Stock calls for 4 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/19	phillip	China Sunsine	1.26	1.55	Buy	FCFE
03/04/19	Kim Eng	Comfortdelgro	2.43	2.45	Hold	DCF
03/04/19	DMG & Partners	Dairy Farm	8.57	8.64	Neutral	DCF
03/04/19	DBS Vickers	Dairy Farm	8.57	8.44	Hold	Sum of parts
03/04/19	phillip	DBS	25.08	29	Buy
03/04/19	phillip	EC World Reit	0.76	0.85	Buy	DDM, PB0.84x FY19
03/04/19	DMG & Partners	First Resources	1.72	1.6	Neutral	PER13x FY19
03/04/19	DBS Vickers	First Resources	1.72	1.97	Buy
03/04/19	DMG & Partners	Food Empire	0.58	0.69	Buy
03/04/19	DMG & Partners	GSS Energy	0.112	0.17	Buy	DCF
03/04/19	Lim & Tan	Nera Telecom	0.285	0	Buy
03/04/19	phillip	OCBC	11.1	13.7	Buy
03/04/19	Lim & Tan	Pacific Century	0.385	0	Buy
03/04/19	phillip	Sheng Siong	1.09	1.3	Accumulate	PER25x
03/04/19	phillip	UOB	25	32.5	Buy
03/04/19	OCBC	Yangzijiang	1.44	1.44	Hold
03/04/19	UOB Kay Hian	Yangzijiang	1.44	1.39	Hold	Buy @ $1.25
03/04/19	DBS Vickers	Yangzijiang	1.44	1.82	buy	Sum of parts, PB1.1x

Newscasters will face retrenchments soon!

https://www.channelnewsasia.com/news/technology/china-xinhua-ai-robot-lifelike-female-news-anchor-11307696

The news broadcasting industry is being disrupted by AI robots now and China is the first to use AI robot for news broadcasts.

USA is gearing up for USD depreciation. - Part 2

https://sg.news.yahoo.com/trump-says-strong-dollar-hurting-u-competitiveness-184008692--business.html

Trump has stated publicly that he wants USD to depreciate.

We had already anticipated this USD depreciation in our previous post below.  We've nailed it!

https://sg-stock.blogspot.com/2019/02/usa-is-gearing-up-for-usd-depreciation.html

CNY vs HKD has an anomaly today.

HKD vs CNY

CNY vs HKD

The charts above show some anomaly which denotes an intervention in the FX market for HKD/CNY.  Maybe the China Central Bank is trying to remove the arbitrage opportunity by manipulating the currency.

http://sg-stock.blogspot.com/2019/03/hong-kong-dollar-has-been-depreciating.html

Hong Kong Dollar has been depreciating! Why?

The HKD is depreciating and is approaching the limit of HKD$7.85 (intervention level).  This is stressing the HKMA to up its interest rates to stabilize the HKD and prevent capital outflow.

The one-month Hibor-Libor spread is widening to 151 basis points and also giving HKMA the stress to up its interest rates because HKD is pegged to USD.  This causes HKD to depreciate unless HKMA ups its interest rates.  However, the dovish FED stance is giving HKMA some breathing space not to hike its interest rates because the HK interest rates will affect the property sector tremendously.

The 1-month HKD Hibor is at 1.33% and the 1-month CNY Hibor is at 2.72% (see chart below).  This creates a huge arbitrage opportunity for investors to sell HKD for CNY to net a risk-free return of 1.39%.  How cool is that?  This is the primary reason for HKD depreciation.

Baltic dry index - 658

Today, Thursday, February 28 2019, the Baltic Dry Index climbed by 7 points, reaching 658 points.

Baltic Dry Index is compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore. The index is based on a daily survey of agents all over the world. Baltic Dry hit a temporary peak on May 20, 2008, when the index hit 11,793. The lowest level ever reached was on Wednesday the 10th of February 2016, when the index dropped to 290 points.

===================

Related stock: Sembcorp Marine, Cosco & Pan ocean

US rig count - 1038

The rig count in the Permian Basin fell by seven this week, the latest count Friday by Baker Hughes shows, with 466 rigs active in the region. A year ago, 434 rigs were active in the region.

Nationally, the oil and gas rig count is down nine from last week at 1,038 rigs. A year ago, 981 rigs were active. The count shows that 843 rigs sought oil, down ten from the previous week, and 195 explored for natural gas, up one from the previous week.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.

========================

Related stock: Keppel Corp, Sembcorp Marine & Cosco

What is the main determinant cause of Singapore success? Water?

https://sg.news.yahoo.com/mahathir-believes-singapore-rapidly-developed-030901104.html

Mahathir believes that the main determinant cause of Singapore success is water.

However, Malaysia has more water than Singapore.  How come Malaysia is not as successful as Singapore when it has more water resources?  The exchange rate for MY:SG should be 1:3, not 3:1 if Mahathir is right about SG's success.

Mermaid Maritime - Stock calls

Date	Analyst	Company	Last	Target	Valuation
01/12/18	CIMB	Mermaid Maritime	0.139	0.14	PB0.43x CY18
01/23/18	DBS Vickers	Mermaid Maritime	0.155	0.14
03/01/18	CIMB	Mermaid Maritime	0.152	0.16	PB0.48x CY18
03/13/18	DBS Vickers	Mermaid Maritime	0.15	0.14	Sum of parts
05/18/18	DBS Vickers	Mermaid Maritime	0.138	0.13	PB0.6x
08/17/18	DBS Vickers	Mermaid Maritime	0.106	0.13	Sum of parts
08/20/18	CIMB	Mermaid Maritime	0.106	0.13
11/15/18	DBS Vickers	Mermaid Maritime	0.094	0.1	PB0.5x

Memtech - Stock calls

Date	Analyst	Company	Last	Target	Valuation
01/10/18	CIMB	Memtech	1.15	1.33	PER10x FY19
01/24/18	CLSA	Memtech	1.28	2	PEG0.45x, PER15x CY18
02/09/18	UOB Kay Hian	Memtech	1.29	1.43	PER11.6x FY18
03/05/18	Lim & Tan	Memtech	1.52	0
03/07/18	CIMB	Memtech	1.54	1.76	PER12x FY19
04/06/18	UOB Kay Hian	Memtech	1.58	1.5	PER12x FY18, Buy @ $1.35
04/26/18	Lim & Tan	Memtech	1.37	0
04/27/18	CIMB	Memtech	1.29	1.47	PER10x FY19
04/27/18	UOB Kay Hian	Memtech	1.29	1.32	PER10.6x FY18, Buy @ $1.18
06/26/18	CIMB	Memtech	1.13	1.47
08/14/18	CIMB	Memtech	1.12	1.43	PER10x FY19
08/14/18	UOB Kay Hian	Memtech	1.12	1.08
10/12/18	UOB Kay Hian	Memtech	0.85	0.95	PER9.8x FY18, Buy @ $0.75
11/09/18	CIMB	Memtech	0.745	1.1	PER8x FY19
11/09/18	Lim & Tan	Memtech	0.745	0
11/27/18	UOB Kay Hian	Memtech	0.79	0.91	PER9.8x FY18
12/24/18	Lim & Tan	Memtech	0.8	0
02/28/19	Lim & Tan	Memtech	1.03	0
02/28/19	CIMB	Memtech	1.03	1.08	PER8.5x FY20
03/01/19	UOB Kay Hian	Memtech	0.985	1.33	PER11x FY19

Megachem - Stock calls

Date	Analyst	Company	Last	Target	Percent	Valuation
04/30/18	NRA	Megachem	0.385	0.51	32.47	DCF, PER14.7x FY18
06/26/18	SAC	Megachem	0.32	0.5	56.25	PER14.9x FY19
08/17/18	NRA	Megachem	0.32	0.51	59.38

Stock calls for 1 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/19	DMG & Partners	APAC Realty	0.57	0.72	Buy	DCF
03/01/19	DBS Vickers	APAC Realty	0.57	0.7	Buy	PER12x
03/01/19	Phillip	APTV	0.13	0.14	Accumulate
03/01/19	DMG & Partners	China Aviation Oil	1.37	1.5	Neutral
03/01/19	DBS Vickers	China Aviation Oil	1.37	1.85	Buy	PER12x FY19
03/01/19	UOB Kay Hian	China Aviation Oil	1.37	1.25	Hold	PER8.4x FY19
03/01/19	phillip	CNMC	0.225	0.31	Buy	DCF
03/01/19	DMG & Partners	Delfi	1.45	1.68	Buy	DCF
03/01/19	Kim Eng	First Resources	1.71	2.03	Buy	PER17x
03/01/19	OCBC	Frasers Centrepoint Trust	2.29	2.5	Buy
03/01/19	DBS Vickers	Frasers Centrepoint Trust	2.29	2.4	Buy	DCF
03/01/19	CIMB	Golden Agri	0.275	0.23	Reduce	Sum of parts (10% discount)
03/01/19	OCBC	Golden Agri	0.275	0.27	Hold
03/01/19	DBS Vickers	Hongkong Land	6.77	8.02	Buy
03/01/19	Kim Eng	IHH Healthcare	1.85	2.29	Buy	Sum of parts, Ringgit $6.90 target
03/01/19	DBS Vickers	Indofood Agri	0.2	0.19	Hold
03/01/19	CIMB	Japfa	0.765	0.9	Add	Sum of parts
03/01/19	UOB Kay Hian	Memtech	0.985	1.33	Buy	PER11x FY19
03/01/19	CIMB	Silverlake	0.57	0.62	Add	Sum of parts, PER19x CY20
03/01/19	UOB Kay Hian	Sunningdale	1.56	1.3	Hold	PER11x FY19, Buy @ $1.20
03/01/19	Lim & Tan	Sunningdale	1.56	0	Hold
03/01/19	UOB Kay Hian	Sunpower	0.585	0.88	Buy	Sum of parts
03/01/19	CIMB	Yangzijiang	1.43	1.61	Add	Sum of parts
03/01/19	OCBC	Yanlord	1.39	1.75	Buy	PER5x
03/01/19	CIMB	Yongnam	0.173	0.33	Add	PB0.7x FY19

Mahathir is bashing Singapore again!

https://sg.news.yahoo.com/speak-against-singapore-water-agreement-102137041.html

How many times must we say this?

The water agreement is not a simple commercial agreement.  It was part of the separation agreement for MY-SG and was lodged with the UN.  Therefore, nobody can just change the water pact.

Under the water pact, Johor (JB) doesn't need to buy back the processed water but it is buying the full maximum quantity allowed by the water pact? Why? Why? Why?

This is because JB knows that SG is selling the processed water at a huge loss to JB.

Hot news! NTUC, Sheng Siong and Prime have signed 3-year contracts with Kaohsiung Mayor.

Kaohsiung mayor Han has just visited Singapore to promote Kaohsiung farm and fishery products.

He has just signed a 3-year contract with 3 supermarkets such as NTUC, Sheng Siong and Prime.  This guy is a potential Taiwan presidential candidate in 2020.  If he becomes the Taiwan president in 2020, Taiwan and Singapore relationship will get much closer.

http://sg-stock.blogspot.com/2019/01/hot-news-ntuc-fairprice-will-sign-3.html

MDR - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/24/18	NRA	MDR	0.003	0.474	Unrated	Mid-point of $0.366-0.582

Mapletree North Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/18	OCBC	Mapletree North Asia	1.27	1.39	Buy
01/29/18	CIMB	Mapletree North Asia	1.27	1.26	Hold	DDM
01/29/18	DBS Vickers	Mapletree North Asia	1.27	1.4	Buy
03/28/18	Lim & Tan	Mapletree North Asia	1.18	0	Buy on weakness
03/29/18	CIMB	Mapletree North Asia	1.15	1.3	Add	DDM
04/26/18	OCBC	Mapletree North Asia	1.13	1.39	Buy
04/27/18	OCBC	Mapletree North Asia	1.15	1.42	Buy	DDM
04/27/18	CIMB	Mapletree North Asia	1.15	1.3	Add	DDM
05/23/18	OCBC	Mapletree North Asia	1.16	1.42	Buy
06/26/18	DBS Vickers	Mapletree North Asia	1.13	1.45	Buy	DCF
07/31/18	OCBC	Mapletree North Asia	1.15	1.42	Buy
08/01/18	CIMB	Mapletree North Asia	1.15	1.3	Add	DDM
08/01/18	DBS Vickers	Mapletree North Asia	1.15	1.45	Buy
09/04/18	OCBC	Mapletree North Asia	1.15	1.42	Buy
10/01/18	DBS Vickers	Mapletree North Asia	1.14	1.45	Buy	DCF
10/29/18	OCBC	Mapletree North Asia	1.13	1.34	Buy
10/30/18	CIMB	Mapletree North Asia	1.13	1.28	Add	DDM
12/03/18	OCBC	Mapletree North Asia	1.13	1.34	Buy
01/29/19	OCBC	Mapletree North Asia	1.25	1.35	Buy
01/29/19	DBS Vickers	Mapletree North Asia	1.25	1.45	Buy
02/09/19	DBS Vickers	Mapletree North Asia	1.25	1.45	Buy

Mapletree Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/18	DBS Vickers	Mapletree Logistics	1.36	1.38	Buy
01/10/18	Lim & Tan	Mapletree Logistics	1.35	0	Hold
01/23/18	UOB Kay Hian	Mapletree Logistics	1.35	1.41	Hold	DDM
01/23/18	OCBC	Mapletree Logistics	1.35	1.35	Buy
01/23/18	Deutsche	Mapletree Logistics	1.35	1.4	Buy
01/24/18	CIMB	Mapletree Logistics	1.38	1.43	Add	DDM
01/24/18	Credit Suisse	Mapletree Logistics	1.38	1.18	Neutral
01/24/18	OCBC	Mapletree Logistics	1.38	1.48	Buy
01/24/18	DBS Vickers	Mapletree Logistics	1.38	1.45	Buy
02/14/18	Deutsche	Mapletree Logistics	1.23	1.35	Buy
02/20/18	DBS Vickers	Mapletree Logistics	1.25	1.45	Buy
03/06/18	OCBC	Mapletree Logistics	1.2	1.48	Buy
04/16/18	Kim Eng	Mapletree Logistics	1.27	1.25	Hold
04/27/18	UOB Kay Hian	Mapletree Logistics	1.26	1.41	Hold
04/27/18	OCBC	Mapletree Logistics	1.26	1.48	Buy
04/30/18	OCBC	Mapletree Logistics	1.27	1.44	Buy
04/30/18	Kim Eng	Mapletree Logistics	1.27	1.25	Hold	DDM
05/02/18	CIMB	Mapletree Logistics	1.27	1.39	Add	DDM
06/21/18	OCBC	Mapletree Logistics	1.22	1.34	Buy
06/26/18	DBS Vickers	Mapletree Logistics	1.22	1.48	Buy
07/06/18	Kim Eng	Mapletree Logistics	1.23	1.25	Hold
07/06/18	DBS Vickers	Mapletree Logistics	1.23	1.48	Buy
07/24/18	OCBC	Mapletree Logistics	1.28	1.34	Buy
07/25/18	CIMB	Mapletree Logistics	1.29	1.39	Add	DDM
07/25/18	UOB Kay Hian	Mapletree Logistics	1.29	1.36	Hold
07/25/18	DBS Vickers	Mapletree Logistics	1.29	1.53	Buy
08/24/18	DBS Vickers	Mapletree Logistics	1.25	1.53	Buy
09/20/18	OCBC	Mapletree Logistics	1.26	1.34	Buy
09/25/18	Deutsche	Mapletree Logistics	1.26	1.4	Buy
10/01/18	DBS Vickers	Mapletree Logistics	1.23	1.5	Buy
10/09/18	OCBC	Mapletree Logistics	1.22	1.37	Buy
10/23/18	Lim & Tan	Mapletree Logistics	1.23	0	Hold
10/24/18	CIMB	Mapletree Logistics	1.23	1.39	Add	DDM
10/24/18	Kim Eng	Mapletree Logistics	1.23	1.3	Hold	DDM
10/24/18	UOB Kay Hian	Mapletree Logistics	1.23	1.36	Hold	DDM, Buy @ $1.15
11/05/18	DBS Vickers	Mapletree Logistics	1.21	1.5	Buy
12/07/18	DBS Vickers	Mapletree Logistics	1.28	1.5	Buy
01/02/19	CIMB	Mapletree Logistics	1.26	1.42	Add	DDM
01/11/19	UOB Kay Hian	Mapletree Logistics	1.33	1.39	Hold	DDM, Buy @ $1.26
01/22/19	OCBC	Mapletree Logistics	1.34	1.4	Buy
01/23/19	DBS Vickers	Mapletree Logistics	1.34	1.5	Buy
01/23/19	Kim Eng	Mapletree Logistics	1.34	1.3	Hold	DDM
02/08/19	DBS Vickers	Mapletree Logistics	1.39	1.5	Buy
01/23/19	CIMB	Mapletree Logistics	1.34	1.44	Add	DDM
02/28/19	Kim Eng	Mapletree Logistics	1.39	1.3	Hold

Stock calls for 28 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/19	Kim Eng	A-Reit	2.81	2.95	Buy
02/28/19	DMG & Partners	Best World	2.56	2.95	Buy	DCF & PER18x
02/28/19	CIMB	Best World	2.56	2.43	Reduce
02/28/19	DBS Vickers	Bumitama	0.665	0.85	Buy	DCF, PER13.9x FY19
02/28/19	Kim Eng	Capitamall Trust	2.42	2.25	Hold
02/28/19	Kim Eng	CDL Hospitality	1.6	1.8	Buy
02/28/19	phillip	Dasin Retail	0.885	0.94	Accumulate	DDM, PB0.64x
02/28/19	Kim Eng	Frasers Centrepoint Trust	2.3	2.55	Buy
02/28/19	DMG & Partners	Fu Yu	0.215	0.24	Buy	DCF
02/28/19	CIMB	Fu Yu	0.215	0.2	Hold
02/28/19	UOB Kay Hian	Golden Agri	0.28	0.21	Sell
02/28/19	Lim & Tan	Haw Par	12.39	0	Buy
02/28/19	Lim & Tan	Hong Leong Finance	2.71	0	Buy
02/28/19	Kim Eng	Mapletree Logistics	1.39	1.3	Hold
02/28/19	Lim & Tan	Memtech	1.03	0	Buy on weakness
02/28/19	CIMB	Memtech	1.03	1.08	Hold
02/28/19	OCBC	OUE	1.66	2.32	Buy
02/28/19	CIMB	UMS	0.74	0.62	Reduce
02/28/19	DBS Vickers	UOL	6.75	7.15	Hold	RNAV (40% discount)

Mapletree Industrial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/19/18	Kim Eng	Mapletree Industrial	2.11	2.1	Buy
01/24/18	OCBC	Mapletree Industrial	2.07	2.06	Hold
01/24/18	UOB Kay Hian	Mapletree Industrial	2.07	1.88	Hold	DDM
01/24/18	DBS Vickers	Mapletree Industrial	2.07	2.15	Buy
01/24/18	Deutsche	Mapletree Industrial	2.07	1.85	Hold
01/25/18	Phillip	Mapletree Industrial	2.12	2.15	Neutral	DDM, PB1.48x FY18
01/25/18	CIMB	Mapletree Industrial	2.12	2.16	Add	DDM
02/12/18	Phillip	Mapletree Industrial	1.93	2.15	Neutral
04/16/18	Kim Eng	Mapletree Industrial	2.03	2.2	Buy
04/24/18	UOB Kay Hian	Mapletree Industrial	2.02	2	Hold	DDM
04/25/18	CIMB	Mapletree Industrial	2	2.12	Add	DDM
04/25/18	Phillip	Mapletree Industrial	2	2.09	Neutral	PB1.48x FY19
04/25/18	OCBC	Mapletree Industrial	2	2.06	Hold
04/25/18	Kim Eng	Mapletree Industrial	2	2.25	Buy	DDM
04/30/18	DBS Vickers	Mapletree Industrial	2.02	2.22	Buy
05/02/18	CIMB	Mapletree Industrial	2.03	2.12	Add
05/21/18	Phillip	Mapletree Industrial	1.95	2.09	Neutral
07/05/18	Kim Eng	Mapletree Industrial	1.96	2.25	Buy	DDM
07/06/18	DBS Vickers	Mapletree Industrial	1.96	2.22	Buy
07/25/18	OCBC	Mapletree Industrial	2.02	2.06	Hold
07/25/18	Phillip	Mapletree Industrial	2.02	2.09	Neutral	DDM, PB1.42x FY19
07/26/18	UOB Kay Hian	Mapletree Industrial	2.02	1.94	Hold	DDM, Buy @ $1.76
07/26/18	OCBC	Mapletree Industrial	2.02	2.08	Hold
07/26/18	CIMB	Mapletree Industrial	2.02	2.13	Add	DDM
09/25/18	Deutsche	Mapletree Industrial	1.96	1.75	Sell
10/01/18	DBS Vickers	Mapletree Industrial	1.98	2.22	Buy	DCF
10/17/18	Phillip	Mapletree Industrial	1.94	2.09	Neutral
10/24/18	OCBC	Mapletree Industrial	1.95	2.01	Hold	DDM
10/24/18	Lim & Tan	Mapletree Industrial	1.95	0	Hold
10/25/18	Phillip	Mapletree Industrial	1.95	1.99	Neutral	DDM, PB1.34x FY19
10/25/18	UOB Kay Hian	Mapletree Industrial	1.95	1.94	Hold	DDM
10/25/18	CIMB	Mapletree Industrial	1.95	2.08	Add	DDM
10/26/18	Kim Eng	Mapletree Industrial	1.96	2.25	Buy
11/21/18	Phillip	Mapletree Industrial	1.84	1.99	Neutral
12/17/18	DBS Vickers	Mapletree Industrial	1.91	2.22	Buy
01/17/19	OCBC	Mapletree Industrial	1.97	2.04	Hold
01/18/19	CIMB	Mapletree Industrial	1.99	2.1	Add	DDM
01/23/19	DBS Vickers	Mapletree Industrial	1.98	2.22	Buy	PER16.8x FY19
01/23/19	DIR	Mapletree Industrial	1.98	1.78	Underperform
01/24/19	Phillip	Mapletree Industrial	1.96	2.03	Neutral	DDM, PB1.36x FY19
01/24/19	Kim Eng	Mapletree Industrial	1.96	2.2	Buy	DDM
01/28/19	UOB Kay Hian	Mapletree Industrial	2.03	1.94	Hold	Buy @ $1.78
02/12/19	OCBC	Mapletree Industrial	2.03	2.04	Hold
02/15/19	Phillip	Mapletree Industrial	1.99	2.03	Neutral
02/19/19	OCBC	Mapletree Industrial	1.99	1.98	Hold
02/20/19	DBS Vickers	Mapletree Industrial	1.99	2.3	Buy

Mapletree Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	Kim Eng	Mapletree Commercial	1.62	1.45	Sell	DDM
01/04/18	Deutsche	Mapletree Commercial	1.67	1.7	Buy
01/25/18	Lim & Tan	Mapletree Commercial	1.67	0	Hold
01/26/18	CIMB	Mapletree Commercial	1.68	1.75	Add	DDM
04/25/18	Kim Eng	Mapletree Commercial	1.6	1.5	Hold	DDM
04/25/18	CIMB	Mapletree Commercial	1.6	1.75	Add	DDM
04/25/18	DBS Vickers	Mapletree Commercial	1.6	1.8	Buy	DCF, PB1.2x
07/27/18	Kim Eng	Mapletree Commercial	1.64	1.5	Hold	DDM
07/27/18	CIMB	Mapletree Commercial	1.64	1.75	Add	DDM
07/27/18	DBS Vickers	Mapletree Commercial	1.64	1.8	Buy
09/25/18	Deutsche	Mapletree Commercial	1.64	1.7	Buy
10/01/18	DBS Vickers	Mapletree Commercial	1.61	1.8	Buy	DCF
10/26/18	Kim Eng	Mapletree Commercial	1.63	1.6	Hold	DDM
10/26/18	CIMB	Mapletree Commercial	1.63	1.75	Add
10/29/18	DBS Vickers	Mapletree Commercial	1.64	1.8	Buy	DCF, PB1.2x
11/16/18	CIMB	Mapletree Commercial	1.62	1.67	Add	DDM
11/28/18	OCBC	Mapletree Commercial	1.63	1.79	Buy	DDM
01/24/19	OCBC	Mapletree Commercial	1.72	1.79	Hold
01/24/19	CIMB	Mapletree Commercial	1.72	1.79	Add	DDM
01/24/19	DBS Vickers	Mapletree Commercial	1.72	2	Buy	DCF
01/24/19	Kim Eng	Mapletree Commercial	1.72	1.6	Hold
02/08/19	DBS Vickers	Mapletree Commercial	1.81	2	Buy