Here we go again! Mahathir is at it again!

https://www.straitstimes.com/asia/se-asia/malaysia-pm-mahathir-mohamad-puzzled-why-johor-crown-prince-unaware-of-upcoming-ship-to

No country in its right mind will do a ship-to-ship (STS) transfer within its territorial water when cargoes loading and unloading can be done on a land port.  A ship-to-ship transfer is usually conducted for illegal trading.  Is Mahathir trying to encourage illegal trading?

Mahathir is trying to skin SG again but he cannot do it without JB Sultan's permission.  Given the cordial relationship between JB Sultan and SG government, Mahathir knows that he cannot get the support from JB Sultan.  Therefore, Mahathir is mooting a ship-to-ship transfer in the sea instead of doing it on the land port.  This ship-to-ship transfer project won't succeed without China's support as close to 80% of the ships plying through the strait of Malacca are from China.

http://sg-stock.blogspot.com/2016/07/china-is-building-port-in-malacca-so.html

China and Malaysia are at loggerheads now and China won't support this stupid JB STS transfer project as the Malacca gateway project is at a roadblock now.

Hyflux is officially bankrupt now!

https://www.straitstimes.com/business/companies-markets/hyflux-says-rescue-deal-with-indonesian-investor-terminated-cancels

The Indonesian white knight has pulled out.  Nobody wants hyflux now!

PUB will do a hostile takeover of tuaspring at zero cost since hyflux cannot resolve its on-going concern issue.

Hyflux, RIP!

1997 Asian financial crisis is replaying in the Middle East now. Here's why! - Part 2

http://sg-stock.blogspot.com/2019/03/1997-asian-financial-crisis-is.html

After our first posting about an Asian financial crisis happening in the Middle East, the EU expressed its concern about Italy economic situation in response to JPM's lira report.

https://sg-stock.blogspot.com/2019/04/eu-is-trying-to-stop-asian-financial.html

Then, JPM is hitting back at the EU by spreading the Euro depreciation fear.  Don't forget that Italy is using Euro and a weak Euro is bad for Italy. Hahaha!

https://www.reuters.com/article/us-eurozone-markets-jpmorgan/backpedaling-ecb-could-push-euro-under-1-10-jp-morgan-am-idUSKCN1RF0TC

It looks like JPM is feeling disgruntled that the EU is trying to thwart JPM's money-making plan.

Boeing saga! - Part 2

https://www.channelnewsasia.com/news/business/us-senate-panel-reviewing-whistleblower-claims-on-aviation-safety--panel-chair-11406316

More juicy stories are coming out from Boeing! No wonder the US Southwest Airlines is sending all its 737-Max to a desert graveyard.

http://sg-stock.blogspot.com/2019/03/a-big-blow-to-boeing.html

Global inflation or deflation? - Part 3

https://www.bloomberg.com/news/articles/2019-04-03/fed-risks-fomenting-financial-bubbles-in-zeal-to-lift-inflation

The Bloomberg article corroborates our analysis that the US Fed is trying to create inflation.  For more information about the rationale behind the inflation theory, please read our post below.

http://sg-stock.blogspot.com/2019/03/global-inflation-or-deflation-part-2.html

However, we have taken cognizant that the US financial firms are trying to create a financial crisis in the Middle East and Europe.  If the financial crisis happens, it will invalidate the current Fed policies.

Tee Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/18	Tayona	Tee Land	0.21	0.28	Overweight	Sum of parts

Talkmed - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
01/07/19	DMG & Partners	Talkmed	0.59	0.64	Neutral
02/21/19	DMG & Partners	Talkmed	0.58	0.62	Neutral	DCF

TA Corp - Stock calls

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

Stock calls for 3 April 2019

Date	Analyst	Company	Last	Target	Call	Valuation
04/03/19	DBS Vickers	CapitaRetail China	1.57	1.65	Buy
04/03/19	DMG & Partners	Comfortdelgro	2.59	2.65	Take Profit	Buy below $2.50
04/03/19	DBS Vickers	Frasers Centrepoint Trust	2.38	2.6	Buy
04/03/19	DBS Vickers	Frasers Logistics	1.16	1.2	Buy
04/03/19	DBS Vickers	Keppel KBS	0.705	0.8	Buy
04/03/19	DBS Vickers	Mapletree Industrial	2.12	2.3	Buy
04/03/19	DBS Vickers	Mapletree North Asia	1.31	1.45	Buy
04/03/19	DBS Vickers	OUE Commercial	0.52	0.6	Buy
04/03/19	CIMB	Sasseur	0.78	0.92	Add
04/03/19	UOB Kay Hian	SPH	2.43	2.82	Buy
04/03/19	Lim & Tan	Venture	18.6	0	Hold

EU is trying to stop the Asian financial crisis from happening in Europe.

https://sg.finance.yahoo.com/news/eus-juncker-concerned-over-italys-093309757.html

The timing of EU's exhortation about Italy is uncanny after we have singled out Italy as the next target in Europe in our post below.  Maybe the EU is trying to nip it in the bud as a pre-emptive move.  However, it won't be easy for Italy to rein in its high debts.

http://sg-stock.blogspot.com/2019/03/1997-asian-financial-crisis-is.html

Look like this is a duel between the US financial firms and EU officials.  Let's see who will win.

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

Suntec Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
12/11/18	DMG & Partners	Suntec Reit	1.78	1.9	Neutral
01/23/19	OCBC	Suntec Reit	1.86	1.83	Hold
01/24/19	DBS Vickers	Suntec Reit	1.87	2.12	Buy	DCF
01/24/19	OCBC	Suntec Reit	1.87	1.84	Hold
01/24/19	DMG & Partners	Suntec Reit	1.87	1.9	Neutral	DDM
01/24/19	Jefferies	Suntec Reit	1.87	1.85	Hold	Up from $1.80
01/28/19	UOB Kay Hian	Suntec Reit	1.93	2.01	Hold	Buy @ $1.83
01/28/19	CIMB	Suntec Reit	1.93	2.06	Add
03/18/19	DMG & Partners	Suntec Reit	1.93	1.9	Neutral
04/02/19	DBS Vickers	Suntec Reit	1.96	2.12	Buy

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
01/10/19	UOB Kay Hian	Sunpower	0.385	0.76	Buy	Sum of parts
03/01/19	UOB Kay Hian	Sunpower	0.585	0.88	Buy	Sum of parts

Stock calls for 2 April 2019

Date	Analyst	Company	Last	Target	Call	Valuation
04/02/19	Macquarie	Capitaland	3.69	3.9	Outperform	RNAV
04/02/19	OCBC	Capitaland	3.69	3.98	Buy
04/02/19	CIMB	China Aviation Oil	1.38	1.7	Add	PER11x FY20
04/02/19	Lim & Tan	CSE Global	0.545	0	Buy
04/02/19	phillip	DBS	25.59	29	Buy
04/02/19	Kim Eng	Japfa	0.665	1.05	Buy
04/02/19	phillip	OCBC	11.21	13.7	Buy
04/02/19	DBS Vickers	OCBC	11.21	12.9	Buy
04/02/19	DBS Vickers	Suntec Reit	1.96	2.12	Buy
04/02/19	phillip	UOB	25.42	32.5	Buy
04/02/19	DBS Vickers	UOB	25.42	29.2	Buy
04/02/19	OCBC	UOL	7.11	8.45	Buy	RNAV

Johoreans are suffering because of Mahathir.

https://www.businesstimes.com.sg/government-economy/johor-businesses-suffering-from-drop-in-singapore-visitors-report

Malaysians must not think that there won't be any repercussion under Mahathir's leadership because he will bring more suffering to Malaysians.  Mahathir is well known to be anti-Singapore and anti-Chinese.  The Malacca gateway project is going to be a white elephant once it is completed because of Mahathir's policies.

Turkey has a strategic role in the Middle East.

Turkey has a strategic role in the Middle East and its economic collapse will bring great misfortunes in the Middle East and Europe.

Turkey is acting as a spigot of capital flows between Europe and the Middle East because of the different financial philosophies that exist between the west and Islam.  The west is used to seeking a financial return based on interest yield while Islam is only allowed to seek a financial return based on profit sharing because of its religious belief.  This diverse dichotomy between the 2 philosophies engenders a great opportunity for Turkey to be a financial hub in the Middle East.

Turkey is able to repackage and re-export the investments between Islamic countries and Europe so that both opposing sides can flourish.  Thus, if anything happens to Turkey, the capital and investment flows between the Middle East and Europe will decline significantly and disrupt both continents.

Let's take a look at Turkey's economic situation now.

Turkey is in dire straits from the economic standpoint. It is not able to defend against any malicious attack on its economic and financial sectors.

We had highlighted this in our previous post below.

http://sg-stock.blogspot.com/2019/03/1997-asian-financial-crisis-is.html

Sunningdale - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
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
03/01/19	UOB Kay Hian	Sunningdale	1.56	1.3	Hold	PER11x FY19, Buy @ $1.20
03/01/19	Lim & Tan	Sunningdale	1.56	0	Hold
03/05/19	CIMB	Sunningdale	1.4	1.38	Reduce	PB0.69x FY19

Starhub - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/18	DMG & Partners	Starhub	2.89	2.7	Neutral
01/12/18	UOB Kay Hian	Starhub	2.93	2.62	Hold
01/17/18	CIMB	Starhub	2.92	2.8	Hold	DCF
01/26/18	DBS Vickers	Starhub	2.97	2.2	Fully Valued	DCF
02/15/18	OCBC	Starhub	2.86	2.2	Sell
02/15/18	UOB Kay Hian	Starhub	2.86	2.7	Hold	DCF, Buy @ $2.50
02/15/18	Kim Eng	Starhub	2.86	2.27	Sell	DCF
02/15/18	Credit Suisse	Starhub	2.86	2.15	Underperform
02/15/18	CIMB	Starhub	2.86	2.7	Hold	DCF
02/15/18	Lim & Tan	Starhub	2.86	0	Sell
02/15/18	DMG & Partners	Starhub	2.86	2.65	Neutral
02/15/18	Citibank	Starhub	2.86	2.3	Sell
02/20/18	DBS Vickers	Starhub	2.6	2.2	Fully Valued	DCF
03/12/18	UOB Kay Hian	Starhub	2.47	2.7	Hold
03/14/18	Kim Eng	Starhub	2.44	2.27	Sell	DCF
03/15/18	CIMB	Starhub	2.43	2.7	Hold	DCF
03/15/18	DMG & Partners	Starhub	2.43	2.65	Neutral
03/20/18	UOB Kay Hian	Starhub	2.43	2.25	Sell
04/03/18	Kim Eng	Starhub	2.33	2.27	Hold
04/10/18	OCBC	Starhub	2.28	2.2	Hold
04/10/18	UOB Kay Hian	Starhub	2.28	2.25	Sell
04/10/18	Citibank	Starhub	2.28	2.3	Hold
05/04/18	UOB Kay Hian	Starhub	2.31	2.25	Sell	DCF
05/04/18	Kim Eng	Starhub	2.31	2.27	Hold	DCF
05/04/18	DMG & Partners	Starhub	2.31	2.5	Neutral	DCF
05/04/18	OCBC	Starhub	2.31	2.2	Hold
05/07/18	CIMB	Starhub	2.29	2.4	Hold	DCF
05/07/18	DBS Vickers	Starhub	2.29	2.05	Fully Valued	DCF
06/12/18	UOB Kay Hian	Starhub	1.84	1.98	Hold	DCF
06/12/18	Citibank	Starhub	1.84	2	Hold
06/27/18	DMG & Partners	Starhub	1.73	1.9	Neutral	DCF
06/27/18	DBS Vickers	Starhub	1.73	1.42	Hold	EV/Ebitda5.6x
07/03/18	UOB Kay Hian	Starhub	1.64	1.98	Hold
07/09/18	Kim Eng	Starhub	1.7	1.96	Buy	DCF
08/08/18	UOB Kay Hian	Starhub	1.69	1.92	Hold	DCF, Buy @ $1.65
08/08/18	DBS Vickers	Starhub	1.69	1.42	Hold	EV/Ebitda5.6x
08/08/18	DMG & Partners	Starhub	1.69	1.78	Neutral	DCF
08/08/18	OCBC	Starhub	1.69	1.65	Hold
08/08/18	Citibank	Starhub	1.69	1.55	Hold
08/15/18	CIMB	Starhub	1.65	1.85	Add	DCF
08/20/18	UOB Kay Hian	Starhub	1.66	1.82	Hold	DCF, Buy @ $1.64
09/06/18	Kim Eng	Starhub	1.61	1.96	Buy	DCF
09/06/18	UOB Kay Hian	Starhub	1.61	1.85	Hold	DCF
09/06/18	CIMB	Starhub	1.61	1.85	Add	DCF
09/06/18	DBS Vickers	Starhub	1.61	1.42	Hold	EV/Ebitda5.6x
09/06/18	DMG & Partners	Starhub	1.61	1.78	Neutral	DCF
09/25/18	UOB Kay Hian	Starhub	1.71	1.92	Buy	DCF
09/28/18	Citibank	Starhub	1.88	1.55	Sell
10/01/18	UOB Kay Hian	Starhub	1.87	2.1	Buy	DCF
10/04/18	DMG & Partners	Starhub	1.87	1.78	Neutral
10/04/18	OCBC	Starhub	1.87	1.65	Hold
10/04/18	CIMB	Starhub	1.87	2	Add	DCF
10/04/18	DBS Vickers	Starhub	1.87	2.45	Buy	DCF
10/05/18	Kim Eng	Starhub	1.95	2.21	Buy	DCF
10/19/18	UOB Kay Hian	Starhub	1.96	2.3	Buy	DCF
11/02/18	DBS Vickers	Starhub	1.98	2.45	Buy	DCF
11/07/18	CIMB	Starhub	1.96	2	Hold	DCF
11/07/18	Kim Eng	Starhub	1.96	2.21	Buy	DCF
11/12/18	UOB Kay Hian	Starhub	1.94	2.3	Buy	DCF
11/12/18	DMG & Partners	Starhub	1.94	1.9	Neutral	DCF
11/12/18	OCBC	Starhub	1.94	1.92	Hold
12/20/18	DBS Vickers	Starhub	1.77	2.45	Buy
01/02/19	UOB Kay Hian	Starhub	1.75	1.6	Sell
01/02/19	Kim Eng	Starhub	1.75	2.21	Buy
01/04/19	Phillip	Starhub	1.71	1.88	Accumlate	EV/Ebitda6x FY19
01/14/19	DMG & Partners	Starhub	1.77	1.9	Neutral
01/15/19	DBS Vickers	Starhub	1.77	2.45	Buy	DCF
02/07/19	Kim Eng	Starhub	1.82	2.21	Buy
02/08/19	DBS Vickers	Starhub	1.89	2.45	Buy
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
02/18/19	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	DCF
02/19/19	CIMB	Starhub	1.61	2	Hold	DCF
03/26/19	CIMB	Starhub	1.51	1.65	Hold	DCF (10% discount)
04/01/19	Kim Eng	Starhub	1.49	2.18	Buy

Starhill - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	Kim Eng	Starhill	0.78	0.7	Sell	DDM
01/05/18	DMG & Partners	Starhill	0.775	0.81	Neutral	DDM
01/30/18	OCBC	Starhill	0.78	0.77	Hold
01/30/18	Lim & Tan	Starhill	0.78	0	Hold
03/19/18	DBS Vickers	Starhill	0.725	0.82	Buy
04/27/18	OCBC	Starhill	0.72	0.77	Hold
04/27/18	Kim Eng	Starhill	0.72	0.7	Sell
05/17/18	DMG & Partners	Starhill	0.685	0.81	Neutral
06/19/18	OCBC	Starhill	0.66	0.65	Hold
07/30/18	Kim Eng	Starhill	0.685	0.65	Hold	DDM
07/30/18	OCBC	Starhill	0.685	0.65	Hold
07/31/18	CIMB	Starhill	0.685	0.69	Hold	DDM
08/17/18	OCBC	Starhill	0.675	0.74	Buy
10/16/18	DMG & Partners	Starhill	0.67	0.8	Buy	DDM
10/31/18	OCBC	Starhill	0.665	0.71	Buy
11/01/18	CIMB	Starhill	0.67	0.74	Add	DDM
11/20/18	DMG & Partners	Starhill	0.665	0.8	Buy
12/11/18	DBS Vickers	Starhill	0.67	0.75	Buy	DCF
12/11/18	DMG & Partners	Starhill	0.67	0.8	Buy
01/02/19	DMG & Partners	Starhill	0.68	0.8	Buy	DDM
01/31/19	CIMB	Starhill	0.72	0.75	Add	DDM
01/31/19	DBS Vickers	Starhill	0.72	0.75	Buy
02/01/19	OCBC	Starhill	0.715	0.75	Buy
03/13/19	DMG & Partners	Starhill	0.7	0.8	Buy
03/19/19	OCBC	Starhill	0.7	0.75	Buy
03/20/19	DBS Vickers	Starhill	0.695	0.75	Buy
03/21/19	DMG & Partners	Starhill	0.705	0.78	Buy	DDM
03/22/19	CIMB	Starhill	0.7	0.74	Add	DDM

Stock calls for 1 April 2019

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	UOB Kay Hian	Capitaland	3.65	4.4	Buy
04/01/19	phillip	Clearbridge	0.142	0.28	Buy	DCF
04/01/19	UOB Kay Hian	DBS	25.23	28.4	Buy
04/01/19	Lim & Tan	Ho Bee	2.52	0	Buy
04/01/19	UOB Kay Hian	Keppel Reit	1.29	1.35	Buy
04/01/19	UOB Kay Hian	Netlink	0.83	0.92	Buy
04/01/19	Kim Eng	Netlink	0.83	0.93	Buy
04/01/19	UOB Kay Hian	Parkway Life	2.92	3.25	Buy
04/01/19	UOB Kay Hian	Propnex	0.595	0.66	Buy
04/01/19	Kim Eng	Singtel	3.02	3.39	Hold
04/01/19	Kim Eng	Starhub	1.49	2.18	Buy
04/01/19	UOB Kay Hian	Tianjin Zhongxin	0.915	1.7	Buy

Germany's PMI is weaker than expected.

https://sg.finance.yahoo.com/news/germanys-manufacturing-recession-worsens-pmi-070916655--finance.html

Germany's PMI is 44.1 and is lower than the expected 44.7.

http://sg-stock.blogspot.com/2019/03/germany-will-enter-into-recession-in.html

Europe has the perfect condition set up for a financial crisis.  Let's see if the US financial firms will launch an attack against Europe.

Midas will go bankrupt faster than Hyflux.

https://sg.finance.yahoo.com/news/facing-insolvency-no-rescuer-sight-081430368.html

Midas is unable to find a white knight because it doesn't know its own debt situation.

We stated this in our previous post below.

http://sg-stock.blogspot.com/2018/05/midas-is-facing-bankruptcy-now.html

It is useless for the Hyflux investors to protest.

https://sg.finance.yahoo.com/news/rare-singapore-protest-flags-investor-anger-hyflux-slump-025643570.html

There is no point in protesting because the Hyflux investors won't achieve anything. Just look at and learn from the history of Lehman Brothers' minibonds sold by DBS.  DBS also refused to compensate the Singapore minibond's investors until the HKMA forced DBS's subsidiary in HK to compensate the HK investors.  It was the HKMA's action that compelled DBS to compensate our Singapore investors.

The Hyflux investors have to bite the bullets and move on because there is nothing they can do.

1997 Asian financial crisis is replaying in the Middle East now. Here's why!

https://www.businessinsider.sg/turkey-probes-jpmorgan-for-lira-advice-before-currency-plunged-2019-3/?r=US&IR=T

JP Morgan is trying to start the spark of a financial crisis in the Middle East which has the same modus operandi as the 1997 Asian financial crisis.

The first step will be to devalue the currency and JPM has selected Lira because Turkey is a big economic with bad fundamentals.  Turkey is in a technical recession now.

https://www.nytimes.com/2019/03/11/business/turkey-recession.html

JPM had issued a shorting report on Lira just before the Turkey election and it was successful in creating a Lira panic.  The Turkey swap rates soared past 1200% at one point.

https://www.theguardian.com/world/2019/mar/31/turkey-votes-local-elections-seen-key-test-of-erdogan-rule

https://www.dailysabah.com/economy/2019/03/29/turkey-aware-of-currency-market-manipulation-ahead-of-local-elections

https://www.bloomberg.com/news/articles/2019-03-27/foreign-investors-are-trapped-in-turkey-days-before-elections

The intention of JPM is not to earn a huge windfall from the currency market but to force the Turkish central bank to hike interest rates or keep its high interest rates long enough to impact interest rate sensitive industries such as banking and finance, property, etc.  Consequently, the high interest rates will cause the Turkish stock market to crash and the US financial firms will earn the huge windfalls from shorting the index futures in Turkey and other affected countries as the contagion spreads.

Let's reminisce the 1997 Asian financial crisis in steps.

1. Steep currency devaluation.
2. Central bank hikes interest rates or keeps high interest rates long enough to prevent the steep currency depreciation.
3. Stock market crashes
4. Another big but weak economy is targeted (HK)
5. Contagion spreads like fire in Asia.

The Thai baht was first targeted by George Soros (GS) because Thailand had high non-performing loans in the banking and financial industries and the Thai baht was pegged to the USD back then.  The steep devaluation of the Thai baht forced the Thailand central bank to raise interest rates to prevent the steep Thai baht depreciation.  Subsequently, the high interest rates caused the Thai stock market to collapse and exacerbate its economy.  Thereafter, the contagion started to spread and Hong Kong became the next target for GS.  In 1997, HK was returned to China with limited coffer because the UK had siphoned the HK government funds.  Therefore, the new HK became the perfect target for GS.

Turkey is just like Thailand in 1997 now.  Currently, step 1 (Steep currency devaluation) has happened.  Turkey looks set to hike or keep its high interest rates long enough to protect its lira.

Let's see how this will pan out.

When step 2 and 3 have taken place, the next target will be one of the pigs (Portugal, Italy, Greece, Spain) in Europe.  My guess will be Italy because it is a big economy with high debts.