SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/16	CIMB	SPH	3.67	3.61	Reduce	Sum of parts
01/13/16	DBS Vickers	SPH	3.67	3.51	Fully Valued
01/13/16	Lim & Tan	SPH	3.67	0	Hold	Buy @ $3.60 or lower
01/13/16	OCBC	SPH	3.67	3.78	Hold
01/13/16	UOB Kay Hian	SPH	3.67	3.85	Hold	Sum of parts, Buy @ $3.40 or lower
01/29/16	DBS Vickers	SPH	3.51	3.51	Hold	Sum of parts
03/22/16	UOB Kay Hian	SPH	4.04	3.9	Hold	Sum of parts, Buy @ $3.60 or lower
04/13/16	CIMB	SPH	3.99	3.71	Reduce	Sum of parts
04/13/16	DBS Vickers	SPH	3.99	3.51	Hold
04/13/16	Lim & Tan	SPH	3.99	0	Hold
04/13/16	OCBC	SPH	3.99	3.78	Hold
04/13/16	UOB Kay Hian	SPH	3.99	3.9	Hold	Sum of parts, Buy @ $3.60 or lower
04/14/16	DBS Vickers	SPH	4.04	3.5	Fully Valued	Sum of parts
06/09/16	UOB Kay Hian	SPH	3.93	3.9	Hold	Buy @ $3.60
07/18/16	CIMB	SPH	4.07	3.58	Reduce	Sum of parts
07/18/16	DBS Vickers	SPH	4.07	3.5	Fully Valued
07/18/16	OCBC	SPH	4.07	3.41	Sell
07/18/16	UOB Kay Hian	SPH	4.07	3.8	Hold	Sum of parts, Buy @ $3.60
09/01/16	UOB Kay Hian	SPH	3.77	3.8	Hold	Sum of parts
10/10/16	UBS	SPH	3.82	3.46	Sell	Cut from $3.55
10/17/16	CIMB	SPH	3.76	3.35	Reduce	Sum of parts
10/17/16	DBS Vickers	SPH	3.76	3.44	Fully Valued	Sum of parts
10/17/16	Lim & Tan	SPH	3.76	0	Hold
10/17/16	OCBC	SPH	3.76	3.41	Sell
10/17/16	UOB Kay Hian	SPH	3.76	3.29	Sell	DCF
12/01/16	Morgan Stanley	SPH	3.75	3.5	Underweight
12/06/16	CIMB	SPH	3.76	3.35	Reduce	Sum of parts
01/16/17	CIMB	SPH	3.69	3.31	Reduce	Sum of parts
01/16/17	Lim & Tan	SPH	3.69	0	Avoid
01/16/17	OCBC	SPH	3.69	3.41	Sell
01/16/17	UOB Kay Hian	SPH	3.69	3.29	Sell	Sum of parts
01/17/17	DBS Vickers	SPH	3.56	3.32	Fully Valued	Sum of parts
03/20/17	CIMB	SPH	3.53	3.36	Hold	Sum of parts
03/20/17	DBS Vickers	SPH	3.53	3.39	Hold	Sum of parts
03/20/17	UOB Kay Hian	SPH	3.53	3.29	Sell
04/13/17	CIMB	SPH	3.52	3.36	Hold	Sum of parts
04/13/17	Lim & Tan	SPH	3.52	0	Hold
04/13/17	OCBC	SPH	3.52	3.41	Sell
04/13/17	UOB Kay Hian	SPH	3.52	3.29	Sell	Sum of parts
04/18/17	DBS Vickers	SPH	3.41	3.39	Hold	Sum of parts
04/26/17	CIMB	SPH	3.45	3.36	Hold	Sum of parts
04/26/17	OCBC	SPH	3.45	3.41	Hold
05/17/17	UOB Kay Hian	SPH	3.37	3.29	Sell
06/05/17	Lim & Tan	SPH	3.24	0	Hold
06/09/17	UOB Kay Hian	SPH	3.24	2.9	Sell	Sum of parts
06/14/17	DBS Vickers	SPH	3.17	3.39	Hold
06/14/17	UOB Kay Hian	SPH	3.17	3.39	Hold
06/15/17	CIMB	SPH	3.16	3.36	Hold	Sum of parts
06/15/17	Lim & Tan	SPH	3.16	0	Hold
06/22/17	OCBC	SPH	3.22	3.34	Hold
07/17/17	UOB Kay Hian	SPH	3.11	2.9	Hold	Sum of parts, Buy @ $2.75
07/17/17	OCBC	SPH	3.11	3.25	Hold
07/17/17	CIMB	SPH	3.11	3.22	Hold	Sum of parts
07/17/17	DBS Vickers	SPH	3.11	2.79	Fully Valued	Sum of parts
07/18/17	Lim & Tan	SPH	3.03	0	Hold
08/23/17	UOB Kay Hian	SPH	2.78	2.85	Hold	Sum of parts, Buy @ $2.60
09/11/17	CIMB	SPH	2.74	2.38	Reduce	Sum of parts (15% discount)
09/21/17	OCBC	SPH	2.63	3.25	Buy
10/12/17	CIMB	SPH	2.69	2.38	Reduce	Sum of parts (15% discount)
10/12/17	UOB Kay Hian	SPH	2.69	2.38	Sell	Sum of parts (10% discount)
10/12/17	Lim & Tan	SPH	2.69	0	Hold
10/13/17	OCBC	SPH	2.72	2.93	Hold
10/13/17	DBS Vickers	SPH	2.72	2.79	Hold	Sum of parts
11/09/17	UOB Kay Hian	SPH	2.68	2.38	Sell
12/05/17	UOB Kay Hian	SPH	2.79	2.42	Sell	Sum of parts
12/05/17	Lim & Tan	SPH	2.79	0	Hold
12/20/17	CIMB	SPH	2.61	2.38	Reduce
01/15/18	CIMB	SPH	2.63	2.49	Hold	Sum of parts, PER18.6x FY19
01/15/18	UOB Kay Hian	SPH	2.63	2.42	Sell	Sum of parts
01/15/18	Lim & Tan	SPH	2.63	0	Hold
01/16/18	DBS Vickers	SPH	2.71	2.78	Hold	Sum of parts
01/17/18	OCBC	SPH	2.71	2.51	Hold	Sum of parts (10% discount)
03/05/18	UOB Kay Hian	SPH	2.55	2.42	Sell