Ascott Residence Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/22	UOB Kay Hian	ART	1.04	1.29	Buy	DDM
01/07/22	CIMB	ART	1.03	1.22	Add
01/31/22	Kim Eng	ART	1.01	1.3	Buy	DDM
02/03/22	UOB Kay Hian	ART	1.02	1.29	Buy	DDM
02/11/22	Phillip	ART	1.06	1.22	Accumulate	DDM
03/03/22	OCBC	ART	1.04	1.22	Buy
03/03/22	CIMB	ART	1.04	1.21	Add
03/09/22	DBS Vickers	ART	1.03	1.3	Buy
03/09/22	Lim & Tan	ART	1.03	1.17	Buy
03/17/22	UOB Kay Hian	ART	1.03	1.29	Buy
04/05/22	Phillip	ART	1.12	1.23	Accumulate
04/05/22	UOB Kay Hian	ART	1.12	1.29	Buy	DDM
05/03/22	DBS Vickers	ART	1.16	1.3	Buy
05/04/22	Phillip	ART	1.16	1.24	Accumulate	DDM
05/05/22	UOB Kay Hian	ART	1.16	1.32	Buy	DDM
05/05/22	DBS Vickers	ART	1.16	1.4	Buy	DCF, PB1.18x
05/06/22	CIMB	ART	1.16	1.24	Add
05/06/22	OCBC	ART	1.16	1.3	Buy
06/01/22	UOB Kay Hian	ART	1.16	1.32	Buy	DDM
06/03/22	UOB Kay Hian	ART	1.15	1.25	Buy
06/14/22	DBS Vickers	ART	1.16	1.4	Buy
06/29/22	UOB Kay Hian	ART	1.15	1.33	Buy	DDM
07/01/22	UOB Kay Hian	ART	1.14	1.31	Buy
08/01/22	Kim Eng	ART	1.17	1.4	Buy	DDM
08/02/22	UOB Kay Hian	ART	1.16	1.35	Buy	DDM
08/02/22	OCBC	ART	1.16	1.29	Buy
08/05/22	DBS Vickers	ART	1.17	1.4	Buy
08/15/22	Lim & Tan	ART	1.18	1.24	Hold
08/17/22	CIMB	ART	1.14	1.25	Add
08/19/22	Phillip	ART	1.15	1.24	Accumulate	DDM
09/20/22	OCBC	ART	1.08	1.29	Buy
09/26/22	UOB Kay Hian	ART	1.09	1.36	Buy	DDM
09/27/22	UOB Kay Hian	ART	1.05	1.29	Buy
10/03/22	UOB Kay Hian	ART	0.98	1.29	Buy	DDM
10/04/22	Phillip	ART	0.965	1.24	Accumulate
10/13/22	UOB Kay Hian	ART	0.935	1.27	Buy
10/25/22	Credit Suisse	ART	0.875	0.97	Buy
11/01/22	Phillip	ART	0.955	1.13	Buy	DDM
11/02/22	UOB Kay Hian	ART	0.96	1.27	Buy	DDM
11/02/22	DBS Vickers	ART	0.96	1.3	Buy
11/30/22	OCBC	ART	0.945	1.2	Buy
12/06/22	Kim Eng	ART	0.975	1.4	Buy
12/15/22	DBS Vickers	ART	1.01	1.31	Buy
01/03/23	UOB Kay Hian	ART	1.05	1.27	Buy
01/05/23	Phillip	ART	1.05	1.13	Buy
01/09/23	UOB Kay Hian	ART	1.03	1.37	Buy
01/18/23	DBS Vickers	ART	1.09	1.3	Buy
01/20/23	CIMB	ART	1.08	1.25	Add
01/31/23	CIMB	ART	1.1	1.27	Add	DDM
02/03/23	UOB Kay Hian	ART	1.12	1.39	Buy	DDM
02/09/23	Phillip	ART	1.1	1.26	Buy	DDM
02/10/23	Kim Eng	ART	1.09	1.25	Buy	DDM

ARA Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/22	Lim & Tan	ARA Logistics	0.895	0.933	Accept Offer
01/27/22	CIMB	ARA Logistics	0.87	0.987	Add	DDM
03/08/22	CIMB	ARA Logistics	0.815	0.92	Add	DDM

Stock calls for 9 March 2023

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/23	DBS Vickers	APAC Realty	0.625	0.63	Hold	PER8.5x FY23
03/09/23	ocim	APAC Realty	0.625	0.77	Add
03/09/23	Lim & Tan	Audience Analytics	0.31	0.425	Buy	Sum of parts, PER10.6x FY23
03/09/23	Phillip	Hyphens Pharma	0.35	0.445	Buy	DCF

ARA Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/22	DBS Vickers	ARA Hospitality	0.5	0.7	Buy	DCF
05/05/22	DBS Vickers	ARA Hospitality	0.505	0.7	Buy
06/14/22	DBS Vickers	ARA Hospitality	0.485	0.7	Buy
08/04/22	Lim & Tan	ARA Hospitality	0.475	0.7	Buy
08/05/22	DBS Vickers	ARA Hospitality	0.47	0.7	Buy
11/08/22	DBS Vickers	ARA Hospitality	0.355	0.55	Buy	DCF
01/05/23	DBS Vickers	ARA Hospitality	0.36	0.55	Buy
02/24/23	DBS Vickers	ARA Hospitality	0.4	0.55	Buy	DCF

APTV - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/22	Phillip	APTV	0.134	0.15	Accumulate	EV/Ebitda9x FY21
08/16/22	Phillip	APTV	0.12	0.15	Buy	EV/Ebitda9x FY22
11/21/22	Phillip	APTV	0.109	0.13	Buy	EV/Ebitda8.5x FY23