Stock calls for 20 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/19	Lim & Tan	Capitaland	3.39	0	Buy
02/20/19	Macquarie	DBS	25.1	27	Neutral	PB
02/20/19	UOB Kay Hian	First Resources	1.72	1.85	Hold	Buy @ $1.65
02/20/19	OCBC	Golden Agri	0.255	0.24	Hold
02/20/19	DBS Vickers	Mapletree Industrial	1.99	2.3	Buy
02/20/19	UOB Kay Hian	Raffles Medical	1.12	1.3	Buy
02/20/19	Kim Eng	Sasseur	0.74	0.9	Buy	DDM
02/20/19	DBS Vickers	Sasseur	0.74	0.97	Buy	DCF
02/20/19	UOB Kay Hian	Sheng Siong	1.08	1.15	Hold
02/20/19	OCBC	Wilmar	3.37	3.42	Hold

USA is gearing up for USD depreciation.

https://sg.finance.yahoo.com/news/u-wants-pledge-stable-chinese-yuan-talks-resume-050426264--sector.html

The US wants China to stabilize RMB so that it can depreciate USD.  We had stated the real reason for USD depreciation below.

http://sg-stock.blogspot.com/2019/02/usd-is-likely-to-depreciate-soon-why.html

The latest FED statements also showed a very dovish FED stance that would contribute to USD depreciation.

Look like the US is setting up a star constellation for a weak USD.

Japan continues to slow down.

https://sg.finance.yahoo.com/news/japans-exports-fall-8-4-041347848.html

Japan, being an export-oriented country, has continued to slow down in January 2019 and it is heavily impacted by China.  January export is down 8.4%.

https://sg-stock.blogspot.com/2018/12/the-japan-economic-growth-is-worse-than.html

The banning of Huawei in Japan is not helping the Japanese too.

Jardine Strategic - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/18	UOB Kay Hian	Jardine Strategic	36.65	42.67	Not Rated

Jardine Matheson - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/18	UOB Kay Hian	Jardine Matheson	63.2	65.72	Not Rated

Jardine C&C - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/18	UOB Kay Hian	Jardine C&C	30.77	44.13	Not Rated
01/04/19	DBS Vickers	Jardine C&C	35.28	43.1	Buy

Stock calls for 19 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/19/19	Amfrasers	Accordia Golf Trust	0.565	0.61	Buy
02/19/19	Amfrasers	Comfortdelgro	2.41	2.77	Buy	PER19x FY19
02/19/19	Jefferies	DBS	25.2	28.5	Buy
02/19/19	OCBC	DBS	25.2	29.31	Buy
02/19/19	DMG & Partners	DBS	25.2	28.8	Buy	GGM, PB1.5x FY19
02/19/19	phillip	DBS	25.2	29	Buy	GGM, PB1.5x FY19
02/19/19	Kim Eng	DBS	25.2	29.56	Buy	DDM
02/19/19	CIMB	DBS	25.2	29	Add	GGM
02/19/19	UOB Kay Hian	DBS	25.2	28.4	Buy
02/19/19	Amfrasers	DISA	0.003	0	Cease Coverage
02/19/19	OCBC	Mapletree Industrial	1.99	1.98	Hold
02/19/19	CIMB	Starhub	1.61	2	Hold	DCF
02/19/19	Phillip	Thai Beverage	0.82	0.81	Neutral	Sum of parts
02/19/19	Amfrasers	Thai Beverage	0.82	0.75	Hold

New Zealand is backpedaling on Huawei ban.

https://sg.finance.yahoo.com/news/zealand-leader-says-no-final-032231741.html

After seeing what the UK did, NZ is also backpedaling on Huawei ban.

https://sg-stock.blogspot.com/2019/02/uk-will-continue-to-use-huawei-5g.html

Look like NZ is smarter than the Aussie. Hahaha!

http://sg-stock.blogspot.com/2019/02/australia-is-suffering-backlash-from.html

Australia is suffering a backlash from China.

https://finance.yahoo.com/news/chinese-traders-cut-australian-coal-121834785.html

Australia really deserves this because it wants to earn China's money but also wants to be anti-China.

This is just a normal reaction from China.  We will also react in this way when someone wants to sell us something but also badmouth us at the same time.

Australia's economy will suffer a lot if it cannot export to China since China is the largest trading partner.  The property sector is already suffering tremendously right now.

http://sg-stock.blogspot.com/2017/12/australia-china-political-skirmish.html

Japfa - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/22/18	Kim Eng	Japfa	0.625	0.86	Buy	Sum of parts, PER14x FY18
08/01/18	Kim Eng	Japfa	0.745	0.86	Buy	Sum of parts
09/11/18	CIMB	Japfa	0.595	0.8	Add	Sum of parts
10/17/18	UOB Kay Hian	Japfa	0.61	0.9	Buy	Sum of parts, PER12.2x FY18
10/25/18	DBS Vickers	Japfa	0.63	0.86	Buy	Sum of parts (10% discount), PER12.2x FY19
10/31/18	UOB Kay Hian	Japfa	0.69	0.98	Buy	Sum of parts, PER12.2x FY18
11/01/18	CIMB	Japfa	0.665	0.8	Add	Sum of parts
11/02/18	DBS Vickers	Japfa	0.68	0.89	Buy	Sum of parts (15% discount), PER12.6x FY19
11/08/18	UOB Kay Hian	Japfa	0.715	0.98	Buy
12/10/18	UOB Kay Hian	Japfa	0.755	0.98	Buy
12/12/18	Kim Eng	Japfa	0.735	0.99	Buy	Sum of parts
01/29/19	CIMB	Japfa	0.82	0.9	Add	Sum of parts
01/30/19	Kim Eng	Japfa	0.81	0.99	Buy

Japan Foods - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/18	Amfrasers	Japan Foods	0.46	0.54	Buy	DCF
05/07/18	DMG & Partners	Japan Foods	0.505	0.63	Buy	DCF, PER19x FY19
05/22/18	Amfrasers	Japan Foods	0.485	0.64	Buy	DCF
06/22/18	DMG & Partners	Japan Foods	0.5	0.63	Buy
08/08/18	DMG & Partners	Japan Foods	0.49	0.58	Buy	Sum of parts, PER16.6x FY19
08/21/18	Amfrasers	Japan Foods	0.5	0.64	Buy	DCF
11/09/18	DMG & Partners	Japan Foods	0.455	0.48	Neutral
11/13/18	Amfrasers	Japan Foods	0.455	0.56	Hold	DCF
12/10/18	DMG & Partners	Japan Foods	0.455	0.48	Neutral
02/12/19	Amfrasers	Japan Foods	0.415	0.57	Hold	DCF

Jadason - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	DMG & Partners	Jadason	0.073	0.08	Neutral	DCF
03/07/18	CIMB	Jadason	0.07	0.08	Add	PER12.34x FY19
05/16/18	CIMB	Jadason	0.05	0.077	Add	PB1x CY18
05/18/18	DMG & Partners	Jadason	0.05	0.05	Neutral	DCF
06/27/18	DMG & Partners	Jadason	0.04	0.05	Neutral
08/17/18	CIMB	Jadason	0.037	0.073	Add	PB1x CY18
11/15/18	CIMB	Jadason	0.03	0.073	Add	PB1x FY18

Stock calls for 18 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/18/19	DMG & Partners	DBS	24.74	29.8	Buy
02/18/19	Lim & Tan	DBS	24.74	0	Buy
02/18/19	DMG & Partners	ISOTeam	0.22	0.23	Neutral	DCF
02/18/19	UOB Kay Hian	Jumbo	0.415	0.41	Hold
02/18/19	OCBC	Netlink	0.805	0.9	Buy
02/18/19	Kim Eng	SIA	9.76	11.2	Buy	PB0.94x
02/18/19	UOB Kay Hian	SIA	9.76	10.2	Hold
02/18/19	OCBC	SIA	9.76	10.71	Buy
02/18/19	Phillip	Singtel	2.99	3.27	Accumulate	Sum of parts
02/18/19	CIMB	Singtel	2.99	3.4	Add	Sum of parts
02/18/19	Phillip	Starhub	1.67	1.58	Neutral	EV/Ebitda
02/18/19	Kim Eng	Starhub	1.67	2.18	Buy	DCF
02/18/19	UOB Kay Hian	Starhub	1.67	1.45	Sell
02/18/19	UOB Kay Hian	Thai Beverage	0.815	0.86	Hold	Sum of parts
02/18/19	DMG & Partners	Thai Beverage	0.815	0.92	Buy	Sum of parts
02/18/19	CIMB	Thai Beverage	0.815	0.9	Add	Sum of parts
02/18/19	OCBC	Thai Beverage	0.815	0.91	Buy

Singapore Nodx fell 10.1% in January 2019

https://www.channelnewsasia.com/news/singapore/singapore-january-exports-down-10-1-biggest-drop-in-2-years-11252056

Year on year changes (YOY):

January 2019: -10.1%

December 2018: -8.5%

November 2018: -2.6%

October 2018: 8.3%

September 2018: 8.3%

August 2018: 5%

July 2018: 11.8% (Corrected)

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%

http://sg-stock.blogspot.com/2019/01/singapore-nodx-fell-85-in-december-2018.html

UK will continue to use Huawei 5G equipment.

https://sg.finance.yahoo.com/news/uk-concludes-mitigate-risk-huawei-equipment-5g-ft-031519448--finance.html

The UK has realized that there is no better telecom equipment than Huawei's equipment and will continue to use Huawei.

It has dawned on the UK that the US is not a credible and trustworthy ally because the US will target the UK next after China.

http://sg-stock.blogspot.com/2019/02/trump-has-just-named-next-target-after.html

Well, late awakening is better than never.

Trump has just named the next target after China.

https://www.channelnewsasia.com/news/business/trump-says-trade-with-britain-to-increase-substantially-post-11248866

The UK without EU is just a lonely boy that Trump can bully.  Trump has just announced that the US trade with the UK would increase substantially.  In other words, Trump will force the UK to import more US goods.

Good luck to UK!

Baltic dry index - 639

Today, Friday, February 15 2019, the Baltic Dry Index climbed by 11 points, reaching 639 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 Stock: Sembcorp Marine, Cosco & Pan ocean

US rig count - 1051

The United States added three oil rigs and dropped one gas rig for a net gain of two rigs this week, according to weekly data from Baker Hughes, a GE Company.

The activity puts the nation’s weekly rig count total at 1,051 – higher than 975 count one year ago.

Louisiana saw the largest gain this week, with the addition of four rigs. Wyoming added three rigs while Alaska, California and Virginia added one rig each.

The following states saw rig declines this week: Pennsylvania (-3), Texas (-2), New Mexico (-2), North Dakota (-1) and Oklahoma (-1).

Among the major basins, the Permian dropped a total of five rigs this week bringing the total to 473, but still accounting for more than half of the nation’s oil rigs.

Earlier this week, the U.S. Energy Information Administration (EIA) forecasted that the nation’s crude oil production would average 12.4 million barrels per day in 2019 and 13.2 million barrels per day in 2020. The EIA projects the bulk of the production growth will come from the Permian.

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

Related Stock: Keppel Corp, Sembcorp Marine & Cosco

USD is likely to depreciate soon. Why?

The chart above is the current USD dollar index.  It looks like USD has reached or is reaching its 1-year peak.

The chart above is the Saint Louis FED trade-weighted USD index.  It looks like the trade-weighted index has reached its peak and is developing a double top pattern (bearish signal).

Furthermore, the US has accumulated more than US$22T of national debt now.  The US has to resolve this debt conundrum or else its economy will collapse.  How is the US going to solve its debt problem?

Well, the easiest way out is to let inflation deflate the debt pressure.  However, the US CPI is not showing any inflation recently.  Therefore, the US must depreciate its USD to create inflation to reduce the colossal debt pressure.

ISOTeam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/18	UOB Kay Hian	ISOTeam	0.355	0.45	Buy	PER10.4x FY18
02/15/18	DMG & Partners	ISOTeam	0.33	0.46	Buy	DCF, PER13x FY18
05/17/18	DMG & Partners	ISOTeam	0.35	0.42	Buy	DCF
06/27/18	DMG & Partners	ISOTeam	0.335	0.42	Buy

ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/18	NRA	ISDN	0.22	0.32	Overweight	PER12.5x FY18
02/20/18	UOB Kay Hian	ISDN	0.22	0.35	Buy
02/20/18	Lim & Tan	ISDN	0.22	0	Trading Buy
02/28/18	Lim & Tan	ISDN	0.23	0	Take Profit
05/15/18	UOB Kay Hian	ISDN	0.21	0.365	Buy
08/13/18	NRA	ISDN	0.215	0.32	Overweight	PER7.3x FY18

Interra Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/20/18	SAC Advisors	Interra Resources	0.034	0.089	Buy

Stock calls for 15 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/19	Phillip	A-Reit	2.75	2.88	Accumulate
02/15/19	phillip	Cache Logistics	0.71	0.75	Neutral
02/15/19	Phillip	CapitaCommercial	1.86	1.93	Accumulate
02/15/19	Phillip	Capitamall Trust	2.38	2.09	Neutral
02/15/19	Phillip	CapitaRetail China	1.39	1.66	Accumulate
02/15/19	phillip	Dasin Retail	0.885	0.95	Accumulate
02/15/19	phillip	EC World Reit	0.745	0.82	Buy
02/15/19	Phillip	Frasers Centrepoint Trust	2.24	2.21	Neutral
02/15/19	DMG & Partners	Genting	1.1	1.23	Buy	DCF
02/15/19	DBS Vickers	Jumbo	0.415	0.44	Hold	PER23x FY19
02/15/19	CIMB	Jumbo	0.415	0.52	Add	PER21x FY20
02/15/19	Phillip	Keppel DC Reit	1.45	1.52	Accumulate
02/15/19	OCBC	KSH	0.52	0.81	Buy
02/15/19	Phillip	Mapletree Industrial	1.99	2.03	Neutral
02/15/19	UOB Kay Hian	Netlink	0.805	0.92	Buy	DCF
02/15/19	Citi Research	SATS	5.08	6	Buy
02/15/19	CIMB	SIA	9.87	10.25	Hold
02/15/19	DBS Vickers	SIA	9.87	11	Buy	PB0.9x FY20
02/15/19	Lim & Tan	SIA	9.87	0	Hold
02/15/19	DBS Vickers	Silverlake	0.515	0.62	Buy	PER21x FY19
02/15/19	OCBC	Singtel	3.03	3.79	Buy
02/15/19	DMG & Partners	Singtel	3.03	3.22	Neutral	Sum of parts
02/15/19	OCBC	Starhub	1.9	1.64	Sell
02/15/19	DMG & Partners	Starhub	1.9	2.02	Neutral	DCF
02/15/19	DBS Vickers	Starhub	1.9	1.92	Hold	DCF
02/15/19	Lim & Tan	Starhub	1.9	0	Sell
02/15/19	DBS Vickers	Thai Beverage	0.72	0.87	Buy
02/15/19	UOB Kay Hian	Valuetronics	0.71	0.87	Buy

Germany almost got into a recession.

https://sg.finance.yahoo.com/news/german-economy-stalled-fourth-quarter-just-escaping-recession-071949553--finance.html

Germany will enter a recession soon if the US-China trade war continues unabatedly.  We've been warning about this previously.

http://sg-stock.blogspot.com/2019/02/our-prediction-for-eu-is-coming-to.html

UK economy will perform badly this year!

https://sg.finance.yahoo.com/news/china-cancels-trade-talks-uk-protest-over-defence-091441063--business.html

The UK economy will perform badly this year because of Brexit and the absence of the UK-China trade deal.  Without a China trade deal, the UK will suffer tremendously because EU is not growing.

Indofood Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/18	DBS Vickers	Indofood Agri	0.405	0.48	Hold
03/02/18	DBS Vickers	Indofood Agri	0.34	0.36	Hold	DCF
04/13/18	DBS Vickers	Indofood Agri	0.325	0.36	Hold
05/02/18	DBS Vickers	Indofood Agri	0.32	0.36	Hold	DCF
08/03/18	DBS Vickers	Indofood Agri	0.225	0.21	Hold	DCF
09/13/18	DBS Vickers	Indofood Agri	0.183	0.21	Hold
10/11/18	DBS Vickers	Indofood Agri	0.215	0.21	Hold	DCF
11/01/18	DBS Vickers	Indofood Agri	0.2	0.19	Hold	DCF

IHH Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/18	DMG & Partners	IHH Healthcare	2.05	2.36	Buy	DCF/SOP-based Ringgit $7 target price
03/20/18	DBS Vickers	IHH Healthcare	2.02	2.29	Buy	Sum of parts, Ringgit $6.81 target
03/23/18	MIDF	IHH Healthcare	2.01	2.32	Buy	Ringgit $6.91 target price
04/17/18	Kim Eng	IHH Healthcare	2.05	2.36	Buy	Sum of parts, Ringgit $7 target price
04/17/18	UOB Kay Hian	IHH Healthcare	2.05	2.31	Buy	Ringgit $6.86
04/26/18	DBS Vickers	IHH Healthcare	2.04	2.31	Buy	Rinngit $6.81 target
05/28/18	DMG & Partners	IHH Healthcare	2.08	2.36	Buy	DCF & Sum of parts & EV/Ebitda 18x FY19,  Ringgit $7 target price
08/21/18	CIMB	IHH Healthcare	1.84	2.29	Add	Ringgit $6.86 target
08/21/18	DBS Vickers	IHH Healthcare	1.84	2.14	Buy	Ringgit $6.35 target price
08/29/18	CIMB	IHH Healthcare	1.85	2.2	Add	Sum of parts, Ringgit $6.63 target
10/10/18	DBS Vickers	IHH Healthcare	1.81	2.11	Buy	Ringgit $6.35 target price
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
11/30/18	CIMB	IHH Healthcare	1.8	2.1	Add	Sum of parts, Ringgit $6.40 target price
01/17/19	Kim Eng	IHH Healthcare	1.86	2.13	Buy	Sum of parts, Ringgit $6.45 target price

IFS Capital - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/17/18	Amfrasers	IFS Capital	0.21	0.29	Buy	PB0.7x FY18
01/15/19	Amfrasers	IFS Capital	0.225	0.29	Buy	PB0.7x FY18

Stock calls for 14 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/19	DMG & Partners	Avi-Tech	0.29	0.3	Neutral	DCF
02/14/19	phillip	Comfortdelgro	2.38	2.72	Accumulate	DCF, PER18.5x FY19
02/14/19	UOB Kay Hian	Comfortdelgro	2.38	2.66	Buy
02/14/19	OCBC	Comfortdelgro	2.38	2.38	Hold
02/14/19	DMG & Partners	Comfortdelgro	2.38	2.65	Buy
02/14/19	DBS Vickers	Comfortdelgro	2.38	2.57	Buy	DCF & PER16x FY19
02/14/19	DBS Vickers	Far East Hospitality	0.635	0.7	Buy	DCF
02/14/19	CIMB	Far East Hospitality	0.635	0.68	Add	DDM
02/14/19	Kim Eng	Far East Hospitality	0.635	0.75	Buy	DDM
02/14/19	OCBC	Far East Hospitality	0.635	0.68	Buy
02/14/19	CIMB	Frasers Property	1.7	2.08	Add
02/14/19	DBS Vickers	Frasers Property	1.7	1.98	Buy	RNAV (35% discount)
02/14/19	phillip	HMI	0.550	0.77	Buy	DCF
02/14/19	DMG & Partners	Kimly	0.245	0.24	Neutral	DCF
02/14/19	DBS Vickers	MM2 Asia	0.3	0.33	Hold	Sum of parts
02/14/19	DBS Vickers	Perennial Reit	0.645	0.83	Buy	RNAV (55% discount)
02/14/19	phillip	SATS	4.98	5.47	Accumulate	DCF, PER24.6x FY19
02/14/19	OCBC	SATS	4.98	5.23	Hold
02/14/19	CIMB	SATS	4.98	5.46	Add	PER20.3x
02/14/19	Lim & Tan	SATS	4.98	0	Hold
02/14/19	DBS Vickers	SATS	4.98	5.59	Buy
02/14/19	Kim Eng	SATS	4.98	5.8	Buy
02/14/19	Kim Eng	Valuetronics	0.74	1.05	Buy	ROE-g/COE-g, PB2.1x FY20
02/14/19	DMG & Partners	Valuetronics	0.74	0.78	Neutral	DCF
02/14/19	CIMB	Valuetronics	0.74	0.73	Hold	PER8.5x CY19
02/14/19	OCBC	Wing Tai	2.03	2.41	Buy

Who is more eager to conclude a trade deal? Trump or Xi?

https://sg.finance.yahoo.com/news/china-reports-january-exports-us-053525759.html

China reports January exports to US fall 2.4 percent from year earlier, imports of American goods sinks 41.2 percent.

The statistics clearly show that Trump will be more eager to conclude a trade deal than Xi as the US cannot wean itself off China goods because its citizens have limited savings.

US national debt hits US$22t now!

http://www.mainepublic.org/post/us-national-debt-hits-22-trillion-new-record-thats-predicted-fall

The US is not able to repay its debt but the music still plays on.

The day of reckoning will come one day.

China had a trade surplus of US$39.2B in January 2019,

https://www.reuters.com/article/global-markets/global-markets-asia-offers-muted-cheer-as-china-trade-beats-forecasts-idUSL3N20904E

https://www.scmp.com/economy/china-economy/article/2186084/chinas-exports-shot-dramatically-january-despite-us-china

The US-China trade war has caused US imports in China to fall by 41% in January.  This shows that the Chinese consumers are nationalistic and are boycotting the US products now especially the US consumer goods.

FBI raided Huawei lab recently.

https://sputniknews.com/us/201902051072129322-fbi-raided-huawei-lab-sting-operatin/

The US is adamant to destroy Huawei just like what it did to China ZTE.

Why?

This is because Huawei holds the most patents in 5G technology and the US cannot develop its own 5G without infringing on Huawei's patents.

http://sg-stock.blogspot.com/2019/01/the-real-reason-behind-ban-of-huaweis-5g.html

Ifast Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/18	DBS Vickers	Ifast Corp	0.88	1.26	Buy	DDM
04/30/18	DBS Vickers	Ifast Corp	0.9	1.26	Buy	DDM
07/30/18	DBS Vickers	Ifast Corp	1.09	1.26	Buy	DDM
10/30/18	DBS Vickers	Ifast Corp	1.14	1.33	Buy	DDM