Yangzijiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/16	Nomura	Yangzijiang	0.975	1.5	Buy
01/14/16	UOB Kay Hian	Yangzijiang	0.975	1.43	Hold
01/26/16	Deutsche	Yangzijiang	0.925	1.65	Buy
02/04/16	Credit Suisse	Yangzijiang	0.905	1.3	Neutral
02/29/16	CIMB	Yangzijiang	0.94	1.1	Add	PB0.85x
02/29/16	Credit Suisse	Yangzijiang	0.94	1	Neutral	PB0.8x
02/29/16	DBS Vickers	Yangzijiang	0.94	1.25	Buy	Sum of parts, PER9x, PB1x
02/29/16	OCBC	Yangzijiang	0.94	1.06	Buy	Sum of parts
03/01/16	Nomura	Yangzijiang	0.905	1.5	Buy
03/01/16	UOB Kay Hian	Yangzijiang	0.905	1.43	Buy
03/07/16	DMG & Partners	Yangzijiang	0.955	1.3	Buy	Sum of parts, PER8.9x FY16, PB1x FY16
04/13/16	CIMB	Yangzijiang	0.95	1.1	Add	PB0.85x
04/20/16	DBS Vickers	Yangzijiang	1.01	1.25	Buy
04/25/16	Credit Suisse	Yangzijiang	1.02	1	Neutral
05/03/16	DBS Vickers	Yangzijiang	0.99	1.25	Buy
05/03/16	OCBC	Yangzijiang	0.99	1.04	Hold	Sum of parts
06/09/16	CIMB	Yangzijiang	0.925	1.1	Add
06/09/16	DIR	Yangzijiang	0.925	0.85	Underperform	PER6.9x FY16, Cut from $0.88
07/14/16	Credit Suisse	Yangzijiang	0.91	1	Neutral
08/08/16	CIMB	Yangzijiang	0.87	1.04	Add	PB0.8x CY16
08/08/16	Credit Suisse	Yangzijiang	0.87	1	Neutral
08/08/16	OCBC	Yangzijiang	0.87	0.87	Hold	Sum of parts
08/08/16	UOB Kay Hian	Yangzijiang	0.87	0.74	Sell	PB0.6x
08/10/16	DBS Vickers	Yangzijiang	0.82	1	Buy	Sum of parts, PB0.9x FY16
09/08/16	OCBC	Yangzijiang	0.77	0.81	Hold
11/10/16	CIMB	Yangzijiang	0.805	0.91	Add	PB0.75x CY17
11/10/16	OCBC	Yangzijiang	0.805	0.81	Hold	PER7x
11/10/16	UOB Kay Hian	Yangzijiang	0.805	0.74	Hold	PB0.6x FY17, Buy @ $0.72
11/11/16	DBS Vickers	Yangzijiang	0.82	0.95	Buy	Sum of parts
03/02/17	DBS Vickers	Yangzijiang	0.98	1.12	Buy	Sum of parts
03/02/17	DIR	Yangzijiang	0.98	0.82	Underperform	PER7.4x FY17
03/02/17	OCBC	Yangzijiang	0.98	0.96	Hold	PER8x
03/15/17	CIMB	Yangzijiang	1.105	1.21	Add	Sum of parts
04/03/17	CIMB	Yangzijiang	1.13	1.21	Add	Sum of parts
04/12/17	Credit Suisse	Yangzijiang	1.155	1	Neutral
04/28/17	Credit Suisse	Yangzijiang	1.16	1.1	Neutral
04/28/17	OCBC	Yangzijiang	1.16	0.96	Hold
05/02/17	CIMB	Yangzijiang	1.15	1.25	Buy	Sum of parts
05/02/17	DBS Vickers	Yangzijiang	1.15	1.35	Buy	Sum of parts
05/02/17	OCBC	Yangzijiang	1.15	1.18	Hold	Sum of parts
06/08/17	CLSA	Yangzijiang	1.235	0.9	Sell
07/06/17	OCBC	Yangzijiang	1.225	1.18	Hold
07/18/17	Credit Suisse	Yangzijiang	1.34	1.1	Neutral
07/21/17	DBS Vickers	Yangzijiang	1.35	1.35	Buy
08/10/17	UOB Kay Hian	Yangzijiang	1.555	1.42	Hold	PB1.1x, Buy @ $1.14
08/10/17	CIMB	Yangzijiang	1.555	1.66	Add	Sum of parts, PB1x
08/10/17	Credit Suisse	Yangzijiang	1.555	1.5	Neutral	Sum of parts
08/10/17	OCBC	Yangzijiang	1.555	1.58	Hold	Buy @ $1.48
08/11/17	DBS Vickers	Yangzijiang	1.595	1.7	Buy	Sum of parts, PB1.3x
08/25/17	DIR	Yangzijiang	1.565	1.24	Sell	PER10x FY17/18
09/04/17	CIMB	Yangzijiang	1.495	1.66	Add	Sum of parts
09/04/17	DBS Vickers	Yangzijiang	1.495	1.7	Buy	Sum of parts, PB1.3x
09/06/17	Credit Suisse	Yangzijiang	1.415	1.5	Neutral
09/25/17	OCBC	Yangzijiang	1.41	1.48	Hold
10/09/17	DBS Vickers	Yangzijiang	1.49	1.7	Buy
10/26/17	Credit Suisse	Yangzijiang	1.53	1.5	Neutral
11/13/17	OCBC	Yangzijiang	1.64	1.63	Hold
11/13/17	CIMB	Yangzijiang	1.64	1.8	Add	Sum of parts
11/14/17	DBS Vickers	Yangzijiang	1.67	1.82	Buy	Sum of parts, PB1.3x
12/20/17	CIMB	Yangzijiang	1.49	1.8	Add
03/02/18	OCBC	Yangzijiang	1.45	1.49	Hold	Sum of parts
03/02/18	CIMB	Yangzijiang	1.45	1.51	Hold	Sum of parts
03/05/18	DBS Vickers	Yangzijiang	1.41	1.82	Buy	Sum of parts, PB1.3x
03/16/18	OCBC	Yangzijiang	1.3	1.34	Hold	Sum of parts