Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/20	DMG & Partners	Dairy Farm	4.75	5.05	Hold	DCF
03/06/20	DBS Vickers	Dairy Farm	4.75	5.2	Buy	Sum of parts
03/06/20	CIMB	Dairy Farm	4.75	4.38	Reduce	PER17x FY20
03/25/20	DBS Vickers	Dairy Farm	3.96	4.7	Buy	Sum of parts
03/27/20	HSBC	Dairy Farm	4.31	5.05	Hold
04/06/20	DBS Vickers	Dairy Farm	4.31	4.7	Buy
04/09/20	DMG & Partners	Dairy Farm	4.89	4.95	Neutral	DCF
04/15/20	DBS Vickers	Dairy Farm	4.83	5.59	Buy
04/29/20	DBS Vickers	Dairy Farm	4.75	5.1	Buy	Sum of parts
05/28/20	Macquarie	Dairy Farm	4.26	5.8	Outperform
06/08/20	DMG & Partners	Dairy Farm	4.75	4.95	Neutral
06/10/20	CIMB	Dairy Farm	5	5.45	Hold	PER20x CY21
07/03/20	DBS Vickers	Dairy Farm	4.66	5.1	Buy
07/03/20	CIMB	Dairy Farm	4.15	4.63	Hold	PER20x CY21, Buy @ $3.80
07/30/20	DMG & Partners	Dairy Farm	4.15	4.47	Neutral	DCF
07/30/20	DBS Vickers	Dairy Farm	4.15	4.86	Buy	Sum of parts
08/19/20	Macquarie	Dairy Farm	4.21	5.7	Outperform	DCF
08/28/20	DMG & Partners	Dairy Farm	4.27	4.47	Neutral
09/10/20	CIMB	Dairy Farm	3.85	4.5	Add	PER20x FY21
10/22/20	DMG & Partners	Dairy Farm	3.78	4.47	Buy
10/26/20	DBS Vickers	Dairy Farm	3.76	4.44	Buy
12/02/20	CIMB	Dairy Farm	4.1	4.5	Add

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/20	UOB Kay Hian	CSE Global	0.56	0.7	Buy
01/08/20	DMG & Partners	CSE Global	0.56	0.69	Buy
02/05/20	Lim & Tan	CSE Global	0.51	0.68	Buy
02/11/20	DMG & Partners	CSE Global	0.53	0.69	Buy	DCF
02/28/20	DMG & Partners	CSE Global	0.545	0.73	Buy	DCF
02/28/20	UOB Kay Hian	CSE Global	0.545	0.72	Buy
02/28/20	CIMB	CSE Global	0.545	0.77	Add	PER13.5x FY21
03/02/20	DBS Vickers	CSE Global	0.52	0.7	Buy	PER12x FY20
03/12/20	DBS Vickers	CSE Global	0.465	0.65	Buy	PER12x FY20
03/26/20	CIMB	CSE Global	0.35	0.45	Add
03/30/20	DMG & Partners	CSE Global	0.36	0.73	Buy
04/07/20	DMG & Partners	CSE Global	0.35	0.73	Buy
04/08/20	DMG & Partners	CSE Global	0.38	0.54	Buy	PER12x FY20
05/06/20	DBS Vickers	CSE Global	0.395	0.54	Buy	PER10.6x
06/03/20	UOB Kay Hian	CSE Global	0.475	0.65	Buy	PER12.1x FY21
06/04/20	DMG & Partners	CSE Global	0.49	0.54	Buy	PER12x FY20
06/04/20	Lim & Tan	CSE Global	0.49	0	Buy
06/04/20	CIMB	CSE Global	0.49	0.55	Add
07/17/20	DMG & Partners	CSE Global	0.46	0.54	Buy	PER12x FY20
08/06/20	DBS Vickers	CSE Global	0.53	0.61	Buy	PER10x FY21
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
08/11/20	CIMB	CSE Global	0.525	0.6	Add
08/11/20	Amfrasers	CSE Global	0.525	0.52	Neutral	PER12x FY21 & PB2x FY21, Cut from $0.61
09/07/20	Lim & Tan	CSE Global	0.495	0	Buy
10/23/20	DBS Vickers	CSE Global	0.46	0.57	Buy	PER10.2x FY21
11/13/20	DBS Vickers	CSE Global	0.45	0.55	Buy	PER10.1x FY21

Cromwell Reit (EUR) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/09/20	DBS Vickers	Cromwell Reit (EUR)	0.36	0.59	Buy

Comfortdelgro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/20	DMG & Partners	Comfortdelgro	2.13	2.38	Neutral	DCF
02/06/20	DBS Vickers	Comfortdelgro	2.14	2.45	Buy	DCF, PER18.1x FY20
02/06/20	CIMB	Comfortdelgro	2.14	2.09	Hold
02/17/20	DMG & Partners	Comfortdelgro	2.18	2.25	Neutral	DCF, PER18x FY20
02/17/20	UOB Kay Hian	Comfortdelgro	2.18	2.15	Hold	Buy @ $1.95
02/17/20	DBS Vickers	Comfortdelgro	2.18	2.26	Hold	DCF & PER17.7x FY20
02/17/20	CIMB	Comfortdelgro	2.18	2.08	Hold	Buy @ $1.88
02/19/20	phillip	Comfortdelgro	2.09	2.2	Accumulate	DCF
02/24/20	Amfrasers	Comfortdelgro	2.02	2.28	Outperform	PER17.5x FY20
03/10/20	Amfrasers	Comfortdelgro	1.81	2.28	Outperform	PER17.5x FY20
03/31/20	DBS Vickers	Comfortdelgro	1.48	1.55	Hold	PER15x FY20
03/31/20	CIMB	Comfortdelgro	1.48	1.55	Hold
04/02/20	DMG & Partners	Comfortdelgro	1.47	1.54	Neutral	DCF
04/27/20	OCBC	Comfortdelgro	1.43	1.75	Buy
05/18/20	Kim Eng	Comfortdelgro	1.46	1.99	Buy	DCF
05/20/20	UOB Kay Hian	Comfortdelgro	1.56	1.82	Buy	PER16.7x FY21
05/26/20	phillip	Comfortdelgro	1.54	1.5	Neutral	DCF
05/26/20	DMG & Partners	Comfortdelgro	1.54	1.45	Neutral	DCF
05/26/20	DBS Vickers	Comfortdelgro	1.54	1.5	Hold	PER15x FY20/21
05/26/20	Lim & Tan	Comfortdelgro	1.54	0	Hold
05/26/20	Kim Eng	Comfortdelgro	1.54	1.98	Buy	DCF
05/26/20	CIMB	Comfortdelgro	1.54	1.5	Hold
06/01/20	DBS Vickers	Comfortdelgro	1.44	1.68	Buy	PER16.8x FY20/21
06/02/20	DMG & Partners	Comfortdelgro	1.43	1.65	Buy	DCF, PER15.5x FY21
06/29/20	Kim Eng	Comfortdelgro	1.52	1.98	Buy	DCF
06/29/20	Lim & Tan	Comfortdelgro	1.52	0	Hold
07/01/20	CIMB	Comfortdelgro	1.45	1.46	Hold	PER13.1x FY21
07/02/20	DMG & Partners	Comfortdelgro	1.48	1.65	Buy	DCF, PER16x FY21
07/03/20	DBS Vickers	Comfortdelgro	1.47	1.68	Buy
08/06/20	DMG & Partners	Comfortdelgro	1.39	1.65	Buy	DCF
08/07/20	DBS Vickers	Comfortdelgro	1.39	1.68	Buy
08/17/20	phillip	Comfortdelgro	1.39	1.65	Accumulate	DCF
08/17/20	UOB Kay Hian	Comfortdelgro	1.39	1.78	Buy	PER17.2x FY21
08/17/20	DBS Vickers	Comfortdelgro	1.39	1.63	Buy	PER15x FY21
08/17/20	DMG & Partners	Comfortdelgro	1.39	1.55	Buy	DCF, PER17.6x FY21
08/17/20	CIMB	Comfortdelgro	1.39	1.4	Hold
08/17/20	Kim Eng	Comfortdelgro	1.39	1.76	Buy	DCF
08/19/20	Lim & Tan	Comfortdelgro	1.41	0	Accumulate
08/27/20	Amfrasers	Comfortdelgro	1.46	1.63	Outperform
09/01/20	Kim Eng	Comfortdelgro	1.48	1.76	Buy	DCF
09/04/20	DBS Vickers	Comfortdelgro	1.51	1.96	Buy	PB1.6x FY21
09/21/20	CIMB	Comfortdelgro	1.48	1.7	Add	PER15.6x FY21
09/22/20	Macquarie	Comfortdelgro	1.46	1.51	Neutral	PER15x FY21
09/22/20	UOB Kay Hian	Comfortdelgro	1.46	1.78	Buy
10/05/20	phillip	Comfortdelgro	1.42	1.65	Accumulate
10/07/20	DMG & Partners	Comfortdelgro	1.44	1.7	Buy	DCF
11/05/20	DMG & Partners	Comfortdelgro	1.39	1.7	Buy	PER17.7x FY21
11/12/20	DBS Vickers	Comfortdelgro	1.49	1.96	Buy	PB1.6x FY21
11/13/20	CIMB	Comfortdelgro	1.5	1.7	Add
11/13/20	Kim Eng	Comfortdelgro	1.5	1.76	Buy	DCF
11/13/20	UOB Kay Hian	Comfortdelgro	1.5	1.78	Buy
11/16/20	phillip	Comfortdelgro	1.54	1.83	Buy	DCF
11/24/20	OCBC	Comfortdelgro	1.65	2	Buy
12/07/20	DMG & Partners	Comfortdelgro	1.64	1.9	Buy	PER19x FY21

Clearbridge - Stock calls

 

Date	Analyst	Company	Last	Target	Call	Valuation
02/06/20	Tayrona	Clearbridge	0.139	0.41	Overweight
03/10/20	phillip	Clearbridge	0.116	0.26	Buy	DCF
08/31/20	phillip	Clearbridge	0.171	0.26	Buy	DCF

City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/20	DBS Vickers	City Developments	10.95	13	Buy	RNAV (18% discount), PB1.08x FY2020
02/26/20	OCBC	City Developments	10.66	12.02	Buy
02/27/20	CIMB	City Developments	10.37	12.09	Add
02/27/20	OCBC	City Developments	10.37	12.01	Buy	RNAV (35% discount)
02/27/20	DBS Vickers	City Developments	10.37	13	Buy	RNAV (18% discount), PB1.08x FY2020
02/28/20	UOB Kay Hian	City Developments	10.17	12.5	Buy
03/03/20	phillip	City Developments	9.74	11.89	Buy	RNAV (30% discount), PB0.98x FY20
05/13/20	UOB Kay Hian	City Developments	7.96	9.5	Buy
05/14/20	CIMB	City Developments	7.65	10.13	Add
05/28/20	Lim & Tan	City Developments	7.68	11.2	Buy
05/29/20	DMG & Partners	City Developments	7.67	9.5	Buy	RNAV (45% discount)
06/26/20	Morgan Stanley	City Developments	8.32	10.5	Overweight
07/13/20	OCBC	City Developments	8.73	12.01	Buy
07/14/20	DMG & Partners	City Developments	8.37	9.5	Buy
07/15/20	OCBC	City Developments	8.27	10.74	Buy
07/30/20	DBS Vickers	City Developments	8.28	13	Buy
08/06/20	DBS Vickers	City Developments	8.3	10.5	Buy	RNAV (25% discount), PB0.9x
08/13/20	Lim & Tan	City Developments	8.34	0	Buy on weakness
08/14/20	OCBC	City Developments	8.46	10.64	Buy
08/14/20	CIMB	City Developments	8.46	10.1	Add
08/14/20	DMG & Partners	City Developments	8.46	9.5	Buy	RNAV (45% discount)
08/14/20	UOB Kay Hian	City Developments	8.46	9.2	Buy
08/25/20	phillip	City Developments	8	10.68	Buy	RNAV (30% discount)
09/15/20	Lim & Tan	City Developments	7.98	0	Buy
09/16/20	CIMB	City Developments	7.96	10.1	Add
10/16/20	CIMB	City Developments	7.67	10.1	Add
10/23/20	OCBC	City Developments	7	9.65	Buy
11/30/20	Macquarie	City Developments	7.87	8.2	Neutral
12/01/20	UOB Kay Hian	City Developments	7.8	9.2	Buy
12/01/20	Lim & Tan	City Developments	7.8	0	Accumulate
12/04/20	CIMB	City Developments	7.72	10.1	Add

China Sunsine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/06/20	CIMB	China Sunsine	0.28	0.38	Add	After stock split (1 into 2)
04/06/20	Amfrasers	China Sunsine	0.28	0.6	Outperform
08/14/20	CIMB	China Sunsine	0.32	0.38	Add
08/19/20	Amfrasers	China Sunsine	0.345	0.47	Outperform	DCF
09/16/20	UOB Kay Hian	China Sunsine	0.355	0.31	Sell	EV/Ebitda
10/09/20	CIMB	China Sunsine	0.34	0.42	Add
10/19/20	UOB Kay Hian	China Sunsine	0.395	0.48	Buy	PER8x FY21
11/18/20	CIMB	China Sunsine	0.47	0.55	Add
11/18/20	UOB Kay Hian	China Sunsine	0.47	0.58	Buy

Fu Yu - Stock calls

 

Baltic dry index - 1366

 Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 805

Related stock: Keppe corp, Sembcorp Marine & Cosco.

China will surpass the US GDP in 2028 and exceed the combined GDP of the US & Japan by 2035. - Part 2

https://www.asiaone.com/money/china-leapfrog-us-worlds-biggest-economy-2028-think-tank

CEBR has just released its economic assessment after JCER.

Both non-profit entities stated that China would overtake the US in 2028.

http://sg-stock.blogspot.com/2020/12/china-will-surpass-us-gdp-in-2028-and.html

Malaysia has given SG a "great" Christmas gift by terminating the SG-KL HSR.

https://www.theedgemarkets.com/article/malaysia-go-it-alone-hsr-project-pay-rm300m-compensation-singapore-%E2%80%94-source

Malaysia has terminated SG-KL HSR by paying a discounted penalty of RM$300m.  It was supposed to be RM$500m penalty as stated in the termination clause.

http://sg-stock.blogspot.com/2018/06/the-kl-sg-hsr-is-terminated-officially.html

Either SG is incompetent to collect the RM$500m penalty or Malaysia is too brilliant to get a discount from SG.  In other words, SG has given RM$200m to Malaysia as a Christmas gift.

China Everbright - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/29/20	DBS Vickers	China Everbright	0.199	0.49	Buy	PER7x
08/14/20	DBS Vickers	China Everbright	0.235	0.33	Buy

China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/20	DMG & Partners	China Aviation Oil	1.28	1.55	Buy
02/27/20	CIMB	China Aviation Oil	1.16	1.25	Hold	PER8.5x FY21
02/28/20	DBS Vickers	China Aviation Oil	1.16	1.65	Buy	PER10x FY20
03/12/20	DMG & Partners	China Aviation Oil	0.965	1.3	Buy	Sum of parts
04/22/20	DMG & Partners	China Aviation Oil	1.02	1.3	Buy	Sum of parts
04/23/20	DMG & Partners	China Aviation Oil	1.02	1.25	Buy	Sum of parts, PB0.9x
05/12/20	DMG & Partners	China Aviation Oil	1.02	1.25	Buy	Sum of parts, PER2.6x FY21 (ex-cash)
06/12/20	DMG & Partners	China Aviation Oil	1.14	1.25	Buy	PB0.9x, PER3.5x FY21 (ex-cash)
07/06/20	DMG & Partners	China Aviation Oil	1.02	1.25	Buy	Sum of parts
08/13/20	DMG & Partners	China Aviation Oil	0.93	0.95	Neutral	Sum of parts
08/25/20	DBS Vickers	China Aviation Oil	0.865	1.2	Buy	PER11x FY20/21
09/07/20	DBS Vickers	China Aviation Oil	0.94	1.2	Buy
09/30/20	DMG & Partners	China Aviation Oil	0.895	1.05	Buy
10/13/20	DBS Vickers	China Aviation Oil	1	1.2	Buy
10/14/20	DMG & Partners	China Aviation Oil	1	1.15	Buy
11/03/20	DBS Vickers	China Aviation Oil	0.92	1.2	Buy
12/02/20	DMG & Partners	China Aviation Oil	1.08	1.25	Buy

Centurion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/20	CIMB	Centurion	0.44	0.61	Add	DCF
03/02/20	DMG & Partners	Centurion	0.445	0.49	Neutral	DCF
03/02/20	DBS Vickers	Centurion	0.445	0.53	Buy	DCF
03/18/20	CIMB	Centurion	0.39	0.58	Add	DCF
03/30/20	DBS Vickers	Centurion	0.395	0.41	Hold	DCF
04/13/20	CIMB	Centurion	0.385	0.58	Add
04/22/20	DBS Vickers	Centurion	0.38	0.41	Hold	DCF
04/29/20	DMG & Partners	Centurion	0.385	0.41	Neutral	DCF
05/18/20	DBS Vickers	Centurion	0.375	0.42	Hold	DCF
08/13/20	DBS Vickers	Centurion	0.355	0.39	Hold	DCF
08/20/20	CIMB	Centurion	0.37	0.4	Add
09/03/20	CIMB	Centurion	0.35	0.4	Add	DCF
10/19/20	UOB Kay Hian	Centurion	0.34	0.44	Buy	DCF

Stock calls for 24 December 2020

 

CDL Hospitality - Stock calls

 

CapitaRetail China - Stock calls

 

Capitaland Integrated Commercial Trust - Stock calls

 

Stock calls for 23 December 2020

 

Capitaland - Stock calls

 

Capitacommercial - Stock calls

 

Bumitama - Stock calls

 

Stock calls for 22 December 2020

 

Bukit Sembawang - Stock calls

 

Breadtalk - Stock calls

 

BRC Asia - Stock calls

 

Stock calls for 21 December 2020

 

China will surpass the US GDP in 2028 and exceed the combined GDP of the US & Japan by 2035.

http://www.dailynews.lk/2020/12/15/finance/236090/china-overtake-us-economy-2028-29-covid%E2%80%99s-wake-jcer

China will surpass the US GDP in 2028 and exceed the combined GDP of the US & Japan by 2035.  Therefore, we need to engage China in international trades and ride on the prosperity of China to boost our own economic growth.

Baltic dry index - 1325

 Related stock: Sembcorp Marine, Cosco & Pan ocean.