Tommy Koh has an anti-China mindset and it's bad for Singapore.

https://www.straitstimes.com/singapore/tommy-koh-urges-japan-to-be-top-asean-investor-again

I don't know what China did to him or his ancestors for him to be imbued with anti-China sentiment.  However, I knew what the Japanese did to Asia (raped and killed millions of people) for 3 years 8 months.

China is a growing economy (US$12T GDP now) and will surpass the USA (US$20T GDP now) by 2030 but Japan has only a GDP of US$4.5T now.  Furthermore, China has a much deeper pocket than Japan.

Anyone with a decent IQ will know that it is inevitable that we need to depend on China for our economic growth.  This is something we cannot walk away.  Even Japan has to depend on China for its own economic growth now.  Why do we need to rely on Japan when Japan has to depend on China too.  We might as well depend on China directly instead of via Japan.

We will face a steep slowdown if we lose our dependence on China as shown below.

https://sg.finance.yahoo.com/news/singapore-faces-steepest-growth-deceleration-030149598.html

I think we need to boot old people out of politics as an irrational mindset tends to develop in old age.  I am not being discriminative against old age but the fact speaks for itself.

USD is likely to depreciate soon. Why? - Part 2

The USD dollar index is below 96 now.

This is an update post for our previous post below.  In our previous post, we had stated the factors for USD depreciation.

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

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
02/20/19	Kim Eng	Sasseur	0.74	0.9	Buy	DDM
02/20/19	DBS Vickers	Sasseur	0.74	0.97	Buy	DCF

Sarine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
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
12/20/18	SAC Advisors	Sanli Env	0.22	0.36	Buy

Stock calls for 19 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/19/19	DMG & Partners	Avi-Tech	0.29	0.3	Neutral
03/19/19	DBS Vickers	Mermaid Maritime	0.084	0.06	Sell	Sum of parts
03/19/19	CIMB	Mermaid Maritime	0.084	0.158	Hold	PB0.48x CY18
03/19/19	phillip	SGX	7.31	8.17	Accumulate	PER23.2x
03/19/19	Kim Eng	Sheng Siong	1.08	0.95	Sell	DCF, PER19.5x FY19
03/19/19	CIMB	SIA	9.83	10.25	Hold
03/19/19	UOB Kay Hian	SIA	9.83	10.1	Hold	Buy @ $9
03/19/19	OCBC	Starhill	0.7	0.75	Buy
03/19/19	DMG & Partners	Valuetronics	0.69	0.78	Neutral
03/19/19	DMG & Partners	Venture	18	19	Buy

WIPO showed that China didn't steal other technologies.

https://finance.yahoo.com/news/huawei-leads-asian-domination-u-230100081.html

If China steals from others, it won't be able to file so many patents.  Furthermore, China will topple the US this year or next in the patent application.

Well done to China!

Roxy-Pacific - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/18	OCBC	Roxy-Pacific	0.56	0.66	Buy
02/19/18	DBS Vickers	Roxy-Pacific	0.56	0.69	Buy	RNAV (30% discount)
03/20/18	DBS Vickers	Roxy-Pacific	0.555	0.69	Buy	RNAV (30% discount)
04/03/18	DBS Vickers	Roxy-Pacific	0.55	0.69	Buy
05/08/18	DBS Vickers	Roxy-Pacific	0.515	0.63	Buy
05/15/18	OCBC	Roxy-Pacific	0.515	0.6	Buy
06/05/18	DBS Vickers	Roxy-Pacific	0.505	0.63	Buy
07/09/18	DBS Vickers	Roxy-Pacific	0.43	0.4	Fully Valued	RNAV (55% discount)
08/01/18	OCBC	Roxy-Pacific	0.44	0.44	Hold	RNAV (35% discount)
08/01/18	DBS Vickers	Roxy-Pacific	0.44	0.4	Hold	RNAV (55% discount)
08/02/18	DBS Vickers	Roxy-Pacific	0.44	0.4	Fully Valued	RNAV (55% discount)
11/01/18	OCBC	Roxy-Pacific	0.38	0.41	Hold	RNAV (40% discount)
12/14/18	DBS Vickers	Roxy-Pacific	0.405	0.39	Hold	RNAV (55% discount)
01/17/19	DBS Vickers	Roxy-Pacific	0.405	0.39	Hold
02/25/19	OCBC	Roxy-Pacific	0.415	0.41	Hold

Riverstone - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/26/18	CIMB	Riverstone	1.04	1.28	Add	PER18.6x FY19
02/26/18	DBS Vickers	Riverstone	1.04	1.27	Buy	PER16x FY19
02/26/18	Kim Eng	Riverstone	1.04	1.22	Buy	PER18x FY18
05/09/18	DBS Vickers	Riverstone	0.985	1.27	Buy
05/09/18	Lim & Tan	Riverstone	0.985	0	Hold
05/14/18	CIMB	Riverstone	1	1.28	Add
08/08/18	CIMB	Riverstone	1.1	1.28	Add	PER16.7x FY19
08/08/18	DBS Vickers	Riverstone	1.1	1.25	Buy	PER16x FY19
08/20/18	CIMB	Riverstone	1.11	1.3	Add	PER16.7x FY19
11/05/18	DBS Vickers	Riverstone	1.18	1.17	Hold	PER16x FY19
11/05/18	CIMB	Riverstone	1.18	1.3	Add	PER16.7x CY19
02/27/19	CIMB	Riverstone	1.1	1.22	Add	PER16.7x FY20
02/27/19	DBS Vickers	Riverstone	1.1	1.19	Hold	PER16x FY19

Religare Health Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/18	CIMB	Religare Health Trust	0.83	0.92	Hold	DDM
03/20/18	DBS Vickers	Religare Health Trust	0.775	0.85	Hold
06/14/18	CIMB	Religare Health Trust	0.765	0.81	Hold	DDM

Stock calls for 18 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/18/19	DMG & Partners	Cache Logistics	0.72	0.81	Buy
03/18/19	DMG & Partners	CapitaCommercial	1.98	1.86	Neutral
03/18/19	OCBC	Capitaland	3.44	3.98	Buy
03/18/19	DMG & Partners	EC World Reit	0.77	0.84	Buy
03/18/19	DMG & Partners	Frasers Centrepoint Trust	2.28	2.19	Neutral
03/18/19	DMG & Partners	Frasers Commercial Trust	1.47	1.5	Neutral
03/18/19	phillip	Geo Energy	0.183	0.245	Buy
03/18/19	DMG & Partners	Keppel Reit	1.23	1.06	Neutral
03/18/19	DMG & Partners	OUE Hospitality	0.725	0.77	Buy
03/18/19	UOB Kay Hian	Parkway Life	2.88	3.25	Buy	DDM
03/18/19	Lim & Tan	Sembcorp Industries	2.52	0	Hold
03/18/19	DMG & Partners	Suntec Reit	1.93	1.9	Neutral
03/18/19	OCBC	UOL	6.45	8.45	Buy	RNAV

Singapore Nodx gained 4.9% in February 2019

https://www.businesstimes.com.sg/government-economy/singapore-non-oil-exports-back-in-the-black-in-february-defying-economists

Although the economists get it wrong for Feb 2019, one month data do not make a trend.

Year on year changes (YOY):

February 2019: 4.9%

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%

https://sg-stock.blogspot.com/2019/02/singapore-nodx-fell-101-in-january-2019.html

The semiconductor is facing a collapse.

https://sg.finance.yahoo.com/news/semiconductor-rally-faces-apos-collapse-182441248.html

This analyst has put up a very bearish outcome for the semiconductor industry.

This is not surprising as we've stated a gloomy outcome too.

http://sg-stock.blogspot.com/2018/10/the-global-semiconductor-slowdown-is.html

Yuuzoo is the next company to collapse after Hyflux.

https://sg.finance.yahoo.com/news/yuuzoo-ceo-quits-says-company-234003509.html

Lim & Tan securities firm has been warning about this company.  It issued a fraud alert as early as in 2017 on this company.

https://sg-stock.blogspot.com/2018/12/yuuzoo-stock-calls.html

A real company business operation won't be affected by a share trading suspension because the suspension has no effect on the physical operation unless the company has fraudulent business activities which require the share capital market for fundraising to sustain its businesses.

Bitcoin price spikes are caused by the Philippines' investors.

The recent bitcoin price spikes are caused by the Philippines' investors.

How did we know? Our blog statistics are showing huge spikes in pageviews from the Philippines for bitcoin and crypto searches for the past few days and they are our top viewers now.

Look like they will be the next to be ensnared by the "pump and dump" tactics.

Baltic dry index - 677

Today, Thursday, March 14 2019, the Baltic Dry Index climbed by 23 points, reaching 677 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 - 1026

The U.S. rig count declined, albeit slightly, this week according to weekly data from Baker Hughes, a GE Company.

The nation’s oil rigs dropped by one while the gas rig count remained flat.

This is the fourth consecutive week of rig count declines. Last week, the U.S. dropped a total of 11 oil and gas rigs.

Alaska and North Dakota both added three rigs this week and New Mexico added one.

Oklahoma dropped the most rigs at five, while Louisiana and Texas dropped one rig apiece.

Among the major basins, the Cana Woodford saw the most declines at five, the Mississippian lost three rigs and the Arkoma Woodford, Granite Wash and Permian all scrapped one rig apiece.

The Williston and the Eagle Ford are the only basins who increased rigs, at three and one, respectively.

This week’s overall rig count total is 1,026. This is still higher than the count of 990 one year ago.

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

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Boeing 737-Max has a structural design flaw.

https://www.bloomberg.com/news/articles/2019-03-15/piece-found-in-crash-wreckage-said-to-show-jet-was-set-to-dive

The US FAA was reluctant to ground Boeing 737-Max until the most important evidence (Jackscrew) showed otherwise.

The Boeing 737-Max has a structural design flaw that needs the software to implement a nose dive motion to make it fly normally but will make it difficult for the pilot to manage.  Therefore, the 2 recent crashes in Indonesia and Ethiopia were caused by the defective design of the plane.

Boeing is definitely liable for the defective design and will need to make huge compensation for the deceased passengers and crews.

What happened to Hibor after HKMA intervention?

HKD Hibor

CNY Hibor

The current one-month HKD Hibor is at 1.58% and the CNY Hibor is at 2.79%.

http://sg-stock.blogspot.com/2019/03/hong-kong-dollar-has-been-depreciating.html

The previous 1-month HKD Hibor was at 1.33% and the CNY Hibor was at 2.72% as shown in the link above.

The HKMA sold USD and bought HKD to stabilize the HKD which caused the 1-month hibor to rise across the board.

Regal - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/10/18	Tayona	Regal	0.13	0.3	Overweight
08/23/18	Tayona	Regal	0.11	0.3	Overweight

Raffles Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/18	CIMB	Raffles Medical	1.12	1.24	Add	Sum of parts
02/13/18	UOB Kay Hian	Raffles Medical	1.08	1.34	Buy
02/27/18	Phillip	Raffles Medical	1.1	1.32	Accumulate	DCF
02/27/18	UOB Kay Hian	Raffles Medical	1.1	1.32	Buy	DCF
02/27/18	OCBC	Raffles Medical	1.1	1.26	Buy	Sum of parts
02/27/18	Kim Eng	Raffles Medical	1.1	1.13	Hold	DCF
02/27/18	DMG & Partners	Raffles Medical	1.1	1.02	Neutral	DCF
02/28/18	DBS Vickers	Raffles Medical	1.16	1	Fully Valued	Sum of parts, PER26x FY18
03/13/18	UOB Kay Hian	Raffles Medical	1.17	1.32	Buy	DCF
05/02/18	Phillip	Raffles Medical	1.15	1.32	Accumulate	DCF
05/02/18	UOB Kay Hian	Raffles Medical	1.15	1.32	Buy	DCF
05/02/18	DMG & Partners	Raffles Medical	1.15	1.02	Sell	DCF
05/02/18	OCBC	Raffles Medical	1.15	1.26	Buy
05/02/18	CIMB	Raffles Medical	1.15	1.24	Hold	Sum of parts
05/02/18	Kim Eng	Raffles Medical	1.15	1.13	Hold
06/29/18	DMG & Partners	Raffles Medical	1.01	1.02	Neutral	DCF
07/24/18	UOB Kay Hian	Raffles Medical	1.1	1.28	Buy	DCF, PER34.8x FY18
08/07/18	UOB Kay Hian	Raffles Medical	1.09	1.28	Buy	DCF, PER34.8x FY18
08/07/18	DMG & Partners	Raffles Medical	1.09	1.02	Neutral
08/07/18	CIMB	Raffles Medical	1.09	1.19	Hold	Sum of parts
08/07/18	OCBC	Raffles Medical	1.09	1.26	Buy
08/08/18	Phillip	Raffles Medical	1.11	1.32	Accumulate	DCF
09/24/18	OCBC	Raffles Medical	1.1	1.26	Buy
10/30/18	OCBC	Raffles Medical	1.09	1.26	Buy	Sum of parts
10/30/18	UOB Kay Hian	Raffles Medical	1.09	1.27	Buy	DCF
10/30/18	DMG & Partners	Raffles Medical	1.09	1.02	Neutral	DCF
10/30/18	CIMB	Raffles Medical	1.09	1.19	Hold	Sum of parts
12/05/18	UOB Kay Hian	Raffles Medical	1.2	1.3	Buy	DCF
01/23/19	phillip	Raffles Medical	1.11	1.16	Accumulate
02/20/19	UOB Kay Hian	Raffles Medical	1.12	1.3	Buy	DCF
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	Sum of parts, PER27x FY18/19

Q & M - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/18	CIMB	Q & M	0.65	0.61	Reduce	PER28x CY19
03/02/18	phillip	Q & M	0.635	0.625	Hold	PER27x FY18
05/16/18	phillip	Q & M	0.605	0.625	Neutral	PER27x FY18
08/16/18	phillip	Q & M	0.51	0.649	Buy	PER28x FY18
11/19/18	phillip	Q & M	0.51	0.513	Neutral	PER25x FY18/19
11/23/18	CIMB	Q & M	0.505	0.47	Reduce	PER20x FY20
01/23/19	phillip	Q & M	0.495	0.513	Neutral

Stock calls for 15 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/15/19	DBS Vickers	Cromwell Reit (EUR)	0.49	0.59	Buy	DCF
03/15/19	Lim & Tan	Keppel Infrastructure	0.485	0	Hold
03/15/19	OCBC	Netlink	0.795	0.9	Buy

Propnex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/12/18	UOB Kay Hian	Propnex	0.535	0.65	Buy	DCF, PER10x FY19
10/22/18	UOB Kay Hian	Propnex	0.535	0.65	Buy	DCF, PER10x FY19
11/15/18	UOB Kay Hian	Propnex	0.56	0.65	Buy	DCF, PER10x FY19
12/10/18	UOB Kay Hian	Propnex	0.525	0.65	Buy
02/27/19	UOB Kay Hian	Propnex	0.565	0.66	Buy

Powermatic - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/18	CIMB	Powermatic	1.39	2.58	Add	Sum of parts, PER12.8x FY19

Perennial Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	DBS Vickers	Perennial Reit	0.88	1.05	Buy
02/09/18	CIMB	Perennial Reit	0.835	1.12	Add
02/12/18	DBS Vickers	Perennial Reit	0.835	1.05	Buy	RNAV (50% discount)
03/13/18	CIMB	Perennial Reit	0.855	1.18	Add	RNAV (40% discount)
03/14/18	DBS Vickers	Perennial Reit	0.875	1.05	Buy
04/06/18	DBS Vickers	Perennial Reit	0.855	1.05	Buy
05/10/18	CIMB	Perennial Reit	0.86	1.18	Add	RNAV (40% discount)
08/06/18	DBS Vickers	Perennial Reit	0.805	1.05	Buy	RNAV (50% discount)
08/07/18	CIMB	Perennial Reit	0.805	0.99	Add	RNAV (50% discount)
11/09/18	DBS Vickers	Perennial Reit	0.685	0.83	Buy	RNAV (55% discount)
02/14/19	DBS Vickers	Perennial Reit	0.645	0.83	Buy	RNAV (55% discount)

Stock calls for 14 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/14/19	DMG & Partners	Capitamall Trust	2.39	2.2	Neutral	DDM
03/14/19	DBS Vickers	Frasers Centrepoint Trust	2.26	2.6	Buy
03/14/19	CIMB	Japfa	0.715	0.63	Reduce	Sum of parts
03/14/19	UOB Kay Hian	Jumbo	0.405	0.41	Hold	Buy @ $0.37
03/14/19	DBS Vickers	SGX	7.26	7.05	Hold	DDM, PER20x CY20
03/14/19	UOB Kay Hian	Thai Beverage	0.805	0.86	Hold	Sum of parts, Buy @ $0.78
03/14/19	Amfrasers	Uni-Asia	1.2	2.07	Buy

Parkway Life - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/18	CIMB	Parkway Life	2.97	3.07	Hold	DDM
01/29/18	Lim & Tan	Parkway Life	2.97	0	Hold
01/29/18	DBS Vickers	Parkway Life	2.97	3.15	Buy
05/02/18	CIMB	Parkway Life	2.79	3.07	Hold	DDM
05/02/18	UOB Kay Hian	Parkway Life	2.79	3.32	Buy	DDM
05/04/18	Lim & Tan	Parkway Life	2.78	0	Buy
06/20/18	DBS Vickers	Parkway Life	2.58	3.15	Buy
07/26/18	Lim & Tan	Parkway Life	2.78	0	Buy
07/27/18	CIMB	Parkway Life	2.75	3.05	Hold	DDM
07/27/18	DBS Vickers	Parkway Life	2.75	3.15	Buy	DCF
10/25/18	UOB Kay Hian	Parkway Life	2.67	3.15	Buy	DDM
10/26/18	DBS Vickers	Parkway Life	2.63	3.1	Buy	DCF
10/26/18	CIMB	Parkway Life	2.63	3.05	Hold
01/30/19	DBS Vickers	Parkway Life	2.8	3.1	Buy

Pacific Radiance - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/18	CIMB	Pacific Radiance	0.108	0.07	Reduce

Pacific Century - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/19	Lim & Tan	Pacific Century	0.385	0	Buy