05/03/17	Kim Eng	DBS	19.86	19.18	Hold	PB1.1x FY18
05/03/17	Lim & Tan	DBS	19.86	0	Hold
05/03/17	phillip	DBS	19.86	17.24	Reduce	PB0.95x FY17
05/03/17	UOB Kay Hian	DBS	19.86	23.3	Buy	GGM, PB1.25x FY17
05/08/17	Macquarie	DBS	20.42	21	Outperform
05/18/17	DIR	DBS	20.8	23	Outperform
05/23/17	Jefferies	DBS	20.86	22.5	Buy	DDM
05/31/17	Macquarie	DBS	20.6	22	Outperform
06/08/17	UOB Kay Hian	DBS	20.43	23.3	Buy
06/09/17	Credit Suisse	DBS	20.47	22.6	Outperform
06/09/17	Deutsche	DBS	20.47	21	Buy	GGM, PB1.3x
06/14/17	Kim Eng	DBS	20.78	19.18	Hold	PB1.1x FY18
06/22/17	Macquarie	DBS	20.4	22.2	Outperform	PB1.22x
06/28/17	DMG & Partners	DBS	20.26	20.5	Neutral
07/03/17	Kim Eng	DBS	20.74	19.18	Hold
07/04/17	UOB Kay Hian	DBS	20.65	25.25	Buy	GGM, PB1.3x FY18
07/12/17	Credit Suisse	DBS	20.77	22.7	Outperform
08/02/17	Macquarie	DBS	21.95	22.2	Outperform	PB1.22x
08/04/17	Lim & Tan	DBS	22.08	0	Hold
08/04/17	DMG & Partners	DBS	22.08	20.65	Neutral	GGM, PB1.1x FY17
08/04/17	OCBC	DBS	22.08	22.5	Hold	Buy @ $21 or lower
08/07/17	CIMB	DBS	21.49	21.5	Hold	GGM
08/07/17	DIR	DBS	21.49	23	Outperform	Warranted Equity Method, PB1.24x
08/07/17	UOB Kay Hian	DBS	21.49	24.85	Buy	GGM, PB1.29x FY18
08/07/17	Kim Eng	DBS	21.49	19.18	Hold
08/07/17	phillip	DBS	21.49	17.92	Reduce	GGM, PB0.98x FY18
08/07/17	UBS	DBS	21.49	21.2	Neutral
08/22/17	Kim Eng	DBS	20.49	21.5	Hold	GGM, PB1x FY18
08/23/17	Deutsche	DBS	20.54	22	Hold
09/05/17	OCBC	DBS	20.35	22.4	Hold
09/12/17	DMG & Partners	DBS	20.43	20.65	Neutral	PB1x FY18
09/14/17	OCBC	DBS	20.38	22.5	Buy
09/18/17	phillip	DBS	20.06	21.45	Accumulate	GGM, PB1.2x FY17
09/18/17	Kim Eng	DBS	20.06	21.5	Hold
09/21/17	DIR	DBS	20.48	23.3	Outperform	GGM, PB1.24x
10/09/17	DIR	DBS	21.5	23.3	Outperform
10/20/17	UOB Kay Hian	DBS	21.7	24.48	Buy	GGM, PB1.27x FY17
10/20/17	phillip	DBS	21.7	25.7	Buy
11/01/17	UOB Kay Hian	DBS	22.78	24.48	Buy	GGM, PB1.27x FY18
11/06/17	DMG & Partners	DBS	22.97	20.65	Neutral
11/06/17	Lim & Tan	DBS	22.97	0	Neutral
11/07/17	Kim Eng	DBS	22.79	22.75	Hold	GGM, PB1.2x FY18
11/07/17	UOB Kay Hian	DBS	22.79	24.4	Buy	GGM, PB1.3x FY18
11/07/17	Credit Suisse	DBS	22.79	25.3	Outperform
11/07/17	DMG & Partners	DBS	22.79	21.45	Neutral	GGM, PB1.08x FY18
11/07/17	UBS	DBS	22.79	26	Buy
11/08/17	phillip	DBS	23.49	26.83	Buy	GGM, PB1.39x FY18
11/20/17	CIMB	DBS	24.13	25	Add
11/20/17	UOB Kay Hian	DBS	24.13	26.1	Buy	GGM, PB1.38x FY17
11/20/17	Credit Suisse	DBS	24.13	27.4	Outperform
11/21/17	DMG & Partners	DBS	23.86	23.33	Neutral	GGM
11/27/17	phillip	DBS	25.1	29.3	Buy	GGM, PB1.51x FY18
12/01/17	UOB Kay Hian	DBS	24.43	26.1	Buy	GGM, PB1.38x FY18
12/08/17	phillip	DBS	24.24	29.3	Buy
12/13/17	OCBC	DBS	25.2	27.4	Buy	GGM, PB1.4x
12/20/17	CIMB	DBS	24.71	25	Add
01/02/18	UOB Kay Hian	DBS	24.85	26.1	Buy	GGM, PB1.38x FY18
01/05/18	UOB Kay Hian	DBS	26.5	29.5	Buy	GGM, PB1.56x FY18
01/08/18	DMG & Partners	DBS	26.32	23.33	Neutral
01/09/18	Deutsche	DBS	26.45	27.1	Hold
01/10/18	phillip	DBS	26.51	29.3	Buy
02/01/18	OCBC	DBS	26.4	29.5	Buy	PB1.45x FY18
02/02/18	UOB Kay Hian	DBS	26.61	28.38	Buy
02/08/18	Macquarie	DBS	25.36	27.5	Outperform
02/08/18	Lim & Tan	DBS	25.36	0	Buy
02/08/18	DMG & Partners	DBS	25.36	25	Neutral	PB1.3x FY18
02/09/18	Kim Eng	DBS	26.71	29.66	Hold
02/09/18	UOB Kay Hian	DBS	26.71	30.4	Buy	GGM, PB1.62x FY18
02/09/18	CIMB	DBS	26.71	29	Add	GGM, PB1.5x FY18, PER11.6x FY19
02/12/18	phillip	DBS	26.71	29.3	Buy	GGM, PB1.58x
02/22/18	UBS	DBS	29.45	35	Buy
03/02/18	UOB Kay Hian	DBS	28.8	30.4	Buy
03/05/18	OCBC	DBS	28.41	32.53	Buy	PB1.7x
03/05/18	Credit Suisse	DBS	28.41	31.1	Outperform
03/15/18	DMG & Partners	DBS	29.12	27	Neutral	GGM, PB1.39x FY18
03/20/18	Kim Eng	DBS	28.07	29.66	Hold
03/22/18	Lim & Tan	DBS	28.4	0	Buy
04/03/18	UOB Kay Hian	DBS	27.32	30.4	Buy
04/16/18	Credit Suisse	DBS	28.42	35.5	Buy
04/19/18	UOB Kay Hian	DBS	29.36	31.08	Buy	GGM, PB1.7x FY18
04/20/18	CIMB	DBS	29.92	33	Add	GGM, PB1.7x FY18
04/30/18	DMG & Partners	DBS	30	27	Neutral
04/30/18	OCBC	DBS	30	34.6	Buy
05/02/18	phillip	DBS	30.84	32.7	Accumulate	GGM, PB1.8x FY18
05/02/18	UOB Kay Hian	DBS	30.84	35.5	Buy	GGM, PB1.82x FY19
05/02/18	DMG & Partners	DBS	30.84	29.6	Neutral	GGM, PB1.51x (ex-div)
05/02/18	CIMB	DBS	30.84	34	Add	GGM, PB1.8x FY18
05/02/18	Lim & Tan	DBS	30.84	0	Buy on weakness
05/02/18	Kim Eng	DBS	30.84	30.8	Hold	GGM, PB1.6 FY18
05/04/18	Macquarie	DBS	29.28	29.5	Neutral
05/08/18	Goldman Sachs	DBS	28.97	36	Buy	DDM
06/04/18	phillip	DBS	28.3	32.7	Accumulate
06/04/18	UOB Kay Hian	DBS	28.3	35.5	Buy
06/11/18	CIMB	DBS	28.5	34	Add	GGM, PB1.5x CY18
06/13/18	OCBC	DBS	28.48	34.6	Buy
06/26/18	UOB Kay Hian	DBS	26.66	30.15	Buy	GGM, PB1.65x FY18
06/29/18	DMG & Partners	DBS	26.49	30.3	Buy	GGM, PB1.47x FY19
07/02/18	phillip	DBS	26.61	32.7	Accumulate
07/03/18	UOB Kay Hian	DBS	26.38	30.15	Buy
07/12/18	OCBC	DBS	26.01	32.67	Buy	PB1.7x
07/16/18	DMG & Partners	DBS	26.25	30.3	Buy	GGM, PB1.47x FY19
07/18/18	UOB Kay Hian	DBS	26.01	28.95	Buy	GGM, PB1.58x FY18
08/01/18	phillip	DBS	26.75	32.7	Accumulate
08/02/18	Macquarie	DBS	26.94	29.5	Neutral
08/02/18	DMG & Partners	DBS	26.94	30.3	Buy
08/02/18	Lim & Tan	DBS	26.94	0	Buy
08/03/18	UOB Kay Hian	DBS	26.5	28.2	Hold	GGM, PB1.55x FY18, Buy @ $25.50
08/03/18	CIMB	DBS	26.5	28	Hold	GGM, PB1.4x
08/06/18	phillip	DBS	26.15	33.32	Buy	GGM, PB1.7x
09/17/18	DMG & Partners	DBS	24.85	30.3	Buy	GGM, PB1.51x FY19

Dasin Retail - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/18	phillip	Dasin Retail	0.85	0.98	Buy	DDM
03/02/18	phillip	Dasin Retail	0.87	0.98	Buy	DDM
05/25/18	phillip	Dasin Retail	0.86	0.97	Buy	DDM
08/14/18	phillip	Dasin Retail	0.9	0.97	Accumulate	DDM

Stock calls for 25 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/25/18	Deutsche	A-Reit	2.59	2.75	Hold
09/25/18	Deutsche	CapitaCommercial	1.76	1.9	Buy
09/25/18	Deutsche	Capitaland	3.36	4.3	Buy
09/25/18	Deutsche	Capitamall Trust	2.13	2.3	Buy
09/25/18	Deutsche	City Developments	8.88	12.6	Hold
09/25/18	DBS Vickers	Frasers Commercial Trust	1.43	1.65	Buy
09/25/18	CIMB	Keppel Corp	7	8.82	Add
09/25/18	Deutsche	Keppel Corp	7	8.4	Hold
09/25/18	Deutsche	Keppel DC Reit	1.36	1.55	Buy
09/25/18	DBS Vickers	Keppel KBS	0.78	0.95	Buy
09/25/18	Deutsche	Keppel Reit	1.19	1.3	Buy
09/25/18	UOB Kay Hian	M1	1.63	1.88	Buy	DCF
09/25/18	CIMB	M1	1.63	1.5	Hold
09/25/18	Deutsche	Manulife US Reit	0.795	1	Buy
09/25/18	Deutsche	Mapletree Commercial	1.64	1.7	Buy
09/25/18	Deutsche	Mapletree Industrial	1.96	1.75	Sell
09/25/18	Deutsche	Mapletree Logistics	1.26	1.4	Buy
09/25/18	CIMB	OCBC	11.36	14	Add	GGM
09/25/18	Deutsche	OUE	1.54	3	Buy
09/25/18	Deutsche	OUE Hospitality	0.715	0.65	Sell
09/25/18	UOB Kay Hian	Singtel	3.15	3.94	Buy	DCF
09/25/18	UOB Kay Hian	Starhub	1.71	1.92	Buy	DCF
09/25/18	Deutsche	Suntec Reit	1.85	2.1	Buy
09/25/18	Deutsche	UOL	6.95	8.3	Hold
09/25/18	DMG & Partners	Valuetronics	0.685	0.92	Buy	DCF
09/25/18	OCBC	Wheelock Properties	2.1	2.1	Accept Offer	Accept offer if bought under $2.10

US risk-free rate is set to go much higher.

The US 10-year treasury yield has been consistently above 3% recently and is poised to go much higher because the US Fed will increase interest rates in the next Fed meeting.

A higher interest rate is bad for stocks because the future cash flow has to be discounted with a higher risk-free rate and this will make the stock valuation overly high.

China has started the new tariffs against US goods today.

https://sg.finance.yahoo.com/news/china-hikes-tariffs-us-imports-060526902.html

The US will also start its new tariffs against China goods tonight after China starts to impose the new tariffs.

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Dairy Farm	7.19	8.6	Buy	DCF, PER21x FY17
01/12/17	DMG & Partners	Dairy Farm	7.26	8.5	Buy	DCF
01/20/17	CIMB	Dairy Farm	7.37	8.7	Add
03/03/17	CIMB	Dairy Farm	8.44	9.18	Add	PER23.7x CY18
03/06/17	DBS Vickers	Dairy Farm	8.51	9.96	Buy	Sum of parts
03/06/17	DMG & Partners	Dairy Farm	8.51	10	Buy	DCF
03/06/17	Lim & Tan	Dairy Farm	8.51	0	Hold	PER23x
03/16/17	DIR	Dairy Farm	8.95	10.3	Outperform	PER26.5x FY17
05/02/17	DMG & Partners	Dairy Farm	8.9	10	Buy
05/05/17	CIMB	Dairy Farm	8.89	9.18	Add	PER23.7x CY18
06/16/17	DMG & Partners	Dairy Farm	8.04	10	Buy	DCF, PER26x FY17
06/30/17	DIR	Dairy Farm	7.92	10.5	Buy	PER26.5x FY17
07/04/17	DMG & Partners	Dairy Farm	7.95	10	Buy
07/10/17	DBS Vickers	Dairy Farm	8.14	9.96	Buy
08/02/17	DMG & Partners	Dairy Farm	8.02	10	Buy
08/04/17	CIMB	Dairy Farm	8.06	9.18	Add	PER23.7x CY18
08/07/17	DIR	Dairy Farm	7.72	10	Buy	PER26.5x FY18
08/07/17	DMG & Partners	Dairy Farm	7.72	9.53	Buy	DCF
08/10/17	DBS Vickers	Dairy Farm	7.81	9.89	Buy	Sum of parts
09/14/17	DIR	Dairy Farm	8.06	10	Buy	PER26.5x FY18
09/27/17	phillip	Dairy Farm	7.48	9.89	Buy	Sum of parts
11/29/17	DMG & Partners	Dairy Farm	8.31	9.53	Buy
12/04/17	phillip	Dairy Farm	8.08	9.89	Buy
12/19/17	DMG & Partners	Dairy Farm	7.94	9.53	Buy
01/04/18	DMG & Partners	Dairy Farm	7.9	9.53	Buy	DCF
02/19/18	DMG & Partners	Dairy Farm	8.38	9.53	Buy	DCF
03/09/18	CIMB	Dairy Farm	8.21	8.4	Hold	PER21x CY19
03/12/18	phillip	Dairy Farm	8.03	9.83	Buy	Sum of parts
03/12/18	Lim & Tan	Dairy Farm	8.03	0	Hold	PER20x & 2.62% yield
03/13/18	DBS Vickers	Dairy Farm	8.09	9.54	Buy	Sum of parts
03/27/18	DMG & Partners	Dairy Farm	9.1	9.16	Buy	DCF
03/28/18	DBS Vickers	Dairy Farm	8	9.77	Buy	Sum of parts
04/16/18	phillip	Dairy Farm	8.27	9.83	Buy
04/16/18	DMG & Partners	Dairy Farm	8.27	9.16	Buy
05/21/18	DMG & Partners	Dairy Farm	8.6	9.66	Buy	DCF
05/31/18	CIMB	Dairy Farm	8.95	9.55	Add
06/05/18	DBS Vickers	Dairy Farm	8.9	9.77	Buy
06/22/18	DMG & Partners	Dairy Farm	8.83	9.66	Buy
07/16/18	phillip	Dairy Farm	9.29	9.83	Buy
07/27/18	DBS Vickers	Dairy Farm	9.23	9.35	Hold	Sum of parts
07/30/18	DMG & Partners	Dairy Farm	9.15	9.6	Neutral	DCF
07/30/18	CIMB	Dairy Farm	9.15	9.55	Hold	PER23.5x CY19
08/30/18	DMG & Partners	Dairy Farm	9.2	9.6	Neutral
09/14/18	CIMB	Dairy Farm	9.1	9.55	Hold

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/17	CIMB	CSE Global	0.485	0.59	Add	PER12x FY18
02/27/17	DBS Vickers	CSE Global	0.485	0.46	Hold	PER9.6x, Ex-Cash
03/13/17	CIMB	CSE Global	0.495	0.59	Add	PER12x FY18
03/13/17	OCBC	CSE Global	0.495	0.44	Hold
05/15/17	CIMB	CSE Global	0.5	0.56	Add	PER12x FY18
06/15/17	OCBC	CSE Global	0.475	0.45	Hold
07/25/17	CIMB	CSE Global	0.43	0.39	Reduce	PER10x FY18
08/14/17	CIMB	CSE Global	0.395	0.32	Reduce	PER10x FY18
11/10/17	CIMB	CSE Global	0.345	0.31	Reduce	PER10x CY19
01/12/18	CIMB	CSE Global	0.37	0.31	Reduce	PER10x CY19
02/26/18	Lim & Tan	CSE Global	0.345	0	Buy
02/27/18	CIMB	CSE Global	0.37	0.39	Hold	PER12x CY19
03/08/18	CIMB	CSE Global	0.37	0.39	Hold	PER12x CY19
04/17/18	CIMB	CSE Global	0.42	0.44	Hold
04/30/18	Lim & Tan	CSE Global	0.42	0.55	Buy	DCF & DDM & RV
05/02/18	UOB Kay Hian	CSE Global	0.415	0.58	Buy	PER15x FY19
05/10/18	UOB Kay Hian	CSE Global	0.44	0.61	Buy	PER15x FY19
05/14/18	CIMB	CSE Global	0.46	0.5	Add
06/04/18	UOB Kay Hian	CSE Global	0.465	0.61	Buy
07/04/18	UOB Kay Hian	CSE Global	0.425	0.61	Buy
07/18/18	CIMB	CSE Global	0.44	0.5	Add	PER13.5x CY19
08/15/18	CIMB	CSE Global	0.45	0.5	Add	PER13.5x CY19
08/15/18	UOB Kay Hian	CSE Global	0.45	0.58	Buy	PER15x FY19
09/03/18	UOB Kay Hian	CSE Global	0.445	0.58	Buy
09/11/18	UOB Kay Hian	CSE Global	0.435	0.59	Buy	PER15x FY19

Cromwell Reit (EUR) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	UBS	Cromwell Reit (EUR)	0.555	0.62	Buy
01/02/18	Goldman Sachs	Cromwell Reit (EUR)	0.555	0.58	Neutral	DCF
03/19/18	DBS Vickers	Cromwell Reit (EUR)	0.56	0.63	Buy
04/10/18	DBS Vickers	Cromwell Reit (EUR)	0.59	0.63	Buy	DCF
05/11/18	DBS Vickers	Cromwell Reit (EUR)	0.61	0.66	Buy	DCF
08/14/18	DBS Vickers	Cromwell Reit (EUR)	0.595	0.66	Buy	DCF

Stock calls for 24 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/24/18	OCBC	M1	1.63	1.65	Hold
09/24/18	Kim Eng	M1	1.63	1.63	Hold	DCF
09/24/18	OCBC	Raffles Medical	1.1	1.26	Buy
09/24/18	phillip	Sembcorp Industries	3.03	3.7	Buy
09/24/18	CIMB	Valuetronics	0.68	0.95	Add	PER10x CY19
09/24/18	Kim Eng	Valuetronics	0.68	1.05	Buy	ROE-g/COE-g, PB2.3x FY19
09/24/18	Lim & Tan	Wheelock Properties	2.17	2.1	Accept Offer	For Short-Term Investors

China central bank had reduced offshore CNY supply recently.

The overnight rate for offshore CNY on 20 Sep 2018 was 2.953% but it jumped to 4.562% after China intervened in the money market using its SLF & MLF.

China central bank had created a shortage of CNY offshore and caused the overnight rate to spike tremendously.  This is to prevent the renminbi from depreciating further because investors will find it more expensive to short the CNY.

China has called off the trade talk with the USA.

https://sg.finance.yahoo.com/news/china-said-call-off-high-021200854.html

As predicted, China has called off the trade talk with the USA and we're back to square one.

https://sg-stock.blogspot.com/2018/09/look-like-upcoming-us-china-trade-talk.html

Baltic dry index - 1413

Today, Friday, September 21 2018, the Baltic Dry Index climbed by 17 points, reaching 1413 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.

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Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

US rig count - 1053

HOUSTON, Sept. 21 (Xinhua) -- The number of active drilling rigs in the United States decreased by two to 1,053 this week, or 118 more than that this time last year, showed weekly data released by Baker Hughes on Friday.

The Houston-based oilfield services company reported that the U.S. state of Texas led the gain with increasing by six rigs, while Oklahoma decreased the most by three.

The number of rigs operating in U.S. oil fields declined by one to a total of 866 rigs this week, and more than half of the oil rigs were located in the Permian Basin region of western Texas and southeastern New Mexico. The number of rigs drilling for gas remained level at 186 this week. The count of miscellaneous rigs decreased by one.

U.S. oil prices gained 0.65 percent Friday ahead of meeting of Joint Ministerial Monitoring Committee (JMMC) with Organization of the Petroleum Exporting Countries (OPEC) and its partners in Algiers scheduled on the coming Sunday.

The West Texas Intermediate (WTI) for November delivery grew 0.46 U.S. dollar to settle at 70.78 dollars a barrel on the New York Mercantile Exchange on Friday. Meanwhile, Brent oil for November delivery inched up 0.13 percent to 78.8 dollars per barrel.

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Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

Creative Tech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	DBS Vickers	Creative Tech	4.02	5.56	Not Rated
05/11/18	Lim & Tan	Creative Tech	5.85	0	Sell

Courts Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/08/17	DBS Vickers	CourtsAsia	0.435	0.51	Buy	PER10x FY17/18
06/30/17	CIMB	CourtsAsia	0.43	0.6	Add	PER10.2x CY18
06/30/17	DBS Vickers	CourtsAsia	0.43	0.5	Buy
08/14/17	DBS Vickers	CourtsAsia	0.425	0.49	Buy	PER10x FY18
11/13/17	DBS Vickers	CourtsAsia	0.345	0.36	Hold	PER10x FY19
06/04/18	Lim & Tan	CourtsAsia	0.215	0	Hold

Cosco - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/17	DBS Vickers	Cosco	0.28	0.27	Hold	PB1.8x FY16
05/08/17	DBS Vickers	Cosco	0.285	0.27	Hold	PB1.2x
07/21/17	DBS Vickers	Cosco	0.31	0.27	Hold
08/08/17	DBS Vickers	Cosco	0.3	0.27	Hold	DCF
11/07/17	DBS Vickers	Cosco	0.355	0.33	Hold	PB1.4x

Stock calls for 21 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/21/18	CIMB	ART	1.09	1.12	Hold
09/21/18	DBS Vickers	ART	1.09	1.25	Buy
09/21/18	UOB Kay Hian	Keppel Corp	6.8	7.37	Hold	Buy @ $6.60
09/21/18	DMG & Partners	Thai Beverage	0.67	0.88	Buy

Hong Kong is going to raise interest rate soon.

https://www.bloombergquint.com/global-economics/2018/09/21/hong-kong-s-dollar-suddenly-strengthens-by-the-most-in-a-year#gs.J3fp_KQ

This is bad news for interest-rate sensitive industries especially for the property industry because HSI is heavily weighted towards the property stocks.

Noble group is sued for fraud!

https://splash247.com/noble-group-sued-for-fraud/

Poor thing! Noble had just successfully restructured its debt and would have to face a lawsuit.

Fraud is a criminal offence and if Noble is found to be guilty, CAD will also take action in Singapore because Noble is listed here.