Stock calls for 9 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/09/18	DBS Vickers	APAC Realty	0.58	0.66	Fully Valued	PER10x FY18
07/09/18	Kim Eng	Bukit Sembawang	5.31	5.1	Hold
07/09/18	Phillip	Capitaland	2.99	4.19	Accumulate
07/09/18	DBS Vickers	Capitaland	2.99	3.62	Buy	RNAV (25% discount)
07/09/18	Kim Eng	Capitaland	2.99	3.8	Buy
07/09/18	phillip	Chip Eng Seng	0.79	1.15	Buy
07/09/18	DBS Vickers	Chip Eng Seng	0.79	0.75	Fully Valued	Sum of parts
07/09/18	phillip	City Developments	9.46	12.6	Accumulate	RNAV (20% discount)
07/09/18	DBS Vickers	City Developments	9.46	10	Fully Valued	RNAV (35% discount)
07/09/18	OCBC	City Developments	9.46	9.59	Hold
07/09/18	Kim Eng	City Developments	9.46	10.4	Hold
07/09/18	DBS Vickers	Frasers Property	1.58	1.9	Buy	RNAV (35% discount)
07/09/18	Kim Eng	Guocoland	1.83	2	Hold
07/09/18	UOB Kay Hian	HMI	0.595	0.82	Buy	DCF
07/09/18	phillip	Ho Bee	2.3	2.98	Accumulate
07/09/18	Kim Eng	Ho Bee	2.3	3.05	Buy
07/09/18	DBS Vickers	Keppel Corp	6.58	9.1	Buy	Sum of parts
07/09/18	Kim Eng	Oxley	0.345	0.34	Hold
07/09/18	DBS Vickers	Roxy-Pacific	0.43	0.4	Fully Valued	RNAV (55% discount)
07/09/18	Kim Eng	Starhub	1.7	1.96	Buy	DCF
07/09/18	OCBC	UOL	6.7	8.48	Buy	RNAV (35% discount)
07/09/18	DBS Vickers	UOL	6.7	7.82	Buy	RNAV (35% discount)
07/09/18	Kim Eng	UOL	6.7	8.95	Buy
07/09/18	CIMB	Vard	0.25	0.25	Do Not Accept	Offer $0.25 is not fair