M1 - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/16	DIR	M1	2.68	2.87	Outperform	DDM, PER13.4x FY16
01/18/16	Citigroup	M1	2.6	2.56	Hold
01/18/16	DMG & Partners	M1	2.6	3.2	Buy	DCF
01/18/16	OCBC	M1	2.6	2.95	Buy	DCF
01/19/16	CIMB	M1	2.61	3.1	Hold	DCF
01/19/16	Credit Suisse	M1	2.61	2.15	Underperform
01/19/16	DBS Vickers	M1	2.61	2.6	Hold	DCF
01/19/16	DIR	M1	2.61	2.94	Outperform	DDM
01/19/16	Kim Eng	M1	2.61	3.09	Hold	DCF
01/19/16	Lim & Tan	M1	2.61	0	Buy
01/19/16	Nomura	M1	2.61	2.95	Neutral
01/19/16	UOB Kay Hian	M1	2.61	3.34	Buy	DCF
01/26/16	Deutsche	M1	2.24	3.9	Buy
01/26/16	DIR	M1	2.24	2.94	Buy	DDM
02/19/16	Credit Suisse	M1	2.52	2.15	Underperform
02/19/16	DBS Vickers	M1	2.52	2.6	Hold
02/19/16	DMG & Partners	M1	2.52	3.2	Buy
02/19/16	UOB Kay Hian	M1	2.52	3.34	Buy
02/22/16	CIMB	M1	2.54	3.1	Hold
02/22/16	Nomura	M1	2.54	3.3	Buy
03/04/16	Citigroup	M1	2.54	2.82	Buy
03/04/16	Deutsche	M1	2.54	3.9	Buy
03/15/16	CIMB	M1	2.57	3.1	Hold
03/16/16	OCBC	M1	2.59	2.95	Buy
03/17/16	UOB Kay Hian	M1	2.58	3.34	Buy
03/21/16	Credit Suisse	M1	2.59	2.15	Underperform
03/28/16	UOB Kay Hian	M1	2.7	3.02	Buy	Probability weighted target
03/29/16	Nomura	M1	2.6	3.3	Buy
04/13/16	CIMB	M1	2.47	2.4	Hold	DCF
04/13/16	Credit Suisse	M1	2.47	2.15	Underperform
04/14/16	Credit Suisse	M1	2.48	2.05	Underperform
04/14/16	DBS Vickers	M1	2.48	2.56	Hold	DCF
04/14/16	DMG & Partners	M1	2.48	3.2	Buy
04/14/16	Lim & Tan	M1	2.48	0	Hold
04/14/16	OCBC	M1	2.48	2.9	Buy	DCF
04/14/16	UOB Kay Hian	M1	2.48	3.02	Buy	Probability weighted target
05/10/16	UOB Kay Hian	M1	2.41	3.02	Buy	Probability weighted target
05/12/16	UOB Kay Hian	M1	2.37	2.14	Sell
05/26/16	DIR	M1	2.35	2.94	Buy	DDM
06/06/16	DBS Vickers	M1	2.42	2.6	Buy
06/13/16	Kim Eng	M1	2.55	3.09	Hold
06/15/16	UOB Kay Hian	M1	2.52	2.14	Sell
06/21/16	DIR	M1	2.43	2.94	Buy	DDM
07/07/16	Credit Suisse	M1	2.74	2.05	Underperform
07/11/16	DBS Vickers	M1	2.78	3.3	Buy
07/14/16	UOB Kay Hian	M1	2.89	2.14	Sell
07/18/16	CIMB	M1	2.78	2.8	Hold	DCF
07/18/16	Citigroup	M1	2.78	2.98	Hold
07/18/16	DBS Vickers	M1	2.78	3.3	Buy
07/18/16	DIR	M1	2.78	3.38	Buy	DDM
07/18/16	DMG & Partners	M1	2.78	3.02	Neutral	DCF
07/18/16	Kim Eng	M1	2.78	2.94	Hold	DCF
07/18/16	Nomura	M1	2.78	3.25	Buy
07/18/16	OCBC	M1	2.78	2.79	Hold	DCF
07/18/16	UOB Kay Hian	M1	2.78	2	Sell
08/05/16	DIR	M1	2.8	3.38	Buy	DDM
08/22/16	DBS Vickers	M1	2.72	2.85	Hold
08/22/16	UOB Kay Hian	M1	2.72	2.39	Sell
08/26/16	Credit Suisse	M1	2.73	2.05	Underperform
09/02/16	CIMB	M1	2.66	2.8	Hold	DCF
09/02/16	Credit Suisse	M1	2.66	2	Underperform
09/02/16	OCBC	M1	2.66	2.79	Hold
09/02/16	UOB Kay Hian	M1	2.66	2	Sell
09/05/16	Kim Eng	M1	2.61	2.04	Sell	DCF
09/06/16	Citigroup	M1	2.53	2.4	Sell
09/22/16	DBS Vickers	M1	2.39	2.15	Fully Valued	DCF
09/22/16	Deutsche	M1	2.39	3.1	Buy
10/04/16	DIR	M1	2.44	2.41	Hold	DDM
10/19/16	CIMB	M1	2.33	2.55	Hold	DCF
10/19/16	DBS Vickers	M1	2.33	1.97	Fully Valued	DCF
10/19/16	Deutsche	M1	2.33	2.9	Buy
10/19/16	DIR	M1	2.33	2.23	Hold	DDM
10/19/16	Kim Eng	M1	2.33	1.9	Sell	DCF
10/19/16	Lim & Tan	M1	2.33	0	Sell
10/19/16	Nomura	M1	2.33	2	Reduce
10/19/16	OCBC	M1	2.33	2.25	Hold	DCF
10/19/16	UOB Kay Hian	M1	2.33	1.76	Sell	DCF
11/14/16	DIR	M1	2.06	2.23	Hold	DDM
11/17/16	OCBC	M1	2.04	2.25	Hold
11/18/16	DBS Vickers	M1	1.995	1.97	Fully Valued
11/18/16	Nomura	M1	1.995	1.75	Reduce
11/21/16	CIMB	M1	1.935	2.1	Hold	DCF
11/21/16	UOB Kay Hian	M1	1.935	1.76	Sell
12/06/16	CIMB	M1	2	2.1	Hold	DCF
12/07/16	Deutsche	M1	1.985	2.9	Buy
12/09/16	OCBC	M1	2.02	2.08	Hold
12/13/16	Kim Eng	M1	2.03	1.9	Sell	DCF
12/15/16	Credit Suisse	M1	2.02	1.65	Underperform
12/15/16	DBS Vickers	M1	2.02	1.78	Fully Valued	DCF
12/15/16	UOB Kay Hian	M1	2.02	1.76	Sell
12/27/16	DMG & Partners	M1	1.915	2.05	Neutral
01/03/17	UOB Kay Hian	M1	1.96	1.76	Sell
01/12/17	CIMB	M1	2.06	1.9	Hold	DCF, Buy below $1.56
01/12/17	Deutsche	M1	2.06	2.6	Buy
01/13/17	Credit Suisse	M1	2.08	1.65	Underperform
01/13/17	DBS Vickers	M1	2.08	2.09	Hold	DCF
01/13/17	DMG & Partners	M1	2.08	2.05	Neutral	DCF
01/17/17	DIR	M1	2.08	2.02	Hold	DDM
01/18/17	UOB Kay Hian	M1	2.09	2.5	Buy	DCF
01/25/17	Credit Suisse	M1	2.17	1.55	Underperform
01/25/17	DBS Vickers	M1	2.17	1.97	Hold	DCF
01/25/17	Kim Eng	M1	2.17	1.85	Sell	DCF
01/25/17	Lim & Tan	M1	2.17	0	Sell
01/25/17	OCBC	M1	2.17	2.03	Hold
01/25/17	UOB Kay Hian	M1	2.17	2.48	Buy	DCF
01/26/17	CIMB	M1	2.05	1.8	Reduce	DCF
02/24/17	UOB Kay Hian	M1	2.03	2.52	Buy	DCF
02/24/17	Deutsche	M1	2.03	2.5	Buy
03/13/17	DIR	M1	2.11	1.93	Hold	DDM
03/17/17	OCBC	M1	2.03	1.75	Sell
03/20/17	Credit Suisse	M1	2.19	1.5	Underperform
03/20/17	DBS Vickers	M1	2.19	1.97	Hold
03/20/17	DMG & Partners	M1	2.19	2.05	Neutral	DCF
03/21/17	OCBC	M1	2.17	1.96	Hold	EV/EBitda8.5x FY17/18
04/05/17	CIMB	M1	2.16	1.8	Reduce
04/05/17	Credit Suisse	M1	2.16	1.5	Underperform
04/05/17	DMG & Partners	M1	2.16	2.05	Neutral
04/05/17	Kim Eng	M1	2.16	1.75	Sell	DCF
04/05/17	OCBC	M1	2.16	1.96	Hold
04/06/17	DBS Vickers	M1	2.12	1.97	Hold	DCF
04/18/17	CIMB	M1	2.14	1.7	Reduce	DCF
04/18/17	Credit Suisse	M1	2.14	1.45	Underperform
04/18/17	DIR	M1	2.14	1.93	Hold	DDM
04/18/17	Lim & Tan	M1	2.14	0	Hold
04/18/17	Deutsche	M1	2.14	2.3	Buy
05/02/17	DBS Vickers	M1	2.17	2.54	Buy	EV/Ebitda8.4x FY17
06/02/17	DMG & Partners	M1	2.27	2.05	Neutral	DCF
07/07/17	OCBC	M1	2.11	1.96	Hold
07/14/17	DMG & Partners	M1	2.07	2.05	Neutral
07/19/17	OCBC	M1	2.1	1.75	Sell
07/19/17	DIR	M1	2.1	1.93	Hold	DDM
07/19/17	Credit Suisse	M1	2.1	1.45	Underperform
07/19/17	DMG & Partners	M1	2.1	1.9	Neutral	DCF
07/19/17	CIMB	M1	2.1	1.7	Reduce	DCF
07/19/17	DBS Vickers	M1	2.1	1.78	Fully Valued	DCF
08/18/17	UOB Kay Hian	M1	1.77	1.98	Buy	DCF
08/23/17	DMG & Partners	M1	1.785	1.9	Neutral
09/11/17	OCBC	M1	1.78	1.65	Hold
09/14/17	Kim Eng	M1	1.79	1.59	Sell	DCF
09/18/17	Credit Suisse	M1	1.795	1.45	Underperform
09/20/17	Deutsche	M1	1.79	2.3	Buy
09/25/17	UOB Kay Hian	M1	1.78	1.98	Buy
09/25/17	CIMB	M1	1.78	1.8	Hold
09/28/17	DIR	M1	1.785	1.74	Hold	DDM
10/16/17	DBS Vickers	M1	1.815	1.49	Fully Valued	DCF
10/17/17	UOB Kay Hian	M1	1.805	1.95	Buy	DCF
10/17/17	OCBC	M1	1.805	1.65	Hold
10/17/17	DMG & Partners	M1	1.805	1.9	Neutral
10/17/17	Kim Eng	M1	1.805	1.59	Sell
10/17/17	CIMB	M1	1.805	1.8	Hold
11/23/17	OCBC	M1	1.77	1.65	Hold
11/28/17	Kim Eng	M1	1.77	1.59	Sell
01/10/18	DMG & Partners	M1	1.79	1.9	Neutral
01/12/18	UOB Kay Hian	M1	1.79	1.95	Hold
01/24/18	UOB Kay Hian	M1	1.87	1.84	Hold	DCF, Buy @ $1.7
01/24/18	DMG & Partners	M1	1.87	1.95	Neutral	DCF
01/24/18	OCBC	M1	1.87	1.7	Hold
01/24/18	DBS Vickers	M1	1.87	1.49	Fully Valued	DCF
01/25/18	CIMB	M1	1.87	1.85	Hold	DCF