Singapore Stock Exchange - Equity Investments

Thursday, August 13, 2020

Keppel Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/19	DBS Vickers	Keppel Corp	6.77	9.2	Buy
07/03/19	OCBC	Keppel Corp	6.77	7.83	Buy
07/19/19	DMG & Partners	Keppel Corp	6.59	7.3	Buy	Sum of parts
07/19/19	CIMB	Keppel Corp	6.59	8.41	Add	Sum of parts
07/19/19	UOB Kay Hian	Keppel Corp	6.59	7.61	Buy	Sum of parts
07/19/19	Lim & Tan	Keppel Corp	6.59	0	Hold
07/22/19	Amfrasers	Keppel Corp	6.57	7.43	Neutral	Sum of parts
07/22/19	DBS Vickers	Keppel Corp	6.57	8.5	Buy	Sum of parts
08/22/19	Lim & Tan	Keppel Corp	5.9	0	Buy
08/26/19	UOB Kay Hian	Keppel Corp	5.88	7.61	Buy	Sum of parts
09/24/19	Lim & Tan	Keppel Corp	6.04	0	Buy
09/30/19	CIMB	Keppel Corp	5.98	8.41	Add	Sum of parts
10/01/19	UOB Kay Hian	Keppel Corp	5.93	7.61	Buy	Sum of parts
10/08/19	CIMB	Keppel Corp	5.91	8.41	Add
10/08/19	DMG & Partners	Keppel Corp	5.91	7.3	Buy
10/09/19	OCBC	Keppel Corp	5.93	7.58	Buy
10/09/19	DBS Vickers	Keppel Corp	5.93	8.5	Buy
10/17/19	Macquarie	Keppel Corp	5.98	7.5	Outperform	Sum of parts
10/18/19	CIMB	Keppel Corp	5.96	8.36	Add	Sum of parts
10/18/19	DMG & Partners	Keppel Corp	5.96	7.18	Buy	Sum of parts (20% disc)
10/18/19	Lim & Tan	Keppel Corp	5.96	0	Hold
10/18/19	DBS Vickers	Keppel Corp	5.96	7.5	Buy	Sum of parts, PB1.2x FY19
10/21/19	Amfrasers	Keppel Corp	5.84	7.44	Overweight	Sum of parts
10/21/19	OCBC	Keppel Corp	5.84	7.58	Buy
10/22/19	DMG & Partners	Keppel Corp	5.84	7.8	Buy	Sum of parts (13% disc)
11/12/19	UOB Kay Hian	Keppel Corp	6.86	7.61	Buy
12/17/19	Lim & Tan	Keppel Corp	6.72	0	Buy
12/19/19	DMG & Partners	Keppel Corp	6.75	7.8	Buy
01/08/20	CIMB	Keppel Corp	6.84	7.76	Add
01/08/20	DMG & Partners	Keppel Corp	6.84	7.8	Buy	Sum of parts
01/20/20	UOB Kay Hian	Keppel Corp	6.84	7.61	Buy
01/24/20	UOB Kay Hian	Keppel Corp	6.74	7.75	Buy	Sum of parts
01/28/20	DBS Vickers	Keppel Corp	6.75	7.5	Buy	Sum of parts
03/11/20	DMG & Partners	Keppel Corp	5.7	7.6	Buy	Sum of parts
03/11/20	OCBC	Keppel Corp	5.7	7.16	Buy
03/26/20	Macquarie	Keppel Corp	5.4	7	Outperform	Sum of parts
04/07/20	DMG & Partners	Keppel Corp	5.51	7.6	Buy
04/23/20	CIMB	Keppel Corp	5.7	7.48	Add	Sum of parts
04/29/20	HSBC	Keppel Corp	6.03	6.74	Buy	Cut from $7.80
04/30/20	DMG & Partners	Keppel Corp	5.97	7.4	Buy	Sum of parts
04/30/20	UOB Kay Hian	Keppel Corp	5.97	7.15	Buy	Sum of parts
04/30/20	Lim & Tan	Keppel Corp	5.97	0	Hold
04/30/20	DBS Vickers	Keppel Corp	5.97	6.8	Buy	Sum of parts
05/28/20	Macquarie	Keppel Corp	6.03	7	Outperform
05/29/20	DBS Vickers	Keppel Corp	5.97	6.8	Buy
05/29/20	CIMB	Keppel Corp	5.97	7.48	Add	Sum of parts
05/29/20	DMG & Partners	Keppel Corp	5.97	7.3	Buy
06/02/20	UOB Kay Hian	Keppel Corp	5.96	7.15	Buy
06/09/20	Lim & Tan	Keppel Corp	6.23	0	Buy
07/07/20	DMG & Partners	Keppel Corp	6.16	7.3	Buy
07/14/20	Macquarie	Keppel Corp	6.01	7	Outperform	Sum of parts
07/27/20	Lim & Tan	Keppel Corp	5.71	0	Buy on weakness
08/03/20	UOB Kay Hian	Keppel Corp	5.4	7.1	Buy	Sum of parts
08/03/20	DMG & Partners	Keppel Corp	5.4	7.3	Buy	Sum of parts
08/03/20	DBS Vickers	Keppel Corp	5.4	6.4	Buy	sum of parts, PB1x
08/03/20	CIMB	Keppel Corp	5.4	6.46	Add	Sum of parts
08/03/20	OCBC	Keppel Corp	5.4	6.4	Buy
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	Sum of parts, PB1x
08/11/20	Lim & Tan	Keppel Corp	5.4	0	Hold
08/11/20	UOB Kay Hian	Keppel Corp	5.4	6.7	Buy

Stock calls for 13 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/13/20	DBS Vickers	Centurion	0.355	0.39	Hold	DCF
08/13/20	DMG & Partners	China Aviation Oil	0.93	0.95	Neutral	Sum of parts
08/13/20	Lim & Tan	City Developments	8.34	0	Buy on weakness
08/13/20	DMG & Partners	Delfi	0.74	0.8	Neutral	DCF
08/13/20	UOB Kay Hian	Food Empire	0.56	0.85	Buy	PER12.3x FY21
08/13/20	DBS Vickers	HRnetGroup	0.48	0.5	Hold	PER7.5x FY20, Ex-cash
08/13/20	DMG & Partners	HRnetGroup	0.48	0.52	Neutral	DCF
08/13/20	Phillip	Ireit	0.72	0.68	Neutral
08/13/20	UOB Kay Hian	Koufu	0.675	0.78	Buy
08/13/20	Lim & Tan	Koufu	0.675	0	Buy on weakness
08/13/20	CIMB	Netlink	0.965	1.1	Add
08/13/20	phillip	OCBC	8.86	8.92	Accumulate	GGM, PB0.84x
08/13/20	UOB Kay Hian	Singapore Post	0.71	0.76	Hold	Buy @ $0.66
08/13/20	Phillip	UG Healthcare	2.98	4.15	Buy	PER15x FY21
08/13/20	Kim Eng	Wilmar	4.79	5.24	Buy	DCF & PER20.1x
08/13/20	DBS Vickers	Wilmar	4.79	5.28	Buy	Sum of parts, PER20.2x FY20

Wednesday, August 12, 2020

Jumbo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/07/19	DBS Vickers	Jumbo	0.38	0.47	Buy	PER23x FY20
08/08/19	DMG & Partners	Jumbo	0.375	0.47	Buy	DCF
08/08/19	UOB Kay Hian	Jumbo	0.375	0.37	Hold
08/27/19	CIMB	Jumbo	0.37	0.47	Add
09/26/19	UOB Kay Hian	Jumbo	0.38	0.37	Hold	Buy @ $0.33
10/01/19	DBS Vickers	Jumbo	0.375	0.47	Buy
11/27/19	DBS Vickers	Jumbo	0.37	0.47	Buy	PER23x FY20
11/27/19	CIMB	Jumbo	0.37	0.47	Add
11/28/19	UOB Kay Hian	Jumbo	0.375	0.44	Buy	PER20.3x FY20
12/03/19	DMG & Partners	Jumbo	0.37	0.44	Buy	DCF
01/14/20	DBS Vickers	Jumbo	0.385	0.47	Buy
02/07/20	DBS Vickers	Jumbo	0.335	0.38	Buy	PER23x FY20
02/13/20	UOB Kay Hian	Jumbo	0.335	0.32	Hold	PER21x FY20, Buy @ $0.29
03/25/20	DBS Vickers	Jumbo	0.198	0.18	Hold	PER18x FY20/21
03/26/20	DMG & Partners	Jumbo	0.21	0.2	Neutral	DCF
03/26/20	CIMB	Jumbo	0.21	0.218	Hold
04/22/20	DBS Vickers	Jumbo	0.245	0.18	Hold
04/23/20	UOB Kay Hian	Jumbo	0.245	0.23	Hold	Buy @ $0.20
05/18/20	DMG & Partners	Jumbo	0.25	0.19	Sell	DCF
05/18/20	DBS Vickers	Jumbo	0.25	0.21	Fully Valued	PER18x FY21
05/18/20	CIMB	Jumbo	0.25	0.2	Reduce
06/16/20	DMG & Partners	Jumbo	0.29	0.19	Sell

JEP - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/21/19	Phillip	JEP	0.162	0.2	Buy	PER10x FY19
03/04/20	Phillip	JEP	0.205	0.25	Buy	PER14x FY20

Jardine Matheson - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/20	CIMB	Jardine Matheson	50.12	52.53	Hold	Cut from $61.66
08/03/20	CIMB	Jardine Matheson	40.92	48.61	Add	PB0.78x FY20

Stock calls for 12 August 2020

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/20	DBS Vickers	AIMS AMP Cap Ind Reit	1.17	1.4	Buy	DCF
08/12/20	Phillip	Capitaland	2.75	3.82	Buy	RNAV (20% discount)
08/12/20	Macquarie	DBS	20.85	24.1	outperform
08/12/20	Amfrasers	EC World Reit	0.655	0.73	outperform
08/12/20	DMG & Partners	EC World Reit	0.655	0.76	Buy	DDM
08/12/20	CIMB	Frasers Property	1.19	1.7	Add
08/12/20	CIMB	Grand Venture	0.26	0.36	Add
08/12/20	DBS Vickers	Koufu	0.68	0.77	Buy	PER17x FY21
08/12/20	Macquarie	OCBC	8.76	8.85	Neutral
08/12/20	UOB Kay Hian	Penguin	0.43	0.42	Hold	Buy @ $0.34
08/12/20	DBS Vickers	Singapore Post	0.7	0.64	Fully Valued	DCF, PER17x FY21
08/12/20	CIMB	Singtel	2.36	3.4	Add
08/12/20	Macquarie	UOB	19.65	20.85	Neutral
08/12/20	phillip	UOB	19.65	20.4	Accumulate	GGM, PB0.87x
08/12/20	CIMB	Venture	20	20.14	Add

Tuesday, August 11, 2020

Japfa - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
05/18/20	UOB Kay Hian	Japfa	0.635	0.98	Buy	Sum of parts
05/18/20	DBS Vickers	Japfa	0.635	0.86	Buy	Sum of parts, PER10x FY21
06/30/20	DBS Vickers	Japfa	0.67	0.82	Buy	Sum of parts, PER10.5x FY21
08/03/20	UOB Kay Hian	Japfa	0.66	0.98	Buy	Sum of parts
08/03/20	DBS Vickers	Japfa	0.66	0.82	Buy	Sum of parts
08/03/20	CIMB	Japfa	0.66	0.96	Add

Japan Foods - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
06/16/20	DMG & Partners	Japan Foods	0.33	0.35	Neutral
07/22/20	DMG & Partners	Japan Foods	0.325	0.33	Neutral	Sum of parts

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