APAC Realty - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/12/19	DMG & Partners	APAC Realty	0.5	0.72	Buy
02/12/19	DBS Vickers	APAC Realty	0.5	0.56	Hold
03/01/19	DMG & Partners	APAC Realty	0.57	0.72	Buy	DCF
03/01/19	DBS Vickers	APAC Realty	0.57	0.7	Buy	PER12x
04/04/19	DMG & Partners	APAC Realty	0.615	0.72	Buy	RNAV
05/07/19	DMG & Partners	APAC Realty	0.555	0.72	Buy
05/14/19	DMG & Partners	APAC Realty	0.545	0.67	Buy	DCF
05/16/19	DBS Vickers	APAC Realty	0.525	0.58	Hold	PER10x
06/03/19	Phillip	APAC Realty	0.5	0.65	Buy	DCF
06/06/19	DMG & Partners	APAC Realty	0.5	0.67	Buy
06/07/19	CIMB	APAC Realty	0.51	0.67	Add

Stock calls for 12 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/12/19	DMG & Partners	DBS	25.61	30.3	Buy	PB1.47x FY20
07/12/19	DBS Vickers	Frasers Centrepoint Trust	2.64	2.95	Buy
07/12/19	DBS Vickers	Frasers Commercial Trust	1.65	1.7	Hold	DCF
07/12/19	DBS Vickers	Frasers Hospitality Trust	0.72	0.77	Hold	DCF
07/12/19	DMG & Partners	Keppel KBS	0.79	0.88	Buy	DDM
07/12/19	DMG & Partners	Manulife US Reit	0.875	0.98	Buy	DDM
07/12/19	CIMB	SPH Reit	1.12	1.11	Hold	DDM
07/12/19	Lim & Tan	SPH Reit	1.12	0	Hold

Singapore 2nd QTR GDP shrank 3.4%.

https://sg.finance.yahoo.com/news/singapore-economy-shrinks-warning-global-050122956.html

This is not surprising because of the US-China trade war.  SG's export is 200% more than its GDP.  In other words, our export is 3 times our GDP.

http://sg-stock.blogspot.com/2019/06/singapore-nodx-fell-159-in-may-2019.html

SG's nodx export has been falling for 3 consecutive months as stated in our previous post above.

When international trades slow down, SG will be badly affected because our domestic consumption is too small to make up for the export slowdown.

Amara - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/05/19	DMG & Partners	Amara	0.46	0.88	Buy	RNAV (35% discount)

AIMS AMP Cap Ind Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/25/19	Kim Eng	AIMS AMP Cap Ind Reit	1.42	1.5	Buy	DDM
04/25/19	DBS Vickers	AIMS AMP Cap Ind Reit	1.42	1.5	Buy	DCF
05/16/19	DBS Vickers	AIMS AMP Cap Ind Reit	1.4	1.5	Buy	DCF

AEM - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/30/19	Kim Eng	AEM	0.905	1.21	Buy	PB2.9x FY19/20, EV/Ebitda5.2x FY20
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
04/26/19	CIMB	AEM	1.16	1.21	Hold	PER10x FY20
05/09/19	Kim Eng	AEM	1.05	1.4	Buy	PB3.1x FY19/20
06/11/19	Kim Eng	AEM	0.945	1.4	Buy	PB3.1x FY19/20

Stock calls for 11 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/11/19	Amfrasers	Comfortdelgro	2.82	2.77	Neutral	PER19x FY19
07/11/19	UOB Kay Hian	ISOTeam	0.245	0.3	Buy
07/11/19	CIMB	Mapletree Industrial	2.29	2.32	Add	DDM
07/11/19	Kim Eng	Mapletree Industrial	2.29	2.4	Buy	DDM
07/11/19	DBS Vickers	Mapletree Industrial	2.29	2.5	Buy	DCF

Accordia Golf Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/19	Amfrasers	Accordia Golf Trust	0.55	0.61	Hold
02/19/19	Amfrasers	Accordia Golf Trust	0.565	0.61	Buy
04/04/19	Amfrasers	Accordia Golf Trust	0.59	0.72	Buy
05/31/19	Amfrasers	Accordia Golf Trust	0.585	0.7	Buy

A-Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	A-Reit	2.57	2.9	Buy
01/04/19	Phillip	A-Reit	2.57	2.78	Accumulate
01/17/19	Kim Eng	A-Reit	2.74	2.95	Buy	DDM
01/22/19	UOB Kay Hian	A-Reit	2.71	3.01	Buy
01/31/19	Phillip	A-Reit	2.72	2.88	Accumulate	DDM, PB1.34x FY19
01/31/19	CIMB	A-Reit	2.72	2.83	Add	DDM
01/31/19	OCBC	A-Reit	2.72	2.64	Hold
01/31/19	DBS Vickers	A-Reit	2.72	2.95	Buy
02/15/19	Phillip	A-Reit	2.75	2.88	Accumulate
02/28/19	Kim Eng	A-Reit	2.81	2.95	Buy
03/07/19	DMG & Partners	A-Reit	2.83	2.9	Neutral	DDM
03/07/19	CIMB	A-Reit	2.83	2.83	Add
04/04/19	Kim Eng	A-Reit	2.93	3.1	Buy
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
05/02/19	Phillip	A-Reit	3	2.88	Neutral	DDM
05/02/19	CIMB	A-Reit	3	2.87	Hold	DDM
05/02/19	DBS Vickers	A-Reit	3	3.2	Buy	DCF
06/19/19	Phillip	A-Reit	2.98	2.88	Neutral
06/25/19	Kim Eng	A-Reit	3.01	3.2	Buy
06/27/19	DBS Vickers	A-Reit	3.05	3.21	Buy
07/03/19	Kim Eng	A-Reit	3.13	3.3	Buy	DDM
07/04/19	DMG & Partners	A-Reit	3.15	2.9	Neutral

800Super - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/19	Phillip	800Super	0.685	0	Cease Coverage	DCF
06/10/19	Novus	800Super	0.89	0.9	Accept offer	offer $0.90

Stock calls for 10 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/10/19	DMG & Partners	China Aviation Oil	1.3	1.6	Buy
07/10/19	Kim Eng	Comfortdelgro	2.84	2.76	Hold	DCF
07/10/19	UOB Kay Hian	Comfortdelgro	2.84	3.08	Buy
07/10/19	CIMB	Keppel DC Reit	1.67	1.54	Add
07/10/19	CIMB	Mapletree Commercial	2.05	2.03	Add
07/10/19	UOB Kay Hian	Suntec Reit	1.95	2	Hold	DDM, Buy @ $1.82

Yongnam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	CIMB	Yongnam	0.183	0.4	Add	PB0.8x FY19
01/07/19	CIMB	Yongnam	0.183	0.41	Add	PB0.8x FY19
03/01/19	CIMB	Yongnam	0.173	0.33	Add	PB0.7x FY19
04/05/19	CIMB	Yongnam	0.186	0.33	Add	PB0.7x FY19
05/17/19	CIMB	Yongnam	0.169	0.33	Add	PB0.7x FY19

Yoma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/12/19	DBS Vickers	Yoma	0.345	0.4	Buy
04/11/19	DMG & Partners	Yoma	0.32	0.57	Add	Sum of parts (20% discount)
06/03/19	DBS Vickers	Yoma	0.33	0.4	Buy	RNAV (60% discount)

Yanlord - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	OCBC	Yanlord	1.39	1.75	Buy	PER5x
04/12/19	OCBC	Yanlord	1.47	1.75	Buy	PER5x FY19
05/16/19	OCBC	Yanlord	1.44	1.68	Buy	PER5x FY19/20
05/17/19	DBS Vickers	Yanlord	1.44	1.47	Hold	PER6x FY19/20

Stock calls for 9 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/09/19	DMG & Partners	Fu Yu	0.215	0.24	Buy	DCF
07/09/19	phillip	HMI	0.720	0.73	Accept offer	offer at $0.73
07/09/19	UOB Kay Hian	Wilmar	3.79	3.9	Buy

Fraud detected in Camsing.

https://www.businesstimes.com.sg/banking-finance/chinese-wealth-manager-alleges-34-billion-yuan-fraud-at-camsing

Look like this company will go bankrupt after the fraud scandal.  The company is listed on SGX & HKEX.  The stock has plunged 90% in HK already.

SMRT fare hike is coming soon!

https://www.channelnewsasia.com/news/singapore/transport-fares-review-formula-needed-mrt-khaw-boon-wan-11700938

Look like price hike is an omnipotent solution to many problems in Singapore.  The only price hike that the PAP doesn't like is our wages because they want us to be faster and cheaper.

Sigh!

The US government may shut down in September 2019 again!

https://sg.news.yahoo.com/report-government-faces-potential-default-195257567.html

The US government will be in default in September again.

This is not the first time and won't be the last time for the US.  The US government is simply insolvent.

http://sg-stock.blogspot.com/2018/12/will-us-government-shut-down-in.html

The truth behind the HK protests.

https://www.mintpressnews.com/hong-kong-protests/259202/

The Chinese government has found evidence linking the CIA behind the HK protests and the CIA is using NED in HK to engineer the protests.

It is a common US modus operandi to use NGOs to act for the US political interest.  The US wants to protect its citizens from being extradited to China for their crimes committed in China.

Yangzijiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/19	DBS Vickers	Yangzijiang	1.42	1.82	Buy
03/01/19	CIMB	Yangzijiang	1.43	1.61	Add	Sum of parts
03/04/19	OCBC	Yangzijiang	1.44	1.44	Hold
03/04/19	UOB Kay Hian	Yangzijiang	1.44	1.39	Hold	PB0.9x FY19, Buy @ $1.25
03/04/19	DBS Vickers	Yangzijiang	1.44	1.82	buy	Sum of parts, PB1.1x
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
06/11/19	OCBC	Yangzijiang	1.4	1.45	Hold

Y Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/28/19	DBS Vickers	Y Venture	0.13	0.11	Cease Coverage	EV/Ebitda14x FY19
01/28/19	CIMB	Y Venture	0.13	0.1	Reduce	PB1.7x FY20
03/08/19	Phillip	Y Venture	0.078	0.16	Buy	PER30x
03/25/19	CIMB	Y Venture	0.06	0.15	Add
04/17/19	Phillip	Y Venture	0.156	0.16	Cease Coverage

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/19	OCBC	Wing Tai	2.03	2.41	Buy
04/17/19	OCBC	Wing Tai	2.06	2.41	Buy
05/14/19	OCBC	Wing Tai	2.01	2.41	Buy
06/27/19	OCBC	Wing Tai	2.05	2.41	Buy

Stock calls for 8 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/08/19	DMG & Partners	DBS	25.63	30.8	Buy	PB1.5x FY20
07/08/19	UOB Kay Hian	HMI	0.660	0.73	Accept offer	offer at $0.73
07/08/19	Kim Eng	HMI	0.660	0.66	Hold	DCF, accept offer at $0.73
07/08/19	CIMB	HMI	0.660	0.73	Accept offer	offer at $0.73
07/08/19	DMG & Partners	OCBC	11.39	12.2	Neutral
07/08/19	CIMB	SIA Engineering	2.89	3.11	Add	DCF
07/08/19	DBS Vickers	Singtel	3.56	3.6	Hold	Sum of parts
07/08/19	DMG & Partners	UOB	26.26	30.8	Buy	PB1.29x FY20

Baltic dry index - 1549

Today, Wednesday, July 03 2019, the Baltic Dry Index climbed by 103 points, reaching 1549 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 stock: Sembcorp Marine, Cosco & Pan ocean.

Baltic dry index - 963

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

US-Vietnam trade war has started!

https://finance.yahoo.com/news/u-slaps-import-duties-more-020115584.html

The US has started to impose more than 400% tariffs against Vietnam steels.  The US also wants Vietnam to reduce the US-Vietnam trade deficits.

We had already anticipated this outcome.

http://sg-stock.blogspot.com/2019/06/many-analysts-were-dead-wrong-about.html

Wilmar - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Wilmar	3.16	3.58	Buy
01/03/19	UOB Kay Hian	Wilmar	3.13	3.9	Buy
02/20/19	OCBC	Wilmar	3.37	3.42	Hold
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
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
03/12/19	CIMB	Wilmar	3.2	3.96	Add	Sum of parts
03/12/19	DBS Vickers	Wilmar	3.2	3.6	Buy
03/13/19	DMG & Partners	Wilmar	3.24	3.63	Buy
03/20/19	UOB Kay Hian	Wilmar	3.3	3.9	Buy
04/08/19	UOB Kay Hian	Wilmar	3.48	3.9	Buy
04/09/19	OCBC	Wilmar	3.49	3.44	Hold	PB0.9x
04/09/19	CIMB	Wilmar	3.49	3.96	Add
05/02/19	UOB Kay Hian	Wilmar	3.64	3.9	Buy
05/13/19	DMG & Partners	Wilmar	3.51	3.8	Buy	Sum of parts
05/13/19	DBS Vickers	Wilmar	3.51	3.86	Buy	DCF, PER15.6x FY19
05/16/19	DMG & Partners	Wilmar	3.5	3.94	Buy	Sum of parts
05/16/19	OCBC	Wilmar	3.5	3.66	Hold	PB0.95x
05/16/19	CIMB	Wilmar	3.5	3.96	Add	Sum of parts
06/06/19	DMG & Partners	Wilmar	3.3	3.94	Buy
06/13/19	UOB Kay Hian	Wilmar	3.41	3.9	Buy	PER12.8x FY20
07/03/19	Kim Eng	Wilmar	3.73	4.21	Buy	DCF & PER

Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Venture	13.85	19	Buy	PER14x FY19
01/07/19	UOB Kay Hian	Venture	13.71	12.9	Hold
01/07/19	Lim & Tan	Venture	13.71	0	Buy
01/08/19	Kim Eng	Venture	14.44	17.48	Buy	PB2x FY19, PER14.4x FY19
02/11/19	UOB Kay Hian	Venture	15.72	12.9	Hold	PER11x FY19, Buy @ $12.40
02/12/19	CIMB	Venture	15.97	17.44	Add	PER12.56x FY20
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	PER15x
03/19/19	DMG & Partners	Venture	18	19	Buy
03/29/19	DBS Vickers	Venture	17.8	21.7	Buy
04/03/19	Lim & Tan	Venture	18.6	0	Hold
04/26/19	OCBC	Venture	19.29	20.89	Buy	PER15x FY19/20
04/26/19	DMG & Partners	Venture	19.29	19	Neutral
04/26/19	DBS Vickers	Venture	19.29	21.7	Buy	PER15.8x FY19
04/29/19	CIMB	Venture	17.52	17.88	Hold	PER12.5x
04/29/19	Kim Eng	Venture	17.52	19.74	Hold	Roe-g/Coe-g, PB2.2x FY19
05/02/19	Lim & Tan	Venture	16.97	0	Buy on weakness
05/03/19	UOB Kay Hian	Venture	17.4	19.01	Hold	Buy @ $17
06/11/19	Kim Eng	Venture	15.7	19.74	Buy	Roe-g/Coe-g, PB2.2x FY19
06/25/19	Lim & Tan	Venture	17.3	0	Hold
06/26/19	DMG & Partners	Venture	16.46	16.3	Neutral	PER13x FY19
06/26/19	UOB Kay Hian	Venture	16.46	17.91	Hold	PER14x FY19, Buy at $15
06/26/19	CLSA	Venture	16.46	17.3	Underperform
07/05/19	Lim & Tan	Venture	16.35	0	Hold

Valuetronics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	UOB Kay Hian	Valuetronics	0.66	0.87	Buy
01/07/19	DMG & Partners	Valuetronics	0.675	0.82	Buy
01/08/19	Kim Eng	Valuetronics	0.69	0.9	Buy	PB1.9x FY19
02/14/19	Kim Eng	Valuetronics	0.74	1.05	Buy	ROE-g/COE-g, PB2.1x FY20
02/14/19	DMG & Partners	Valuetronics	0.74	0.78	Neutral	DCF
02/14/19	CIMB	Valuetronics	0.74	0.73	Hold	PER8.5x CY19
02/15/19	UOB Kay Hian	Valuetronics	0.71	0.87	Buy
03/19/19	DMG & Partners	Valuetronics	0.69	0.78	Neutral
03/21/19	Kim Eng	Valuetronics	0.685	1.05	Buy	PB2.1x FY20
04/09/19	Kim Eng	Valuetronics	0.7	1.05	Buy
05/27/19	DMG & Partners	Valuetronics	0.61	0.67	Neutral	DCF
05/31/19	DMG & Partners	Valuetronics	0.625	0.61	Neutral	DCF
05/31/19	UOB Kay Hian	Valuetronics	0.625	0.8	Buy
06/03/19	CIMB	Valuetronics	0.605	0.63	Hold	PER8x CY20
06/11/19	Kim Eng	Valuetronics	0.64	0.99	Buy	PB2x FY20

Stock calls for 5 July 2019

Date	Analyst	Company	Last	Target	Call	Valuation
07/05/19	Phillip	ART	1.31	1.36	Accumulate	DDM
07/05/19	DBS Vickers	Capitaland	3.69	4	Buy
07/05/19	Kim Eng	SATS	5.36	6.1	Buy
07/05/19	DBS Vickers	SIA Engineering	2.72	3.01	Buy
07/05/19	DMG & Partners	ST Engineering	4.24	4.45	Buy	PER20.5x FY20 & PB5.5x FY20 & EV/Ebitda11x FY20 & DCF
07/05/19	Lim & Tan	Venture	16.35	0	Hold