SGX - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/16	CIMB	SGX	6.65	7.16	Hold	DDM, PER19x
01/21/16	DBS Vickers	SGX	6.65	7.8	Buy	DDM, PER23x FY16
01/21/16	Goldman Sachs	SGX	6.65	7.1	Neutral
01/21/16	DMG & Partners	SGX	6.65	8.13	Buy	PER23x FY17
01/21/16	Jefferies	SGX	6.65	8.5	Buy
01/21/16	Lim & Tan	SGX	6.65	0	Buy
01/21/16	Nomura	SGX	6.65	7.9	Neutral
01/21/16	OCBC	SGX	6.65	7.06	Buy	PER21x FY16
01/26/16	Credit Suisse	SGX	6.91	8	Neutral
01/26/16	Deutsche	SGX	6.91	8.3	Buy
02/26/16	OCBC	SGX	7.01	7.01	Hold	Buy @ $6.70
02/26/16	Goldman Sachs	SGX	7.01	7.4	Neutral
02/29/16	Macquarie	SGX	7.26	8.5	Outperform
03/03/16	phillip	SGX	7.38	8.28	Accumulate	PER24.5x
04/06/16	CIMB	SGX	7.78	7.16	Reduce	DDM
04/06/16	Goldman Sachs	SGX	7.78	7.5	Neutral
04/11/16	DMG & Partners	SGX	7.65	8.13	Buy	PER23x FY17
04/21/16	DBS Vickers	SGX	8.05	7.7	Hold	DDM, PER24x FY16
04/21/16	Deutsche	SGX	8.05	8.1	Hold
04/21/16	DMG & Partners	SGX	8.05	9.04	Buy	PER26x FY17
04/21/16	Jefferies	SGX	8.05	8.5	Buy
04/21/16	Lim & Tan	SGX	8.05	0	Buy
04/21/16	OCBC	SGX	8.05	7.4	Hold	PER22x FY16/17
04/21/16	phillip	SGX	8.05	8.62	Accumulate	PER24.5x
05/27/16	Lim & Tan	SGX	7.58	0	Buy
07/15/16	OCBC	SGX	7.79	7.4	Hold
07/15/16	Goldman Sachs	SGX	7.79	7.4	Neutral
07/19/16	DBS Vickers	SGX	7.8	7.7	Hold
07/22/16	DMG & Partners	SGX	7.82	9.04	Buy	PER26x FY17
07/28/16	CIMB	SGX	7.74	7.24	Reduce	DDM
07/28/16	DBS Vickers	SGX	7.74	7.8	Hold
07/28/16	Deutsche	SGX	7.74	7.5	Hold
07/28/16	Lim & Tan	SGX	7.74	0	Sell
07/28/16	OCBC	SGX	7.74	7.36	Hold	PER21x
07/29/16	phillip	SGX	7.66	7.99	Accumulate	PER24.5x
07/29/16	Goldman Sachs	SGX	7.66	7.5	Neutral
08/08/16	DBS Vickers	SGX	7.57	7.8	Hold
08/08/16	OCBC	SGX	7.57	7.36	Hold
08/23/16	Lim & Tan	SGX	7.66	0	Hold
09/16/16	phillip	SGX	7.45	7.99	Accumulate	PER24.5x
09/28/16	OCBC	SGX	7.47	7.36	Hold
10/13/16	CIMB	SGX	7.27	7.24	Reduce	DDM
10/18/16	Credit Suisse	SGX	7.21	7.6	Neutral
10/20/16	CIMB	SGX	7.22	7.04	Reduce	DDM
10/20/16	Lim & Tan	SGX	7.22	0	Hold
10/20/16	OCBC	SGX	7.22	7.36	Hold
10/20/16	phillip	SGX	7.22	7.69	Accumulate	PER24.3x
10/21/16	DBS Vickers	SGX	7.21	7.6	Hold	DDM
11/09/16	Credit Suisse	SGX	7.01	7.6	Neutral
11/23/16	CIMB	SGX	7.15	7.23	Hold	DDM
12/02/16	DMG & Partners	SGX	7.34	9.1	Buy	PER25x FY18
12/06/16	CIMB	SGX	7.31	7.23	Hold	DDM
12/07/16	Deutsche	SGX	7.3	7.5	Hold
12/09/16	Credit Suisse	SGX	7.4	7.6	Neutral
01/11/17	Credit Suisse	SGX	7.24	7.6	Neutral
01/11/17	Goldman Sachs	SGX	7.24	7.3	Neutral
01/11/17	Deutsche	SGX	7.24	7	Hold
01/16/17	DBS Vickers	SGX	7.39	8.3	Buy	DDM
01/16/17	DMG & Partners	SGX	7.39	9.1	Buy	PER25x FY18
01/16/17	UBS	SGX	7.39	8	Buy
01/20/17	CIMB	SGX	7.48	7.23	Hold	DDM
01/20/17	Lim & Tan	SGX	7.48	0	Buy
01/20/17	OCBC	SGX	7.48	7.64	Hold	PER22x, Buy @ $7.20 or lower
02/09/17	Credit Suisse	SGX	7.55	7.6	Neutral
02/14/17	Macquarie	SGX	7.62	8.25	Outperform
03/09/17	Credit Suisse	SGX	7.57	7.6	Neutral
03/09/17	phillip	SGX	7.57	7.75	Accumulate
03/14/17	DMG & Partners	SGX	7.58	9.1	Buy	PER25x FY18
03/17/17	DBS Vickers	SGX	7.63	8.3	Buy
03/28/17	CIMB	SGX	7.56	8.09	Add	PER24x FY18
03/28/17	JP Morgan	SGX	7.56	8.5	Overweight	Up from $7.90
03/28/17	Goldman Sachs	SGX	7.56	7.95	Neutral
04/10/17	Credit Suisse	SGX	7.66	7.6	Neutral
04/12/17	CIMB	SGX	7.58	8.09	Add	PER24x FY18
04/12/17	UBS	SGX	7.58	8.4	Buy
04/21/17	CIMB	SGX	7.45	8.16	Add	PER24x FY18
04/21/17	DMG & Partners	SGX	7.45	9.1	Buy	PER25x FY18
04/21/17	Lim & Tan	SGX	7.45	0	Buy
04/21/17	Macquarie	SGX	7.45	7.5	Neutral	DDM, PER22.3x
04/21/17	OCBC	SGX	7.45	7.53	Hold	Buy @ $7.1 or lower
04/21/17	phillip	SGX	7.45	7.45	Neutral	PER23.9x
04/21/17	Goldman Sachs	SGX	7.45	7.8	Neutral
05/08/17	Credit Suisse	SGX	7.43	7.6	Neutral
05/24/17	DMG & Partners	SGX	7.41	9.1	Buy	PER25x FY18
05/24/17	Goldman Sachs	SGX	7.41	7.9	Neutral
06/20/17	DMG & Partners	SGX	7.34	9	Buy	PER24x FY18
06/20/17	Lim & Tan	SGX	7.34	0	Buy
07/28/17	CIMB	SGX	7.54	8.04	Add	PER24x FY18
07/28/17	Credit Suisse	SGX	7.54	7.6	Neutral
07/28/17	DMG & Partners	SGX	7.54	9	Buy	PER24x FY18
07/28/17	OCBC	SGX	7.54	7.83	Hold	PER23x
07/28/17	JP Morgan	SGX	7.54	8.4	Overweight
07/31/17	phillip	SGX	7.59	7.63	Accumulate	PER23.9x
07/31/17	DBS Vickers	SGX	7.59	8.2	Buy	PER24x FY18
09/08/17	Credit Suisse	SGX	7.46	7.6	Neutral
09/18/17	DMG & Partners	SGX	7.42	9	Buy	PER24x FY19
09/27/17	Goldman Sachs	SGX	7.44	8.5	Buy
10/11/17	Credit Suisse	SGX	7.64	7.6	Neutral
10/11/17	JP Morgan	SGX	7.64	8.3	Overweight
10/17/17	phillip	SGX	7.66	8.39	Accumulate	PER23.9x
10/19/17	Lim & Tan	SGX	7.63	0	Buy
10/26/17	CIMB	SGX	7.57	8.21	Add	PER24x FY19
10/26/17	DMG & Partners	SGX	7.57	9	Buy	PER24x FY19
10/26/17	OCBC	SGX	7.57	7.87	Hold
10/26/17	DBS Vickers	SGX	7.57	8.4	Buy	DDM, PER24x FY18
10/27/17	phillip	SGX	7.61	8.31	Accumulate	PER23.9x
11/21/17	phillip	SGX	7.52	8.31	Accumulate	PER23.9x
11/21/17	JP Morgan	SGX	7.52	8.4	Overweight
11/21/17	Goldman Sachs	SGX	7.52	8.6	Buy
12/04/17	DMG & Partners	SGX	7.55	9	Buy	PER24x FY19
12/20/17	CIMB	SGX	7.43	8.21	Add
12/20/17	Kim Eng	SGX	7.43	8.3	Buy
01/22/18	DMG & Partners	SGX	7.98	9	Buy	PER24x FY19
01/22/18	Kim Eng	SGX	7.98	8.82	Buy	PER23x FY19
01/22/18	DBS Vickers	SGX	7.98	8.9	Buy	DDM, PER21x FY19
01/22/18	OCBC	SGX	7.98	8.16	Hold	PER24x FY18
01/22/18	CIMB	SGX	7.98	8.5	Add	PER24x FY19
01/22/18	phillip	SGX	7.98	9	Accumulate	DCF
01/22/18	UBS	SGX	7.98	8.7	Buy
02/07/18	CIMB	SGX	7.88	8.5	Add	PER24x FY19
02/07/18	DMG & Partners	SGX	7.88	9	Buy	PER24x FY19
02/07/18	OCBC	SGX	7.88	8.16	Hold
02/07/18	Kim Eng	SGX	7.88	8.82	Buy	PER23x FY19
02/07/18	DBS Vickers	SGX	7.88	8.9	Buy	DDM, PER21x FY19
02/13/18	JP Morgan	SGX	7.31	9	Overweight
02/13/18	Jefferies	SGX	7.31	8	Buy
02/13/18	UBS	SGX	7.31	8.7	Buy
02/13/18	CIMB	SGX	7.31	7.85	Hold	PER24x FY19
02/13/18	Goldman Sachs	SGX	7.31	6.6	Sell
02/14/18	phillip	SGX	7.3	8.89	Buy	DCF
02/19/18	Jefferies	SGX	7.37	8	Buy
02/20/18	DBS Vickers	SGX	7.71	8.9	Buy	DDM, PER21x FY19

Serial System - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/16/16	NRA	Serial System	0.12	0.2	Overweight
08/18/16	NRA	Serial System	0.137	0.2	Overweight	PER12.2x FY17
03/23/17	NRA	Serial System	0.178	0.24	Overweight	PER11.3x FY17

Stock calls for 2 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/18	SAC Advisors	Advancer Global Ltd	0.285	0.36	Buy
03/02/18	CIMB	AEM	6.3	8.19	Add	PER10x CY19
03/02/18	UOB Kay Hian	CDL Hospitality	1.66	1.95	Buy
03/02/18	DBS Vickers	China Aviation Oil	1.51	1.98	Buy	PER13x FY18
03/02/18	phillip	China Aviation Oil	1.51	2	Buy	PER13.3x
03/02/18	DBS Vickers	China Everbright	0.45	0.65	Buy
03/02/18	phillip	China Everbright	0.45	0.6	Buy	PER12.5x
03/02/18	UOB Kay Hian	Citic Envirotech	0.735	1.06	Buy
03/02/18	phillip	Dasin Retail	0.87	0.98	Buy	DDM
03/02/18	UOB Kay Hian	DBS	28.8	30.4	Buy
03/02/18	DMG & Partners	Food Empire	0.7	1.07	Buy	PER18x FY18
03/02/18	phillip	Ho Bee	2.51	2.98	Accumulate	RNAV (30% discount)
03/02/18	DBS Vickers	Indofood Agri	0.34	0.36	Hold	DCF
03/02/18	UOB Kay Hian	Keppel Corp	8.01	9.3	Buy
03/02/18	DMG & Partners	Moya Asia	0.091	0.15	Buy
03/02/18	UOB Kay Hian	OCBC	13.21	14.9	Buy
03/02/18	phillip	Q & M	0.635	0.625	Hold	PER27x FY18
03/02/18	DBS Vickers	Singapore Medical	0.56	0.73
03/02/18	Kim Eng	Singapore Medical	0.56	0.7	Buy	PER27x FY18
03/02/18	DMG & Partners	Singapore Medical	0.56	0.68	Buy	DCF, PER26x FY18
03/02/18	UOB Kay Hian	Singtel	3.36	4.4	Buy
03/02/18	Lim & Tan	ST Engineering	3.38	0	Buy
03/02/18	UOB Kay Hian	Wing Tai	2.2	2.78	Buy
03/02/18	OCBC	Yangzijiang	1.45	1.49	Hold	Sum of parts
03/02/18	CIMB	Yangzijiang	1.45	1.51	Hold	Sum of parts
03/02/18	CIMB	Yongnam	0.3	0.57	Add	PB0.8x FY19

Singapore is proposing ASEAN-EU integration in its capacity as ASEAN Chairman.

http://www.businesstimes.com.sg/government-economy/time-is-right-for-asean-and-the-eu-to-pursue-greater-integration-singapore-trade

The ASEAN summit will convene in April 2018 and Singapore is proposing an ASEAN-EU integration in its capacity as chairman.  Currently, China-ASEAN meeting is convened in Vietnam.

Singapore knows that it has lost the trust of China as Philippines is now the de facto ASEAN facilitator.  Therefore, SG is proposing an ASEAN-EU integration to counterbalance Philippines-China leadership in ASEAN.

Let's see how this will pan out.  Hopefully, SG won't be ostracized by other ASEAN members in the end.

Danger is lurking for Hong Kong stock market!

https://www.bloombergquint.com/china/2018/02/28/hong-kong-dollar-falls-to-weakest-since-2007-as-rate-gap-widens

HK dollar is pegged to USD at $7.8 but HK dollar has been depreciating and is at 7.829 now.

The depreciation in the HKD has caused a decoupling of interest rates between Hibor & USD Libor.  The interest rates between HK & US should move in synchronization under normal circumstances.  In a nutshell, HK will follow any increase or decrease in US interest rate.  However, the ample liquidity in HKD is causing an aberration that results in huge Hibor & Libor spread of over 90 basis points.

The HKMA is compelled to intervene in the currency market when it exceeds HKD$7.85 by raising the interest rate to narrow the Hibor-Libor spread.  However, this monetary policy move will cause some negative multiplier effect in the property and stock markets.  The property industry will collapse under the weight of higher interest rate.  Thereafter, the stock market will collapse because HK stock market is heavily property weighted.

Furthermore, China investors have been retreating from HK stock market because they're turning cautious.  China investors are net sellers of HK stock market recently.

http://www.scmp.com/business/china-business/article/2134835/hong-kongs-stock-index-futures-rise-drop-treasury-yield

This chain of events reminisces the Asian Financial Crisis in the past.  First, the currency depreciates and forces the government to act by hiking interest rates to support the currency strength.  Then, other interest rate sensitive sectors get affected by the increasing interest rates which result in the collapse of the stock market.

India raises import tax for palm oil from Malaysia & Indonesia.

https://sg.finance.yahoo.com/news/india-raises-import-tax-palm-031144820.html

As India is having 3 types of deficits coupled with the USA's demand for tariff cut from India, India has to make up for the shortfalls by raising import taxes from South East Asia countries such as Malaysia & Indonesia.

https://sg-stock.blogspot.sg/2018/02/india-has-to-pay-high-price-to-be-usa.html

https://sg-stock.blogspot.sg/2018/03/indias-economic-growth-rises-to-72-with.html

Trade wars between USA and EU have started.

https://finance.yahoo.com/news/trumps-proposed-tariffs-wont-bad-happen-next-220111328.html

EU will impose retaliatory tariffs against the USA soon.  Additional tariffs and anti-dumping measures will increase product prices which will lead to global inflation.

Get ready for global inflation in 2018.

India's economic growth rises to 7.2% with heavy deficits.

https://www.channelnewsasia.com/news/business/india-s-economic-growth-rises-to-7-2--10000484

If you just look at India's economic growth, it looks fantastic but if you delve deeper, the growth becomes a conundrum.

Quarterly economic growth: 7.2%

However, India has a fiscal deficit of about 114% which means that the government borrows heavily for the huge revenue-expenditure gap.

https://economictimes.indiatimes.com/news/economy/indicators/april-january-fiscal-deficit-at-113-7-of-fy18-target/articleshow/63109904.cms

India also has a trade deficit of USD$16.3b in January 2018.

https://tradingeconomics.com/india/balance-of-trade

Last but not least, India will have a budget deficit of 3.5% of GDP in 2018.

https://www.cnbc.com/2018/02/01/india-budget-fiscal-deficit-tax-rural-measures.html

The 3 deficits show that the so-called economic growth is not getting enough revenues for the government which results in heavy government borrowings.

Since GDP = G+I+C+ Net exports(X-M), India is propping up its economic growth with heavy government spendings through borrowings.  In other words, foreign direct investments, local consumptions and net exports are not generating enough revenues for India.

In conclusion, India's economic growth is dubious and dicey.

CEFC has committed the same economic offence as Anbang Insurance.

https://sg.finance.yahoo.com/news/chinas-cefc-chairman-investigated-suspected-economic-crimes-source-040357897--sector.html

The CEFC chairman also took out huge local loans for international acquisitions.  All of these companies have the same modus operandi.

http://sg-stock.blogspot.sg/2018/03/china-seized-control-of-anbang.html

Sembcorp Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	Kim Eng	Sembcorp Marine	1.75	1.53	Sell	PB1x FY16
01/04/16	UOB Kay Hian	Sembcorp Marine	1.75	1.69	Sell
01/06/16	Macquarie	Sembcorp Marine	1.71	1.3	Underperform
01/07/16	DIR	Sembcorp Marine	1.65	1.44	Sell	PER10.8x FY16
01/07/16	Nomura	Sembcorp Marine	1.65	2.08	Buy
01/08/16	UOB Kay Hian	Sembcorp Marine	1.55	1.05	Sell	PB0.85x FY16
01/13/16	Amfrasers	Sembcorp Marine	1.51	2.07	Sell
01/19/16	Nomura	Sembcorp Marine	1.315	1.78	Buy
01/20/16	Kim Eng	Sembcorp Marine	1.48	1	Sell	PB0.71x
01/26/16	Deutsche	Sembcorp Marine	1.495	1.3	Sell
01/27/16	DBS Vickers	Sembcorp Marine	1.475	1.35	Fully Valued	PB0.9x FY16
01/27/16	DIR	Sembcorp Marine	1.475	1.2	Sell	Probability weighted
01/28/16	UOB Kay Hian	Sembcorp Marine	1.475	0.88	Sell	PB0.85x FY16
01/29/16	Deutsche	Sembcorp Marine	1.49	1.05	Sell
01/29/16	OCBC	Sembcorp Marine	1.49	1.17	Sell	PB0.75x FY16
02/04/16	Credit Suisse	Sembcorp Marine	1.44	2.2	Neutral
02/16/16	Amfrasers	Sembcorp Marine	1.46	1.11	Sell
02/16/16	CIMB	Sembcorp Marine	1.46	0.9	Reduce	PB0.7x
02/16/16	Credit Suisse	Sembcorp Marine	1.46	1.2	Neutral	PB1x
02/16/16	DBS Vickers	Sembcorp Marine	1.46	1.24	Fully Valued	PB1x FY16
02/16/16	Deutsche	Sembcorp Marine	1.46	1	Sell
02/16/16	DIR	Sembcorp Marine	1.46	1.01	Sell	PB0.9x
02/16/16	DMG & Partners	Sembcorp Marine	1.46	1.33	Neutral	PER10x FY16
02/16/16	Kim Eng	Sembcorp Marine	1.46	1	Sell	NTA, PB0.8x FY16
02/16/16	Lim & Tan	Sembcorp Marine	1.46	1.2	Sell	PB1x
02/16/16	OCBC	Sembcorp Marine	1.46	1.08	Sell	PB0.85x FY16
02/16/16	UOB Kay Hian	Sembcorp Marine	1.46	0.88	Sell	PB0.95x FY16
03/07/16	UOB Kay Hian	Sembcorp Marine	1.765	0.9	Sell
03/09/16	Amfrasers	Sembcorp Marine	1.68	1.11	Sell
03/09/16	Kim Eng	Sembcorp Marine	1.68	1	Sell
03/10/16	CIMB	Sembcorp Marine	1.79	0.9	Reduce	PB0.7x FY16
03/10/16	Lim & Tan	Sembcorp Marine	1.79	1.2	Sell
03/11/16	DBS Vickers	Sembcorp Marine	1.735	1.24	Fully Valued	PB1x FY16
03/17/16	DIR	Sembcorp Marine	1.68	1.01	Sell
03/31/16	Nomura	Sembcorp Marine	1.68	2.02	Buy
04/22/16	Kim Eng	Sembcorp Marine	1.87	1	Sell
04/22/16	UOB Kay Hian	Sembcorp Marine	1.87	0.9	Sell
04/25/16	Credit Suisse	Sembcorp Marine	1.84	1.2	Neutral
04/25/16	OCBC	Sembcorp Marine	1.84	1.08	Sell	PB0.85x
04/28/16	Amfrasers	Sembcorp Marine	1.67	1.65	Hold	PB1.5x FY16
04/28/16	CIMB	Sembcorp Marine	1.67	0.9	Reduce	PB0.7x CY17
04/28/16	DBS Vickers	Sembcorp Marine	1.67	1.24	Fully Valued
04/28/16	DIR	Sembcorp Marine	1.67	1.01	Sell	PB0.9x FY16
04/28/16	DMG & Partners	Sembcorp Marine	1.67	1.51	Neutral	PER10x FY16
04/28/16	Kim Eng	Sembcorp Marine	1.67	1	Sell	PB0.8x FY16
04/28/16	Lim & Tan	Sembcorp Marine	1.67	1.22	Sell	PB1x
04/28/16	OCBC	Sembcorp Marine	1.67	1.14	Sell	PB0.9x
05/18/16	Deutsche	Sembcorp Marine	1.63	1.95	Buy	PB1.5x FY17
05/20/16	UOB Kay Hian	Sembcorp Marine	1.55	0.9	Sell
05/24/16	OCBC	Sembcorp Marine	1.575	1.14	Sell
06/06/16	Kim Eng	Sembcorp Marine	1.57	1	Sell
06/06/16	UOB Kay Hian	Sembcorp Marine	1.57	1.27	Hold
06/10/16	Deutsche	Sembcorp Marine	1.71	1.95	Buy
07/04/16	phillip	Sembcorp Marine	1.545	1.16	Sell	PER12.2x FY16
07/05/16	UOB Kay Hian	Sembcorp Marine	1.58	1.27	Hold	PB1x, Buy @ $1.2
07/14/16	Credit Suisse	Sembcorp Marine	1.56	1.2	Neutral
07/15/16	DIR	Sembcorp Marine	1.545	1	Sell
07/29/16	CIMB	Sembcorp Marine	1.435	0.9	Reduce	PB0.7x CY16
07/29/16	DIR	Sembcorp Marine	1.435	0.99	Sell	PB0.9x FY16
07/29/16	Kim Eng	Sembcorp Marine	1.435	1	Sell
07/29/16	Lim & Tan	Sembcorp Marine	1.435	1.2	Sell	PB1x
07/29/16	OCBC	Sembcorp Marine	1.435	1.13	Sell	PB0.9x FY16
08/01/16	Amfrasers	Sembcorp Marine	1.41	1.53	Hold	PB1.5x FY16
08/01/16	DBS Vickers	Sembcorp Marine	1.41	1.2	Fully Valued	PB1x FY16
08/01/16	phillip	Sembcorp Marine	1.41	1.14	Reduce	PER13.9x
08/04/16	Deutsche	Sembcorp Marine	1.325	1.8	Buy
08/04/16	DMG & Partners	Sembcorp Marine	1.325	1.51	Neutral
08/11/16	UOB Kay Hian	Sembcorp Marine	1.3	1.27	Hold
08/24/16	CIMB	Sembcorp Marine	1.325	0.9	Reduce	PB0.7x
09/02/16	CIMB	Sembcorp Marine	1.265	0.9	Reduce	PB0.7x
09/06/16	Amfrasers	Sembcorp Marine	1.28	1.53	Hold
10/03/16	Kim Eng	Sembcorp Marine	1.305	1	Sell
10/26/16	CIMB	Sembcorp Marine	1.315	0.9	Reduce
10/26/16	Credit Suisse	Sembcorp Marine	1.315	1.2	Neutral
10/26/16	DIR	Sembcorp Marine	1.315	0.94	Sell	PB0.9x FY16/17
10/26/16	DMG & Partners	Sembcorp Marine	1.315	1.33	Neutral	PER10x
10/26/16	Lim & Tan	Sembcorp Marine	1.315	0	Sell
10/26/16	OCBC	Sembcorp Marine	1.315	1.13	Sell	PB0.9x FY17
10/26/16	UOB Kay Hian	Sembcorp Marine	1.315	1.23	Hold	PB1x FY17, Buy @ $1.20
10/27/16	Amfrasers	Sembcorp Marine	1.275	1.39	Hold
10/27/16	DBS Vickers	Sembcorp Marine	1.275	1.15	Fully Valued	PB1x FY16
10/27/16	phillip	Sembcorp Marine	1.275	0.87	Sell	PER19x
10/27/16	Morgan Stanley	Sembcorp Marine	1.275	0.9	Underweight
10/27/16	UBS	Sembcorp Marine	1.275	0.96	Sell
11/16/16	CIMB	Sembcorp Marine	1.325	1.4	Hold	PB1.3x FY17
11/16/16	OCBC	Sembcorp Marine	1.325	1.13	Sell
11/17/16	Lim & Tan	Sembcorp Marine	1.35	1.32	Hold	PB1.1x
11/17/16	UOB Kay Hian	Sembcorp Marine	1.35	1.26	Hold	PB1x, Buy @ $1.24
11/25/16	Credit Suisse	Sembcorp Marine	1.43	1.2	Neutral
12/02/16	DBS Vickers	Sembcorp Marine	1.47	1.55	Hold	PB1.3x FY17
12/05/16	CIMB	Sembcorp Marine	1.47	1.4	Hold	PB1.3x CY17
12/07/16	Deutsche	Sembcorp Marine	1.46	1.8	Buy	PB1.4x
12/07/16	UOB Kay Hian	Sembcorp Marine	1.46	1.4	Hold	PB1.1x FY17
12/14/16	OCBC	Sembcorp Marine	1.49	1.43	Hold	PB1.15x FY17
12/22/16	Kim Eng	Sembcorp Marine	1.43	1	Sell	PB0.8x FY16
01/05/17	Deutsche	Sembcorp Marine	1.42	1.9	Buy	PB1.5x FY17
01/05/17	Morgan Stanley	Sembcorp Marine	1.42	1	Underweight
01/06/17	CIMB	Sembcorp Marine	1.455	1.7	Add	PB1.3x CY17
01/13/17	DBS Vickers	Sembcorp Marine	1.51	1.55	Hold	PB1.3x FY17
01/16/17	DIR	Sembcorp Marine	1.515	0.94	Sell	PB0.9x FY16/17
01/16/17	UOB Kay Hian	Sembcorp Marine	1.515	1.61	Hold	PB1.3x FY17, Buy @ $1.45
01/17/17	OCBC	Sembcorp Marine	1.49	1.43	Hold
01/25/17	Credit Suisse	Sembcorp Marine	1.545	1.2	Neutral
02/07/17	CIMB	Sembcorp Marine	1.475	1.7	Add	PB1.3x FY17
02/17/17	CLSA	Sembcorp Marine	1.545	2	Buy
02/23/17	CIMB	Sembcorp Marine	1.535	1.88	Add	PB1.5x
02/23/17	DBS Vickers	Sembcorp Marine	1.535	1.78	Buy	PB1.5x FY17
02/23/17	DMG & Partners	Sembcorp Marine	1.535	1.46	Neutral	PER16x FY17
02/23/17	Lim & Tan	Sembcorp Marine	1.535	0	Buy
02/23/17	OCBC	Sembcorp Marine	1.535	1.76	Buy	PB1.4x FY17
02/23/17	UOB Kay Hian	Sembcorp Marine	1.535	1.61	Hold	PB1.2x, FY17, Buy @ $1.45
02/24/17	phillip	Sembcorp Marine	1.815	1.58	Reduce	PER25.4x
02/28/17	Amfrasers	Sembcorp Marine	1.73	1.63	Hold
03/01/17	Credit Suisse	Sembcorp Marine	1.78	2.4	Outperform
03/06/17	Deutsche	Sembcorp Marine	2.03	2.1	Buy
03/06/17	UOB Kay Hian	Sembcorp Marine	2.03	1.61	Hold	PB1.2x FY17
03/14/17	DIR	Sembcorp Marine	1.86	1.22	Sell	PB1x FY17
04/03/17	UOB Kay Hian	Sembcorp Marine	1.92	1.61	Hold	PB1.3x FY17, Buy @ $1.45
04/10/17	Credit Suisse	Sembcorp Marine	1.875	2.4	Outperform
04/28/17	CIMB	Sembcorp Marine	1.73	1.88	Add	PB1.5x CY17
04/28/17	DIR	Sembcorp Marine	1.73	1.22	Sell	PB1x FY17
04/28/17	Lim & Tan	Sembcorp Marine	1.73	0	Hold
04/28/17	OCBC	Sembcorp Marine	1.73	2.01	Buy	PB1.6x FY17
04/28/17	UOB Kay Hian	Sembcorp Marine	1.73	1.43	Sell	PB1.1x FY17
04/28/17	UBS	Sembcorp Marine	1.73	1.75	Neutral
05/02/17	DBS Vickers	Sembcorp Marine	1.63	1.78	Buy	PB1.5x FY17
05/02/17	DMG & Partners	Sembcorp Marine	1.63	1.65	Neutral	PB1.3x
05/02/17	phillip	Sembcorp Marine	1.63	1.58	Neutral	PER23.9x
06/06/17	Credit Suisse	Sembcorp Marine	1.665	2.4	Outperform
06/09/17	Deutsche	Sembcorp Marine	1.64	2.1	Buy	PB1.7x FY17
06/12/17	OCBC	Sembcorp Marine	1.635	2.01	Buy
06/20/17	UOB Kay Hian	Sembcorp Marine	1.595	1.43	Sell	PB1.1x FY17
07/11/17	CIMB	Sembcorp Marine	1.68	1.88	Add	PB1.5x FY17
07/18/17	Credit Suisse	Sembcorp Marine	1.65	2.4	Outperform
07/21/17	DBS Vickers	Sembcorp Marine	1.74	2.3	Buy	PB1.8x FY17
07/28/17	DIR	Sembcorp Marine	1.74	1.22	Sell	PB1x FY17/18
07/28/17	UOB Kay Hian	Sembcorp Marine	1.74	1.8	Hold	PB1.4x FY18, Buy @ $1.60
07/28/17	OCBC	Sembcorp Marine	1.74	1.98	Buy	PB1.6x FY17
07/28/17	CIMB	Sembcorp Marine	1.74	1.87	Add	PB1.5x FY17
07/28/17	Lim & Tan	Sembcorp Marine	1.74	0	Hold
07/28/17	DMG & Partners	Sembcorp Marine	1.74	1.65	Neutral	PB1.3x FY17
07/31/17	phillip	Sembcorp Marine	1.695	1.55	Reduce	PER28.5x
07/31/17	Amfrasers	Sembcorp Marine	1.695	2.05	Buy	PB1.8x FY17
08/01/17	Credit Suisse	Sembcorp Marine	1.685	2.4	Outperform	PER43.4x FY17, PB1.4x
08/25/17	Morgan Stanley	Sembcorp Marine	1.605	1.05	Underweight
09/12/17	CIMB	Sembcorp Marine	1.575	1.87	Add	PB1.5x FY17
09/12/17	DMG & Partners	Sembcorp Marine	1.575	1.65	Neutral	PB1.3x FY17
09/15/17	UOB Kay Hian	Sembcorp Marine	1.59	1.8	Hold
09/19/17	OCBC	Sembcorp Marine	1.63	1.98	Buy
09/19/17	Lim & Tan	Sembcorp Marine	1.63	0	Buy
09/19/17	UBS	Sembcorp Marine	1.63	1.67	Neutral
09/20/17	DBS Vickers	Sembcorp Marine	1.67	2.3	Buy	PB1.8x FY17
09/27/17	Credit Suisse	Sembcorp Marine	1.68	2.4	Outperform
10/02/17	UOB Kay Hian	Sembcorp Marine	1.745	1.77	Hold	PB1.3x, Buy @ $1.60
10/05/17	CIMB	Sembcorp Marine	1.745	1.87	Add	PB1.5x FY17
10/09/17	CIMB	Sembcorp Marine	1.735	2.51	Add	PB2x
10/09/17	UOB Kay Hian	Sembcorp Marine	1.735	1.9	Buy	PB1.5x FY18
10/09/17	OCBC	Sembcorp Marine	1.735	1.98	Buy
10/09/17	DBS Vickers	Sembcorp Marine	1.735	2.3	Buy
10/09/17	phillip	Sembcorp Marine	1.735	1.82	Neutral	PER33.6x FY18
10/09/17	Lim & Tan	Sembcorp Marine	1.735	0	Buy
10/09/17	UBS	Sembcorp Marine	1.735	1.82	Neutral
10/10/17	DIR	Sembcorp Marine	1.815	1.22	Sell	PB1x FY17/18
10/10/17	DMG & Partners	Sembcorp Marine	1.815	1.65	Neutral
10/24/17	Credit Suisse	Sembcorp Marine	1.86	2.4	Outperform
10/24/17	Deutsche	Sembcorp Marine	1.86	2.6	Buy
11/01/17	CIMB	Sembcorp Marine	1.93	2.49	Add	PB2x FY18
11/01/17	Credit Suisse	Sembcorp Marine	1.93	2.4	Outperform
11/01/17	OCBC	Sembcorp Marine	1.93	2.26	Buy	PB1.8x
11/01/17	UOB Kay Hian	Sembcorp Marine	1.93	2.1	Buy
11/01/17	Lim & Tan	Sembcorp Marine	1.93	0	Buy
11/02/17	phillip	Sembcorp Marine	2.01	1.91	Neutral	PER38.2x FY18
11/02/17	DBS Vickers	Sembcorp Marine	2.01	2.3	Buy	PB1.8x FY17
11/02/17	Amfrasers	Sembcorp Marine	2.01	2.05	Hold
11/03/17	Morgan Stanley	Sembcorp Marine	2.01	1.18	Underweight	PB1x
11/03/17	UBS	Sembcorp Marine	2.01	1.85	Neutral
12/04/17	UOB Kay Hian	Sembcorp Marine	1.87	2.1	Buy	PB1.6x FY19
12/04/17	Amfrasers	Sembcorp Marine	1.87	2.05	Hold
12/20/17	CIMB	Sembcorp Marine	1.93	2.49	Add	PB2x FY18
12/26/17	OCBC	Sembcorp Marine	1.94	1.74	Sell	PB1.8x
12/27/17	Lim & Tan	Sembcorp Marine	1.87	0	Hold	Bribery alert!
12/27/17	Deutsche	Sembcorp Marine	1.87	2.4	Buy	PB1.8x
01/02/18	UOB Kay Hian	Sembcorp Marine	1.84	2.1	Buy
01/02/18	CIMB	Sembcorp Marine	1.84	2.49	Add	PB2x FY18
01/03/18	OCBC	Sembcorp Marine	1.87	1.78	Hold	PB1.85x
01/05/18	Amfrasers	Sembcorp Marine	1.83	2.05	Hold
01/22/18	OCBC	Sembcorp Marine	2.3	2.37	Hold	PB2x FY18
01/23/18	UBS	Sembcorp Marine	2.39	3.06	Buy
01/23/18	DBS Vickers	Sembcorp Marine	2.39	3.1	Buy	PB2.4x FY18
02/02/18	Deutsche	Sembcorp Marine	2.57	2.9	Buy
02/07/18	CIMB	Sembcorp Marine	2.71	2.49	Neutral	Buy @ $2
02/13/18	DBS Vickers	Sembcorp Marine	2.37	3.1	Buy
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
02/26/18	phillip	Sembcorp Marine	2.23	1.91	Reduce	PER43.4x FY18
02/27/18	Amfrasers	Sembcorp Marine	2.18	2.06	Hold