Stock calls for 11 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/11/18	phillip	China Aviation Oil	1.58	2	Buy	PER13.3x FY18
05/11/18	DMG & Partners	China Aviation Oil	1.58	1.8	Buy	DCF & PER12.2x FY18 & PEG1x FY18
05/11/18	Lim & Tan	Creative Tech	5.85	0	Sell
05/11/18	DBS Vickers	Cromwell Reit (EUR)	0.61	0.66	Buy	DCF
05/11/18	CIMB	Frasers Property	1.95	2.4	Add
05/11/18	UOB Kay Hian	Frencken	0.54	0.79	Buy
05/11/18	CIMB	Genting	1.16	1.4	Add	EV/Ebitda11.5x FY19
05/11/18	UOB Kay Hian	Genting	1.16	1.38	Buy	Sum of parts, EV/Ebitda10.3x FY18
05/11/18	DBS Vickers	Genting	1.16	1.49	Buy	DCF
05/11/18	OCBC	Genting	1.16	1.45	Buy	FCFE
05/11/18	Nomura	Genting	1.16	1.52	Buy
05/11/18	phillip	HMI	0.645	0.83	Buy	DCF
05/11/18	UOB Kay Hian	HMI	0.645	0.83	Buy	DCF
05/11/18	DBS Vickers	Hongkong Land	7.26	8.53	Buy
05/11/18	DBS Vickers	HRnetGroup	0.83	0.98	Buy	DCF & PER15x (ex-cash)
05/11/18	DMG & Partners	HRnetGroup	0.83	1.14	Buy	DCF
05/11/18	OCBC	OUE Commercial	0.72	0.68	Hold
05/11/18	UOB Kay Hian	SIA Engineering	3.31	4	Buy	DCF, PER20.8x FY18
05/11/18	Lim & Tan	ST Engineering	3.46	0	Buy
05/11/18	CIMB	Wilmar	3.21	4.1	Add	Sum of parts
05/11/18	UOB Kay Hian	Wilmar	3.21	4.1	Buy	Sum of parts, PER14x FY18
05/11/18	DMG & Partners	Wilmar	3.21	3.45	Buy

Why did Kim visit China again in May 2018?

http://www.scmp.com/news/china/diplomacy-defence/article/2145185/chinese-president-xi-jinping-surprise-trip-northern

There are many speculations about his intention of visiting China again so soon.

The speculations are:
Kim wants to garner support from Xi for his June meeting with Trump in Singapore.
Kim is offering concessions to China to invest in NK.
Kim is borrowing a plane from China to fly to Singapore as his own plane is too old for long distance flight.

No matter what the reason is, the significant importance is that the Korean Peninsula crisis can only be resolved through China.  The SK President understands this now and is working closely with China to mend its relationship with NK.  Upon seeing this development, Japan PM, being an opportunist, also rides on this new wave by organizing a 3-way summit (China, SK & Japan) to resolve the NK crisis.

This unfolding new situation will definitely put pressure on Trump in June in Singapore because many countries are very supportive of the latest development.

Hot news! Trump and Kim will meet in Singapore on 12 June.

Singapore will be busy preparing for this important meeting.  Security will be super tight in June.

Del Monte - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/13/17	DBS Vickers	Del Monte	0.345	0.36	Hold	PER12x FY18
03/14/17	Lim & Tan	Del Monte	0.345	0	Neutral
03/15/17	CIMB	Del Monte	0.345	0.35	Hold	PER11.3x FY17
06/29/17	DBS Vickers	Del Monte	0.34	0.36	Hold	PER12x
07/04/17	DBS Vickers	Del Monte	0.325	0.32	Hold	PER15x FY18/19
09/08/17	Lim & Tan	Del Monte	0.31	0	Hold

DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	DBS	17.34	18.38	Buy
01/04/17	Kim Eng	DBS	17.32	15.68	Hold
01/05/17	Credit Suisse	DBS	17.52	18.93	Outperform
01/06/17	UOB Kay Hian	DBS	17.8	21.2	Buy	GGM, PB1.17x FY17
01/10/17	OCBC	DBS	17.85	17.83	Hold	PB1x
01/11/17	DIR	DBS	17.99	22.4	Buy
01/16/17	Jefferies	DBS	18.31	14	Underperform
01/16/17	phillip	DBS	18.31	16.85	Neutral	PB0.95x FY17
01/16/17	UBS	DBS	18.31	17.9	Neutral
02/02/17	Lim & Tan	DBS	18.88	0	Hold
02/02/17	UOB Kay Hian	DBS	18.88	21.2	Buy	GGM, PB1.17x FY17
02/03/17	CIMB	DBS	18.78	15.4	Hold
02/06/17	Macquarie	DBS	18.66	21.5	Outperform
02/16/17	Lim & Tan	DBS	18.23	0	Take profit/Sell	Buy @ $16.87
02/17/17	CIMB	DBS	18.54	17.66	Hold	GGM, PB0.99x CY17
02/17/17	Credit Suisse	DBS	18.54	19.8	Neutral
02/17/17	DIR	DBS	18.54	22.5	Buy	Warranted Equity Method, PB1.24x
02/17/17	DMG & Partners	DBS	18.54	19.8	Neutral	GGM, PB1.1x FY17
02/17/17	Kim Eng	DBS	18.54	18.13	Hold	PB1x FY17
02/17/17	phillip	DBS	18.54	16.73	Reduce	PB0.95x FY17
02/17/17	UOB Kay Hian	DBS	18.54	21.5	Buy	GGM, PB1.19x FY17
03/03/17	CIMB	DBS	19.03	17.66	Hold
03/03/17	Jefferies	DBS	19.03	16.2	Underperform
03/06/17	Macquarie	DBS	18.97	21	Outperform
03/14/17	UOB Kay Hian	DBS	19.11	21.5	Buy	GGM, PB1.19x FY17
03/21/17	Kim Eng	DBS	19.01	18.13	Hold	PB1x
04/03/17	Kim Eng	DBS	19.4	18.13	Hold
04/18/17	DIR	DBS	18.9	22.5	Buy
04/20/17	UOB Kay Hian	DBS	18.79	21.5	Buy	GGM, PB1.19x FY17
04/25/17	CIMB	DBS	19	17.66	Hold
05/02/17	Bernstein	DBS	19.35	22	Outperform
05/02/17	UBS	DBS	19.35	19.2	Neutral
05/03/17	CIMB	DBS	19.86	18.75	Hold	GGM, PB1.04x CY17
05/03/17	Credit Suisse	DBS	19.86	22.6	Outperform
05/03/17	DMG & Partners	DBS	19.86	20.5	Neutral
05/03/17	Kim Eng	DBS	19.86	19.18	Hold	PB1.1x FY18
05/03/17	Lim & Tan	DBS	19.86	0	Hold
05/03/17	phillip	DBS	19.86	17.24	Reduce	PB0.95x FY17
05/03/17	UOB Kay Hian	DBS	19.86	23.3	Buy	GGM, PB1.25x FY17
05/08/17	Macquarie	DBS	20.42	21	Outperform
05/18/17	DIR	DBS	20.8	23	Outperform
05/23/17	Jefferies	DBS	20.86	22.5	Buy	DDM
05/31/17	Macquarie	DBS	20.6	22	Outperform
06/08/17	UOB Kay Hian	DBS	20.43	23.3	Buy
06/09/17	Credit Suisse	DBS	20.47	22.6	Outperform
06/09/17	Deutsche	DBS	20.47	21	Buy	GGM, PB1.3x
06/14/17	Kim Eng	DBS	20.78	19.18	Hold	PB1.1x FY18
06/22/17	Macquarie	DBS	20.4	22.2	Outperform	PB1.22x
06/28/17	DMG & Partners	DBS	20.26	20.5	Neutral
07/03/17	Kim Eng	DBS	20.74	19.18	Hold
07/04/17	UOB Kay Hian	DBS	20.65	25.25	Buy	GGM, PB1.3x FY18
07/12/17	Credit Suisse	DBS	20.77	22.7	Outperform
08/02/17	Macquarie	DBS	21.95	22.2	Outperform	PB1.22x
08/04/17	Lim & Tan	DBS	22.08	0	Hold
08/04/17	DMG & Partners	DBS	22.08	20.65	Neutral	GGM, PB1.1x FY17
08/04/17	OCBC	DBS	22.08	22.5	Hold	Buy @ $21 or lower
08/07/17	CIMB	DBS	21.49	21.5	Hold	GGM
08/07/17	DIR	DBS	21.49	23	Outperform	Warranted Equity Method, PB1.24x
08/07/17	UOB Kay Hian	DBS	21.49	24.85	Buy	GGM, PB1.29x FY18
08/07/17	Kim Eng	DBS	21.49	19.18	Hold
08/07/17	phillip	DBS	21.49	17.92	Reduce	GGM, PB0.98x FY18
08/07/17	UBS	DBS	21.49	21.2	Neutral
08/22/17	Kim Eng	DBS	20.49	21.5	Hold	GGM, PB1x FY18
08/23/17	Deutsche	DBS	20.54	22	Hold
09/05/17	OCBC	DBS	20.35	22.4	Hold
09/12/17	DMG & Partners	DBS	20.43	20.65	Neutral	PB1x FY18
09/14/17	OCBC	DBS	20.38	22.5	Buy
09/18/17	phillip	DBS	20.06	21.45	Accumulate	GGM, PB1.2x FY17
09/18/17	Kim Eng	DBS	20.06	21.5	Hold
09/21/17	DIR	DBS	20.48	23.3	Outperform	GGM, PB1.24x
10/09/17	DIR	DBS	21.5	23.3	Outperform
10/20/17	UOB Kay Hian	DBS	21.7	24.48	Buy	GGM, PB1.27x FY17
10/20/17	phillip	DBS	21.7	25.7	Buy
11/01/17	UOB Kay Hian	DBS	22.78	24.48	Buy	GGM, PB1.27x FY18
11/06/17	DMG & Partners	DBS	22.97	20.65	Neutral
11/06/17	Lim & Tan	DBS	22.97	0	Neutral
11/07/17	Kim Eng	DBS	22.79	22.75	Hold	GGM, PB1.2x FY18
11/07/17	UOB Kay Hian	DBS	22.79	24.4	Buy	GGM, PB1.3x FY18
11/07/17	Credit Suisse	DBS	22.79	25.3	Outperform
11/07/17	DMG & Partners	DBS	22.79	21.45	Neutral	GGM, PB1.08x FY18
11/07/17	UBS	DBS	22.79	26	Buy
11/08/17	phillip	DBS	23.49	26.83	Buy	GGM, PB1.39x FY18
11/20/17	CIMB	DBS	24.13	25	Add
11/20/17	UOB Kay Hian	DBS	24.13	26.1	Buy	GGM, PB1.38x FY17
11/20/17	Credit Suisse	DBS	24.13	27.4	Outperform
11/21/17	DMG & Partners	DBS	23.86	23.33	Neutral	GGM
11/27/17	phillip	DBS	25.1	29.3	Buy	GGM, PB1.51x FY18
12/01/17	UOB Kay Hian	DBS	24.43	26.1	Buy	GGM, PB1.38x FY18
12/08/17	phillip	DBS	24.24	29.3	Buy
12/13/17	OCBC	DBS	25.2	27.4	Buy	GGM, PB1.4x
12/20/17	CIMB	DBS	24.71	25	Add
01/02/18	UOB Kay Hian	DBS	24.85	26.1	Buy	GGM, PB1.38x FY18
01/05/18	UOB Kay Hian	DBS	26.5	29.5	Buy	GGM, PB1.56x FY18
01/08/18	DMG & Partners	DBS	26.32	23.33	Neutral
01/09/18	Deutsche	DBS	26.45	27.1	Hold
01/10/18	phillip	DBS	26.51	29.3	Buy
02/01/18	OCBC	DBS	26.4	29.5	Buy	PB1.45x FY18
02/02/18	UOB Kay Hian	DBS	26.61	28.38	Buy
02/08/18	Macquarie	DBS	25.36	27.5	Outperform
02/08/18	Lim & Tan	DBS	25.36	0	Buy
02/08/18	DMG & Partners	DBS	25.36	25	Neutral	PB1.3x FY18
02/09/18	Kim Eng	DBS	26.71	29.66	Hold
02/09/18	UOB Kay Hian	DBS	26.71	30.4	Buy	GGM, PB1.62x FY18
02/09/18	CIMB	DBS	26.71	29	Add	GGM, PB1.5x FY18, PER11.6x FY19
02/12/18	phillip	DBS	26.71	29.3	Buy	GGM, PB1.58x
02/22/18	UBS	DBS	29.45	35	Buy
03/02/18	UOB Kay Hian	DBS	28.8	30.4	Buy
03/05/18	OCBC	DBS	28.41	32.53	Buy	PB1.7x
03/05/18	Credit Suisse	DBS	28.41	31.1	Outperform
03/15/18	DMG & Partners	DBS	29.12	27	Neutral	GGM, PB1.39x FY18
03/20/18	Kim Eng	DBS	28.07	29.66	Hold
03/22/18	Lim & Tan	DBS	28.4	0	Buy
04/03/18	UOB Kay Hian	DBS	27.32	30.4	Buy
04/16/18	Credit Suisse	DBS	28.42	35.5	Buy
04/19/18	UOB Kay Hian	DBS	29.36	31.08	Buy	GGM, PB1.7x FY18
04/20/18	CIMB	DBS	29.92	33	Add	GGM, PB1.7x FY18
04/30/18	DMG & Partners	DBS	30	27	Neutral
04/30/18	OCBC	DBS	30	34.6	Buy
05/02/18	phillip	DBS	30.84	32.7	Accumulate	GGM, PB1.8x FY18
05/02/18	UOB Kay Hian	DBS	30.84	35.5	Buy	GGM, PB1.82x FY19
05/02/18	DMG & Partners	DBS	30.84	29.6	Neutral	GGM, PB1.51x (ex-div)
05/02/18	CIMB	DBS	30.84	34	Add	GGM, PB1.8x FY18
05/02/18	Lim & Tan	DBS	30.84	0	Buy on weakness
05/02/18	Kim Eng	DBS	30.84	30.8	Hold	GGM, PB1.6 FY18
05/04/18	Macquarie	DBS	29.28	29.5	Neutral
05/08/18	Goldman Sachs	DBS	28.97	36	Buy	DDM

Stock calls for 10 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/10/18	DBS Vickers	APAC Realty	1.03	1.32	Buy	DCF & PER15x FY18
05/10/18	CIMB	China Aviation Oil	1.56	2.03	Add	PER12.5x FY19
05/10/18	UOB Kay Hian	China Aviation Oil	1.56	2.13	Buy	PER13.5x FY18
05/10/18	phillip	Comfortdelgro	2.34	2.5	Buy
05/10/18	UOB Kay Hian	CSE Global	0.44	0.61	Buy	PER15x FY19
05/10/18	phillip	F & N	2.08	2.75	Buy	Sum of parts
05/10/18	DBS Vickers	PACC Offshore	0.345	0.32	Hold	PB1x FY18
05/10/18	CIMB	Perennial Reit	0.86	1.18	Add	RNAV (40% discount)
05/10/18	DMG & Partners	Thai Beverage	0.83	1.06	Buy

KL-SG HSR might be aborted after Mahathir won the GE.

https://www.channelnewsasia.com/news/asia/hsr-wasted-opportunity-if-kl-singapore-high-speed-rail-cancelled-10198022

Mahathir had stated that he might terminate the KL-SG HSR if he had won the GE and he did.

Mahathir will be the new PM and he may execute what was said during his GE propaganda.

Dasin Retail - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/18	phillip	Dasin Retail	0.85	0.98	Buy	DDM
03/02/18	phillip	Dasin Retail	0.87	0.98	Buy	DDM

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Dairy Farm	7.19	8.6	Buy	DCF, PER21x FY17
01/12/17	DMG & Partners	Dairy Farm	7.26	8.5	Buy	DCF
01/20/17	CIMB	Dairy Farm	7.37	8.7	Add
03/03/17	CIMB	Dairy Farm	8.44	9.18	Add	PER23.7x CY18
03/06/17	DBS Vickers	Dairy Farm	8.51	9.96	Buy	Sum of parts
03/06/17	DMG & Partners	Dairy Farm	8.51	10	Buy	DCF
03/06/17	Lim & Tan	Dairy Farm	8.51	0	Hold	PER23x
03/16/17	DIR	Dairy Farm	8.95	10.3	Outperform	PER26.5x FY17
05/02/17	DMG & Partners	Dairy Farm	8.9	10	Buy
05/05/17	CIMB	Dairy Farm	8.89	9.18	Add	PER23.7x CY18
06/16/17	DMG & Partners	Dairy Farm	8.04	10	Buy	DCF, PER26x FY17
06/30/17	DIR	Dairy Farm	7.92	10.5	Buy	PER26.5x FY17
07/04/17	DMG & Partners	Dairy Farm	7.95	10	Buy
07/10/17	DBS Vickers	Dairy Farm	8.14	9.96	Buy
08/02/17	DMG & Partners	Dairy Farm	8.02	10	Buy
08/04/17	CIMB	Dairy Farm	8.06	9.18	Add	PER23.7x CY18
08/07/17	DIR	Dairy Farm	7.72	10	Buy	PER26.5x FY18
08/07/17	DMG & Partners	Dairy Farm	7.72	9.53	Buy	DCF
08/10/17	DBS Vickers	Dairy Farm	7.81	9.89	Buy	Sum of parts
09/14/17	DIR	Dairy Farm	8.06	10	Buy	PER26.5x FY18
09/27/17	phillip	Dairy Farm	7.48	9.89	Buy	Sum of parts
11/29/17	DMG & Partners	Dairy Farm	8.31	9.53	Buy
12/04/17	phillip	Dairy Farm	8.08	9.89	Buy
12/19/17	DMG & Partners	Dairy Farm	7.94	9.53	Buy
01/04/18	DMG & Partners	Dairy Farm	7.9	9.53	Buy	DCF
02/19/18	DMG & Partners	Dairy Farm	8.38	9.53	Buy	DCF
03/09/18	CIMB	Dairy Farm	8.21	8.4	Hold	PER21x CY19
03/12/18	phillip	Dairy Farm	8.03	9.83	Buy	Sum of parts
03/12/18	Lim & Tan	Dairy Farm	8.03	0	Hold	PER20x & 2.62% yield
03/13/18	DBS Vickers	Dairy Farm	8.09	9.54	Buy	Sum of parts
03/27/18	DMG & Partners	Dairy Farm	9.1	9.16	Buy	DCF
03/28/18	DBS Vickers	Dairy Farm	8	9.77	Buy	Sum of parts
04/16/18	phillip	Dairy Farm	8.27	9.83	Buy
04/16/18	DMG & Partners	Dairy Farm	8.27	9.16	Buy

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/17	CIMB	CSE Global	0.485	0.59	Add	PER12x FY18
02/27/17	DBS Vickers	CSE Global	0.485	0.46	Hold	PER9.6x, Ex-Cash
03/13/17	CIMB	CSE Global	0.495	0.59	Add	PER12x FY18
03/13/17	OCBC	CSE Global	0.495	0.44	Hold
05/15/17	CIMB	CSE Global	0.5	0.56	Add	PER12x FY18
06/15/17	OCBC	CSE Global	0.475	0.45	Hold
07/25/17	CIMB	CSE Global	0.43	0.39	Reduce	PER10x FY18
08/14/17	CIMB	CSE Global	0.395	0.32	Reduce	PER10x FY18
11/10/17	CIMB	CSE Global	0.345	0.31	Reduce	PER10x CY19
01/12/18	CIMB	CSE Global	0.37	0.31	Reduce	PER10x CY19
02/26/18	Lim & Tan	CSE Global	0.345	0	Buy
02/27/18	CIMB	CSE Global	0.37	0.39	Hold	PER12x CY19
03/08/18	CIMB	CSE Global	0.37	0.39	Hold	PER12x CY19
04/17/18	CIMB	CSE Global	0.42	0.44	Hold
04/30/18	Lim & Tan	CSE Global	0.42	0.55	Buy	DCF & DDM & RV
05/02/18	UOB Kay Hian	CSE Global	0.415	0.58	Buy	PER15x FY19

Cromwell Reit (EUR) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	UBS	Cromwell Reit (EUR)	0.555	0.62	Buy
01/02/18	Goldman Sachs	Cromwell Reit (EUR)	0.555	0.58	Neutral	DCF
03/19/18	DBS Vickers	Cromwell Reit (EUR)	0.56	0.63	Buy
04/10/18	DBS Vickers	Cromwell Reit (EUR)	0.59	0.63	Buy	DCF

Stock calls for 9 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/09/18	Kim Eng	Bumitama	0.67	0.99	Buy	PER14x FY18
05/09/18	UOB Kay Hian	Bumitama	0.67	0.8	Buy	PER11x FY18
05/09/18	DBS Vickers	Bumitama	0.67	0.94	Buy	DCF, PER15.3x FY18
05/09/18	DBS Vickers	Delfi	1.48	1.8	Buy	PER26x FY18/19
05/09/18	DMG & Partners	Delfi	1.48	1.54	Neutral
05/09/18	CIMB	Frasers Logistics	1.03	1.24	Add	DDM
05/09/18	OCBC	Frasers Logistics	1.03	1.21	Buy
05/09/18	DMG & Partners	Kimly	0.345	0.43	Buy	DCF, PER22.8x FY18
05/09/18	DMG & Partners	Mindchamps	0.795	1	Buy	EV/Ebitda19x & DCF
05/09/18	phillip	OCBC	13.08	14.9	Accumulate	GGM, PB1.6x FY18
05/09/18	Kim Eng	OCBC	13.08	14.6	Buy	GGM, PB1.5x FY18
05/09/18	DBS Vickers	Riverstone	0.985	1.27	Buy
05/09/18	Lim & Tan	Riverstone	0.985	0	Hold
05/09/18	phillip	Sembcorp Industries	3.06	3.83	Buy	Sum of parts (10% discount)
05/09/18	Macquarie	UOB	29.34	30.5	Outperform

USD has been rising recently.

The USD has been rising recently.

We had stated previously that the USD weakness was only a temporary phenomenon as economic logic would prevail with the continual gradual interest rate hikes.

http://sg-stock.blogspot.sg/2017/12/the-usd-has-been-falling-recently.html

China is also targeting USA pork now.

https://www.reuters.com/article/us-usa-trade-china-pork-exclusive/exclusive-china-ramps-up-checks-on-u-s-pork-imports-in-potentially-costly-slowdown-idUSKBN1I91I2

China is targeting the US meat and produce farmers before going to the USA for the trade negotiation.  This will put a lot of pressure on Trump since his supporters are farmers.

Croesus RT - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Croesus RT	0.835	0.96	Buy
01/09/17	DBS Vickers	Croesus RT	0.845	0.99	Buy	DCF
02/15/17	CIMB	Croesus RT	0.875	0.98	Add	DDM
02/15/17	DBS Vickers	Croesus RT	0.875	0.99	Buy	DCF
02/15/17	DMG & Partners	Croesus RT	0.875	0.96	Buy	DDM
02/15/17	phillip	Croesus RT	0.875	0.93	Accumulate	DDM
03/17/17	DBS Vickers	Croesus RT	0.885	0.99	Buy
04/10/17	DBS Vickers	Croesus RT	0.915	0.99	Buy
05/16/17	DMG & Partners	Croesus RT	1	1	Neutral	DDM, Up from $0.97
05/17/17	DBS Vickers	Croesus RT	0.995	1.15	Buy	DCF
05/17/17	phillip	Croesus RT	0.995	1.08	Accumulate	DDM
06/16/17	DBS Vickers	Croesus RT	1.015	1.15	Buy
06/29/17	CIMB	Croesus RT	1.175	1.17	Add	Offer price $1.17
06/29/17	DMG & Partners	Croesus RT	1.175	1.17	Take Profit	Offer price $1.17
06/29/17	phillip	Croesus RT	1.175	1.17	Accept Offer	Offer price $1.17
06/30/17	Amfrasers	Croesus RT	1.185	1.18	Trading Buy

Creative Tech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	DBS Vickers	Creative Tech	4.02	5.56	Not Rated

Courts Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/08/17	DBS Vickers	CourtsAsia	0.435	0.51	Buy	PER10x FY17/18
06/30/17	CIMB	CourtsAsia	0.43	0.6	Add	PER10.2x CY18
06/30/17	DBS Vickers	CourtsAsia	0.43	0.5	Buy
08/14/17	DBS Vickers	CourtsAsia	0.425	0.49	Buy	PER10x FY18
11/13/17	DBS Vickers	CourtsAsia	0.345	0.36	Hold	PER10x FY19

Stock calls for 8 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/08/18	DBS Vickers	A-Reit	2.65	3	Buy
05/08/18	DMG & Partners	Avi-Tech	0.455	0.46	Neutral	DCF, PER11.5x FY19
05/08/18	DBS Vickers	Breadtalk	1.78	1.98	Buy	Sum of parts
05/08/18	DMG & Partners	Bumitama	0.69	0.85	Buy	PER12x FY18
05/08/18	DBS Vickers	CapitaCommercial	1.79	2.1	Buy
05/08/18	DBS Vickers	CDL Hospitality	1.73	2	Buy
05/08/18	Goldman Sachs	DBS	28.97	36	Buy	DDM
05/08/18	DBS Vickers	Frasers Centrepoint Trust	2.21	2.45	Buy
05/08/18	OCBC	Frasers Logistics	1.02	1.25	Buy
05/08/18	Credit Suisse	Keppel Corp	8.13	10	Outperform
05/08/18	Phillip	Keppel DC Reit	1.43	1.51	Accumulate	DDM
05/08/18	Deutsche	Keppel DC Reit	1.43	1.3	Hold
05/08/18	Credit Suisse	Keppel DC Reit	1.43	1.56	Outperform
05/08/18	CIMB	Keppel DC Reit	1.43	1.49	Add	DDM
05/08/18	OCBC	Keppel DC Reit	1.43	1.54	Buy
05/08/18	Amfrasers	Manulife US Reit	0.945	1.02	Buy
05/08/18	Macquarie	OCBC	13.17	14.5	Outperform
05/08/18	CIMB	OCBC	13.17	14	Hold	GGM, PB1.5x FY18
05/08/18	UOB Kay Hian	OCBC	13.17	16.5	Buy	GGM, PB1.66x FY18
05/08/18	Credit Suisse	OCBC	13.17	15.1	Outperform
05/08/18	DBS Vickers	OCBC	13.17	15.3	Buy	GGM, PB1.5x FY18
05/08/18	Deutsche	OCBC	13.17	14	Hold
05/08/18	DBS Vickers	Roxy-Pacific	0.515	0.63	Buy
05/08/18	Amfrasers	Sembcorp Marine	2.1	2.64	Buy	PB2.4x FY18
05/08/18	OCBC	Sembcorp Marine	2.1	2.1	Hold
05/08/18	DBS Vickers	Suntec Reit	1.92	2.3	Buy
05/08/18	CIMB	United Engineers	2.67	2.94	Add	RNAV (15% discount)
05/08/18	Lim & Tan	Venture	20.65	0	Buy on weakness
05/08/18	Citibank	Venture	20.65	31.74	Buy