Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/17	CIMB	Thai Beverage	0.855	1.07	Add	Sum of parts, PER19.6x CY17
01/10/17	OCBC	Thai Beverage	0.845	1.01	Buy
01/10/17	JP Morgan	Thai Beverage	0.845	1.06	Overweight
02/02/17	OCBC	Thai Beverage	0.87	1.01	Buy
02/15/17	CIMB	Thai Beverage	0.88	1.07	Add	Sum of parts
02/16/17	DBS Vickers	Thai Beverage	0.94	1.01	Buy
03/06/17	OCBC	Thai Beverage	0.935	1.01	Buy
03/23/17	CIMB	Thai Beverage	0.925	1.07	Add	Sum of parts
03/31/17	UOB Kay Hian	Thai Beverage	0.935	1.09	Buy	Sum of parts
03/31/17	JP Morgan	Thai Beverage	0.935	1.1	Overweight
04/10/17	DBS Vickers	Thai Beverage	0.94	1.09	Buy	Sum of parts
04/10/17	DMG & Partners	Thai Beverage	0.94	1.1	Buy	Sum of parts
05/08/17	CIMB	Thai Beverage	0.91	1.07	Add	Sum of parts
05/12/17	DBS Vickers	Thai Beverage	0.915	1.09	Buy	Sum of parts
05/12/17	OCBC	Thai Beverage	0.915	1.01	Buy
05/15/17	DMG & Partners	Thai Beverage	0.885	1.1	Buy	Sum of parts
05/15/17	UOB Kay Hian	Thai Beverage	0.885	1.09	Buy	Sum of parts
05/15/17	JP Morgan	Thai Beverage	0.885	1	Overweight
06/13/17	OCBC	Thai Beverage	0.88	1.01	Buy
06/14/17	UOB Kay Hian	Thai Beverage	0.885	1.09	Buy
06/16/17	DBS Vickers	Thai Beverage	0.895	1.09	Buy
06/29/17	DBS Vickers	Thai Beverage	0.89	1.07	Buy	Sum of parts
07/03/17	DMG & Partners	Thai Beverage	0.9	1.1	Buy	Sum of parts, PER26x FY17
07/07/17	CIMB	Thai Beverage	0.91	1.07	Add	Sum of parts
07/10/17	Phillip	Thai Beverage	0.91	1.05	Accumulate	Sum of parts
07/11/17	UOB Kay Hian	Thai Beverage	0.915	1.09	Buy	Sum of parts
07/25/17	DBS Vickers	Thai Beverage	0.93	1.07	Buy	Sum of parts
08/08/17	UOB Kay Hian	Thai Beverage	0.96	1.09	Buy	Sum of parts
08/08/17	JP Morgan	Thai Beverage	0.96	1.1	Overweight
08/10/17	CIMB	Thai Beverage	0.955	1.07	Add	Sum of parts
08/10/17	DMG & Partners	Thai Beverage	0.955	1.1	Buy	Sum of parts
08/10/17	OCBC	Thai Beverage	0.955	1.01	Buy
08/11/17	DBS Vickers	Thai Beverage	0.945	1.07	Buy
08/14/17	Phillip	Thai Beverage	0.93	1.05	Accumulate	Sum of parts
08/14/17	UOB Kay Hian	Thai Beverage	0.93	1.09	Buy	Sum of parts
09/05/17	UOB Kay Hian	Thai Beverage	0.925	1.09	Buy	Sum of parts
09/18/17	OCBC	Thai Beverage	0.92	1.01	Buy
09/18/17	Credit Suisse	Thai Beverage	0.92	1.04	Outperform
09/19/17	DBS Vickers	Thai Beverage	0.915	1.07	Buy
09/20/17	DMG & Partners	Thai Beverage	0.91	1.1	Buy	Sum of parts
10/04/17	UOB Kay Hian	Thai Beverage	0.9	1.09	Buy	Sum of parts
10/13/17	DBS Vickers	Thai Beverage	0.945	1.07	Buy
10/16/17	DMG & Partners	Thai Beverage	0.94	1.12	Buy	Sum of parts
11/02/17	UOB Kay Hian	Thai Beverage	0.98	1.09	Buy	Sum of parts
11/24/17	DBS Vickers	Thai Beverage	0.94	1.07	Buy
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add	Sum of parts, PER24.8x FY18
11/27/17	Phillip	Thai Beverage	0.97	1.18	Buy	Sum of parts, PER24.2x FY18
11/27/17	UOB Kay Hian	Thai Beverage	0.97	1.11	Buy	Sum of parts
11/27/17	OCBC	Thai Beverage	0.97	1.07	Buy	Sum of parts
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add
12/04/17	Phillip	Thai Beverage	0.96	1.18	Buy
12/06/17	UOB Kay Hian	Thai Beverage	0.955	1.11	Buy	Sum of parts
12/13/17	Phillip	Thai Beverage	0.955	1.18	Buy	Sum of parts
12/13/17	CIMB	Thai Beverage	0.955	1.15	Add	Sum of parts
12/19/17	DBS Vickers	Thai Beverage	0.97	1.07	Buy	Sum of parts
12/20/17	CIMB	Thai Beverage	0.95	1	Hold	Sum of parts, PER22.6x CY18
12/20/17	JP Morgan	Thai Beverage	0.95	0.84	Underweight
01/04/18	UOB Kay Hian	Thai Beverage	0.915	1.11	Buy	Sum of parts
01/11/18	OCBC	Thai Beverage	0.93	1.07	Buy
01/23/18	Nomura	Thai Beverage	0.92	1.13	Buy
01/23/18	DBS Vickers	Thai Beverage	0.92	1.07	Buy
01/23/18	CIMB	Thai Beverage	0.92	1	Hold
02/01/18	UOB Kay Hian	Thai Beverage	0.92	1.06	Buy	Sum of parts
02/15/18	UOB Kay Hian	Thai Beverage	0.91	0.99	Hold	Sum of parts, Buy @ $0.84
02/15/18	CIMB	Thai Beverage	0.91	0.98	Hold	Sum of parts, PER21.8x CY18
02/19/18	DBS Vickers	Thai Beverage	0.85	1.02	Buy	Sum of parts
02/22/18	Phillip	Thai Beverage	0.835	1.05	Buy	Sum of parts
03/05/18	OCBC	Thai Beverage	0.825	0.95	Buy
03/19/18	Phillip	Thai Beverage	0.815	1.05	Buy
03/26/18	DBS Vickers	Thai Beverage	0.805	1.02	Buy
04/16/18	Phillip	Thai Beverage	0.8	1.05	Buy
05/10/18	DMG & Partners	Thai Beverage	0.83	1.06	Buy	Sum of parts
05/16/18	DBS Vickers	Thai Beverage	0.8	1.02	Buy
05/17/18	Phillip	Thai Beverage	0.795	1.05	Buy	Sum of parts
05/17/18	CIMB	Thai Beverage	0.795	0.98	Add	Sum of parts
05/17/18	OCBC	Thai Beverage	0.795	0.95	Buy
06/11/18	CIMB	Thai Beverage	0.77	0.98	Add
06/22/18	DMG & Partners	Thai Beverage	0.77	1.06	Buy
06/22/18	JP Morgan	Thai Beverage	0.77	0.73	Underweight
07/03/18	UOB Kay Hian	Thai Beverage	0.7	0.99	Buy
07/12/18	DMG & Partners	Thai Beverage	0.725	1.02	Buy	Sum of parts
07/25/18	DBS Vickers	Thai Beverage	0.74	0.94	Buy	Sum of parts
08/15/18	DBS Vickers	Thai Beverage	0.7	0.94	Buy	Sum of parts
08/15/18	JP Morgan	Thai Beverage	0.7	0.64	Underweight
08/16/18	CIMB	Thai Beverage	0.68	0.88	Add	Sum of parts
08/16/18	DMG & Partners	Thai Beverage	0.68	0.88	Buy	Sum of parts
08/16/18	OCBC	Thai Beverage	0.68	0.89	Buy
08/20/18	Phillip	Thai Beverage	0.645	0.62	Reduce	Sum of parts
09/04/18	Goldman Sachs	Thai Beverage	0.645	0.74	Buy	Cut from $0.94
09/04/18	JP Morgan	Thai Beverage	0.645	0.64	Underweight
09/14/18	CIMB	Thai Beverage	0.62	0.88	Add
09/18/18	Amfrasers	Thai Beverage	0.65	0.75	Buy	Sum of parts
09/20/18	DBS Vickers	Thai Beverage	0.65	0.94	Buy
09/21/18	DMG & Partners	Thai Beverage	0.67	0.88	Buy
10/02/18	Amfrasers	Thai Beverage	0.665	0.75	Buy	Sum of parts
10/04/18	UOB Kay Hian	Thai Beverage	0.71	0.84	Buy	Sum of parts
10/26/18	Exotix Capital	Thai Beverage	0.63	0.9	Buy
11/02/18	UOB Kay Hian	Thai Beverage	0.635	0.84	Buy
11/05/18	DBS Vickers	Thai Beverage	0.655	0.94	Buy
11/13/18	Amfrasers	Thai Beverage	0.65	0.75	Buy	Sum of parts
11/27/18	CIMB	Thai Beverage	0.67	0.88	Add	Sum of parts
11/27/18	DBS Vickers	Thai Beverage	0.67	0.87	Buy	Sum of parts
11/27/18	OCBC	Thai Beverage	0.67	0.85	Buy
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
12/05/18	Amfrasers	Thai Beverage	0.625	0.75	Buy	Sum of parts

Stock calls for 13 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/13/18	OCBC	First Reit	1.04	1.05	Buy
12/13/18	UOB Kay Hian	Sembcorp Industries	2.61	3.41	Buy

Telechoice - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/10/17	NRA	Telechoice	0.27	0.34	Overweight	PER15.56x FY17
08/15/17	NRA	Telechoice	0.25	0.34	Overweight	PER16.5x FY20

Tee Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/20/17	NRA	Tee Land	0.195	0.29	Overweight
03/09/18	NRA	Tee Land	0.21	0.28	Overweight	Sum of parts

Talkmed - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/23/17	CIMB	Talkmed	1.385	1.82	Add	DCF
02/28/17	DMG & Partners	Talkmed	1.43	2.07	Buy	DCF, PER32x FY17
03/06/17	CIMB	Talkmed	1.49	1.83	Add
04/26/17	DMG & Partners	Talkmed	1.775	2.07	Buy	DCF, PER30x FY18
04/27/17	CIMB	Talkmed	1.73	1.83	Hold	DCF
06/29/17	DMG & Partners	Talkmed	0.645	0.73	Buy	Ex-bonus 1 for 1
10/02/17	DMG & Partners	Talkmed	0.585	0.69	Buy
11/08/17	DMG & Partners	Talkmed	0.705	0.72	Neutral	PER29x FY18
01/08/18	CIMB	Talkmed	0.69	0.68	Hold	DCF
02/21/18	DMG & Partners	Talkmed	0.675	0.72	Neutral	DCF
04/27/18	DMG & Partners	Talkmed	0.69	0.7	Neutral	DCF, PER29x FY18
11/09/18	DMG & Partners	Talkmed	0.62	0.64	Neutral

Stock calls for 12 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/12/18	Kim Eng	Japfa	0.735	0.99	Buy	Sum of parts
12/12/18	UOB Kay Hian	Sunningdale	1.37	1.5	Hold	PER10.6x FY19, Buy @ $1.25
12/12/18	Lim & Tan	Sunningdale	1.37	0	Buy

A public listed company has dumped blockchain investment.

https://www.straitstimes.com/business/companies-markets/accrelist-calls-off-1m-deal-to-acquire-stake-in-blockchain-firm

This is a wise move for Accrelist because blockchain is an overhyped technology.

The more you know and learn about public blockchain, the more you will avoid it.

Crypto prices have fallen further after we have posted our crypto & ICO analyses.

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

http://sg-stock.blogspot.com/2018/09/the-private-blockchain-will-cannibalize.html

No need to squabble over the new flight path at Seletar.

https://sg.news.yahoo.com/johor-singapore-airspace-conflict-why-020011262.html

We just need to refer this to ICAO for the safety assessment.  If ICAO says it's safe, it is safe and Malaysia cannot refute the safety concerns over the new flight path at Seletar.

That's it! No need to debate anymore. If anybody wants to debate, please debate at the ICAO hearing. I believe ICAO will stand by Singapore's assessment.  Why? This is because Malaysia doesn't even know where its MH370 is now.

Canada has backed off a bit after its former diplomat is detained in China.

https://finance.yahoo.com/news/chinas-huawei-executive-bail-hearing-001907585.html

Canada has granted bail to Huawei CFO after China detains its former Canadian diplomat Michael Kovrig.

Hahaha!

Canada, why do you want to get involved in this stupid ante put up by the US?  This will hurt your trades and also your reputation.

Noble is going bankrupt soon!

https://finance.yahoo.com/news/noble-group-appoint-provisional-liquidator-101735089.html

Noble's fate is sealed after SGX blocked the new noble from relisting.

http://sg-stock.blogspot.com/2018/12/omg-noble-cannot-relist-on-sgx.html

The so-called PLAN B is detrimental to existing shareholders because the PLAN B SHARES cannot be traded publicly.  Holding a share that cannot be cashed out is definitely not good.

The PLAN B is unlikely to be accepted by the existing shareholders and bankruptcy is the only way to go for Noble.

TA Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/02/18	NRA	TA Corp	0.24	0.35	Overweight	RNAV (33% discount)
10/03/18	Tayrona Financial	TA Corp	0.24	0.35	Overweight

Synagie - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/27/18	UOB Kay Hian	Synagie	0.27	0.45	Buy	Price-to-Sales 4.2x FY19
09/06/18	CIMB	Synagie	0.215	0.34	Add	Price-to-Sales 2.2x CY19

SUTL - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/17	UOB Kay Hian	SUTL	0.665	0	Buy
03/09/17	Amfrasers	SUTL	0.77	1.09	Buy	DCF, EV/Ebitda8.8x
05/12/17	Amfrasers	SUTL	0.9	1.09	Buy
08/25/17	Amfrasers	SUTL	0.735	1.04	Buy
10/11/17	Amfrasers	SUTL	0.69	1.04	Buy

Stock calls for 11 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/11/18	DMG & Partners	A-Reit	2.56	2.9	Buy
12/11/18	DMG & Partners	Cache Logistics	0.7	0.84	Buy
12/11/18	DMG & Partners	CapitaCommercial	1.76	1.8	Neutral
12/11/18	DMG & Partners	Capitamall Trust	2.24	2.14	Neutral
12/11/18	DMG & Partners	CDL Hospitality	1.52	1.8	Buy
12/11/18	DBS Vickers	City Developments	8.42	9.5	Hold
12/11/18	DMG & Partners	Frasers Centrepoint Trust	2.17	2.19	Neutral
12/11/18	DMG & Partners	Frasers Commercial Trust	1.39	1.43	Neutral
12/11/18	DMG & Partners	Manulife US Reit	0.755	0.92	Buy
12/11/18	DBS Vickers	Starhill	0.67	0.75	Buy	DCF
12/11/18	DMG & Partners	Starhill	0.67	0.8	Buy
12/11/18	DMG & Partners	Suntec Reit	1.78	1.9	Neutral
12/11/18	DBS Vickers	UOL	6.15	7.15	Hold	RNAV (40% discount)

Apple Iphones are banned in China now!

https://edition.cnn.com/2018/12/10/tech/china-iphone-ban/index.html

China is brilliant to pit a US firm against another US firm (Qualcomm vs Apple).

This will give China a legitimate excuse to ban Apple iPhones after the arrest of Huawei CFO.  Apple is an iconic US firm and China has no qualm to punish any iconic US firm.

It is also easy for China to attack Microsoft for cybersecurity reason because Microsft has a backdoor access for US NSA.

Suntec Reit - Stock Calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Suntec Reit	1.68	1.71	Hold	DCF
01/11/17	Kim Eng	Suntec Reit	1.72	1.77	Hold
01/25/17	OCBC	Suntec Reit	1.685	1.53	Sell
01/26/17	CIMB	Suntec Reit	1.695	1.55	Reduce	DDM
01/26/17	Credit Suisse	Suntec Reit	1.695	1.46	Underperform
01/26/17	DBS Vickers	Suntec Reit	1.695	1.75	Hold	DCF
01/26/17	DIR	Suntec Reit	1.695	1.46	Underperform	DDM
01/26/17	DMG & Partners	Suntec Reit	1.695	1.53	Neutral	DDM
01/26/17	OCBC	Suntec Reit	1.695	1.54	Hold	DDM
01/26/17	UOB Kay Hian	Suntec Reit	1.695	1.8	Hold	DDM
02/09/17	Credit Suisse	Suntec Reit	1.73	1.43	Underperform
02/17/17	JP Morgan	Suntec Reit	1.725	1.85	Neutral
02/28/17	Deutsche	Suntec Reit	1.71	1.6	Sell
03/07/17	UOB Kay Hian	Suntec Reit	1.74	1.8	Hold
03/10/17	DMG & Partners	Suntec Reit	1.73	1.53	Neutral
04/07/17	DMG & Partners	Suntec Reit	1.79	1.53	Neutral
04/11/17	UOB Kay Hian	Suntec Reit	1.79	1.8	Hold	DDM
04/18/17	DIR	Suntec Reit	1.75	1.46	Underperform
04/18/17	Kim Eng	Suntec Reit	1.75	1.76	Hold
04/27/17	DIR	Suntec Reit	1.755	1.5	Underperform	DDM
04/27/17	OCBC	Suntec Reit	1.755	1.68	Hold
05/25/17	Deutsche	Suntec Reit	1.8	1.7	Hold
05/25/17	UOB Kay Hian	Suntec Reit	1.8	1.9	Hold
06/22/17	Deutsche	Suntec Reit	1.84	1.7	Hold
07/11/17	Kim Eng	Suntec Reit	1.87	1.76	Hold
07/12/17	DMG & Partners	Suntec Reit	1.86	1.53	Neutral
07/26/17	UOB Kay Hian	Suntec Reit	1.93	1.9	Hold	DDM
07/27/17	CIMB	Suntec Reit	1.92	1.77	Reduce	DDM
07/27/17	DIR	Suntec Reit	1.92	1.63	Underperform	DDM
07/27/17	UOB Kay Hian	Suntec Reit	1.92	1.95	Hold	DDM
07/27/17	DMG & Partners	Suntec Reit	1.92	1.75	Neutral	DDM
07/27/17	OCBC	Suntec Reit	1.92	1.8	Hold
07/27/17	Kim Eng	Suntec Reit	1.92	1.8	Hold	Yield 5.5%
07/27/17	Religare	Suntec Reit	1.92	1.66	Hold
08/17/17	DBS Vickers	Suntec Reit	1.895	1.95	Hold	DCF
09/21/17	DMG & Partners	Suntec Reit	1.875	1.75	Neutral
09/25/17	Kim Eng	Suntec Reit	1.855	1.8	Hold
10/23/17	UOB Kay Hian	Suntec Reit	1.91	1.95	Hold
10/27/17	OCBC	Suntec Reit	1.93	1.8	Hold
10/30/17	UOB Kay Hian	Suntec Reit	1.93	2.05	Hold	DDM
10/30/17	CIMB	Suntec Reit	1.93	1.83	Reduce	DDM
10/30/17	DBS Vickers	Suntec Reit	1.93	1.95	Hold
11/20/17	DIR	Suntec Reit	1.97	1.63	Underperform	DDM
12/01/17	UOB Kay Hian	Suntec Reit	2.04	2.13	Hold
12/15/17	DBS Vickers	Suntec Reit	2.07	2.3	Buy	DCF
12/18/17	Kim Eng	Suntec Reit	2.12	1.89	Hold	Target yield 5.25%, Up from $1.84
01/04/18	Deutsche	Suntec Reit	2.14	2.05	Hold
01/05/18	DMG & Partners	Suntec Reit	2.17	1.75	Neutral
01/25/18	CIMB	Suntec Reit	2.15	2.17	Hold	DDM
01/25/18	DBS Vickers	Suntec Reit	2.15	2.3	Buy	DCF
01/25/18	OCBC	Suntec Reit	2.15	1.81	Sell
01/25/18	Kim Eng	Suntec Reit	2.15	1.91	Hold
01/26/18	UOB Kay Hian	Suntec Reit	2.14	2.13	Hold	DDM
02/20/18	DBS Vickers	Suntec Reit	1.97	2.3	Buy
04/25/18	DBS Vickers	Suntec Reit	1.9	2.3	Buy
04/25/18	OCBC	Suntec Reit	1.9	1.81	Sell
04/26/18	DMG & Partners	Suntec Reit	1.9	1.75	Neutral	DDM
04/26/18	UOB Kay Hian	Suntec Reit	1.9	2.13	Hold	DDM
04/26/18	OCBC	Suntec Reit	1.9	1.84	Sell
04/26/18	CIMB	Suntec Reit	1.9	2.12	Add	DDM
04/26/18	Kim Eng	Suntec Reit	1.9	1.94	Hold
05/08/18	DBS Vickers	Suntec Reit	1.92	2.3	Buy
05/17/18	DMG & Partners	Suntec Reit	1.83	1.75	Neutral
06/12/18	DBS Vickers	Suntec Reit	1.74	2.3	Buy
07/25/18	OCBC	Suntec Reit	1.89	1.84	Hold
07/26/18	CIMB	Suntec Reit	1.87	2.08	Add	DDM
07/26/18	UOB Kay Hian	Suntec Reit	1.87	2.01	Hold	DDM, Buy @ $1.83
07/26/18	DBS Vickers	Suntec Reit	1.87	2.3	Buy	DCF
08/02/18	DBS Vickers	Suntec Reit	1.87	2.3	Buy
08/02/18	Deutsche	Suntec Reit	1.87	2.1	Buy
09/14/18	DBS Vickers	Suntec Reit	1.85	2.3	Buy
09/25/18	Deutsche	Suntec Reit	1.85	2.1	Buy
10/10/18	CIMB	Suntec Reit	1.84	2.08	Add
10/16/18	DMG & Partners	Suntec Reit	1.78	1.9	Neutral	DDM
10/24/18	OCBC	Suntec Reit	1.81	1.84	Hold
10/25/18	CIMB	Suntec Reit	1.81	2.06	Add	DDM
10/25/18	UOB Kay Hian	Suntec Reit	1.81	2.01	Hold
10/25/18	DBS Vickers	Suntec Reit	1.81	2.3	Buy
10/25/18	OCBC	Suntec Reit	1.81	1.83	Hold
11/02/18	UOB Kay Hian	Suntec Reit	1.74	2.01	Hold

Sunpower - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/06/18	UOB Kay Hian	Sunpower	0.48	0.77	Buy	Sum of parts
06/06/18	Lim & Tan	Sunpower	0.48	0.95	Buy	Sum of parts
08/16/18	Lim & Tan	Sunpower	0.595	0.95	Buy	Sum of parts
11/12/18	Lim & Tan	Sunpower	0.41	0	Buy

Sunningdale - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/17	CIMB	Sunningdale	1.285	1.56	Add
02/28/17	Lim & Tan	Sunningdale	1.285	0	Buy
03/06/17	UOB Kay Hian	Sunningdale	1.365	1.83	Buy
03/09/17	DBS Vickers	Sunningdale	1.445	1.64	Not Rated	PER10x FY17
04/07/17	UOB Kay Hian	Sunningdale	1.76	1.83	Hold	PER11x FY17, Buy @ $1.65
05/15/17	Lim & Tan	Sunningdale	1.84	0	Buy
05/15/17	UOB Kay Hian	Sunningdale	1.84	2.04	Buy
05/16/17	CIMB	Sunningdale	1.835	2.19	Add	PB1.11x FY17
05/25/17	DBS Vickers	Sunningdale	1.95	2.62	Buy	PER13x FY18
07/05/17	CIMB	Sunningdale	1.765	2.19	Add	PB1.11x FY17
07/28/17	Lim & Tan	Sunningdale	1.995	0	Buy
08/03/17	UOB Kay Hian	Sunningdale	2.05	2.51	Buy	PER11.4x FY18, PB1.34x FY16
08/03/17	DBS Vickers	Sunningdale	2.05	2.62	Buy	PER13x FY18
08/03/17	Lim & Tan	Sunningdale	2.05	0	Buy
08/04/17	CIMB	Sunningdale	2.15	2.19	Add	PB1.11x FY17
08/04/17	DBS Vickers	Sunningdale	2.15	2.7	Buy	PER13x FY18
10/02/17	DBS Vickers	Sunningdale	1.97	2.7	Buy	PER13x FY18
10/03/17	NRA	Sunningdale	2.02	2.73	Not Rated	PER13.46x
10/30/17	CIMB	Sunningdale	2.14	2.86	Add	PB1.36x FY18
11/09/17	CIMB	Sunningdale	2.25	2.79	Add	PB1.33x FY18
11/09/17	Lim & Tan	Sunningdale	2.25	0	Buy
11/10/17	UOB Kay Hian	Sunningdale	2.15	2.51	Buy	PER11.4x FY18
11/10/17	DBS Vickers	Sunningdale	2.15	2.7	Buy	PER13x FY18
12/06/17	DBS Vickers	Sunningdale	1.89	2.7	Buy
12/20/17	CIMB	Sunningdale	1.84	2.79	Add
01/10/18	CIMB	Sunningdale	1.92	2.79	Add
02/07/18	CIMB	Sunningdale	1.86	2.79	Add
02/23/18	CIMB	Sunningdale	1.93	2.82	Add	PB1.374x FY18
02/23/18	UOB Kay Hian	Sunningdale	1.93	2.51	Buy	PER11.4x FY18
02/23/18	DBS Vickers	Sunningdale	1.93	2.7	Buy	PER13x FY18
02/23/18	Lim & Tan	Sunningdale	1.93	0	Buy on weakness
04/03/18	DBS Vickers	Sunningdale	1.89	2.7	Buy
04/24/18	Lim & Tan	Sunningdale	1.73	0	Hold
04/25/18	UOB Kay Hian	Sunningdale	1.47	2	Buy	PER11.9x FY18
04/25/18	CIMB	Sunningdale	1.47	2.5	Add	PB1.23x FY18
04/25/18	DBS Vickers	Sunningdale	1.47	1.53	Hold	PER11x FY18
05/23/18	UOB Kay Hian	Sunningdale	1.27	2	Buy	PER11.9x FY18
05/25/18	CIMB	Sunningdale	1.28	2.5	Add	PB1.02x
06/04/18	UOB Kay Hian	Sunningdale	1.38	2	Buy
07/04/18	UOB Kay Hian	Sunningdale	1.29	2	Buy
08/08/18	Lim & Tan	Sunningdale	1.31	0	Buy
08/10/18	CIMB	Sunningdale	1.42	2.05	Add	PB1.02x FY18
09/14/18	UOB Kay Hian	Sunningdale	1.35	1.7	Buy
10/29/18	CIMB	Sunningdale	1.42	1.84	Add	PB0.92x
11/12/18	CIMB	Sunningdale	1.41	1.84	Add	PB0.92x
11/12/18	UOB Kay Hian	Sunningdale	1.41	1.5	Hold	PER10.6x FY19, Buy @ $1.25
11/12/18	Lim & Tan	Sunningdale	1.41	0	Buy

Stock calls for 10 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/10/18	DMG & Partners	Bumitama	0.635	0.6	Neutral	PER11x FY19
12/10/18	UOB Kay Hian	CapitaCommercial	1.77	2	Buy
12/10/18	UOB Kay Hian	Golden Agri	0.255	0.2	Sell
12/10/18	DMG & Partners	Japan Foods	0.455	0.48	Neutral
12/10/18	UOB Kay Hian	Japfa	0.755	0.98	Buy
12/10/18	OCBC	Netlink	0.765	0.9	Buy
12/10/18	UOB Kay Hian	Propnex	0.525	0.65	Buy
12/10/18	UOB Kay Hian	SATS	4.65	5.6	Buy
12/10/18	DMG & Partners	Sheng Siong	1.08	1.27	Buy
12/10/18	OCBC	Singtel	3.08	3.95	Buy
12/10/18	UOB Kay Hian	ST Engineering	3.47	4.06	Buy
12/10/18	DMG & Partners	Wilmar	3.15	3.58	Buy	Sum of parts

IMF: 2020 will be far worse than 2019 for US economic growth.

https://sg.finance.yahoo.com/news/top-imf-economist-predicts-sharper-224200472.html

Trump will have a major problem retaining his presidency in 2020.

The IMF has predicted that 2020 will be far worse than 2019 for the US economic growth.  If the US-China trade war is not settled by then, Trump will only be a one-term president and the Americans will suffer for these few years.

Canadian government officials are afraid to visit China now. Hahaha!

https://sg.finance.yahoo.com/news/latest-canada-ex-adviser-says-033157135.html

The trades between China and Canada are affected by the Huawei CFO's arrest.  The Canadian government officials are afraid to visit China for trade discussions and agreements.

Hahaha!  Canada has to face the repercussions such as economic slowdown and soured diplomatic ties.

The Japan economic growth is worse than expected.

https://sg.finance.yahoo.com/news/japan-economy-shrank-2-5-percent-annualized-rate-031708265.html

The official economic figure is worse than expected.  Japan's economy shrank 2.5% instead of 1.2%.

http://sg-stock.blogspot.com/2018/11/japan-economic-growth-is-slowing-down.html

The US-China trade war will cause Japan to dip into a recession because Japan is banning Huawei's products and China will retaliate against Japan.

China summoned Canada and US envoys for Huawei CFO's arrest.

https://sg.news.yahoo.com/china-canadas-detention-huawei-exec-013849178.html

Huawei is not ZTE in which the US can bully.

The Canadian PM had shot himself in the foot by arresting Huawei CFO without a valid reason.  The diplomatic ties amongst the 3 countries (US, China & Canada) will be in the doldrums for the short period.

The Canadian PM was stupid to be dragged into this issue because he had put himself in a dire strait.  There are only bad options for him to choose now.

If he continues to pursue the US's interest, Canada's economic growth will suffer and he can forget about the China-Canada FTA that he wants to sign.  If he revokes the arrest, he will offend the US and the US will retaliate with more tax impositions on Canada.  Furthermore, the new FTA (Mexico-US-Canada) may be in jeopardy if Canada revokes the arrest.

Can Canada forgo China's market by pursuing US's interest? I don't think so!

The Canadian PM should stay out of this issue in the first place but he didn't.  He has to pay a big price now because he has only bad options to choose.