Stock calls for 22 July 20

Date	Analyst	Company	Last	Target	Call	Valuation
07/22/20	DMG & Partners	Japan Foods	0.325	0.33	Neutral	Sum of parts
07/22/20	Phillip	Keppel DC Reit	2.75	2.57	Neutral	DDM, Up from $2.31
07/22/20	DBS Vickers	Keppel DC Reit	2.75	2.8	Hold	DCF
07/22/20	CIMB	Keppel DC Reit	2.75	2.88	Hold	DDM
07/22/20	Lim & Tan	Keppel DC Reit	2.75	0	Hold
07/22/20	OCBC	Keppel DC Reit	2.75	2.86	Hold
07/22/20	Lim & Tan	Mapletree Industrial	2.97	0	Hold
07/22/20	OCBC	Mapletree Industrial	2.97	3.25	Buy
07/22/20	UOB Kay Hian	Mapletree Logistics	2.05	2.08	Hold	Buy @ $1.88
07/22/20	DBS Vickers	Mapletree Logistics	2.05	2.2	Buy
07/22/20	Kim Eng	Mapletree Logistics	2.05	2.55	Buy
07/22/20	CIMB	Mapletree Logistics	2.05	1.89	Hold
07/22/20	DBS Vickers	OCBC	9.21	9.3	Hold	GGM, PB0.8x FY21
07/22/20	UOB Kay Hian	Rex	0.188	0.3	Buy	Sum of parts
07/22/20	Kim Eng	Top Glove	8.24	9.32	Buy	Ringgit target $28.60, PER16x
07/22/20	Amfrasers	UMS	0.975	0.89	Neutral	PER12x
07/22/20	DBS Vickers	UOB	20.7	20.9	Hold	GGM, PB0.8x FY21

Another constellation is aligning and a big financial crisis is brewing this time. - Part 5

https://www.oliverwyman.com/media-center/2020/jul/european-banks-facing-over-400-billion-euro-in-credit-losses-in-the-next-three-years.html

This is just the beginning.  The US banks also face the same imploding debts situation.

Let's recap again.

http://sg-stock.blogspot.com/2020/07/another-constellation-is-aligning-and_20.html

The financial tsunami that I'm projecting is based on the following highlights.

Rising US-China tension (trade, economic, financial, sanction, etc)

Excessive monetary policies

Imploding debts

Covid virus

Natural disasters (floodings in China & Japan now, and the US typhoon season)

Unsustainable financial firms' earnings (bond trading income)

EU approves EUR$1.85T pandemic recovery fund.

https://www.cnbc.com/2020/07/21/eu-leaders-reach-a-breakthrough-on-the-regions-recovery-fund.html

With this latest EUR$1.85T pandemic recovery fund and TLTRO III at an interest rate of as low as -1%, the EU is printing a massive amount of free monies to reboot its economy and creating the biggest stock market bubble.  Likewise, the US is also doing exactly the same thing.

The excessive monetary policies in the world are seeding a big financial crisis now.

Another constellation is aligning and a big financial crisis is brewing this time. - Part 4

https://www.cnbc.com/2020/07/21/suze-orman-a-perfect-storm-is-brewing-and-it-is-worse-than-2008.html?&qsearchterm=financial%20storm%20is%20brewing

A US parody of our prediction below! Hahaha!

http://sg-stock.blogspot.com/2020/07/another-constellation-is-aligning-and_20.html

We did our first posting on 15 July about the impending financial tsunami.

http://sg-stock.blogspot.com/2020/07/another-constellation-is-aligning-and.html

A warmer climate will energize a typhoon.

https://edition.cnn.com/2020/07/02/weather/july-4th-weather-forecast/index.html

Do you know where a typhoon draws its energy from? It is the heat that energizes a storm/typhoon.

The US is in a typhoon season now and its temperature is rising.

I suspect the hurricane and typhoon season will be much stronger than the past for this year.  We've seen severe floodings in China, Japan and India now and this will also be reflected in the US because of global warming.

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/13/19	CIMB	First Reit	1.06	1.23	Add
11/07/19	CIMB	First Reit	1.05	1.2	Add	DDM
01/30/20	Lim & Tan	First Reit	0.995	0	Buy on weakness
01/31/20	CIMB	First Reit	1.02	1.15	Add	DDM

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/22/19	UOB Kay Hian	Far East Hospitality	0.685	0.82	Buy	DDM
07/31/19	OCBC	Far East Hospitality	0.685	0.67	Hold
07/31/19	CIMB	Far East Hospitality	0.685	0.68	Hold
08/01/19	DBS Vickers	Far East Hospitality	0.68	0.7	Hold	DCF
08/27/19	UOB Kay Hian	Far East Hospitality	0.65	0.82	Buy
09/19/19	Kim Eng	Far East Hospitality	0.675	0.8	Buy
10/09/19	DBS Vickers	Far East Hospitality	0.69	0.7	Hold
10/30/19	Lim & Tan	Far East Hospitality	0.7	0	Hold
10/31/19	UOB Kay Hian	Far East Hospitality	0.71	0.86	Buy	DCF
10/31/19	DBS Vickers	Far East Hospitality	0.71	0.8	Buy
11/01/19	Kim Eng	Far East Hospitality	0.73	0.8	Buy	DDM
11/04/19	CIMB	Far East Hospitality	0.735	0.7	Hold
11/04/19	OCBC	Far East Hospitality	0.735	0.68	Hold
11/21/19	Kim Eng	Far East Hospitality	0.72	0.8	Buy
12/19/19	DBS Vickers	Far East Hospitality	0.72	0.8	Buy
01/14/20	DBS Vickers	Far East Hospitality	0.755	0.8	Buy
02/03/20	DBS Vickers	Far East Hospitality	0.68	0.69	Hold	PB0.85x
02/13/20	CIMB	Far East Hospitality	0.67	0.64	Hold	DDM
02/17/20	OCBC	Far East Hospitality	0.66	0.65	Sell
02/17/20	UOB Kay Hian	Far East Hospitality	0.66	0.65	Hold	Buy @ $0.60
02/17/20	Kim Eng	Far East Hospitality	0.66	0.7	Hold	DDM
02/17/20	CIMB	Far East Hospitality	0.66	0.65	Hold	DDM
02/19/20	OCBC	Far East Hospitality	0.67	0.65	Hold
03/16/20	OCBC	Far East Hospitality	0.53	0.52	Hold
03/20/20	UOB Kay Hian	Far East Hospitality	0.375	0.5	Buy	DDM
04/21/20	DBS Vickers	Far East Hospitality	0.49	0.6	Buy
05/05/20	UOB Kay Hian	Far East Hospitality	0.49	0.62	Buy	DDM
06/01/20	DBS Vickers	Far East Hospitality	0.495	0.6	Buy
06/08/20	UOB Kay Hian	Far East Hospitality	0.545	0.62	Buy
06/09/20	CIMB	Far East Hospitality	0.57	0.59	Add
07/02/20	UOB Kay Hian	Far East Hospitality	0.5	0.62	Buy
07/21/20	CIMB	Far East Hospitality	0.49	0.592	Add

ESR-Reit - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
07/24/19	OCBC	J91U	ESR-Reit	0.535	0.58	Buy	8.41
07/24/19	CIMB	J91U	ESR-Reit	0.535	0.61	Add	14.02	DDM
08/21/19	Citibank	J91U	ESR-Reit	0.51	0.57	Buy	11.76
10/25/19	OCBC	J91U	ESR-Reit	0.54	0.58	Buy	7.41
10/29/19	DMG & Partners	J91U	ESR-Reit	0.53	0.6	Buy	13.21	DDM
12/10/19	DMG & Partners	J91U	ESR-Reit	0.545	0.6	Buy	10.09
01/07/20	DMG & Partners	J91U	ESR-Reit	0.545	0.6	Buy	10.09	DDM
01/24/20	DBS Vickers	J91U	ESR-Reit	0.56	0.59	Buy	5.36	DCF
01/28/20	OCBC	J91U	ESR-Reit	0.56	0.6	Buy	7.14
01/30/20	DBS Vickers	J91U	ESR-Reit	0.555	0.48	Hold	-13.51	DCF
02/25/20	OCBC	J91U	ESR-Reit	0.545	0.6	Buy	10.09
03/02/20	DBS Vickers	J91U	ESR-Reit	0.53	0.59	Buy	11.32	DCF
03/19/20	DMG & Partners	J91U	ESR-Reit	0.305	0.5	Buy	63.93	DDM
04/07/20	DMG & Partners	J91U	ESR-Reit	0.245	0.5	Buy	104.08
04/24/20	DBS Vickers	J91U	ESR-Reit	0.335	0.43	Buy	28.36	DCF
07/17/20	CIMB	J91U	ESR-Reit	0.39	0.492	Add	26.15	DDM
07/17/20	Lim & Tan	J91U	ESR-Reit	0.39	0	Accept Offer	-100.00
07/17/20	CLSA	J91U	ESR-Reit	0.39	0.47	Buy	20.51
07/17/20	Soochow	J91U	ESR-Reit	0.39	0.47	Buy	20.51
07/17/20	Morningstar	J91U	ESR-Reit	0.39	0.42	Stable	7.69
07/17/20	Daiwa	J91U	ESR-Reit	0.39	0.42	Hold	7.69

Stock calls for 21 July 2020

Date	Analyst	Company	Last	Target	Call	Valuation
07/21/20	CIMB	ART	0.955	1.06	Add
07/21/20	CIMB	CDL Hospitality	0.99	1.2	Add
07/21/20	Jefferies	DBS	21.29	24.5	Buy
07/21/20	Kim Eng	DBS	21.29	22.1	Buy
07/21/20	CIMB	Far East Hospitality	0.49	0.592	Add
07/21/20	DMG & Partners	Keppel Reit	1.09	1.1	Neutral	DDM
07/21/20	Lim & Tan	Keppel Reit	1.09	0	Buy
07/21/20	CIMB	Keppel Reit	1.09	1.2	Add
07/21/20	UOB Kay Hian	Manulife US Reit	0.7	0.85	Buy	DDM
07/21/20	OCBC	Mapletree Logistics	2.04	2.07	Hold
07/21/20	Lim & Tan	Mapletree Logistics	2.04	0	Hold
07/21/20	Jefferies	OCBC	9.18	8.88	Hold
07/21/20	Kim Eng	OCBC	9.18	9.15	Hold
07/21/20	OCBC	SIA Engineering	1.97	1.8	Sell
07/21/20	UOB Kay Hian	Top Glove	8.15	7.14	Buy	Ringgit target $21.90
07/21/20	Jefferies	UOB	20.55	22	Buy
07/21/20	Kim Eng	UOB	20.55	22.42	Buy

Elite ComReit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/26/20	UOB Kay Hian	Elite ComReit	0.66	0.88	Buy	DDM
06/30/20	CIMB	Elite ComReit	0.7	1.3	Add

EC World Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/19	DMG & Partners	EC World Reit	0.78	0.85	Buy
07/22/19	phillip	EC World Reit	0.755	0.87	Buy
08/08/19	phillip	EC World Reit	0.735	0.87	Buy	DDM
08/08/19	DMG & Partners	EC World Reit	0.735	0.82	Buy	DDM
09/24/19	phillip	EC World Reit	0.735	0.87	Buy
10/18/19	phillip	EC World Reit	0.735	0.87	Buy
11/12/19	phillip	EC World Reit	0.74	0.84	Buy	DDM
11/12/19	DBS Vickers	EC World Reit	0.74	0.86	Buy	DCF
11/26/19	Amfrasers	EC World Reit	0.74	0.84	outperform	DDM
12/02/19	Amfrasers	EC World Reit	0.745	0.84	outperform	DDM
12/10/19	DMG & Partners	EC World Reit	0.765	0.82	Buy
03/02/20	DMG & Partners	EC World Reit	0.705	0.78	Buy	DDM
03/02/20	DBS Vickers	EC World Reit	0.705	0.8	Buy	DCF
03/02/20	Amfrasers	EC World Reit	0.705	0.82	outperform
03/05/20	phillip	EC World Reit	0.72	0.827	Buy	DDM
04/23/20	DMG & Partners	EC World Reit	0.63	0.78	Buy
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
05/15/20	phillip	EC World Reit	0.66	0.77	Buy	DDM
05/18/20	Amfrasers	EC World Reit	0.675	0.73	outperform	DDM
06/23/20	DMG & Partners	EC World Reit	0.7	0.76	Buy
07/13/20	Amfrasers	EC World Reit	0.655	0.73	outperform	DDM

Eagle Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/30/19	Jefferies	Eagle Hospitality Trust	0.675	1	Buy
08/30/19	UOB Kay Hian	Eagle Hospitality Trust	0.675	1.02	Buy	DDM
08/30/19	UBS	Eagle Hospitality Trust	0.675	0.83	Buy
10/02/19	Amfrasers	Eagle Hospitality Trust	0.68	0.84	outperform	DDM
10/25/19	UOB Kay Hian	Eagle Hospitality Trust	0.645	1.02	Buy	DDM
10/29/19	Amfrasers	Eagle Hospitality Trust	0.545	0.72	outperform	DDM
11/18/19	Amfrasers	Eagle Hospitality Trust	0.535	0.61	Buy	DDM
11/18/19	Jefferies	Eagle Hospitality Trust	0.535	0.8	Buy
12/02/19	Amfrasers	Eagle Hospitality Trust	0.525	0.61	outperform	DDM
02/20/20	Amfrasers	Eagle Hospitality Trust	0.53	0.51	Neutral
02/20/20	Jefferies	Eagle Hospitality Trust	0.53	0.7	Buy
02/20/20	UBS	Eagle Hospitality Trust	0.53	0.75	Buy
03/10/20	Amfrasers	Eagle Hospitality Trust	0.28	0.51	Neutral
03/25/20	UBS	Eagle Hospitality Trust	0.137	0.75	Buy

Stock calls for 20 July 2020

Date	Analyst	Company	Last	Target	Call	Valuation
07/20/20	Lim & Tan	CDL Hospitality	1.02	0	Sell
07/20/20	UOB Kay Hian	DBS	21.38	24.8	Buy
07/20/20	Phillip	Hyphens Pharma	0.42	0.435	Accumlate	DCF
07/20/20	Phillip	Manulife US Reit	0.705	0.8	Buy	DDM
07/20/20	phillip	Prime US Reit	0.765	0.88	Buy	DDM
07/20/20	UOB Kay Hian	Sembcorp Industries	1.78	2.2	Buy	Sum of parts
07/20/20	Lim & Tan	Sembcorp Industries	1.78	0	Accumlate
07/20/20	CIMB	Sembcorp Industries	1.78	2.27	Add
07/20/20	CIMB	SIA Engineering	1.96	1.78	Hold
07/20/20	DBS Vickers	SIA Engineering	1.96	2.1	Hold	Sum of parts (15% premium)

The southern hemisphere must brace for a possible major covid outbreak from June to August 2020. Why? - Part 5

http://sg-stock.blogspot.com/2020/07/the-southern-hemisphere-must-brace-for.html

Omg! South Africa has leaped to no.5 from no.13 in just 10 days!

When we give a warning, you better watch out because we're seldom wrong!

We are different from SUTD because we can analyze better.

Another constellation is aligning and a big financial crisis is brewing this time. - Part 3

Many financial firms such as investment banks had just announced their latest earnings.  However, there is one thing that truly concerns me about their earnings.  Many financial firms had good earnings because of their fixed income trading (a.k.a bond trading).  This bond trading income was just an ad hoc profitability because the FED reduced the interest rate to zero.  Since the bond price moves inversely to its interest yield, the bond price will move up when the FED reduces the interest rate which in turn enables the financial firms to take advantage of the phenomenon which cannot be repeated.  The FED had stated clearly that it won't consider negative rates policy.  Therefore, this bond trading profitability is unsustainable unless the FED adopts a negative interest rate policy.

http://sg-stock.blogspot.com/2020/05/what-will-us-fed-do-after-rejecting.html

Financial firms' earnings news:

https://www.marketscreener.com/BLACKROCK-INC-11862/news/BlackRock-Q2-2020-Earnings-Release-30942082/

https://www.cnbc.com/2020/07/15/goldman-sachs-gs-earnings-q2-2020.html

https://www.cnbc.com/2020/07/16/morgan-stanley-ms-earnings-q2-2020.html


The financial tsunami that I'm projecting is based on the following highlights.

Rising US-China tension (trade, economic, financial, sanction, etc)

Excessive monetary policies

Imploding debts

Covid virus

Natural disasters (floodings in China & Japan now, and the US typhoon season)

Unsustainable financial firms' earnings (bond trading income)

The US typhoon season is also a big worry as the typhoons will be much stronger this year.  My observations from the floodings in China, Japan and India now have led me to reach this conclusion.  The US insurance firms will be badly hit when the stronger typhoons hit the US.

Is the die cast in stone? I leave it to you to decide for yourself.

http://sg-stock.blogspot.com/2020/07/another-constellation-is-aligning-and_15.html

Baltic dry index - 1710

* The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 11 points, or about 0.6%, to 1,710.

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

Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 954

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Delfi - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/19	DMG & Partners	Delfi	1.24	1.68	Buy	DCF, PER28x FY19
10/31/19	DBS Vickers	Delfi	0.995	1.49	Buy	PER23.7x FY20
11/13/19	DMG & Partners	Delfi	0.955	1.68	Buy	DCF
11/14/19	DBS Vickers	Delfi	0.96	1.51	Buy	PER23.1x FY20
12/11/19	DMG & Partners	Delfi	1	1.68	Buy
01/06/20	DBS Vickers	Delfi	1	1.51	Buy
02/07/20	DMG & Partners	Delfi	0.96	1.68	Buy	DCF
02/28/20	DBS Vickers	Delfi	0.96	1.55	Buy	PER23x FY20
04/27/20	DMG & Partners	Delfi	0.62	0.74	Buy	DCF
05/22/20	DBS Vickers	Delfi	0.83	1.08	Buy	PER18x FY20/21
06/05/20	Amfrasers	Delfi	0.77	0.93	outperform
07/15/20	DMG & Partners	Delfi	0.74	0.74	Neutral	DCF

DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/01/19	Kim Eng	DBS	25.96	29.46	Buy
07/01/19	UOB Kay Hian	DBS	25.96	30.5	Buy	GGM, PB1.59x FY19
07/02/19	OCBC	DBS	26.6	29.2	Buy	GGM, PB1.4x, PER14.7x
07/03/19	phillip	DBS	26.5	29	Accumulate
07/08/19	DMG & Partners	DBS	25.63	30.8	Buy	PB1.5x FY20
07/12/19	DMG & Partners	DBS	25.61	30.3	Buy	PB1.47x FY20
07/29/19	Lim & Tan	DBS	26.88	0	Buy
07/30/19	DMG & Partners	DBS	26.54	28.3	Hold	GGM, PB1.37x FY20
07/30/19	CIMB	DBS	26.54	27.59	Hold	GGM
07/30/19	Kim Eng	DBS	26.54	28.05	Hold	DDM
07/30/19	OCBC	DBS	26.54	28	Hold
07/30/19	phillip	DBS	26.54	30.9	Accumulate
07/30/19	UOB Kay Hian	DBS	26.54	31.3	Buy
07/31/19	Macquarie	DBS	26.49	25.8	Neutral	PB
07/31/19	phillip	DBS	26.49	27.6	Accumulate	GGM, PB1.4x
08/23/19	DMG & Partners	DBS	24.59	28.3	Neutral
08/29/19	Macquarie	DBS	24.02	25.8	Neutral	PB
09/05/19	phillip	DBS	24.54	27.6	Accumulate
09/06/19	DMG & Partners	DBS	24.63	25.3	Neutral	GGM, PB1.23x FY20
09/26/19	Kim Eng	DBS	24.73	28.05	Hold
09/26/19	Jefferies	DBS	24.73	31	Buy
09/27/19	CIMB	DBS	24.82	27.59	Hold
10/01/19	UOB Kay Hian	DBS	25	31.3	Buy
10/04/19	phillip	DBS	24.57	27.6	Accumulate
10/29/19	UOB Kay Hian	DBS	25.18	29.75	Buy
11/05/19	phillip	DBS	26.13	27.6	Accumulate
11/11/19	DMG & Partners	DBS	26.61	25.3	Neutral	GGM, PB1.23x FY20
11/11/19	Lim & Tan	DBS	26.61	0	Buy on weakness
11/12/19	Macquarie	DBS	26.64	25.8	Neutral	PB
11/12/19	phillip	DBS	26.64	27.3	Accumulate	GGM, PB1.4x
11/12/19	DMG & Partners	DBS	26.64	25.8	Neutral	GGM, PB1.28x FY20
11/12/19	Kim Eng	DBS	26.64	29.92	Buy	DDM
11/12/19	UOB Kay Hian	DBS	26.64	30	Buy
12/02/19	CIMB	DBS	25.25	28.29	Hold
12/02/19	Kim Eng	DBS	25.25	29.92	Buy
12/03/19	DMG & Partners	DBS	25.13	25.8	Neutral
12/04/19	phillip	DBS	24.98	27.3	Accumulate
01/03/20	UOB Kay Hian	DBS	26.11	30	Buy
01/08/20	CIMB	DBS	26.05	28.29	Add
01/08/20	Kim Eng	DBS	26.05	29.92	Buy
01/14/20	DMG & Partners	DBS	26.1	25.8	Neutral	GGM, PB1.28x FY20
02/07/20	UOB Kay Hian	DBS	25.7	28.65	Buy
02/13/20	Lim & Tan	DBS	25.42	0	Buy
02/14/20	CIMB	DBS	25.42	27.09	Add	GGM
02/14/20	UOB Kay Hian	DBS	25.42	28	Buy	GGM, PB1.39x FY20
02/14/20	DMG & Partners	DBS	25.42	24.8	Neutral	GGM, PB1.25x FY20
02/14/20	Kim Eng	DBS	25.42	28.6	Buy
02/14/20	Jefferies	DBS	25.42	28.5	Buy
02/18/20	phillip	DBS	25.48	27.3	Accumulate
02/18/20	Citibank	DBS	25.48	26.8	Hold
03/04/20	Citibank	DBS	23.66	24.4	Hold
03/05/20	CIMB	DBS	23.91	24.33	Hold
03/05/20	OCBC	DBS	23.91	25.5	Hold	GGM, PB1.3x
03/09/20	Citibank	DBS	23	17.5	Sell
03/10/20	phillip	DBS	21.15	27.3	Accumulate
03/10/20	Jefferies	DBS	21.15	27	Buy
03/13/20	DMG & Partners	DBS	20.2	21.5	Neutral	GGM, PB1.09x FY20
03/19/20	Macquarie	DBS	17.9	20.25	Neutral
03/19/20	Jefferies	DBS	17.9	20	Buy
04/01/20	Jefferies	DBS	18.57	20	Buy
04/01/20	Citibank	DBS	18.57	17.5	Sell
04/08/20	Kim Eng	DBS	19.11	21.99	Buy
04/13/20	phillip	DBS	19.14	27.3	Accumulate
04/17/20	UOB Kay Hian	DBS	19.38	22.1	Buy
04/24/20	Macquarie	DBS	18.74	18.25	Neutral
04/30/20	Lim & Tan	DBS	19.2	0	Buy
05/01/20	DMG & Partners	DBS	19.2	18.7	Neutral	GGM, PB0.96x FY20
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
05/11/20	Kim Eng	DBS	19.7	22.1	Buy
05/11/20	Citibank	DBS	19.7	19.65	Hold
06/08/20	phillip	DBS	22.28	20.6	Neutral
06/08/20	Citibank	DBS	22.28	25.5	Buy
06/10/20	Lim & Tan	DBS	22.95	0	Hold
06/11/20	Macquarie	DBS	23.01	26	outperform	PB
06/18/20	DMG & Partners	DBS	21.57	18.7	Neutral
06/24/20	Kim Eng	DBS	21.13	22.1	Buy
07/01/20	CIMB	DBS	20.85	18.8	Hold
07/03/20	phillip	DBS	21.28	20.6	Neutral
07/06/20	UOB Kay Hian	DBS	21.57	26.22	Buy
07/14/20	Macquarie	DBS	21.54	26	outperform	PB