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Thursday, November 1, 2018

Mapletree Industrial - Stock calls


Date Analyst Company Last Target Call Valuation
01/09/17 DBS Vickers Mapletree Industrial 1.665 1.9 Buy
01/25/17 Deutsche Mapletree Industrial 1.645 1.65 Hold
01/25/17 OCBC Mapletree Industrial 1.645 1.79 Buy
01/25/17 UOB Kay Hian Mapletree Industrial 1.645 1.6 Hold DDM
01/26/17 CIMB Mapletree Industrial 1.65 1.68 Add DDM
01/26/17 Phillip Mapletree Industrial 1.65 1.74 Accumulate DDM
01/31/17 Credit Suisse Mapletree Industrial 1.665 1.82 Outperform
02/14/17 CIMB Mapletree Industrial 1.665 1.68 Add
02/17/17 JP Morgan Mapletree Industrial 1.675 1.75 Overweight
02/20/17 Phillip Mapletree Industrial 1.66 1.74 Accumulate
02/28/17 Deutsche Mapletree Industrial 1.66 1.65 Hold
03/06/17 CIMB Mapletree Industrial 1.67 1.68 Add DDM
03/06/17 DBS Vickers Mapletree Industrial 1.67 1.9 Buy
03/07/17 DIR Mapletree Industrial 1.685 1.7 Hold DDM
03/07/17 UOB Kay Hian Mapletree Industrial 1.685 1.6 Hold
03/29/17 OCBC Mapletree Industrial 1.76 1.88 Buy
03/30/17 DBS Vickers Mapletree Industrial 176 1.94 Buy
04/11/17 UOB Kay Hian Mapletree Industrial 1.77 1.6 Hold
04/18/17 DIR Mapletree Industrial 1.785 1.7 Hold
04/18/17 Kim Eng Mapletree Industrial 1.785 2 Buy DDM
04/25/17 DBS Vickers Mapletree Industrial 1.795 1.94 Buy DCF
04/25/17 DIR Mapletree Industrial 1.795 1.71 Hold DDM
04/25/17 OCBC Mapletree Industrial 1.795 1.93 Buy
04/26/17 CIMB Mapletree Industrial 1.82 1.8 Hold DDM
04/26/17 Kim Eng Mapletree Industrial 1.82 2.05 Buy DDM
04/26/17 Phillip Mapletree Industrial 1.82 1.8 Neutral DDM
04/26/17 UOB Kay Hian Mapletree Industrial 1.82 1.69 Hold DDM
05/08/17 Deutsche Mapletree Industrial 1.81 1.7 Hold
05/08/17 Phillip Mapletree Industrial 1.81 1.8 Neutral
05/25/17 UOB Kay Hian Mapletree Industrial 1.815 1.78 Hold
06/09/17 Lim & Tan Mapletree Industrial 1.84 0 Hold
06/12/17 DBS Vickers Mapletree Industrial 1.825 1.94 Buy
06/20/17 OCBC Mapletree Industrial 1.8 1.93 Buy
06/22/17 Deutsche Mapletree Industrial 1.815 1.7 Hold
06/22/17 Kim Eng Mapletree Industrial 1.815 2.05 Buy
07/03/17 Kim Eng Mapletree Industrial 1.86 2.05 Buy DDM
07/26/17 DIR Mapletree Industrial 1.88 1.71 Hold DDM
07/26/17 UOB Kay Hian Mapletree Industrial 1.88 1.78 Hold DDM
07/26/17 OCBC Mapletree Industrial 1.88 1.92 Hold
07/26/17 DBS Vickers Mapletree Industrial 1.88 1.94 Buy DCF
07/26/17 Religare Mapletree Industrial 1.88 1.9 Buy
07/26/17 Phillip Mapletree Industrial 1.88 1.98 Accumulate DDM, PB1.41x FY18
07/27/17 CIMB Mapletree Industrial 1.905 1.91 Hold DDM
08/03/17 Kim Eng Mapletree Industrial 1.84 2.05 Buy
08/22/17 Phillip Mapletree Industrial 1.855 1.98 Accumulate
09/27/17 DBS Vickers Mapletree Industrial 1.84 1.94 Buy DCF
09/28/17 Kim Eng Mapletree Industrial 1.85 2.05 Buy
10/09/17 Phillip Mapletree Industrial 1.875 1.98 Accumulate
10/23/17 UOB Kay Hian Mapletree Industrial 1.9 1.78 Hold
10/25/17 OCBC Mapletree Industrial 1.96 1.92 Hold
10/25/17 Kim Eng Mapletree Industrial 1.96 2.05 Buy
10/25/17 UOB Kay Hian Mapletree Industrial 1.97 1.88 Hold
10/25/17 Deutsche Mapletree Industrial 1.97 1.75 Hold
10/26/17 CIMB Mapletree Industrial 1.97 1.94 Hold DDM
10/27/17 Phillip Mapletree Industrial 1.97 1.99 Neutral DDM, PB1.37x FY18
11/08/17 DBS Vickers Mapletree Industrial 1.965 2.15 Buy DCF
11/28/17 Kim Eng Mapletree Industrial 1.99 2.1 Buy
12/01/17 UOB Kay Hian Mapletree Industrial 1.97 1.88 Hold
12/04/17 Phillip Mapletree Industrial 1.99 2.06 Hold
12/04/17 OCBC Mapletree Industrial 1.99 2.06 Hold
01/19/18 Kim Eng Mapletree Industrial 2.11 2.1 Buy
01/24/18 OCBC Mapletree Industrial 2.07 2.06 Hold
01/24/18 UOB Kay Hian Mapletree Industrial 2.07 1.88 Hold DDM
01/24/18 DBS Vickers Mapletree Industrial 2.07 2.15 Buy
01/24/18 Deutsche Mapletree Industrial 2.07 1.85 Hold
01/25/18 Phillip Mapletree Industrial 2.12 2.15 Neutral DDM, PB1.48x FY18
01/25/18 CIMB Mapletree Industrial 2.12 2.16 Add DDM
02/12/18 Phillip Mapletree Industrial 1.93 2.15 Neutral
04/16/18 Kim Eng Mapletree Industrial 2.03 2.2 Buy
04/24/18 UOB Kay Hian Mapletree Industrial 2.02 2 Hold DDM
04/25/18 CIMB Mapletree Industrial 2 2.12 Add DDM
04/25/18 Phillip Mapletree Industrial 2 2.09 Neutral PB1.48x FY19
04/25/18 OCBC Mapletree Industrial 2 2.06 Hold
04/25/18 Kim Eng Mapletree Industrial 2 2.25 Buy DDM
04/30/18 DBS Vickers Mapletree Industrial 2.02 2.22 Buy
05/02/18 CIMB Mapletree Industrial 2.03 2.12 Add
05/21/18 Phillip Mapletree Industrial 1.95 2.09 Neutral
07/05/18 Kim Eng Mapletree Industrial 1.96 2.25 Buy DDM
07/06/18 DBS Vickers Mapletree Industrial 1.96 2.22 Buy
07/25/18 OCBC Mapletree Industrial 2.02 2.06 Hold
07/25/18 Phillip Mapletree Industrial 2.02 2.09 Neutral DDM, PB1.42x FY19
07/26/18 UOB Kay Hian Mapletree Industrial 2.02 1.94 Hold DDM, Buy @ $1.76
07/26/18 OCBC Mapletree Industrial 2.02 2.08 Hold
07/26/18 CIMB Mapletree Industrial 2.02 2.13 Add DDM
09/25/18 Deutsche Mapletree Industrial 1.96 1.75 Sell
10/01/18 DBS Vickers Mapletree Industrial 1.98 2.22 Buy DCF
10/17/18 Phillip Mapletree Industrial 1.94 2.09 Neutral
10/24/18 OCBC Mapletree Industrial 1.95 2.01 Hold DDM
10/24/18 Lim & Tan Mapletree Industrial 1.95 0 Hold
10/25/18 Phillip Mapletree Industrial 1.95 1.99 Neutral DDM, PB1.34x FY19
10/25/18 UOB Kay Hian Mapletree Industrial 1.95 1.94 Hold DDM
10/25/18 CIMB Mapletree Industrial 1.95 2.08 Add DDM
10/26/18 Kim Eng Mapletree Industrial 1.96 2.25 Buy

Mapletree North Asia - Stock calls


Date Analyst Company Last Target Call Valuation
01/09/17 DBS Vickers Mapletree North Asia 0.955 1.11 Buy DCF
01/31/17 CIMB Mapletree North Asia 0.955 1.13 Add DDM
01/31/17 OCBC Mapletree North Asia 0.955 1.08 Buy
03/06/17 OCBC Mapletree North Asia 0.985 1.08 Buy
03/30/17 DBS Vickers Mapletree North Asia 1.015 1.11 Buy DCF
04/03/17 CIMB Mapletree North Asia 1.02 1.13 Add
04/27/17 OCBC Mapletree North Asia 1.06 1.08 Buy
04/28/17 CIMB Mapletree North Asia 1.045 1.14 Add
04/28/17 DBS Vickers Mapletree North Asia 1.045 1.25 Buy DCF
04/28/17 OCBC Mapletree North Asia 1.045 1.13 Buy
06/23/17 CIMB Mapletree North Asia 1.075 1.14 Add
07/31/17 OCBC Mapletree North Asia 1.11 1.22 Buy
08/01/17 CIMB Mapletree North Asia 1.11 1.17 Add DDM
08/01/17 DBS Vickers Mapletree North Asia 1.11 1.25 Buy
10/24/17 CIMB Mapletree North Asia 1.215 1.2 Hold DDM
10/24/17 OCBC Mapletree North Asia 1.215 1.28 Buy
10/24/17 DBS Vickers Mapletree North Asia 1.215 1.3 Buy DCF
11/30/17 OCBC Mapletree North Asia 1.16 1.28 Buy
12/14/17 OCBC Mapletree North Asia 1.19 1.28 Buy
12/18/17 DBS Vickers Mapletree North Asia 1.19 1.3 Buy
01/29/18 OCBC Mapletree North Asia 1.27 1.39 Buy
01/29/18 CIMB Mapletree North Asia 1.27 1.26 Hold DDM
01/29/18 DBS Vickers Mapletree North Asia 1.27 1.4 Buy
03/28/18 Lim & Tan Mapletree North Asia 1.18 0 Buy on weakness
03/29/18 CIMB Mapletree North Asia 1.15 1.3 Add DDM
04/26/18 OCBC Mapletree North Asia 1.13 1.39 Buy
04/27/18 OCBC Mapletree North Asia 1.15 1.42 Buy DDM
04/27/18 CIMB Mapletree North Asia 1.15 1.3 Add DDM
05/23/18 OCBC Mapletree North Asia 1.16 1.42 Buy
06/26/18 DBS Vickers Mapletree North Asia 1.13 1.45 Buy DCF
07/31/18 OCBC Mapletree North Asia 1.15 1.42 Buy
08/01/18 CIMB Mapletree North Asia 1.15 1.3 Add DDM
08/01/18 DBS Vickers Mapletree North Asia 1.15 1.45 Buy
09/04/18 OCBC Mapletree North Asia 1.15 1.42 Buy
10/01/18 DBS Vickers Mapletree North Asia 1.14 1.45 Buy DCF
10/29/18 OCBC Mapletree North Asia 1.13 1.34 Buy
10/30/18 CIMB Mapletree North Asia 1.13 1.28 Add DDM

Stock calls for 1 November 2018


Date Analyst Company Last Target Call Valuation
11/01/18 CIMB AEM 0.8 0.75 Hold PER10x FY19
11/01/18 OCBC CapitaRetail China 1.37 1.39 Hold
11/01/18 OCBC CDL Hospitality 1.45 1.45 Hold
11/01/18 DMG & Partners CDL Hospitality 1.45 1.8 Buy DDM
11/01/18 UOB Kay Hian CDL Hospitality 1.45 1.83 Buy DDM
11/01/18 CIMB CDL Hospitality 1.45 1.61 Add DDM
11/01/18 phillip DBS 23.46 33.32 Buy
11/01/18 DBS Vickers First Sponsor 1.27 1.62 Buy RNAV (35% discount)
11/01/18 DBS Vickers Indofood Agri 0.2 0.19 Hold DCF
11/01/18 CIMB Japfa 0.665 0.8 Add Sum of parts
11/01/18 Deutsche Manulife US Reit 0.71 1 Buy
11/01/18 Phillip Micro-Mechanics 1.8 2.05 Buy PER16x FY19
11/01/18 phillip OCBC 10.74 14.9 Buy
11/01/18 Lim & Tan OCBC 10.74 0 Buy
11/01/18 OCBC Roxy-Pacific 0.38 0.41 Hold RNAV (40% discount)
11/01/18 Macquarie Sembcorp Industries 2.82 3.6 Buy
11/01/18 DMG & Partners Sheng Siong 1.08 1.27 Buy DCF
11/01/18 UOB Kay Hian Sheng Siong 1.08 1.15 Hold PER22.7x FY19, Buy @ $1.04
11/01/18 OCBC Sheng Siong 1.08 1.13 Hold
11/01/18 CIMB Sheng Siong 1.08 1.25 Add PER22.2x FY20
11/01/18 CIMB Starhill 0.67 0.74 Add DDM
11/01/18 phillip UOB 24.38 32.52 Buy

Stock buybacks will boost the stock prices up but will also increase the leverage ratio.

https://sg.finance.yahoo.com/news/october-buybacks-60m-seven-stocks-060313368.html

Generally speaking, stock buybacks will boost up the stock prices but the corporate actions will also increase the leverage ratio which is not good.

Why?

If we look at the balance sheet format whereby Assets (A) = Liabilities (L) + Owner's Equities (OE), doing stock buybacks will reduce the A because money is used to buy back the shares.  Consequently, OE will reduce simultaneously because the stock capital is shrunk.  Since the leverage ratio (LR) is equal to L divided by OE and add 1, the leverage ratio will increase because the denominator (OE) is getting smaller.

LR = (L/OE) + 1

Having a high leverage ratio is dangerous for a company because LR is a multiplier. It can increase a company's profit or loss exponentially.  A high LR means that the company is a risk-taker and it is extremely risky in an interest rate rising environment.

Therefore, improving a company stock price through corporate action like stock buyback is not as good as improving the profitability of the business.

We need to take note when a company does a buyback because it may be a precursor that the company cannot improve its profitability anymore and has to resort to corporate action.

Mapletree Commercial - Stock calls


Date Analyst Company Last Target Call Valuation
01/09/17 DBS Vickers Mapletree Commercial 1.45 1.62 Buy DCF
01/12/17 HSBC Mapletree Commercial 1.47 1.75 Buy
01/24/17 Deutsche Mapletree Commercial 1.47 1.6 Buy
01/26/17 CIMB Mapletree Commercial 1.48 1.45 Hold DDM
01/26/17 Credit Suisse Mapletree Commercial 1.48 1.73 Outperform
01/26/17 Lim & Tan Mapletree Commercial 1.48 0 Hold
02/09/17 Credit Suisse Mapletree Commercial 1.52 1.73 Outperform
02/28/17 Deutsche Mapletree Commercial 1.495 1.6 Buy
03/17/17 DBS Vickers Mapletree Commercial 1.49 1.62 Buy DCF
04/26/17 DBS Vickers Mapletree Commercial 1.57 1.62 Buy
04/27/17 CIMB Mapletree Commercial 1.585 1.7 Add DDM
06/22/17 Deutsche Mapletree Commercial 1.555 1.6 Buy
06/23/17 CIMB Mapletree Commercial 1.56 1.7 Add
07/28/17 DBS Vickers Mapletree Commercial 1.63 1.62 Hold
07/28/17 Credit Suisse Mapletree Commercial 1.63 1.73 Outperform
07/28/17 CIMB Mapletree Commercial 1.63 1.79 Add DDM
09/13/17 Credit Suisse Mapletree Commercial 1.55 1.73 Outperform
10/27/17 DBS Vickers Mapletree Commercial 1.58 1.62 Hold
10/27/17 CIMB Mapletree Commercial 1.58 1.75 Add DDM
12/11/17 DBS Vickers Mapletree Commercial 1.58 1.75 Buy
01/02/18 Kim Eng Mapletree Commercial 1.62 1.45 Sell DDM
01/04/18 Deutsche Mapletree Commercial 1.67 1.7 Buy
01/25/18 Lim & Tan Mapletree Commercial 1.67 0 Hold
01/26/18 CIMB Mapletree Commercial 1.68 1.75 Add DDM
04/25/18 Kim Eng Mapletree Commercial 1.6 1.5 Hold DDM
04/25/18 CIMB Mapletree Commercial 1.6 1.75 Add DDM
04/25/18 DBS Vickers Mapletree Commercial 1.6 1.8 Buy DCF, PB1.2x
07/27/18 Kim Eng Mapletree Commercial 1.64 1.5 Hold DDM
07/27/18 CIMB Mapletree Commercial 1.64 1.75 Add DDM
07/27/18 DBS Vickers Mapletree Commercial 1.64 1.8 Buy
09/25/18 Deutsche Mapletree Commercial 1.64 1.7 Buy
10/01/18 DBS Vickers Mapletree Commercial 1.61 1.8 Buy DCF
10/26/18 Kim Eng Mapletree Commercial 1.63 1.6 Hold DDM
10/26/18 CIMB Mapletree Commercial 1.63 1.75 Add
10/29/18 DBS Vickers Mapletree Commercial 1.64 1.8 Buy DCF, PB1.2x

Manulife US Reit - Stock calls


Date Analyst Company Last Target Call Valuation
01/03/17 DMG & Partners Manulife US Reit 0.83 0.96 Buy DDM
01/05/17 Lim & Tan Manulife US Reit 0.835 0 Buy
01/09/17 DBS Vickers Manulife US Reit 0.84 0.93 Buy DCF
02/14/17 DBS Vickers Manulife US Reit 0.86 0.95 Buy DCF
02/14/17 DMG & Partners Manulife US Reit 0.86 0.96 Buy DDM
02/28/17 Deutsche Manulife US Reit 0.84 0.95 Buy
03/10/17 DMG & Partners Manulife US Reit 0.84 0.96 Buy
04/07/17 DMG & Partners Manulife US Reit 0.835 0.96 Buy
05/03/17 DBS Vickers Manulife US Reit 0.84 1.01 Buy DCF
05/04/17 DMG & Partners Manulife US Reit 0.85 0.96 Buy
05/08/17 Lim & Tan Manulife US Reit 0.865 0 Buy
06/21/17 DMG & Partners Manulife US Reit 0.885 0.99 Buy DDM
06/21/17 Lim & Tan Manulife US Reit 0.885 0 Buy on weakness
06/22/17 Deutsche Manulife US Reit 0.89 0.95 Buy
07/12/17 DMG & Partners Manulife US Reit 0.915 0.99 Buy
08/10/17 DMG & Partners Manulife US Reit 0.925 1 Buy DDM
08/10/17 DBS Vickers Manulife US Reit 0.925 1.07 Buy DCF
08/10/17 Lim & Tan Manulife US Reit 0.925 1 Buy
08/10/17 Deutsche Manulife US Reit 0.925 1 Buy
09/04/17 Lim & Tan Manulife US Reit 0.965 0 Buy
09/05/17 DMG & Partners Manulife US Reit 0.94 0.98 Buy DDM, Ex-Rights 41-for-100 @ $0.695
11/06/17 DMG & Partners Manulife US Reit 0.905 0.98 Buy DDM
11/29/17 DBS Vickers Manulife US Reit 0.865 0.99 Buy DCF
12/19/17 DMG & Partners Manulife US Reit 0.93 0.98 Buy
01/03/18 Lim & Tan Manulife US Reit 0.93 1 Buy
01/04/18 Deutsche Manulife US Reit 0.94 1 Buy
01/05/18 DMG & Partners Manulife US Reit 0.935 0.98 Buy
02/06/18 UOB Kay Hian Manulife US Reit 0.92 1.12 Buy DDM
02/06/18 Lim & Tan Manulife US Reit 0.92 1 Hold
02/06/18 DMG & Partners Manulife US Reit 0.92 0.98 Buy DDM
02/07/18 DBS Vickers Manulife US Reit 0.91 1 Buy DCF
02/21/18 Amfrasers Manulife US Reit 0.91 1.008 Buy DDM
04/13/18 Lim & Tan Manulife US Reit 0.925 1 Hold
04/16/18 DMG & Partners Manulife US Reit 0.82 1 Buy DDM
04/16/18 DBS Vickers Manulife US Reit 0.82 1 Buy
04/17/18 Amfrasers Manulife US Reit 0.925 1.01 Buy
05/02/18 DMG & Partners Manulife US Reit 0.95 1 Buy DDM
05/02/18 UOB Kay Hian Manulife US Reit 0.95 1.12 Buy
05/08/18 Amfrasers Manulife US Reit 0.945 1.02 Buy
06/26/18 DBS Vickers Manulife US Reit 0.86 0.97 Buy DCF
08/07/18 UOB Kay Hian Manulife US Reit 0.86 1.06 Buy DDM
08/07/18 DBS Vickers Manulife US Reit 0.86 0.97 Buy DCF
08/14/18 Amfrasers Manulife US Reit 0.845 0.97 Buy
09/25/18 Deutsche Manulife US Reit 0.795 1 Buy
10/16/18 DMG & Partners Manulife US Reit 0.78 0.92 Buy DDM
10/25/18 UOB Kay Hian Manulife US Reit 0.775 1.06 Buy

M1 - Stock calls


Date Analyst Company Last Target Call Valuation
01/03/17 UOB Kay Hian M1 1.96 1.76 Sell
01/12/17 CIMB M1 2.06 1.9 Hold DCF, Buy below $1.56
01/12/17 Deutsche M1 2.06 2.6 Buy
01/13/17 Credit Suisse M1 2.08 1.65 Underperform
01/13/17 DBS Vickers M1 2.08 2.09 Hold DCF
01/13/17 DMG & Partners M1 2.08 2.05 Neutral DCF
01/17/17 DIR M1 2.08 2.02 Hold DDM
01/18/17 UOB Kay Hian M1 2.09 2.5 Buy DCF
01/25/17 Credit Suisse M1 2.17 1.55 Underperform
01/25/17 DBS Vickers M1 2.17 1.97 Hold DCF
01/25/17 Kim Eng M1 2.17 1.85 Sell DCF
01/25/17 Lim & Tan M1 2.17 0 Sell
01/25/17 OCBC M1 2.17 2.03 Hold
01/25/17 UOB Kay Hian M1 2.17 2.48 Buy DCF
01/26/17 CIMB M1 2.05 1.8 Reduce DCF
02/24/17 UOB Kay Hian M1 2.03 2.52 Buy DCF
02/24/17 Deutsche M1 2.03 2.5 Buy
03/13/17 DIR M1 2.11 1.93 Hold DDM
03/17/17 OCBC M1 2.03 1.75 Sell
03/20/17 Credit Suisse M1 2.19 1.5 Underperform
03/20/17 DBS Vickers M1 2.19 1.97 Hold
03/20/17 DMG & Partners M1 2.19 2.05 Neutral DCF
03/21/17 OCBC M1 2.17 1.96 Hold EV/EBitda8.5x FY17/18
04/05/17 CIMB M1 2.16 1.8 Reduce
04/05/17 Credit Suisse M1 2.16 1.5 Underperform
04/05/17 DMG & Partners M1 2.16 2.05 Neutral
04/05/17 Kim Eng M1 2.16 1.75 Sell DCF
04/05/17 OCBC M1 2.16 1.96 Hold
04/06/17 DBS Vickers M1 2.12 1.97 Hold DCF
04/18/17 CIMB M1 2.14 1.7 Reduce DCF
04/18/17 Credit Suisse M1 2.14 1.45 Underperform
04/18/17 DIR M1 2.14 1.93 Hold DDM
04/18/17 Lim & Tan M1 2.14 0 Hold
04/18/17 Deutsche M1 2.14 2.3 Buy
05/02/17 DBS Vickers M1 2.17 2.54 Buy EV/Ebitda8.4x FY17
06/02/17 DMG & Partners M1 2.27 2.05 Neutral DCF
07/07/17 OCBC M1 2.11 1.96 Hold
07/14/17 DMG & Partners M1 2.07 2.05 Neutral
07/19/17 OCBC M1 2.1 1.75 Sell
07/19/17 DIR M1 2.1 1.93 Hold DDM
07/19/17 Credit Suisse M1 2.1 1.45 Underperform
07/19/17 DMG & Partners M1 2.1 1.9 Neutral DCF
07/19/17 CIMB M1 2.1 1.7 Reduce DCF
07/19/17 DBS Vickers M1 2.1 1.78 Fully Valued DCF
08/18/17 UOB Kay Hian M1 1.77 1.98 Buy DCF
08/23/17 DMG & Partners M1 1.785 1.9 Neutral
09/11/17 OCBC M1 1.78 1.65 Hold
09/14/17 Kim Eng M1 1.79 1.59 Sell DCF
09/18/17 Credit Suisse M1 1.795 1.45 Underperform
09/20/17 Deutsche M1 1.79 2.3 Buy
09/25/17 UOB Kay Hian M1 1.78 1.98 Buy
09/25/17 CIMB M1 1.78 1.8 Hold
09/28/17 DIR M1 1.785 1.74 Hold DDM
10/16/17 DBS Vickers M1 1.815 1.49 Fully Valued DCF
10/17/17 UOB Kay Hian M1 1.805 1.95 Buy DCF
10/17/17 OCBC M1 1.805 1.65 Hold
10/17/17 DMG & Partners M1 1.805 1.9 Neutral
10/17/17 Kim Eng M1 1.805 1.59 Sell
10/17/17 CIMB M1 1.805 1.8 Hold
11/23/17 OCBC M1 1.77 1.65 Hold
11/28/17 Kim Eng M1 1.77 1.59 Sell
01/10/18 DMG & Partners M1 1.79 1.9 Neutral
01/12/18 UOB Kay Hian M1 1.79 1.95 Hold
01/24/18 UOB Kay Hian M1 1.87 1.84 Hold DCF, Buy @ $1.7
01/24/18 DMG & Partners M1 1.87 1.95 Neutral DCF
01/24/18 OCBC M1 1.87 1.7 Hold
01/24/18 DBS Vickers M1 1.87 1.49 Fully Valued DCF
01/25/18 CIMB M1 1.87 1.85 Hold DCF
02/21/18 OCBC M1 1.8 1.7 Hold
03/12/18 UOB Kay Hian M1 1.79 1.84 Hold
03/14/18 Kim Eng M1 1.78 1.63 Sell DCF
03/15/18 CIMB M1 1.78 1.85 Hold
03/15/18 DMG & Partners M1 1.78 1.95 Neutral
03/20/18 UOB Kay Hian M1 1.79 1.6 Sell DCF
03/27/18 Deutsche M1 1.77 2.3 Buy
04/03/18 Kim Eng M1 1.75 1.63 Hold DCF
04/11/18 DBS Vickers M1 1.72 1.76 Hold DCF
04/17/18 UOB Kay Hian M1 1.79 1.6 Sell DCF
04/17/18 DMG & Partners M1 1.79 1.95 Neutral DCF
04/17/18 OCBC M1 1.79 1.7 Hold
04/17/18 CIMB M1 1.79 1.85 Hold
05/23/18 UOB Kay Hian M1 1.76 1.6 Sell
06/04/18 UOB Kay Hian M1 1.71 1.6 Sell DCF
06/27/18 DBS Vickers M1 1.59 1.46 Hold EV/Ebitda6x
07/03/18 DMG & Partners M1 1.59 1.63 Hold DCF
07/05/18 Kim Eng M1 1.58 1.63 Hold
07/30/18 UOB Kay Hian M1 1.6 1.55 Sell DCF
07/30/18 DMG & Partners M1 1.6 1.68 Neutral DCF
07/30/18 OCBC M1 1.6 1.65 Hold
07/31/18 CIMB M1 1.64 1.5 Hold DCF
08/17/18 UOB Kay Hian M1 1.6 1.55 Sell DCF
09/07/18 UOB Kay Hian M1 1.57 1.55 Sell
09/24/18 OCBC M1 1.63 1.65 Hold
09/24/18 Kim Eng M1 1.63 1.63 Hold DCF
09/25/18 UOB Kay Hian M1 1.63 1.88 Buy DCF
09/25/18 CIMB M1 1.63 1.5 Hold
09/28/18 UOB Kay Hian M1 1.63 2.06 Accept Offer Offer $2.06
09/28/18 DMG & Partners M1 1.63 2.06 Neutral
09/28/18 CIMB M1 1.63 2.06 Add
10/25/18 UOB Kay Hian M1 2.1 2.06 Accept Offer Offer $2.06, PER13.2x, EV/Ebidta7.2x FY18
10/25/18 OCBC M1 2.1 2.06 Hold Offer $2.06
10/26/18 Kim Eng M1 2.09 1.63 Sell DDM
10/26/18 DMG & Partners M1 2.09 2.06 Neutral

Stock calls for 31 October 2018


Date Analyst Company Last Target Call Valuation
10/31/18 Tayrona Capital World 0.037 0.147 Overweight Sum of parts
10/31/18 DBS Vickers CapitaRetail China 1.36 1.63 Buy
10/31/18 DBS Vickers Cityneon 1.29 1.57 Accept Offer Offer $1.30
10/31/18 DBS Vickers Comfortdelgro 2.22 2.59 Buy
10/31/18 Kim Eng Far East Hospitality 0.59 0.75 Buy DDM
10/31/18 OCBC Far East Hospitality 0.59 0.675 Buy
10/31/18 Lim & Tan Far East Hospitality 0.59 0 Buy
10/31/18 DBS Vickers Far East Hospitality 0.59 0.7 Buy DCF
10/31/18 UOB Kay Hian Japfa 0.69 0.98 Buy Sum of parts, PER12.2x FY18
10/31/18 DBS Vickers Sheng Siong 1.08 1.24 Buy
10/31/18 DMG & Partners Sheng Siong 1.08 1.3 Buy DCF & PER21x
10/31/18 OCBC Starhill 0.665 0.71 Buy
10/31/18 UOB Kay Hian Tianjin Zhongxin 0.895 1.59 Buy PER14.1x FY18
10/31/18 Macquarie UOB 24 30.5 Outperform