Stock calls for 2 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/02/18	Kim Eng	ART	1.05	1.15	Hold	DDM
11/02/18	OCBC	ART	1.05	1.03	Hold
11/02/18	UOB Kay Hian	ART	1.05	1.15	Hold	DDM, Buy @ $1.05
11/02/18	CIMB	ART	1.05	1.12	Hold
11/02/18	Lim & Tan	ART	1.05	0	Buy
11/02/18	DBS Vickers	Ascendas Hospitality Trust	0.805	0.98	Buy	DCF
11/02/18	DBS Vickers	CDL Hospitality	1.44	1.85	Buy	DCF
11/02/18	UOB Kay Hian	China Aviation Oil	1.38	1.93	Buy	PER13.5x FY18
11/02/18	DMG & Partners	China Aviation Oil	1.38	1.5	Neutral	PER10x & PB1.2x & EV/Ebitda9x & DCF, PER7x FY19 (ex-cash), PEG1.3x FY19
11/02/18	DBS Vickers	China Aviation Oil	1.38	1.9	Buy
11/02/18	CIMB	China Aviation Oil	1.38	1.83	Add	PER12x FY19
11/02/18	UOB Kay Hian	CSE Global	0.45	0.59	Buy
11/02/18	Amfrasers	DBS	23.95	27.7	Buy
11/02/18	UOB Kay Hian	DBS	23.95	29.5	Buy
11/02/18	DBS Vickers	Japfa	0.68	0.89	Buy	Sum of parts (15% discount), PER12.6x FY19
11/02/18	DBS Vickers	Manulife US Reit	0.73	0.97	Buy
11/02/18	CIMB	OCBC	11.15	14	Add	GGM
11/02/18	DBS Vickers	OCBC	11.15	13.2	Buy	GGM, PB1.3x FY19
11/02/18	UOB Kay Hian	OCBC	11.15	14.05	Buy	GGM, PB1.37x FY19
11/02/18	UOB Kay Hian	Singtel	3.18	3.94	Buy
11/02/18	DBS Vickers	Singtel	3.18	3.64	Buy	Sum of parts
11/02/18	UOB Kay Hian	ST Engineering	3.54	4.06	Buy
11/02/18	DBS Vickers	Starhub	1.98	2.45	Buy
11/02/18	UOB Kay Hian	Suntec Reit	1.74	2.01	Hold
11/02/18	UOB Kay Hian	Thai Beverage	0.635	0.84	Buy
11/02/18	UOB Kay Hian	Valuetronics	0.635	0.96	Buy