Stock calls for 15 November 2019

Date	Analyst	Company	Last	Target	Call	Valuation
11/15/19	Amfrasers	Accordia Golf Trust	0.61	0.67	Outperform
11/15/19	OCBC	Golden Agri	0.245	0.26	Hold
11/15/19	DBS Vickers	MM2 Asia	0.285	0.3	Hold	Sum of parts, PER12.8x FY20
11/15/19	DBS Vickers	OUE Commercial	0.54	0.6	Buy	DCF
11/15/19	UOB Kay Hian	Propnex	0.525	0.62	Buy
11/15/19	OCBC	Sembcorp Industries	2.29	2.51	Hold	Sum of parts
11/15/19	DMG & Partners	Sembcorp Industries	2.29	2.68	Buy	Sum of parts (20% discount), PER10x FY20
11/15/19	Macquarie	Sembcorp Marine	1.28	1.4	Neutral	DCF
11/15/19	DBS Vickers	Sembcorp Marine	1.28	1.4	Hold	PB1.3x FY20
11/15/19	DBS Vickers	Silverlake	0.44	0.57	Buy	PER21x FY20
11/15/19	Lim & Tan	Singtel	3.3	0	Hold
11/15/19	DMG & Partners	Talkmed	0.505	0.62	Buy	DCF
11/15/19	DBS Vickers	Yoma	0.375	0.5	Buy	RNAV (45% discount)