More Volatility Ahead ...

Global Stock staged Rebound on easing of US-Sino Trade Fears

World stocks edged higher on Thursday as investors used signs of an easing of
Sino-U.S. trade tensions to dip back into riskier assets.

 

China says it never backs down in the face of threats

China says it never backs down in the face of threats after trade salvos with U.S. https://t.co/vAyseSTKlQ

— isaac (@LatestMktNews) April 5, 2018

APAC Realty

Would Warren Buffett Be Interested in APAC Realty Ltd,
One of the 30 Best Stocks in Singapore for 2018?
...Read More >

China New tariffs in response to US

Net Fund Flows for Wk 26 Mar 2018

Week 26 March 2018

Institutional investors net sell (-S$277.6m) vs. (+S$58.9m) a week ago

Retail investors net buy (+S$149.6m) vs. (+S$255.0m) a week a go

 Excerpts from www.SGX.com

China counters Trump with Tariffs

Matching the scale of proposed US tariffs announced Tuesday, the Ministry of
Commerce in Beijing said the charges will apply to around US$50 billion of US imports.

 

Stifel: Bargain APPLE on DIP ?

Intel shares dive on Apple's report on own Mac Chips

AEM Holdings Ltd ... Buy on DIP ?

Buying opportunity ?

■ Bloomberg reported that Apple is looking to use its own chips for its Mac computers beginning as early as 2020.
■ Bloomberg estimates Apple contributes about 5% of its current chip supplier’s revenue.
■ We see the share price weakness as a buying opportunity as AEM’s major customer is already targeting new growth areas beyond the computing business segment.

Bloomberg article

● According to a Bloomberg news article, Apple Inc (AAPL US, Not Rated) is planning to use its own chips in Mac computers beginning as early as 2020, replacing processors from its current chip supplier.
● The initiative is still in the early developmental stages but comes as part of a larger strategy to make all of Apple’s devices – including Macs, iPhones, and iPads – work more similarly and seamlessly together. 

● According to Bloomberg’s own analysis, this chip supplier generates about 5% of its annual revenue from Apple. 

What you should do ?

● We see the share price decline as a buying opportunity for new investors. 

● As a reference, AEM’s recent vendor placement price was S$6.10. 

● There are also no changes to AEM’s FY18 guidance of a pretax profit of at least S$42m, which excludes the contribution from recent acquisitions. 

● Maintain Add and target price, based on 10x FY19F EPS (17% discount to peer average). 

● Potential re-rating catalysts include stronger-than-expected customer orders. Downside risks include order delays or cancellations.

Excerpts from CGS-CIMB report

Recent House Calls by Analysts

Stock Lists by brokerage houses & analysts in recent weeks

FullName	Vol	%Chg	Change	Last	Target	Call	Call Date	Brk House	Valuation
				2Apr'18	Price				Method
Ascendas Reit	4482.1	1.14	0.03	2.66	$2.89	Accumulate	26 Mar	Phillip
Yongnam	34.6	0.00	0.000	0.295	$0.57	Add	16 Mar	CIMB	P/BV
United Engr	4493.4	2.66	1.14	0.03	$2.94	Add	2 Apr	CIMB	RNAV
GuocoLand	88.6	1.89	-1.56	-0.03	$2.88	Add	20 Mar	CIMB	RNAV
Maple.GCC Tr	483.6	13.16	1.23	0.16	$1.30	Add	29 Mar	CIMB	DDM
Dyna-Mac	2767.2	2.05	0.00	0.00	$0.18	Add Initiate	22 Mar	CIMB	P/BV
$ Moya Asia	1557	2.15	0.002	0.095	$0.15	Buy	16 Mar	RHB
Golden Energy	188.2	-2.63	-0.010	0.370	$0.48	Buy	16 Mar	Phillip	P/E
SingPost	53.1	8.01	0.75	0.06	$1.60	Buy	16 Mar	UOB	SOTP
Keppel DC Reit	50.5	8.02	0.88	0.07	$1.60	Buy	19 Mar	DBS
Geo Energy Res	1996.3	27.40	-0.36	-0.10	$0.47	Buy	19 Mar	Phillip	P/E
Tianjin ZX USD	1966	27.40	-0.36	-0.10	$1.66	Buy	2 Apr	UOB	P/E
Chip Eng Seng	705.8	0.225	0.00	0.000	$1.38	Buy	20 Mar	UOB	SOTP
China Aviation	209.2	0.370	-2.63	-0.010	$1.80	Buy	21 Mar	RHB	P/E
OCBC Bank	1168.6	7.81	0.51	0.04	$14.95	Buy	22 Mar	UOB	P/BV
ST Engrg	382	1.42	-1.39	-0.02	$4.10	Buy	23 Mar	UOB	EV/Inv. CB
Viva Ind Tr	375.6	1.42	-1.39	-0.02	$0.93	Buy	23 Mar	OCBC
Valuetronics	362	1.75	0.57	0.01	$1.25	Buy	23 Mar	Maybank
Wilmar Intl	357.4	1.75	0.57	0.01	$4.10	Buy	26 Mar	UOB	SOTP
ThaiBev	1178.6	12.79	-0.23	-0.03	$1.02	Buy	26 Mar	DBS
$ GSS Energy	672.6	0.660	1.54	0.010	$0.25	Buy	27 Mar	RHB	SOP
CityDev	1462	3.56	-0.84	-0.03	$15.40	Buy	27 Mar	DBS
Wing Tai	588.2	1.36	-0.73	-0.01	$2.78	Buy	28 Mar	UOB
$ Y Ventures	2338.8	0.975	5.98	0.055	$0.77	Buy	28 Mar	DBS	EV/EBITDA
SoilbuildBizReit	2279.1	0.975	5.98	0.055	$0.70	Buy	29 Mar	OCBC
OUE Com Reit	11591.3	0.785	0.64	0.005	$0.75	Hold	23 Mar	CIMB	DDM
DairyFarm USD	50.4	0.75	0.06	8.01	$8.40	Hold	26 Mar	CIMB
ComfortDelGro	879.4	1.05	-2.78	-0.03	$2.16	Hold	27 Mar	CIMB	DCF
DBS	858.1	1.05	-2.78	-0.03	$27.00	Neutral	16 Mar	RHB	GGM
M1	3175.3	3.22	1.26	0.04	$1.60	Sell	27 Mar	UOB	DCF
Keppel Corp	3171.2	3.22	1.26	0.04	$9.10	Buy	21 Mar	UOB	SOTP
BreadTalk	71.6	1.90	-1.04	-0.02	$2.00	Take Profit	19 Mar	RHB
BreadTalk	71.6	1.90	-1.04	-0.02	$2.00	Take Profit	19 Mar	RHB