Singapore Stock Exchange - Equity Investments

Tuesday, August 11, 2020

ISOTeam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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

Stock calls for 11 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/11/20	Phillip	APTV	0.129	0.15	Buy
08/11/20	DMG & Partners	Capitaland	2.74	3.75	Buy	RNAV (30% discount)
08/11/20	CIMB	Capitaland	2.74	3.42	Add
08/11/20	CIMB	CSE Global	0.525	0.6	Add
08/11/20	Amfrasers	CSE Global	0.525	0.52	Neutral	Cut from $0.61
08/11/20	DBS Vickers	Dasin Retail	0.785	0.86	Buy	DCF
08/11/20	phillip	DBS	20.6	21	Accumlate	GGM, PB1.18x
08/11/20	CIMB	DBS	20.6	20.46	Hold
08/11/20	Kim Eng	Frasers Hospitality Trust	0.43	0.45	Hold
08/11/20	Kim Eng	Frencken	1.15	1.2	Buy
08/11/20	CIMB	ISDN	0.395	0.501	Add
08/11/20	Amfrasers	Keppel Corp	5.4	6.34	Outperform	Sum of parts
08/11/20	DBS Vickers	Keppel Corp	5.4	5.5	Hold
08/11/20	Lim & Tan	Keppel Corp	5.4	0	Hold
08/11/20	UOB Kay Hian	Keppel Corp	5.4	6.7	Buy
08/11/20	phillip	Netlink	0.965	1.03	Accumlate	DCF
08/11/20	UOB Kay Hian	Netlink	0.965	1.08	Buy	DCF
08/11/20	DMG & Partners	OCBC	8.72	8.7	Neutral	GGM, PB0.81x FY20
08/11/20	Kim Eng	OCBC	8.72	9.06	Hold
08/11/20	CIMB	OCBC	8.72	9.19	Hold
08/11/20	UOB Kay Hian	OCBC	8.72	10.82	Buy
08/11/20	phillip	Prime US Reit	0.815	0.94	Buy	DDM
08/11/20	Amfrasers	Singapore Medical	0.26	0.25	Neutral	PER16x
08/11/20	Phillip	Starhub	1.21	1.24	Neutral	EV/Ebitda 6x
08/11/20	DMG & Partners	Starhub	1.21	1.3	Neutral	DCF
08/11/20	DBS Vickers	Starhub	1.21	1.16	Hold	DCF
08/11/20	CIMB	Starhub	1.21	1.6	Add
08/11/20	Lim & Tan	Sunningdale	1.18	0	Buy
08/11/20	DBS Vickers	Tuan Sing	0.275	0.44	Buy	Sum of parts
08/11/20	CIMB	UOB	19.58	20.58	Hold
08/11/20	Phillip	Venture	18.84	18.4	Neutral	PER16x
08/11/20	Kim Eng	Venture	18.84	18.46	Hold	PB2x FY21
08/11/20	DMG & Partners	Venture	18.84	19	Neutral	PER16x FY21
08/11/20	Lim & Tan	Venture	18.84	0	Hold

Monday, August 10, 2020

The US government is tracking mobile phones around the world as reported by the Wall Street Journal.

https://borncity.com/win/2020/08/10/hundreds-of-us-apps-with-government-tracking-capabilities/

The US government is showing the rest of the world that surveillance is legal by inputting tracking codes in mobile apps.

Well done, USA!

We can also do the same now!

Saturday, August 8, 2020

Which country has an open market? A democratic or communist country?

The real answer will surprise many people.

https://www.channelnewsasia.com/news/business/trump-us-ban-tiktok-bytedance-wechat-executive-order-12998592

Trump has decided to ban Tiktok and Wechat for national security reason but he cannot provide a single shred of evidence to support his accusation. Everything is just in his mind! This is the doing of a democratic country.

On the other hand, Microsoft and Apple have proven backdoors that can compromise the national security of a country.

https://www.forbes.com/sites/gordonkelly/2014/07/22/every-iphone-has-a-security-backdoor/#6122dd504335

http://sg-stock.blogspot.com/2019/05/the-us-is-going-to-impose-blanket-ban.html

China knew that Microsoft and Apple had backdoors that could pose dangers to its national security but it didn't ban these 2 companies in China. This is the doing of a communist country.

Which country has an open market? I believe the answer is crystal clear.

Baltic dry index - 1501

Today, Friday, August 07 2020, the Baltic Dry Index climbed by 1 point, reaching 1501 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 - 934

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Friday, August 7, 2020

Many analysts still don't understand China's economic structure.

https://sg.finance.yahoo.com/news/china-july-exports-rise-fastest-043154974.html

If one has checked the latest economic statistics, one will realize that the local consumption constitutes 68% of China's GDP. Therefore, imports matter more than exports and analysts are foolish to be jolly about the rising exports. Why? (Please read my previous post below.)

http://sg-stock.blogspot.com/2019/12/how-is-chinas-economy-doing.html

It worries me when China's imports are slowing even though its exports are rising because the rising exports are unsustainable when there are re-surging outbreaks going on.

ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/01/19	CIMB	ISDN	0.235	0.32	Add
08/19/19	CIMB	ISDN	0.192	0.27	Add
06/01/20	CIMB	ISDN	0.235	0.279	Add	Up from $0.22
08/07/20	Amfrasers	ISDN	0.365	0.42	Outperform

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
05/15/20	Phillip	Ireit	0.66	0.77	Buy	DDM
05/21/20	DMG & Partners	Ireit	0.68	0.83	Buy	DDM
06/23/20	DMG & Partners	Ireit	0.735	0.83	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

Stock calls for 7 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/07/20	DBS Vickers	A-Reit	3.48	4	Buy
08/07/20	Amfrasers	ARA Hospitality	0.35	0.4	Neutral
08/07/20	CIMB	BRC Asia	1.13	1.35	Add
08/07/20	Lim & Tan	Capitaland	2.75	0	Buy
08/07/20	DBS Vickers	Capitamall Trust	1.9	2.4	Buy
08/07/20	DBS Vickers	Comfortdelgro	1.39	1.68	Buy
08/07/20	DMG & Partners	CSE Global	0.535	0.6	Buy	PER10.8x FY21
08/07/20	UOB Kay Hian	CSE Global	0.535	0.59	Buy	PER12x FY21
08/07/20	Kim Eng	DBS	20.4	22.9	Buy	DDM
08/07/20	DMG & Partners	DBS	20.4	18.5	Neutral	GGM, PB0.94x FY20
08/07/20	UOB Kay Hian	DBS	20.4	22.9	Buy	GGM, PB01.07x FY21
08/07/20	CIMB	DBS	20.4	18.8	Hold
08/07/20	DBS Vickers	Frasers Centrepoint Trust	2.39	2.95	Buy
08/07/20	CIMB	Genting	0.71	0.73	Add	Ev/Ebitda8.5x CY21
08/07/20	HL Investment	Genting	0.71	0.75	Hold	EV/Ebitda7x FY21, Cut from $0.79
08/07/20	DMG & Partners	Genting	0.71	0.62	Sell	PB1x FY21
08/07/20	DBS Vickers	Genting	0.71	0.7	Hold	Ev/Ebitda7x FY21 & DCF
08/07/20	Kim Eng	Genting	0.71	0.76	Hold	DCF
08/07/20	Amfrasers	ISDN	0.365	0.42	Outperform
08/07/20	DBS Vickers	Netlink	0.97	1.02	Hold	DCF
08/07/20	Kim Eng	Netlink	0.97	1.07	Buy
08/07/20	OCBC	Netlink	0.97	1.1	Buy
08/07/20	DBS Vickers	OCBC	8.8	9.3	Hold
08/07/20	Lim & Tan	OCBC	8.8	0	Buy on weakness
08/07/20	CIMB	OCBC	8.8	8.37	Hold
08/07/20	UOB Kay Hian	Riverstone	4.53	6	Buy	PER23.2x FY21
08/07/20	CIMB	Riverstone	4.53	5.55	Add
08/07/20	CIMB	ST Engineering	3.23	3.46	Add	DCF
08/07/20	DBS Vickers	Thai Beverage	0.63	0.9	Buy
08/07/20	Kim Eng	UOB	19.76	20.79	Hold	DDM
08/07/20	DMG & Partners	UOB	19.76	18.8	Neutral	GGM, PB0.8x FY20
08/07/20	DBS Vickers	UOB	19.76	22.2	Buy	GGM, PB0.9x FY21
08/07/20	CIMB	UOB	19.76	19.04	Hold
08/07/20	DMG & Partners	Wilmar	4.79	5.45	Buy	Sum of parts
08/07/20	CIMB	Wilmar	4.79	5.53	Add	Sum of parts
08/07/20	UOB Kay Hian	Yangzijiang	0.97	1.17	Buy	PB0.68x
08/07/20	DBS Vickers	Yangzijiang	0.97	1.4	Buy	Sum of parts

Thursday, August 6, 2020

Innotek - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/19	Lim & Tan	Innotek	0.5	0	Buy on weakness
06/11/20	CIMB	Innotek	0.39	0.579	Add

Indofood Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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

IHH Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
06/30/20	DBS Vickers	IHH Healthcare	1.78	2.05	Buy	Sum of parts
06/30/20	CIMB	IHH Healthcare	1.78	2.03	Add	Sum of parts, Ringgit $6.25 target price
06/30/20	Aminvestment	IHH Healthcare	1.78	2.14	Buy	DCF, Ringgit $6.58 target price
06/30/20	Kim Eng	IHH Healthcare	1.78	1.97	Buy	Ringgit $6.05 target price

Stock calls for 6 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/06/20	UOB Kay Hian	ARA Hospitality	0.36	0.34	Hold	DDM, Buy @ $0.31
08/06/20	DBS Vickers	Capitaland	2.76	3.7	Buy	RNAV (35% discount)
08/06/20	DBS Vickers	City Developments	8.3	10.5	Buy	RNAV (25% discount), PB0.9x
08/06/20	DMG & Partners	Comfortdelgro	1.39	1.65	Buy	DCF
08/06/20	DBS Vickers	CSE Global	0.53	0.61	Buy
08/06/20	Lim & Tan	DBS	19.83	0	Accumlate
08/06/20	DBS Vickers	Frasers Property	1.17	1.7	Buy	RNAV (50% discount)
08/06/20	DBS Vickers	Hutchison Port	0.102	0.14	Buy	DCF
08/06/20	Phillip	Manulife US Reit	0.795	0.9	Buy	DDM
08/06/20	DBS Vickers	Riverstone	4.21	5.51	Buy	PER28.4x FY21
08/06/20	Amfrasers	Sheng Siong	1.84	1.58	Neutral
08/06/20	Lim & Tan	UOB	19.42	0	Accumlate
08/06/20	DBS Vickers	UOL	6.59	8.4	Buy	RNAV (30% discount), PB0.7x
08/06/20	Citi Research	Yangzijiang	0.935	1.35	Buy
08/06/20	CIMB	Yangzijiang	0.935	1.37	Add

Wednesday, August 5, 2020

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
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
06/22/20	CIMB	Ifast Corp	1.31	1.65	Add	Sum of parts
07/03/20	CIMB	Ifast Corp	1.45	1.65	Add	Sum of parts
07/24/20	DBS Vickers	Ifast Corp	1.74	2.35	Buy	DDM

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
05/15/20	DMG & Partners	Hyphens Pharma	0.24	0.27	Buy	DCF
07/20/20	Phillip	Hyphens Pharma	0.42	0.435	Accumlate	DCF

Stock calls for 5 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/20	DBS Vickers	AEM	4.17	4.96	Buy	PER13.7x FY21
08/05/20	Kim Eng	AEM	4.17	4.26	Buy
08/05/20	Amfrasers	AEM	4.17	4.6	Outperform
08/05/20	DBS Vickers	Frasers Logistics	1.37	1.6	Buy	DCF
08/05/20	CIMB	Frasers Logistics	1.37	1.43	Add
08/05/20	Lim & Tan	Frasers Logistics	1.37	0	Hold
08/05/20	DBS Vickers	Venture	18.14	20.7	Buy	PER16.3x FY21

Tuesday, August 4, 2020

Hutchison Port (HPH) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
06/02/20	DBS Vickers	Hutchison Port	0.112	0.12	Hold	DCF

HRnet Group - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
06/25/20	CIMB	HRnetGroup	0.5	0.58	Hold

Hotel Properties - Stock calls

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

Stock calls for 4 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/20	CIMB	AEM	3.66	4.63	Add	GGM
08/04/20	OCBC	ARA Logistics	0.665	0.64	Hold
08/04/20	OCBC	CapitaRetail China	1.21	1.35	Buy
08/04/20	OCBC	CDL Hospitality	0.945	0.92	Hold
08/04/20	Macquarie	DBS	19.45	24.25	outperform	PB
08/04/20	OCBC	Far East Hospitality	0.49	0.51	Hold
08/04/20	OCBC	Frasers Centrepoint Trust	2.36	2.44	Hold
08/04/20	Kim Eng	Manulife US Reit	0.775	1.15	Buy	DDM
08/04/20	DMG & Partners	Manulife US Reit	0.775	0.9	Buy	DDM
08/04/20	UOB Kay Hian	Manulife US Reit	0.775	0.85	Buy
08/04/20	Lim & Tan	Manulife US Reit	0.775	0	Buy at weakness
08/04/20	CIMB	Manulife US Reit	0.775	1.05	Add	DDM
08/04/20	Macquarie	OCBC	8.52	10.65	Outperform	PB
08/04/20	OCBC	OUE Commercial	0.37	0.39	Hold
08/04/20	Lim & Tan	PanUnited	0.29	0.31	Hold	PB1x FY20
08/04/20	OCBC	Sheng Siong	1.69	1.85	Hold
08/04/20	OCBC	SIA	3.31	3.5	Hold
08/04/20	DBS Vickers	Singtel	2.45	3.04	Buy	Sum of parts
08/04/20	Macquarie	UOB	19.07	21	Neutral	PB

Australia is really the white trash of the East.

https://ca.finance.yahoo.com/news/china-australia-spar-twitter-over-081512855.html

Australia wants China to adhere to the 2016 PCA ruling but it doesn't recognize PCA ruling at all. Just look at the 2016 PCA ruling between East Timor and Australia. Australia only adheres to ICJ ruling but not PCA ruling because PCA is not under the UN and is only a self-proclaimed international court.

http://sg-stock.blogspot.com/2016/09/australia-declares-that-pca-has-no.html