Japfa - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/02/19	Kim Eng	Japfa	0.665	1.05	Buy
05/03/19	UOB Kay Hian	Japfa	0.605	0.73	Buy	Sum of parts
05/03/19	DBS Vickers	Japfa	0.605	0.61	Hold	Sum of parts (10% discount), PER14x FY19
05/27/19	Kim Eng	Japfa	0.575	0.93	Buy	Sum of parts
07/31/19	UOB Kay Hian	Japfa	0.515	0.48	Hold	Sum of parts, Buy @ $0.42
08/01/19	Kim Eng	Japfa	0.51	0.73	Buy	Sum of parts
08/05/19	DBS Vickers	Japfa	0.5	0.53	Hold	Sum of parts (10% discount), PER12.5x FY19
09/13/19	Kim Eng	Japfa	0.485	0.73	Buy	Sum of parts
11/01/19	UOB Kay Hian	Japfa	0.49	0.5	Hold	Sum of parts, Buy @ $0.44
11/01/19	DBS Vickers	Japfa	0.49	0.53	Hold
11/01/19	CIMB	Japfa	0.49	0.56	Add
11/20/19	CIMB	Japfa	0.61	0.7	Add	PER12x FY21
01/20/20	UOB Kay Hian	Japfa	0.64	0.8	Buy
01/31/20	CIMB	Japfa	0.56	0.69	Add
01/31/20	Kim Eng	Japfa	0.56	0.72	Buy
03/03/20	UOB Kay Hian	Japfa	0.59	0.88	Buy	Sum of parts
03/04/20	DBS Vickers	Japfa	0.575	0.84	Buy	Sum of parts, PER11x
04/16/20	CIMB	Japfa	0.51	0.95	Add	PER12x CY21
04/16/20	UOB Kay Hian	Japfa	0.51	0.9	Buy	Sum of parts
04/16/20	DBS Vickers	Japfa	0.51	0.84	Buy

Japan Foods - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/19	DMG & Partners	Japan Foods	0.435	0.45	Neutral
05/22/19	Amfrasers	Japan Foods	0.44	0.55	Neutral	DCF
05/23/19	DMG & Partners	Japan Foods	0.44	0.4	Hold
06/06/19	DMG & Partners	Japan Foods	0.43	0.4	Neutral
08/22/19	DMG & Partners	Japan Foods	0.435	0.4	Neutral	Sum of parts
11/08/19	DMG & Partners	Japan Foods	0.435	0.4	Neutral	Sum of parts
11/11/19	Amfrasers	Japan Foods	0.425	0.46	Neutral
12/02/19	Amfrasers	Japan Foods	0.43	0.46	Neutral
12/11/19	DMG & Partners	Japan Foods	0.425	0.4	Neutral
05/06/20	DMG & Partners	Japan Foods	0.35	0.35	Neutral	Sum of parts

Jadason - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/13/19	CIMB	Jadason	0.038	0.059	Add	PB1x CY19

Stock calls for 15 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/15/20	DBS Vickers	AIMS AMP Cap Ind Reit	1.18	1.4	Buy	DCF
05/15/20	phillip	EC World Reit	0.66	0.77	Buy	DDM
05/15/20	UOB Kay Hian	Food Empire	0.49	0.63	Buy	PER12.6x FY20
05/15/20	DBS Vickers	Frencken	0.82	0.92	Buy	PER10.4x FY20
05/15/20	UOB Kay Hian	Fu Yu	0.22	0.25	Buy	PER12.4x FY20
05/15/20	DMG & Partners	Genting	0.73	0.64	Take Profit	EV/Ebitda6x FY21
05/15/20	DMG & Partners	Golden Agri	0.146	0.12	Sell	Sum of parts
05/15/20	DMG & Partners	Hyphens Pharma	0.24	0.27	Buy	DCF
05/15/20	Phillip	Ireit	0.66	0.77	Buy	DDM
05/15/20	Lim & Tan	Propnex	0.485	0	Buy
05/15/20	UOB Kay Hian	Sasseur	0.72	0.96	Buy	DDM
05/15/20	Citi Research	SIA	3.81	4	Sell
05/15/20	CIMB	SIA	3.81	4.6	Add	PB0.84x
05/15/20	DBS Vickers	Thai Beverage	0.665	0.9	Buy	Sum of parts
05/15/20	DBS Vickers	Yoma	0.197	0.5	Buy

ISOTeam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/15/19	DMG & Partners	ISOTeam	0.22	0.29	Buy	DCF
06/06/19	DMG & Partners	ISOTeam	0.23	0.29	Buy
07/11/19	UOB Kay Hian	ISOTeam	0.245	0.3	Buy	PER12.4x FY20
07/25/19	DMG & Partners	ISOTeam	0.245	0.31	Buy	DCF
07/25/19	UOB Kay Hian	ISOTeam	0.245	0.34	Buy	PER12.4x FY20
08/29/19	UOB Kay Hian	ISOTeam	0.23	0.34	Buy
08/29/19	DMG & Partners	ISOTeam	0.23	0.31	Buy	DCF
09/23/19	UOB Kay Hian	ISOTeam	0.225	0.34	Buy
09/25/19	DMG & Partners	ISOTeam	0.235	0.31	Buy	DCF
10/15/19	DMG & Partners	ISOTeam	0.225	0.31	Buy
11/18/19	DMG & Partners	ISOTeam	0.24	0.31	Buy	DCF
11/18/19	UOB Kay Hian	ISOTeam	0.24	0.34	Buy
01/28/20	DMG & Partners	ISOTeam	0.23	0.31	Buy	DCF
02/18/20	DMG & Partners	ISOTeam	0.22	0.31	Buy	DCF
03/23/20	DMG & Partners	ISOTeam	0.122	0.24	Buy	DCF, PER8.7x FY20

ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/19	CIMB	ISDN	0.215	0.32	Add	PER10x CY20
07/01/19	CIMB	ISDN	0.235	0.32	Add
08/19/19	CIMB	ISDN	0.192	0.27	Add

Ireit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/20	Phillip	Ireit	0.815	0.885	Accumulate	DDM
02/14/20	Phillip	Ireit	0.865	0.885	Accumulate	DDM
03/03/20	DMG & Partners	Ireit	0.785	0.92	Buy	DDM
03/13/20	Phillip	Ireit	0.715	0.89	Accumulate
04/13/20	DMG & Partners	Ireit	0.64	0.83	Buy	DDM

Stock calls for 14 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/20	Amfrasers	AEM	3.15	3.61	Outperform
05/14/20	CIMB	City Developments	7.65	10.13	Add
05/14/20	DMG & Partners	EC World Reit	0.675	0.76	Buy	DDM
05/14/20	DBS Vickers	EC World Reit	0.675	0.8	Buy	DCF
05/14/20	DMG & Partners	Food Empire	0.505	0.75	Buy	PER12x FY20
05/14/20	DBS Vickers	Frasers Property	1.19	1.7	Buy	RNAV (50% discount)
05/14/20	CIMB	Frasers Property	1.19	1.7	Add	RNAV (45% discount)
05/14/20	CIMB	Fu Yu	0.22	0.21	Hold
05/14/20	Lim & Tan	Genting	0.765	0	Sell
05/14/20	Kim Eng	Genting	0.765	0.81	Buy	DCF
05/14/20	CIMB	Genting	0.765	0.76	Add	EV/Ebitda7x FY21
05/14/20	CIMB	Riverstone	1.84	1.86	Add	PER19.3x CY21
05/14/20	UOB Kay Hian	Sembcorp Marine	0.71	0.81	Hold	Buy @ $0.65
05/14/20	DBS Vickers	Sembcorp Marine	0.71	0.72	Hold
05/14/20	CIMB	Sembcorp Marine	0.71	0.8	Hold	PB0.8x CY20
05/14/20	CIMB	Top Glove	3.08	3.41	Add	Ringgit target $10.40, PER32x CY21
05/14/20	Kim Eng	Top Glove	3.08	3.59	Buy	Ringgit target $10.95, PER30x CY21
05/14/20	DBS Vickers	UMS	0.94	1.04	Buy	PER13x FY20
05/14/20	Kim Eng	UMS	0.94	0.96	Buy	Roe-g/Coe-g
05/14/20	OCBC	UOB	19.69	21.5	Hold	PB1x
05/14/20	OCBC	Venture	15.74	17.41	Buy

Interra Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/10/19	SAC Advisors	Interra Resources	0.026	0.089	Buy	EV/IP reserves 6.4x
12/17/19	SAC Advisors	Interra Resources	0.065	0.089	Buy

Innotek - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/19	Lim & Tan	Innotek	0.5	0	Buy on weakness

Indofood Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/12/19	DBS Vickers	Indofood Agri	0.28	0.19	Accept offer	offer price $0.28
05/02/19	DBS Vickers	Indofood Agri	0.28	0.19	Accept offer	offer price $0.28
07/16/19	DBS Vickers	Indofood Agri	0.325	0.33	Hold
08/05/19	DBS Vickers	Indofood Agri	0.32	0.29	Hold	DCF
12/10/19	DBS Vickers	Indofood Agri	0.33	0.29	Hold

Stock calls for 13 May 2020.

Date	Analyst	Company	Last	Target	Call	Valuation
05/13/20	DMG & Partners	Bumitama	0.435	0.43	Neutral	PER12x FY20
05/13/20	DBS Vickers	Bumitama	0.435	0.66	Buy	DCF
05/13/20	Kim Eng	Bumitama	0.435	0.78	Buy
05/13/20	UOB Kay Hian	City Developments	7.96	9.5	Buy
05/13/20	DBS Vickers	Fu Yu	0.22	0.21	Hold
05/13/20	Lim & Tan	Fu Yu	0.22	0	Buy on weakness
05/13/20	Macquarie	OCBC	8.89	9.67	Outperform	PB
05/13/20	UOB Kay Hian	Riverstone	1.62	2.15	Buy
05/13/20	DBS Vickers	Riverstone	1.62	2.2	Buy	PER26x FY20
05/13/20	DMG & Partners	Sembcorp Marine	0.735	1.28	Buy	PB1.26x FY20
05/13/20	DMG & Partners	Wilmar	3.82	4.83	Buy	Sum of parts
05/13/20	DBS Vickers	Wilmar	3.82	4	Buy	Sum of parts, PER16.7x FY20
05/13/20	Kim Eng	Wilmar	3.82	4.12	Buy

IHH Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/31/19	UOB Kay Hian	IHH Healthcare	1.79	2.07	Buy	Ringgit $6.30 target price, PER32.8x FY2020
06/12/19	CIMB	IHH Healthcare	1.84	2.09	Add	Ringgit $6.37 target price
07/31/19	Kim Eng	IHH Healthcare	1.88	2.16	Buy	Sum of parts, Ringgit $6.50 target price
09/09/19	Kim Eng	IHH Healthcare	1.85	2.1	Hold	Sum of parts, Ringgit $6.30 target price
12/04/19	UOB Kay Hian	IHH Healthcare	1.74	1.94	Buy	Sum of parts, Ringgit $5.93 target price
03/02/20	Kim Eng	IHH Healthcare	1.87	2.09	Buy	Sum of parts, Ringgit $6.30 target price
03/02/20	UOB Kay Hian	IHH Healthcare	1.87	1.94	Buy	Ringgit $5.86 target price
03/02/20	CIMB	IHH Healthcare	1.87	2.07	Add	Ringgit $6.26 target price

IFS Capital - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/26/19	Amfrasers	IFS Capital	0.22	0.3	Outperform	PB0.6x FY20
11/14/19	Amfrasers	IFS Capital	0.225	0.3	Outperform	PB0.6x FY20
12/02/19	Amfrasers	IFS Capital	0.23	0.3	Outperform	PB0.6x FY20
03/11/20	Amfrasers	IFS Capital	0.2	0.3	Outperform

Ifast Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/30/19	DBS Vickers	Ifast Corp	1.12	1.05	Hold	DDM
07/30/19	DBS Vickers	Ifast Corp	1.1	1.05	Hold	DDM
11/01/19	DBS Vickers	Ifast Corp	1.01	1.05	Hold	DDM
02/21/20	DBS Vickers	Ifast Corp	1.02	1.1	Hold	DDM
04/24/20	DBS Vickers	Ifast Corp	0.975	1.27	Buy	DDM

Stock calls for 12 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/12/20	DMG & Partners	China Aviation Oil	1.02	1.25	Buy	Sum of parts, PER2.6x FY21 (ex-cash)
05/12/20	DBS Vickers	Frasers Hospitality Trust	0.475	0.65	Buy	PB0.9x
05/12/20	UOB Kay Hian	SIA Engineering	1.82	1.57	Sell	DDM
05/12/20	UOB Kay Hian	Wilmar	3.54	4	Buy	Sum of parts
05/12/20	CIMB	Wilmar	3.54	4.58	Add

Hyphens Pharma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	DMG & Partners	Hyphens Pharma	0.196	0.25	Buy	DCF, PER12.2x FY19
08/20/19	DMG & Partners	Hyphens Pharma	0.2	0.25	Buy	DCF
10/15/19	DMG & Partners	Hyphens Pharma	0.199	0.25	Buy
11/08/19	SAC Advisors	Hyphens Pharma	0.195	0.285	Buy
11/20/19	DMG & Partners	Hyphens Pharma	0.21	0.25	Buy	DCF
03/04/20	DMG & Partners	Hyphens Pharma	0.23	0.27	Buy	DCF

Hutchison Port - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/30/19	OCBC	Hutchison Port	0.24	0.22	Hold
04/30/19	DBS Vickers	Hutchison Port	0.24	0.26	Hold
07/25/19	OCBC	Hutchison Port	0.225	0.22	Hold
07/26/19	DBS Vickers	Hutchison Port	0.225	0.23	Hold	DCF
09/06/19	OCBC	Hutchison Port	0.22	0.17	Hold
10/30/19	OCBC	Hutchison Port	0.158	0.155	Hold
02/11/20	DBS Vickers	Hutchison Port	0.161	0.17	Hold

HRnetGroup - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/07/19	DMG & Partners	HRnetGroup	0.77	1.06	Buy	DCF
05/13/19	DMG & Partners	HRnetGroup	0.77	0.94	Buy	DCF
05/14/19	DBS Vickers	HRnetGroup	0.76	0.85	Hold	PER16x FY19, ex-cash
06/06/19	DMG & Partners	HRnetGroup	0.71	0.94	Buy
06/13/19	CIMB	HRnetGroup	0.72	1.01	Add	PER18x CY20
08/14/19	DMG & Partners	HRnetGroup	0.66	0.94	Buy	DCF
10/15/19	DMG & Partners	HRnetGroup	0.58	0.94	Buy
11/11/19	CIMB	HRnetGroup	0.64	0.83	Add
11/11/19	DMG & Partners	HRnetGroup	0.64	0.81	Buy	DCF
02/28/20	CIMB	HRnetGroup	0.58	0.58	Hold
02/28/20	DBS Vickers	HRnetGroup	0.58	0.63	Hold	PER10x FY20, Ex-cash
03/02/20	DMG & Partners	HRnetGroup	0.56	0.61	Neutral	PER12x FY20

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

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.

=====================

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.

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)