Stock calls for 30 September 2019

Date	Analyst	Company	Last	Target	Call	Valuation
09/30/19	DMG & Partners	Bumitama	0.58	0.6	Neutral	PER16x FY20
09/30/19	DMG & Partners	First Resources	1.6	1.9	Buy	PER18x FY20
09/30/19	DMG & Partners	Golden Agri	0.23	0.25	Neutral	Sum of parts
09/30/19	CIMB	Keppel Corp	5.98	8.41	Add	Sum of parts
09/30/19	UOB Kay Hian	Mapletree Commercial	2.34	2.38	Hold	DDM
09/30/19	Kim Eng	Mapletree Commercial	2.34	2.1	Hold
09/30/19	CIMB	Mapletree Commercial	2.34	2.38	Hold	DDM
09/30/19	DBS Vickers	Mapletree North Asia	1.33	1.65	Buy	DCF
09/30/19	Phillip	Venture	15.27	17.68	Buy	PER14x
09/30/19	DMG & Partners	Wilmar	3.72	4.75	Buy	Sum of parts