Singtel - Mixed calls from analysts.

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

08/13/10	AmFraser	Singtel	2.99	2.82	Hold
05/18/10	CIMB	Singtel	2.96	3	Underperform
05/19/10	CIMB	Singtel	2.97	3	Underperform
06/21/10	CIMB	Singtel	3.1	3	Underperform	Sum of parts
06/25/10	CIMB	Singtel	3.04	3	Underperform	Sum of parts
08/12/10	CIMB	Singtel	3.06	3	Underperform	Sum of parts
08/30/10	CIMB	Singtel	3	3.09	Underperform	Sum of parts
09/07/10	CIMB	Singtel	3.11	3.09	Underperform	Sum of parts
09/13/10	CIMB	Singtel	3.08	3.09	Underperform
09/23/10	CIMB	Singtel	3.13	3.09	Underperform	Sum of parts
10/18/10	CIMB	Singtel	3.07	3.09	Underperform	Sum of parts
11/09/10	CIMB	Singtel	3.28	3.09	Underperform	Sum of parts
11/11/10	CIMB	Singtel	3.25	3.09	Underperform	Sum of parts
11/12/10	CIMB	Singtel	3.31	3.29	Underperform	Sum of parts
12/03/10	CIMB	Singtel	3.13	3.29	Underperform	Sum of parts
01/21/11	CIMB	Singtel	3.04	3.29	Underperform	Sum of parts
02/10/11	CIMB	Singtel	3.09	3.29	Underperform	Sum of parts
04/12/11	CIMB	Singtel	3.05	3.29	Underperform	Sum of parts
05/06/11	CIMB	Singtel	3.11	3.29	Underperform	Sum of parts
02/25/11	Citigroup	Singtel	2.86	3.36	Buy
09/17/10	Credit Suisse	Singtel	3.09	3.84	Outperform
03/07/11	Credit Suisse	Singtel	2.91	3.73	Outperform
07/12/10	DBS Vickers	Singtel	3.12	3.45	Buy	Sum of parts
07/15/10	DBS Vickers	Singtel	3.15	3.45	Buy
07/30/10	DBS Vickers	Singtel	3.11	3.45	Buy
08/18/10	DBS Vickers	Singtel	2.95	3.45	Buy
09/01/10	DBS Vickers	Singtel	3.08	3.45	Buy
09/07/10	DBS Vickers	Singtel	3.11	3.45	Buy	PER12.1x
12/08/10	DBS Vickers	Singtel	3.13	3.55	Buy
01/03/11	DBS Vickers	Singtel	3.07	3.5	Buy
05/09/11	DBS Vickers	Singtel	3.1	3.2	Hold	Sum of parts
05/17/10	DMG & Partners	Singtel	2.97	3.01	Neutral
06/09/10	DMG & Partners	Singtel	2.88	3.01	Neutral
06/11/10	DMG & Partners	Singtel	2.95	3.01	Neutral
07/12/10	DMG & Partners	Singtel	3.09	3.01	Neutral	Sum of parts
07/22/10	DMG & Partners	Singtel	3.06	3.01	Neutral
08/12/10	DMG & Partners	Singtel	3.06	3.01	Neutral
08/13/10	DMG & Partners	Singtel	3.01	2.98	Neutral	Sum of parts
09/01/10	DMG & Partners	Singtel	3.08	2.98	Neutral
09/02/10	DMG & Partners	Singtel	3.08	2.98	Neutral
09/07/10	DMG & Partners	Singtel	3.11	2.98	Neutral
11/11/10	DMG & Partners	Singtel	3.25	2.98	Under Review
11/15/10	DMG & Partners	Singtel	3.31	3.05	Neutral
11/26/10	DMG & Partners	Singtel	3.09	3.05	Neutral	Sum of parts
12/08/10	DMG & Partners	Singtel	3.13	3.05	Neutral
01/03/11	DMG & Partners	Singtel	3.05	3.05	Neutral
01/26/11	DMG & Partners	Singtel	3.07	3.05	Neutral
02/10/11	DMG & Partners	Singtel	3.09	3.05	Neutral
04/21/11	DMG & Partners	Singtel	3.09	3	Neutral
11/09/10	Goldman Sachs	Singtel	3.28	3.47	Buy	Sum of parts
08/12/10	Kim Eng	Singtel	3.06	3.13	Hold
10/06/10	Kim Eng	Singtel	3.15	2.88	Hold
11/11/10	Kim Eng	Singtel	3.25	0	Under Review
11/12/10	Kim Eng	Singtel	3.31	3.11	Hold
02/11/11	Kim Eng	Singtel	3.05	3.11	Hold	PER12x
02/11/11	Kim Eng	Singtel	3.05	3.11	Hold	PER12x
04/01/11	Kim Eng	Singtel	3.02	3.11	Hold
11/11/10	Lim & Tan	Singtel	3.25	0	Hold
02/10/11	Lim & Tan	Singtel	3.09	0	Hold
05/19/10	OCBC	Singtel	2.97	3.4	Buy	5.4% Div Yield
06/16/10	OCBC	Singtel	2.98	3.4	Buy	Div Yield 4.8%
07/28/10	OCBC	Singtel	3.1	3.4	Buy	Div Yield 4.8%
08/12/10	OCBC	Singtel	3.06	3.34	Buy	Sum of parts
09/01/10	OCBC	Singtel	3.08	3.34	Buy	Div Yield 4.2%
09/02/10	OCBC	Singtel	3.08	3.34	Buy
10/11/10	OCBC	Singtel	3.09	3.34	Buy	Div Yield 4.2%
11/11/10	OCBC	Singtel	3.25	3.34	Buy	Under Review
11/29/10	OCBC	Singtel	3.1	3.51	Buy	Sum of parts
01/04/11	OCBC	Singtel	3.07	3.59	Buy	Div Yield 4.3%
08/13/10	phillip	Singtel	2.99	3.43	Hold
11/12/10	phillip	Singtel	3.31	3.52	Hold
01/18/11	phillip	Singtel	3.09	3.32	Hold	Sum of parts
02/11/11	phillip	Singtel	3.05	3.32	Hold	DCF
01/13/11	UBS	Singtel	3.09	3.53	Buy
02/11/11	UOB Kay Hian	Singtel	3.05	3.07	Sell

Singapore Post - People don't post mails anymore.

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

07/29/10	CIMB	Singapore Post	1.14	1.13	Neutral	DDM
10/07/10	CLSA	Singapore Post	1.22	0	Underperform
04/06/11	CLSA	Singapore Post	1.15	1.1	Underperform
07/29/10	DBS Vickers	Singapore Post	1.13	1.17	Hold	DDM
11/01/10	DBS Vickers	Singapore Post	1.18	1.17	Hold	DDM
01/31/11	DBS Vickers	Singapore Post	1.17	1.17	Hold	DDM
05/03/11	DBS Vickers	Singapore Post	1.16	1.17	Hold	DDM
07/29/10	Kim Eng	Singapore Post	1.13	1.25	Hold	PER15x
11/01/10	Kim Eng	Singapore Post	1.18	1.25	Hold	PER15x
01/31/11	Kim Eng	Singapore Post	1.17	1.29	Hold	PER15x
08/13/10	Lim & Tan	Singapore Post	1.15	0	Buy
09/08/10	Lim & Tan	Singapore Post	1.23	0	Sell
06/25/10	OCBC	Singapore Post	1.12	1.16	Hold
07/29/10	OCBC	Singapore Post	1.13	1.16	Hold
01/31/11	OCBC	Singapore Post	1.17	1.16	Hold	DCF
03/16/11	OCBC	Singapore Post	1.15	1.16	Hold
05/03/11	OCBC	Singapore Post	1.16	1.21	Hold	DCF

Singapore Land - Mixed calls from analysts.

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

08/10/10	AmFraser	Singapore Land	6.8	8.8	Buy	RNAV
08/30/10	AmFraser	Singapore Land	6.78	8.8	Buy
02/21/11	Amfraser	Singapore Land	7.29	9.58	Buy	RNAV
06/14/10	CIMB	Singapore Land	6.58	7.68	Neutral
06/15/10	CIMB	Singapore Land	6.6	7.68	Neutral
11/10/10	CIMB	Singapore Land	7.17	8.54	Outperform	RNAV (15% discount)
11/23/10	CIMB	Singapore Land	7.36	9.24	Outperform	RNAV (15% discount)
02/21/11	CIMB	Singapore Land	7.29	10.18	Outperform	RNAV (15% discount)
03/04/11	CIMB	Singapore Land	7.2	10.18	Outperform	RNAV (15% discount)
03/23/11	CIMB	Singapore Land	6.48	10.22	Outperform	RNAV (15% discount)
04/28/11	CIMB	Singapore Land	7.18	10.22	Outperform	RNAV (15% discount)
06/16/10	DBS Vickers	Singapore Land	6.58	7.99	Buy
07/16/10	DBS Vickers	Singapore Land	6.62	7.99	Buy
08/10/10	DBS Vickers	Singapore Land	6.8	7.85	Buy	RNAV (15% discount)
08/31/10	DBS Vickers	Singapore Land	6.76	7.85	Buy
12/16/10	DBS Vickers	Singapore Land	7.41	8.28	Buy
12/20/10	DBS Vickers	Singapore Land	7.31	8.3	Buy
02/21/11	DBS Vickers	Singapore Land	7.29	8.72	Buy	RNAV (10% discount)
03/16/11	DBS Vickers	Singapore Land	7.01	8.72	Buy
01/17/11	DMG & Partners	Singapore Land	7.71	9.5	Buy	RNAV (20% discount)
01/21/11	DMG & Partners	Singapore Land	7.68	9.5	Buy
02/16/11	DMG & Partners	Singapore Land	7.33	9.5	Buy
08/10/10	Kim Eng	Singapore Land	6.8	6.92	Hold	PB0.8x
09/29/10	Kim Eng	Singapore Land	7.01	7.38	Hold	RNAV (20% discount)
01/12/11	Kim Eng	Singapore Land	7.01	7.94	Hold	RNAV (20% discount)
02/21/11	Kim Eng	Singapore Land	7.29	8.24	Hold	RNAV (20% discount)
04/28/11	Kim Eng	Singapore Land	7.18	8.3	Hold	RNAV (20% discount)
11/15/10	Nomura	Singapore Land	7.43	9.58	Buy
11/16/10	Nomura	Singapore Land	7.43	9.58	Buy
11/16/10	OCBC	Singapore Land	7.43	8.3	Buy

Sing Holdings - No more coverage from Phillip.

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

08/13/10 phillip Sing Holdings 0.33 0.37 Hold RNAV (30% discount)
08/31/10 phillip Sing Holdings 0.32 0.36 Hold RNAV (30% discount)
09/22/10 phillip Sing Holdings 0.335 0.36 Hold RNAV (30% discount)
10/04/10 phillip Sing Holdings 0.33 0.36 Hold RNAV (30% discount), PER25x
11/10/10 phillip Sing Holdings 0.345 0.38 Hold RNAV (25% discount)
12/16/10 phillip Sing Holdings 0.33 0.38 Hold
02/23/11 phillip Sing Holdings 0.325 0 Cease Coverage

Sim Lian - Hold call from BNP.

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

09/22/10 BNP Paribas Sim Lian 0.755 0.8 Hold RNAV (20% discount)

SIA Engineering - Mixed calls from analysts.

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

05/17/10 CIMB SIA Engineering 3.71 4.48 Outperform DCF, PER15x
05/18/10 CIMB SIA Engineering 3.71 4.48 Outperform
07/26/10 CIMB SIA Engineering 4.13 4.48 Outperform PER15x & DCF
11/03/10 CIMB SIA Engineering 4.42 5.05 Outperform DCF
01/26/11 CIMB SIA Engineering 4.22 5.05 Outperform DCF & PER15x

05/18/10 DBS Vickers SIA Engineering 3.74 4.3 Buy
06/04/10 DBS Vickers SIA Engineering 3.79 4.3 Buy
07/26/10 DBS Vickers SIA Engineering 4.13 4.6 Buy Sum of parts & DCF
08/20/10 DBS Vickers SIA Engineering 4.11 4.6 Buy
10/05/10 DBS Vickers SIA Engineering 4.51 5.1 Buy Sum of parts
11/03/10 DBS Vickers SIA Engineering 4.42 5.1 Buy Sum of parts
01/26/11 DBS Vickers SIA Engineering 4.22 5 Buy DCF & PER
03/21/11 DBS Vickers SIA Engineering 3.94 5 Buy
03/28/11 DBS Vickers SIA Engineering 4.08 5 Buy

11/09/10 Goldman Sachs SIA Engineering 4.43 5.8 Buy

05/17/10 Kim Eng SIA Engineering 3.71 4.21 Buy PER18x
06/08/10 Kim Eng SIA Engineering 3.8 4.21 Buy
07/26/10 Kim Eng SIA Engineering 4.13 5 Buy PER20x
10/01/10 Kim Eng SIA Engineering 4.6 5 Buy
10/05/10 Kim Eng SIA Engineering 4.51 5 Buy
11/03/10 Kim Eng SIA Engineering 4.42 4.7 Hold PER19x
01/26/11 Kim Eng SIA Engineering 4.22 4.5 Hold PER19x
04/08/11 Kim Eng SIA Engineering 4.06 4.5 Hold

05/20/10 Lim & Tan SIA Engineering 3.82 0 Buy
06/08/10 Lim & Tan SIA Engineering 3.8 0 Buy
06/30/10 Lim & Tan SIA Engineering 4.02 0 Buy
09/06/10 Lim & Tan SIA Engineering 3.28 0 Hold

07/26/10 OCBC SIA Engineering 4.13 3.85 Hold
01/26/11 OCBC SIA Engineering 4.22 4.3 Hold DCF & PER16x

05/17/10 phillip SIA Engineering 3.71 3.91 Hold FCFE Model, PER15x, PB3.5x
07/26/10 phillip SIA Engineering 4.13 4.37 Hold
11/04/10 phillip SIA Engineering 4.53 4.37 Hold BV & PER
12/17/10 phillip SIA Engineering 4.33 4.37 Hold
01/26/11 phillip SIA Engineering 4.22 4.33 Hold

SIA - The best airline in the world?

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

05/24/10 AmFraser SIA 14.16 18.6 Buy EV/Ebitda 6x

05/24/10 CIMB SIA 14.22 18.6 Outperform PER14x
07/27/10 CIMB SIA 14.76 18.6 Outperform PER14x
07/29/10 CIMB SIA 15.46 18.85 Outperform PER14x
09/16/10 CIMB SIA 16 18.85 Outperform PER14x
11/08/10 CIMB SIA 16 18.85 Outperform PER14x
11/10/10 CIMB SIA 16.32 18.85 Outperform PER14x
11/11/10 CIMB SIA 16.12 20.5 Outperform PER11x
01/04/11 CIMB SIA 15.4 20.5 Outperform PER11x
01/26/11 CIMB SIA 15.12 20.5 Outperform PER11x
01/28/11 CIMB SIA 15.04 20.5 Outperform
01/31/11 CIMB SIA 15.04 20.5 Outperform PER11x
03/16/11 CIMB SIA 13.1 16.2 Outperform PER9x
03/28/11 CIMB SIA 13.46 16.2 Outperform PER11x

07/27/10 Citigroup SIA 14.76 16 Buy

10/19/10 Credit Suisse SIA 16.02 18.5 Outperform
02/11/11 Credit Suisse SIA 14.12 18.5 Outperform

05/25/10 DBS Vickers SIA 14.22 18.2 Buy PB1.5x
07/27/10 DBS Vickers SIA 14.76 18.2 Buy PB1.5x
07/28/10 DBS Vickers SIA 15.02 18.4 Buy PB1.5x
07/30/10 DBS Vickers SIA 15.68 18.62 Buy PB1.5x
08/20/10 DBS Vickers SIA 15.5 18.62 Buy
09/06/10 DBS Vickers SIA 15.6 18.62 Buy
09/27/10 DBS Vickers SIA 16.2 18.62 Buy
11/10/10 DBS Vickers SIA 16.32 18.74 Buy PB1.5x
11/22/10 DBS Vickers SIA 15.96 18.74 Buy
11/23/10 DBS Vickers SIA 15.96 18.74 Buy
12/13/10 DBS Vickers SIA 15.78 18.74 Buy
01/31/11 DBS Vickers SIA 15.04 18.56 Buy PB1.5x
02/22/11 DBS Vickers SIA 14.34 18.56 Buy
03/11/11 DBS Vickers SIA 13.86 17.3 Buy PB1.4x
05/04/11 DBS Vickers SIA 14.04 17.3 Buy PB1.4x

02/11/11 DIR SIA 14.12 15 Hold

05/19/10 DMG & Partners SIA 14.56 17.82 Buy PER16x
05/24/10 DMG & Partners SIA 14.16 17.82 Buy PER16x
06/16/10 DMG & Partners SIA 14.82 17.82 Buy PER16x
07/16/10 DMG & Partners SIA 15.04 17.82 Buy PER16x
07/27/10 DMG & Partners SIA 14.76 17.82 Buy PER16x
07/28/10 DMG & Partners SIA 14.46 17.82 Buy PER16x
07/30/10 DMG & Partners SIA 15.46 17.9 Buy
09/06/10 DMG & Partners SIA 15.6 17.9 Buy
09/17/10 DMG & Partners SIA 16.04 17.9 Buy
09/22/10 DMG & Partners SIA 16.04 17.9 Buy
11/10/10 DMG & Partners SIA 16.32 18.5 Buy PER13x
11/12/10 DMG & Partners SIA 16.12 18.5 Buy
12/02/10 DMG & Partners SIA 15.84 18.5 Buy PER13x
12/21/10 DMG & Partners SIA 15.18 18.5 Buy PER13x
01/05/11 DMG & Partners SIA 15.18 18.5 Buy
01/31/11 DMG & Partners SIA 15.04 18.5 Buy PER13x
02/02/11 DMG & Partners SIA 14.7 17.2 Buy
02/25/11 DMG & Partners SIA 13.66 17.2 Buy
03/16/11 DMG & Partners SIA 13.1 14 Neutral
03/17/11 DMG & Partners SIA 13.2 14 Neutral
03/30/11 DMG & Partners SIA 13.32 14 Neutral

04/29/11 Goldman Sachs SIA 14.08 17 Buy

03/03/11 HSBC SIA 13.34 16.5 Buy

07/27/10 JP Morgan SIA 14.76 18 Buy
11/11/10 JP Morgan SIA 16.12 20 Overweight PB1.6x

05/24/10 Kim Eng SIA 14.16 18.9 Buy
05/25/10 Kim Eng SIA 14.22 18.9 Buy PB1.7x
06/16/10 Kim Eng SIA 14.82 18.9 Buy PB1.7x
07/16/10 Kim Eng SIA 15.04 18.9 Buy PB1.7x
07/27/10 Kim Eng SIA 14.76 18.9 Buy PB1.7x
07/29/10 Kim Eng SIA 15.46 18.9 Buy PB1.7x
08/17/10 Kim Eng SIA 15.46 18.9 Buy
09/16/10 Kim Eng SIA 16 18.9 Buy
10/18/10 Kim Eng SIA 16.22 18.9 Buy
11/11/10 Kim Eng SIA 16.12 18.9 Buy
12/16/10 Kim Eng SIA 15.46 18.9 Buy
01/18/11 Kim Eng SIA 15.28 18.9 Buy
01/31/11 Kim Eng SIA 15.04 18.9 Buy PB1.6x
02/16/11 Kim Eng SIA 14.44 18.9 Buy PB1.6x
02/17/11 Kim Eng SIA 14.2 18.9 Buy PB1.6x
03/17/11 Kim Eng SIA 13.2 14.4 Hold PB1.2x
04/18/11 Kim Eng SIA 14.08 14.4 Hold

09/06/10 Lim & Tan SIA 15.6 0 Buy
12/01/10 Lim & Tan SIA 15.42 0 Buy

03/15/11 Macquarie SIA 13.64 17 Outperform

12/06/10 OCBC SIA 15.78 18.74 Buy

09/06/10 phillip SIA 15.6 15 Hold
11/11/10 phillip SIA 16.12 16.34 Hold
12/17/10 phillip SIA 15.26 16.34 Hold
12/23/10 phillip SIA 15.22 16.34 Hold PB1.3x
01/19/11 phillip SIA 15.38 16.34 Hold PB1.3x
02/01/11 phillip SIA 14.76 16.59 Buy PB1.3x
03/16/11 phillip SIA 13.1 15.43 Buy PB1.2x

07/27/10 UBS SIA 14.76 16.5 Buy

12/16/10 UOB Kay Hian SIA 15.26 15.9 Hold
02/28/11 UOB Kay Hian SIA 13.86 15 Buy
03/10/11 UOB Kay Hian SIA 13.86 15.9 Buy
04/13/11 UOB Kay Hian SIA 13.58 15 Buy
04/15/11 UOB Kay Hian SIA 14.02 15 Buy

SGX - Mixed calls from analysts.

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

05/18/10 CIMB SGX 7.74 8.38 Underperform
06/04/10 CIMB SGX 7.39 8.38 Neutral DDM
08/03/10 CIMB SGX 7.79 8.38 Neutral DDM
09/24/10 CIMB SGX 8.87 9.75 Outperform DDM
09/27/10 CIMB SGX 8.88 9.75 Neutral
10/19/10 CIMB SGX 10.04 10.86 Outperform DDM
01/12/11 CIMB SGX 8.41 8.26 Trading Sell PER19x
01/19/11 CIMB SGX 8.5 8 Trading Sell PER19x
01/28/11 CIMB SGX 8.62 8 Trading Sell
02/16/11 CIMB SGX 8.3 8 Trading Sell PER19x
04/06/11 CIMB SGX 8.33 10.13 Outperform DDM
04/15/11 CIMB SGX 8.21 10.12 Outperform DDM
04/19/11 CIMB SGX 8.08 10.12 Outperform DDM

04/06/11 Citigroup SGX 8.32 10.6 Buy PER27.1x
04/15/11 Citigroup SGX 8.21 9.2 Buy PER24x

04/04/11 CLSA SGX 8.05 8 Underperform

10/26/10 Credit Suisse SGX 8.95 7.5 Underperform
04/06/11 Credit Suisse SGX 8.33 9.4 Neutral PER21x

07/02/10 DBS Vickers SGX 7.44 7 Fully Valued PER18x
08/03/10 DBS Vickers SGX 7.79 6.9 Fully Valued PER18x
09/22/10 DBS Vickers SGX 8.5 9.6 Buy DDM
09/27/10 DBS Vickers SGX 8.8 9.6 Buy
10/19/10 DBS Vickers SGX 10.04 11.4 Buy
01/19/11 DBS Vickers SGX 8.5 11.5 Buy DDM
04/06/11 DBS Vickers SGX 8.33 11.5 Buy DDM
04/08/11 DBS Vickers SGX 8.15 11.5 Buy DDM, PER27x
04/20/11 DBS Vickers SGX 7.95 10.5 Buy DDM

09/15/10 Deutsche SGX 8.2 9.5 Buy
11/19/10 Deutsche SGX 8.94 10.5 Hold

12/01/10 DIR SGX 8.62 9.76 Outperform
01/18/11 DIR SGX 8.43 9.42 Neutral 6-month target

05/21/10 DMG & Partners SGX 7.5 6.5 Sell
05/21/10 DMG & Partners SGX 7.68 6.5 Sell PER20x
06/01/10 DMG & Partners SGX 7.38 6.5 Sell PER20x
06/07/10 DMG & Partners SGX 7.35 6.5 Sell
07/08/10 DMG & Partners SGX 7.34 6.5 Sell PER20x
08/26/10 DMG & Partners SGX 7.38 6.5 Sell PER20x
10/12/10 DMG & Partners SGX 9.44 7.9 Sell Sum of parts
10/19/10 DMG & Partners SGX 10.12 7.9 Sell
10/26/10 DMG & Partners SGX 8.95 8.33 Neutral PER20x
01/11/11 DMG & Partners SGX 8.41 9.45 Buy PER22x
01/18/11 DMG & Partners SGX 8.43 9.45 Buy PER22x
01/21/11 DMG & Partners SGX 8.55 9.45 Buy PER22x
02/16/11 DMG & Partners SGX 8.3 9.45 Buy
03/28/11 DMG & Partners SGX 7.85 8.9 Buy PER22x
04/05/11 DMG & Partners SGX 7.97 8.9 Buy PER22x
04/07/11 DMG & Partners SGX 7.97 8.9 Buy PER22x
04/19/11 DMG & Partners SGX 8.08 8.9 Buy PER22x
04/20/11 DMG & Partners SGX 8.08 8.9 Buy PER22x

06/09/10 Kim Eng SGX 7.32 7.1 Hold
08/03/10 Kim Eng SGX 7.79 7.1 Hold PER22x
10/19/10 Kim Eng SGX 10.04 10 Hold
10/26/10 Kim Eng SGX 8.95 8.33 Hold PER25x
12/02/10 Kim Eng SGX 8.68 11 Buy PER25x
12/14/10 Kim Eng SGX 8.45 11 Buy PER25x
01/19/11 Kim Eng SGX 8.5 10.3 Buy PER30x
04/06/11 Kim Eng SGX 8.33 9.35 Buy PER30x

07/29/10 Lim & Tan SGX 7.68 0 Neutral
08/02/10 Lim & Tan SGX 7.66 0 Neutral
10/07/10 Lim & Tan SGX 9.48 0 Hold
10/18/10 Lim & Tan SGX 10.12 0 Hold
12/02/10 Lim & Tan SGX 8.68 0 Neutral
01/18/11 Lim & Tan SGX 8.43 0 Hold
02/10/11 Lim & Tan SGX 8.34 0 Neutral
03/08/11 Lim & Tan SGX 7.77 0 Neutral
03/17/11 Lim & Tan SGX 7.45 0 Neutral
04/04/11 Lim & Tan SGX 7.86 0 Neutral
04/06/11 Lim & Tan SGX 8.33 0 Hold
04/12/11 Lim & Tan SGX 8.35 0 Hold

09/20/10 Macquarie SGX 8.44 9.5 Outperform

08/03/10 OCBC SGX 7.79 7.93 Hold PER23x
09/14/10 OCBC SGX 7.93 7.5 Hold
10/18/10 OCBC SGX 10.12 8.6 Sell
10/26/10 OCBC SGX 8.95 8.97 Hold PER26x
01/18/11 OCBC SGX 8.43 8.97 Hold
02/16/11 OCBC SGX 8.3 8.97 Hold
04/06/11 OCBC SGX 8.33 8.97 Hold
04/19/11 OCBC SGX 8.08 8.97 Buy

06/28/10 phillip SGX 7.57 9 Buy DCF, PER22.5x
08/03/10 phillip SGX 7.79 9 Buy
08/03/10 phillip SGX 7.79 9 Buy
10/08/10 phillip SGX 9.47 10.5 Buy PER24.1x
10/19/10 phillip SGX 10.04 10.5 Buy
10/27/10 phillip SGX 8.72 10.5 Buy
01/19/11 phillip SGX 8.5 9.88 Buy
04/11/11 phillip SGX 8.38 9.88 Buy
04/20/11 phillip SGX 7.95 8.77 Hold PER29.7x

10/08/10 UBS SGX 9.47 10.5 Buy
03/29/11 UBS SGX 7.78 9.7 Buy
04/06/11 UBS SGX 8.33 9.4 Neutral

Serial System - Buy call from NRA.

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

02/23/11 NRA Serial System 0.15 0.2 Buy
04/27/11 NRA Serial System 0.15 0.2 Buy PER10x

Sembcorp marine - Mixed calls from analysts.

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

12/23/10 BNP Paribas Sembcorp Marine 5.06 6.78 Buy Sum of parts

05/31/10 CIMB Sembcorp Marine 4 5.44 Outperform DCF & PER18x
06/03/10 CIMB Sembcorp Marine 3.7 5.44 Outperform
07/12/10 CIMB Sembcorp Marine 3.96 4.22 Neutral DCF & PER15x
09/20/10 CIMB Sembcorp Marine 3.99 4.2 Neutral DCF & PER15
09/23/10 CIMB Sembcorp Marine 3.99 4.2 Neutral PER15x
10/06/10 CIMB Sembcorp Marine 4.12 4.3 Neutral DCF & PER
10/19/10 CIMB Sembcorp Marine 4.45 5.23 Outperform PER15x & DCF
11/08/10 CIMB Sembcorp Marine 4.74 5.75 Outperform DCF & PER15x
11/16/10 CIMB Sembcorp Marine 4.95 5.75 Outperform PER15 & DCF
11/26/10 CIMB Sembcorp Marine 5.03 5.75 Outperform DCF & PER
12/03/10 CIMB Sembcorp Marine 4.93 5.94 Outperform DCF & PER18x
02/24/11 CIMB Sembcorp Marine 5.21 6.38 Outperform DCF & PER18x
03/01/11 CIMB Sembcorp Marine 5.35 6.38 Outperform
03/07/11 CIMB Sembcorp Marine 5.5 6.38 Outperform
03/10/11 CIMB Sembcorp Marine 5.77 6.38 Outperform
03/14/11 CIMB Sembcorp Marine 5.6 6.38 Outperform
03/22/11 CIMB Sembcorp Marine 5.48 6.38 Outperform DCF & PER18x
03/28/11 CIMB Sembcorp Marine 5.76 6.38 Outperform
03/29/11 CIMB Sembcorp Marine 5.7 6.9 Outperform PER18x
04/01/11 CIMB Sembcorp Marine 5.84 6.9 Outperform PER18x
04/11/11 CIMB Sembcorp Marine 6 6.9 Outperform
04/14/11 CIMB Sembcorp Marine 5.83 6.8 Outperform

11/19/10 Citigroup Sembcorp Marine 5.07 5.6 Hold
02/15/11 Citigroup Sembcorp Marine 5.15 6.2 Buy
02/18/11 Citigroup Sembcorp Marine 5.32 6.2 Buy
02/21/11 Citigroup Sembcorp Marine 5.33 6.2 Buy PER17x

02/08/11 CLSA Sembcorp Marine 5.44 5 Sell PER18.3x

07/22/10 Credit Suisse Sembcorp Marine 3.84 4.15 Neutral
08/04/10 Credit Suisse Sembcorp Marine 4.04 4.25 Neutral
01/17/11 Credit Suisse Sembcorp Marine 5.08 6.2 Buy

06/28/10 DBS Vickers Sembcorp Marine 3.99 5.4 Buy
08/04/10 DBS Vickers Sembcorp Marine 4.04 5.1 Buy PER16.5x
10/06/10 DBS Vickers Sembcorp Marine 4.12 4.8 Buy Sum of parts
10/12/10 DBS Vickers Sembcorp Marine 4.31 4.8 Buy
10/21/10 DBS Vickers Sembcorp Marine 4.64 5.25 Buy Sum of parts
11/08/10 DBS Vickers Sembcorp Marine 4.74 5.48 Buy Sum of parts
11/16/10 DBS Vickers Sembcorp Marine 4.95 5.48 Buy
11/22/10 DBS Vickers Sembcorp Marine 5.08 5.48 Buy
11/29/10 DBS Vickers Sembcorp Marine 4.84 5.48 Buy
12/22/10 DBS Vickers Sembcorp Marine 4.99 6.08 Buy
01/03/11 DBS Vickers Sembcorp Marine 5.04 6.08 Buy Sum of parts
01/04/11 DBS Vickers Sembcorp Marine 5.37 6.08 Buy
01/20/11 DBS Vickers Sembcorp Marine 5.35 6.08 Buy
02/24/11 DBS Vickers Sembcorp Marine 5.21 6.63 Buy Sum of parts
03/10/11 DBS Vickers Sembcorp Marine 5.77 6.63 Buy
03/16/11 DBS Vickers Sembcorp Marine 5.4 6.63 Buy
03/22/11 DBS Vickers Sembcorp Marine 5.48 6.63 Buy
03/28/11 DBS Vickers Sembcorp Marine 5.76 6.63 Buy
03/29/11 DBS Vickers Sembcorp Marine 5.7 6.63 Buy
04/04/11 DBS Vickers Sembcorp Marine 5.9 6.63 Buy
04/12/11 DBS Vickers Sembcorp Marine 5.95 6.63 Buy
04/14/11 DBS Vickers Sembcorp Marine 5.83 6.63 Buy
04/18/11 DBS Vickers Sembcorp Marine 5.78 6.63 Buy
04/19/11 DBS Vickers Sembcorp Marine 5.83 6.63 Buy
04/25/11 DBS Vickers Sembcorp Marine 5.94 6.63 Buy

06/01/10 DMG & Partners Sembcorp Marine 4 3.67 Sell Sum of parts
06/07/10 DMG & Partners Sembcorp Marine 3.81 3.67 Sell
06/17/10 DMG & Partners Sembcorp Marine 3.91 3.67 Sell
06/30/10 DMG & Partners Sembcorp Marine 3.9 3.67 Sell Sum of parts
08/04/10 DMG & Partners Sembcorp Marine 4.04 3.7 Sell Sum of parts
09/13/10 DMG & Partners Sembcorp Marine 3.92 3.7 Sell Sum of parts
09/22/10 DMG & Partners Sembcorp Marine 3.99 3.73 Sell Sum of parts
09/29/10 DMG & Partners Sembcorp Marine 3.9 3.73 Sell Sum of parts
10/06/10 DMG & Partners Sembcorp Marine 4.12 3.73 Sell Sum of parts
10/13/10 DMG & Partners Sembcorp Marine 4.29 3.73 Sell
10/19/10 DMG & Partners Sembcorp Marine 4.45 4.42 Neutral
11/08/10 DMG & Partners Sembcorp Marine 4.74 4.7 Neutral Sum of parts
11/29/10 DMG & Partners Sembcorp Marine 4.84 4.7 Neutral
12/15/10 DMG & Partners Sembcorp Marine 5.12 4.7 Neutral
01/03/11 DMG & Partners Sembcorp Marine 5.37 5.3 Neutral
01/18/11 DMG & Partners Sembcorp Marine 5.14 5.3 Neutral Sum of parts
01/20/11 DMG & Partners Sembcorp Marine 5.35 5.3 Neutral PER18x
02/24/11 DMG & Partners Sembcorp Marine 5.21 5.95 Buy PER18.7x
03/16/11 DMG & Partners Sembcorp Marine 5.4 5.95 Buy Sum of parts
03/22/11 DMG & Partners Sembcorp Marine 5.48 5.95 Buy Sum of parts
03/29/11 DMG & Partners Sembcorp Marine 5.7 6.4 Buy Sum of parts, PER19.8x
04/12/11 DMG & Partners Sembcorp Marine 5.95 6.4 Buy
04/13/11 DMG & Partners Sembcorp Marine 5.95 6.4 Buy

03/10/11 DnB Nor Sembcorp Marine 5.9 4.8 Sell
05/05/11 DnB Nor Sembcorp Marine 5.7 4.8 Sell Sum of parts

03/23/11 HSBC Sembcorp Marine 5.66 6.05 Neutral Previously target price at $4

08/04/10 Kim Eng Sembcorp Marine 4.34 4.95 Buy PER14x
10/07/10 Kim Eng Sembcorp Marine 4.32 4.95 Buy PER14x
10/19/10 Kim Eng Sembcorp Marine 4.32 5.4 Buy Sum of parts
11/08/10 Kim Eng Sembcorp Marine 4.32 5.4 Buy Sum of parts
11/16/10 Kim Eng Sembcorp Marine 4.95 5.4 Buy
12/09/10 Kim Eng Sembcorp Marine 5.08 5.4 Buy
01/20/11 Kim Eng Sembcorp Marine 5.35 5.4 Buy
02/24/11 Kim Eng Sembcorp Marine 5.21 6.03 Buy Sum of parts
03/29/11 Kim Eng Sembcorp Marine 5.7 6.03 Buy
03/30/11 Kim Eng Sembcorp Marine 5.74 6.03 Buy Sum of parts

08/04/10 Lim & Tan Sembcorp Marine 4.04 0 Buy
09/23/10 Lim & Tan Sembcorp Marine 3.99 0 Buy
10/06/10 Lim & Tan Sembcorp Marine 4.12 0 Buy
11/08/10 Lim & Tan Sembcorp Marine 4.74 0 Buy
11/16/10 Lim & Tan Sembcorp Marine 4.95 0 Buy
12/13/10 Lim & Tan Sembcorp Marine 5.12 0 Buy
12/17/10 Lim & Tan Sembcorp Marine 4.95 0 Buy
02/24/11 Lim & Tan Sembcorp Marine 5.21 0 Buy
03/29/11 Lim & Tan Sembcorp Marine 5.7 0 Buy

10/19/10 Nomura Sembcorp Marine 4.45 5.18 Buy
11/16/10 Nomura Sembcorp Marine 4.95 5.18 Buy
12/03/10 Nomura Sembcorp Marine 4.93 6.03 Buy
01/04/11 Nomura Sembcorp Marine 5.37 6.03 Buy

05/20/10 OCBC Sembcorp Marine 3.94 4.75 Buy
06/09/10 OCBC Sembcorp Marine 3.66 4.75 Buy
07/08/10 OCBC Sembcorp Marine 3.81 4.75 Buy
07/15/10 OCBC Sembcorp Marine 3.96 4.75 Buy
09/02/10 OCBC Sembcorp Marine 3.81 4.75 Buy
09/08/10 OCBC Sembcorp Marine 3.97 4.75 Buy
09/13/10 OCBC Sembcorp Marine 3.92 4.75 Buy
09/15/10 OCBC Sembcorp Marine 3.96 4.75 Buy
09/24/10 OCBC Sembcorp Marine 3.96 4.75 Buy PER15x
09/27/10 OCBC Sembcorp Marine 3.92 4.75 Buy
10/04/10 OCBC Sembcorp Marine 3.95 4.75 Buy
10/13/10 OCBC Sembcorp Marine 4.29 4.75 Buy
11/16/10 OCBC Sembcorp Marine 4.95 5.7 Buy
12/02/10 OCBC Sembcorp Marine 4.88 5.7 Buy
01/18/11 OCBC Sembcorp Marine 5.14 5.7 Buy
02/08/11 OCBC Sembcorp Marine 5.41 6.17 Buy Sum of parts
02/24/11 OCBC Sembcorp Marine 5.21 6.17 Buy
03/04/11 OCBC Sembcorp Marine 5.4 6.17 Buy
03/15/11 OCBC Sembcorp Marine 5.58 6.17 Buy
03/30/11 OCBC Sembcorp Marine 5.74 6.3 Buy Sum of parts
04/14/11 OCBC Sembcorp Marine 5.83 6.3 Buy

07/01/10 phillip Sembcorp Marine 3.86 4.73 Buy
08/04/10 phillip Sembcorp Marine 4.04 4.73 Buy
11/08/10 phillip Sembcorp Marine 4.74 5.46 Buy Sum of parts
12/15/10 phillip Sembcorp Marine 5.12 5.46 Neutral
04/05/11 phillip Sembcorp Marine 5.96 6.6 Buy Sum of parts, PER18x
04/25/11 phillip Sembcorp Marine 5.94 6.6 Buy

02/25/11 UOB Kay Hian Sembcorp Marine 5.28 6.1 Buy
02/28/11 UOB Kay Hian Sembcorp Marine 5.26 6.1 Buy

Sembcorp Industries - Mixed calls from analysts.

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

12/16/10 BNP Paribas Sembcorp Industries 4.95 5.9 Buy Sum of parts

05/26/10 CIMB Sembcorp Industries 3.85 5.58 Outperform Sum of parts
07/06/10 CIMB Sembcorp Industries 4.14 4.71 Outperform Sum of parts
08/26/10 CIMB Sembcorp Industries 4.13 4.69 Outperform Sum of parts
11/09/10 CIMB Sembcorp Industries 4.83 6.06 Outperform Sum of parts
02/28/11 CIMB Sembcorp Industries 4.9 6.53 Outperform Sum of parts

11/19/10 Citigroup Sembcorp Industries 4.85 5.6 Buy

07/09/10 DBS Vickers Sembcorp Industries 4.04 4.9 Buy RNAV (10% discount)
11/09/10 DBS Vickers Sembcorp Industries 4.83 5.2 Buy Sum of parts
01/03/11 DBS Vickers Sembcorp Industries 4.95 5.7 Buy Sum of parts (10% discount)
02/22/11 DBS Vickers Sembcorp Industries 4.89 5.7 Buy
02/28/11 DBS Vickers Sembcorp Industries 4.9 6.1 Buy Sum of parts
04/19/11 DBS Vickers Sembcorp Industries 5.29 6.1 Buy

05/26/10 DMG & Partners Sembcorp Industries 3.85 4.63 Buy Sum of parts
06/01/10 DMG & Partners Sembcorp Industries 4 4.63 Buy
06/08/10 DMG & Partners Sembcorp Industries 3.99 4.63 Buy Sum of parts
06/30/10 DMG & Partners Sembcorp Industries 4.08 4.92 Buy Sum of parts
07/09/10 DMG & Partners Sembcorp Industries 4.21 4.96 Buy
08/12/10 DMG & Partners Sembcorp Industries 4.12 4.96 Buy
08/13/10 DMG & Partners Sembcorp Industries 4.1 4.98 Buy Sum of parts
08/26/10 DMG & Partners Sembcorp Industries 4.13 4.98 Buy Sum of parts
09/03/10 DMG & Partners Sembcorp Industries 4.26 4.98 Buy Sum of parts
09/13/10 DMG & Partners Sembcorp Industries 4.42 4.98 Buy
11/09/10 DMG & Partners Sembcorp Industries 4.83 5.65 Buy Sum of parts
11/29/10 DMG & Partners Sembcorp Industries 4.87 5.65 Buy
01/05/11 DMG & Partners Sembcorp Industries 4.98 6 Buy
02/28/11 DMG & Partners Sembcorp Industries 4.9 6.15 Buy Sum of parts
03/16/11 DMG & Partners Sembcorp Industries 4.82 6.15 Buy Sum of parts
03/21/11 DMG & Partners Sembcorp Industries 4.81 6.15 Buy Sum of parts
03/22/11 DMG & Partners Sembcorp Industries 4.87 6.15 Buy Sum of parts
04/12/11 DMG & Partners Sembcorp Industries 5.4 6.24 Buy
04/13/11 DMG & Partners Sembcorp Industries 5.4 6.24 Buy

02/28/11 Goldman Sachs Sembcorp Industries 4.9 4.7 Sell

04/08/11 IIFL Sembcorp Industries 5.35 7.01 Buy

08/13/10 Kim Eng Sembcorp Industries 4.1 4.38 Hold Sum of parts
08/26/10 Kim Eng Sembcorp Industries 4.13 4.38 Hold
11/09/10 Kim Eng Sembcorp Industries 4.83 4.65 Hold
02/28/11 Kim Eng Sembcorp Industries 4.9 4.95 Hold Sum of parts

11/09/10 Lim & Tan Sembcorp Industries 4.83 0 Hold

07/20/10 phillip Sembcorp Industries 4.2 5.1 Buy
08/13/10 phillip Sembcorp Industries 4.1 5.1 Buy Sum of parts
11/09/10 phillip Sembcorp Industries 4.83 5.85 Buy Sum of parts
12/15/10 phillip Sembcorp Industries 5 5.84 Buy
12/20/10 phillip Sembcorp Industries 4.95 5.9 Buy Sum of parts
02/28/11 phillip Sembcorp Industries 4.9 5.73 Buy
04/25/11 phillip Sembcorp Industries 5.5 5.73 hold

02/28/11 UBS Sembcorp Industries 4.9 6.24 Buy

SC Global - Mixed calls by analysts.

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

08/30/10 AmFraser SC Global 1.6 2.64 Buy
02/28/11 Amfraser SC Global 1.43 2.93 Buy RNAV

04/07/11 CLSA SC Global 1.43 1.5 Underperform RNAV (50% discount)

06/16/10 DBS Vickers SC Global 1.6 2.1 Buy
07/16/10 DBS Vickers SC Global 1.57 2.1 Buy
12/20/10 DBS Vickers SC Global 1.62 2.19 Buy
03/16/11 DBS Vickers SC Global 1.36 2.18 Buy

08/16/10 DMG & Partners SC Global 1.63 1.9 Buy
11/11/10 DMG & Partners SC Global 1.68 1.94 Buy RNAV (20% discount)
11/24/10 DMG & Partners SC Global 1.56 1.94 Buy
12/16/10 DMG & Partners SC Global 1.62 1.94 Buy
02/25/11 DMG & Partners SC Global 1.34 1.9 Buy RNAV (20% discount)

08/16/10 Lim & Tan SC Global 1.63 0 Hold/Sell $1.7/1.8

09/07/10 Nomura SC Global 1.56 1.77 Neutral

11/16/10 OCBC SC Global 1.67 2.19 Buy

06/17/10 phillip SC Global 1.6 2.02 Buy RNAV (30% discount)
08/16/10 phillip SC Global 1.63 2.02 Buy RNAV (30% discount)
10/04/10 phillip SC Global 1.6 2.02 Buy RNAV (30% discount), PER7x
11/11/10 phillip SC Global 1.68 2.02 Buy RNAV (30% discount)
12/16/10 phillip SC Global 1.62 2.02 Buy
02/24/11 phillip SC Global 1.34 1.8 Buy RNAV (40% discount)

SATS - Mixed calls by analysts.

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

12/06/10 BNP Paribas SATS 2.87 0 Buy

11/03/10 CIMB SATS 2.89 2.35 Underperform PER12.4x
11/30/10 CIMB SATS 2.86 2.35 Underperform PER12.4x
12/21/10 CIMB SATS 2.84 2.42 Underperform PER16x & PB2.1x & FCFE
01/28/11 CIMB SATS 2.82 2.42 Underperform
02/02/11 CIMB SATS 2.8 2.42 Underperform PER12x

03/08/11 CLSA SATS 2.65 2.9 Underperform
03/11/11 CLSA SATS 2.62 2.9 Underperform

02/11/11 Credit Suisse SATS 2.61 3.3 Outperform

07/30/10 DBS Vickers SATS 2.96 3.13 Buy
08/20/10 DBS Vickers SATS 2.78 3.13 Buy
09/27/10 DBS Vickers SATS 2.8 3.13 Buy
11/02/10 DBS Vickers SATS 2.89 3.13 Buy
11/29/10 DBS Vickers SATS 2.86 3.13 Buy
02/02/11 DBS Vickers SATS 2.8 2.94 Hold PER14x & DCF

01/28/11 Deutsche SATS 2.82 3.8 Buy
01/31/11 Deutsche SATS 2.78 3.8 Buy

08/02/10 DMG & Partners SATS 2.96 3.25 Buy PER19x
11/03/10 DMG & Partners SATS 2.89 3.25 Buy DCF, PER18.7x
11/04/10 DMG & Partners SATS 2.89 3.25 Buy DCF, PE18.7x
11/08/10 DMG & Partners SATS 2.89 3.25 Buy DCF, PER18.7x

07/30/10 Kim Eng SATS 2.96 3.48 Buy PER19x
11/03/10 Kim Eng SATS 2.89 3.48 Buy
12/02/10 Kim Eng SATS 2.87 3.48 Buy PER19x
12/10/10 Kim Eng SATS 2.93 3.48
02/02/11 Kim Eng SATS 2.8 2.93 Hold PER17x
04/08/11 Kim Eng SATS 2.63 2.93 Hold

11/30/10 Lim & Tan SATS 2.86 0 Neutral
03/31/11 Lim & Tan SATS 2.56 0 Buy

07/30/10 OCBC SATS 2.96 3.3 Buy DCF
09/02/10 OCBC SATS 2.79 3.3 Buy
09/17/10 OCBC SATS 2.77 3.3 Buy
10/21/10 OCBC SATS 2.82 3.3 Buy DCF
01/10/11 OCBC SATS 2.86 3.31 Buy
02/02/11 OCBC SATS 2.8 3.31 Buy Under Review
03/29/11 OCBC SATS 2.56 2.87 Buy

07/30/10 phillip SATS 2.96 3.28 Buy
11/03/10 phillip SATS 2.96 3.21 Buy BV & PER
12/13/10 phillip SATS 2.88 3.21 Buy PER & PB & FCFE Model
12/15/10 phillip SATS 2.92 3.21 Buy
12/17/10 phillip SATS 2.8 3.21 Buy
12/21/10 phillip SATS 2.84 3.48 Buy
01/03/11 phillip SATS 2.88 3.48 Buy
02/02/11 phillip SATS 2.8 3.3 Buy
02/09/11 phillip SATS 2.65 3.3 Buy

Sapphire - Increase stock holding!

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

02/24/11 NRA Sapphire 0.315 0.6 Increase

Santak - Buy call from NRA.

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

03/29/11 NRA Santak 0.135 0.18 Overweight PER5x

Samudera Shipping - Buy call from DnB Nor.

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

08/03/10 DnB Nor Samudera Shipping 0.21 0.26 Buy DCF
02/28/11 DnB Nor Samudera Shipping 0.22 0.27 Buy DCF
03/09/11 DnB Nor Samudera Shipping 0.22 0.27 Buy
04/26/11 DnB Nor Samudera Shipping 0.22 0.27 Buy

Saizen Reit - Hold call by NRA.

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

02/18/11 NRA Saizen Reit 0.165 0.16 Hold DDM

Sabana Reit - Buy call by DIR.

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

03/16/11 DIR Sabana Reit 0.935 1.05 Outperform

Ryobi Kiso - Buy call from NRA.

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

02/15/11 NRA Ryobi Kiso 0.17 0.22 Buy PER10x

Roxy-Pacific - Buy calls from analysts.

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

11/23/10 DBS Vickers Roxy-Pacific 0.405 0.55 Buy

03/09/11 OCBC Roxy-Pacific 0.445 0.55 Buy RNAV (25% discount)
03/16/11 OCBC Roxy-Pacific 0.43 0.55 Buy
03/30/11 OCBC Roxy-Pacific 0.45 0.55 Buy
04/26/11 OCBC Roxy-Pacific 0.46 0.55 Buy

Rotary Engineering - Buy calls from all analysts.

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

08/10/10 CIMB Rotary Engineering 0.97 1.17 Outperform PER8.5x
09/30/10 CIMB Rotary Engineering 0.94 0.95 Neutral PER8.5x
10/28/10 CIMB Rotary Engineering 0.995 1.15 Outperform PER8.5x
11/08/10 CIMB Rotary Engineering 1.02 1.15 Outperform PER8.5x
01/20/11 CIMB Rotary Engineering 1.04 1.28 Outperform PER9x
02/24/11 CIMB Rotary Engineering 0.88 1.29 Outperform PER9x
02/25/11 CIMB Rotary Engineering 0.895 1.29 Outperform PER9x
03/31/11 CIMB Rotary Engineering 0.945 1.29 Outperform PER9x
04/01/11 CIMB Rotary Engineering 0.95 1.29 Outperform

08/19/10 OCBC Rotary Engineering 0.93 1.16 Buy
09/02/10 OCBC Rotary Engineering 0.91 1.16 Buy
09/03/10 OCBC Rotary Engineering 0.92 1.16 Buy
10/29/10 OCBC Rotary Engineering 1 1.22 Buy
02/24/11 OCBC Rotary Engineering 0.88 1.22 Under Review
02/25/11 OCBC Rotary Engineering 0.895 1.02 Buy PER8.5x
04/01/11 OCBC Rotary Engineering 0.95 1.02 Buy

10/05/10 phillip Rotary Engineering 0.94 1.35 Buy PER12x & PB2.5x
10/28/10 phillip Rotary Engineering 0.995 1.36 Buy PER12.5x & PB2.5x
11/08/10 phillip Rotary Engineering 1.02 1.36 Buy PB2.5x & PER12.5x
02/25/11 phillip Rotary Engineering 0.895 1.32 Buy

Rokko - Buy call from Lim & Tan.

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

07/23/10 Lim & Tan Rokko 0.145 0 Buy

Riverstone - Buy call from NRA.

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

02/23/11 NRA Riverstone 0.495 0.58 Buy PEG 0.52x, PER9.2x

05/21/10 phillip Riverstone 0.63 0.88 Buy PER15x
08/06/10 phillip Riverstone 0.6 0.88 Buy PER15x
11/03/10 phillip Riverstone 0.52 0.8 Buy PER15x
02/23/11 phillip Riverstone 0.49 0 Cease Coverage

Rickmers - Hold call by DBS Vickers.

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

08/17/10 DBS Vickers Rickmers 0.365 0.36 Hold Yield 9%
04/19/11 DBS Vickers Rickmers 0.415 0.37 Hold 8% Target Yield

05/19/10 OCBC Rickmers 0.345 0.3 Not Rated

RH Petrogas - Buy call from Kim Eng.

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

01/06/11 Kim Eng RH Petrogas 0.745 1.35 Buy Sum of parts
01/27/11 Kim Eng RH Petrogas 0.875 1.35 Buy Sum of parts
02/28/11 Kim Eng RH Petrogas 0.82 1.35 Buy RNAV
03/07/11 Kim Eng RH Petrogas 0.815 1.8 Buy Sum of partts

Renewable Energy - 3 buy calls.

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

08/06/10 DMG & Partners Renewable Energy 0.35 0.46 Buy Sum of parts
10/08/10 DMG & Partners Renewable Energy 0.25 0.42 Buy Sum of parts
11/16/10 DMG & Partners Renewable Energy 0.225 0.385 Buy Sum of parts
11/22/10 DMG & Partners Renewable Energy 0.225 0.385 Buy
11/23/10 DMG & Partners Renewable Energy 0.215 0.385 Buy
11/25/10 DMG & Partners Renewable Energy 0.195 0.385 Buy
01/04/11 DMG & Partners Renewable Energy 0.2 0.36 Buy Sum of parts
01/14/11 DMG & Partners Renewable Energy 0.22 0.36 Buy
03/29/11 DMG & Partners Renewable Energy 0.195 0.36 Buy

09/02/10 Kim Eng Renewable Energy 0.34 0.5 Buy PER12x
10/27/10 Kim Eng Renewable Energy 0.225 0.4 Buy PER12x
01/18/11 Kim Eng Renewable Energy 0.255 0.35 Buy PER11x

08/10/10 phillip Renewable Energy 0.34 0.49 Buy Sum of parts
11/15/10 phillip Renewable Energy 0.21 0.45 Buy DCF, PER11x
12/15/10 phillip Renewable Energy 0.205 0.45 Buy
01/04/11 phillip Renewable Energy 0.215 0.41 Buy Sum of parts (PER9x & DCF)

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

The charts dated 29/04/11 above showed the fund flows for US, Japan, Hong Kong and Singapore stock markets.  From the charts, we can tell that funds are flowing out of US, HK & SG with daily average trading volumes declining.  The reason for the decline is that fewer and fewer investors are buying at current levels which can mean the markets are overpriced.

Raffles Medical - 4 buy calls & 2 hold calls.

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

05/18/10 CIMB Raffles Medical 1.68 2.07 Outperform
07/26/10 CIMB Raffles Medical 1.83 2.07 Outperform PER20x
08/18/10 CIMB Raffles Medical 1.94 2.07 Outperform PER20x
10/25/10 CIMB Raffles Medical 2.19 2.64 Outperform PER23x
02/21/11 CIMB Raffles Medical 2.14 2.64 Outperform PER23x
02/22/11 CIMB Raffles Medical 2.17 2.64 Outperform PER23x
04/28/11 CIMB Raffles Medical 2.21 2.64 Outperform PER23x
04/29/11 CIMB Raffles Medical 2.24 2.64 Outperform PER23x

10/27/10 Credit Suisse Raffles Medical 2.18 2.1 Neutral

06/04/10 DBS Vickers Raffles Medical 1.77 1.91 Buy
07/27/10 DBS Vickers Raffles Medical 1.87 2.1 Buy PER20x
04/29/11 DBS Vickers Raffles Medical 2.24 2.32 Hold PER24x

07/20/10 DMG & Partners Raffles Medical 1.79 2.09 Buy DCF
07/27/10 DMG & Partners Raffles Medical 1.85 2.09 Buy DCF
10/27/10 DMG & Partners Raffles Medical 2.21 2.4 Buy DCF, PER27x

07/27/10 Kim Eng Raffles Medical 1.87 2.24 Buy DCF
10/26/10 Kim Eng Raffles Medical 2.24 2.55 Buy DCF, PER28x
02/22/11 Kim Eng Raffles Medical 2.17 2.8 Buy DCF, PER30x
04/29/11 Kim Eng Raffles Medical 2.24 2.8 Buy DCF

10/06/10 OCBC Raffles Medical 2.32 2.32 Hold Buy below $2.10
10/26/10 OCBC Raffles Medical 2.21 2.35 Hold PER24x
11/04/10 OCBC Raffles Medical 2.25 2.35 Hold
12/06/10 OCBC Raffles Medical 2.32 2.35 Hold PER24x
01/03/11 OCBC Raffles Medical 2.39 2.35 Hold
02/21/11 OCBC Raffles Medical 2.14 2.35 Hold Under Review
02/22/11 OCBC Raffles Medical 2.16 2.45 Buy PER24x
03/14/11 OCBC Raffles Medical 2.22 2.45 Buy
04/05/11 OCBC Raffles Medical 2.22 2.45 Buy

Raffles Education - Only Kim Eng likes education.

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

08/25/10 DBS Vickers Raffles Education 0.29 0.29 Hold PER18x
11/08/10 DBS Vickers Raffles Education 0.28 0.25 Fully Valued PER18x
02/11/11 DBS Vickers Raffles Education 0.295 0.25 Fully Valued PER18x

08/25/10 Kim Eng Raffles Education 0.29 0.3 Hold PER20x
11/08/10 Kim Eng Raffles Education 0.28 0.28 Hold
02/07/11 Kim Eng Raffles Education 0.315 0.4 Buy Sum of parts
02/11/11 Kim Eng Raffles Education 0.295 0.4 Buy Sum of parts
03/23/11 Kim Eng Raffles Education 0.26 0.4 Buy Sum of parts

06/08/10 OCBC Raffles Education 0.305 0.37 Hold PER20x
07/14/10 OCBC Raffles Education 0.315 0.33 Hold PER18x
11/08/10 OCBC Raffles Education 0.28 0.285 Hold PER18x
11/24/10 OCBC Raffles Education 0.265 0.285 Hold PER18x
01/12/11 OCBC Raffles Education 0.295 0.285 Hold PER18x
01/17/11 OCBC Raffles Education 0.29 0.28 Hold PER18x
02/11/11 OCBC Raffles Education 0.295 0.27 Hold PER18x
03/25/11 OCBC Raffles Education 0.27 0.27 Hold $0.815 after shares consolidation

Qian Hu - NRA loves arowana!

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

01/18/11 NRA Qian Hu 0.125 0.17 Buy PER12x
04/19/11 NRA Qian Hu 0.12 0.17 Overweight PER14x

07/21/10 phillip Qian Hu 0.13 0.17 Buy BV
10/20/10 phillip Qian Hu 0.135 0.14 Hold

Q&M Dental - Best dentist in Singapore?

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

01/24/11 CIMB Q&M Dental 0.535 0.83 Buy Sum of parts, PER15x
03/25/11 CIMB Q&M Dental 0.63 0.83 Outperform

Petra Foods - 2 buy calls & 1 hold call.

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

08/12/10 CIMB Petra Foods 1.58 1.5 Neutral PER13.5x
10/11/10 CIMB Petra Foods 1.48 1.7 Outperform PER13.5x
11/11/10 CIMB Petra Foods 1.63 1.85 Outperform PER14.5x
11/12/10 CIMB Petra Foods 1.61 1.88 Outperform PER14.5x

08/13/10 DBS Vickers Petra Foods 1.58 1.5 Hold PER15x
03/25/11 DBS Vickers Petra Foods 1.6 1.64 Hold

03/03/11 NRA Petra Foods 1.6 1.74 Long-term Buy Sum of parts

PEC - Buy calls from all analysts.

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

08/10/10 CIMB PEC 0.89 1.22 Outperform
08/27/10 CIMB PEC 0.89 1.22 Outperform PER8.5x
11/11/10 CIMB PEC 1.18 1.41 Outperform PER8.5x
01/20/11 CIMB PEC 1.37 1.54 Neutral PER9x
02/11/11 CIMB PEC 1.22 1.54 Outperform
04/01/11 CIMB PEC 1.16 1.54 Outperform

08/27/10 DBS Vickers PEC 0.89 1.31 Buy Sum of parts
09/27/10 DBS Vickers PEC 1.06 1.31 Buy
12/13/10 DBS Vickers PEC 1.1 1.58 Buy
02/11/11 DBS Vickers PEC 1.22 1.62 Buy

12/06/10 OCBC PEC 1.1 1.58 Buy

10/05/10 phillip PEC 1.05 1.5 Buy PER8.75x & PB1.75x
11/12/10 phillip PEC 1.18 1.41 Buy PB1.75x & PER8.75x
01/20/11 phillip PEC 1.37 1.44 Hold PER8.75x & PB1.75x
02/14/11 phillip PEC 1.23 1.5 Buy PER8.75x & PB1.75x

Parkway Life - 5 buy calls & 2 hold calls.

05/18/10 CIMB Parkway Life 1.36 1.57 Outperform
07/15/10 CIMB Parkway Life 1.39 1.57 Outperform
08/10/10 CIMB Parkway Life 1.44 1.57 Outperform DDM
09/07/10 CIMB Parkway Life 1.54 1.91 Outperform DDM
10/01/10 CIMB Parkway Life 1.6 1.91 Outperform DDM
11/08/10 CIMB Parkway Life 1.69 1.96 Outperform DDM
11/09/10 CIMB Parkway Life 1.7 1.96 Outperform DDM
11/18/10 CIMB Parkway Life 1.64 1.96 Outperform DDM
01/05/11 CIMB Parkway Life 1.69 1.96 Outperform DDM
03/14/11 CIMB Parkway Life 1.7 1.98 Outperform DDM
03/15/11 CIMB Parkway Life 1.68 1.98 Outperform

05/07/10 DBS Vickers Parkway Life 1.32 1.51 Buy DCF
06/04/10 DBS Vickers Parkway Life 1.35 1.51 Buy
07/14/10 DBS Vickers Parkway Life 1.38 1.59 Buy DCF
08/06/10 DBS Vickers Parkway Life 1.44 1.59 Buy DCF
11/08/10 DBS Vickers Parkway Life 1.69 1.84 Buy
12/17/10 DBS Vickers Parkway Life 1.63 1.84 Buy
01/21/11 DBS Vickers Parkway Life 1.77 1.9 Buy DCF
02/22/11 DBS Vickers Parkway Life 1.72 1.9 Buy
03/09/11 DBS Vickers Parkway Life 1.72 1.9 Buy
03/14/11 DBS Vickers Parkway Life 1.7 1.9 Buy
04/13/11 DBS Vickers Parkway Life 1.66 1.84 Buy

05/07/10 DMG & Partners Parkway Life 1.32 1.52 Buy 5.7% yield
06/11/10 DMG & Partners Parkway Life 1.35 1.62 Buy
07/16/10 DMG & Partners Parkway Life 1.37 1.66 Buy
07/20/10 DMG & Partners Parkway Life 1.37 1.66 Buy DDM
08/10/10 DMG & Partners Parkway Life 1.44 1.66 Buy DDM
11/12/10 DMG & Partners Parkway Life 1.7 1.66 Neutral

06/14/10 Kim Eng Parkway Life 1.35 1.59 Buy DDM
07/14/10 Kim Eng Parkway Life 1.38 1.59 Buy
08/10/10 Kim Eng Parkway Life 1.44 1.64 Buy DDM
10/05/10 Kim Eng Parkway Life 1.64 1.94 Buy DDM
11/09/10 Kim Eng Parkway Life 1.7 1.94 Buy DDM

07/14/10 Lim & Tan Parkway Life 1.38 0 Buy
08/06/10 Lim & Tan Parkway Life 1.44 0 Buy
08/16/10 Lim & Tan Parkway Life 1.42 0 Buy
10/01/10 Lim & Tan Parkway Life 1.6 0 Buy
11/08/10 Lim & Tan Parkway Life 1.69 0 Buy
12/03/10 Lim & Tan Parkway Life 1.63 0 Buy
01/24/11 Lim & Tan Parkway Life 1.78 0 Buy

10/06/10 OCBC Parkway Life 1.65 1.84 Buy DCF

05/07/10 phillip Parkway Life 1.32 1.57 Buy
06/15/10 phillip Parkway Life 1.36 1.63 Buy
07/14/10 phillip Parkway Life 1.38 1.66 Buy
08/10/10 phillip Parkway Life 1.44 1.66 Buy
11/09/10 phillip Parkway Life 1.7 1.78 Hold DDM
01/25/11 phillip Parkway Life 1.8 1.82 Hold
04/15/11 phillip Parkway Life 1.76 1.81 Hold DDM

Pan-United - Buy call from DBS Vickers.

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

03/01/11 DBS Vickers Pan-United 0.49 0.62 Buy
03/25/11 DBS Vickers Pan-United 0.515 0.62 Buy

Pacific Shipping Trust - Buy call from DBS Vickers.

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

04/19/11 DBS Vickers Pacific Shipping Trust 0.37 0.4 Buy

Pacific Andes - Buy calls from DBS Vickers.

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

03/25/11 DBS Vickers Pacific Andes 0.335 0.48 Buy
03/28/11 DBS Vickers Pacific Andes 0.34 0.48 Buy

OUE - Buy calls from all analysts.

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

03/01/11 CIMB OUE 2.89 3.87 Outperform RNAV (15% discount)
03/09/11 CIMB OUE 2.84 3.87 Outperform RNAV (15% discount)
04/18/11 CIMB OUE 3.16 4.16 Outperform RNAV (10% discount)

03/09/11 Credit Suisse OUE 2.84 4.2 Outperform

02/16/11 DMG & Partners OUE 3.1 4.2 Buy
03/02/11 DMG & Partners OUE 2.89 4.2 Buy RNAV (15% discount)

03/29/11 Morgan Stanley OUE 3.13 0 Overweight
04/18/11 Morgan Stanley OUE 3.16 3.45 Overweight

03/10/11 OCBC OUE 2.95 3.87 Outperform RNAV (15% discount)

03/02/11 phillip OUE 2.95 4.13 Buy RNAV
04/18/11 phillip OUE 3.16 4.13 Buy RNAV

04/18/11 RBS OUE 3.16 4.55 Buy

03/24/11 UOB Kay Hian OUE 2.86 4.25 Buy

Otto Marine - This stock won't be doing well.

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

02/21/11 CIMB Otto Marine 0.3 0.25 Underperform PER7.5x
03/24/11 CIMB Otto Marine 0.22 0.25 Neutral PER7.5x
04/05/11 CIMB Otto Marine 0.265 0.19 Underperform PB0.8x

02/18/11 DMG & Partners Otto Marine 0.315 0.335 Under Review
02/21/11 DMG & Partners Otto Marine 0.3 0.25 Sell PATMI 10x
03/24/11 DMG & Partners Otto Marine 0.22 0.25 Sell Under Review
03/25/11 DMG & Partners Otto Marine 0.235 0.25 Neutral PATMI 10x
04/07/11 DMG & Partners Otto Marine 0.255 0.225 Neutral PATMI 10x

02/11/11 DnB Nor Otto Marine 0.32 0.3 Sell PER6x
02/21/11 DnB Nor Otto Marine 0.3 0.27 Sell NAV
03/10/11 DnB Nor Otto Marine 0.25 0.23 Sell EV/Ebitda 6x
03/31/11 DnB Nor Otto Marine 0.27 0.23 Sell NAV
04/05/11 DnB Nor Otto Marine 0.27 0.23 Sell NAV

02/21/11 Kim Eng Otto Marine 0.3 0.33 Hold
04/05/11 Kim Eng Otto Marine 0.265 0.29 Hold Sum of parts

02/21/11 phillip Otto Marine 0.3 0.35 Hold PB1.2x

Osim - Buy calls from analysts.

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

04/18/11 DMG & Partners Osim 1.64 1.66 Neutral PER18x
04/27/11 DMG & Partners Osim 1.66 1.84 Buy PER18x

04/18/11 Macquarie Osim 1.64 2.06 Outperform

03/07/11 OCBC Osim 1.57 1.96 Outperform
04/18/11 OCBC Osim 1.64 1.96 Buy Under Review

Olam - 11 buy calls, 1 hold call & 1 sell call.

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

02/15/11 CIMB Olam 3.04 3.3 Neutral PER18.5x
02/24/11 CIMB Olam 2.56 3 Neutral PER16.9x

02/22/11 CLSA Olam 2.9 1.6 Sell PER10x

03/28/11 DBS Vickers Olam 2.87 3.2 Buy
04/18/11 DBS Vickers Olam 2.94 3.3 Buy

02/14/11 Deutsche Olam 3.07 3.6 Buy

02/14/11 DIR Olam 3.07 3.72 Buy

02/15/11 DMG & Partners Olam 3.04 3.7 Buy
02/24/11 DMG & Partners Olam 2.56 3.7 Buy DCF
04/12/11 DMG & Partners Olam 2.87 3.7 Buy DCF

02/23/11 HSBC Olam 2.63 3.63 Overweight

02/24/11 IIFL Olam 2.56 4.43 Buy

02/15/11 Kim Eng Olam 3.04 4.1 Buy PER25x

02/15/11 Morgan Stanley Olam 3.04 3.78 Overweight

04/12/11 Nomura Olam 2.87 3.9 Buy

02/15/11 OCBC Olam 3.04 3.53 Buy

04/12/11 UOB Kay Hian Olam 2.87 3.9 Buy

OKP - Hold call by DBS Vickers.

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

03/25/11 DBS Vickers OKP 0.61 0.63 Hold

Oceanus - 2 sell calls & 1 buy call.

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

03/01/11 DMG & Partners Oceanus 0.22 0.27 Buy DCF

02/21/11 Lim & Tan Oceanus 0.28 0 Sell
03/01/11 Lim & Tan Oceanus 0.22 0 Sell

02/21/11 OCBC Oceanus 0.28 0.32 Under Review
03/01/11 OCBC Oceanus 0.22 0.32 Hold Under Review
03/02/11 OCBC Oceanus 0.225 0.19 Sell NAV, Over expansion

OCBC Bank - 5 buy calls, 1 hold call & 1 sell call.

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

02/21/11 CIMB OCBC 9.41 11.04 Outperform PB1.8x, GGM
03/03/11 CIMB OCBC 9.25 11.04 Outperform PB1.8x & GGM
03/25/11 CIMB OCBC 9.3 11.04 Outperform PB1.8x & GGM
04/05/11 CIMB OCBC 9.65 11.04 Outperform

02/21/11 Citigroup OCBC 9.41 10.6 Buy

03/18/11 CLSA OCBC 9.02 9.25 Underperform
04/14/11 CLSA OCBC 9.64 9.25 Underperform

02/16/11 DBS Vickers OCBC 9.44 11.3 Buy
02/21/11 DBS Vickers OCBC 9.41 11.3 Buy
02/22/11 DBS Vickers OCBC 9.32 11.3 Buy
02/28/11 DBS Vickers OCBC 9.26 11.3 Buy
03/03/11 DBS Vickers OCBC 9.35 11.3 Buy PB1.9x & GGM
04/01/11 DBS Vickers OCBC 9.46 11.3 Buy
04/04/11 DBS Vickers OCBC 9.59 11.3 Buy
04/12/11 DBS Vickers OCBC 9.69 11.3 Buy
04/18/11 DBS Vickers OCBC 9.69 11.3 Buy
04/25/11 DBS Vickers OCBC 9.47 11.3 Buy

02/21/11 DMG & Partners OCBC 9.41 10.6 Buy PB1.7x
03/02/11 DMG & Partners OCBC 9.35 10.6 Buy PB1.7x
04/01/11 DMG & Partners OCBC 9.46 10.6 Buy PB1.7x

02/21/11 Kim Eng OCBC 9.41 11.18 Buy PB1.7x, GGM
03/08/11 Kim Eng OCBC 9.29 11.18 Buy

02/21/11 phillip OCBC 9.41 10 Hold

Ntegrator - Hold call by NRA.

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

03/03/11 NRA Ntegrator 0.025 0.035 Hold PB1x

Baltic Dry Index (BDI) - 1254

Quote:

The index was down 0.63 per cent or 8 points to 1,254 points, its lowest since Feb 28.

End Quote.

NOL - 7 buy calls, 1 hold call & 1 sell call.

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

03/08/11 CIMB NOL 2.06 2.65 Outperform PB1.5x
03/16/11 CIMB NOL 1.92 2.65 Outperform
03/22/11 CIMB NOL 1.97 2.65 Outperform
03/28/11 CIMB NOL 1.99 2.45 Outperform
04/05/11 CIMB NOL 1.99 2.45 Outperform PB1.4x

02/17/11 Citigroup NOL 2.13 2.5 Buy

03/25/11 Credit Suisse NOL 2.01 2.38 Outperform PB1.3x

02/22/11 DBS Vickers NOL 2.12 2.5 Buy
03/07/11 DBS Vickers NOL 2.06 2.15 Hold EV/Ebitda 6x
03/11/11 DBS Vickers NOL 2.08 2.15 Hold EV/Ebitda 6x
04/04/11 DBS Vickers NOL 1.95 2.15 Hold

04/06/11 Jefferies NOL 1.97 1.35 Underperform

02/17/11 Morgan Stanley NOL 2.13 2.9 Buy

02/17/11 OCBC NOL 2.13 2.7 Buy

02/17/11 phillip NOL 2.13 2.5 Buy PB1.4x

02/17/11 UOB Kay Hian NOL 2.13 2.55 Buy PB1.4x
03/08/11 UOB Kay Hian NOL 2.06 2.55 Buy PB1.4x

Noble - Buy calls from all analysts.

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

03/01/11 CIMB Noble 2.05 2.6 Outperform PER14x
03/04/11 CIMB Noble 2.18 2.7 Outperform PER15x

03/17/11 DBS Vickers Noble 2.05 2.6 Buy DCF

03/07/11 DIR Noble 2.13 2.42 Buy

03/01/11 DMG & Partners Noble 2.05 2.58 Buy PER13.8x
03/04/11 DMG & Partners Noble 2.18 2.58 Buy
03/17/11 DMG & Partners Noble 2.05 2.58 Buy
03/28/11 DMG & Partners Noble 2.17 2.58 Buy

03/16/11 IIFL Noble 1.97 2.8 Buy

03/01/11 Kim Eng Noble 2.04 3 Buy PER20x

03/01/11 Lim & Tan Noble 2.05 0 Buy
03/04/11 Lim & Tan Noble 2.18 0 Buy
03/22/11 Lim & Tan Noble 2.07 0 Buy
04/12/11 Lim & Tan Noble 2.19 0 Buy

04/21/11 Nomura Noble 2.24 2.75 Buy

03/01/11 OCBC Noble 2.05 2.92 Buy
03/01/11 OCBC Noble 2.05 2.92 Buy PER12x

03/02/11 phillip Noble 2.19 2.53 Buy PER16x

03/04/11 RBS Noble 2.18 3 Buy

03/01/11 UBS Noble 2.05 2.7 Buy

03/08/11 UOB Kay Hian Noble 2.15 2.5 Buy
03/08/11 UOB Kay Hian Noble 2.15 2.5 Buy PER14.4x

Nera Telecommunication - Lim & Tan downgraded this stock.

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

10/15/10 Lim & Tan Nera Telecom 0.34 0 Buy
02/11/11 Lim & Tan Nera Telecom 0.395 0 Neutral

Natural Cool - Buy call from NRA.

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

03/08/11 NRA Natural Cool 0.185 0.235 Buy Sum of parts

Mun Siong - Buy call from DMG.

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

02/23/11 DMG & Partners Mun Siong 0.185 0.28 Buy DCF

Macquarie Infrastructure International Fund (MIIF) - Buy call from NRA.

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

03/01/11 NRA MIIF 0.55 0.63 Buy DCF
03/21/11 NRA MIIF 0.575 0.645 Buy DCF

Midas - 6 buy calls & 3 hold calls.

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

02/16/11 CIMB Midas 0.865 1.26 Outperform PER15x
02/28/11 CIMB Midas 0.75 1.07 Outperform PER13x
04/07/11 CIMB Midas 0.775 1.07 Outperform PER13x

02/17/11 Credit Suisse Midas 0.85 1.2 Outperform

02/28/11 DBS Vickers Midas 0.75 1.2 Buy PER20x
04/12/11 DBS Vickers Midas 0.815 1.2 Buy PER20x

02/16/11 DMG & Partners Midas 0.865 1.2 Buy PER20x
02/24/11 DMG & Partners Midas 0.745 1.2 Buy PER20x
02/28/11 DMG & Partners Midas 0.75 1.2 Buy
03/01/11 DMG & Partners Midas 0.75 1.2 Buy PER20x
03/25/11 DMG & Partners Midas 0.75 1.2 Buy
04/13/11 DMG & Partners Midas 0.815 0.98 Buy PER18x

02/17/11 Kim Eng Midas 0.865 0.78 Hold PER15x
02/28/11 Kim Eng Midas 0.75 0.76 Hold PER15x

02/16/11 Lim & Tan Midas 0.865 0 Neutral
02/28/11 Lim & Tan Midas 0.75 0 Hold
03/03/11 Lim & Tan Midas 0.76 0 Hold
04/12/11 Lim & Tan Midas 0.815 0 Hold

02/16/11 Nomura Midas 5.33 5.9 Neutral HK

02/28/11 OCBC Midas 0.75 1.1 Buy

02/28/11 phillip Midas 0.75 1.06 Buy

Micro-Mechanics - Buy calls from analysts.

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

03/07/11 Amfraser Micro-Mechanics 0.43 0.62 Buy PEG0.6x, PER12x

02/01/11 OCBC Micro-Mechanics 0.495 0.67 Buy PER12x
03/22/11 OCBC Micro-Mechanics 0.43 0.67 Buy PER12x
04/11/11 OCBC Micro-Mechanics 0.46 0.67 Buy PER12x

Mewah - Buy calls from all analysts.

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

02/25/11 CIMB Mewah 1.03 1.41 Outperform PER13x

04/01/11 DBS Vickers Mewah 0.975 1.21 Buy PER14x
04/04/11 DBS Vickers Mewah 1.04 1.21 Buy PER14x
04/12/11 DBS Vickers Mewah 1.03 1.21 Buy
04/18/11 DBS Vickers Mewah 0.99 1.21 Buy

03/09/11 DIR Mewah 1 1.15 Outperform PER13.6x

04/18/11 JP Morgan Mewah 0.99 1.3 Overweight Sum of parts

03/23/11 StanChart Mewah 0.92 1.1 Outperform

02/16/11 UOB Kay Hian Mewah 1.06 1.28 Buy
02/17/11 UOB Kay Hian Mewah 1.06 1.28 Buy PER12x
04/04/11 UOB Kay Hian Mewah 1.04 1.27 Buy

Mermaid Maritime - Not a good stock to invest.

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

02/15/11 CIMB Mermaid 0.41 0.41 Underperform PB0.7x
02/28/11 CIMB Mermaid 0.37 0.41 Underperform PB0.7x
04/04/11 CIMB Mermaid 0.355 0.36 Underperform

02/15/11 DBS Vickers Mermaid 0.405 0.46 Hold PB0.8x
04/19/11 DBS Vickers Mermaid 0.38 0.46 Hold

Meiban - Hold call by DBS Vickers.

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

03/29/11 DBS Vickers Meiban 0.32 0.3 Hold

Megachem - Buy call from NRA.

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

02/23/11 NRA Megachem 0.21 0.32 Buy PER8x

Baltic Dry Index (BDI) - 1262

Quote:

The index was down 0.71 percent or 9 points to 1,262 points, falling for a 17th session to its lowest since Feb. 28.

End Quote.

Marco Polo - Buy calls from analysts.

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

02/10/11 DMG & Partners Marco Polo 0.41 0.605 Buy

02/10/11 Kim Eng Marco Polo 0.41 0.55 Buy