Japfa - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/17	CIMB	Japfa	0.92	1.53	Add	Sum of parts, PER11.6x CY17
02/10/17	DBS Vickers	Japfa	1.02	1.26	Buy
03/03/17	CIMB	Japfa	0.9	1.41	Add	Sum of parts
03/06/17	DBS Vickers	Japfa	0.89	1.25	Buy	Sum of parts, PER10.1x FY17
04/10/17	DBS Vickers	Japfa	0.835	1.25	Buy
04/17/17	CIMB	Japfa	0.805	0.69	Reduce	Sum of parts
04/24/17	DBS Vickers	Japfa	0.63	1	Buy	Sum of parts, EV/Ebitda6.5x FY17, PER10.5x FY17
05/02/17	CIMB	Japfa	0.605	0.58	Reduce	Sum of parts, PER8.2x CY17, PER7.2x CY18
05/02/17	DBS Vickers	Japfa	0.605	0.84	Buy	Sum of parts, PER10.7x FY17
07/05/17	DBS Vickers	Japfa	0.65	0.88	Buy	Sum of parts
07/31/17	CIMB	Japfa	0.595	0.55	Reduce	Sum of parts
06/22/18	Kim Eng	Japfa	0.625	0.86	Buy	Sum of parts, PER14x FY18
08/01/18	Kim Eng	Japfa	0.745	0.86	Buy	Sum of parts
09/11/18	CIMB	Japfa	0.595	0.8	Add	Sum of parts
10/17/18	UOB Kay Hian	Japfa	0.61	0.9	Buy	Sum of parts, PER12.2x FY18