Stock calls for 4 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/04/19	Lim & Tan	A-Reit	3.08	0	Hold
10/04/19	DBS Vickers	CapitaCommercial	2.04	2.3	Buy
10/04/19	CIMB	China Sunsine	1.1	1.1	Hold
10/04/19	phillip	DBS	24.57	27.6	Accumulate
10/04/19	DBS Vickers	Frasers Commercial Trust	1.6	1.7	Hold
10/04/19	phillip	OCBC	10.71	12.32	Accumulate
10/04/19	DBS Vickers	OUE Commercial	0.54	0.59	Buy
10/04/19	DBS Vickers	Suntec Reit	1.9	2.15	Buy
10/04/19	phillip	UOB	25.33	28.6	Accumulate

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
07/18/19	CIMB	AEM	1.04	1.23	Add	PER10x FY20
07/29/19	Kim Eng	AEM	1.22	1.4	Buy	PB3x FY19/20
08/14/19	Kim Eng	AEM	1.09	1.4	Buy	Roe-g/Coe-g
09/16/19	Kim Eng	AEM	1.19	1.5	Buy	Roe-g/Coe-g
10/03/19	Kim Eng	AEM	1.12	1.5	Buy	Roe-g/Coe-g

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
08/16/19	Amfrasers	Accordia Golf Trust	0.535	0.67	Outperform	DDM

Ascendas Reit (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
07/22/19	Phillip	A-Reit	3.03	2.88	Neutral
07/30/19	DBS Vickers	A-Reit	3.05	3.4	Buy	DCF
07/30/19	OCBC	A-Reit	3.05	2.98	Hold
07/31/19	UOB Kay Hian	A-Reit	3.03	3.01	Hold	Buy @ $2.78
08/02/19	Phillip	A-Reit	3.04	3.31	Accumulate	DDM
09/11/19	UOB Kay Hian	A-Reit	3.14	3.25	Hold	DDM, Buy @ $2.98
09/19/19	Kim Eng	A-Reit	3.11	3.3	Buy
09/24/19	Phillip	A-Reit	3.12	3.31	Accumulate

Stock calls for 3 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/03/19	Kim Eng	AEM	1.12	1.5	Buy	Roe-g/Coe-g
10/03/19	CIMB	Thai Beverage	0.88	1	Add	Sum of parts
10/03/19	UOB Kay Hian	Thai Beverage	0.88	0.87	Hold

800Super - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
02/13/19	Phillip	5TG	800Super	0.685	0	Cease Coverage	-100.00	DCF
06/10/19	Novus	5TG	800Super	0.89	0.9	Accept offer	1.12	offer $0.90

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
08/15/19	CIMB	Yongnam	0.171	0.28	Add

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)

Stock calls for 2 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/02/19	Amfrasers	ARA Hospitality	0.87	0.96	Outperform	DDM
10/02/19	DMG & Partners	CDL Hospitality	1.63	1.79	Buy
10/02/19	Kim Eng	Comfortdelgro	2.41	2.76	Buy	DCF
10/02/19	DMG & Partners	CSE Global	0.46	0.69	Buy
10/02/19	Amfrasers	Eagle Hospitality Trust	0.68	0.84	outperform	DDM
10/02/19	DBS Vickers	Frasers Centrepoint Trust	2.7	2.95	Buy
10/02/19	DMG & Partners	Fu Yu	0.22	0.24	Buy
10/02/19	DBS Vickers	Keppel Reit	1.26	1.45	Buy
10/02/19	DMG & Partners	Keppel Reit	1.26	1.23	Neutral	DDM
10/02/19	DMG & Partners	Manulife US Reit	0.895	1	Buy
10/02/19	DMG & Partners	Oxley	0.32	0.43	Buy
10/02/19	phillip	SGX	8.5	8.6	Accumulate	PER22x
10/02/19	OCBC	SGX	8.5	7.6	Hold
10/02/19	DMG & Partners	Sheng Siong	1.13	1.32	Buy
10/02/19	DMG & Partners	ST Engineering	3.85	4.7	Buy
10/02/19	DMG & Partners	Suntec Reit	1.91	2.08	Buy
10/02/19	DMG & Partners	UOB	25.9	29.5	Buy

ISM PMI declined to 47.8 in September 2019.

Many economists and analysts were wrong in their ISM PMI forecasts for September.  They predicted ISM PMI to rebound strongly in September and they were proven wrong.  Not only the ISM PMI didn't improve, but it also deteriorated further.

How did this happen? Well, many people studied economics but didn't understand economics.  Thus, they misinterpreted the economic data and reached the wrong conclusion.  This is exactly the reason why I support the use of AI for economics and finance to reduce human misinterpretations and improve prediction accuracy.

https://www.investing.com/analysis/ism-manufacturing-pmi-to-rebound-in-september-200469451

As usual, let's look at the ISM PMI in detail.

The ISM PMI flow chart:

The ISM PMI had deteriorated further from 49.1 to 47.8 and this was the 6th consecutive month of decline.  The prices increased to 49.7 because of the US-China tariffs as producers imported more raw materials from overseas instead of using more local raw materials.

The production reduction caused the supplier's deliveries, employment and inventories to decrease because the producers only manufactured to fulfill existing orders (backlog of order) and local orders due to frontloading by consumers before the impending new tariffs.

Needless to say, the upcoming US GDP and employment numbers will be extremely bad.

http://sg-stock.blogspot.com/2019/09/ism-pmi-analysis-for-us-economy-in.html

This HK rioter got shot in the chest by the police because he attacked the police.

This HK rioter deserved to be shot because he attacked the police.  The police officer had a right to protect his own life too when he was faced with a life-threatening situation.  The police should have taken a tough stance like this much earlier because we could see that other rioters ran off immediately after the man collapsed on the ground.

The HK police gave him first-aid treatment immediately after shooting him.  Well done!

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
07/15/19	OCBC	Yanlord	1.32	1.68	Buy
08/14/19	OCBC	Yanlord	1.13	1.68	Buy	PER5x FY19/20

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
07/18/19	DBS Vickers	Yangzijiang	1.5	1.82	Buy
08/07/19	DBS Vickers	Yangzijiang	1.37	1.82	Buy	Sum of parts
08/13/19	CIMB	Yangzijiang	1.04	1.61	Hold	Sum of parts
09/10/19	UOB Kay Hian	Yangzijiang	0.98	1.46	Buy	PB0.84x

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

Stock calls for 1 October 2019

Date	Analyst	Company	Last	Target	Call	Valuation
10/01/19	UOB Kay Hian	BRC Asia	1.34	1.75	Buy
10/01/19	UOB Kay Hian	CDL Hospitality	1.64	2.06	Buy
10/01/19	DBS Vickers	City Developments	9.82	11	Buy
10/01/19	UOB Kay Hian	DBS	25	31.3	Buy
10/01/19	DBS Vickers	Genting	0.88	1.2	Buy
10/01/19	DBS Vickers	Jumbo	0.375	0.47	Buy
10/01/19	UOB Kay Hian	Keppel Corp	5.93	7.61	Buy
10/01/19	UOB Kay Hian	Koufu	0.72	0.95	Buy
10/01/19	DBS Vickers	Koufu	0.72	0.88	Buy
10/01/19	DBS Vickers	Sheng Siong	1.11	1.32	Buy
10/01/19	DBS Vickers	ST Engineering	3.84	4.64	Buy
10/01/19	DBS Vickers	Thai Beverage	0.885	0.91	Buy
10/01/19	DBS Vickers	UOB	25.66	29.2	Buy
10/01/19	UOB Kay Hian	Venture	15.31	17.7	Buy
10/01/19	DBS Vickers	Venture	15.31	18.6	Buy

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
07/15/19	OCBC	Wing Tai	2.07	2.41	Buy

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
02/20/19	UBS	Wilmar	3.37	3.8	Buy
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 & PER17.5x FY20
07/09/19	UOB Kay Hian	Wilmar	3.79	3.9	Buy
07/09/19	UBS	Wilmar	3.79	4.5	Buy
07/15/19	DMG & Partners	Wilmar	3.76	4.5	Buy	Sum of parts
07/16/19	CIMB	Wilmar	3.83	5.54	Add	Normal target price is $3.96
07/16/19	DBS Vickers	Wilmar	3.83	4.3	Buy	Sum of parts, PER16.2x FY20
07/17/19	OCBC	Wilmar	3.83	4.26	Buy	Sum of parts
07/26/19	UOB Kay Hian	Wilmar	4.06	4.5	Buy	Sum of parts
08/14/19	DMG & Partners	Wilmar	4.05	4.5	Buy	Sum of parts
08/14/19	UOB Kay Hian	Wilmar	4.05	4.5	Buy
08/15/19	UOB Kay Hian	Wilmar	3.86	4.4	Buy
08/16/19	OCBC	Wilmar	3.78	4.26	Buy
08/16/19	DBS Vickers	Wilmar	3.78	4.25	Buy	Sum of parts, PER16.3x FY20
08/22/19	CIMB	Wilmar	3.81	4.58	Add
08/22/19	Kim Eng	Wilmar	3.81	3.89	Hold
09/04/19	Kim Eng	Wilmar	3.8	3.89	Hold	DCF
09/11/19	DMG & Partners	Wilmar	3.8	4.5	Buy	Sum of parts
09/13/19	DBS Vickers	Wilmar	3.86	4.25	Buy	Sum of parts, PER16.3x FY20
09/24/19	UOB Kay Hian	Wilmar	3.72	4.4	Buy
09/30/19	DMG & Partners	Wilmar	3.72	4.75	Buy	Sum of parts

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
07/15/19	DBS Vickers	Venture	14.9	18.6	Buy	PER13.7x FY20
07/15/19	UOB Kay Hian	Venture	14.9	17.91	Hold
07/16/19	CIMB	Venture	15	15.73	Hold	PER12.5x CY20
07/22/19	Kim Eng	Venture	15.54	19.74	Buy	Roe-g/Coe-g
08/13/19	Kim Eng	Venture	14.76	18.88	Buy	Roe-g/Coe-g, PB2.2x FY19
08/13/19	DMG & Partners	Venture	14.76	16.3	Buy	PER13x FY19
08/13/19	CIMB	Venture	14.76	16.28	Add	PER12,5x
08/13/19	UOB Kay Hian	Venture	14.76	17.7	Buy	PER14x
08/13/19	DBS Vickers	Venture	14.76	18.6	Buy	PER13.7x FY20
08/13/19	Lim & Tan	Venture	14.76	0	Hold
08/14/19	DIR	Venture	15.28	17.9	Outperform
08/14/19	OCBC	Venture	15.28	18.42	Buy	PER14x
09/09/19	Kim Eng	Venture	15.48	18.88	Buy	Roe-g/Coe-g, PB2.2x FY19
09/11/19	Macquarie	Venture	15.33	17.7	Outperform	Roe-g/Coe-g,PER14x FY19
09/27/19	CIMB	Venture	15.26	16.28	Add
09/30/19	Phillip	Venture	15.27	17.68	Buy	PER14x

Stock calls for 30 September 2019

Date	Analyst	Company	Last	Target	Call	Valuation
09/30/19	DMG & Partners	Bumitama	0.58	0.6	Neutral	PER16x FY20
09/30/19	DMG & Partners	First Resources	1.6	1.9	Buy	PER18x FY20
09/30/19	DMG & Partners	Golden Agri	0.23	0.25	Neutral	Sum of parts
09/30/19	CIMB	Keppel Corp	5.98	8.41	Add	Sum of parts
09/30/19	UOB Kay Hian	Mapletree Commercial	2.34	2.38	Hold	DDM
09/30/19	Kim Eng	Mapletree Commercial	2.34	2.1	Hold
09/30/19	CIMB	Mapletree Commercial	2.34	2.38	Hold	DDM
09/30/19	DBS Vickers	Mapletree North Asia	1.33	1.65	Buy	DCF
09/30/19	Phillip	Venture	15.27	17.68	Buy	PER14x
09/30/19	DMG & Partners	Wilmar	3.72	4.75	Buy	Sum of parts