Stock calls for 25 February 2020

Date	Analyst	Company	Last	Target	Call	Valuation
02/25/20	DMG & Partners	APAC Realty	0.47	0.6	Buy	DCF
02/25/20	DBS Vickers	APAC Realty	0.47	0.52	Hold	PER12x FY20
02/25/20	CIMB	APAC Realty	0.47	0.61	Add
02/25/20	DBS Vickers	Breadtalk	0.645	0.49	Accept offer	offer @ $0.77, Sum of parts
02/25/20	Lim & Tan	Breadtalk	0.645	0	Accept offer	offer @ $0.77
02/25/20	Macquarie	Capitaland	3.67	4.15	Outperform
02/25/20	OCBC	ESR-Reit	0.545	0.6	Buy
02/25/20	DBS Vickers	Keppel DC Reit	2.5	2.55	Hold	DCF
02/25/20	Kim Eng	OCBC	10.92	11.57	Hold
02/25/20	DMG & Partners	Raffles Medical	1.02	0.96	Neutral	DCF
02/25/20	UOB Kay Hian	Raffles Medical	1.02	1.21	Buy	DCF
02/25/20	DBS Vickers	Raffles Medical	1.02	1.1	Hold	Sum of parts
02/25/20	Kim Eng	Raffles Medical	1.02	1.06	Hold	DCF
02/25/20	CIMB	Raffles Medical	1.02	1.16	Add
02/25/20	OCBC	Sheng Siong	1.29	1.45	Buy
02/25/20	DMG & Partners	Singapore Medical	0.32	0.35	Neutral	PER11.3x FY20
02/25/20	DMG & Partners	ST Engineering	4.2	4.9	Buy	Sum of parts
02/25/20	UOB Kay Hian	ST Engineering	4.2	4.46	Buy
02/25/20	DBS Vickers	ST Engineering	4.2	4.6	Buy
02/25/20	CIMB	ST Engineering	4.2	4.66	Add
02/25/20	OCBC	Suntec Reit	1.8	2.05	Buy
02/25/20	OCBC	Wilmar	4.05	4.64	Buy
02/25/20	Kim Eng	Wilmar	4.05	4.37	Hold

The world has awakened up on the US-China trade deal due to covid-19 outbreak.

https://www.channelnewsasia.com/news/commentary/us-china-phase-one-trade-deal-southeast-asia-asean-malaysia-12454096

It has finally dawned upon the world that the US-China trade deal is an unfair deal for world trade, especially during the covid-19 outbreak.  Without this outbreak, the world will never take a serious analysis of the preferential treatment given to the US and this contravenes the fair trade principle under the world trade organization.

We had stated this much earlier in 2019.

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

Mapletree Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/19	OCBC	Mapletree Commercial	1.72	1.79	Hold
01/24/19	CIMB	Mapletree Commercial	1.72	1.79	Add	DDM
01/24/19	DBS Vickers	Mapletree Commercial	1.72	2	Buy	DCF
01/24/19	Kim Eng	Mapletree Commercial	1.72	1.6	Hold
02/08/19	DBS Vickers	Mapletree Commercial	1.81	2	Buy
02/08/19	CIMB	Mapletree Commercial	1.81	1.9	Add
03/20/19	CIMB	Mapletree Commercial	1.83	1.94	Add	DDM
04/04/19	Kim Eng	Mapletree Commercial	1.87	1.8	Hold
04/24/19	OCBC	Mapletree Commercial	1.84	1.85	Hold
04/25/19	DBS Vickers	Mapletree Commercial	1.89	2	Buy	DCF
05/28/19	CIMB	Mapletree Commercial	1.93	2.03	Add
06/21/19	UOB Kay Hian	Mapletree Commercial	2.04	2.22	Buy	DDM
07/10/19	CIMB	Mapletree Commercial	2.05	2.03	Add
07/19/19	DBS Vickers	Mapletree Commercial	2.07	2.25	Buy	DCF
07/26/19	OCBC	Mapletree Commercial	2.1	1.89	Sell
07/26/19	UOB Kay Hian	Mapletree Commercial	2.1	2.22	Buy
07/26/19	Lim & Tan	Mapletree Commercial	2.1	0	Hold
07/29/19	Kim Eng	Mapletree Commercial	2.07	2.1	Hold	DDM
08/22/19	CIMB	Mapletree Commercial	2.08	2.24	Add
08/28/19	UOB Kay Hian	Mapletree Commercial	2.12	2.22	Buy
09/09/19	DBS Vickers	Mapletree Commercial	2.24	2.39	Buy	DCF
09/27/19	Lim & Tan	Mapletree Commercial	2.36	0	Hold
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
10/16/19	UOB Kay Hian	Mapletree Commercial	2.34	2.38	Hold	DDM, Buy @ $2.16
10/16/19	CIMB	Mapletree Commercial	2.34	2.39	Hold	DDM
10/16/19	OCBC	Mapletree Commercial	2.34	2.28	Hold
10/16/19	Kim Eng	Mapletree Commercial	2.34	2.35	Hold	DDM
11/08/19	DBS Vickers	Mapletree Commercial	2.39	2.6	Buy	DCF
01/23/20	Kim Eng	Mapletree Commercial	2.44	2.45	Hold	DDM
01/24/20	DBS Vickers	Mapletree Commercial	2.43	2.6	Buy
01/24/20	Lim & Tan	Mapletree Commercial	2.43	0	Hold
02/03/20	OCBC	Mapletree Commercial	2.35	2.44	Hold

Manulife US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Manulife US Reit	0.77	0.92	Buy
01/02/19	DBS Vickers	Manulife US Reit	0.77	0.88	Buy	DCF
02/12/19	Lim & Tan	Manulife US Reit	0.855	0	Hold
02/12/19	DMG & Partners	Manulife US Reit	0.855	0.94	Buy	DDM
02/12/19	DBS Vickers	Manulife US Reit	0.855	0.92	Buy	DCF
02/26/19	Amfrasers	Manulife US Reit	0.835	0.95	Buy
03/13/19	DMG & Partners	Manulife US Reit	0.85	0.94	Buy
03/25/19	Kim Eng	Manulife US Reit	0.865	1	Buy	DDM
04/25/19	Lim & Tan	Manulife US Reit	0.87	0	Hold
04/26/19	DMG & Partners	Manulife US Reit	0.865	0.94	Buy	DDM
04/26/19	DBS Vickers	Manulife US Reit	0.865	0.92	Buy
04/26/19	Kim Eng	Manulife US Reit	0.865	1	Buy	DDM
04/30/19	Amfrasers	Manulife US Reit	0.88	0.97	Buy	DDM
05/02/19	DMG & Partners	Manulife US Reit	0.87	0.96	Buy	DDM
05/29/19	Kim Eng	Manulife US Reit	0.86	1	Buy	DDM
06/06/19	DMG & Partners	Manulife US Reit	0.845	0.96	Buy
06/17/19	DBS Vickers	Manulife US Reit	0.87	1	Buy	DDM
06/25/19	Kim Eng	Manulife US Reit	0.865	1	Buy
07/04/19	DMG & Partners	Manulife US Reit	0.88	0.96	Buy
07/12/19	DMG & Partners	Manulife US Reit	0.875	0.98	Buy	DDM
08/15/19	Amfrasers	Manulife US Reit	0.89	0.98	outperform
08/15/19	DMG & Partners	Manulife US Reit	0.89	0.98	Buy	DDM
08/19/19	Kim Eng	Manulife US Reit	0.89	1	Buy	DDM
08/23/19	DBS Vickers	Manulife US Reit	0.895	1.1	Buy	DCF
09/11/19	DMG & Partners	Manulife US Reit	0.915	0.98	Buy
09/20/19	Kim Eng	Manulife US Reit	0.91	1.05	Buy	DDM
09/20/19	DMG & Partners	Manulife US Reit	0.91	1	Buy	DDM
09/20/19	Amfrasers	Manulife US Reit	0.91	1.01	outperform
10/02/19	DMG & Partners	Manulife US Reit	0.895	1	Buy
10/11/19	DBS Vickers	Manulife US Reit	0.905	1.1	Buy	DCF
11/01/19	CIMB	Manulife US Reit	0.915	1.12	Add	DDM
11/05/19	DMG & Partners	Manulife US Reit	0.92	1	Buy	DDM
11/05/19	DBS Vickers	Manulife US Reit	0.92	1.1	Buy
11/05/19	Kim Eng	Manulife US Reit	0.92	1.05	Buy
12/02/19	Amfrasers	Manulife US Reit	0.965	1.03	outperform
12/10/19	DMG & Partners	Manulife US Reit	1.02	1	Buy
12/13/19	DMG & Partners	Manulife US Reit	1	1.1	Buy	DDM
01/08/20	DMG & Partners	Manulife US Reit	0.99	1.1	Buy
02/06/20	DMG & Partners	Manulife US Reit	1.04	1.12	Buy	DDM
02/06/20	DBS Vickers	Manulife US Reit	1.04	1.15	Buy	DCF
02/06/20	Lim & Tan	Manulife US Reit	1.04	0	Hold
02/07/20	CIMB	Manulife US Reit	1.07	1.13	Add	DDM
02/07/20	Kim Eng	Manulife US Reit	1.07	1.15	Buy	DDM
02/11/20	Amfrasers	Manulife US Reit	1.05	1.11	Neutral