Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Singapore Medical	0.44	0.63	Buy	DCF, PER27x FY17
01/23/17	Kim Eng	Singapore Medical	0.465	0.59	Buy	PER27x FY17
02/17/17	DMG & Partners	Singapore Medical	0.56	0.59	Buy
03/01/17	DMG & Partners	Singapore Medical	0.585	0.65	Buy	DCF, PER27x FY18
03/01/17	Kim Eng	Singapore Medical	0.585	0.67	Buy	PER27x FY18
04/05/17	Kim Eng	Singapore Medical	0.565	0.67	Buy	PER27x FY18
04/21/17	Kim Eng	Singapore Medical	0.55	0.78	Buy	PER27x FY18
04/24/17	DMG & Partners	Singapore Medical	0.615	0.79	Buy	DCF, PER28x FY18
06/05/17	Kim Eng	Singapore Medical	0.605	0.78	Buy	PER27x FY18
08/16/17	Kim Eng	Singapore Medical	0.615	0.78	Buy	PER27x FY18
08/16/17	DMG & Partners	Singapore Medical	0.615	0.79	Buy	DCF, PER27x FY18
10/19/17	DMG & Partners	Singapore Medical	0.625	0.79	Buy	DCF, PER26.5x FY18
10/20/17	Kim Eng	Singapore Medical	0.615	0.78	Buy	PER27x FY18
11/13/17	DBS Vickers	Singapore Medical	0.6	0.75	Buy	PER25x FY18/19, PEG0.3x
11/30/17	Kim Eng	Singapore Medical	0.57	0.78	Buy
01/24/18	DMG & Partners	Singapore Medical	0.605	0.79	Buy
01/26/18	UOB Kay Hian	Singapore Medical	0.63	0.83	Buy	PER26.8x FY18, PEG0.3x
02/06/18	DMG & Partners	Singapore Medical	0.58	0.79	Buy	DCF, PER27x FY18
03/01/18	UOB Kay Hian	Singapore Medical	0.56	0.83	Buy	PER26.8x FY18
03/02/18	DBS Vickers	Singapore Medical	0.56	0.73	Buy
03/02/18	Kim Eng	Singapore Medical	0.56	0.7	Buy	PER27x FY18
03/02/18	DMG & Partners	Singapore Medical	0.56	0.68	Buy	DCF, PER26x FY18
03/19/18	UOB Kay Hian	Singapore Medical	0.51	0.74	Buy	PER25.8x FY18
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
06/06/18	UOB Kay Hian	Singapore Medical	0.495	0.74	Buy
06/27/18	DMG & Partners	Singapore Medical	0.46	0.68	Buy
07/31/18	DMG & Partners	Singapore Medical	0.425	0.56	Buy	DCF, PER21.5x
08/15/18	DMG & Partners	Singapore Medical	0.43	0.56	Buy	DCF
08/16/18	UOB Kay Hian	Singapore Medical	0.425	0.74	Buy
11/07/18	UOB Kay Hian	Singapore Medical	0.4	0.74	Buy	PER22.2x FY19
11/08/18	DMG & Partners	Singapore Medical	0.41	0.56	Buy	DCF

Stock calls for 3 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/03/18	UOB Kay Hian	Capitaland	3.12	4.4	Buy	RNAV (20% discount)
12/03/18	OCBC	Frasers Centrepoint Trust	2.16	2.5	Buy
12/03/18	OCBC	Frasers Logistics	1.06	1.19	Buy
12/03/18	OCBC	Keppel DC Reit	1.36	1.48	Buy
12/03/18	DBS Vickers	Keppel Reit	1.15	1.41	Buy
12/03/18	DMG & Partners	Keppel Reit	1.15	1.06	Neutral
12/03/18	DMG & Partners	Kimly	0.255	0.27	Neutral	DCF
12/03/18	OCBC	Mapletree North Asia	1.13	1.34	Buy

The US-China truce has different interpretations.

https://sg.finance.yahoo.com/news/china-apos-descriptions-trump-xi-041500240.html

Look like the trade tension will escalate after 90 days because both sides have different interpretations of the truce.

Companies will not change their investment decisions based on a 90-day truce.  Therefore, nothing will change in the real business world.  The only thing that will change is the stock investors' behaviour but this will not affect the companies' earnings.  Fundamentally, it is a company's earnings that will affect or support the stock price.  Investors react positively to the truce but this is just a knee-jerk reaction as businesses will remain the same.

No trade deal between US and China in G20.

https://www.channelnewsasia.com/news/asia/china-us-donald-trump-xi-jinping-trade-tariffs-10988876

Nothing was achieved in the G20 between US and China.  Both sides are trying to act cordially in front of the media but fundamentally, nothing has changed.

The existing punitive tariffs are still in place but more ineffective on-going talks will continue.  There are huge gaping fundamental differences which are just impossible to resolve.  Furthermore, the US will continue to embark on smearing campaigns against China to achieve its aims of getting China to submit.  This is definitely a bad strategy to get China to a trade deal because China won't submit due to its nationalistic characteristic.

Nevertheless, the existing tariffs will contain the economic growth of both countries and this trade war will escalate in 2019.  Therefore, 2019 will be a bad year for the world.

India is slowing down!

https://www.channelnewsasia.com/news/business/india-economic-growth-slows-to-7-1-10985712

The Asian economies are slowing down!

http://sg-stock.blogspot.com/2018/11/malaysia-and-thailand-economies-are.html

Let's take a snapshot of Asian economies.

India - Slowdown
Japan - Slowdown
Hong Kong - Slowdown
Malaysia - Slowdown
Thailand - Slowdown
China - Slowdown

A dead cat bounce for bitcoin?

Yes, bitcoin is having a dead cat bounce because of short-covering.

Crypto proponents are still daydreaming that the financial institutions will get onto the crypto bandwagon and push up the crypto prices.  However, it won't happen because of the flawed structural design and bad economics of crypto.

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

These financial institutions won't even use public blockchains but will develop their own private blockchains because of privacy and confidential issues.

As more people get educated about ICO & Crypto, the interest in these flawed products will decline, just like the way CDOs are abandoned.

US-China trade talk in G20 will likely break down.

https://sg.news.yahoo.com/two-u-navy-ships-pass-taiwan-strait-opposing-004012430.html

Trump and Putin talk had been cancelled in G20.

Trump and Xi trade talk will break down too in G20 because US naval ships sail in a sensitive area prior to the talk.

What purpose does this serve? Nothing!

Baltic dry index - 1231

Today, Friday, November 30 2018, the Baltic Dry Index decreased by 50 points, reaching 1231 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 - 1076

The US drilling rig count is down 3 units to 1,076 rigs working for the week ended Nov. 30, according to Baker Hughes data. The count is up 147 units from the 929 rigs working this time a year ago.

At 1,051 rigs working, one less unit is drilling on land week-over-week. Offshore units are down by 2 to reach 23 rigs working, while those drilling in inland waters remain unchanged at 2 rigs working for the week.

US oil-directed rigs are up 2 units from last week to 887 units working, and up from the 749 rigs drilling for oil this week a year ago. Gas-directed rigs are down 5 units at 189, and up from the 180 units drilling for gas a year ago.

Among the major oil and gas-producing states, only four saw an increase in rigs week over week. Wyoming saw a 2-rig increase to 30, while Oklahoma, 145; Alaska, 6; and Utah, 5; each added a single unit.

Six states are unchanged this week: New Mexico, 108; North Dakota, 52; Pennsylvania, 46; Ohio, 16; California, 15; and Kansas, 0.

The largest decrease comes from Louisiana where a 4-unit drop brought the total number of rigs running to 65. West Virginia dropped 2 units to reach 11 rigs. With a one-rig decrease, Texas stands at 531 rigs working for the week, while Colorado’s single-rig drop brings the total to 33 rigs running.

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

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Sing Investments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/24/17	phillip	Sing Investments	1.475	1.67	Accumulate	GGM, PB0.8x
08/04/17	phillip	Sing Investments	1.51	1.67	Accumulate	PB0.8x
10/26/17	phillip	Sing Investments	1.58	1.725	Accumulate	GGM, PB0.8x FY18

Sing Holdings - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/30/17	Amfrasers	Sing Holdings	0.39	0.54	Buy	RNAV (30% discount), PB0.83x FY16
04/05/18	Amfrasers	Sing Holdings	0.42	0.68	Buy	RNAV (30% discount), PB1x FY17

Sinarmas - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/03/17	phillip	Sinarmas Land	0.465	0.73	Buy	RNAV (35% discount)
05/17/17	phillip	Sinarmas Land	0.455	0.73	Buy	RNAV (35% discount)

Stock calls for 30 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/30/18	CIMB	Capitamall Trust	2.26	2.29	Add
11/30/18	CIMB	CDL Hospitality	1.49	1.63	Add	DDM
11/30/18	OCBC	Far East Hospitality	0.61	0.675	Buy
11/30/18	Lim & Tan	Hutchison Port	0.26	0	Hold
11/30/18	CIMB	IHH Healthcare	1.8	2.1	Add	Sum of parts, Ringgit $6.40 target price
11/30/18	CIMB	Keppel Reit	1.16	1.34	Add
11/30/18	UOB Kay Hian	SATS	4.68	5.4	Buy
11/30/18	UOB Kay Hian	SIA	9.65	10.2	Hold
11/30/18	CIMB	Y Venture	0.28	0.56	Add	PER30x FY19
11/30/18	DBS Vickers	Yanlord	1.3	1.62	Buy	PER4.7x FY19

Red alert! Racial riot in Kuala Lumpur!

Please refrain from visiting KL now.  Visit KL at your own risk!

Do Thailand and Vietnam really benefit from the US-China trade war?

https://www.channelnewsasia.com/news/business/supply-chain-reaction-trade-war-refugees-race-to-relocate-to-10979152

When a country becomes a manufacturing hub, it will start to export a lot more than before and also cause it to have a huge trade surplus with the USA.  Thereafter, it will be in the same situation as China now because the USA will start to target the export-oriented manufacturing country.

Thailand and Vietnam are not as big as China and don't have the same prowess to defend themselves against the USA.  In the end, Thailand and Vietnam will bow to the USA and sign unfair trade agreements with the USA.  This is the USA's mentality - I can export to you but you cannot export to me.

Good luck to Thailand and Vietnam in the future!

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/16/17	CIMB	Silverlake	0.58	0.65	Add	DCF
02/16/17	DMG & Partners	Silverlake	0.58	0.7	Buy	DCF
05/17/17	CIMB	Silverlake	0.53	0.65	Add	DCF
05/17/17	DMG & Partners	Silverlake	0.53	0.65	Buy	DCF
06/02/17	CIMB	Silverlake	0.535	0.65	Add	DCF
04/25/18	CIMB	Silverlake	0.53	0.58	Add	DCF
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
05/24/18	DBS Vickers	Silverlake	0.545	0.65	Not Rated	PER22x FY19
06/20/18	DMG & Partners	Silverlake	0.52	0.65	Buy	DCF, PERf21x FY19
07/27/18	DMG & Partners	Silverlake	0.515	0.65	Buy	DCF, PER23x FY19
08/27/18	CIMB	Silverlake	0.455	0.56	Add	DCF
08/28/18	DMG & Partners	Silverlake	0.46	0.57	Buy	DCF
09/07/18	DMG & Partners	Silverlake	0.445	0.57	Buy
09/14/18	CIMB	Silverlake	0.42	0.56	Add	DCF
11/14/18	DMG & Partners	Silverlake	0.41	0.65	Buy	DCF
11/14/18	CIMB	Silverlake	0.41	0.56	Add	Sum of parts, PER17.6x FY20

SIIC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	SIIC	0.59	1.13	Buy	DCF
01/17/17	DBS Vickers	SIIC	0.565	0.68	Buy	PER25x FY17
02/17/17	DMG & Partners	SIIC	0.58	0.96	Buy	DCF, PER20x FY17
04/26/17	DMG & Partners	SIIC	0.53	0.96	Buy
08/14/17	DMG & Partners	SIIC	0.465	0.82	Buy	DCF
08/15/17	DBS Vickers	SIIC	0.46	0.53	Hold	PER22x
10/11/17	DBS Vickers	SIIC	0.52	0.53	Hold	PER22x FY17
11/10/17	DMG & Partners	SIIC	0.515	0.54	Neutral	DCF
12/27/17	DBS Vickers	SIIC	0.515	0.53	Hold
11/15/18	DBS Vickers	SIIC	0.28	0.32	Hold	PER13x

SIA Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	UOB Kay Hian	SIA Engineering	3.37	3.3	Sell
02/06/17	CIMB	SIA Engineering	3.52	3.77	Hold	DCF
02/06/17	DBS Vickers	SIA Engineering	3.52	3.58	Hold	Sum of parts
02/06/17	Kim Eng	SIA Engineering	3.52	3.7	Hold	PER20x FY18
02/06/17	OCBC	SIA Engineering	3.52	3.58	Hold	DCF
02/06/17	phillip	SIA Engineering	3.52	3.38	Neutral	DCF
02/06/17	UOB Kay Hian	SIA Engineering	3.52	3.3	Sell	DCF
03/02/17	UOB Kay Hian	SIA Engineering	3.67	3.3	Sell
04/05/17	UOB Kay Hian	SIA Engineering	3.7	3.3	Sell
04/06/17	Lim & Tan	SIA Engineering	3.7	0	Hold	PER24x FY17/18
05/16/17	CIMB	SIA Engineering	3.98	3.98	Hold	DCF
05/16/17	DBS Vickers	SIA Engineering	3.98	3.84	Hold	Sum of parts
05/16/17	OCBC	SIA Engineering	3.98	3.75	Hold	DDM
05/16/17	phillip	SIA Engineering	3.98	3.7	Neutral	DCF, PER23.4x FY18
05/16/17	UOB Kay Hian	SIA Engineering	3.98	3.5	Sell	DCF, PER26x FY18
06/06/17	UOB Kay Hian	SIA Engineering	3.94	3.5	Sell
06/07/17	OCBC	SIA Engineering	3.97	3.75	Hold
06/22/17	Lim & Tan	SIA Engineering	4.16	0	Hold
06/28/17	CIMB	SIA Engineering	4.17	3.86	Reduce	DCF
07/03/17	OCBC	SIA Engineering	4.08	3.75	Hold
07/10/17	UOB Kay Hian	SIA Engineering	4.06	3.6	Sell	DCF, PER23x FY18
07/26/17	phillip	SIA Engineering	3.87	3.7	Reduce	DCF, PER24.9x FY18
07/26/17	CIMB	SIA Engineering	3.87	3.86	Reduce	DCF
07/26/17	OCBC	SIA Engineering	3.87	3.7	Hold
07/26/17	DBS Vickers	SIA Engineering	3.87	3.84	Hold	Sum of parts
08/02/17	DIR	SIA Engineering	3.54	4.1	Outperform	DCF
08/17/17	UOB Kay Hian	SIA Engineering	3.49	3.6	Sell	DCF, PER23.7x FY18
10/12/17	Crucial Perspective	SIA Engineering	3.18	4.5	Outperform
11/07/17	UOB Kay Hian	SIA Engineering	3.3	3.5	Hold	DCF, Buy @ $3.10-3.15
11/07/17	phillip	SIA Engineering	3.3	3.35	Neutral	DCF, PER24.6x FY18
11/07/17	OCBC	SIA Engineering	3.3	3.35	Hold
11/07/17	Kim Eng	SIA Engineering	3.3	3.5	Hold	PER21x FY19
11/07/17	CIMB	SIA Engineering	3.3	3.7	Reduce
12/18/17	DIR	SIA Engineering	3.11	3.56	Outperform
01/30/18	UOB Kay Hian	SIA Engineering	3.26	4	Buy	DCF, PER24.9x FY18
02/05/18	UOB Kay Hian	SIA Engineering	3.33	4	Buy	DCF
02/05/18	phillip	SIA Engineering	3.33	3.51	Accumulate	DCF
02/05/18	Kim Eng	SIA Engineering	3.33	3.5	Hold	PER21x FY19
02/05/18	CIMB	SIA Engineering	3.33	3.13	Reduce	DCF
02/05/18	Lim & Tan	SIA Engineering	3.33	0	Hold
02/05/18	OCBC	SIA Engineering	3.33	3.7	Buy	DCF
02/05/18	DBS Vickers	SIA Engineering	3.33	3.86	Buy
03/09/18	UOB Kay Hian	SIA Engineering	3.25	4	Buy
05/11/18	UOB Kay Hian	SIA Engineering	3.31	4	Buy	DCF, PER20.8x FY18
05/16/18	Lim & Tan	SIA Engineering	3.33	0	Hold
05/17/18	phillip	SIA Engineering	3.31	3.57	Accumulate	DCF
05/17/18	DBS Vickers	SIA Engineering	3.31	3.92	Buy	Sum of parts
05/17/18	UOB Kay Hian	SIA Engineering	3.31	3.8	Buy	PER19.6x ex-cash
05/17/18	OCBC	SIA Engineering	3.31	3.7	Buy
06/11/18	UOB Kay Hian	SIA Engineering	3.17	3.8	Buy
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
07/23/18	UOB Kay Hian	SIA Engineering	3.2	3.4	Hold	DCF, PER21.8x FY19, Buy @ $3-3.1
08/01/18	CIMB	SIA Engineering	2.98	3.31	Add	DCF
09/10/18	UOB Kay Hian	SIA Engineering	2.93	3.4	Hold
11/12/18	phillip	SIA Engineering	2.83	2.81	Neutral	DCF, PER20.6x FY19
11/12/18	UOB Kay Hian	SIA Engineering	2.83	2.7	Hold	DCF, Buy @ $2.40 or PER15x FY19
11/12/18	DBS Vickers	SIA Engineering	2.83	2.94	Hold	Sum of parts
11/12/18	CIMB	SIA Engineering	2.83	3.11	Add	DCF, PER19.6x CY19
11/26/18	OCBC	SIA Engineering	2.51	2.64	Hold	DCF

Stock calls for 29 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/29/18	Kim Eng	Capitamall Trust	2.24	2.2	Hold	DDM
11/29/18	Kim Eng	Frasers Centrepoint Trust	2.17	2.55	Buy
11/29/18	OCBC	SATS	4.65	5.34	Buy	FCFE
11/29/18	OCBC	ST Engineering	3.5	3.95	Buy

US economy will crumble if the US-China trade war continues.

https://www.cnbc.com/2018/11/28/manufacturers-say-trump-tariffs-to-bring-higher-prices-not-jobs-survey.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo

The GM is retrenching 14,000 staffs and more companies will follow suit if the US-China trade war continues or escalates.

The US companies are sending a strong signal to Trump now.  If Trump and Xi cannot reach a detente in the G20 summit, the stock markets will fall significantly again because the euphoria of the trade talk has been factored into the stock markets now.  Investors are betting that both leaders are still sane and will reach a deal to avoid any economic malaise.  However, Trump is the insane one.

SIA - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/17	DIR	SIA	9.83	8.62	Underperform	PB0.8x FY17
01/11/17	UOB Kay Hian	SIA	9.86	10.1	Hold
02/08/17	CIMB	SIA	9.72	10.5	Hold	PB0.9x CY17
02/08/17	DBS Vickers	SIA	9.72	10.1	Hold	PB0.9x FY17
02/08/17	DIR	SIA	9.72	8.62	Underperform	PB0.8x FY17
02/08/17	Kim Eng	SIA	9.72	9.7	Hold	PB0.86x FY17
02/08/17	Lim & Tan	SIA	9.72	0	Sell
02/08/17	UOB Kay Hian	SIA	9.72	10.1	Hold	PB0.7x FY17 ex-SIAEC
02/09/17	Credit Suisse	SIA	9.8	10.2	Neutral
02/09/17	OCBC	SIA	9.8	10.36	Hold
02/09/17	UOB Kay Hian	SIA	9.8	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.60
03/08/17	UOB Kay Hian	SIA	9.95	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.90
03/17/17	Lim & Tan	SIA	9.97	0	Hold
03/22/17	OCBC	SIA	10.04	10.36	Hold
04/05/17	UOB Kay Hian	SIA	10.27	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.90
05/05/17	UOB Kay Hian	SIA	10.35	10.4	Hold	PB0.7x FY17 ex-SIAEC
05/19/17	DIR	SIA	10.76	9.06	Underperform	PB0.8x FY18
05/19/17	Lim & Tan	SIA	10.76	0	Sell
05/19/17	UOB Kay Hian	SIA	10.76	10.1	Hold	PB0.7x FY17 ex-SIAEC
05/22/17	CIMB	SIA	9.98	10	Reduce	PB0.9x
05/22/17	Credit Suisse	SIA	9.98	10	Neutral	PB0.9x FY18
05/22/17	DBS Vickers	SIA	9.98	10.1	Hold	PB0.9x
05/22/17	OCBC	SIA	9.98	10.03	Hold	PB0.9x FY18
05/22/17	UOB Kay Hian	SIA	9.98	10	Hold	PB0.7x FY17 ex-SIAEC, Buy @ $9
06/06/17	UOB Kay Hian	SIA	10.03	10	Hold	Buy @ $9
06/12/17	Credit Suisse	SIA	10.08	10	Neutral
06/23/17	OCBC	SIA	9.94	10.03	Hold
06/29/17	DIR	SIA	10.08	9.06	Underperform	PB0.8x FY18
07/03/17	UOB Kay Hian	SIA	10.12	10	Hold
07/27/17	Kim Eng	SIA	10.13	10.85	Hold	PB0.93x FY18
07/28/17	DIR	SIA	10.15	9.06	Underperform
07/31/17	CIMB	SIA	10.28	10	Reduce	PB0.9x
08/01/17	UOB Kay Hian	SIA	10.39	10.1	Hold	Sum of parts, Buy @ $9.10
08/01/17	OCBC	SIA	10.39	10.1	Hold	PB0.9x FY18
08/14/17	CIMB	SIA	10.59	10.42	Hold	PB0.9x
08/30/17	DIR	SIA	10.29	9.06	Underperform	PB0.8x FY18
09/05/17	OCBC	SIA	10.25	10.1	Hold
09/19/17	UOB Kay Hian	SIA	10.2	10.1	Hold	PB0.7x FY18, Buy @ $9.50 or lower
09/19/17	DIR	SIA	10.2	9.06	Underperform	PB0.8x FY18
10/12/17	Crucial Perspective	SIA	10.16	11.1	Outperform
10/27/17	UOB Kay Hian	SIA	10.22	10.1	Hold
11/08/17	UOB Kay Hian	SIA	10.32	11.1	Hold	PB0.8x, Buy @ $10.3
11/09/17	OCBC	SIA	10.75	10.5	Hold	PB0.9x FY18
11/09/17	Credit Suisse	SIA	10.75	10.25	Neutral	PB0.9x
11/09/17	CIMB	SIA	10.75	10.82	Hold
11/09/17	DBS Vickers	SIA	10.75	10.3	Hold	PB0.9x FY18
11/09/17	Kim Eng	SIA	10.75	10.95	Hold	PB0.93x FY18
12/20/17	CIMB	SIA	10.65	10.82	Hold
01/03/18	UOB Kay Hian	SIA	10.67	11.9	Buy	PB0.9x FY18
01/03/18	OCBC	SIA	10.67	10.5	Hold
01/31/18	DBS Vickers	SIA	11.31	10.55	Hold
02/09/18	Kim Eng	SIA	10.86	10.95	Hold	PB0.93x FY18
02/14/18	CIMB	SIA	10.62	12.05	Add	PB1x CY18
02/14/18	UOB Kay Hian	SIA	10.62	11.9	Buy	PB0.9x FY18
02/14/18	DBS Vickers	SIA	10.62	12	Buy	PB1x FY19
02/15/18	OCBC	SIA	11.15	10.85	Hold	PB0.9x FY18
02/15/18	Credit Suisse	SIA	11.15	10.7	Neutral
03/09/18	UOB Kay Hian	SIA	11.01	11.9	Buy
03/15/18	Lim & Tan	SIA	11.2	0	Neutral
05/07/18	UOB Kay Hian	SIA	11.03	11.9	Buy	PB0.9x FY18
05/18/18	Lim & Tan	SIA	11.14	0	Hold
05/18/18	CIMB	SIA	11.14	11.75	Add	PB1.05x
05/21/18	UOB Kay Hian	SIA	11.56	12.6	Buy	Sum of parts, PB1x FY19
05/21/18	OCBC	SIA	11.56	11.3	Hold
05/21/18	DBS Vickers	SIA	11.56	13.7	Buy	PB1.2x FY19
06/05/18	DBS Vickers	SIA	11.48	13.7	Buy
06/11/18	UOB Kay Hian	SIA	11.43	12.6	Buy
06/19/18	UOB Kay Hian	SIA	11.2	11.9	Hold	PB0.95x, Buy @ $10.9
06/21/18	OCBC	SIA	11.01	11.3	Hold
07/03/18	UOB Kay Hian	SIA	10.42	11.9	Hold	PB0.9x, Buy @ $10.50-10.60
07/27/18	Lim & Tan	SIA	10.8	0	Hold
07/27/18	OCBC	SIA	10.8	11.01	Hold
07/27/18	Kim Eng	SIA	10.8	9.65	Sell	PB0.82x FY18
07/30/18	CIMB	SIA	10.22	11.75	Add	PB1.05x CY18
07/30/18	DBS Vickers	SIA	10.22	12.4	Buy	PB1.1x FY19
07/31/18	UOB Kay Hian	SIA	10.1	11.1	Hold	PB0.8x, Buy @ $9.80
09/10/18	UOB Kay Hian	SIA	9.62	11.1	Hold
09/18/18	UOB Kay Hian	SIA	9.57	10.4	Hold	PB0.75x, Buy @ $9.10
10/16/18	Macquarie	SIA	9.2	11.7	Outperform	EV/Ebitda7x FY19, Cut from $12.50
10/17/18	OCBC	SIA	9.15	10.71	Buy	PB0.9x
11/09/18	Kim Eng	SIA	9.65	9.8	Hold	PB0.82x FY20
11/12/18	CIMB	SIA	9.52	10.1	Hold	PB0.9x CY19
11/14/18	UOB Kay Hian	SIA	9.42	10.4	Hold	PB0.75x FY19, Buy @ $9.20-9.30
11/14/18	DBS Vickers	SIA	9.42	10.2	Hold	PB0.85x FY19
11/15/18	OCBC	SIA	9.41	10.71	Buy	PB0.85x FY19
11/15/18	Lim & Tan	SIA	9.41	0	Hold

SHS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/25/18	phillip	SHS	0.23	0.29	Buy	PER10x FY19
08/23/18	phillip	SHS	0.24	0.29	Buy	PER10x FY19
11/19/18	phillip	SHS	0.215	0.24	Accumulate	PER10x FY19

Shopper360 - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/13/18	phillip	Shopper360	0.18	0.33	Trading Buy	PER7x FY19

Stock calls for 28 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/28/18	UOB Kay Hian	IHH Healthcare	1.57	1.95	Buy	Sum of parts, PER36x FY19
11/28/18	DBS Vickers	IHH Healthcare	1.57	2.08	Buy	Ringgit $6.35 target price
11/28/18	OCBC	Mapletree Commercial	1.63	1.79	Buy	DDM
11/28/18	Phillip	Thai Beverage	0.63	0.57	Reduce	Sum of parts
11/28/18	UOB Kay Hian	Thai Beverage	0.63	0.8	Buy	Sum of parts
11/28/18	DMG & Partners	Thai Beverage	0.63	0.75	Buy	Sum of parts
11/28/18	CIMB	Thai Beverage	0.63	0.73	Add	Sum of parts, PER17x
11/28/18	Exotix Capital	Wilmar	3.16	2.29	Sell	PER10x

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