Ezion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	UOB Kay Hian	Ezion	0.565	1.01	Buy
01/12/16	DBS Vickers	Ezion	0.57	1	Buy	PB0.8x FY15
01/13/16	DMG & Partners	Ezion	0.565	1.4	Buy
01/15/16	UOB Kay Hian	Ezion	0.545	0.79	Buy
01/28/16	Amfrasers	Ezion	0.5	0.11	Sell
02/23/16	Lim & Tan	Ezion	0.52	0	Trading Sell
02/23/16	Nomura	Ezion	0.52	1.15	Buy
02/23/16	OCBC	Ezion	0.52	0.56	Hold	PB0.4x FY16
03/01/16	Lim & Tan	Ezion	0.5	0	Hold
03/01/16	OCBC	Ezion	0.5	0.56	Hold	P/NTA0.45x FY16
03/02/16	Amfrasers	Ezion	0.51	0.11	Sell	EV/Ebitda7x FY16
03/02/16	CIMB	Ezion	0.51	0.63	Add	PB0.55x FY16
03/02/16	DBS Vickers	Ezion	0.51	0.85	Buy	PB0.7x FY16
03/02/16	DIR	Ezion	0.51	0.5	Hold	Sum of parts
03/02/16	DMG & Partners	Ezion	0.51	1.06	Buy
03/02/16	Kim Eng	Ezion	0.51	0.8	Buy	GGM, PB0.7x FY16
03/02/16	Nomura	Ezion	0.51	1.08	Buy
03/02/16	UOB Kay Hian	Ezion	0.51	0.79	Buy	PB0.6x FY17
04/04/16	UOB Kay Hian	Ezion	0.56	0.75	Buy	PB0.6x
05/13/16	Amfrasers	Ezion	0.51	0.39	Sell	EV/Ebitda8x FY16
05/13/16	CIMB	Ezion	0.51	0.63	Add	PB0.55x
05/13/16	DBS Vickers	Ezion	0.51	0.85	Buy	PB0.7x FY16
05/13/16	DIR	Ezion	0.51	0.47	Hold	Sum of parts, Cut from $0.49
05/13/16	OCBC	Ezion	0.51	0.55	Hold	Buy @ $0.49 or lower
05/13/16	UOB Kay Hian	Ezion	0.51	0.6	Hold	PB0.6x FY17, Buy @ $0.48 or below
06/03/16	CIMB	Ezion	0.5	0.63	Add
06/06/16	Kim Eng	Ezion	0.54	0.72	Buy
06/22/16	OCBC	Ezion	0.53	0.55	Hold	PB0.45x
07/01/16	Lim & Tan	Ezion	0.52	0	Hold
07/01/16	UOB Kay Hian	Ezion	0.52	0.6	Hold
07/04/16	Amfrasers	Ezion	0.475	0.37	Sell	EV/Ebitda8x FY16, Ex-Rights 3 for 10 @ $0.29
07/04/16	CIMB	Ezion	0.475	0.53	Add	PB0.55x CY16, Ex-Rights 3 for 10 @ $0.29
07/04/16	DIR	Ezion	0.475	0.47	Hold	Sum of parts
07/04/16	OCBC	Ezion	0.475	0.5	Hold	PB0.4x, Ex-Rights target $0.42
07/04/16	UOB Kay Hian	Ezion	0.475	0.51	Hold	Buy @ $0.45, Ex-Rights 3 for 10 @ $0.29
07/08/16	DIR	Ezion	0.45	0.44	Hold	Sum of parts
08/11/16	Lim & Tan	Ezion	0.29	0	Reduce
08/12/16	Amfrasers	Ezion	0.29	0.26	Hold	EV/Ebitda8x FY16, PB0.3x FY16
08/12/16	CIMB	Ezion	0.29	0.32	Hold	PB0.3x FY16/17
08/12/16	DBS Vickers	Ezion	0.29	0.58	Buy	PB0.6x FY16
08/12/16	DIR	Ezion	0.29	0.33	Outperform	DCF
08/12/16	OCBC	Ezion	0.29	0.3	Hold	NTA0.35x, Ex-Rights 3 for 10 @ $0.29
08/12/16	UOB Kay Hian	Ezion	0.29	0.31	Hold	PB0.4x FY17, Buy @ $0.25
08/25/16	Kim Eng	Ezion	0.25	0.45	Buy	GGM, PB0.5x FY17
08/30/16	UOB Kay Hian	Ezion	0.24	0.23	Hold	PB0.3x FY17, Buy @ $0.20
09/06/16	Amfrasers	Ezion	0.25	0.2	Hold
09/15/16	OCBC	Ezion	0.275	0.3	Hold	PB0.35x
09/29/16	DBS Vickers	Ezion	0.275	0.58	Buy	PB0.6x FY16
09/30/16	CIMB	Ezion	0.285	0.32	Hold
09/30/16	UOB Kay Hian	Ezion	0.285	0.3	Hold
10/03/16	UOB Kay Hian	Ezion	0.275	0.23	Hold	PB0.3x FY17, Buy @ $0.20
10/11/16	OCBC	Ezion	0.37	0.35	Hold	PB0.4x
10/13/16	UOB Kay Hian	Ezion	0.345	0.3	Hold	PB0.4x FY17, Buy @ $0.27
10/14/16	DIR	Ezion	0.33	0.29	Underperform	Sum of parts
11/11/16	Amfrasers	Ezion	0.33	0.2	Sell	EV/Ebitda8x FY16, PB0.3x FY16
11/11/16	CIMB	Ezion	0.33	0.33	Hold	PB0.3x FY17
11/11/16	DIR	Ezion	0.33	0.29	Underperform	Sum of parts
11/11/16	Kim Eng	Ezion	0.33	0.42	Buy	GGM, PB0.5x FY17
11/11/16	OCBC	Ezion	0.33	0.35	Hold
11/21/16	phillip	Ezion	0.305	0.48	Buy	DCF
11/25/16	DBS Vickers	Ezion	0.33	0.56	Buy	PB0.6x FY16
12/02/16	UOB Kay Hian	Ezion	0.36	0.39	Hold
12/05/16	CIMB	Ezion	0.365	0.45	Add	PB0.5x FY17
12/13/16	Kim Eng	Ezion	0.405	0.42	Buy	GGM, PB0.5x FY17
12/15/16	DBS Vickers	Ezion	0.4	0.56	Buy	PB0.6x FY16
01/13/17	DBS Vickers	Ezion	0.415	0.56	Buy
01/13/17	OCBC	Ezion	0.415	0.54	Buy	PB0.55x
02/20/17	CIMB	Ezion	0.38	0.44	Add	PB0.45x FY17
02/20/17	Lim & Tan	Ezion	0.38	0	Reduce
02/20/17	OCBC	Ezion	0.38	0.54	Buy	PB0.55x FY17
02/20/17	UOB Kay Hian	Ezion	0.38	0.39	Hold
02/24/17	CIMB	Ezion	0.395	0.45	Add	PB0.5x FY17
02/24/17	DBS Vickers	Ezion	0.395	0.62	Buy	PB0.7x FY17
02/24/17	UOB Kay Hian	Ezion	0.395	0.45	Buy	PB0.65x FY17
02/27/17	phillip	Ezion	0.395	0.45	Accumulate	DCF
03/08/17	Lim & Tan	Ezion	0.37	0	Hold
03/17/17	CIMB	Ezion	0.35	0.45	Add	PB0.5x FY17
03/17/17	DIR	Ezion	0.35	0.31	Underperform	Sum of parts
04/10/17	DBS Vickers	Ezion	0.365	0.62	Buy
05/12/17	OCBC	Ezion	0.31	0.54	Buy
05/15/17	Amfrasers	Ezion	0.31	0.25	Sell	PB0.3x FY17
05/15/17	CIMB	Ezion	0.31	0.26	Reduce	PB0.3x FY17
05/15/17	DIR	Ezion	0.31	0.29	Underperform	Sum of parts
05/15/17	phillip	Ezion	0.31	0.4	Buy	DCF
05/15/17	UOB Kay Hian	Ezion	0.31	0.33	Hold	PB0.5x FY17, Buy @ $0.28
05/16/17	DBS Vickers	Ezion	0.295	0.62	Buy	PB0.7x FY17
05/23/17	OCBC	Ezion	0.295	0.32	Hold
06/14/17	UOB Kay Hian	Ezion	0.25	0.33	Hold
08/15/17	CIMB	Ezion	0.2	0.13	Reduce	PB0.15x
08/15/17	DBS Vickers	Ezion	0.2	0.13	Fully Valued	PB0.15x
08/16/17	phillip	Ezion	0.197	0	Suspended
11/10/17	DBS Vickers	Ezion	0.197	0.13	Fully Valued	PB0.15x FY17