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
06/24/19	Lim & Tan	Cromwell Reit (EUR)	0.505	0	Hold

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
05/08/19	CIMB	Comfortdelgro	2.61	2.88	Add	DCF
05/15/19	DMG & Partners	Comfortdelgro	2.57	2.65	Take Profit
05/15/19	OCBC	Comfortdelgro	2.57	2.69	Hold
05/15/19	UOB Kay Hian	Comfortdelgro	2.57	2.77	Buy
05/16/19	DBS Vickers	Comfortdelgro	2.52	2.59	Hold	DCF, PER17.7x, Buy @ $2.40
05/16/19	Kim Eng	Comfortdelgro	2.52	2.4	Hold
05/16/19	Amfrasers	Comfortdelgro	2.52	2.77	Buy	PER19x FY19
05/17/19	phillip	Comfortdelgro	2.54	2.72	Accumulate	DCF, PER16.8x FY19
05/28/19	CIMB	Comfortdelgro	2.45	2.82	Add
06/12/19	UOB Kay Hian	Comfortdelgro	2.55	2.77	Buy
06/18/19	DMG & Partners	Comfortdelgro	2.58	2.65	Neutral	DCF & FCF
07/10/19	Kim Eng	Comfortdelgro	2.84	2.76	Hold	DCF
07/10/19	UOB Kay Hian	Comfortdelgro	2.84	3.08	Buy	PER19.5x FY20
07/11/19	Amfrasers	Comfortdelgro	2.82	2.77	Neutral	PER19x FY19
07/15/19	phillip	Comfortdelgro	2.81	2.99	Accumulate	DCF
07/22/19	DMG & Partners	Comfortdelgro	2.8	2.65	Neutral	DCF

Stock calls for 25 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/25/19	Lim & Tan	AIMS AMP Cap Ind Reit	1.47	0	Hold
07/25/19	Phillip	Capitamall Trust	2.62	2.68	Neutral	DDM, PB1.09x
07/25/19	DBS Vickers	Citic Envirotech	0.305	0.34	Hold
07/25/19	OCBC	Hutchison Port	0.225	0.22	Hold
07/25/19	DMG & Partners	ISOTeam	0.245	0.31	Buy	DCF
07/25/19	UOB Kay Hian	ISOTeam	0.245	0.34	Buy	PER12.4x FY20
07/25/19	OCBC	Mapletree Industrial	2.25	2.29	Hold
07/25/19	UOB Kay Hian	Mapletree Industrial	2.25	1.94	Hold
07/25/19	UOB Kay Hian	Mapletree Logistics	1.6	1.39	Hold	DDM

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
05/22/19	phillip	CNMC	0.2	0.31	Buy	DCF

Clearbridge - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	phillip	Clearbridge	0.142	0.28	Buy	DCF
05/30/19	phillip	Clearbridge	0.149	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
05/03/19	Jefferies	City Developments	9	12	Buy	PB0.84x
05/16/19	DMG & Partners	City Developments	8.54	9.2	Neutral	RNAV (40% discount)
05/16/19	OCBC	City Developments	8.54	10.68	Buy
05/16/19	CIMB	City Developments	8.54	10.66	Add
05/17/19	phillip	City Developments	8.63	11.82	Buy	RNAV (30% discount)
06/10/19	DMG & Partners	City Developments	8.47	9.2	Neutral
06/10/19	DBS Vickers	City Developments	8.47	9.5	Hold
06/10/19	Lim & Tan	City Developments	8.47	0	Buy
06/11/19	OCBC	City Developments	8.97	10.68	Buy
06/11/19	CIMB	City Developments	8.97	10.66	Add	RNAV (35% discount)
06/11/19	Jefferies	City Developments	8.97	12	Buy
07/15/19	OCBC	City Developments	9.47	10.68	Buy

Stock calls for 24 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/24/19	UOB Kay Hian	Capitamall Trust	2.64	2.65	Hold	DDM, Buy @ $2.42
07/24/19	OCBC	Capitamall Trust	2.64	2.51	Hold
07/24/19	Kim Eng	Capitamall Trust	2.64	2.6	Hold	DDM
07/24/19	DMG & Partners	Capitamall Trust	2.64	2.38	Neutral	DDM
07/24/19	CIMB	Capitamall Trust	2.64	2.6	Hold	DDM
07/24/19	OCBC	ESR-Reit	0.535	0.58	Buy
07/24/19	CIMB	ESR-Reit	0.535	0.61	Add	DDM
07/24/19	UOB Kay Hian	Frasers Centrepoint Trust	2.65	2.66	Hold	DDM, Buy @ $2.42
07/24/19	Kim Eng	Frasers Centrepoint Trust	2.65	2.8	Buy	DDM
07/24/19	OCBC	Frasers Centrepoint Trust	2.65	2.69	Hold
07/24/19	CIMB	Frasers Centrepoint Trust	2.65	2.79	Add
07/24/19	Lim & Tan	Frasers Centrepoint Trust	2.65	0	Hold
07/24/19	OCBC	Mapletree Industrial	2.3	2.06	Hold
07/24/19	CIMB	Mapletree Industrial	2.3	2.37	Hold
07/24/19	Kim Eng	Mapletree Logistics	1.61	1.55	Hold

SEMI: Global semiconductor sales are expected to decline 12-13% in 2019.

https://sg.finance.yahoo.com/news/exclusive-bearing-brunt-trade-war-072136810.html

Singapore semiconductor industry is downsizing and will be laying off 10-20% employees.

We've been warning about the global semiconductor slowdown in 2018.

http://sg-stock.blogspot.com/2019/07/the-semiconductor-is-facing-collapse.html

China retail sales vs US retail sales.

Please note that the above-mentioned retail sales figure excludes HK.

US GDP in 2018 was US$20.5T and China GDP in 2018 was US$13.6T.

The retail-GDP ratios were 26% for the US and 37.6% for China respectively in 2018.  What do these ratios mean?  It means that China has more leverage than the US because China can boost its local consumption to stimulate its economy and achieve better economic results than the US does.  In other words, China is a consuming nation and will outgrow the US soon.

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

China Sunsine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	phillip	China Sunsine	1.2	1.68	Buy
03/04/19	phillip	China Sunsine	1.26	1.55	Buy	FCFE
05/03/19	phillip	China Sunsine	1.17	1.43	Buy	FCFE

China Everbright - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/19	DBS Vickers	China Everbright	0.345	0.475	Buy	PER15x FY19
02/21/19	DBS Vickers	China Everbright	0.35	0.49	Buy
02/25/19	phillip	China Everbright	0.355	0.48	Buy	PER8.9x FY19
05/21/19	phillip	China Everbright	0.385	0.5	Buy	PER9x

Stock calls for 23 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/23/19	Lim & Tan	Capitamall Trust	2.6	0	Hold
07/23/19	Amfrasers	Keppel DC Reit	1.75	1.71	Neutral
07/23/19	OCBC	Mapletree Logistics	1.61	1.4	Hold
07/23/19	DBS Vickers	OCBC	11.64	11.5	Hold
07/23/19	DMG & Partners	Singtel	3.52	3.4	Buy	Sum of parts
07/23/19	DBS Vickers	UOB	26.8	29.2	Buy

Stay away from Hong Kong! - Part 2.

https://sg.news.yahoo.com/two-three-men-arrested-over-132451500.html

HK bombers got arrested!  Kudos to the HK police!  If not, many innocent people would suffer including tourists.

Do not visit HK now!

China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	DMG & Partners	China Aviation Oil	1.37	1.5	Neutral
03/01/19	DBS Vickers	China Aviation Oil	1.37	1.85	Buy	PER12x FY19
03/01/19	UOB Kay Hian	China Aviation Oil	1.37	1.25	Hold	PER8.4x FY19, Buy @ $1.1
03/05/19	phillip	China Aviation Oil	1.3	1.67	Buy	PER11.5x FY19
03/27/19	DMG & Partners	China Aviation Oil	1.27	1.6	Buy	DCF, PER10x, PB1.2x, Ev/Ebitda6.5x
04/02/19	CIMB	China Aviation Oil	1.38	1.7	Add	PER11x FY20
04/26/19	DMG & Partners	China Aviation Oil	1.43	1.6	Buy
04/29/19	UOB Kay Hian	China Aviation Oil	1.39	1.25	Hold	PER8.4x FY19, Buy @ $1.1
05/02/19	phillip	China Aviation Oil	1.37	1.67	Buy	PER11.5x FY20
05/03/19	DMG & Partners	China Aviation Oil	1.36	1.6	Buy	Sum of parts, PER5.8x FY19, ex-cash
06/11/19	DMG & Partners	China Aviation Oil	1.31	1.6	Buy
07/10/19	DMG & Partners	China Aviation Oil	1.3	1.6	Buy

Centurion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/19	DMG & Partners	Centurion	0.405	0.41	Neutral	DCF
03/06/19	DMG & Partners	Centurion	0.425	0.41	Neutral	DCF
05/15/19	DMG & Partners	Centurion	0.405	0.41	Neutral	DCF

CEI - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/13/19	CIMB	CEI	0.945	0.97	Hold	PER10x FY20

Stock calls for 22 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/22/19	Phillip	A-Reit	3.03	2.88	Neutral
07/22/19	phillip	Cache Logistics	0.785	0.75	Neutral
07/22/19	Phillip	CapitaCommercial	2.15	2.18	Neutral	DDM
07/22/19	Phillip	Capitamall Trust	2.64	2.21	Neutral
07/22/19	Phillip	CapitaRetail China	1.59	1.66	Accumulate
07/22/19	DMG & Partners	Comfortdelgro	2.8	2.65	Neutral	DCF
07/22/19	phillip	Dasin Retail	0.875	0.94	Accumulate
07/22/19	phillip	EC World Reit	0.755	0.87	Buy
07/22/19	UOB Kay Hian	Far East Hospitality	0.685	0.82	Buy	DDM
07/22/19	Phillip	Frasers Centrepoint Trust	2.65	2.36	Neutral
07/22/19	Amfrasers	Keppel Corp	6.57	7.43	Neutral	Sum of parts
07/22/19	DBS Vickers	Keppel Corp	6.57	8.5	Buy	Sum of parts
07/22/19	Phillip	Mapletree Industrial	2.31	2.03	Neutral
07/22/19	OCBC	SATS	5	5.28	Hold	FCFF
07/22/19	phillip	SATS	5	5.47	Accumulate
07/22/19	Lim & Tan	SATS	5	0	Hold
07/22/19	CIMB	UOB	26.94	29.58	Add
07/22/19	Kim Eng	Venture	15.54	19.74	Buy	Roe-g/Coe-g

Stay away from Hong Kong!

https://www.scmp.com/news/hong-kong/law-and-crime/article/3019524/least-10-injured-baton-wielding-mob-suspected-triad

Rioters are hitting people indiscriminately in HK.

Do not visit HK for the time being for your own safety.

Singapore based Flextronics is kicked out of Huawei's supply chain.

https://news.cgtn.com/news/2019-07-18/Huawei-kicks-its-top-phone-assembler-out-of-the-supply-chain-Ir4fTFS79S/index.html

Huawei has kicked Flextronics out of its supply chain. Although Flextronics is a Singapore based company, it is actually an American firm.  Huawei is a major customer of Flextronics and losing such a big customer will impact heavily on its earnings.

Flextronics may also be added to China's unreliable entity list and will be shut out of China's market.