Stock calls for 6 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/06/19	Phillip	A-Reit	3.01	3.25	Accumulate
12/06/19	Morgan Stanley	A-Reit	3.01	3.04	Overweight
12/06/19	Macquarie	A-Reit	3.01	2.7	Neutral
12/06/19	DMG & Partners	Comfortdelgro	2.4	2.38	Neutral	DCF
12/06/19	DBS Vickers	Lendlease Reit	0.92	1.05	Buy	DCF
12/06/19	DBS Vickers	Mapletree North Asia	1.15	1.3	Buy	DCF
12/06/19	UOB Kay Hian	Penguin	0.725	0.85	Buy
12/06/19	Amfrasers	Sunpower	0.55	0.91	outperform	Sum of parts

Propnex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/19	UOB Kay Hian	Propnex	0.565	0.66	Buy
04/01/19	UOB Kay Hian	Propnex	0.595	0.66	Buy
05/16/19	UOB Kay Hian	Propnex	0.505	0.6	Buy	DCF, PER10x FY19
06/03/19	phillip	Propnex	0.5	0.63	Buy	DCF
06/07/19	CIMB	Propnex	0.49	0.64	Add
08/16/19	UOB Kay Hian	Propnex	0.505	0.5	Hold
08/19/19	phillip	Propnex	0.5	0.59	Buy	DCF
10/11/19	phillip	Propnex	0.49	0.59	Buy
10/14/19	UOB Kay Hian	Propnex	0.49	0.56	Buy	PER12x FY20
11/15/19	UOB Kay Hian	Propnex	0.525	0.62	Buy	PER12x FY20
11/18/19	phillip	Propnex	0.515	0.59	Buy	DCF
11/25/19	CIMB	Propnex	0.515	0.68	Add

Prime US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/05/19	DBS Vickers	Prime US Reit	0.94	1.05	Buy	DCF

Perennial Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/19	DBS Vickers	Perennial Reit	0.645	0.83	Buy	RNAV (55% discount)
04/24/19	DBS Vickers	Perennial Reit	0.65	0.83	Buy	RNAV (55% discount)
05/13/19	DBS Vickers	Perennial Reit	0.64	0.83	Buy	RNAV (55% discount)

Stock calls for 5 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/05/19	OCBC	Mapletree North Asia	1.16	1.41	Buy
12/05/19	CIMB	Singtel	3.4	3.7	Add	Sum of parts
12/05/19	Kim Eng	UMS	0.95	1.13	Buy	PB2.2x FY20
12/05/19	DMG & Partners	Unusual	0.27	0.42	Buy	DCF

Hot news! Russia had provided some HK intelligence to China.

https://sputniknews.com/asia/201912021077466396-why-are-ukrainian-neo-nazis-joining-the-hong-kong-protests/

The Ukranian neo-nazis had participated in HK protests and the dudes had been identified by Russia.

It was said that these dudes were financed by NED to create chaos in HK.

The HK rioters cannot organize large protests anymore.

https://sg.news.yahoo.com/hong-kong-protests-crowds-shrink-092511072.html

We've stated this before in our previous post.

http://sg-stock.blogspot.com/2019/11/what-is-hong-kongs-future-now.html

The HK rioters can no longer organize large protests anymore because they lack funds and citizens' support.  The ordinary residents have given up on these rioters because they've seen how the rioters terrorize ordinary people.

Penguin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/26/19	phillip	Penguin	0.45	0.61	Buy	PER5x FY19 (ex-cash)
05/21/19	phillip	Penguin	0.44	0.61	Buy	PER5x FY19 (ex-cash)
05/27/19	CIMB	Penguin	0.445	0.72	Add	PB1x FY19
08/07/19	phillip	Penguin	0.495	0.61	Buy	PER5x FY19 (ex-cash)
10/09/19	UOB Kay Hian	Penguin	0.62	0.85	Buy	PER7.6x FY2020
11/08/19	CIMB	Penguin	0.66	0.81	Add	PB1x FY20
11/08/19	UOB Kay Hian	Penguin	0.66	0.85	Buy
11/11/19	phillip	Penguin	0.7	0.93	Buy	PER5x FY20 (ex-cash)

Parkway Life - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/30/19	DBS Vickers	Parkway Life	2.8	3.1	Buy
03/18/19	UOB Kay Hian	Parkway Life	2.88	3.25	Buy	DDM
04/01/19	UOB Kay Hian	Parkway Life	2.92	3.25	Buy	DDM
05/02/19	UOB Kay Hian	Parkway Life	2.89	3.25	Buy
07/31/19	Lim & Tan	Parkway Life	3.06	0	Hold
08/01/19	UOB Kay Hian	Parkway Life	3.06	3.25	Buy
08/01/19	DBS Vickers	Parkway Life	3.06	3.35	Buy
10/31/19	Lim & Tan	Parkway Life	3.24	0	Hold
11/01/19	UOB Kay Hian	Parkway Life	3.27	3.58	Buy	DDM
11/01/19	CIMB	Parkway Life	3.27	3.26	Hold

Pacific Century - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/19	Lim & Tan	Pacific Century	0.385	0	Buy

Stock calls for 4 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/04/19	DBS Vickers	CapitaCommercial	2.01	2.3	Buy
12/04/19	phillip	DBS	24.98	27.3	Accumulate
12/04/19	UOB Kay Hian	IHH Healthcare	1.74	1.94	Buy	Sum of parts, Ringgit $5.93 target price
12/04/19	DBS Vickers	Keppel Reit	1.23	1.45	Buy
12/04/19	phillip	OCBC	10.68	11.7	Accumulate
12/04/19	DBS Vickers	OUE Commercial	0.56	0.6	Buy
12/04/19	DBS Vickers	Suntec Reit	1.83	2.15	Buy
12/04/19	phillip	UOB	25.54	27.8	Accumulate

PACC Offshore - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/26/19	DBS Vickers	PACC Offshore	0.183	0.2	Hold	PB0.8x FY19
05/14/19	DBS Vickers	PACC Offshore	0.173	0.2	Hold	PB0.8x FY19
08/08/19	DBS Vickers	PACC Offshore	0.145	0.15	Hold	PB0.6x
11/07/19	DBS Vickers	PACC Offshore	0.21	0.22	Hold	PB1x FY19

Oxley - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/19	DBS Vickers	Oxley	0.325	0.68	Buy
06/13/19	DMG & Partners	Oxley	0.31	0.41	Buy	RNAV (45% discount)
09/11/19	DMG & Partners	Oxley	0.31	0.41	Buy
09/24/19	DMG & Partners	Oxley	0.305	0.43	Buy	RNAV (45% discount)
09/25/19	UOB Kay Hian	Oxley	0.31	0.64	Buy	RNAV (30% discount)
10/02/19	DMG & Partners	Oxley	0.32	0.43	Buy
10/15/19	DMG & Partners	Oxley	0.325	0.43	Buy	RNAV (45% discount)
10/29/19	UOB Kay Hian	Oxley	0.34	0.5	Buy	RNAV (30% discount)
11/14/19	DMG & Partners	Oxley	0.345	0.43	Buy	RNAV (45% discount)

Overseas Edu - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/23/19	UOB Kay Hian	Overseas Edu	0.33	0.46	Buy	EV/Ebitda10.4x
05/08/19	UOB Kay Hian	Overseas Edu	0.3	0.46	Buy	EV/Ebitda10.4x
05/08/19	Lim & Tan	Overseas Edu	0.3	0.48	Buy	DDM & DCF
08/19/19	UOB Kay Hian	Overseas Edu	0.285	0.46	Buy
09/11/19	Lim & Tan	Overseas Edu	0.29	0	Buy
11/12/19	UOB Kay Hian	Overseas Edu	0.285	0.46	Buy

Stock calls for 3 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/03/19	Kim Eng	A-Reit	2.97	3.35	Buy	DDM
12/03/19	DMG & Partners	DBS	25.13	25.8	Neutral
12/03/19	DMG & Partners	Frasers Commercial Trust	1.71	1.68	Take Profit	PB1.05x
12/03/19	CIMB	Frasers Commercial Trust	1.71	1.71	Add
12/03/19	CIMB	Frasers Logistics	1.24	1.31	Add
12/03/19	DMG & Partners	Jumbo	0.37	0.44	Buy	DCF
12/03/19	DMG & Partners	OCBC	10.75	11.5	Neutral
12/03/19	DBS Vickers	OCBC	10.75	11.5	Hold
12/03/19	Kim Eng	Singtel	3.46	3.72	Hold	Sum of parts
12/03/19	UOB Kay Hian	Thai Beverage	0.89	0.9	Hold	Sum of parts
12/03/19	Amfrasers	Uni-Asia	0.73	1.24	Outperform	Sum of parts, PB0.6x FY20, PER8.5x FY20
12/03/19	DBS Vickers	UOB	25.77	29.2	Buy
12/03/19	DMG & Partners	UOB	25.77	29.5	Buy
12/03/19	Lim & Tan	UOL	7.79	0	Buy

China has sanctioned the US over HK issues.

http://www.globaltimes.cn/content/1171990.shtml

We had stated in July 2019 that NED was involved in engineering the HK protests.  It's great to see that China sanctioned the US over the HK issues.

China still can escalate its action by restricting the number of US embassy employees in HK since the US has overwhelming embassy employees of around 1,000.

http://sg-stock.blogspot.com/2019/08/why-did-us-and-taiwan-engineer-hong.html

http://sg-stock.blogspot.com/2019/07/the-truth-behind-hk-protests.html

We've also stated other agencies connected to NED in HK.

http://sg-stock.blogspot.com/2019/09/the-hk-protestors-have-revealed-their.html

The November ISM PMI has declined again.

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The prices paid increased to 46.7 from 45.5 because the producers reduced local raw material and imported more from abroad.  The PMI decreased to 48.1 and was in contraction mode for 4 consecutive months.

The new order decreased because of a reduction in new export order.  The previous new export order (significant increment) was just an aberration.  The reduction in customers’ inventories was due to the fulfillment of the existing orders and, thus, the backlog of order also decreased.  The producers still increased  their production by 2.9 so that they could continue to increase the customers’ inventories to fulfill existing orders.  However, the manufacturing employment deteriorated and this was a big concern because it could reflect the overall employment in the US (see chart below).  This reduction in employment meant that the producers were not very optimistic about their businesses and the willingness to hire and train workers declined.

In conclusion, the de-Americanization in China supply china was hurting the US manufacturing industry and the USA’s anti-China stance was helping China to expand its manufacturing industry.

http://sg-stock.blogspot.com/2019/12/china-pmi-had-expanded-as-we-had.html

China PMI had expanded as we had predicted.

http://www.stats.gov.cn/english/PressRelease/201912/t20191202_1712936.html

We predicted in September 2019 (See below) that China PMI would expand soon and it really did in November 2019.  Why were we so confident?

Well, our rationale was very simple.  It was the US's anti-China stance that caused China's PMI to be in an expansionary mode.  How come?  The US's anti-China stance caused the de-americanization in China's supply chain which caused the local manufacturing industry to ramp up production to replace the US supplies.  Therefore, this increment would be reflected in China's PMI eventually and this growth would just be a matter of time.

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

OUE Lippo HC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/19	Soochow SSD	OUE Lippo HC	0.066	0.088	Buy	Sum of parts

OUE Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	CIMB	OUE Hospitality	0.67	0.85	Add	DDM
01/16/19	OCBC	OUE Hospitality	0.685	0.79	Buy
01/30/19	DBS Vickers	OUE Hospitality	0.695	0.85	Buy	DCF
01/31/19	OCBC	OUE Hospitality	0.725	0.82	Buy
03/18/19	DMG & Partners	OUE Hospitality	0.725	0.77	Buy
04/09/19	DMG & Partners	OUE Hospitality	0.735	0.76	Take Profit	Accept offer
04/09/19	DBS Vickers	OUE Hospitality	0.735	0.85	Buy
04/10/19	CIMB	OUE Hospitality	0.725	0.85	Add
05/03/19	CIMB	OUE Hospitality	0.72	0.85	Add
06/06/19	DMG & Partners	OUE Hospitality	0.68	0.76	Take Profit
07/04/19	DMG & Partners	OUE Hospitality	0.72	0.76	Take Profit

OUE Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/31/19	OCBC	OUE Commercial	0.49	0.5	Hold
01/31/19	DBS Vickers	OUE Commercial	0.49	0.6	Buy	DCF
02/04/19	CIMB	OUE Commercial	0.515	0.57	Hold
02/08/19	DBS Vickers	OUE Commercial	0.51	0.6	Buy
04/03/19	DBS Vickers	OUE Commercial	0.52	0.6	Buy
04/10/19	CIMB	OUE Commercial	0.51	0.57	Hold
05/10/19	CIMB	OUE Commercial	0.5	0.57	Hold
10/04/19	DBS Vickers	OUE Commercial	0.54	0.59	Buy
10/04/19	CIMB	OUE Commercial	0.54	0.61	Hold
11/15/19	DBS Vickers	OUE Commercial	0.54	0.6	Buy	DCF
11/19/19	OCBC	OUE Commercial	0.545	0.535	Hold
11/19/19	CIMB	OUE Commercial	0.545	0.57	Hold	DDM

Stock calls for 2 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/19	Amfrasers	Accordia Golf Trust	0.7	0.67	Outperform
12/02/19	Amfrasers	ARA Hospitality	0.855	0.99	Outperform	DDM
12/02/19	Phillip	Capitaland	3.68	4.2	Buy	RNAV (20% discount)
12/02/19	DMG & Partners	Capitaland	3.68	4.2	Buy	RNAV (20% discount)
12/02/19	UOB Kay Hian	Capitaland	3.68	3.8	Hold
12/02/19	Amfrasers	China Sunsine	1.03	1.2	Outperform	DCF
12/02/19	Amfrasers	Comfortdelgro	2.35	2.61	Outperform	PER19x FY20
12/02/19	Amfrasers	CSE Global	0.525	0.61	Outperform	Sum of parts
12/02/19	CIMB	DBS	25.25	28.29	Hold
12/02/19	Kim Eng	DBS	25.25	29.92	Buy
12/02/19	Amfrasers	Eagle Hospitality Trust	0.525	0.61	outperform	DDM
12/02/19	Amfrasers	EC World Reit	0.745	0.84	outperform	DDM
12/02/19	Amfrasers	Frencken	0.89	0.93	outperform	PER10x FY20
12/02/19	Amfrasers	IFS Capital	0.23	0.3	Outperform	PB0.6x FY20
12/02/19	Amfrasers	Japan Foods	0.43	0.46	Neutral
12/02/19	Amfrasers	Manulife US Reit	0.965	1.03	outperform
12/02/19	CIMB	OCBC	10.78	11.94	Hold
12/02/19	Kim Eng	OCBC	10.78	11.26	Hold
12/02/19	CIMB	UOB	25.82	29.1	Add
12/02/19	Kim Eng	UOB	25.82	30.5	Buy