Stock calls for 26 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/26/18	DMG & Partners	Amara	0.55	0.88	Buy	PB0.65x
02/26/18	DMG & Partners	APAC Realty	1.1	1.35	Buy	DCF
02/26/18	DBS Vickers	APAC Realty	1.1	1.25	Buy	DCF & PER15x FY18
02/26/18	Lim & Tan	CSE Global	0.345	0	Buy
02/26/18	Amfrasers	Frencken	0.67	0.72	Hold	PER12x FY18
02/26/18	Kim Eng	Genting	1.3	1.46	Buy	EV/Ebitda 12x FY18
02/26/18	UOB Kay Hian	Genting	1.3	1.3	Hold	EV/Ebitda10.4x FY18, Buy @ $1.15
02/26/18	DBS Vickers	Genting	1.3	1.49	Buy	DCF
02/26/18	DMG & Partners	Genting	1.3	1.34	Neutral	DCF
02/26/18	OCBC	Genting	1.3	1.45	Buy	FCFE
02/26/18	CIMB	Genting	1.3	1.49	Add	EV/Ebitda12x FY19
02/26/18	OCBC	OUE	1.93	2.28	Buy
02/26/18	CIMB	Riverstone	1.04	1.28	Add	PER18.6x FY19
02/26/18	DBS Vickers	Riverstone	1.04	1.27	Buy	PER16x FY19
02/26/18	Kim Eng	Riverstone	1.04	1.22	Buy	PER18x FY18
02/26/18	OCBC	Sembcorp Industries	3.24	3.84	Buy
02/26/18	phillip	Sembcorp Industries	3.24	3.86	Accumulate	Sum of parts
02/26/18	UOB Kay Hian	Sembcorp Industries	3.24	3.28	Hold	Sum of parts, Buy @ $2.90
02/26/18	CIMB	Sembcorp Industries	3.24	4.13	Add	Sum of parts, PER8x FY18, PB0.63x FY18
02/26/18	phillip	Sembcorp Marine	2.23	1.91	Reduce	PER43.4x FY18
02/26/18	phillip	Sheng Siong	0.93	1.13	Buy	PER23x FY18
02/26/18	DMG & Partners	Sheng Siong	0.93	0.98	Neutral	DCF & PER
02/26/18	OCBC	Sheng Siong	0.93	1.06	Buy
02/26/18	CIMB	Sheng Siong	0.93	1.08	Add	PER22.3x CY19
02/26/18	CIMB	ST Engineering	3.39	3.8	Add	DCF, PER & Div yield
02/26/18	UOB Kay Hian	ST Engineering	3.39	3.6	Hold	DCF, Buy @ $3.20
02/26/18	DBS Vickers	ST Engineering	3.39	3.9	Buy
02/26/18	Lim & Tan	ST Engineering	3.39	0	Buy
02/26/18	DBS Vickers	Wilmar	3.13	3.65	Buy	DCF
02/26/18	DMG & Partners	Wilmar	3.13	3.45	Buy	Sum of parts

Do you support a rules-based system in the world?

https://sg.news.yahoo.com/china-demands-u-stops-unilateral-sanctions-over-north-150441118--sector.html

Many countries which support rules-based order or system in this world are keeping quiet when a big and mighty country like the USA is not following the rules-based order.

We must stop any country from imposing unilateral sanctions against another country without UN mandate.  What's the purpose of having an international entity like UN when a big and mighty country can just flout the international rules?

UN didn't stop the USA from invading Iraq with fabricated intelligence in the past.

UN is not stopping the USA from imposing excessive and illegal sanctions against NK now.

China is right to protest against the US for the unilateral sanctions.  We need to support a rules-based system and protest against any unilateral and illegal sanctions too.

Kota Baru snatch theft in Malaysia.

Poor elderly woman! Nobody is there to help her because of huge public distrust.

When there is a huge public distrust, a person will always second-guess another person's kind gesture.  This results in public apathy and people are unwilling to step forward to help.

An excellent example to depict the public distrust would be the Singapore driver's kind gesture.

http://sg-stock.blogspot.sg/2018/01/it-doesnt-pay-to-be-samaritan-in.html

2 kind drivers offered to a drive to students during raining days but police were called in to investigate the incidents.  Who would want to do good deed or offer kind gesture when the police will come knocking at the door?

Baltic dry index - 1185

Today, Friday, February 23 2018, the Baltic Dry Index climbed by 18 points, reaching 1185 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 - 978

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. increased by three this week to 978.

That exceeds the 754 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported Friday that 799 rigs drilled for oil this week and 179 for gas.

Among major oil- and gas-producing states, Texas increased by three rigs, New Mexico gained two and Colorado, Louisiana, North Dakota, Ohio and Wyoming each gained one.

Oklahoma decreased by two rigs and Kansas, Pennsylvania and West Virginia each lost one.

Alaska, Arkansas, California and Utah 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.

US bond yields will continue to rise in 2018. Why? - Part 2

http://wallstreetexaminer.com/2018/02/treasury-seven-year-sale-caps-258-billion-week-higher-yields-git-r-done/

https://www.reuters.com/article/usa-bonds/treasuries-prices-pare-gains-after-soft-seven-year-auction-idUSL2N1QC1QF

USD 7-year treasury demand was weaker than expected and resulted in a soft sale.  With QE taperings in Europe & USA, there are lesser cheap monies in the world to be used or bond purchases.  Thus, it is not surprising for the US bonds to have weak sales.

Conversely, the central bankers from China, Japan and Saudi seemed to have lost faith in the USA long-term economic growth due to the increasing investment risks as Trump's policies focused on cutting taxes, militarization and infrastructure spending which didn't groove with economic sense.  In a nutshell, the USA is cutting tax revenues but increasing expenditures with no money in the coffer.  Therefore, the USA has to raise about USD$1T annually from 2018 to 2028 by issuing a lot of bonds to meet the fiscal deficits.

http://sg-stock.blogspot.sg/2018/02/us-bond-yields-will-continue-to-rise-in.html

India has to pay a high price to be an USA ally to contain China.

https://sg.finance.yahoo.com/news/exclusive-u-tells-india-cut-tariffs-trade-friction-061636397--finance.html

India has to pay a high price to be part of the USA allies to contain China.

Is the Indian economy strong enough to withstand the tariff cuts?  Obviously not!  India is in need of money to develop its economy and is in a serious fiscal deficit.

https://www.businesstoday.in/current/economy-politics/india-fiscal-deficit-breaches-target-borrowing-government-securities-economy-fy18/story/266906.html

Another USA anti-dumping measure. Rubberband is being targeted now.

https://www.commerce.gov/news/press-releases/2018/02/us-department-commerce-initiates-antidumping-duty-and-countervailing-1

OMG! Can you believe it? Rubberband is being targeted by the USA now.

The USA inflation is going to shoot up fast and furious now as the government implements more anti-dumping measures.

China is Vietnam's largest export market now!

http://www.chinadaily.com.cn/a/201802/23/WS5a8fb353a3106e7dcc13da07.html

Vietnam has managed to export more goods to China after settling the South China Sea issue.

The Vietnamese leaders have great foresight.

http://sg-stock.blogspot.sg/2017/11/vietnam-and-china-have-resolved-south.html

http://sg-stock.blogspot.sg/2017/01/vietnam-forsakes-usa-and-deflects-to.html

Rotary Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/26/16	Lim & Tan	Rotary Engineering	0.31	0	Hold
05/09/16	Lim & Tan	Rotary Engineering	0.38	0	Hold
09/16/16	Lim & Tan	Rotary Engineering	0.39	0	Hold
11/09/16	Lim & Tan	Rotary Engineering	0.39	0	Hold
10/02/17	Lim & Tan	Rotary Engineering	0.41	0.46	Accept Offer	Offer price $0.46

Riverstone - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
01/05/16	DBS Vickers	AP4	Riverstone	2.4	2.83	Buy	17.92	PER20x FY16/17
02/05/16	Kim Eng	AP4	Riverstone	0.97	1.3	Buy	34.02	Ex-Bonus 1-for-1
02/25/16	DMG & Partners	AP4	Riverstone	0.98	1.18	Buy	20.41	DCF, PER18.4x FY16
02/26/16	CIMB	AP4	Riverstone	1	1.07	Hold	7.00	PER16.4x CY17
02/26/16	DBS Vickers	AP4	Riverstone	1	1.3	Buy	30.00	PER18x FY16/17
02/26/16	Kim Eng	AP4	Riverstone	1	1.18	Buy	18.00	PER19x FY16
02/26/16	UOB Kay Hian	AP4	Riverstone	1	1.23	Buy	23.00
03/23/16	Kim Eng	AP4	Riverstone	0.975	1.18	Buy	21.03	PER19x
05/06/16	Kim Eng	AP4	Riverstone	0.985	1	Hold	1.52
05/06/16	Lim & Tan	AP4	Riverstone	0.985	0	Hold	-100.00
05/06/16	UOB Kay Hian	AP4	Riverstone	0.985	0.98	Hold	-0.51	PER15x FY17, Buy @0.88
05/09/16	CIMB	AP4	Riverstone	0.94	0.91	Reduce	-3.19	PER16.4x CY17
05/10/16	DBS Vickers	AP4	Riverstone	0.89	1	Hold	12.36	PER16x FY16/17
05/20/16	DMG & Partners	AP4	Riverstone	0.875	1.02	Buy	16.57	DCF
06/23/16	CIMB	AP4	Riverstone	0.885	0.91	Hold	2.82	PER17x CY17
07/05/16	DBS Vickers	AP4	Riverstone	0.905	1	Hold	10.50	PER16x FY16/17
08/15/16	CIMB	AP4	Riverstone	0.875	0.86	Hold	-1.71	PER17x CY17
08/15/16	Kim Eng	AP4	Riverstone	0.875	0.92	Hold	5.14
08/16/16	DBS Vickers	AP4	Riverstone	0.885	0.96	Hold	8.47	PER16x FY16/17
10/12/16	DBS Vickers	AP4	Riverstone	0.91	1.06	Hold	16.48
11/11/16	CIMB	AP4	Riverstone	0.9	0.91	Hold	1.11	PER16.3x CY18
11/11/16	DBS Vickers	AP4	Riverstone	0.9	0.97	Hold	7.78	PER16x FY17
11/11/16	Kim Eng	AP4	Riverstone	0.9	0.92	Hold	2.22	PER16x FY17
11/14/16	UOB Kay Hian	AP4	Riverstone	0.885	0.94	Hold	6.21
12/08/16	Kim Eng	AP4	Riverstone	0.85	0.92	Hold	8.24
12/12/16	UOB Kay Hian	AP4	Riverstone	0.855	0.94	Hold	9.94	PER16.4x FY17, Buy @ $0.80
01/03/17	DMG & Partners	AP4	Riverstone	0.88	0.93	Neutral	5.68
02/24/17	CIMB	AP4	Riverstone	0.91	0.91	Hold	0.00	PER16.4x CY18
02/24/17	Kim Eng	AP4	Riverstone	0.91	0.83	Hold	-8.79	PER16x FY17
05/05/17	Kim Eng	AP4	Riverstone	0.885	1.05	Buy	18.64
05/05/17	Lim & Tan	AP4	Riverstone	0.885	1.06	Buy	19.77	PER16x
05/08/17	CIMB	AP4	Riverstone	0.96	1.11	Add	15.63	PER18.3x FY18
05/08/17	DBS Vickers	AP4	Riverstone	0.96	1.07	Buy	11.46	PER16x FY18
08/04/17	Lim & Tan	AP4	Riverstone	1.065	0	Hold	-100.00
08/04/17	DBS Vickers	AP4	Riverstone	1.065	1.07	Buy	0.47	PER16x FY18
08/07/17	CIMB	AP4	Riverstone	1.05	1.2	Add	14.29	PER16.3x FY18
08/07/17	Kim Eng	AP4	Riverstone	1.05	1.05	Hold	0.00
08/08/17	DBS Vickers	AP4	Riverstone	1.055	1.09	Hold	3.32	PER16x FY18
11/09/17	Kim Eng	AP4	Riverstone	1.065	1.05	Hold	-1.41	PER16x FY18
11/09/17	DBS Vickers	AP4	Riverstone	1.065	1.09	Hold	2.35

Stock calls for 23 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/23/18	DMG & Partners	Breadtalk	1.75	2	Buy	Sum of parts
02/23/18	DBS Vickers	Breadtalk	1.75	2.05	Buy	Sum of parts
02/23/18	DBS Vickers	Sheng Siong	0.925	1.2	Buy	PER25x FY18
02/23/18	CIMB	Sunningdale	1.93	2.82	Add
02/23/18	UOB Kay Hian	Sunningdale	1.93	2.51	Buy	PER11.4x FY18
02/23/18	DBS Vickers	Sunningdale	1.93	2.7	Buy	PER13x FY18
02/23/18	Lim & Tan	Sunningdale	1.93	0	Buy on weakness
02/23/18	UOB Kay Hian	Venture	25.03	31.88	Buy	PER19x FY18
02/23/18	CIMB	Wilmar	3.04	4.1	Add
02/23/18	UOB Kay Hian	Wilmar	3.04	4.1	Buy	Sum of parts, PER14x FY18
02/23/18	OCBC	Wilmar	3.04	3.51	Hold	PER13.5x FY18/19

Philippines wants to form a military pact with China now.

https://www.todayonline.com/world/duterte-wants-create-balance-sending-troops-china-training

Besides asking China to secure the marine security in ASEAN, the Philippines is upping its ante by sending its troops to China for military training.  This development will require a military pact between China & Philippines.  Therefore, this will make it easier for China to have the excuse to secure a military base in the Philippines.

http://sg-stock.blogspot.sg/2018/02/philippines-wants-to-displace-singapore.html

The Philippines is fast becoming a leader in ASEAN because it has the political influences to spearhead any China developments in ASEAN.  To put things in perspective, China will discuss any ASEAN policy with the Philippines first before the future endeavour is being disseminated by the Philippines to ASEAN.  The ASEAN facilitator role is very important as the facilitator can influence China in the discussion and also get first-hand information from China.

Brutal rape in India again!

https://sg.news.yahoo.com/west-begal-horror-tribal-woman-155119782.html

Indian men are barbaric!  This kind of crime keeps repeating because the perpetrators are not heavily punished.

Just look at India raping crimes below.

http://sg-stock.blogspot.sg/2017/11/indian-man-raped-18-month-toddler.html

Religare Health Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Religare Health Trust	0.995	0.97	Hold	DDM
02/05/16	DBS Vickers	Religare Health Trust	0.925	0.97	Hold	DDM
05/17/16	CIMB	Religare Health Trust	1.025	1.06	Hold
05/27/16	DBS Vickers	Religare Health Trust	1.005	0.95	Hold
08/04/16	CIMB	Religare Health Trust	1	1.11	Add	DDM
10/12/16	DBS Vickers	Religare Health Trust	1.05	0.95	Hold
10/17/16	CIMB	Religare Health Trust	1.045	1.11	Add	DDM
11/14/16	CIMB	Religare Health Trust	0.885	0.89	Hold	DDM
02/07/17	DBS Vickers	Religare Health Trust	0.925	0.85	Hold	DDM
02/08/17	CIMB	Religare Health Trust	0.89	0.89	Hold	DDM
05/24/17	DBS Vickers	Religare Health Trust	0.92	0.85	Hold	DDM, PB1x
08/07/17	CIMB	Religare Health Trust	0.88	0.92	Hold	DDM
11/16/17	DBS Vickers	Religare Health Trust	0.895	0.85	Hold	DDM, Offer $0.90
11/16/17	CIMB	Religare Health Trust	0.895	0.92	Hold	DDM, PB1.08x
02/14/18	CIMB	Religare Health Trust	0.83	0.92	Hold	DDM

Regal - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/16	NRA	Regal	0.16	0.32	Overweight	RNAV (50% discount)
05/20/16	NRA	Regal	0.1	0.382	Overweight
06/09/16	NRA	Regal	0.1	0.382	Overweight
07/14/16	NRA	Regal	0.118	0.35	Overweight	RNAV (35% discount)
08/25/16	NRA	Regal	0.14	0.33	Overweight
12/07/16	NRA	Regal	0.148	0.315	Overweight	RNAV (15% discount)
01/18/17	NRA	Regal	0.145	0.315	Overweight
03/20/17	NRA	Regal	0.149	0.3	Overweight	RNAV (15% discount)
06/19/17	NRA	Regal	0.143	0.3	Overweight
12/11/17	NRA	Regal	0.135	0.3	Overweight

Stock calls for 22 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/22/18	Kim Eng	Bukit Sembawang	6.13	8.25	Buy	RNAV (20% discount)
02/22/18	UBS	DBS	29.45	35	Buy
02/22/18	UOB Kay Hian	KSH	0.76	1.08	Buy	Sum of parts
02/22/18	UBS	OCBC	13	14.5	Buy
02/22/18	phillip	OCBC	13	13.94	Buy	GGM, PB1.46x
02/22/18	DBS Vickers	PACC Offshore	0.39	0.48	Buy	PB1.4x
02/22/18	OCBC	Sembcorp Marine	2.63	2.43	Hold
02/22/18	UOB Kay Hian	Sembcorp Marine	2.63	1.9	Hold	PB1.6x FY19, Buy @ $1.80
02/22/18	DBS Vickers	Sembcorp Marine	2.63	2.9	Buy	PB2.4x FY18
02/22/18	CIMB	Sembcorp Marine	2.63	3.01	Add	PB2.5x FY18
02/22/18	Phillip	Thai Beverage	0.835	1.05	Buy	Sum of parts
02/22/18	UBS	UOB	27.6	27.5	Neutral

Christians are the unhappiest people in the world.

https://sg.news.yahoo.com/religious-people-happier-non-religious-091451408.html

Buddhists are the happiest people in the world while Christians are the unhappiest.

No wonder Thailand is the least miserable country as stated below.

http://sg-stock.blogspot.sg/2018/02/thailand-is-least-miserable-country-and.html

Raffles Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	Raffles Medical	4.16	5.05	Buy
01/15/16	Phillip	Raffles Medical	3.93	4.74	Buy	DCF
01/21/16	Kim Eng	Raffles Medical	3.95	5.22	Buy
01/26/16	Deutsche	Raffles Medical	4.09	5.44	Buy
02/05/16	DIR	Raffles Medical	4.19	4.7	Outperform	DCF
02/23/16	CIMB	Raffles Medical	4.25	4.45	Hold	Sum of parts
02/23/16	Credit Suisse	Raffles Medical	4.25	5	Outperform
02/23/16	DMG & Partners	Raffles Medical	4.25	5.1	Buy	DCF
02/23/16	Kim Eng	Raffles Medical	4.25	5.2	Buy	DCF
02/23/16	OCBC	Raffles Medical	4.25	4.72	Buy	PER33.5x FY16
02/23/16	Phillip	Raffles Medical	4.25	4.88	Buy	DCF
02/23/16	UOB Kay Hian	Raffles Medical	4.25	5.07	Buy	DCF, PER33.7x FY16
03/08/16	Deutsche	Raffles Medical	4.4	5.39	Buy	Sum of parts
03/09/16	OCBC	Raffles Medical	4.39	4.72	Buy
03/28/16	UOB Kay Hian	Raffles Medical	4.5	5.07	Buy
04/04/16	CIMB	Raffles Medical	4.54	4.23	Reduce	Sum of parts, EV/Ebitda24.3x CY16
04/07/16	UOB Kay Hian	Raffles Medical	4.48	5.07	Buy
04/25/16	OCBC	Raffles Medical	4.6	4.72	Buy
04/26/16	CIMB	Raffles Medical	4.55	4.23	Reduce	Sum of parts
04/26/16	Credit Suisse	Raffles Medical	4.55	5	Outperform
04/26/16	DBS Vickers	Raffles Medical	4.55	4.3	Hold
04/26/16	DIR	Raffles Medical	4.55	4.87	Outperform	DCF
04/26/16	Kim Eng	Raffles Medical	4.55	5.2	Buy	DCF
04/26/16	Nomura	Raffles Medical	4.55	5.25	Buy
04/26/16	Phillip	Raffles Medical	4.55	4.88	Accumulate	DCF
04/26/16	UOB Kay Hian	Raffles Medical	4.55	5.11	Buy	DCF
05/09/16	Deutsche	Raffles Medical	1.535	1.8	Buy
05/09/16	OCBC	Raffles Medical	1.535	1.57	Hold	Stock split 1-for-3, Buy @ $1.45 or lower
06/06/16	UOB Kay Hian	Raffles Medical	1.58	1.7	Buy	DCF
06/08/16	DIR	Raffles Medical	1.6	1.58	Hold	DCF
06/23/16	OCBC	Raffles Medical	1.515	1.57	Hold	Buy @ $1.45 or lower
06/30/16	Kim Eng	Raffles Medical	1.495	1.73	Buy
07/05/16	DBS Vickers	Raffles Medical	1.555	1.43	Hold	PER29x FY16/17
07/18/16	CIMB	Raffles Medical	1.54	1.41	Reduce
07/21/16	Amfrasers	Raffles Medical	1.56	1.6	Hold	PER34x FY16/17
07/21/16	DIR	Raffles Medical	1.56	1.58	Hold	DCF
07/22/16	Kim Eng	Raffles Medical	1.6	1.73	Buy	DCF
07/25/16	CIMB	Raffles Medical	1.62	1.41	Reduce	Sum of parts
07/26/16	Credit Suisse	Raffles Medical	1.565	1.67	Outperform
07/26/16	Deutsche	Raffles Medical	1.565	1.6	Buy
07/26/16	DIR	Raffles Medical	1.565	1.57	Hold	DCF
07/26/16	DMG & Partners	Raffles Medical	1.565	1.7	Buy
07/26/16	Kim Eng	Raffles Medical	1.565	1.84	Buy	DCF
07/26/16	Nomura	Raffles Medical	1.565	1.77	Buy
07/26/16	OCBC	Raffles Medical	1.565	1.54	Hold	PER33.5x FY16/17, Buy @ $1.45
07/26/16	Phillip	Raffles Medical	1.565	1.62	Neutral	DCF, Stock split 1-for-3
07/26/16	UOB Kay Hian	Raffles Medical	1.565	1.7	Buy	DCF
08/26/16	OCBC	Raffles Medical	1.505	1.54	Hold	Buy @ $1.48 or lower
09/02/16	UOB Kay Hian	Raffles Medical	1.54	1.7	Buy
09/29/16	DIR	Raffles Medical	1.525	1.57	Hold	DCF
10/12/16	DBS Vickers	Raffles Medical	1.505	1.43	Hold
10/17/16	DMG & Partners	Raffles Medical	1.505	1.7	Buy
10/25/16	CIMB	Raffles Medical	1.505	1.46	Reduce	Sum of parts
10/25/16	DIR	Raffles Medical	1.505	1.53	Hold	DCF
10/25/16	DMG & Partners	Raffles Medical	1.505	1.76	Buy	DCF, PER33x FY 17
10/25/16	Kim Eng	Raffles Medical	1.505	1.85	Buy	DCF
10/25/16	OCBC	Raffles Medical	1.505	1.61	Hold	PER33.5x FY17
10/25/16	Phillip	Raffles Medical	1.505	1.62	Accumulate	DCF
10/25/16	UOB Kay Hian	Raffles Medical	1.505	1.7	Buy	DCF, PER34.7x FY17
11/03/16	CIMB	Raffles Medical	1.52	1.46	Reduce
11/10/16	Credit Suisse	Raffles Medical	1.49	1.67	Outperform
11/18/16	Deutsche	Raffles Medical	1.405	1.6	Hold
11/18/16	UOB Kay Hian	Raffles Medical	1.405	1.7	Buy	DCF, PER34.7x FY17
11/24/16	OCBC	Raffles Medical	1.395	1.61	Buy
12/06/16	CIMB	Raffles Medical	1.475	1.46	Reduce	Sum of parts
12/07/16	Deutsche	Raffles Medical	1.46	1.6	Hold
12/08/16	OCBC	Raffles Medical	1.45	1.61	Buy
12/13/16	Kim Eng	Raffles Medical	1.435	1.85	Buy	DCF
01/03/17	DMG & Partners	Raffles Medical	1.43	1.76	Buy	DCF
01/03/17	UOB Kay Hian	Raffles Medical	1.43	1.7	Buy	DCF
01/19/17	DIR	Raffles Medical	1.475	1.49	Hold	DCF
02/08/17	UOB Kay Hian	Raffles Medical	1.455	1.7	Buy
02/20/17	CIMB	Raffles Medical	1.48	1.46	Reduce	Sum of parts
02/20/17	OCBC	Raffles Medical	1.48	1.61	Buy
02/21/17	CIMB	Raffles Medical	1.46	1.36	Reduce	Sum of parts, EV/Ebitda23x CY17
02/21/17	Credit Suisse	Raffles Medical	1.46	1.6	Neutral
02/21/17	DBS Vickers	Raffles Medical	1.46	1.4	Hold	PER29x FY17/18
02/21/17	DIR	Raffles Medical	1.46	1.43	Hold	DCF
02/21/17	DMG & Partners	Raffles Medical	1.46	1.72	Buy	DCF
02/21/17	Kim Eng	Raffles Medical	1.46	1.7	Buy	DCF
02/21/17	Lim & Tan	Raffles Medical	1.46	0	Hold
02/21/17	OCBC	Raffles Medical	1.46	1.6	Buy
02/21/17	UOB Kay Hian	Raffles Medical	1.46	1.67	Buy
02/22/17	Phillip	Raffles Medical	1.445	1.6	Accumulate	DCF
03/21/17	UOB Kay Hian	Raffles Medical	1.42	1.66	Buy
03/24/17	Kim Eng	Raffles Medical	1.405	1.7	Buy	DCF
04/03/17	OCBC	Raffles Medical	1.415	1.6	Buy	Sum of parts
04/04/17	CIMB	Raffles Medical	1.43	1.36	Reduce	Sum of parts
04/04/17	Credit Suisse	Raffles Medical	1.43	1.6	Neutral
04/04/17	DIR	Raffles Medical	1.43	1.63	Outperform	DCF
04/04/17	DMG & Partners	Raffles Medical	1.43	1.72	Buy	Sum of parts
04/05/17	DBS Vickers	Raffles Medical	1.445	1.4	Hold	PER29x FY17/18
04/10/17	UOB Kay Hian	Raffles Medical	1.47	1.66	Buy	DCF
04/25/17	CIMB	Raffles Medical	1.415	1.37	Reduce	Sum of parts
04/25/17	DIR	Raffles Medical	1.415	1.56	Outperform	DCF
04/25/17	DMG & Partners	Raffles Medical	1.415	1.49	Neutral	DCF
04/25/17	Kim Eng	Raffles Medical	1.415	1.67	Buy	DCF
04/25/17	Phillip	Raffles Medical	1.415	1.49	Accumulate	DCF
04/25/17	UOB Kay Hian	Raffles Medical	1.415	1.52	Hold	DCF, Buy @ $1.35
06/05/17	Kim Eng	Raffles Medical	1.365	1.54	Buy	DCF
06/08/17	OCBC	Raffles Medical	1.375	1.6	Buy
06/19/17	UOB Kay Hian	Raffles Medical	1.355	1.52	Hold	DCF
06/20/17	CIMB	Raffles Medical	1.36	1.25	Reduce	Sum of parts
08/01/17	Phillip	Raffles Medical	1.285	1.27	Neutral	DCF
08/01/17	DIR	Raffles Medical	1.285	1.46	Outperform	DCF
08/01/17	DMG & Partners	Raffles Medical	1.285	1.1	Sell	DCF
08/01/17	UOB Kay Hian	Raffles Medical	1.285	1.3	Hold	DCF, Buy @ $1.17
08/01/17	Kim Eng	Raffles Medical	1.285	1.12	Sell	DCF
08/01/17	OCBC	Raffles Medical	1.285	1.47	Buy
08/01/17	Credit Suisse	Raffles Medical	1.285	1.45	Neutral
08/01/17	CIMB	Raffles Medical	1.285	1.25	Reduce	Sum of parts
08/01/17	Lim & Tan	Raffles Medical	1.285	0	Sell
08/02/17	DBS Vickers	Raffles Medical	1.11	1.2	Hold	PER25x FY17/18
09/18/17	CIMB	Raffles Medical	1.1	1.21	Add	Sum of parts
09/21/17	UOB Kay Hian	Raffles Medical	1.105	1.28	Buy	DCF
10/11/17	DIR	Raffles Medical	1.17	1.29	Outperform	DCF
10/16/17	UOB Kay Hian	Raffles Medical	1.155	1.28	Buy	DCF
10/31/17	CIMB	Raffles Medical	1.125	1.24	Add	Sum of parts
10/31/17	Phillip	Raffles Medical	1.125	1.32	Accumulate	DCF
10/31/17	UOB Kay Hian	Raffles Medical	1.125	1.34	Buy	DCF
10/31/17	DMG & Partners	Raffles Medical	1.125	1.1	Neutral	DCF
10/31/17	OCBC	Raffles Medical	1.125	1.26	Buy
10/31/17	DBS Vickers	Raffles Medical	1.125	1	Fully Valued	PER26x FY18, PER30x FY19
10/31/17	Lim & Tan	Raffles Medical	1.125	0	Hold
11/29/17	DMG & Partners	Raffles Medical	1.06	1.1	Neutral
01/08/18	CIMB	Raffles Medical	1.12	1.24	Add	Sum of parts
02/13/18	UOB Kay Hian	Raffles Medical	1.08	1.34	Buy

QAF - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	OCBC	QAF	1.04	1.27	Buy
02/25/16	OCBC	QAF	1.02	1.27	Buy
04/27/16	OCBC	QAF	1.06	1.27	Buy
06/24/16	OCBC	QAF	1.055	1.27	Buy
08/15/16	OCBC	QAF	1.12	1.27	Buy
08/16/16	OCBC	QAF	1.19	1.33	Buy
11/29/16	OCBC	QAF	1.33	1.46	Buy	Sum of parts
03/02/17	OCBC	QAF	1.41	1.46	Hold	Buy @ $1.36 or lower
05/08/17	OCBC	QAF	1.34	1.46	Hold