NOL - This shipping liner irks Citigroup!

01/12/10 CIMB NOL 1.9 2.6 Outperform PB1.8x
01/26/10 CIMB NOL 1.74 2.6 Outperform PB1.8x
02/02/10 CIMB NOL 1.7 2.6 Outperform
03/02/10 CIMB NOL 1.81 2.6 Outperform PB1.8x
03/30/10 CIMB NOL 1.93 2.6 Outperform PB1.8x
04/27/10 CIMB NOL 2.18 2.6 Outperform PB1.8x
05/17/10 CIMB NOL 2.14 2.5 Outperform PB1.8x
05/25/10 CIMB NOL 1.89 2.5 Outperform PB1.8x
06/22/10 CIMB NOL 2.1 2.5 Outperform PB1.8x
07/20/10 CIMB NOL 1.96 2.25 Outperform PB1.5x
07/22/10 CIMB NOL 1.98 2.25 Outperform PB1.5x
08/06/10 CIMB NOL 2.13 2.25 Outperform PB1.4x
08/10/10 CIMB NOL 2.06 2.25 Outperform PB1.4x
09/14/10 CIMB NOL 2.03 2.25 Outperform PB1.5x
10/12/10 CIMB NOL 2.07 2.25 Outperform PB1.5x
10/20/10 CIMB NOL 2.06 2.63 Outperform PB1.4x

08/31/10 Citigroup NOL 1.95 1.6 Sell PB1x

03/31/10 DBS Vickers NOL 1.98 2.4 Buy EV/Ebita 7x, PB1.6x
04/15/10 DBS Vickers NOL 2.3 2.4 Buy EV/Ebita 7x
05/13/10 DBS Vickers NOL 2.1 2.4 Buy
05/17/10 DBS Vickers NOL 2.14 2.5 Buy EV/Ebitda 7x
07/28/10 DBS Vickers NOL 2.03 2.4 Buy EV/Ebitda 7x
08/10/10 DBS Vickers NOL 2.06 2.4 Buy
09/27/10 DBS Vickers NOL 2.04 2.4 Buy
10/12/10 DBS Vickers NOL 2.07 2.4 Buy
10/20/10 DBS Vickers NOL 2.06 2.5 Buy EV/Ebitda7x

09/22/10 Macquarie NOL 2 2.5 Outperform

02/03/10 OCBC NOL 1.73 1.63 Hold NTA1.1x
06/29/10 OCBC NOL 2.03 2.35 Buy
08/10/10 OCBC NOL 2.06 2.41 Buy
09/02/10 OCBC NOL 1.91 2.41 Buy
09/09/10 OCBC NOL 1.98 2.41 Buy
10/01/10 OCBC NOL 1.98 2.41 Buy NTA1.46x
10/12/10 OCBC NOL 2.07 2.41 Buy
10/20/10 OCBC NOL 2.06 2.5 Buy

03/03/10 phillip NOL 1.86 1.95 Hold BV1.3x
04/01/10 phillip NOL 2.01 2.32 Buy PB1.6x
05/17/10 phillip NOL 2.14 2.48 Outperform PB1.6x
07/01/10 phillip NOL 2 2.03 Hold BV1.3x
08/10/10 phillip NOL 2.06 2.03 Hold
08/10/10 phillip NOL 2.06 2.03 Hold PB1.24x
09/24/10 phillip NOL 2.03 2.06 Hold PB1.24x
10/20/10 phillip NOL 2.06 2.36 Buy