Singapore Stock Exchange - Equity Investments

Monday, May 11, 2020

Stock calls for 11 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/11/20	CIMB	AEM	3.06	3.58	Add	GGM, PB4.86x
05/11/20	DBS Vickers	AEM	3.06	2.87	Hold	PER10x FY21
05/11/20	Phillip	Capitaland	2.93	3.94	Buy	RNAV (20% discount)
05/11/20	Kim Eng	DBS	19.7	22.1	Buy
05/11/20	Amfrasers	Frasers Centrepoint Trust	2.08	2.39	outperform
05/11/20	DMG & Partners	Manulife US Reit	0.705	0.9	Buy	DDM
05/11/20	CIMB	Manulife US Reit	0.705	1.05	Add
05/11/20	phillip	Netlink	0.985	1.03	Accumlate	DCF
05/11/20	UOB Kay Hian	Netlink	0.985	1.08	Buy
05/11/20	phillip	OCBC	8.88	9.14	Accumlate	GGM, PB0.85x
05/11/20	DMG & Partners	OCBC	8.88	8.7	Hold	PB0.81x FY20
05/11/20	Kim Eng	OCBC	8.88	9.46	Hold	DDM
05/11/20	DBS Vickers	OCBC	8.88	7.9	Hold	GGM, PB0.7x FY21
05/11/20	Lim & Tan	OCBC	8.88	0	Accumlate
05/11/20	CIMB	OCBC	8.88	8.37	Hold
05/11/20	UOB Kay Hian	OCBC	8.88	9.78	Buy	PB0.8x FY20
05/11/20	DBS Vickers	Singapore Post	0.74	0.64	Fully Valued	PER17x FY21
05/11/20	Lim & Tan	Sunningdale	1	0	Hold
05/11/20	CIMB	UMS	0.795	0.98	Add
05/11/20	phillip	UOB	19.9	20.7	Accumlate	GGM, PB0.9x FY20
05/11/20	Kim Eng	UOB	19.9	22.42	Buy
05/11/20	CIMB	UOB	19.9	19.04	Hold
05/11/20	Phillip	Venture	15.74	16.6	Accumlate	PER15x FY20
05/11/20	UOB Kay Hian	Venture	15.74	14.46	Hold	Buy @ $13.20
05/11/20	DBS Vickers	Venture	15.74	15.9	Hold	PER12.5x FY21
05/11/20	Lim & Tan	Venture	15.74	0	Hold
05/11/20	DMG & Partners	Venture	15.74	15.1	Hold	PER15x FY20
05/11/20	CIMB	Venture	15.74	16.78	Add
05/11/20	Kim Eng	Venture	15.74	14.66	Hold	PB1.6x

Saturday, May 9, 2020

Baltic dry index - 514

Today, Thursday, May 07 2020, the Baltic Dry Index decreased by 20 points, reaching 514 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.

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Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 374

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Why does the US need to work with Huawei to set the 5G standards.

https://sg.finance.yahoo.com/news/exclusive-u-drafts-rule-allow-144523358.html

The US has no choice but to work with Huawei to set the 5G standards because it is impossible to sidestep Huawei's patents to develop 5G technologies.

http://sg-stock.blogspot.com/2019/03/huawei-won-fight-in-europe-against-us.html

We had already reported this before.

The US also has to work with Huawei for the 6G developments as China is ahead in these telecommunication technologies.

Friday, May 8, 2020

Hotel Properties - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/17/19	OCBC	Hotel Properties	3.88	4.74	Buy
07/15/19	OCBC	Hotel Properties	3.69	4.74	Buy

Hongkong Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/10/19	DBS Vickers	Hongkong Land	6.97	8.02	Buy	RNAV (40% discount)
08/02/19	DBS Vickers	Hongkong Land	6.09	7.93	Buy
08/05/19	DBS Vickers	Hongkong Land	6.02	7.7	Buy	RNAV (40% discount)
08/06/19	CIMB	Hongkong Land	5.74	7.4	Add
08/06/19	Citibank	Hongkong Land	5.74	5.85	Sell
12/12/19	DBS Vickers	Hongkong Land	5.47	6.64	Buy	RNAV (45% discount)
12/12/19	CIMB	Hongkong Land	5.47	6.9	Add
03/06/20	DBS Vickers	Hongkong Land	5.05	5.81	Buy	RNAV (50% discount)
03/10/20	CIMB	Hongkong Land	4.55	6.05	Add
05/05/20	DBS Vickers	Hongkong Land	4.13	5.22	Buy	RNAV (55% discount)

Hong Leong Finance - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/26/19	Lim & Tan	Hong Leong Finance	2.8	0	Buy

Stock calls for 8 April 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/08/20	Kim Eng	AEM	3.58	4.04	Buy	PER4.8x FY20/21
05/08/20	Phillip	ART	0.86	1.17	Buy	DDM
05/08/20	DBS Vickers	Lendlease Reit	0.575	0.85	Buy
05/08/20	DBS Vickers	Netlink	1	1.02	Hold	DCF
05/08/20	DBS Vickers	Perennial Reit	0.5	0.83	Buy
05/08/20	UOB Kay Hian	Riverstone	1.21	1.46	Buy
05/08/20	Phillip	Starhub	1.49	1.45	Neutral	EV/Ebitda 6x FY20
05/08/20	DMG & Partners	Starhub	1.49	1.51	Neutral	DCF
05/08/20	UOB Kay Hian	Starhub	1.49	1.4	Hold	Buy @ $1.20
05/08/20	DBS Vickers	Starhub	1.49	1.75	Buy	DCF
05/08/20	Lim & Tan	Starhub	1.49	0	Take Profit
05/08/20	OCBC	Starhub	1.49	1.39	Hold
05/08/20	CIMB	Starhub	1.49	1.7	Add	DCF
05/08/20	UOB Kay Hian	Sunningdale	0.98	1.02	Hold	PB0.54x FY20, Buy @ $0.90
05/08/20	CIMB	Sunningdale	0.98	0.917	Hold
05/08/20	DBS Vickers	UOB	19.88	17.5	Hold	GGM, PB0.7x FY21

What are the scientific analyses for the origin of covid-19? - Part 2

https://www.scmp.com/news/china/science/article/3083211/coronavirus-may-have-jumped-humans-early-october-study-says

London universities had released their research that the coronavirus outbreak started as early as October 2019 and China was not the origin of the outbreak.

"In most countries, including Britain, the United States and Ireland, the genetic diversity of the samples essentially reflects the global diversity, suggesting the local epidemics came from independent introductions of the virus. However, China, where the outbreak was first reported, is a main exception to this pattern, where only a fraction of the global diversity can be found."

We support the use of the scientific method to trace the origin of the outbreak and not use media and politics to pinpoint the origin of the outbreak.

We are very happy to see more scientific researches are pointing out that China is not origin of the outbreak.

http://sg-stock.blogspot.com/2020/04/what-are-scientific-analyses-for-origin.html

Wednesday, May 6, 2020

Hong Leong Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/28/20	Lim & Tan	Hong Leong Asia	0.625	0	Buy on weakness

Hock Lian Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/02/19	Lim & Tan	Hock Lian Seng	0.33	0	Buy on weakness

Ho Bee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	Lim & Tan	Ho Bee	2.52	0	Buy
06/28/19	UOB Kay Hian	Ho Bee	2.38	2.79	Buy
11/19/19	Lim & Tan	Ho Bee	2.34	0	Buy

Stock calls for 6 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/06/20	Macquarie	UOB	19.9	21.25	Outperform
05/06/20	Lim & Tan	UOB	19.9	0	Buy
05/06/20	DMG & Partners	UOB	19.9	19.4	Neutral	GGM, PB0.83x FY20
05/06/20	Lim & Tan	UOB-Kay Hian	1.16	0	Buy
05/06/20	Phillip	Capitamall Trust	1.82	2.22	Buy	DDM
05/06/20	DBS Vickers	CSE Global	0.395	0.54	Buy	PER10.6x
05/06/20	DMG & Partners	Japan Foods	0.35	0.35	Neutral	Sum of parts
05/06/20	DBS Vickers	SATS	2.98	2.64	Fully Valued	DCF & PER25x FY22
05/06/20	CIMB	SIA	5.91	4.45	Hold	PB0.84x, Ex-rights

Tuesday, May 5, 2020

HMI - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/19	Kim Eng	HMI	0.540	0.68	Buy	DCF, PER27x FY20
05/15/19	phillip	HMI	0.530	0.73	Buy	DCF
05/15/19	CIMB	HMI	0.530	0.68	Add	DCF
05/15/19	UOB Kay Hian	HMI	0.530	0.73	Buy	DCF
05/16/19	Kim Eng	HMI	0.545	0.66	Buy	DCF
06/18/19	UOB Kay Hian	HMI	0.635	0.73	Buy	DCF
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	0.68	Add	offer at $0.73
07/09/19	phillip	HMI	0.720	0.73	Accept offer	offer at $0.73
08/20/19	Lim & Tan	HMI	0.720	0.73	Accept offer	offer at $0.73
08/21/19	Kim Eng	HMI	0.720	0.73	Hold	offer at $0.73

Hi-P - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/09/19	Kim Eng	Hi-P	1.63	1.22	Sell	PB1.5x FY19
05/06/19	DBS Vickers	Hi-P	1.44	1.41	Hold	PER12x FY19
05/06/19	Kim Eng	Hi-P	1.44	1.22	Sell	PB1.5x FY19
06/11/19	Kim Eng	Hi-P	1.29	1.22	Hold	PB1.5x FY19
07/19/19	DBS Vickers	Hi-P	1.43	1.41	Hold	PER12x FY19
08/05/19	DBS Vickers	Hi-P	1.34	1.32	Hold	PER12x FY20
10/10/19	Kim Eng	Hi-P	1.19	1.21	Hold	PB1.5x FY19
11/01/19	DBS Vickers	Hi-P	1.44	1.39	Hold	PER13x FY20
11/01/19	Kim Eng	Hi-P	1.44	1.34	Sell	PB1.5x FY20
02/14/20	DBS Vickers	Hi-P	1.3	1.37	Hold	PER14x FY20
02/18/20	Kim Eng	Hi-P	1.31	1	Sell	PB1.2x FY20
03/30/20	Kim Eng	Hi-P	0.83	0.78	Hold	Roe-g/Coe-g, PB1x FY20
04/02/20	DBS Vickers	Hi-P	0.835	0.85	Hold
04/20/20	Kim Eng	Hi-P	0.97	0.78	Neutral

GSS Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/19	DMG & Partners	GSS Energy	0.081	0.08	Neutral	DCF
06/06/19	DMG & Partners	GSS Energy	0.069	0.08	Neutral
08/20/19	DMG & Partners	GSS Energy	0.074	0.08	Neutral	DCF
10/08/19	DMG & Partners	GSS Energy	0.066	0.08	Neutral	DCF

Stock calls for 5 April 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/05/20	UOB Kay Hian	ART	0.86	1.16	Buy	DDM
05/05/20	Phillip	CapitaCommercial	1.54	1.736	Accumulate	DDM
05/05/20	DMG & Partners	Capitaland	2.9	4	Buy
05/05/20	CIMB	Capitaland	2.9	3.52	Add	RNAV (45% discount)
05/05/20	UOB Kay Hian	Capitaland	2.9	3.2	Hold	Buy @ $2.70
05/05/20	UOB Kay Hian	Far East Hospitality	0.49	0.62	Buy	DDM
05/05/20	DBS Vickers	Hongkong Land	4.13	5.22	Buy	RNAV (55% discount)
05/05/20	Lim & Tan	Starhill	0.48	0	Hold

Monday, May 4, 2020

Great Eastern - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/09/19	Citibank	Great Eastern	23.29	27.8	Buy
02/21/20	Citibank	Great Eastern	22.15	27	Buy
03/18/20	Citibank	Great Eastern	18.2	19.5	Hold

Grand Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/04/19	CIMB	Grand Venture	0.25	0.34	Add	PER10x FY20
08/19/19	CIMB	Grand Venture	0.22	0.22	Hold

Golden Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/26/19	phillip	Golden Energy	0.215	0.3	Buy
05/24/19	phillip	Golden Energy	0.198	0.24	Accumulate	PER10x
06/03/19	phillip	Golden Energy	0.198	0.24	Accumulate
07/04/19	phillip	Golden Energy	0.225	0.24	Accumulate
08/23/19	phillip	Golden Energy	0.188	0.19	Neutral	PER10x

Stock calls for 4 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/04/20	Phillip	A-Reit	2.97	3.18	Accumulate	DDM
05/04/20	Lim & Tan	CapitaCommercial	1.61	0	Hold
05/04/20	Kim Eng	Capitamall Trust	1.89	2.4	Buy	DDM
05/04/20	DMG & Partners	Capitamall Trust	1.89	2.03	Neutral	DDM
05/04/20	phillip	DBS	19.96	20.59	Accumulate	GGM, PB1.09x
05/04/20	UOB Kay Hian	DBS	19.96	22.3	Buy
05/04/20	CIMB	Frasers Logistics	1.06	1.3	Add
05/04/20	DBS Vickers	Genting	0.785	0.75	Hold	Sum of parts
05/04/20	DMG & Partners	Keppel Reit	1.06	1.07	Neutral	DDM
05/04/20	CIMB	Mapletree North Asia	0.945	1.26	Add
05/04/20	DBS Vickers	Mapletree North Asia	0.945	1.05	Buy
05/04/20	UOB Kay Hian	SATS	3.28	3.3	Hold	Buy @ $2.80-2.90
05/04/20	Amfrasers	UMS	0.82	0.67	Underperform	PER11x FY20
05/04/20	UOB Kay Hian	Yangzijiang	0.985	1.22	Buy
05/04/20	DBS Vickers	Yangzijiang	0.985	1.4	Buy	Sum of parts

Sunday, May 3, 2020

The US ISM PMI in April had worsened.

The prices dropped to 35.3 (-2.1) because of a significant decline in new orders including new export orders and local orders. The producers were unwilling to pay for the price increases as the outlook was gloomy due to the covid outbreak. The consumers also continued to pull back their spendings. The customers’ inventories increased because of a significant decline in new orders and not due to producers increasing their stocks. In fact, the producers cut their production and employees because of the gloomy outlook. The supplier’s deliveries increased to 76 because of a delay in deliveries (longer delivery period) due to the lockdown. The PMI is in the low 40s now which denotes that the US is already in a recession (-4.8 in Q1). The Q2 figure will definitely be worse than Q1 as the PMI has worsened.

http://sg-stock.blogspot.com/2020/04/the-us-ism-pmi-for-march-2020-is.html

Saturday, May 2, 2020

Baltic dry index - 635

Today, Thursday, April 30 2020, the Baltic Dry Index decreased by 8 points, reaching 635 points.

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Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 408

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Friday, May 1, 2020

Golden Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/09/19	OCBC	Golden Agri	0.315	0.29	Hold	PB0.65x
04/09/19	CIMB	Golden Agri	0.315	0.23	Reduce
04/22/19	UOB Kay Hian	Golden Agri	0.295	0.21	Sell
05/14/19	OCBC	Golden Agri	0.275	0.29	Hold
05/15/19	DMG & Partners	Golden Agri	0.275	0.23	Sell	Sum of parts
05/27/19	OCBC	Golden Agri	0.265	0.27	Hold
05/28/19	CIMB	Golden Agri	0.26	0.23	Reduce	Sum of parts (10% discount)
05/28/19	UOB Kay Hian	Golden Agri	0.26	0.21	Sell
08/16/19	DMG & Partners	Golden Agri	0.295	0.22	Sell	Sum of parts
08/19/19	OCBC	Golden Agri	0.29	0.27	Sell
09/30/19	DMG & Partners	Golden Agri	0.23	0.25	Neutral	Sum of parts
10/15/19	UOB Kay Hian	Golden Agri	0.21	0.16	Sell	PER13x FY20
11/14/19	DMG & Partners	Golden Agri	0.265	0.25	Neutral	Sum of parts
11/15/19	OCBC	Golden Agri	0.245	0.26	Hold
11/22/19	UOB Kay Hian	Golden Agri	0.235	0.27	Hold
11/22/19	CIMB	Golden Agri	0.235	0.23	Reduce	Sum of parts (10% discount)
01/20/20	DMG & Partners	Golden Agri	0.235	0.27	Buy	Sum of parts
03/02/20	DMG & Partners	Golden Agri	0.2	0.25	Buy	Sum of parts
03/02/20	OCBC	Golden Agri	0.2	0.22	Hold
03/02/20	UOB Kay Hian	Golden Agri	0.2	0.22	Hold	Buy @ $0.20
03/02/20	CIMB	Golden Agri	0.2	0.21	Hold	Sum of parts (20% discount)
03/24/20	DMG & Partners	Golden Agri	0.129	0.125	Sell	Sum of parts, PER15x FY20

GL Ltd - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/19/20	Lim & Tan	GL Ltd	0.495	0	Hold

Geo Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/26/19	phillip	Geo Energy	0.176	0.215	Accumulate
05/29/19	phillip	Geo Energy	0.148	0.15	Neutral	PER10x
06/03/19	phillip	Geo Energy	0.149	0.15	Neutral
07/04/19	phillip	Geo Energy	0.155	0.15	Neutral
08/29/19	Amfrasers	Geo Energy	0.15	0.14	Neutral	DCF
09/24/19	Amfrasers	Geo Energy	0.148	0.14	Neutral	DCF

Stock calls for 1 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/01/20	DMG & Partners	DBS	19.2	18.7	Neutral	GGM, PB0.96x FY20
05/01/20	Amfrasers	Sheng Siong	1.49	1.46	Neutral

SUTD made a bizarre epidemic prediction from its data analysis.

https://www.web24.news/u/2020/04/beware-of-this-study-which-states-that-the-epidemic-will-end-on-august-9-in-france.html

This kind of publication must be approved by its professor. The SUTD will either prove that it is a 3rd-grade University or a 1st-grade University in July since it predicts that SG will end the outbreak in July 2020.

Many companies will either hire SUTD graduates or blacklist them after July 2020.

What's my take on this prediction?

My common sense is telling me that SUTD is most likely wrong in its data analysis and prediction. Why make this data analysis public when the outcome is likely wrong? I really don't understand the professor's mentality.

http://sg-stock.blogspot.com/2020/04/the-southern-hemisphere-must-brace-for_24.html

I hope someone can shed some light on this. Please enlighten me!