Stock calls for 16 May 2019

Date	Analyst	Company	Last	Target	Call	Valuation
05/16/19	DBS Vickers	AIMS AMP Cap Ind Reit	1.4	1.5	Buy	DCF
05/16/19	DBS Vickers	APAC Realty	0.525	0.58	Hold	PER10x
05/16/19	Phillip	APTV	0.178	0.16	Reduce	EV/Ebitda11x
05/16/19	DMG & Partners	City Developments	8.54	9.2	Neutral	RNAV (40% discount)
05/16/19	OCBC	City Developments	8.54	10.68	Buy
05/16/19	CIMB	City Developments	8.54	10.66	Add
05/16/19	DBS Vickers	Comfortdelgro	2.52	2.59	Hold	DCF, PER17.7x, Buy @ $2.40
05/16/19	Kim Eng	Comfortdelgro	2.52	2.4	Hold
05/16/19	Amfrasers	Comfortdelgro	2.52	2.77	Buy
05/16/19	DMG & Partners	First Resources	1.7	1.53	Neutral	PER13x FY20
05/16/19	Kim Eng	First Resources	1.7	1.93	Buy	PER17x
05/16/19	DBS Vickers	First Resources	1.7	1.95	Buy	DCF, PER16.5x FY19
05/16/19	UOB Kay Hian	First Resources	1.7	1.7	Hold	Buy @ $1.50
05/16/19	Kim Eng	HMI	0.545	0.66	Buy	DCF
05/16/19	DBS Vickers	Jumbo	0.405	0.51	Buy	PER23x FY19
05/16/19	UOB Kay Hian	Jumbo	0.405	0.41	Hold	Buy @ $0.37
05/16/19	CIMB	Jumbo	0.405	0.52	Add
05/16/19	UOB Kay Hian	Propnex	0.505	0.6	Buy
05/16/19	DBS Vickers	Riverstone	0.975	1.03	Hold	PER16.8x FY19/20
05/16/19	OCBC	Sembcorp Industries	2.54	3.13	Buy	Sum of parts
05/16/19	DBS Vickers	Sembcorp Industries	2.54	3.9	Buy
05/16/19	CIMB	Sembcorp Industries	2.54	3.41	Add
05/16/19	DBS Vickers	Silverlake	0.52	0.63	Buy	PER21x FY19
05/16/19	CIMB	Silverlake	0.52	0.58	Add
05/16/19	DMG & Partners	Singtel	3.13	3.35	Neutral	Sum of parts
05/16/19	OCBC	Singtel	3.13	3.59	Buy
05/16/19	CIMB	Singtel	3.13	3.4	Add	Sum of parts
05/16/19	UOB Kay Hian	Singtel	3.13	3.58	Buy
05/16/19	Kim Eng	Singtel	3.13	3.37	Hold	Sum of parts
05/16/19	OCBC	ST Engineering	3.9	4.22	Buy
05/16/19	DBS Vickers	ST Engineering	3.9	4.5	Buy
05/16/19	CIMB	ST Engineering	3.9	4.43	Add	PER22x FY20
05/16/19	DBS Vickers	UMS	0.64	0.45	Fully Valued	PER8x FY19/20
05/16/19	CIMB	UOB	25.1	29.58	Add	GGM
05/16/19	DMG & Partners	Wilmar	3.5	3.94	Buy	Sum of parts
05/16/19	OCBC	Wilmar	3.5	3.66	Hold	PB0.95x
05/16/19	CIMB	Wilmar	3.5	3.96	Add	Sum of parts
05/16/19	OCBC	Yanlord	1.44	1.68	Buy	PER5x