Update...

1. US – market rallied on confidence that actions will be taken to salvage situation
1. Citigrp bailout – US$20b injection and US$306b to insure stressed assets
2. Existing home sales fell 3.8% mom, <>
2. MSCI – 4 counters will be deleted by today
1. Kepland
2. Yanlord
3. Venture
4. CCT
3. $ flow from to Asia to US
1. falling commodity and oil prices (priced in USD, inversely correlated with USD)

i. strong USD less $ to buy oil, deflation

ii. weak USD more $ to buy oil, inflation

2. USD strengths (impact seem in recent sell off in Asian markets)
3. US$/S$ <>
3. STI support @ 1750
1. Rebound target 1800-1900
4. UOB fundamentally stronger trading @ 1.3xPB vs 14yr average of 1.8x
1. Potential speculative play
5. DBS has 25% of book as goodwill which is not valued in current market
1. PB 0.7x with goodwill, higher if removed
6. SIA downtrend yet to end with premium passenger volume falling 8%
1. About 50% revenue contribution from premium
2. 0.85x PB
7. Short calls
1. Citydev target $4.24 – cross Bollinger band
2. Hyflux target $1.29 – MACD sell signal
8. ML reduce target
1. Capland target $2.14 vs $4.05
2. Citydev target $5.86 vs $10.90
3. Kepland target $1.02 vs $2.95
9. Goldman reduce target
1. Kepcorp $4.85 vs $6.40
2. Sembcorp $2.50 vs $3.30
3. Sembmar $2 vs $3
4. Ezra $0.58 vs $1.04
5. KS energy $0.57 vs $1