Wilmar - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Wilmar	3.16	3.58	Buy
01/03/19	UOB Kay Hian	Wilmar	3.13	3.9	Buy
02/20/19	OCBC	Wilmar	3.37	3.42	Hold
02/20/19	UBS	Wilmar	3.37	3.8	Buy
02/22/19	DMG & Partners	Wilmar	3.39	3.58	Buy
02/22/19	CIMB	Wilmar	3.39	3.96	Add	Sum of parts
02/22/19	UOB Kay Hian	Wilmar	3.39	3.9	Buy
02/25/19	DMG & Partners	Wilmar	3.26	3.63	Buy	Sum of parts
02/25/19	DBS Vickers	Wilmar	3.26	3.6	Buy	DCF, PER15.4x FY19
03/12/19	CIMB	Wilmar	3.2	3.96	Add	Sum of parts
03/12/19	DBS Vickers	Wilmar	3.2	3.6	Buy
03/13/19	DMG & Partners	Wilmar	3.24	3.63	Buy
03/20/19	UOB Kay Hian	Wilmar	3.3	3.9	Buy
04/08/19	UOB Kay Hian	Wilmar	3.48	3.9	Buy
04/09/19	OCBC	Wilmar	3.49	3.44	Hold	PB0.9x
04/09/19	CIMB	Wilmar	3.49	3.96	Add
05/02/19	UOB Kay Hian	Wilmar	3.64	3.9	Buy
05/13/19	DMG & Partners	Wilmar	3.51	3.8	Buy	Sum of parts
05/13/19	DBS Vickers	Wilmar	3.51	3.86	Buy	DCF, PER15.6x FY19
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
06/06/19	DMG & Partners	Wilmar	3.3	3.94	Buy
06/13/19	UOB Kay Hian	Wilmar	3.41	3.9	Buy	PER12.8x FY20
07/03/19	Kim Eng	Wilmar	3.73	4.21	Buy	DCF & PER17.5x FY20
07/09/19	UOB Kay Hian	Wilmar	3.79	3.9	Buy
07/09/19	UBS	Wilmar	3.79	4.5	Buy
07/15/19	DMG & Partners	Wilmar	3.76	4.5	Buy	Sum of parts
07/16/19	CIMB	Wilmar	3.83	5.54	Add	Normal target price is $3.96
07/16/19	DBS Vickers	Wilmar	3.83	4.3	Buy	Sum of parts, PER16.2x FY20
07/17/19	OCBC	Wilmar	3.83	4.26	Buy	Sum of parts
07/26/19	UOB Kay Hian	Wilmar	4.06	4.5	Buy	Sum of parts
08/14/19	DMG & Partners	Wilmar	4.05	4.5	Buy	Sum of parts
08/14/19	UOB Kay Hian	Wilmar	4.05	4.5	Buy
08/15/19	UOB Kay Hian	Wilmar	3.86	4.4	Buy
08/16/19	OCBC	Wilmar	3.78	4.26	Buy
08/16/19	DBS Vickers	Wilmar	3.78	4.25	Buy	Sum of parts, PER16.3x FY20
08/22/19	CIMB	Wilmar	3.81	4.58	Add
08/22/19	Kim Eng	Wilmar	3.81	3.89	Hold
09/04/19	Kim Eng	Wilmar	3.8	3.89	Hold	DCF
09/11/19	DMG & Partners	Wilmar	3.8	4.5	Buy	Sum of parts
09/13/19	DBS Vickers	Wilmar	3.86	4.25	Buy	Sum of parts, PER16.3x FY20
09/24/19	UOB Kay Hian	Wilmar	3.72	4.4	Buy
09/30/19	DMG & Partners	Wilmar	3.72	4.75	Buy	Sum of parts
10/09/19	Kim Eng	Wilmar	3.63	3.89	Hold	DCF
10/09/19	UOB Kay Hian	Wilmar	3.63	4.4	Buy
11/12/19	UOB Kay Hian	Wilmar	3.83	4.4	Buy
11/13/19	DMG & Partners	Wilmar	3.85	4.75	Buy	Sum of parts
11/14/19	DBS Vickers	Wilmar	3.96	4.35	Buy	Sum of parts, PER16.3x FY20
11/25/19	CIMB	Wilmar	4.1	4.58	Add
12/10/19	UOB Kay Hian	Wilmar	4.1	4.75	Buy	Sum of parts
12/10/19	DBS Vickers	Wilmar	4.1	4.6	Buy	Sum of parts, PER17.6x FY20
12/19/19	DMG & Partners	Wilmar	4.08	4.75	Buy

Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Venture	13.85	19	Buy	PER14x FY19
01/07/19	UOB Kay Hian	Venture	13.71	12.9	Hold
01/07/19	Lim & Tan	Venture	13.71	0	Buy
01/08/19	Kim Eng	Venture	14.44	17.48	Buy	PB2x FY19, PER14.4x FY19
02/11/19	UOB Kay Hian	Venture	15.72	12.9	Hold	PER11x FY19, Buy @ $12.40
02/12/19	CIMB	Venture	15.97	17.44	Add	PER12.56x FY20
02/25/19	CIMB	Venture	16.12	17.88	Add	PER12.56x FY20
02/25/19	Kim Eng	Venture	16.12	19.23	Buy	Roe-g/Coe-g, PB2.2x FY19
02/25/19	DMG & Partners	Venture	16.12	19	Buy
02/25/19	DBS Vickers	Venture	16.12	21.7	Buy	PER15.8x FY19
02/25/19	Lim & Tan	Venture	16.12	0	Buy
02/25/19	OCBC	Venture	16.12	20.89	Buy	PER15x
03/19/19	DMG & Partners	Venture	18	19	Buy
03/29/19	DBS Vickers	Venture	17.8	21.7	Buy
04/03/19	Lim & Tan	Venture	18.6	0	Hold
04/26/19	OCBC	Venture	19.29	20.89	Buy	PER15x FY19/20
04/26/19	DMG & Partners	Venture	19.29	19	Neutral
04/26/19	DBS Vickers	Venture	19.29	21.7	Buy	PER15.8x FY19
04/29/19	CIMB	Venture	17.52	17.88	Hold	PER12.5x
04/29/19	Kim Eng	Venture	17.52	19.74	Hold	Roe-g/Coe-g, PB2.2x FY19
05/02/19	Lim & Tan	Venture	16.97	0	Buy on weakness
05/03/19	UOB Kay Hian	Venture	17.4	19.01	Hold	Buy @ $17
06/11/19	Kim Eng	Venture	15.7	19.74	Buy	Roe-g/Coe-g, PB2.2x FY19
06/25/19	Lim & Tan	Venture	17.3	0	Hold
06/26/19	DMG & Partners	Venture	16.46	16.3	Neutral	PER13x FY19
06/26/19	UOB Kay Hian	Venture	16.46	17.91	Hold	PER14x FY19, Buy at $15
06/26/19	CLSA	Venture	16.46	17.3	Underperform
07/05/19	Lim & Tan	Venture	16.35	0	Hold
07/15/19	DBS Vickers	Venture	14.9	18.6	Buy	PER13.7x FY20
07/15/19	UOB Kay Hian	Venture	14.9	17.91	Hold
07/16/19	CIMB	Venture	15	15.73	Hold	PER12.5x CY20
07/22/19	Kim Eng	Venture	15.54	19.74	Buy	Roe-g/Coe-g
08/13/19	Kim Eng	Venture	14.76	18.88	Buy	Roe-g/Coe-g, PB2.2x FY19
08/13/19	DMG & Partners	Venture	14.76	16.3	Buy	PER13x FY19
08/13/19	CIMB	Venture	14.76	16.28	Add	PER12,5x
08/13/19	UOB Kay Hian	Venture	14.76	17.7	Buy	PER14x
08/13/19	DBS Vickers	Venture	14.76	18.6	Buy	PER13.7x FY20
08/13/19	Lim & Tan	Venture	14.76	0	Hold
08/14/19	DIR	Venture	15.28	17.9	Outperform
08/14/19	OCBC	Venture	15.28	18.42	Buy	PER14x
09/09/19	Kim Eng	Venture	15.48	18.88	Buy	Roe-g/Coe-g, PB2.2x FY19
09/11/19	Macquarie	Venture	15.33	17.7	Outperform	Roe-g/Coe-g,PER14x FY19
09/27/19	CIMB	Venture	15.26	16.28	Add
09/30/19	Phillip	Venture	15.27	17.68	Buy	PER14x
10/01/19	UOB Kay Hian	Venture	15.31	17.7	Buy
10/01/19	DBS Vickers	Venture	15.31	18.6	Buy
10/08/19	DMG & Partners	Venture	15.42	16.3	Buy
10/11/19	Phillip	Venture	15.17	17.68	Buy
10/21/19	CIMB	Venture	15.35	16.28	Add	PER12.5x
10/23/19	Macquarie	Venture	15.38	17	Outperform
10/29/19	Kim Eng	Venture	15.29	18.85	Buy	PB2.1x FY20
11/11/19	Phillip	Venture	16.6	17.18	Accumulate	PER14x FY19
11/11/19	Kim Eng	Venture	16.6	16.91	Hold	PB1.8x FY20
11/11/19	DMG & Partners	Venture	16.6	16.3	Neutral	PER13x FY19
11/11/19	CIMB	Venture	16.6	16.88	Hold	PER12.5x
11/11/19	UOB Kay Hian	Venture	16.6	16.67	Hold	PER14x FY20
11/11/19	DBS Vickers	Venture	16.6	17.2	Hold	PER13.7x FY20
11/11/19	Lim & Tan	Venture	16.6	0	Sell
12/10/19	DMG & Partners	Venture	15.76	16.3	Neutral

Valuetronics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	UOB Kay Hian	Valuetronics	0.66	0.87	Buy
01/07/19	DMG & Partners	Valuetronics	0.675	0.82	Buy
01/08/19	Kim Eng	Valuetronics	0.69	0.9	Buy	PB1.9x FY19
02/14/19	Kim Eng	Valuetronics	0.74	1.05	Buy	ROE-g/COE-g, PB2.1x FY20
02/14/19	DMG & Partners	Valuetronics	0.74	0.78	Neutral	DCF
02/14/19	CIMB	Valuetronics	0.74	0.73	Hold	PER8.5x CY19
02/15/19	UOB Kay Hian	Valuetronics	0.71	0.87	Buy
03/19/19	DMG & Partners	Valuetronics	0.69	0.78	Neutral
03/21/19	Kim Eng	Valuetronics	0.685	1.05	Buy	PB2.1x FY20
04/09/19	Kim Eng	Valuetronics	0.7	1.05	Buy
05/27/19	DMG & Partners	Valuetronics	0.61	0.67	Neutral	DCF
05/31/19	DMG & Partners	Valuetronics	0.625	0.61	Neutral	DCF
05/31/19	UOB Kay Hian	Valuetronics	0.625	0.8	Buy
06/03/19	CIMB	Valuetronics	0.605	0.63	Hold	PER8x CY20
06/11/19	Kim Eng	Valuetronics	0.64	0.99	Buy	PB2x FY20
08/16/19	Kim Eng	Valuetronics	0.62	0.94	Buy	ROE-g/COE-g, PB1.9x FY20
08/16/19	DMG & Partners	Valuetronics	0.62	0.61	Neutral	DCF
08/16/19	UOB Kay Hian	Valuetronics	0.62	0.8	Buy
10/08/19	DMG & Partners	Valuetronics	0.615	0.61	Neutral
10/11/19	UOB Kay Hian	Valuetronics	0.615	0.8	Buy	PER11x FY20
11/14/19	DMG & Partners	Valuetronics	0.725	0.81	Buy	DCF
11/14/19	Kim Eng	Valuetronics	0.725	0.98	Buy	PB2x FY20
11/14/19	UOB Kay Hian	Valuetronics	0.725	0.91	Buy	PER12x
12/10/19	DMG & Partners	Valuetronics	0.785	0.81	Buy

The recession constellation is aligning in the US!

https://www.reuters.com/article/us-oil-opec-russia-novak-2020/russias-novak-says-opec-may-consider-ending-oil-output-cuts-in-2020-idUSKBN1YV0HY

I've stated this a few times on my blog below.

http://sg-stock.blogspot.com/2019/12/the-wall-street-analysts-are-starting.html?showComment=1576822097373#c7821513851698794977

Let me surmise again.

1. Tltro II will expire in March 2020.
2. ISM PMI reported its first contraction for August (Below 50) in September. The US recession may happen at the earliest 6 months later which is in March 2020.
3. The Republicans want to remove its President by March 2020. Nancy Pelosi just needs to get some Republicans to deflect to impeach Trump.
4. The opec+ will end the oil production cut in March 2020.  This will affect the US shale oil industry because the US has been gaining the oil market share at the expense of opec+.

All these events are pointing out that March 2020 will be a turning point for the US.

Baltic dry index - 1090

Today, Tuesday, December 24 2019, the Baltic Dry Index decreased by 13 points, reaching 1090 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 - 805

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

UOL - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/19	OCBC	UOL	6.07	8.41	Buy
01/04/19	Lim & Tan	UOL	6	0	Buy
01/17/19	DBS Vickers	UOL	6.65	7.15	Hold
02/12/19	Lim & Tan	UOL	6.57	0	Buy
02/27/19	CIMB	UOL	6.77	8.45	Add	RNAV
02/27/19	OCBC	UOL	6.77	8.45	Buy	RNAV
02/27/19	Lim & Tan	UOL	6.77	0	Buy
02/28/19	DBS Vickers	UOL	6.75	7.15	Hold	RNAV (40% discount)
03/18/19	OCBC	UOL	6.45	8.45	Buy	RNAV
03/28/19	CIMB	UOL	6.78	8.45	Add
04/02/19	OCBC	UOL	7.11	8.45	Buy	RNAV
04/16/19	DBS Vickers	UOL	7.36	8.53	Buy	RNAV (35% discount)
05/13/19	Lim & Tan	UOL	7.26	0	Buy
05/13/19	CIMB	UOL	7.26	8.45	Add	RNAV (30% discount)
05/13/19	OCBC	UOL	7.26	8.5	Buy
05/14/19	DBS Vickers	UOL	7.08	8.53	Buy	RNAV (35% discount)
06/07/19	CIMB	UOL	6.8	8.45	Add
07/15/19	OCBC	UOL	7.61	8.5	Buy
08/13/19	OCBC	UOL	7.2	8.5	Buy
08/13/19	DBS Vickers	UOL	7.2	8.53	Buy	PB0.8x
08/13/19	Lim & Tan	UOL	7.2	0	Buy on weakness
09/10/19	DBS Vickers	UOL	7.47	8.53	Buy	RNAV (35% discount)
11/13/19	OCBC	UOL	7.91	9.25	Buy
11/13/19	Lim & Tan	UOL	7.91	0	Buy on weakness
12/03/19	Lim & Tan	UOL	7.79	0	Buy

UOB - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	UOB	24.57	30.8	Buy	GGM, PB1.41x FY19
01/03/19	CIMB	UOB	24.31	31	Add	PER11.4x FY20
01/03/19	JP Morgan	UOB	24.31	30	Overweight
01/04/19	phillip	UOB	23.99	32.52	Buy
01/04/19	Jefferies	UOB	23.99	31	Buy
01/29/19	DMG & Partners	UOB	25.83	29.8	Buy	GGM, PB1.37x FY19
01/29/19	CIMB	UOB	25.83	32	Add	GGM, PB1.4x CY19
01/31/19	Kim Eng	UOB	25.3	30.5	Buy	DDM
02/01/19	phillip	UOB	25.19	32.52	Buy
02/12/19	Kim Eng	UOB	25.34	30.5	Buy
02/22/19	DMG & Partners	UOB	25.98	29.8	Buy	PB1.35x FY19
02/25/19	Jefferies	UOB	25.58	30	Buy	PER12.3x FY19
02/25/19	OCBC	UOB	25.58	28.3	Buy	PB1.2x FY19
02/25/19	DBS Vickers	UOB	25.58	29.2	Buy	GGM, PB1.2x
02/25/19	phillip	UOB	25.58	32.51	Buy	GGM, PB1.4x FY19
02/25/19	Kim Eng	UOB	25.58	29.71	Buy	DDM
02/25/19	CIMB	UOB	25.58	29	Add	GGM, PB1.3x FY19
02/26/19	Macquarie	UOB	25.39	30.5	Outperform	PB
03/04/19	phillip	UOB	25	32.5	Buy
03/07/19	Kim Eng	UOB	25.1	29.71	Buy
03/11/19	CIMB	UOB	24.91	29	Add
03/13/19	DMG & Partners	UOB	25.04	29.8	Buy	PB1.35x FY19
03/26/19	OCBC	UOB	24.95	28.3	Buy
04/02/19	phillip	UOB	25.42	32.5	Buy
04/02/19	DBS Vickers	UOB	25.42	29.2	Buy
04/11/19	CIMB	UOB	26.56	29	Add
04/12/19	Kim Eng	UOB	26.53	29.71	Buy
04/18/19	phillip	UOB	26.87	32.02	Buy	GGM, PB1.4x FY19
04/22/19	DMG & Partners	UOB	26.8	29.8	Buy
04/24/19	DMG & Partners	UOB	26.99	30.8	Buy	PB1.29x FY20
05/03/19	phillip	UOB	27.75	32.5	Buy
05/03/19	DMG & Partners	UOB	27.75	30.8	Buy	GGM, PB1.29x FY20
05/03/19	DBS Vickers	UOB	27.75	29.2	Buy	GGM, PB1.2x FY19
05/03/19	CIMB	UOB	27.75	29	Add	GGM
05/06/19	Jefferies	UOB	27.77	31	Buy	PER12.4x FY19
05/06/19	OCBC	UOB	27.77	28.9	Hold	GGM, PB1.2x
05/06/19	phillip	UOB	27.77	30.87	Accumulate	GGM, PB1.4x FY19
05/06/19	CIMB	UOB	27.77	29.58	Add	GGM, PB1.3x
05/06/19	Lim & Tan	UOB	27.77	0	Buy on weakness
05/07/19	OCBC	UOB	25.85	27.3	Hold
05/16/19	CIMB	UOB	25.1	29.58	Add	GGM
05/22/19	Kim Eng	UOB	24.83	28.97	Buy
06/03/19	CIMB	UOB	23.5	29.58	Add
06/06/19	phillip	UOB	24	30.9	Accumulate
06/06/19	DMG & Partners	UOB	24	30.8	Buy
06/17/19	Kim Eng	UOB	24.99	28.97	Buy
06/20/19	OCBC	UOB	26.14	28.9	Buy
06/25/19	DBS Vickers	UOB	25.86	29.2	Buy
07/01/19	Kim Eng	UOB	26.13	28.97	Buy
07/02/19	OCBC	UOB	26.61	29.4	Buy	GGM, PB1.3x, PER11.3x
07/03/19	phillip	UOB	26.55	30.9	Accumulate
07/08/19	DMG & Partners	UOB	26.26	30.8	Buy	PB1.29x FY20
07/22/19	CIMB	UOB	26.94	29.58	Add
07/23/19	DBS Vickers	UOB	26.8	29.2	Buy
08/02/19	DMG & Partners	UOB	26.28	29.5	Buy	GGM, PB1.24x FY20
08/02/19	Lim & Tan	UOB	26.28	0	Buy on weakness
08/05/19	phillip	UOB	26	28.6	Accumulate	GGM, PB1.3x
08/05/19	DBS Vickers	UOB	26	29.2	Buy	GGM, PB1.2x FY19
08/05/19	Kim Eng	UOB	26	29.13	Buy	DDM
08/06/19	CIMB	UOB	25.91	29.58	Add	GGM, PB1.3x
08/20/19	CIMB	UOB	25.15	29.54	Add
08/29/19	Macquarie	UOB	24.41	27.2	Neutral	PB
09/02/19	CIMB	UOB	24.96	29.54	Add
09/05/19	phillip	UOB	25.1	28.6	Accumulate
09/11/19	DMG & Partners	UOB	25.77	29.5	Buy
09/26/19	Kim Eng	UOB	25.38	29.13	Buy
10/01/19	DBS Vickers	UOB	25.66	29.2	Buy
10/02/19	DMG & Partners	UOB	25.9	29.5	Buy
10/04/19	phillip	UOB	25.33	28.6	Accumulate
11/01/19	CIMB	UOB	26.83	29.54	Add	GGM, PB1.3x
11/01/19	DMG & Partners	UOB	26.83	29.5	Buy	GGM, PB1.24x FY20
11/01/19	Lim & Tan	UOB	26.83	0	Buy on weakness
11/04/19	phillip	UOB	26.57	27.8	Accumulate	GGM, PB1.3x
11/04/19	Kim Eng	UOB	26.57	30.5	Buy	DDM
11/04/19	OCBC	UOB	26.57	29.4	Buy
11/04/19	DBS Vickers	UOB	26.57	29.2	Buy	GGM, PB1.1x FY20
12/02/19	CIMB	UOB	25.82	29.1	Add
12/02/19	Kim Eng	UOB	25.82	30.5	Buy
12/03/19	DBS Vickers	UOB	25.77	29.2	Buy
12/03/19	DMG & Partners	UOB	25.77	29.5	Buy
12/04/19	phillip	UOB	25.54	27.8	Accumulate

Unusual - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/17/19	DMG & Partners	Unusual	0.28	0.42	Buy	DCF
10/15/19	DMG & Partners	Unusual	0.27	0.42	Buy	DCF
11/19/19	DMG & Partners	Unusual	0.295	0.42	Buy	DCF
11/20/19	UOB Kay Hian	Unusual	0.305	0.44	Buy
12/05/19	DMG & Partners	Unusual	0.27	0.42	Buy	DCF
12/13/19	UOB Kay Hian	Unusual	0.28	0.44	Buy

Stock calls for 27 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/27/19	CIMB	CSE Global	0.545	0.73	Add
12/27/19	CIMB	Sembcorp Industries	2.28	2.78	Add
12/27/19	CIMB	SIA Engineering	2.82	3.3	Add
12/27/19	Lim & Tan	United Engineers	2.69	0	Accept offer	Cash offer @ $2.70
12/27/19	CIMB	Yangzijiang	1.13	1.45	Add

United Engineers - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/25/19	Lim & Tan	United Engineers	2.66	0	Sell

Uni-Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/14/19	Amfrasers	Uni-Asia	1.2	2.07	Buy	Sum of parts, PB0.6x FY19, PER9.5x FY19
04/09/19	Amfrasers	Uni-Asia	1.16	1.86	Buy	Sum of parts, PB0.6x FY19, PER9.5x FY19
05/17/19	Amfrasers	Uni-Asia	1.13	1.86	Buy	Sum of parts, PB0.6x FY19, PER9.5x FY19
08/28/19	Amfrasers	Uni-Asia	0.73	1.24	Buy	Sum of parts, PB0.6x FY20, PER8.5x FY20
09/26/19	Amfrasers	Uni-Asia	0.71	1.24	Buy	Sum of parts, PB0.6x FY20, PER8.5x FY20
12/03/19	Amfrasers	Uni-Asia	0.73	1.24	Outperform	Sum of parts, PB0.6x FY20, PER8.5x FY20

UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/26/19	DBS Vickers	UMS	0.71	0.55	Fully Valued	PER8x FY19
02/28/19	CIMB	UMS	0.74	0.62	Reduce	PB1.37x CY19
05/14/19	DBS Vickers	UMS	0.615	0.55	Fully Valued	PER8x FY19
05/16/19	DBS Vickers	UMS	0.64	0.45	Fully Valued	PER8x FY19/20
05/21/19	CIMB	UMS	0.62	0.55	Reduce
08/16/19	DBS Vickers	UMS	0.585	0.49	Fully Valued	PER9x FY20
08/16/19	CIMB	UMS	0.585	0.55	Hold	PB1.24x FY19
10/24/19	DBS Vickers	UMS	0.705	0.87	Buy	PER12x FY20
10/25/19	CIMB	UMS	0.74	0.67	Hold	PB1.4x FY20
11/13/19	DBS Vickers	UMS	0.81	1	Buy	PER13x FY20
11/29/19	DBS Vickers	UMS	0.89	1.08	Buy	PER14x FY20
12/05/19	Kim Eng	UMS	0.95	1.13	Buy	PB2.2x FY20

Stock calls for 26 December 2019

Date	Analyst	Company	Last	Target	Call	Valuation
12/26/19	Lim & Tan	Sembcorp Marine	1.28	0	Hold
12/26/19	DMG & Partners	Yoma	0.335	0.57	Buy

UG Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/19	DMG & Partners	UG Healthcare	0.205	0.32	Buy	PER10x FY20
05/07/19	DMG & Partners	UG Healthcare	0.18	0.32	Buy	PER10x FY20
08/28/19	DMG & Partners	UG Healthcare	0.18	0.3	Buy	PER11x FY20

Top Glove - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/19	Kim Eng	Top Glove	1.5	1.53	Hold	Ringgit target $4.60, PER24x CY20
04/17/19	UOB Kay Hian	Top Glove	1.48	1.34	Hold	Ringgit target $4.10, Buy @ $3.70
06/27/19	Kim Eng	Top Glove	1.62	1.59	Hold	Ringgit target $4.85