Vard - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/16	DBS Vickers	Vard	0.153	0.13	Fully Valued	PB0.3x
03/01/16	DIR	Vard	0.153	0.115	Sell	P/NTA0.81x
03/03/16	DMG & Partners	Vard	0.177	0.21	Buy	PB0.4x FY16
04/01/16	OCBC	Vard	0.198	0.2	Hold	P/NTA0.4x, Cut from $0.33 (P/NTA0.6x)
05/13/16	DBS Vickers	Vard	0.187	0.19	Hold
05/13/16	DIR	Vard	0.187	0.118	Sell	P/NTA0.81x
05/13/16	OCBC	Vard	0.187	0.2	Hold	P/NTA0.45x
06/03/16	CIMB	Vard	0.178	0.234	Not Rated
07/22/16	DIR	Vard	0.161	0.134	Sell	P/NTA0.81x
07/26/16	DBS Vickers	Vard	0.16	0.18	Hold
09/26/16	OCBC	Vard	0.154	0.166	Hold	P/NTA0.4x FY17
11/14/16	DIR	Vard	0.23	0.134	Sell	P/NTA0.81x
11/14/16	OCBC	Vard	0.23	0.24	Accept Offer	Offer $0.24
11/15/16	DBS Vickers	Vard	0.245	0.24	Accept Offer
11/15/16	DIR	Vard	0.245	0.24	Hold	Offer $0.24
05/15/17	OCBC	Vard	0.24	0.23	Hold	PB0.8x
05/16/17	DBS Vickers	Vard	0.24	0.25	Hold	PB0.8x
07/21/17	DBS Vickers	Vard	0.245	0.25	Hold
07/26/17	DBS Vickers	Vard	0.245	0.24	Hold	PB0.8x
11/14/17	DBS Vickers	Vard	0.245	0.25	Hold	PB0.78x, P/NTA0.99x, Offer price $0.25