SATS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/17	UOB Kay Hian	SATS	4.94	4.5	Hold
01/20/17	DIR	SATS	5.19	4.97	Hold
02/02/17	Credit Suisse	SATS	5.26	4.9	Neutral
02/08/17	UOB Kay Hian	SATS	5.15	4.5	Hold
02/10/17	CIMB	SATS	4.98	5	Hold	DCF & PER19x CY19
02/10/17	DIR	SATS	4.98	4.93	Hold	DCF
02/10/17	Kim Eng	SATS	4.98	3.76	Sell	PER17x FY18
02/10/17	Lim & Tan	SATS	4.98	0	Hold
02/10/17	OCBC	SATS	4.98	4.7	Hold	Buy @ $4.40
02/10/17	phillip	SATS	4.98	4.73	Neutral	DCF
02/10/17	UOB Kay Hian	SATS	4.98	4.6	Hold	DDM, PER23x FY18, Buy @ $4.30
03/21/17	DIR	SATS	4.82	4.93	Hold	DCF
04/03/17	UOB Kay Hian	SATS	4.88	4.6	Hold
04/07/17	Credit Suisse	SATS	4.89	4.9	Neutral
05/03/17	UOB Kay Hian	SATS	5.12	4.6	Hold
05/18/17	CIMB	SATS	5.28	5.17	Hold	DCF & PER19x
05/22/17	CIMB	SATS	5.29	5.11	Hold	DCF & PER19x
05/22/17	Credit Suisse	SATS	5.29	4.65	Underperform
05/22/17	DIR	SATS	5.29	5	Hold	DCF
05/22/17	Kim Eng	SATS	5.29	4.9	Hold	PER17x
05/22/17	OCBC	SATS	5.29	5.12	Hold	DCF, Buy @ $4.7 or lower
05/22/17	phillip	SATS	5.29	5.08	Hold	DCF, PER23.2x FY18
05/22/17	UOB Kay Hian	SATS	5.29	5.05	Hold	DDM
06/06/17	UOB Kay Hian	SATS	5.22	5.05	Hold	Buy @ $4.75
06/16/17	OCBC	SATS	5.08	5.12	Hold	Buy @ $4.70 or lower
07/14/17	DIR	SATS	4.94	5	Hold	DCF
07/20/17	Credit Suisse	SATS	5.09	4.65	Underperform
07/24/17	Kim Eng	SATS	5.08	4.9	Hold	PER
07/24/17	DIR	SATS	5.08	5.05	Hold	DCF
07/24/17	phillip	SATS	5.08	5.08	Neutral	DCF, PER23.2x FY18
07/24/17	UOB Kay Hian	SATS	5.08	5.1	Hold	DDM
07/24/17	CIMB	SATS	5.08	5.11	Hold	DCF & PER19x
07/24/17	OCBC	SATS	5.08	5.05	Hold	DCF, Buy @ $4.7 or lower
07/24/17	Lim & Tan	SATS	5.08	5.09	Sell	Bloomberg consensus
08/02/17	DIR	SATS	4.85	5.05	Hold
08/02/17	UOB Kay Hian	SATS	4.85	5.4	Buy	DDM, PER23.5x FY18
08/22/17	Credit Suisse	SATS	4.83	4.6	Underperform
09/05/17	UOB Kay Hian	SATS	4.76	5.4	Buy	DDM, PER23.5x FY18
09/18/17	OCBC	SATS	4.74	5.05	Hold	Buy @ $4.70 or lower
09/25/17	DBS Vickers	SATS	4.65	5.02	Buy	DCF & PER21x FY18
09/25/17	CIMB	SATS	4.65	4.24	Reduce	PER18x CY19
09/26/17	DIR	SATS	4.57	5.19	Outperform	DCF
10/02/17	OCBC	SATS	4.61	5.05	Buy
10/04/17	UOB Kay Hian	SATS	4.66	5.4	Buy	PER23.5x FY18
11/01/17	DBS Vickers	SATS	4.7	5.02	Buy
11/02/17	UOB Kay Hian	SATS	4.75	5.4	Buy	PER23.5x FY18
11/10/17	UOB Kay Hian	SATS	4.71	6	Buy	DCF, PER24.6x FY18
11/10/17	OCBC	SATS	4.71	5.05	Buy
11/10/17	CIMB	SATS	4.71	4.81	Hold	PER20x CY18
11/10/17	phillip	SATS	4.71	5.24	Accumulate	DCF, PER23.2x FY18
11/13/17	Kim Eng	SATS	5.01	5.7	Buy	PER21x FY19/20
11/13/17	Credit Suisse	SATS	5.01	4.6	Neutral
12/04/17	UOB Kay Hian	SATS	5.24	6	Buy
12/20/17	CIMB	SATS	5.26	4.81	Hold
01/16/18	OCBC	SATS	5.78	5.5	Hold	Buy @ $5.05 or lower
02/14/18	Kim Eng	SATS	5.25	6.1	Buy	PER21x FY20
02/14/18	UOB Kay Hian	SATS	5.25	5.9	Buy	DCF, PER25.2x FY18
02/14/18	OCBC	SATS	5.25	5.5	Hold	Buy @ $5.05 or lower
02/14/18	CIMB	SATS	5.25	5.17	Hold	PER20x FY19
02/14/18	phillip	SATS	5.25	5.33	Neutral	DCF, PER23.3x FY18
02/14/18	DBS Vickers	SATS	5.25	5.67	Buy	DCF, PER22x FY19
03/09/18	UOB Kay Hian	SATS	5.03	5.9	Buy
04/13/18	UOB Kay Hian	SATS	5.18	5.8	Buy	PER25.3x FY19
04/19/18	CIMB	SATS	5.45	5.17	Hold
05/30/18	Lim & Tan	SATS	5.35	0	Hold
05/31/18	phillip	SATS	5.28	5.58	Accumulate	DCF
05/31/18	UOB Kay Hian	SATS	5.28	5.7	Buy	DCF, PER24.3x FY19
05/31/18	DBS Vickers	SATS	5.28	5.64	Buy
05/31/18	OCBC	SATS	5.28	5.5	Hold
06/11/18	UOB Kay Hian	SATS	5.13	5.7	Buy
06/14/18	OCBC	SATS	5.06	5.5	Buy
07/03/18	UOB Kay Hian	SATS	4.91	5.7	Buy
07/20/18	phillip	SATS	5.1	5.58	Accumulate	DCF, PER24.7x FY19
07/20/18	UOB Kay Hian	SATS	5.1	6.1	Buy	DCF, PER23x FY20
07/20/18	Kim Eng	SATS	5.1	5.9	Buy	PER21x FY20
07/20/18	CIMB	SATS	5.1	5.06	Hold	PER20x CY19
07/20/18	DBS Vickers	SATS	5.1	5.65	Buy	DCF & PER22x FY19
08/17/18	UOB Kay Hian	SATS	5.1	6.1	Buy
09/10/18	UOB Kay Hian	SATS	5.01	6.1	Buy
09/18/18	OCBC	SATS	4.93	5.39	Buy
11/08/18	UOB Kay Hian	SATS	4.99	5.6	Buy	EV/Invested Capital
11/09/18	phillip	SATS	5.11	5.47	Accumulate	DCF, PER24.3x FY19
11/09/18	OCBC	SATS	5.11	5.39	Hold
11/09/18	CIMB	SATS	5.11	5.06	Hold	PER20x CY19
11/12/18	DBS Vickers	SATS	4.88	5.6	Buy	DCF, PER22x FY20