Sembcorp Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/17	Deutsche	Sembcorp Marine	1.42	1.9	Buy	PB1.5x FY17
01/05/17	Morgan Stanley	Sembcorp Marine	1.42	1	Underweight
01/06/17	CIMB	Sembcorp Marine	1.455	1.7	Add	PB1.3x CY17
01/13/17	DBS Vickers	Sembcorp Marine	1.51	1.55	Hold	PB1.3x FY17
01/16/17	DIR	Sembcorp Marine	1.515	0.94	Sell	PB0.9x FY16/17
01/16/17	UOB Kay Hian	Sembcorp Marine	1.515	1.61	Hold	PB1.3x FY17, Buy @ $1.45
01/17/17	OCBC	Sembcorp Marine	1.49	1.43	Hold
01/25/17	Credit Suisse	Sembcorp Marine	1.545	1.2	Neutral
02/07/17	CIMB	Sembcorp Marine	1.475	1.7	Add	PB1.3x FY17
02/17/17	CLSA	Sembcorp Marine	1.545	2	Buy
02/23/17	CIMB	Sembcorp Marine	1.535	1.88	Add	PB1.5x
02/23/17	DBS Vickers	Sembcorp Marine	1.535	1.78	Buy	PB1.5x FY17
02/23/17	DMG & Partners	Sembcorp Marine	1.535	1.46	Neutral	PER16x FY17
02/23/17	Lim & Tan	Sembcorp Marine	1.535	0	Buy
02/23/17	OCBC	Sembcorp Marine	1.535	1.76	Buy	PB1.4x FY17
02/23/17	UOB Kay Hian	Sembcorp Marine	1.535	1.61	Hold	PB1.2x, FY17, Buy @ $1.45
02/24/17	phillip	Sembcorp Marine	1.815	1.58	Reduce	PER25.4x
02/28/17	Amfrasers	Sembcorp Marine	1.73	1.63	Hold
03/01/17	Credit Suisse	Sembcorp Marine	1.78	2.4	Outperform
03/06/17	Deutsche	Sembcorp Marine	2.03	2.1	Buy
03/06/17	UOB Kay Hian	Sembcorp Marine	2.03	1.61	Hold	PB1.2x FY17
03/14/17	DIR	Sembcorp Marine	1.86	1.22	Sell	PB1x FY17
04/03/17	UOB Kay Hian	Sembcorp Marine	1.92	1.61	Hold	PB1.3x FY17, Buy @ $1.45
04/10/17	Credit Suisse	Sembcorp Marine	1.875	2.4	Outperform
04/28/17	CIMB	Sembcorp Marine	1.73	1.88	Add	PB1.5x CY17
04/28/17	DIR	Sembcorp Marine	1.73	1.22	Sell	PB1x FY17
04/28/17	Lim & Tan	Sembcorp Marine	1.73	0	Hold
04/28/17	OCBC	Sembcorp Marine	1.73	2.01	Buy	PB1.6x FY17
04/28/17	UOB Kay Hian	Sembcorp Marine	1.73	1.43	Sell	PB1.1x FY17
04/28/17	UBS	Sembcorp Marine	1.73	1.75	Neutral
05/02/17	DBS Vickers	Sembcorp Marine	1.63	1.78	Buy	PB1.5x FY17
05/02/17	DMG & Partners	Sembcorp Marine	1.63	1.65	Neutral	PB1.3x
05/02/17	phillip	Sembcorp Marine	1.63	1.58	Neutral	PER23.9x
06/06/17	Credit Suisse	Sembcorp Marine	1.665	2.4	Outperform
06/09/17	Deutsche	Sembcorp Marine	1.64	2.1	Buy	PB1.7x FY17
06/12/17	OCBC	Sembcorp Marine	1.635	2.01	Buy
06/20/17	UOB Kay Hian	Sembcorp Marine	1.595	1.43	Sell	PB1.1x FY17
07/11/17	CIMB	Sembcorp Marine	1.68	1.88	Add	PB1.5x FY17
07/18/17	Credit Suisse	Sembcorp Marine	1.65	2.4	Outperform
07/21/17	DBS Vickers	Sembcorp Marine	1.74	2.3	Buy	PB1.8x FY17
07/28/17	DIR	Sembcorp Marine	1.74	1.22	Sell	PB1x FY17/18
07/28/17	UOB Kay Hian	Sembcorp Marine	1.74	1.8	Hold	PB1.4x FY18, Buy @ $1.60
07/28/17	OCBC	Sembcorp Marine	1.74	1.98	Buy	PB1.6x FY17
07/28/17	CIMB	Sembcorp Marine	1.74	1.87	Add	PB1.5x FY17
07/28/17	Lim & Tan	Sembcorp Marine	1.74	0	Hold
07/28/17	DMG & Partners	Sembcorp Marine	1.74	1.65	Neutral	PB1.3x FY17
07/31/17	phillip	Sembcorp Marine	1.695	1.55	Reduce	PER28.5x
07/31/17	Amfrasers	Sembcorp Marine	1.695	2.05	Buy	PB1.8x FY17
08/01/17	Credit Suisse	Sembcorp Marine	1.685	2.4	Outperform	PER43.4x FY17, PB1.4x
08/25/17	Morgan Stanley	Sembcorp Marine	1.605	1.05	Underweight
09/12/17	CIMB	Sembcorp Marine	1.575	1.87	Add	PB1.5x FY17
09/12/17	DMG & Partners	Sembcorp Marine	1.575	1.65	Neutral	PB1.3x FY17
09/15/17	UOB Kay Hian	Sembcorp Marine	1.59	1.8	Hold
09/19/17	OCBC	Sembcorp Marine	1.63	1.98	Buy
09/19/17	Lim & Tan	Sembcorp Marine	1.63	0	Buy
09/19/17	UBS	Sembcorp Marine	1.63	1.67	Neutral
09/20/17	DBS Vickers	Sembcorp Marine	1.67	2.3	Buy	PB1.8x FY17
09/27/17	Credit Suisse	Sembcorp Marine	1.68	2.4	Outperform
10/02/17	UOB Kay Hian	Sembcorp Marine	1.745	1.77	Hold	PB1.3x, Buy @ $1.60
10/05/17	CIMB	Sembcorp Marine	1.745	1.87	Add	PB1.5x FY17
10/09/17	CIMB	Sembcorp Marine	1.735	2.51	Add	PB2x
10/09/17	UOB Kay Hian	Sembcorp Marine	1.735	1.9	Buy	PB1.5x FY18
10/09/17	OCBC	Sembcorp Marine	1.735	1.98	Buy
10/09/17	DBS Vickers	Sembcorp Marine	1.735	2.3	Buy
10/09/17	phillip	Sembcorp Marine	1.735	1.82	Neutral	PER33.6x FY18
10/09/17	Lim & Tan	Sembcorp Marine	1.735	0	Buy
10/09/17	UBS	Sembcorp Marine	1.735	1.82	Neutral
10/10/17	DIR	Sembcorp Marine	1.815	1.22	Sell	PB1x FY17/18
10/10/17	DMG & Partners	Sembcorp Marine	1.815	1.65	Neutral
10/24/17	Credit Suisse	Sembcorp Marine	1.86	2.4	Outperform
10/24/17	Deutsche	Sembcorp Marine	1.86	2.6	Buy
11/01/17	CIMB	Sembcorp Marine	1.93	2.49	Add	PB2x FY18
11/01/17	Credit Suisse	Sembcorp Marine	1.93	2.4	Outperform
11/01/17	OCBC	Sembcorp Marine	1.93	2.26	Buy	PB1.8x
11/01/17	UOB Kay Hian	Sembcorp Marine	1.93	2.1	Buy
11/01/17	Lim & Tan	Sembcorp Marine	1.93	0	Buy
11/02/17	phillip	Sembcorp Marine	2.01	1.91	Neutral	PER38.2x FY18
11/02/17	DBS Vickers	Sembcorp Marine	2.01	2.3	Buy	PB1.8x FY17
11/02/17	Amfrasers	Sembcorp Marine	2.01	2.05	Hold
11/03/17	Morgan Stanley	Sembcorp Marine	2.01	1.18	Underweight	PB1x
11/03/17	UBS	Sembcorp Marine	2.01	1.85	Neutral
12/04/17	UOB Kay Hian	Sembcorp Marine	1.87	2.1	Buy	PB1.6x FY19
12/04/17	Amfrasers	Sembcorp Marine	1.87	2.05	Hold
12/20/17	CIMB	Sembcorp Marine	1.93	2.49	Add	PB2x FY18
12/26/17	OCBC	Sembcorp Marine	1.94	1.74	Sell	PB1.8x
12/27/17	Lim & Tan	Sembcorp Marine	1.87	0	Hold	Bribery alert!
12/27/17	Deutsche	Sembcorp Marine	1.87	2.4	Buy	PB1.8x
01/02/18	UOB Kay Hian	Sembcorp Marine	1.84	2.1	Buy
01/02/18	CIMB	Sembcorp Marine	1.84	2.49	Add	PB2x FY18
01/03/18	OCBC	Sembcorp Marine	1.87	1.78	Hold	PB1.85x
01/05/18	Amfrasers	Sembcorp Marine	1.83	2.05	Hold
01/22/18	OCBC	Sembcorp Marine	2.3	2.37	Hold	PB2x FY18
01/23/18	UBS	Sembcorp Marine	2.39	3.06	Buy
01/23/18	DBS Vickers	Sembcorp Marine	2.39	3.1	Buy	PB2.4x FY18
02/02/18	Deutsche	Sembcorp Marine	2.57	2.9	Buy
02/02/18	Credit Suisse	Sembcorp Marine	2.57	3	Outperform
02/07/18	CIMB	Sembcorp Marine	2.71	2.49	Neutral	Buy @ $2
02/13/18	DBS Vickers	Sembcorp Marine	2.37	3.1	Buy
02/22/18	OCBC	Sembcorp Marine	2.63	2.43	Hold
02/22/18	UOB Kay Hian	Sembcorp Marine	2.63	1.9	Hold	PB1.6x FY19, Buy @ $1.80
02/22/18	DBS Vickers	Sembcorp Marine	2.63	2.9	Buy	PB2.4x FY18
02/22/18	CIMB	Sembcorp Marine	2.63	3.01	Add	PB2.5x FY18
02/26/18	phillip	Sembcorp Marine	2.23	1.91	Reduce	PER43.4x FY18
02/27/18	Amfrasers	Sembcorp Marine	2.18	2.06	Hold
03/05/18	CIMB	Sembcorp Marine	2.02	3.01	Add	PB2.5x FY18
03/05/18	OCBC	Sembcorp Marine	2.02	2.07	Hold	PB1.7x FY18/19
03/06/18	DBS Vickers	Sembcorp Marine	1.9	2.9	Buy	PB2.4x FY18
03/26/18	Morgan Stanley	Sembcorp Marine	2.09	2.45	Overweight	PB2.2x FY18, Up from $1.48 ({PB1.2x)
03/28/18	UOB Kay Hian	Sembcorp Marine	2.21	2.78	Buy
04/03/18	DBS Vickers	Sembcorp Marine	2.22	2.9	Buy
04/06/18	CIMB	Sembcorp Marine	2.17	3.01	Add	PB2.5x FY18
04/11/18	OCBC	Sembcorp Marine	2.23	2.07	Hold
04/23/18	Macquarie	Sembcorp Marine	2.32	1.8	Underperform	PB1.5x
04/26/18	CIMB	Sembcorp Marine	2.23	2.52	Add	PB
04/26/18	UOB Kay Hian	Sembcorp Marine	2.23	2.05	Hold	PB1.7x FY19, Buy @ $1.90
04/26/18	OCBC	Sembcorp Marine	2.23	2.1	Hold	PB1.75x FY18/19
04/26/18	CIMB	Sembcorp Marine	2.23	2.52	Add	PB2.2x CY18
04/26/18	Lim & Tan	Sembcorp Marine	2.23	0	Hold
04/27/18	phillip	Sembcorp Marine	2.11	1.85	Reduce	PER51.4x
04/27/18	DBS Vickers	Sembcorp Marine	2.11	2.9	Buy	PB2.4x FY18
05/08/18	Amfrasers	Sembcorp Marine	2.1	2.64	Buy	PB2.4x FY18
05/08/18	OCBC	Sembcorp Marine	2.1	2.1	Hold
05/22/18	CIMB	Sembcorp Marine	2.27	2.52	Add	PB2.2x CY18
06/05/18	DBS Vickers	Sembcorp Marine	2.11	2.9	Buy
06/25/18	UOB Kay Hian	Sembcorp Marine	1.96	2.05	Hold
07/11/18	CIMB	Sembcorp Marine	1.97	2.52	Add	PB2.2x CY18
07/13/18	DBS Vickers	Sembcorp Marine	1.95	2.9	Buy
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
07/24/18	DBS Vickers	Sembcorp Marine	1.83	2.5	Buy
07/24/18	Lim & Tan	Sembcorp Marine	1.83	0	Hold
08/20/18	OCBC	Sembcorp Marine	1.67	1.74	Hold	PB1.75x FY19
08/30/18	CIMB	Sembcorp Marine	1.69	2.52	Add	PB2.2x CY18
09/06/18	DBS Vickers	Sembcorp Marine	1.68	2.5	Buy
10/18/18	CIMB	Sembcorp Marine	1.87	2.52	Add	PB2.2x CY18
10/26/18	CIMB	Sembcorp Marine	1.72	2.46	Add	PB2.2x CY18
10/26/18	UOB Kay Hian	Sembcorp Marine	1.72	1.83	Hold	PB1.7x FY18, Buy @ $1.65
10/26/18	OCBC	Sembcorp Marine	1.72	1.73	Hold
10/29/18	phillip	Sembcorp Marine	1.61	1.65	Neutral	PB1.6x FY19
10/29/18	DBS Vickers	Sembcorp Marine	1.61	2.4	Buy	PB2.1x FY18
10/29/18	Lim & Tan	Sembcorp Marine	1.61	0	Hold

Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	Lim & Tan	Sembcorp Industries	2.85	0	Buy
01/03/17	UOB Kay Hian	Sembcorp Industries	2.85	3.2	Buy
01/05/17	Deutsche	Sembcorp Industries	2.93	3.45	Buy	Sum of parts (15% discount)
01/11/17	OCBC	Sembcorp Industries	3.06	3.36	Buy	Sum of parts (5% discount)
01/25/17	Credit Suisse	Sembcorp Industries	3.27	2.7	Neutral
02/03/17	OCBC	Sembcorp Industries	3.18	3.36	Buy
02/24/17	CIMB	Sembcorp Industries	3.36	3.51	Hold	Sum of parts, PB0.6x CY17
02/24/17	DMG & Partners	Sembcorp Industries	3.36	4.17	Buy	Sum of parts
02/24/17	OCBC	Sembcorp Industries	3.36	3.69	Buy
02/24/17	UOB Kay Hian	Sembcorp Industries	3.36	3.95	Buy	Sum of parts
02/27/17	DBS Vickers	Sembcorp Industries	3.27	3.8	Buy	Sum of parts (10% discount), PB1.1x, PER17.2X FY17
02/27/17	Lim & Tan	Sembcorp Industries	3.27	0	Buy
03/01/17	Credit Suisse	Sembcorp Industries	3.2	3.6	Neutral
03/02/17	UOB Kay Hian	Sembcorp Industries	3.27	3.95	Buy
03/24/17	UOB Kay Hian	Sembcorp Industries	3.13	3.78	Buy	Sum of parts
04/04/17	UOB Kay Hian	Sembcorp Industries	3.2	3.78	Buy	PER9.8x FY18
04/07/17	Credit Suisse	Sembcorp Industries	3.15	3.6	Neutral
04/10/17	Lim & Tan	Sembcorp Industries	3.15	0	Buy
04/11/17	CIMB	Sembcorp Industries	3.14	3.51	Hold	Sum of parts
05/04/17	CIMB	Sembcorp Industries	3	3.51	Add	Sum of parts
05/04/17	Credit Suisse	Sembcorp Industries	3	3.6	Neutral
05/04/17	DBS Vickers	Sembcorp Industries	3	3.8	Buy	RNAV (10% discount), PB1x
05/04/17	DIR	Sembcorp Industries	3	2.67	Underperform	Sum of parts
05/04/17	Lim & Tan	Sembcorp Industries	3	0	Hold
05/04/17	OCBC	Sembcorp Industries	3	3.48	Buy
05/04/17	UOB Kay Hian	Sembcorp Industries	3	3.66	Buy	Sum of parts
05/05/17	DMG & Partners	Sembcorp Industries	3.15	3.2	Neutral	Sum of parts
05/11/17	DIR	Sembcorp Industries	3.14	3.14	Hold
05/29/17	phillip	Sembcorp Industries	3.15	3.5	Accumulate	Sum of parts (10% discount)
06/02/17	OCBC	Sembcorp Industries	3.19	3.48	Buy
06/06/17	Credit Suisse	Sembcorp Industries	3.16	3.6	Neutral	Sum of parts
06/20/17	UOB Kay Hian	Sembcorp Industries	3.1	3.66	Buy
07/12/17	OCBC	Sembcorp Industries	3.13	3.48	Buy
07/13/17	UOB Kay Hian	Sembcorp Industries	3.09	3.66	Buy	Sum of parts
07/18/17	Credit Suisse	Sembcorp Industries	3.15	3.6	Neutral
07/21/17	DBS Vickers	Sembcorp Industries	3.24	4.1	Buy	Sum of parts, PB1.1x FY17
07/24/17	CIMB	Sembcorp Industries	3.29	3.52	Add	Sum of parts
08/01/17	Credit Suisse	Sembcorp Industries	3.23	3.6	Neutral	PER13.9x FY17, PB0.8x
08/04/17	DIR	Sembcorp Industries	3.22	3.14	Hold	Probability weighted
08/04/17	UOB Kay Hian	Sembcorp Industries	3.22	3.57	Buy	Sum of parts
08/04/17	DMG & Partners	Sembcorp Industries	3.22	3.2	Neutral	Sum of parts
08/04/17	OCBC	Sembcorp Industries	3.22	3.43	Hold
08/04/17	CIMB	Sembcorp Industries	3.22	3.47	Add	Sum of parts
08/04/17	DBS Vickers	Sembcorp Industries	3.22	4	Buy	RNAV (10% discount), PB1.1x
08/07/17	phillip	Sembcorp Industries	3.18	3.5	Accumulate	Sum of parts
08/07/17	Lim & Tan	Sembcorp Industries	3.18	0	Hold
08/23/17	OCBC	Sembcorp Industries	2.99	3.43	Buy
08/25/17	Morgan Stanley	Sembcorp Industries	3.03	2.39	Underweight
09/04/17	CIMB	Sembcorp Industries	2.98	3.47	Add	Sum of parts
09/04/17	UOB Kay Hian	Sembcorp Industries	2.98	3.59	Buy	Sum of parts, PER10.1x FY18
09/05/17	Lim & Tan	Sembcorp Industries	2.93	0	Buy
09/20/17	DBS Vickers	Sembcorp Industries	2.96	4	Buy	RNAV (10% discount), PB1.1x
09/27/17	Credit Suisse	Sembcorp Industries	2.95	3.6	Neutral
10/02/17	UOB Kay Hian	Sembcorp Industries	2.96	3.57	Buy	Sum of parts
10/09/17	DBS Vickers	Sembcorp Industries	3.02	4	Buy
10/24/17	Credit Suisse	Sembcorp Industries	3.24	3.6	Neutral
11/03/17	CIMB	Sembcorp Industries	3.38	3.87	Add	Sum of parts, PER8.1x FY18, PB0.59x FY17
11/03/17	UOB Kay Hian	Sembcorp Industries	3.38	3.87	Buy	Sum of parts
11/03/17	Credit Suisse	Sembcorp Industries	3.38	3.6	Neutral
11/03/17	OCBC	Sembcorp Industries	3.38	3.59	Hold
11/03/17	Lim & Tan	Sembcorp Industries	3.38	0	Buy
11/06/17	phillip	Sembcorp Industries	3.3	3.7	Accumulate	Sum of parts (10% discount)
11/06/17	DBS Vickers	Sembcorp Industries	3.3	4.2	Buy	Sum of parts, PB1.1x
11/21/17	OCBC	Sembcorp Industries	3.05	3.59	Buy
12/12/17	UOB Kay Hian	Sembcorp Industries	3.04	3.87	Buy	Sum of parts
12/20/17	CIMB	Sembcorp Industries	3.02	3.87	Add
01/02/18	UOB Kay Hian	Sembcorp Industries	3.03	3.87	Buy
01/23/18	DBS Vickers	Sembcorp Industries	3.38	4.5	Buy	Sum of parts (10% discount), PB1.1x
02/05/18	OCBC	Sembcorp Industries	3.57	3.95	Buy	Sum of parts
02/13/18	DBS Vickers	Sembcorp Industries	3.21	4.5	Buy
02/19/18	Lim & Tan	Sembcorp Industries	3.22	0	Buy
02/20/18	UOB Kay Hian	Sembcorp Industries	3.3	3.87	Buy
02/21/18	CIMB	Sembcorp Industries	3.28	3.87	Add	Sum of parts
02/26/18	OCBC	Sembcorp Industries	3.24	3.84	Buy
02/26/18	phillip	Sembcorp Industries	3.24	3.86	Accumulate	Sum of parts
02/26/18	UOB Kay Hian	Sembcorp Industries	3.24	3.28	Hold	Sum of parts, Buy @ $2.90
02/26/18	CIMB	Sembcorp Industries	3.24	4.13	Add	Sum of parts, PER8x FY18, PB0.63x FY18
02/27/18	DBS Vickers	Sembcorp Industries	3.2	4.4	Buy	Sum of parts (10% discount), PB1.1x
03/05/18	OCBC	Sembcorp Industries	3.12	3.59	Buy
03/07/18	DBS Vickers	Sembcorp Industries	3.08	4.4	Buy	RNAV (10% discount), PB1.1x
03/26/18	Morgan Stanley	Sembcorp Industries	3.04	2.77	Underweight	Sum of parts, Up from $2.39
04/03/18	DBS Vickers	Sembcorp Industries	3.11	4.4	Buy
04/04/18	UOB Kay Hian	Sembcorp Industries	3.06	3.28	Hold	Sum of parts, Buy @ $3
04/12/18	CIMB	Sembcorp Industries	3.11	4.13	Add	Sum of parts
04/23/18	Macquarie	Sembcorp Industries	3.24	3.6	Outperform
05/04/18	OCBC	Sembcorp Industries	3.06	3.59	Buy
05/04/18	UOB Kay Hian	Sembcorp Industries	3.06	3.6	Hold	Sum of parts, Buy @ $2.90
05/04/18	CIMB	Sembcorp Industries	3.06	3.49	Add	Sum of parts
05/07/18	DBS Vickers	Sembcorp Industries	3.04	4.4	Buy	Sum of parts (10% discount), PB1.1x
05/09/18	phillip	Sembcorp Industries	3.06	3.83	Buy	Sum of parts (10% discount)
06/04/18	CIMB	Sembcorp Industries	2.93	3.49	Add
06/04/18	DBS Vickers	Sembcorp Industries	2.93	4.5	Buy
06/25/18	UOB Kay Hian	Sembcorp Industries	2.76	3.6	Hold	PER8.5x FY19
06/25/18	Lim & Tan	Sembcorp Industries	2.76	0	Accumulate
07/03/18	UOB Kay Hian	Sembcorp Industries	2.72	3.6	Buy
07/11/18	CIMB	Sembcorp Industries	2.67	3.49	Add
08/06/18	DBS Vickers	Sembcorp Industries	2.63	3.9	Buy	RNAV (10% discount), PB1x
08/06/18	UOB Kay Hian	Sembcorp Industries	2.63	3.41	Buy
08/06/18	CIMB	Sembcorp Industries	2.63	3.49	Add	Sum of parts
08/07/18	phillip	Sembcorp Industries	2.7	3.7	Buy	Sum of parts
08/07/18	Lim & Tan	Sembcorp Industries	2.7	0	Buy
09/06/18	DBS Vickers	Sembcorp Industries	2.75	3.9	Buy
09/19/18	CIMB	Sembcorp Industries	2.9	3.49	Add	Sum of parts
09/24/18	phillip	Sembcorp Industries	3.03	3.7	Buy
09/24/18	OCBC	Sembcorp Industries	3.03	3.53	Buy
10/02/18	DBS Vickers	Sembcorp Industries	3.07	3.9	Buy	Sum of parts (10% discount), PER19.2x FY18, PB1x FY18
10/02/18	CIMB	Sembcorp Industries	3.07	3.49	Add	Sum of parts
10/09/18	UOB Kay Hian	Sembcorp Industries	2.96	3.41	Buy
10/11/18	Lim & Tan	Sembcorp Industries	2.95	0	Buy
11/01/18	Macquarie	Sembcorp Industries	2.82	3.6	Buy
11/05/18	OCBC	Sembcorp Industries	2.84	3.3	Buy	Sum of parts
11/05/18	UOB Kay Hian	Sembcorp Industries	2.84	3.41	Buy	Sum of parts
11/05/18	CIMB	Sembcorp Industries	2.84	3.49	Add	Sum of parts
11/05/18	DBS Vickers	Sembcorp Industries	2.84	3.7	Buy	RNAV (10% discount), PB1x
11/08/18	phillip	Sembcorp Industries	2.67	3.6	Buy	Sum of parts
11/08/18	Lim & Tan	Sembcorp Industries	2.67	0	Hold

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
08/17/18	UOB Kay Hian	SATS	5.1	6.1	Buy
09/10/18	UOB Kay Hian	SATS	5.01	6.1	Buy
09/18/18	OCBC	SATS	4.93	5.39	Buy
11/08/18	UOB Kay Hian	SATS	4.99	5.6	Buy	EV/Invested Capital
11/09/18	phillip	SATS	5.11	5.47	Accumulate	DCF, PER24.3x FY19
11/09/18	OCBC	SATS	5.11	5.39	Hold
11/09/18	CIMB	SATS	5.11	5.06	Hold	PER20x CY19
11/12/18	DBS Vickers	SATS	4.88	5.6	Buy	DCF, PER22x FY20

Stock calls for 26 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/26/18	phillip	Geo Energy	0.205	0.245	Buy
11/26/18	phillip	Golden Energy	0.23	0.36	Buy
11/26/18	OCBC	SIA Engineering	2.51	2.64	Hold	DCF
11/26/18	CIMB	Venture	14.72	17.44	Add	PER12.3x FY20

Another bad news for bitcoin!

https://sg.finance.yahoo.com/news/us-military-darpa-program-hops-074953491.html

US DARPA is trying to develop another version of blockchain without monetary incentive.  This new blockchain will contradict the existing blockchain because crypto miners won't be interested in a non-monetary crypto mining.

Apple is cutting its iPhone XR prices in Asia.

https://www.cnbc.com/2018/11/23/iphone-xr-discount-japan-report.html

After the reported poor iPhone sales, Apple has decided to cut its XR prices in Asia to boost its sales.

We've reported previously that Apple couldn't continue to sell at high prices because of the elastic demand.

http://sg-stock.blogspot.com/2018/11/apple-has-cut-production-orders-by-13.html

Apple financial statement won't look good if the volume and price drop simultaneously.

The National Council of Churches of Singapore (NCCS) got it all wrong.

https://sg.news.yahoo.com/nccs-concerned-commercial-disney-theme-christmas-light-orchard-road-124236546.html

The commercialization of Christmas started with the introduction of Santas Claus.  Therefore, NCCS is barking up the wrong tree.  Just ask the kids how they perceive Christmas and they'll tell you Santas Claus and not Jesus.

Orchard road is a dying shopping street and it is trying to stay alive with the Christmas decors.  Without these decors, who will wanna visit orchard road?

NCCS, please stay out of commercial streets because the retailers are trying to make a living.  When these retailers are out of business, nobody will make any charitable donation.

Baltic dry index - 1008

Today, Wednesday, November 21 2018, the Baltic Dry Index climbed by 5 points, reaching 1008 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 - 1079

The US drilling rig count is down 3 units to 1,079 rigs working for the shortened holiday week ended Nov. 21, according to Baker Hughes data. However, the count is up 156 units from the 923 rigs working this time a year ago.

Land-based drilling was down 6 units this week to 1,052 rigs working vs. last week. Offshore units gained 3 units to reach 25 rigs working, while those rigs drilling in inland waters were unchanged this week to 2 rigs working for the week.

US oil-directed rigs were down 3 units from last week to 885 units working, and up from the 747 rigs drilling for oil this week a year ago. Gas-directed rigs were unchanged at 194, and up from the 176 units drilling for gas a year ago.

Among the major oil and gas-producing states, Texas, at 532 rigs, and North Dakota, at 52 rigs, were down 3 units each. Oklahoma and Wyoming, at 144 and 28, respectively, were down 2 units each. Alaska and Utah each lost 1 unit to reach respective counts of 5 and 4.

New Mexico was up 3 units to reach 108 rigs working and Louisiana, at 69, was up 4 units.

All other states were unchanged from last week.

Canada gained 7 rigs for the week. With 204 rigs running, the count is less than the 215 units drilling this week a year ago. Oil-directed rigs rose 6 units bringing the count to 124 rigs for the week. Rigs targeting gas in Canada gained 1 unit to 80 rigs working.

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

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

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
08/07/18	Kim Eng	Sasseur	0.75	0.9	Buy	DDM
09/18/18	DBS Vickers	Sasseur	0.71	0.91	Buy	DCF
11/13/18	Kim Eng	Sasseur	0.68	0.9	Buy
11/14/18	DBS Vickers	Sasseur	0.68	0.91	Buy	DCF

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 23 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/23/18	CIMB	Jumbo	0.405	0.54	Add	PER21x FY20
11/23/18	UOB Kay Hian	Jumbo	0.405	0.42	Hold	PER20x FY19, Buy @ $0.38
11/23/18	CIMB	Q & M	0.505	0.47	Reduce	PER20x FY20

Crypto mining bankruptcy is rising rapidly now.

https://bitcoinexchangeguide.com/giga-watt-crypto-mining-company-files-for-bankruptcy-with-millions-in-bitcoin-owed-to-creditors/

Crypto mining bankruptcies are happening in the USA and China now!

https://www.thestar.com.my/tech/tech-news/2018/11/22/as-bitcoin-prices-fall-mining-cryptocurrencies-is-no-longer-profitable-for-many/

https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-crash-cryptocurrency-mining-bankrupt-china-bitmain-giga-watt-a8646821.html

When a product is conceived and developed on flawed structural design and bad economics, it is doomed to fail in a matter of time.

http://sg-stock.blogspot.com/2018/11/a-financial-analysis-on-initial-coin.html

Fund managers don't invest in ICOs and Cryptocurrencies because they understand the investment risks as explained in our financial analysis posting for ICO & Crypto.

No more trade talk between Trump and Xi.

https://sg.finance.yahoo.com/news/u-asks-allies-avoid-huaweis-equipment-wsj-035619742--finance.html

Look like the trade tralk between Trump and Xi won't end well because the US is embarking on a smearing campaign now.

The US is also engaging in cybersecurity snooping especially through the US operating system (Windows).  It is also eavesdropping on other leaders through network tapping.

China should just kick Microsoft out of China because of cybersecurity risks too.

I've stopped using microsoft products after microsoft acknowledged publicly that it had a backdoor in its system for the US NSA.