Banyan Tree - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/17	phillip	Banyan Tree	0.565	0.77	Buy	Sum of parts
08/14/17	phillip	Banyan Tree	0.55	0.74	Buy	Sum of parts, PB0.87x FY18
09/12/17	UOB Kay Hian	Banyan Tree	0.64	0.93	Buy	Sum of parts, EV/Ebitda12.9x FY18
09/27/17	UOB Kay Hian	Banyan Tree	0.62	0.92	Buy	Sum of parts, EV/Ebitda12.9x FY18
11/09/17	UOB Kay Hian	Banyan Tree	0.62	0.92	Buy	Sum of parts
11/13/17	phillip	Banyan Tree	0.605	0.71	Accumulate	Sum of parts, PB0.7x FY18
01/11/18	UOB Kay Hian	Banyan Tree	0.63	0.92	Buy	Sum of parts
02/28/18	UOB Kay Hian	Banyan Tree	0.62	0.92	Buy	Sum of parts
03/01/18	phillip	Banyan Tree	0.605	0.71	Accumulate	Sum of parts
03/05/18	UOB Kay Hian	Banyan Tree	0.585	0.92	Buy
04/20/18	UOB Kay Hian	Banyan Tree	0.605	1	Buy	Sum of parts
05/16/18	UOB Kay Hian	Banyan Tree	0.58	1	Buy	Sum of parts
05/17/18	phillip	Banyan Tree	0.575	0.73	Accumulate	Sum of parts, PB0.94x FY18
07/16/18	phillip	Banyan Tree	0.525	0.73	Accumulate	Sum of parts, PB0.94x FY18
08/15/18	UOB Kay Hian	Banyan Tree	0.535	1	Buy	Sum of parts
08/24/18	phillip	Banyan Tree	0.54	0.73	Accumulate	Sum of parts, PB0.94x FY18