Keppel Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/26/22	DBS Vickers	Keppel Reit	1.16	1.4	Buy
01/26/22	UOB Kay Hian	Keppel Reit	1.16	1.52	Buy	DDM
01/27/22	DMG & Partners	Keppel Reit	1.16	1.29	Buy
01/27/22	Jefferies	Keppel Reit	1.16	1.33	Buy
01/27/22	Kim Eng	Keppel Reit	1.16	1.05	Hold
01/27/22	Lim & Tan	Keppel Reit	1.16	1.27	Hold
03/14/22	Kim Eng	Keppel Reit	1.2	1.2	Hold
04/21/22	CIMB	Keppel Reit	1.19	1.29	Add
04/21/22	DMG & Partners	Keppel Reit	1.19	1.31	Buy	DDM
04/21/22	Kim Eng	Keppel Reit	1.19	1.3	Buy	DDM
04/21/22	Lim & Tan	Keppel Reit	1.19	1.3	Neutral
04/21/22	Citi Research	Keppel Reit	1.19	1.42	Buy
04/26/22	UOB Kay Hian	Keppel Reit	1.21	1.5	Buy	DDM
06/03/22	UOB Kay Hian	Keppel Reit	1.17	1.41	Buy
07/27/22	UOB Kay Hian	Keppel Reit	1.1	1.41	Buy	DDM
07/27/22	DBS Vickers	Keppel Reit	1.1	1.4	Buy
07/27/22	Kim Eng	Keppel Reit	1.1	1.25	Buy	DDM
07/27/22	DMG & Partners	Keppel Reit	1.1	1.31	Buy	DDM
07/27/22	Lim & Tan	Keppel Reit	1.1	1.26	Neutral
07/29/22	CIMB	Keppel Reit	1.11	1.29	Add
07/29/22	Citi Research	Keppel Reit	1.11	1.42	Buy
09/09/22	Lim & Tan	Keppel Reit	1.1	1.25	Neutral
09/28/22	UOB Kay Hian	Keppel Reit	1.03	1.33	Buy
10/26/22	UOB Kay Hian	Keppel Reit	0.89	1.24	Buy	DDM
10/26/22	DBS Vickers	Keppel Reit	0.89	1.15	Buy
10/26/22	Lim & Tan	Keppel Reit	0.89	0	Accumulate
10/28/22	DMG & Partners	Keppel Reit	0.92	1.15	Buy
10/28/22	Citi Research	Keppel Reit	0.92	1.42	Buy
11/04/22	JPM	Keppel Reit	0.9	0	Underweight
11/04/22	GS	Keppel Reit	0.9	0	Sell
11/28/22	CLSA	Keppel Reit	0.875	0.95	Outperform	cut from $1.32
12/06/22	Kim Eng	Keppel Reit	0.905	1.25	Buy
12/08/22	Lim & Tan	Keppel Reit	0.9	1.08	Buy
01/09/23	UOB Kay Hian	Keppel Reit	0.9	1.17	Buy	DDM
01/30/23	CIMB	Keppel Reit	0.97	1.14	Add	DDM
01/30/23	DMG & Partners	Keppel Reit	0.97	1.1	Buy	DDM
01/30/23	Lim & Tan	Keppel Reit	0.97	1.04	Accumulate
02/01/23	OCBC	Keppel Reit	0.965	0.85	Sell	Cut from $0.87
02/01/23	Citi Research	Keppel Reit	0.965	1.1	Buy
02/01/23	DBS Vickers	Keppel Reit	0.965	1.15	Buy
02/10/23	Kim Eng	Keppel Reit	0.925	1.05	Buy	DDM
04/12/23	CIMB	Keppel Reit	0.905	1.14	Add	DDM
04/20/23	UOB Kay Hian	Keppel Reit	0.9	1.12	Buy	DDM
04/20/23	DBS Vickers	Keppel Reit	0.9	1.15	Buy
04/20/23	DMG & Partners	Keppel Reit	0.9	1.1	Buy	DDM
04/20/23	Lim & Tan	Keppel Reit	0.9	1.04	Accumulate on weakness
04/21/23	Citi Research	Keppel Reit	0.895	1.1	Buy
04/21/23	OCBC	Keppel Reit	0.895	0.87	Hold

Keppel Pacific - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/07/22	DBS Vickers	Keppel Pacific	0.735	0.85	Buy
02/07/22	DMG & Partners	Keppel Pacific	0.735	0.92	Buy
04/20/22	DBS Vickers	Keppel Pacific	0.745	0.85	Buy
04/20/22	DMG & Partners	Keppel Pacific	0.745	0.92	Buy	DDM
04/21/22	UOB Kay Hian	Keppel Pacific	0.74	1.07	Buy	DDM
05/26/22	DBS Vickers	Keppel Pacific	0.685	0.86	Buy	DCF
05/30/22	UOB Kay Hian	Keppel Pacific	0.7	1.07	Buy	DDM
06/03/22	UOB Kay Hian	Keppel Pacific	0.69	1.01	Buy
07/28/22	DBS Vickers	Keppel Pacific	0.69	0.78	Buy
07/28/22	DMG & Partners	Keppel Pacific	0.69	0.87	Buy	DDM
10/14/22	UOB Kay Hian	Keppel Pacific	0.55	0.8	Buy	DDM
10/27/22	DBS Vickers	Keppel Pacific	0.54	0.65	Buy
10/27/22	DMG & Partners	Keppel Pacific	0.54	0.74	Buy	DDM
11/03/22	UOB Kay Hian	Keppel Pacific	0.57	0.74	Buy
02/02/23	Lim & Tan	Keppel Pacific	0.545	0.69	Buy
02/02/23	DMG & Partners	Keppel Pacific	0.545	0.69	Buy	DDM
02/13/23	UOB Kay Hian	Keppel Pacific	0.515	0.71	Buy	DDM
04/19/23	UOB Kay Hian	Keppel Pacific	0.365	0.7	Buy	DDM
04/19/23	DBS Vickers	Keppel Pacific	0.365	0.65	Buy
04/19/23	DMG & Partners	Keppel Pacific	0.365	0.64	Buy	DDM

Stock calls for 24 April 2023

Date	Analyst	Company	Last	Target	Call	Valuation
04/24/23	DBS Vickers	Dairy Farm	3.04	3.8	Buy
04/24/23	DBS Vickers	Frasers Centrepoint Trust	2.31	2.6	Buy
04/24/23	Phillip	Keppel Corp	6.46	7.01	Accumulate	Sum of parts
04/24/23	Phillip	Lendlease Reit	0.695	0.91	Buy	DDM
04/24/23	Lim & Tan	Overseas Edu	0.25	0	Hold
04/24/23	DBS Vickers	ST Engineering	3.73	4.2	Buy

Bitcoin is a manipulated commodity!

We haven't been discussing bitcoin for a long time and we will give an impromptu talk about it now.

In our perspective, Bitcoin is a manipulated commodity because its liquidity and retail activity are declining despite its skyrocketing prices.  What does this phenomenon mean? It means that many retail investors are staying away from bitcoin trading and leaving only some big whales to trade among themselves to prod up the prices.  Thus, the skyrocketing prices are unsustainable without the general public support.

The chart above shows that bitcoin liquidity has been trending down since 2021.

The chart above shows the declining retail activity and this means that retail investors are staying away.