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Tuesday, February 26, 2019

M1 - Stock calls


Date Analyst Company Last Target Call Valuation
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
11/05/18 CIMB M1 2.11 2.06 Hold Offer $2.06
01/02/19 Kim Eng M1 2.09 1.63 Sell
01/04/19 Phillip M1 2.08 2.06 Accept Offer Offer $2.06
01/08/19 OCBC M1 2.06 2.06 Accept Offer Offer $2.06
01/14/19 DMG & Partners M1 2.07 2.06 Neutral Offer $2.06
01/29/19 CIMB M1 2.06 2.06 Hold Offer $2.06
02/12/19 Kim Eng M1 2.04 1.77 Sell

Lippo-Malls Indo - Stock calls


Date Analyst Company Last Target Call Valuation
02/15/18 OCBC Lippo-Malls Indo 0.4 0.405 Hold
04/13/18 CIMB Lippo-Malls Indo 0.365 0.33 Reduce DDM
04/13/18 OCBC Lippo-Malls Indo 0.365 0.31 Sell
05/07/18 CIMB Lippo-Malls Indo 0.32 0.33 Reduce DDM
08/06/18 CIMB Lippo-Malls Indo 0.315 0.33 Hold DDM
11/13/18 CIMB Lippo-Malls Indo 0.23 0.27 Hold DDM

Lian Beng - Stock calls


Date Analyst Company Last Target Call Valuation
04/24/18 DBS Vickers Lian Beng 0.625 0.85 Not Rated Sum of parts
01/16/19 Lim & Tan Lian Beng 0.515 0 Buy on weakness

Stock calls for 26 February 2019


Date Analyst Company Last Target Call Valuation
02/26/19 Kim Eng AEM 1.05 1.24 Buy PB2.8x FY19/20
02/26/19 CIMB AEM 1.05 1.11 Hold PER10x FY20
02/26/19 DMG & Partners Bumitama 0.67 0.67 Neutral PER11x FY19
02/26/19 Amfrasers DBS 25.18 27.7 Buy RIM
02/26/19 Lim & Tan Ho Bee 2.51 0 Buy
02/26/19 DBS Vickers HRnetGroup 0.8 1.05 Buy PER15x FY19, ex-cash
02/26/19 Amfrasers Manulife US Reit 0.835 0.95 Buy
02/26/19 DBS Vickers PACC Offshore 0.183 0.2 Hold PB0.8x FY19
02/26/19 DMG & Partners Raffles Medical 1.12 1.02 Neutral DCF
02/26/19 OCBC Raffles Medical 1.12 1.25 Buy
02/26/19 DBS Vickers Raffles Medical 1.12 1.12 Hold
02/26/19 Amfrasers Sembcorp Marine 1.72 2.48 Buy
02/26/19 DBS Vickers UMS 0.71 0.55 Fully Valued PER8x FY19
02/26/19 Macquarie UOB 25.39 30.5 Outperform PB

"Pump and dump" for crypto again!

https://www.trustnodes.com/2019/02/24/bitcoin-crashes-500-in-minutes-profit-taking-short-making-or-what

When the price of crypto is below its mining cost, volatility will increase because miners and crypto exchanges have to find ways to survive.  They will resort to pump and dump tactics to keep themselves afloat.

http://sg-stock.blogspot.com/2018/12/pump-and-dump-tactics-are-at-work-again.html

Monday, February 25, 2019

RMB appreciates because of the US.


Why did the RMB appreciate recently? Please see below.

https://sg-stock.blogspot.com/2019/02/usa-is-gearing-up-for-usd-depreciation.html

When one currency depreciates (USD), the other competing currency (RMB) will appreciate.


KSH - Stock calls


Date Analyst Company Last Target Call Valuation
02/12/18 Lim & Tan KSH 0.705 0 Hold
02/13/18 OCBC KSH 0.695 0.79 Hold
02/22/18 UOB Kay Hian KSH 0.76 1.08 Buy Sum of parts
06/01/18 Lim & Tan KSH 0.645 0 Hold
06/04/18 OCBC KSH 0.635 0.98 Buy
06/07/18 UOB Kay Hian KSH 0.65 1.04 Buy Sum of parts
07/16/18 OCBC KSH 0.615 0.94 Buy
08/13/18 UOB Kay Hian KSH 0.61 0.87 Buy RNAV (50% discount)
08/13/18 OCBC KSH 0.61 0.98 Buy
11/19/18 OCBC KSH 0.525 0.81 Buy
11/19/18 Lim & Tan KSH 0.525 0 Buy
02/15/19 OCBC KSH 0.52 0.81 Buy

Koufu - Stock calls


Date Analyst Company Last Target Call Valuation
08/28/18 DBS Vickers Koufu 0.655 0.84 Buy PER17x FY19
11/05/18 DBS Vickers Koufu 0.63 0.84 Buy
11/13/18 DBS Vickers Koufu 0.635 0.8 Buy PER17x FY19
12/17/18 DBS Vickers Koufu 0.605 0.8 Buy

Kimly - Stock calls


Date Analyst Company Last Target Call Valuation
04/16/18 DMG & Partners Kimly 0.34 0.43 Buy DCF, PER22.8x FY18
05/09/18 DMG & Partners Kimly 0.345 0.43 Buy DCF, PER22.8x FY18
06/22/18 DMG & Partners Kimly 0.345 0.43 Buy DCF
07/04/18 DMG & Partners Kimly 0.37 0.46 Buy DCF
08/10/18 DMG & Partners Kimly 0.335 0.46 Buy DCF
09/12/18 DMG & Partners Kimly 0.325 0.46 Buy DCF
12/03/18 DMG & Partners Kimly 0.255 0.27 Neutral DCF
01/07/19 DMG & Partners Kimly 0.24 0.27 Neutral
02/14/19 DMG & Partners Kimly 0.245 0.24 Neutral DCF

Stock calls for 25 February 2019


Date Analyst Company Last Target Call Valuation
02/25/19 phillip China Everbright 0.355 0.48 Buy PER8.9x FY19
02/25/19 DMG & Partners EC World Reit 0.755 0.84 Buy DDM
02/25/19 DBS Vickers Genting 1.07 1.54 Buy EV/Ebitda12x
02/25/19 Kim Eng Hi-P 1.14 1.22 Hold PB1.5x
02/25/19 DMG & Partners HRnetGroup 0.795 1.06 Buy DCF
02/25/19 OCBC Hutchison Port 0.235 0.22 Hold
02/25/19 CIMB OCBC 11.39 12 Hold PB1.2x CY19
02/25/19 UOB Kay Hian OCBC 11.39 13.85 Buy
02/25/19 DBS Vickers OCBC 11.39 12.9 Buy GGM, PB1.2x FY19
02/25/19 Kim Eng OCBC 11.39 10.73 Hold DDM
02/25/19 OCBC Roxy-Pacific 0.415 0.41 Hold
02/25/19 DBS Vickers Sembcorp Industries 2.67 3.9 Buy RNAV (10% discount), PB1x
02/25/19 Jefferies UOB 25.58 30 Buy PER12.3x FY19
02/25/19 OCBC UOB 25.58 28.3 Buy PB1.2x FY19
02/25/19 DBS Vickers UOB 25.58 29.2 Buy GGM, PB1.2x
02/25/19 phillip UOB 25.58 32.51 Buy GGM, PB1.4x FY19
02/25/19 Kim Eng UOB 25.58 29.71 Buy DDM
02/25/19 CIMB UOB 25.58 29 Add GGM, PB1.3x FY19
02/25/19 CIMB Venture 16.12 17.88 Add PER12.56x FY20
02/25/19 Kim Eng Venture 16.12 19.23 Buy Roe-g/Coe-g, PB2.2x FY19
02/25/19 DMG & Partners Venture 16.12 19 Buy
02/25/19 DBS Vickers Venture 16.12 21.7 Buy PER15.8x FY19
02/25/19 Lim & Tan Venture 16.12 0 Buy
02/25/19 OCBC Venture 16.12 20.89 Buy
02/25/19 DMG & Partners Wilmar 3.26 3.63 Buy Sum of parts
02/25/19 DBS Vickers Wilmar 3.26 3.6 Buy DCF, PER15.4x FY19

We hit the jackpot on the USD trajectory.

The USD has been trending down after we expressed our view on the downtrend.  Please see below.

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


Saturday, February 23, 2019

Baltic dry index - 634

Today, Friday, February 22 2019, the Baltic Dry Index climbed by 4 points, reaching 634 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 stocks: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 1047

The US drilling rig count dropped 4 units to reach 1,047 rigs working for the week ended Feb. 22. The count is up 69 units from the 978 rigs working this time a year ago, according to Baker Hughes data.
Two fewer rigs were drilling on land week-over-week, bringing that number to 1,026. Two fewer rigs were counted offshore, bringing to 19 the total number of units drilling. Inland waters were unchanged at 2 rigs working for the week.
US oil-directed rigs dropped 4 units from last week to 853 units working but remained up from the 799 rigs drilling for oil this week a year ago. Gas-directed rigs remained unchanged at 194, and up from the 179 units drilling for gas a year ago.
Among the major oil and gas-producing states, three saw a single-unit increase week over week: West Virginia, 19; Alaska, 13; and California, 12.
Oklahoma and Louisiana saw rig counts fall 2 units each to 117 and 64, respectively. Dropping a single unit for the week were Texas, 508; New Mexico, 108; and Colorado, 34.
Five states remained unchanged: North Dakota, 57; Pennsylvania, 44; Wyoming, 37; Ohio, 18; and Utah, 8.
Canada dropped 12 rigs for the week. With 212 rigs running, the count is less than the 306 units drilling this week a year ago.
The number of oil-directed rigs in Canada fell by 8 units, bringing the count to 144 rigs for the week. Four fewer gas-directed rigs were drilling, for a total of 68 units for the week.
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Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

Friday, February 22, 2019

Keppel T&T - Stock Calls


Date Analyst Company Last Target Call Valuation
01/25/18 UOB Kay Hian Keppel T&T 1.7 1.9 Buy Sum of parts
04/18/18 UOB Kay Hian Keppel T&T 1.57 1.75 Buy PER30.1x FY19
08/28/18 UOB Kay Hian Keppel T&T 1.4 1.51 Hold Sum of parts, Buy @ $1.36
09/17/18 UOB Kay Hian Keppel T&T 1.34 1.51 Hold Sum of parts, Buy @ $1.30
09/28/18 UOB Kay Hian Keppel T&T 1.36 1.91 Accept Offer Offer $1.91
09/28/18 Lim & Tan Keppel T&T 1.36 0 Take Profit

Keppel Reit - Stock calls


Date Analyst Company Last Target Call Valuation
01/04/18 Deutsche Keppel Reit 1.27 1.25 Hold
01/05/18 DMG & Partners Keppel Reit 1.27 1.05 Neutral
01/24/18 Kim Eng Keppel Reit 1.32 1.19 Hold
01/24/18 UOB Kay Hian Keppel Reit 1.32 1.43 Buy DDM
01/24/18 Credit Suisse Keppel Reit 1.32 0.97 Underperform
01/24/18 CIMB Keppel Reit 1.32 1.34 Hold DDM
01/24/18 DBS Vickers Keppel Reit 1.32 1.41 Buy DCF
01/24/18 DMG & Partners Keppel Reit 1.32 1.06 Sell DDM
02/14/18 Deutsche Keppel Reit 1.18 1.3 Buy
03/19/18 DBS Vickers Keppel Reit 1.21 1.41 Buy
04/19/18 UOB Kay Hian Keppel Reit 1.2 1.43 Buy DDM
04/19/18 DBS Vickers Keppel Reit 1.2 1.41 Buy
04/19/18 Lim & Tan Keppel Reit 1.2 0 Hold
05/17/18 DMG & Partners Keppel Reit 1.18 1.06 Sell
07/17/18 CIMB Keppel Reit 1.14 1.34 Add DDM
07/17/18 UOB Kay Hian Keppel Reit 1.14 1.35 Buy DDM
07/17/18 DBS Vickers Keppel Reit 1.14 1.41 Buy DCF
08/02/18 DBS Vickers Keppel Reit 1.19 1.41 Buy
09/14/18 DBS Vickers Keppel Reit 1.16 1.41 Buy
09/25/18 Deutsche Keppel Reit 1.19 1.3 Buy
10/16/18 UOB Kay Hian Keppel Reit 1.14 1.35 Buy DDM
10/16/18 DMG & Partners Keppel Reit 1.14 1.07 Neutral DDM
10/16/18 DBS Vickers Keppel Reit 1.14 1.41 Buy
10/16/18 CIMB Keppel Reit 1.14 1.34 Add DDM
11/30/18 CIMB Keppel Reit 1.16 1.34 Add DDM
12/03/18 DBS Vickers Keppel Reit 1.15 1.41 Buy
12/03/18 DMG & Partners Keppel Reit 1.15 1.06 Neutral
01/22/19 DBS Vickers Keppel Reit 1.18 1.31 Buy DCF
01/22/19 CIMB Keppel Reit 1.18 1.34 Add DDM
01/22/19 DMG & Partners Keppel Reit 1.18 1.06 Neutral DDM
01/28/19 UOB Kay Hian Keppel Reit 1.18 1.35 Buy

Keppel KBS - Stock calls


Date Analyst Company Last Target Call Valuation
01/15/18 DBS Vickers Keppel KBS 0.905 0.95 Buy DCF
04/19/18 DBS Vickers Keppel KBS 0.885 0.95 Buy
07/19/18 DBS Vickers Keppel KBS 0.88 0.95 Buy DCF
09/25/18 DBS Vickers Keppel KBS 0.78 0.95 Buy
10/19/18 DBS Vickers Keppel KBS 0.73 0.95 Buy
12/07/18 DBS Vickers Keppel KBS 0.56 0.78 Buy DCF
01/02/19 DBS Vickers Keppel KBS 0.61 0.78 Buy DCF
01/28/19 DBS Vickers Keppel KBS 0.68 0.8 Buy DCF

Stock calls for 22 February 2019


Date Analyst Company Last Target Call Valuation
02/22/19 phillip City Developments 9.54 11.82 Accumulate RNAV (30% discount)
02/22/19 OCBC City Developments 9.54 10.68 Buy
02/22/19 DMG & Partners City Developments 9.54 9.2 Neutral RNAV (40% discount)
02/22/19 DBS Vickers City Developments 9.54 9.5 Hold RNAV (40% discount)
02/22/19 CIMB City Developments 9.54 10.66 Add
02/22/19 DMG & Partners CSE Global 0.465 0.6 Buy DCF
02/22/19 CIMB CSE Global 0.465 0.6 Add PER13.5x FY19
02/22/19 UOB Kay Hian CSE Global 0.465 0.62 Buy
02/22/19 DBS Vickers EC World Reit 0.745 0.86 Buy DCF
02/22/19 DBS Vickers First Sponsor 1.27 1.62 Buy RNAV (35% discount)
02/22/19 CIMB Genting 1.11 1.28 Add EV/Ebitda9x CY20
02/22/19 OCBC Genting 1.11 1.31 Buy FCFE
02/22/19 DMG & Partners Genting 1.11 1.22 Buy DCF
02/22/19 UOB Kay Hian Genting 1.11 1.32 Buy
02/22/19 Kim Eng Genting 1.11 1.26 Buy EV/Ebitda9x FY19
02/22/19 DBS Vickers Hi-P 1.05 1.12 Hold
02/22/19 OCBC ST Engineering 3.71 4.01 Buy FCFE
02/22/19 DMG & Partners ST Engineering 3.71 4.1 Buy
02/22/19 UOB Kay Hian ST Engineering 3.71 4.06 Buy
02/22/19 Kim Eng ST Engineering 3.71 4.25 Buy DCF
02/22/19 DMG & Partners UOB 25.98 29.8 Buy PB1.35x FY19
02/22/19 DMG & Partners Wilmar 3.39 3.58 Buy
02/22/19 CIMB Wilmar 3.39 3.96 Add Sum of parts
02/22/19 UOB Kay Hian Wilmar 3.39 3.9 Buy

Thursday, February 21, 2019

Keppel Infrastructure - Stock calls


Date Analyst Company Last Target Call Valuation
01/23/18 UOB Kay Hian Keppel Infrastructure 0.585 0.61 Buy
01/24/18 DBS Vickers Keppel Infrastructure 0.58 0.6 Buy DDM
04/18/18 DBS Vickers Keppel Infrastructure 0.545 0.6 Buy DDM
07/19/18 DBS Vickers Keppel Infrastructure 0.53 0.58 Buy DDM
10/18/18 DBS Vickers Keppel Infrastructure 0.49 0.58 Buy DDM
10/18/18 Lim & Tan Keppel Infrastructure 0.49 0 Hold
11/16/18 DBS Vickers Keppel Infrastructure 0.46 0.58 Buy DDM
11/16/18 Lim & Tan Keppel Infrastructure 0.46 0 Hold
01/23/19 DBS Vickers Keppel Infrastructure 0.515 0.58 buy DDM

Keppel DC Reit - Stock calls


Date Analyst Company Last Target Call Valuation
01/23/18 OCBC Keppel DC Reit 1.47 1.51 Hold
01/23/18 Lim & Tan Keppel DC Reit 1.47 0 Hold
01/23/18 CIMB Keppel DC Reit 1.47 1.44 Hold
01/23/18 DBS Vickers Keppel DC Reit 1.47 1.6 Buy DCF
01/24/18 Phillip Keppel DC Reit 1.46 1.47 Neutral DDM
02/12/18 Phillip Keppel DC Reit 1.34 1.47 Neutral DDM
03/19/18 DBS Vickers Keppel DC Reit 1.4 1.6 Buy
04/03/18 CIMB Keppel DC Reit 1.43 1.52 Add DDM
04/17/18 Phillip Keppel DC Reit 1.46 1.47 Neutral DDM
04/17/18 CIMB Keppel DC Reit 1.46 1.47 Add DDM
04/17/18 OCBC Keppel DC Reit 1.46 1.5 Hold
04/17/18 DBS Vickers Keppel DC Reit 1.46 1.6 Buy
04/17/18 Credit Suisse Keppel DC Reit 1.46 1.56 Outperform
05/08/18 Phillip Keppel DC Reit 1.43 1.51 Accumulate DDM
05/08/18 Deutsche Keppel DC Reit 1.43 1.3 Hold
05/08/18 Credit Suisse Keppel DC Reit 1.43 1.56 Outperform
05/08/18 CIMB Keppel DC Reit 1.43 1.49 Add DDM
05/08/18 OCBC Keppel DC Reit 1.43 1.54 Buy
05/21/18 Phillip Keppel DC Reit 1.36 1.51 Accumulate
06/26/18 DBS Vickers Keppel DC Reit 1.35 1.52 Buy DCF
07/18/18 Phillip Keppel DC Reit 1.35 1.45 Accumulate DDM
07/18/18 OCBC Keppel DC Reit 1.35 1.54 Buy
07/18/18 CIMB Keppel DC Reit 1.35 1.49 Add DDM
07/18/18 DBS Vickers Keppel DC Reit 1.35 1.52 Buy
08/08/18 DBS Vickers Keppel DC Reit 1.39 1.52 Buy
09/04/18 OCBC Keppel DC Reit 1.36 1.54 Buy
09/25/18 Deutsche Keppel DC Reit 1.36 1.55 Buy
10/17/18 Phillip Keppel DC Reit 1.34 1.45 Accumulate DDM
10/17/18 DBS Vickers Keppel DC Reit 1.34 1.52 Buy
10/17/18 OCBC Keppel DC Reit 1.34 1.48 Buy DDM
10/17/18 CIMB Keppel DC Reit 1.34 1.51 Add DDM
11/21/18 Phillip Keppel DC Reit 1.35 1.45 Accumulate
12/03/18 OCBC Keppel DC Reit 1.36 1.48 Buy
12/06/18 DBS Vickers Keppel DC Reit 1.34 1.52 Buy DCF
01/04/19 Phillip Keppel DC Reit 1.36 1.45 Accumulate
01/23/19 Phillip Keppel DC Reit 1.44 1.52 Accumulate DDM
01/23/19 CIMB Keppel DC Reit 1.44 1.51 Add DDM
01/23/19 OCBC Keppel DC Reit 1.44 1.6 Buy
01/23/19 DBS Vickers Keppel DC Reit 1.44 1.6 Buy DCF
02/15/19 Phillip Keppel DC Reit 1.45 1.52 Accumulate