Mapletree Industrial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	UOB Kay Hian	Mapletree Industrial	1.53	1.61	Hold
01/08/16	DBS Vickers	Mapletree Industrial	1.52	1.62	Buy
01/26/16	Deutsche	Mapletree Industrial	1.51	1.5	Hold
01/27/16	DIR	Mapletree Industrial	1.495	1.63	Outperform	DDM
01/27/16	Kim Eng	Mapletree Industrial	1.495	1.5	Hold
01/27/16	OCBC	Mapletree Industrial	1.495	1.48	Hold	DDM
01/28/16	CIMB	Mapletree Industrial	1.52	1.62	Hold	DDM
02/16/16	JP Morgan	Mapletree Industrial	1.545	1.7	Overweight	Cut from $1.75
02/16/16	Kim Eng	Mapletree Industrial	1.545	1.71	Buy	Yield 7%
02/25/16	Deutsche	Mapletree Industrial	1.55	1.6	Hold
03/24/16	Credit Suisse	Mapletree Industrial	1.59	1.72	Outperform
03/24/16	Deutsche	Mapletree Industrial	1.59	1.6	Hold
03/28/16	Kim Eng	Mapletree Industrial	1.6	1.71	Buy
03/30/16	UOB Kay Hian	Mapletree Industrial	1.6	1.61	Hold
04/05/16	Deutsche	Mapletree Industrial	1.6	1.6	Hold
04/11/16	Phillip	Mapletree Industrial	1.61	1.7	Accumulate	DDM
04/13/16	Kim Eng	Mapletree Industrial	1.595	1.71	Buy	Yield 7%
04/26/16	CIMB	Mapletree Industrial	1.64	1.67	Hold	DDM
04/26/16	DBS Vickers	Mapletree Industrial	1.64	1.64	Hold
04/26/16	DIR	Mapletree Industrial	1.64	1.68	Hold	DDM
04/27/16	Credit Suisse	Mapletree Industrial	1.64	1.71	Outperform
04/27/16	OCBC	Mapletree Industrial	1.64	1.64	Hold
04/27/16	Phillip	Mapletree Industrial	1.64	1.72	Accumulate	DDM
04/27/16	UOB Kay Hian	Mapletree Industrial	1.64	1.61	Hold
05/17/16	Deutsche	Mapletree Industrial	1.6	1.6	Hold
05/17/16	Kim Eng	Mapletree Industrial	1.6	1.78	Buy
06/27/16	UOB Kay Hian	Mapletree Industrial	1.63	1.61	Hold
07/01/16	UBS	Mapletree Industrial	1.72	1.5	Sell
07/08/16	Phillip	Mapletree Industrial	1.79	1.72	Neutral	DDM
07/12/16	DBS Vickers	Mapletree Industrial	1.79	1.81	Hold
07/18/16	UOB Kay Hian	Mapletree Industrial	1.725	1.7	Sell	DDM
07/19/16	Credit Suisse	Mapletree Industrial	1.75	1.82	Outperform
07/26/16	Deutsche	Mapletree Industrial	1.7	1.6	Hold
07/26/16	JP Morgan	Mapletree Industrial	1.7	1.8	Overweight
07/27/16	CIMB	Mapletree Industrial	1.755	1.9	Add	DDM
07/27/16	DBS Vickers	Mapletree Industrial	1.755	1.9	Buy	Up from $1.81
07/27/16	DIR	Mapletree Industrial	1.755	1.7	Hold	DDM
07/27/16	OCBC	Mapletree Industrial	1.755	1.67	Hold
07/28/16	Kim Eng	Mapletree Industrial	1.775	1.9	Buy
08/01/16	UOB Kay Hian	Mapletree Industrial	1.81	1.7	Sell
08/16/16	CIMB	Mapletree Industrial	1.76	1.9	Add
08/16/16	DBS Vickers	Mapletree Industrial	1.76	1.9	Buy
08/16/16	Deutsche	Mapletree Industrial	1.76	1.7	Hold
09/07/16	CIMB	Mapletree Industrial	1.76	1.9	Add
09/07/16	Credit Suisse	Mapletree Industrial	1.76	1.82	Outperform
10/14/16	DIR	Mapletree Industrial	1.715	1.7	Hold
10/14/16	Phillip	Mapletree Industrial	1.715	1.72	Neutral
10/25/16	OCBC	Mapletree Industrial	1.715	1.67	Hold	DDM
10/25/16	Phillip	Mapletree Industrial	1.715	1.74	Neutral	DDM
10/26/16	CIMB	Mapletree Industrial	1.74	1.9	Add	DDM
10/26/16	UOB Kay Hian	Mapletree Industrial	1.74	1.61	Sell
10/27/16	DBS Vickers	Mapletree Industrial	1.74	1.9	Buy
11/04/16	CIMB	Mapletree Industrial	1.705	1.9	Add
11/11/16	Phillip	Mapletree Industrial	1.69	1.74	Neutral
11/16/16	Deutsche	Mapletree Industrial	1.59	1.7	Hold
11/16/16	JP Morgan	Mapletree Industrial	1.59	1.75	Overweight
11/24/16	CIMB	Mapletree Industrial	1.565	1.68	Add	PB1.15x
11/24/16	OCBC	Mapletree Industrial	1.565	1.67	Buy
11/29/16	Phillip	Mapletree Industrial	1.59	1.74	Accumulate	DDM
12/06/16	CIMB	Mapletree Industrial	1.615	1.68	Add
12/06/16	Kim Eng	Mapletree Industrial	1.615	1.9	Buy
12/07/16	Deutsche	Mapletree Industrial	1.64	1.7	Hold
12/09/16	UOB Kay Hian	Mapletree Industrial	1.66	1.6	Hold
01/09/17	DBS Vickers	Mapletree Industrial	1.665	1.9	Buy
01/25/17	Deutsche	Mapletree Industrial	1.645	1.65	Hold
01/25/17	OCBC	Mapletree Industrial	1.645	1.79	Buy
01/25/17	UOB Kay Hian	Mapletree Industrial	1.645	1.6	Hold	DDM
01/26/17	CIMB	Mapletree Industrial	1.65	1.68	Add	DDM
01/26/17	Phillip	Mapletree Industrial	1.65	1.74	Accumulate	DDM
01/31/17	Credit Suisse	Mapletree Industrial	1.665	1.82	Outperform
02/14/17	CIMB	Mapletree Industrial	1.665	1.68	Add
02/17/17	JP Morgan	Mapletree Industrial	1.675	1.75	Overweight
02/20/17	Phillip	Mapletree Industrial	1.66	1.74	Accumulate
02/28/17	Deutsche	Mapletree Industrial	1.66	1.65	Hold
03/06/17	CIMB	Mapletree Industrial	1.67	1.68	Add	DDM
03/06/17	DBS Vickers	Mapletree Industrial	1.67	1.9	Buy
03/07/17	DIR	Mapletree Industrial	1.685	1.7	Hold	DDM
03/07/17	UOB Kay Hian	Mapletree Industrial	1.685	1.6	Hold
03/29/17	OCBC	Mapletree Industrial	1.76	1.88	Buy
03/30/17	DBS Vickers	Mapletree Industrial	176	1.94	Buy
04/11/17	UOB Kay Hian	Mapletree Industrial	1.77	1.6	Hold
04/18/17	DIR	Mapletree Industrial	1.785	1.7	Hold
04/18/17	Kim Eng	Mapletree Industrial	1.785	2	Buy	DDM
04/25/17	DBS Vickers	Mapletree Industrial	1.795	1.94	Buy	DCF
04/25/17	DIR	Mapletree Industrial	1.795	1.71	Hold	DDM
04/25/17	OCBC	Mapletree Industrial	1.795	1.93	Buy
04/26/17	CIMB	Mapletree Industrial	1.82	1.8	Hold	DDM
04/26/17	Kim Eng	Mapletree Industrial	1.82	2.05	Buy	DDM
04/26/17	Phillip	Mapletree Industrial	1.82	1.8	Neutral	DDM
04/26/17	UOB Kay Hian	Mapletree Industrial	1.82	1.69	Hold	DDM
05/08/17	Deutsche	Mapletree Industrial	1.81	1.7	Hold
05/08/17	Phillip	Mapletree Industrial	1.81	1.8	Neutral
05/25/17	UOB Kay Hian	Mapletree Industrial	1.815	1.78	Hold
06/09/17	Lim & Tan	Mapletree Industrial	1.84	0	Hold
06/12/17	DBS Vickers	Mapletree Industrial	1.825	1.94	Buy
06/20/17	OCBC	Mapletree Industrial	1.8	1.93	Buy
06/22/17	Deutsche	Mapletree Industrial	1.815	1.7	Hold
06/22/17	Kim Eng	Mapletree Industrial	1.815	2.05	Buy
07/03/17	Kim Eng	Mapletree Industrial	1.86	2.05	Buy	DDM
07/26/17	DIR	Mapletree Industrial	1.88	1.71	Hold	DDM
07/26/17	UOB Kay Hian	Mapletree Industrial	1.88	1.78	Hold	DDM
07/26/17	OCBC	Mapletree Industrial	1.88	1.92	Hold
07/26/17	DBS Vickers	Mapletree Industrial	1.88	1.94	Buy	DCF
07/26/17	Religare	Mapletree Industrial	1.88	1.9	Buy
07/26/17	Phillip	Mapletree Industrial	1.88	1.98	Accumulate	DDM, PB1.41x FY18
07/27/17	CIMB	Mapletree Industrial	1.905	1.91	Hold	DDM
08/03/17	Kim Eng	Mapletree Industrial	1.84	2.05	Buy
08/22/17	Phillip	Mapletree Industrial	1.855	1.98	Accumulate
09/27/17	DBS Vickers	Mapletree Industrial	1.84	1.94	Buy	DCF
09/28/17	Kim Eng	Mapletree Industrial	1.85	2.05	Buy
10/09/17	Phillip	Mapletree Industrial	1.875	1.98	Accumulate
10/23/17	UOB Kay Hian	Mapletree Industrial	1.9	1.78	Hold
10/25/17	OCBC	Mapletree Industrial	1.96	1.92	Hold
10/25/17	Kim Eng	Mapletree Industrial	1.96	2.05	Buy
10/25/17	UOB Kay Hian	Mapletree Industrial	1.97	1.88	Hold
10/26/17	CIMB	Mapletree Industrial	1.97	1.94	Hold	DDM
10/27/17	Phillip	Mapletree Industrial	1.97	1.99	Neutral	DDM, PB1.37x FY18
11/08/17	DBS Vickers	Mapletree Industrial	1.965	2.15	Buy	DCF
11/28/17	Kim Eng	Mapletree Industrial	1.99	2.1	Buy
12/01/17	UOB Kay Hian	Mapletree Industrial	1.97	1.88	Hold
12/04/17	Phillip	Mapletree Industrial	1.99	2.06	Hold
12/04/17	OCBC	Mapletree Industrial	1.99	2.06	Hold
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
01/25/18	Phillip	Mapletree Industrial	2.12	2.15	Neutral	DDM, PB1.48x FY18
01/25/18	CIMB	Mapletree Industrial	2.12	2.16	Add	DDM

Mapletree Great China - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Mapletree Greater China	0.875	1.11	Buy	DCF
02/01/16	Lim & Tan	Mapletree Greater China	0.84	0	Hold
02/02/16	CIMB	Mapletree Greater China	0.845	1.1	Add	DDM
02/02/16	OCBC	Mapletree Greater China	0.845	1.03	Buy
03/07/16	CIMB	Mapletree Greater China	0.94	1.1	Add	DDM
04/28/16	CIMB	Mapletree Greater China	0.99	1.12	Add	DDM
04/28/16	OCBC	Mapletree Greater China	0.99	1.09	Buy
04/29/16	DBS Vickers	Mapletree Greater China	1.02	1.15	Buy
05/17/16	CIMB	Mapletree Greater China	0.985	1.12	Add
08/01/16	OCBC	Mapletree Greater China	1.075	1.18	Buy
08/02/16	CIMB	Mapletree Greater China	1.085	1.14	Add	DDM
08/02/16	DBS Vickers	Mapletree Greater China	1.085	1.13	Buy
09/06/16	OCBC	Mapletree Greater China	1.115	1.18	Buy
10/31/16	CIMB	Mapletree Greater China	1.055	1.13	Add	DDM
10/31/16	DBS Vickers	Mapletree Greater China	1.055	1.11	Buy
10/31/16	OCBC	Mapletree Greater China	1.055	1.15	Buy
11/21/16	OCBC	Mapletree Greater China	0.97	1.15	Buy
01/09/17	DBS Vickers	Mapletree Greater China	0.955	1.11	Buy	DCF
01/31/17	CIMB	Mapletree Greater China	0.955	1.13	Add	DDM
01/31/17	OCBC	Mapletree Greater China	0.955	1.08	Buy
03/06/17	OCBC	Mapletree Greater China	0.985	1.08	Buy
03/30/17	DBS Vickers	Mapletree Greater China	1.015	1.11	Buy	DCF
04/03/17	CIMB	Mapletree Greater China	1.02	1.13	Add
04/27/17	OCBC	Mapletree Greater China	1.06	1.08	Buy
04/28/17	CIMB	Mapletree Greater China	1.045	1.14	Add
04/28/17	DBS Vickers	Mapletree Greater China	1.045	1.25	Buy	DCF
04/28/17	OCBC	Mapletree Greater China	1.045	1.13	Buy
06/23/17	CIMB	Mapletree Greater China	1.075	1.14	Add
07/31/17	OCBC	Mapletree Greater China	1.11	1.22	Buy
08/01/17	CIMB	Mapletree Greater China	1.11	1.17	Add	DDM
08/01/17	DBS Vickers	Mapletree Greater China	1.11	1.25	Buy
10/24/17	CIMB	Mapletree Greater China	1.215	1.2	Hold	DDM
10/24/17	OCBC	Mapletree Greater China	1.215	1.28	Buy
10/24/17	DBS Vickers	Mapletree Greater China	1.215	1.3	Buy	DCF
11/30/17	OCBC	Mapletree Greater China	1.16	1.28	Buy
12/14/17	OCBC	Mapletree Greater China	1.19	1.28	Buy
12/18/17	DBS Vickers	Mapletree Greater China	1.19	1.3	Buy
01/29/18	OCBC	Mapletree Greater China	1.27	1.39	Buy
01/29/18	CIMB	Mapletree Greater China	1.27	1.26	Hold	DDM
01/29/18	DBS Vickers	Mapletree Greater China	1.27	1.4	Buy

Stock calls for 29 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/18	UOB Kay Hian	ART	1.26	1.23	Hold
01/29/18	OCBC	ART	1.26	1.16	Hold
01/29/18	DBS Vickers	ART	1.26	1.34	Buy
01/29/18	Phillip	CapitaCommercial	1.92	1.8	Neutral	DDM
01/29/18	CIMB	CDL Hospitality	1.82	1.92	Add	DDM
01/29/18	DMG & Partners	CDL Hospitality	1.82	1.95	Buy	DDM
01/29/18	UOB Kay Hian	CDL Hospitality	1.82	1.95	Buy	DDM
01/29/18	OCBC	CDL Hospitality	1.82	1.6	Sell
01/29/18	DBS Vickers	CDL Hospitality	1.82	2	Buy
01/29/18	phillip	China Sunsine	1.11	1.6	Buy	FCFE, PER10x FY18
01/29/18	Amfrasers	China Sunsine	1.11	1.39	Buy	PER10x FY18
01/29/18	CIMB	Frasers Logistics	1.15	1.24	Add	DDM
01/29/18	DBS Vickers	Frasers Logistics	1.15	1.24	Buy
01/29/18	OCBC	Mapletree Greater China	1.27	1.39	Buy
01/29/18	CIMB	Mapletree Greater China	1.27	1.26	Hold	DDM
01/29/18	DBS Vickers	Mapletree Greater China	1.27	1.4	Buy
01/29/18	CIMB	Parkway Life	2.97	3.07	Hold	DDM
01/29/18	Lim & Tan	Parkway Life	2.97	0	Hold
01/29/18	DBS Vickers	Parkway Life	2.97	3.15	Buy
01/29/18	UOB Kay Hian	Tuan Sing	0.48	0.71	Buy	Sum of parts
01/29/18	Kim Eng	Viva Industrial	0.94	1.05	Buy	DDM
01/29/18	OCBC	Viva Industrial	0.94	0.93	Hold
01/29/18	Phillip	Y Venture	0.44	0.7	Buy	PER30x FY18

Iceberg research came out to attack Noble again!

https://sg.finance.yahoo.com/news/iceberg-research-slams-noble-debt-023100836.html

Iceberg is urging creditors to reject the restructuring deal because investors have to take a massive haircut.  If nobody is willing to take a heavy haircut, there is no possibility that Noble can continue to operate with a heavy debt load.

If investors are rejecting this restructuring deal, Noble will be bankrupt soon unless another white knight is willing to takeover Noble at a massive discount.

Is Iceberg trying to bankrupt Noble by asking investors to reject the deal?

The USA aircraft carrier will visit Vietnam in 2018 after losing the Vietnam war.

https://www.nytimes.com/2018/01/25/world/asia/vietnam-us-aircraft-carrier.html

Let's recall the shameful evacuation of the USA from Vietnam after losing the war.  The USA aircraft carrier had to push over more than 45 helicopters to accommodate its overwhelming evacuees.  A picture tells a thousand words and a video portrays a thousand pictures.

China & Russia helped Vietnam to defeat the USA in the past.  If the USA starts another war in Asia again, China & Russia will be able to defeat the USA because the military gaps amongst the three are much closer now than before.

Many bitcoin investors are losing money!

https://www.thestreet.com/video/14464100/bitcoin-investors-will-eventually-get-wiped-out-peter-schiff.html

This phenomenon is similar to a pyramid scam whereby the late entrants will suffer the most while the early adopters will make the most money.

Japanese and South Korean investors will suffer the most from a bitcoin fallout.

Baltic dry index - 1219

Today, Friday, January 26 2018, the Baltic Dry Index climbed by 2 points, reaching 1219 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 stocks: Sembcorp Marine, Cosco & Pan Ocean

US rig count - 947

The number of rigs exploring for oil and natural gas in the U.S. rose by 11 this week to 947.

That exceeds the 712 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported Friday that 759 rigs drilled for oil this week and 188 for gas.

Among major oil- and gas-producing states, Texas added 13 rigs, West Virginia increased by four, and New Mexico increased by three.

Oklahoma lost four rigs, Louisiana lost three rigs, and Ohio and Utah each lost a single rig.

Alaska, California, Colorado, North Dakota, Pennsylvania and Wyoming were unchanged.

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

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

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Japanese crypto exchange lost more than 500m to hackers!

https://www.cnbc.com/2018/01/26/japanese-cryptocurrency-exchange-loses-more-than-500-million-to-hackers.html?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=104970707&yptr=yahoo

Coincheck customers who had their crypto stolen had no recourse.  This is the 2nd incident after Mt. Gox in Japan.

When you have no regulations, you have no recourse.  This is the rule of the game when you don't want to have any regulation for private crypto exchange.  This won't be the last incident for sure.

Noble Group falls after denial of a restructuring deal.

http://www.businesstimes.com.sg/stocks/singapore-shares-end-flat-noble-resumes-trading-lower

It is really not easy to restructure $3.5b debt.  Without a debt restructuring deal, Noble Group's on-going concern will always be in the minds of investors.

Mapletree Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Mapletree Commercial	1.295	1.4	Buy	DCF
01/26/16	Deutsche	Mapletree Commercial	1.3	1.45	Buy
01/28/16	DBS Vickers	Mapletree Commercial	1.315	1.38	Buy
01/28/16	Lim & Tan	Mapletree Commercial	1.315	0	Hold
01/29/16	Kim Eng	Mapletree Commercial	1.3	1.18	Sell	Yield 7%
02/04/16	DBS Vickers	Mapletree Commercial	1.33	1.38	Buy
02/25/16	Deutsche	Mapletree Commercial	1.41	1.45	Hold
03/24/16	Deutsche	Mapletree Commercial	1.425	1.45	Hold
04/05/16	Deutsche	Mapletree Commercial	1.395	1.45	Hold
04/13/16	Kim Eng	Mapletree Commercial	1.44	1.37	Hold	Yield 6.1%
04/25/16	Credit Suisse	Mapletree Commercial	1.5	1.62	Outperform
04/27/16	CIMB	Mapletree Commercial	1.465	1.48	Hold	DDM
04/27/16	Lim & Tan	Mapletree Commercial	1.465	0	Hold
04/28/16	DBS Vickers	Mapletree Commercial	1.485	1.58	Buy
04/28/16	Kim Eng	Mapletree Commercial	1.485	1.35	Sell	Yield 6.1%
05/17/16	Deutsche	Mapletree Commercial	1.45	1.5	Hold
05/17/16	Kim Eng	Mapletree Commercial	1.45	1.35	Sell
07/07/16	CIMB	Mapletree Commercial	1.46	1.62	Add	DDM
07/07/16	Credit Suisse	Mapletree Commercial	1.46	1.64	Outperform
07/07/16	Kim Eng	Mapletree Commercial	1.46	1.56	Hold	Yield 5.5%
07/07/16	Lim & Tan	Mapletree Commercial	1.46	0	Hold
07/19/16	Credit Suisse	Mapletree Commercial	1.515	1.73	Outperform
07/26/16	Deutsche	Mapletree Commercial	1.49	1.55	Hold
08/16/16	CIMB	Mapletree Commercial	1.52	1.62	Add
08/16/16	Deutsche	Mapletree Commercial	1.52	1.6	Hold
08/31/16	Credit Suisse	Mapletree Commercial	1.54	1.73	Outperform
09/06/16	CIMB	Mapletree Commercial	1.6	1.62	Add
10/04/16	Credit Suisse	Mapletree Commercial	1.605	1.73	Outperform
10/27/16	CIMB	Mapletree Commercial	1.545	1.62	Add	DDM
10/27/16	Religare	Mapletree Commercial	1.545	1.7	Buy
10/28/16	DBS Vickers	Mapletree Commercial	1.56	1.62	Buy	DCF
11/01/16	Credit Suisse	Mapletree Commercial	1.53	1.73	Outperform
11/04/16	CIMB	Mapletree Commercial	1.5	1.62	Add
11/08/16	DBS Vickers	Mapletree Commercial	1.48	1.62	Buy
11/16/16	Deutsche	Mapletree Commercial	1.415	1.65	Buy
12/06/16	Kim Eng	Mapletree Commercial	1.425	1.54	Hold
12/07/16	Deutsche	Mapletree Commercial	1.43	1.65	Buy
01/09/17	DBS Vickers	Mapletree Commercial	1.45	1.62	Buy	DCF
01/12/17	HSBC	Mapletree Commercial	1.47	1.75	Buy
01/24/17	Deutsche	Mapletree Commercial	1.47	1.6	Buy
01/26/17	CIMB	Mapletree Commercial	1.48	1.45	Hold	DDM
01/26/17	Credit Suisse	Mapletree Commercial	1.48	1.73	Outperform
01/26/17	Lim & Tan	Mapletree Commercial	1.48	0	Hold
02/09/17	Credit Suisse	Mapletree Commercial	1.52	1.73	Outperform
02/28/17	Deutsche	Mapletree Commercial	1.495	1.6	Buy
03/17/17	DBS Vickers	Mapletree Commercial	1.49	1.62	Buy	DCF
04/26/17	DBS Vickers	Mapletree Commercial	1.57	1.62	Buy
04/27/17	CIMB	Mapletree Commercial	1.585	1.7	Add	DDM
06/22/17	Deutsche	Mapletree Commercial	1.555	1.6	Buy
06/23/17	CIMB	Mapletree Commercial	1.56	1.7	Add
07/28/17	DBS Vickers	Mapletree Commercial	1.63	1.62	Hold
07/28/17	Credit Suisse	Mapletree Commercial	1.63	1.73	Outperform
07/28/17	CIMB	Mapletree Commercial	1.63	1.79	Add	DDM
09/13/17	Credit Suisse	Mapletree Commercial	1.55	1.73	Outperform
10/27/17	DBS Vickers	Mapletree Commercial	1.58	1.62	Hold
10/27/17	CIMB	Mapletree Commercial	1.58	1.75	Add	DDM
12/11/17	DBS Vickers	Mapletree Commercial	1.58	1.75	Buy
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	Buy	DDM

Manulife US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/22/16	Deutsche	Manulife US Reit	0.81	0.9	Buy
07/05/16	DBS Vickers	Manulife US Reit	0.825	0.91	Buy	DCF
07/18/16	DBS Vickers	Manulife US Reit	0.86	0.93	Buy
07/26/16	Deutsche	Manulife US Reit	0.86	0.9	Buy
08/16/16	DBS Vickers	Manulife US Reit	0.845	0.93	Buy
10/10/16	DBS Vickers	Manulife US Reit	0.82	0.93	Buy	DCF
11/04/16	Lim & Tan	Manulife US Reit	0.845	0.93	Buy
11/08/16	DBS Vickers	Manulife US Reit	0.84	0.93	Buy	DCF
11/08/16	Religare	Manulife US Reit	0.84	0.95	Buy
11/16/16	Deutsche	Manulife US Reit	0.815	0.95	Buy
11/23/16	DMG & Partners	Manulife US Reit	0.8	0.96	Buy	DDM
12/07/16	Deutsche	Manulife US Reit	0.83	0.95	Buy
01/03/17	DMG & Partners	Manulife US Reit	0.83	0.96	Buy	DDM
01/05/17	Lim & Tan	Manulife US Reit	0.835	0	Buy
01/09/17	DBS Vickers	Manulife US Reit	0.84	0.93	Buy	DCF
02/14/17	DBS Vickers	Manulife US Reit	0.86	0.95	Buy	DCF
02/14/17	DMG & Partners	Manulife US Reit	0.86	0.96	Buy	DDM
02/28/17	Deutsche	Manulife US Reit	0.84	0.95	Buy
03/10/17	DMG & Partners	Manulife US Reit	0.84	0.96	Buy
04/07/17	DMG & Partners	Manulife US Reit	0.835	0.96	Buy
05/03/17	DBS Vickers	Manulife US Reit	0.84	1.01	Buy	DCF
05/04/17	DMG & Partners	Manulife US Reit	0.85	0.96	Buy
05/08/17	Lim & Tan	Manulife US Reit	0.865	0	Buy
06/21/17	DMG & Partners	Manulife US Reit	0.885	0.99	Buy	DDM
06/21/17	Lim & Tan	Manulife US Reit	0.885	0	Buy on weakness
06/22/17	Deutsche	Manulife US Reit	0.89	0.95	Buy
07/12/17	DMG & Partners	Manulife US Reit	0.915	0.99	Buy
08/10/17	DMG & Partners	Manulife US Reit	0.925	1	Buy	DDM
08/10/17	DBS Vickers	Manulife US Reit	0.925	1.07	Buy	DCF
08/10/17	Lim & Tan	Manulife US Reit	0.925	1	Buy
08/10/17	Deutsche	Manulife US Reit	0.925	1	Buy
09/04/17	Lim & Tan	Manulife US Reit	0.965	0	Buy
09/05/17	DMG & Partners	Manulife US Reit	0.94	0.98	Buy	DDM, Ex-Rights 41-for-100 @ $0.695
11/06/17	DMG & Partners	Manulife US Reit	0.905	0.98	Buy	DDM
11/29/17	DBS Vickers	Manulife US Reit	0.865	0.99	Buy	DCF
12/19/17	DMG & Partners	Manulife US Reit	0.93	0.98	Buy
01/03/18	Lim & Tan	Manulife US Reit	0.93	1	Buy
01/04/18	Deutsche	Manulife US Reit	0.94	1	Buy
01/05/18	DMG & Partners	Manulife US Reit	0.935	0.98	Buy

Mandarin Oriental - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
03/03/17	Nomura	M04	Mandarin Oriental	1.275	1.06	Reduce	-16.86
06/06/17	Nomura	M04	Mandarin Oriental	1.71	1.73	Neutral	1.17

Stock calls for 26 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/26/18	Phillip	A-Reit	2.75	2.89	Accumulate	DDM, PB1.36x FY18
01/26/18	OCBC	A-Reit	2.75	2.69	Hold
01/26/18	DBS Vickers	A-Reit	2.75	2.85	Buy
01/26/18	CIMB	A-Reit	2.75	2.88	Add
01/26/18	DMG & Partners	Breadtalk	1.72	2.09	Buy	Sum of parts
01/26/18	Kim Eng	CapitaCommercial	1.9	1.8	Hold
01/26/18	DMG & Partners	CapitaCommercial	1.9	1.63	Sell	DDM
01/26/18	OCBC	CapitaCommercial	1.9	1.84	Hold
01/26/18	DBS Vickers	CapitaCommercial	1.9	2.1	Buy	DCF
01/26/18	CIMB	CapitaCommercial	1.9	1.84	Hold
01/26/18	Phillip	Capitamall Trust	2.1	2.03	Neutral	DDM, PB1.02x
01/26/18	UOB Kay Hian	Capitamall Trust	2.1	2.04	Hold	DDM
01/26/18	DBS Vickers	Capitamall Trust	2.1	2.19	Buy
01/26/18	UOB Kay Hian	Frasers Hospitality Trust	0.81	0.9	Buy	DDM
01/26/18	DMG & Partners	Golden Energy	0.475	0.68	Buy	DCF & PER13.1x FY18
01/26/18	OCBC	Keppel Corp	8.58	9.45	Buy
01/26/18	UOB Kay Hian	Keppel Corp	8.58	9.3	Buy	Sum of parts
01/26/18	DBS Vickers	Keppel Corp	8.58	10.2	Buy
01/26/18	Lim & Tan	Keppel Corp	8.58	0	Buy on weakness
01/26/18	CIMB	Keppel Corp	8.58	10	Add	Sum of parts
01/26/18	CIMB	Mapletree Commercial	1.68	1.75	Buy	DDM
01/26/18	DBS Vickers	Netlink	0.83	0.95	Buy	DCF
01/26/18	UOB Kay Hian	Singapore Medical	0.63	0.83	Buy	PER26.8x FY18, PEG0.3x
01/26/18	DBS Vickers	Singtel	3.62	4.3	Buy	Sum of parts
01/26/18	DBS Vickers	Starhub	2.97	2.2	Fully Valued	DCF
01/26/18	UOB Kay Hian	Suntec Reit	2.14	2.13	Hold	DDM
01/26/18	OCBC	UOB	27.98	30.1	Buy	PB1.3x FY18