Raffles Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Raffles Medical	1.43	1.76	Buy	DCF
01/03/17	UOB Kay Hian	Raffles Medical	1.43	1.7	Buy	DCF
01/19/17	DIR	Raffles Medical	1.475	1.49	Hold	DCF
02/08/17	UOB Kay Hian	Raffles Medical	1.455	1.7	Buy
02/20/17	CIMB	Raffles Medical	1.48	1.46	Reduce	Sum of parts
02/20/17	OCBC	Raffles Medical	1.48	1.61	Buy
02/21/17	CIMB	Raffles Medical	1.46	1.36	Reduce	Sum of parts, EV/Ebitda23x CY17
02/21/17	Credit Suisse	Raffles Medical	1.46	1.6	Neutral
02/21/17	DBS Vickers	Raffles Medical	1.46	1.4	Hold	PER29x FY17/18
02/21/17	DIR	Raffles Medical	1.46	1.43	Hold	DCF
02/21/17	DMG & Partners	Raffles Medical	1.46	1.72	Buy	DCF
02/21/17	Kim Eng	Raffles Medical	1.46	1.7	Buy	DCF
02/21/17	Lim & Tan	Raffles Medical	1.46	0	Hold
02/21/17	OCBC	Raffles Medical	1.46	1.6	Buy
02/21/17	UOB Kay Hian	Raffles Medical	1.46	1.67	Buy
02/22/17	Phillip	Raffles Medical	1.445	1.6	Accumulate	DCF
03/21/17	UOB Kay Hian	Raffles Medical	1.42	1.66	Buy
03/24/17	Kim Eng	Raffles Medical	1.405	1.7	Buy	DCF
04/03/17	OCBC	Raffles Medical	1.415	1.6	Buy	Sum of parts
04/04/17	CIMB	Raffles Medical	1.43	1.36	Reduce	Sum of parts
04/04/17	Credit Suisse	Raffles Medical	1.43	1.6	Neutral
04/04/17	DIR	Raffles Medical	1.43	1.63	Outperform	DCF
04/04/17	DMG & Partners	Raffles Medical	1.43	1.72	Buy	Sum of parts
04/05/17	DBS Vickers	Raffles Medical	1.445	1.4	Hold	PER29x FY17/18
04/10/17	UOB Kay Hian	Raffles Medical	1.47	1.66	Buy	DCF
04/25/17	CIMB	Raffles Medical	1.415	1.37	Reduce	Sum of parts
04/25/17	DIR	Raffles Medical	1.415	1.56	Outperform	DCF
04/25/17	DMG & Partners	Raffles Medical	1.415	1.49	Neutral	DCF
04/25/17	Kim Eng	Raffles Medical	1.415	1.67	Buy	DCF
04/25/17	Phillip	Raffles Medical	1.415	1.49	Accumulate	DCF
04/25/17	UOB Kay Hian	Raffles Medical	1.415	1.52	Hold	DCF, Buy @ $1.35
06/05/17	Kim Eng	Raffles Medical	1.365	1.54	Buy	DCF
06/08/17	OCBC	Raffles Medical	1.375	1.6	Buy
06/19/17	UOB Kay Hian	Raffles Medical	1.355	1.52	Hold	DCF
06/20/17	CIMB	Raffles Medical	1.36	1.25	Reduce	Sum of parts
08/01/17	Phillip	Raffles Medical	1.285	1.27	Neutral	DCF
08/01/17	DIR	Raffles Medical	1.285	1.46	Outperform	DCF
08/01/17	DMG & Partners	Raffles Medical	1.285	1.1	Sell	DCF
08/01/17	UOB Kay Hian	Raffles Medical	1.285	1.3	Hold	DCF, Buy @ $1.17
08/01/17	Kim Eng	Raffles Medical	1.285	1.12	Sell	DCF
08/01/17	OCBC	Raffles Medical	1.285	1.47	Buy
08/01/17	Credit Suisse	Raffles Medical	1.285	1.45	Neutral
08/01/17	CIMB	Raffles Medical	1.285	1.25	Reduce	Sum of parts
08/01/17	Lim & Tan	Raffles Medical	1.285	0	Sell
08/02/17	DBS Vickers	Raffles Medical	1.11	1.2	Hold	PER25x FY17/18
09/18/17	CIMB	Raffles Medical	1.1	1.21	Add	Sum of parts
09/21/17	UOB Kay Hian	Raffles Medical	1.105	1.28	Buy	DCF
10/11/17	DIR	Raffles Medical	1.17	1.29	Outperform	DCF
10/16/17	UOB Kay Hian	Raffles Medical	1.155	1.28	Buy	DCF
10/31/17	CIMB	Raffles Medical	1.125	1.24	Add	Sum of parts
10/31/17	Phillip	Raffles Medical	1.125	1.32	Accumulate	DCF
10/31/17	UOB Kay Hian	Raffles Medical	1.125	1.34	Buy	DCF
10/31/17	DMG & Partners	Raffles Medical	1.125	1.1	Neutral	DCF
10/31/17	OCBC	Raffles Medical	1.125	1.26	Buy
10/31/17	DBS Vickers	Raffles Medical	1.125	1	Fully Valued	PER26x FY18, PER30x FY19
10/31/17	Lim & Tan	Raffles Medical	1.125	0	Hold
11/29/17	DMG & Partners	Raffles Medical	1.06	1.1	Neutral
01/08/18	CIMB	Raffles Medical	1.12	1.24	Add	Sum of parts
02/13/18	UOB Kay Hian	Raffles Medical	1.08	1.34	Buy
02/27/18	Phillip	Raffles Medical	1.1	1.32	Accumulate	DCF
02/27/18	UOB Kay Hian	Raffles Medical	1.1	1.32	Buy	DCF
02/27/18	OCBC	Raffles Medical	1.1	1.26	Buy	Sum of parts
02/27/18	Kim Eng	Raffles Medical	1.1	1.13	Hold	DCF
02/27/18	DMG & Partners	Raffles Medical	1.1	1.02	Neutral	DCF
02/28/18	DBS Vickers	Raffles Medical	1.16	1	Fully Valued	Sum of parts, PER26x FY18
03/13/18	UOB Kay Hian	Raffles Medical	1.17	1.32	Buy	DCF
05/02/18	Phillip	Raffles Medical	1.15	1.32	Accumulate	DCF
05/02/18	UOB Kay Hian	Raffles Medical	1.15	1.32	Buy	DCF
05/02/18	DMG & Partners	Raffles Medical	1.15	1.02	Sell	DCF
05/02/18	OCBC	Raffles Medical	1.15	1.26	Buy
05/02/18	CIMB	Raffles Medical	1.15	1.24	Hold	Sum of parts
05/02/18	Kim Eng	Raffles Medical	1.15	1.13	Hold
06/29/18	DMG & Partners	Raffles Medical	1.01	1.02	Neutral	DCF
07/24/18	UOB Kay Hian	Raffles Medical	1.1	1.28	Buy	DCF, PER34.8x FY18
08/07/18	UOB Kay Hian	Raffles Medical	1.09	1.28	Buy	DCF, PER34.8x FY18
08/07/18	DMG & Partners	Raffles Medical	1.09	1.02	Neutral
08/07/18	CIMB	Raffles Medical	1.09	1.19	Hold	Sum of parts
08/07/18	OCBC	Raffles Medical	1.09	1.26	Buy
08/08/18	Phillip	Raffles Medical	1.11	1.32	Accumulate	DCF
09/24/18	OCBC	Raffles Medical	1.1	1.26	Buy
10/30/18	OCBC	Raffles Medical	1.09	1.26	Buy	Sum of parts
10/30/18	UOB Kay Hian	Raffles Medical	1.09	1.27	Buy	DCF
10/30/18	DMG & Partners	Raffles Medical	1.09	1.02	Neutral	DCF
10/30/18	CIMB	Raffles Medical	1.09	1.19	Hold	Sum of parts