Tianjin Zhongxin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/16	CIMB	Tianjin Zhongxin	0.895	1.42	Add	DCF
04/25/16	CIMB	Tianjin Zhongxin	0.845	1.3	Add	DCF CY16
11/02/16	CIMB	Tianjin Zhongxin	0.765	1.3	Add	DCF CY17
12/06/16	CIMB	Tianjin Zhongxin	0.805	1.3	Add	DCF CY17
04/05/17	CIMB	Tianjin Zhongxin	0.975	1.3	Add	DCF FY17
08/02/17	UOB Kay Hian	Tianjin Zhongxin	1.05	1.66	Buy	PER15.5x FY18
09/05/17	UOB Kay Hian	Tianjin Zhongxin	1.13	1.66	Buy	PER15.5x FY18
10/04/17	UOB Kay Hian	Tianjin Zhongxin	1.055	1.66	Buy	PER15.5x FY18
11/02/17	UOB Kay Hian	Tianjin Zhongxin	1.03	1.5	Buy	PER14.6x FY18
01/03/18	UOB Kay Hian	Tianjin Zhongxin	0.945	1.52	Buy	PER14.1x FY18