City Developments - Mixed calls from analysts.

Date/Research House/Stock/Last done/Target Price/Call/Valuation Method

02/25/11	CIMB	City Developments	10.92	11.58	Underperform	RNAV (10% discount)
05/09/11	CIMB	City Developments	11.24	11.79	Underperform	RNAV (10% discount)
04/15/11	CLSA	City Developments	11.7	14.31	Buy
02/25/11	Credit Suisse	City Developments	10.92	15.6	Outperform	RNAV
06/02/11	Credit Suisse	City Developments	11.34	15.72	Outperform
03/16/11	DBS Vickers	City Developments	10.92	11.89	Hold
05/12/11	DBS Vickers	City Developments	11.6	11.98	Hold	RNAV (5% premium)
05/18/11	DBS Vickers	City Developments	11.2	11.98	hold
01/12/11	DMG & Partners	City Developments	12.66	11.07	Neutral	RNAV
02/24/11	DMG & Partners	City Developments	10.7	11.07	Neutral
03/01/11	DMG & Partners	City Developments	11.3	11.07	Neutral	RNAV
02/25/11	HSBC	City Developments	10.92	11.64	Neutral
02/09/11	Kim Eng	City Developments	11.2	14.2	Buy	RNAV (10% premium)
02/25/11	Kim Eng	City Developments	10.92	14.6	Buy	RNAV (10% premium)
03/10/11	Kim Eng	City Developments	11.24	14.6	Buy	RNAV (10% premium)
05/12/11	Kim Eng	City Developments	11.6	14.8	Buy	RNAV (10% premium)
05/27/11	Kim Eng	City Developments	10.98	14.8	Buy
02/24/11	Lim & Tan	City Developments	10.7	0	Buy
04/11/11	Lim & Tan	City Developments	11.76	0	Buy
03/29/11	Morgan Stanley	City Developments	11.52	9.95	Underweight
02/09/11	OCBC	City Developments	11.2	12.35	Under Review
02/24/11	OCBC	City Developments	10.7	12.35	Under Review	RNAV
02/25/11	OCBC	City Developments	10.92	11.89	Hold	RNAV
03/23/11	OCBC	City Developments	10.84	10.72	Hold	RNAV (10% discount)
03/30/11	OCBC	City Developments	11.32	10.72	Hold
04/26/11	OCBC	City Developments	11.78	10.72	Hold
05/04/11	OCBC	City Developments	11.44	10.72	Hold	RNAV (10% discount)
05/12/11	OCBC	City Developments	11.6	10.86	Hold	RNAV (10% discount)
05/18/11	OCBC	City Developments	11.2	10.86	Hold
06/08/11	OCBC	City Developments	11.04	10.86	hold
05/12/11	RBS	City Developments	11.6	11.7	Hold

China XLX Fertiliser - 1 buy call, 1 hold call & 1 sell call.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/07/11	CIMB	China XLX Fertiliser	0.61	0.45	Underperform	PER7x
01/28/11	CIMB	China XLX Fertiliser	0.52	0.45	Underperform	PER7x
02/28/11	CIMB	China XLX Fertiliser	0.425	0.39	Underperform	PER7x
04/26/11	CIMB	China XLX Fertiliser	0.465	0.39	Underperform	PER7x
04/28/11	CIMB	China XLX Fertiliser	0.425	0.39	Underperform	PER7x
02/17/11	CLSA	China XLX Fertiliser	0.5	0.63	Buy
02/21/11	CLSA	China XLX Fertiliser	0.48	0.63	Buy
02/17/11	DBS Vickers	China XLX Fertiliser	0.5	0.42	Fully Valued	PER13x
02/28/11	DBS Vickers	China XLX Fertiliser	0.425	0.42	Fully Valued	PER13x
04/19/11	DBS Vickers	China XLX Fertiliser	0.43	0.42	Fully Valued	PER13x
06/02/11	DBS Vickers	China XLX Fertiliser	0.41	0.42	Fully Valued

China Sunsine - Buy call from Phillip.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/21/11	phillip	China Sunsine	0.315	0.36	Buy
3/3/2011	phillip	China Sunsine	0.27	0.36	Buy	PER7.5x
04/27/11	phillip	China Sunsine	0.28	0.36	Buy	PER7.5x

Market analyses for US market (Dow Jones Industrial Average Index), Japan market (Nikkei 225 Index), Hong Kong market (Hang Seng Index) & Singapore market (Straits Times Index)

The charts above dated 10/06/2011 show that there are fund outflows from USA & SG markets with declining 100-day trading volumes for both markets.

China Southern Airlines - Not good enough!

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

04/13/11	UOB Kay Hian	China Southern Airlines	3.56	3.8	Hold	HK Dollars
04/14/11	DIR	China Southern Airlines	3.74	4.5	Buy	HK Dollars
04/29/11	Credit Suisse	China Southern Airlines	3.19	3.3	Neutral	Up from $2.99
05/03/11	Goldman Sachs	China Southern Airlines	25.34	23.08	Neutral	ADR
06/10/11	Goldman Sachs	China Southern Airlines	3.62	3.6	Neutral