US rig count - 990

Related stocks: Keppel Corp, Sembcorp Marine & Cosco,

Dasin Retail - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/19	phillip	Dasin Retail	0.885	0.95	Accumulate	DDM
02/28/19	phillip	Dasin Retail	0.885	0.94	Accumulate	DDM, PB0.64x

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/19	DMG & Partners	Dairy Farm	8.57	8.64	Neutral	DCF
03/04/19	DBS Vickers	Dairy Farm	8.57	8.44	Hold	Sum of parts
03/06/19	CIMB	Dairy Farm	8.33	8.54	Hold	PER23.5x FY20
03/20/19	DMG & Partners	Dairy Farm	7.41	8.25	Buy	DCF
04/05/19	DMG & Partners	Dairy Farm	8.14	8.25	Buy

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	UOB Kay Hian	CSE Global	0.385	0.59	Buy
01/07/19	DMG & Partners	CSE Global	0.395	0.59	Buy	DCF
01/11/19	Lim & Tan	CSE Global	0.395	0	Buy
01/15/19	CIMB	CSE Global	0.405	0.56	Add	PER13.5x FY20
01/22/19	Amfrasers	CSE Global	0.43	0.57	Buy
02/08/19	UOB Kay Hian	CSE Global	0.455	0.59	Buy
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
03/05/19	Amfrasers	CSE Global	0.505	0.58	Buy
03/26/19	UOB Kay Hian	CSE Global	0.54	0.62	Buy
03/26/19	DMG & Partners	CSE Global	0.54	0.61	Buy	DCF
03/26/19	CIMB	CSE Global	0.54	0.6	Add
04/02/19	Lim & Tan	CSE Global	0.545	0	Buy

Stock calls for 3 May 2019

Date	Analyst	Company	Last	Target	Call	Valuation
05/03/19	DBS Vickers	ART	1.2	1.35	Buy	DCF
05/03/19	OCBC	Capitaland	3.54	4.04	Buy
05/03/19	CIMB	Capitaland	3.54	3.56	Add
05/03/19	CIMB	CDL Hospitality	1.61	1.85	Add	DDM
05/03/19	DMG & Partners	China Aviation Oil	1.36	1.6	Buy
05/03/19	phillip	China Sunsine	1.17	1.43	Buy	FCFE
05/03/19	Jefferies	City Developments	9	12	Buy	PB0.84x
05/03/19	Kim Eng	Frasers Hospitality Trust	0.745	0.85	Buy
05/03/19	DBS Vickers	Frasers Hospitality Trust	0.745	0.77	Hold	DCF
05/03/19	UOB Kay Hian	Japfa	0.605	0.73	Buy	Sum of parts
05/03/19	DBS Vickers	Japfa	0.605	0.61	Hold	Sum of parts (10% discount), PER14x FY19
05/03/19	phillip	OCBC	12.04	13.7	Buy
05/03/19	CIMB	OUE Hospitality	0.72	0.85	Add
05/03/19	CIMB	Sembcorp Marine	1.69	2.21	Add
05/03/19	phillip	UOB	27.75	32.5	Buy
05/03/19	DMG & Partners	UOB	27.75	30.8	Buy
05/03/19	DBS Vickers	UOB	27.75	29.2	Buy
05/03/19	CIMB	UOB	27.75	29	Add	GGM
05/03/19	UOB Kay Hian	Venture	17.4	19.01	Hold	Buy @ $17

New York Rhodium Group clears China for debt trap diplomacy.

https://www.smh.com.au/world/asia/data-doesn-t-support-belt-and-road-debt-trap-claims-20190502-p51jhx.html?ref=rss&utm_medium=rss&utm_source=rss_feed

The New York Rhodium group has vindicated China for using debt trap diplomacy because of the data that doesn't support the US proclamation.

This group has proven that the US is just doing fearmongering for its own political benefits.

The Australia National University senior lecturer also said that the debt trap diplomacy claim was never credible.

The US is a real trouble maker in this world!

Cromwell Reit (EUR) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/15/19	DBS Vickers	Cromwell Reit (EUR)	0.49	0.59	Buy	DCF

Comfortdelgro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/19	DBS Vickers	Comfortdelgro	2.24	2.56	Buy
02/01/19	CIMB	Comfortdelgro	2.33	2.74	Add	DCF
02/08/19	UOB Kay Hian	Comfortdelgro	2.36	2.59	Buy	PER16.8x FY19
02/08/19	DBS Vickers	Comfortdelgro	2.36	2.56	Buy
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	PER16.8x FY19
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
02/19/19	Amfrasers	Comfortdelgro	2.41	2.77	Buy	PER19x FY19
03/04/19	Kim Eng	Comfortdelgro	2.43	2.45	Hold	DCF
03/08/19	CIMB	Comfortdelgro	2.41	2.74	Add	DCF
03/22/19	UOB Kay Hian	Comfortdelgro	2.54	2.77	Buy	PER17.5x FY20
04/03/19	DMG & Partners	Comfortdelgro	2.59	2.65	Take Profit	Buy below $2.50
04/16/19	OCBC	Comfortdelgro	2.63	2.63	Hold	DCF
04/30/19	CIMB	Comfortdelgro	2.69	2.88	Add	DCF, PER18.1x FY20

CNMC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	phillip	CNMC	0.225	0.31	Buy	DCF
03/12/19	Tayrona	CNMC	0.21	0.31	Overweight

Stock calls for 2 May 2019

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/19	Phillip	A-Reit	3	2.88	Neutral
05/02/19	CIMB	A-Reit	3	2.87	Hold	DDM
05/02/19	DBS Vickers	A-Reit	3	3.2	Buy	DCF
05/02/19	OCBC	ART	1.2	1.25	Hold
05/02/19	UOB Kay Hian	ART	1.2	1.46	Buy
05/02/19	Phillip	Capitaland	3.53	4	Accumulate	RNAV (20% discount)
05/02/19	Lim & Tan	Capitaland	3.53	0	Hold
05/02/19	DMG & Partners	CDL Hospitality	1.6	1.77	Buy	DDM
05/02/19	Kim Eng	CDL Hospitality	1.6	1.8	Buy
05/02/19	OCBC	CDL Hospitality	1.6	1.54	Hold
05/02/19	DBS Vickers	CDL Hospitality	1.6	1.85	Buy
05/02/19	phillip	China Aviation Oil	1.37	1.67	Buy	PER11.5x FY20
05/02/19	Amfrasers	DBS	28.25	27.7	Hold
05/02/19	Jefferies	DBS	28.25	31.5	Buy	PER13.1x FY20
05/02/19	CIMB	Frasers Logistics	1.18	1.21	Hold	DDM
05/02/19	DBS Vickers	Indofood Agri	0.28	0.19	Accept offer	offer price $0.28
05/02/19	DBS Vickers	Jardine C&C	35.52	39.1	Buy	Sum of parts (16% discount)
05/02/19	Amfrasers	Keppel DC Reit	1.51	1.62	Buy
05/02/19	DMG & Partners	Manulife US Reit	0.87	0.96	Buy	DDM
05/02/19	UOB Kay Hian	Mapletree Logistics	1.48	1.39	Hold	Buy @ $1.26
05/02/19	OCBC	Mapletree North Asia	1.36	1.4	Hold
05/02/19	DBS Vickers	Mapletree North Asia	1.36	1.6	Buy	DCF
05/02/19	Phillip	Micro-Mechanics	1.63	1.63	Neutral	PER15x FY20
05/02/19	DMG & Partners	Moya Asia	0.081	0.095	Buy
05/02/19	DBS Vickers	Oxley	0.325	0.68	Buy
05/02/19	UOB Kay Hian	Parkway Life	2.89	3.25	Buy
05/02/19	phillip	Raffles Medical	1.08	1.09	Neutral	DCF
05/02/19	DBS Vickers	Raffles Medical	1.08	1.12	Hold	Sum of parts
05/02/19	phillip	Sheng Siong	1.03	1.3	Buy	PER25x
05/02/19	UOB Kay Hian	Tianjin Zhongxin	0.985	1.7	Buy
05/02/19	Lim & Tan	Venture	16.97	0	Buy on weakness
05/02/19	UOB Kay Hian	Wilmar	3.64	3.9	Buy
05/02/19	CIMB	Yangzijiang	1.57	1.61	Hold	Sum of parts
05/02/19	OCBC	Yangzijiang	1.57	1.45	Hold	Sum of parts
05/02/19	DBS Vickers	Yangzijiang	1.57	1.82	Buy	Sum of parts

China has blocked Canadian porks.

https://sg.finance.yahoo.com/news/exclusive-canada-farm-minister-informed-beijing-blocked-two-231058707--finance.html

This Canadian pork blockage is not surprising as China will be importing more US porks under the China-US trade deal.

http://sg-stock.blogspot.com/2019/04/canada-is-just-plain-stupid.html

The US FED has stayed put but something is amiss.

https://finance.yahoo.com/news/fed-leaves-interest-rates-unchanged-181509741.html

The US FED has left the interest rates unchanged but something is amiss because the ioer (2.35% now) is being lowered and the effr is still rising (2.45% now).

http://sg-stock.blogspot.com/2019/04/will-us-fed-cut-interest-rate-in-may.html

The premium difference between the effr and ioer is showing that the monetary tightening has worsened as the money supply is still shrinking.  In other words, the US Fed is still continuing its quantitative tapering discreetly.

US ISM Manufacturing PMI fell in April.

The ISM Manufacturing PMI in the US fell to 52.8 in April 2019 from 55.3 in March, below market expectations of 55. The latest reading pointed to the weakest growth in factory activity since October 2016, amid slower increases in new orders, production and employment. 

A slowdown was seen in new orders (51.7 from 57.4 in March), production (52.3 from 55.8) and employment (52.4 from 57.5). Also, new export orders fell into contraction territory (49.5 from 51.7) and prices eased (50 from 54.3). Meanwhile, inventories (52.9 from 51.8), backlogs of orders (53.9 from 50.4), and supplier deliveries (54.6 from 54.2) rose at a faster pace. 

The weak US April PMI will cause the next GDP number to weaken since the PMI is a leading indicator.

http://sg-stock.blogspot.com/2019/04/the-us-economy-has-flipped-and-fissures.html

In our previous analysis above, we had expected the employment sub-index to fall and the April PMI vindicated our view.

The weak PMI will force the US to strike a China-US trade deal as soon as possible or else the US economy will deteriorate quickly.

Omg! Trump wants the Fed to cut the rate by 1%.

https://finance.yahoo.com/news/trump-quantitative-tightening-fed-fomc-balance-sheet-tweet-222837013.html

This is ridiculous unless the US economy is in the danger of collapsing.  Is Trump privy to some economic information that is unavailable to the public and it is telling him that the US economy is collapsing? or the US has been fudging its economic data?

We still believe that the US Fed will not cut the rate on 1 May 2019.

http://sg-stock.blogspot.com/2019/04/will-us-fed-cut-interest-rate-in-may.html

Clearbridge - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	phillip	Clearbridge	0.142	0.28	Buy	DCF

City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	Lim & Tan	City Developments	7.94	0	Buy
01/17/19	CIMB	City Developments	8.85	10.65	Add	RNAV (35% discount)
02/11/19	Jefferies	City Developments	9.16	12	Buy
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
03/21/19	Lim & Tan	City Developments	9.02	0	Buy
03/26/19	CIMB	City Developments	8.87	10.66	Add
04/04/19	DMG & Partners	City Developments	9.31	9.2	Neutral
04/17/19	OCBC	City Developments	9.32	10.68	Buy

Chip Eng Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	DBS Vickers	Chip Eng Seng	0.705	0.75	Hold

Stock calls for 30 April 2019

Date	Analyst	Company	Last	Target	Call	Valuation
04/30/19	Kim Eng	A-Reit	3.01	3.2	Buy	DDM
04/30/19	OCBC	A-Reit	3.01	2.74	Hold
04/30/19	DMG & Partners	A-Reit	3.01	2.9	Neutral	DDM
04/30/19	CIMB	Comfortdelgro	2.69	2.88	Add	DCF, PER18.1x FY20
04/30/19	Macquarie	DBS	28.4	27	Neutral
04/30/19	phillip	DBS	28.4	29	Accumulate	GGM, PB1.5x FY19
04/30/19	OCBC	DBS	28.4	29.18	Hold	Buy @ $27.50 or lower
04/30/19	CIMB	DBS	28.4	30	Add	GGM, PB1.54x
04/30/19	DMG & Partners	DBS	28.4	30.8	Buy	PB1.5x FY20
04/30/19	Lim & Tan	DBS	28.4	30	Hold
04/30/19	OCBC	Frasers Logistics	1.18	1.2	Hold
04/30/19	OCBC	Hutchison Port	0.24	0.22	Hold
04/30/19	DBS Vickers	Hutchison Port	0.24	0.26	Hold
04/30/19	DBS Vickers	Ifast Corp	1.12	1.05	Hold	DDM
04/30/19	Amfrasers	Manulife US Reit	0.88	0.97	Buy	DDM
04/30/19	OCBC	Mapletree Logistics	1.47	1.38	Hold
04/30/19	DMG & Partners	Raffles Medical	1.07	1.02	Neutral
04/30/19	DMG & Partners	Sheng Siong	1.04	1.23	Buy	DCF & PER21x
04/30/19	CIMB	Sheng Siong	1.04	1.1	Hold	PER20.5x CY20
04/30/19	Amfrasers	Sheng Siong	1.04	1.24	Buy	DCF
04/30/19	UOB Kay Hian	Starhill	0.755	0.9	Buy	DDM

Will the US Fed cut the interest rate in May 2019?

https://finance.yahoo.com/news/fed-may-end-seeing-1995-190000337.html

Some people are hoping and predicting a fed rate cut in May 2019 but I don't share the same sentiment as them because the EFFR has been rising to 2.44% now.

http://sg-stock.blogspot.com/2019/04/whats-happening-to-usd-now-why-is-it.html

When the EFFR(2.44%) is greater than IOER(2.4%), it becomes a monetary tightening situation because the excess funds are moving into EFFR which are usually used to invest in treasuries.  Therefore, there is lesser money available in commercial markets like mortgage and commercial loans.  This is the rationale behind the rise in USD as the money supply is shrinking.

If the US Fed were to cut the interest rate, it would cause the USD to depreciate and that would contradict the rise in EFFR which was causing the rise in USD.  By cutting the rate now will send a bewildering signal to the market and also highlighting the contradictory stances between the US Fed and Trump.  This will also send a signal that Trump has intervened in the independent Fed again which is bad for the US economy.

Canada is just plain stupid.

https://www.channelnewsasia.com/news/business/canadian-farm-exports-run-into-chinese-wall-amid-diplomatic-dispute-11487824

When China buys more from the US, it has to cut back from other countries especially from unfriendly ones like Canada.

http://sg-stock.blogspot.com/2019/04/many-countries-are-fearful-of-upcoming.html

We've stated this in our previous post above.