SPH - Mixed calls from analysts.

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

05/18/10	CIMB	SPH	3.84	4.5	Outperform
06/02/10	CIMB	SPH	3.69	4.43	Outperform	Sum of parts
07/13/10	CIMB	SPH	3.93	4.47	Outperform	Sum of parts
09/03/10	CIMB	SPH	4.15	4.47	Outperform	Sum of parts
10/13/10	CIMB	SPH	4.22	4.51	Neutral	Sum of parts
01/17/11	CIMB	SPH	3.98	4.51	Neutral	Sum of parts
04/14/11	CIMB	SPH	3.98	4.29	Neutral	Sum of parts
05/27/10	DBS Vickers	SPH	3.73	4.42	Buy	Sum of parts
06/04/10	DBS Vickers	SPH	3.79	4.42	Buy
07/13/10	DBS Vickers	SPH	3.93	4.42	Buy	Sum of parts
08/23/10	DBS Vickers	SPH	3.98	4.42	Buy
09/08/10	DBS Vickers	SPH	4.18	4.52	Buy	Sum of parts
10/13/10	DBS Vickers	SPH	4.22	4.37	Hold	Sum of parts
01/17/11	DBS Vickers	SPH	3.98	4.37	Hold
04/14/11	DBS Vickers	SPH	3.98	4.2	Hold	Sum of parts
04/18/11	DBS Vickers	SPH	3.93	4.2	Hold
07/13/10	DMG & Partners	SPH	3.93	4.31	Neutral	Sum of parts
10/13/10	DMG & Partners	SPH	4.22	4.11	Neutral
01/17/11	DMG & Partners	SPH	3.98	4.11	Neutral	Sum of parts
04/14/11	DMG & Partners	SPH	3.98	4.12	Neutral	Sum of parts
07/13/10	Kim Eng	SPH	3.93	4.62	Buy	Sum of parts
09/07/10	Kim Eng	SPH	4.17	4.62	Buy	Sum of parts
10/13/10	Kim Eng	SPH	4.22	4.7	Buy	Sum of parts
01/17/11	Kim Eng	SPH	3.98	4.75	Buy
03/31/11	Kim Eng	SPH	3.89	4.75	Buy	Sum of parts, PER11x
04/14/11	Kim Eng	SPH	3.98	4.68	Buy	Sum of parts
07/13/10	Lim & Tan	SPH	3.93	0	Buy
09/03/10	Lim & Tan	SPH	4.15	0	Buy
10/04/10	Lim & Tan	SPH	4.24	0	Buy
10/13/10	Lim & Tan	SPH	4.22	0	Buy	Div Yield 6.4%
07/13/10	OCBC	SPH	3.93	4.63	Buy	Sum of parts
09/02/10	OCBC	SPH	4.08	4.63	Buy
01/17/11	OCBC	SPH	3.98	4.59	Buy
04/14/11	OCBC	SPH	3.98	4.32	Hold
10/14/10	UOB Kay Hian	SPH	4.25	4.35	Hold

Sound Global - buy calls from analysts.

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

08/10/10	CIMB	Sound Global	0.78	1.08	Outperform	PER14x
08/11/10	CIMB	Sound Global	0.765	1.08	Outperform	PER14x
02/28/11	CIMB	Sound Global	0.63	0.98	Outperform	PER14x
03/01/11	CIMB	Sound Global	0.61	0.98	Outperform	PER14x
04/14/11	CIMB	Sound Global	0.75	0.98	Outperform
05/11/11	CIMB	Sound Global	0.73	0.98	Outperform	PER14x
07/07/10	Citigroup	Sound Global	0.75	0.7	Sell	PER13x
03/01/11	Citigroup	Sound Global	0.61	0.78	Buy	PER13x
08/11/10	DBS Vickers	Sound Global	0.765	0.84	Hold	PER12x
08/26/10	DBS Vickers	Sound Global	0.72	0.84	Hold
09/29/10	DBS Vickers	Sound Global	0.81	0.96	Buy	PER13.2x
11/15/10	DBS Vickers	Sound Global	0.87	0.94	Hold	PER14.3x
02/22/11	DBS Vickers	Sound Global	0.71	0.8	Hold
03/04/11	DBS Vickers	Sound Global	0.7	0.84	Buy	PER14.5x
06/11/10	DMG & Partners	Sound Global	0.85	1.04	Buy
08/11/10	DMG & Partners	Sound Global	0.765	0.93	Buy	PER14x
11/16/10	DMG & Partners	Sound Global	0.84	1.05	Buy	PER14x
02/07/11	DMG & Partners	Sound Global	0.75	1.05	Buy
03/03/11	DMG & Partners	Sound Global	0.675	0.78	Buy	PER14x
03/04/11	DMG & Partners	Sound Global	0.675	0.78	Buy	PER14x
03/08/11	DMG & Partners	Sound Global	0.735	1.05	Buy
06/29/10	phillip	Sound Global	0.78	1.1	Buy	DCF
07/06/10	phillip	Sound Global	0.77	1.04	Buy
08/11/10	phillip	Sound Global	0.77	1.06	Buy	DCF
09/06/10	phillip	Sound Global	0.71	0.82	Hold	DCF
11/16/10	phillip	Sound Global	0.84	0.82	Hold	DCF
03/01/11	phillip	Sound Global	0.61	0	Cease Coverage

SMRT - Mixed calls from analysts.

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

08/03/10	AmFraser	SMRT	2.1	1.99	Hold
05/18/10	CIMB	SMRT	2.11	2.35	Neutral
08/02/10	CIMB	SMRT	2.22	2.31	Buy	DCF
09/17/10	CIMB	SMRT	2.09	1.95	Underperform	DCF
01/31/11	CIMB	SMRT	2.05	2.1	Underperform	DCF
05/03/11	CIMB	SMRT	1.9	2.03	Underperform	DCF
05/09/11	CIMB	SMRT	1.9	2.03	Underperform
07/30/10	Citigroup	SMRT	2.1	1.9	Sell
12/15/10	CLSA	SMRT	2.04	2.05	Underperform
08/02/10	DBS Vickers	SMRT	2.22	1.88	Fully Valued	DCF & PER15x
08/17/10	DBS Vickers	SMRT	2.1	1.88	Fully Valued
11/01/10	DBS Vickers	SMRT	2.05	1.88	Fully Valued	PER15x & DCF
01/31/11	DBS Vickers	SMRT	2.05	2.15	Hold	PER, DCF
02/22/11	DBS Vickers	SMRT	2	2.15	Hold
03/11/11	DBS Vickers	SMRT	1.93	2.03	Hold	DCF & PER17x
05/03/11	DBS Vickers	SMRT	1.9	2.08	Hold	DCF & PER
05/17/10	DMG & Partners	SMRT	2.11	2	Sell
06/07/10	DMG & Partners	SMRT	2.14	2	Sell
06/21/10	DMG & Partners	SMRT	2.22	2	Sell
08/02/10	DMG & Partners	SMRT	2.22	2	Sell	PER20x
08/17/10	DMG & Partners	SMRT	2.1	2	Sell
09/03/10	DMG & Partners	SMRT	2.06	2	Sell
10/21/10	DMG & Partners	SMRT	2.04	2.08	Neutral
01/12/11	DMG & Partners	SMRT	2.05	2.08	Neutral	PATMI 18x
01/13/11	DMG & Partners	SMRT	2.06	2.08	Neutral
01/18/11	DMG & Partners	SMRT	2.07	2.08	Neutral	PATMI 18x
01/31/11	DMG & Partners	SMRT	2.05	2.02	Neutral	DCF
02/25/11	DMG & Partners	SMRT	1.95	2.02	Neutral
03/09/11	DMG & Partners	SMRT	1.93	2.02	Neutral
03/10/11	DMG & Partners	SMRT	1.93	2.02	Neutral
03/14/11	DMG & Partners	SMRT	1.91	1.75	Neutral
08/02/10	Kim Eng	SMRT	2.22	1.57	Sell	PER17x
09/28/10	Kim Eng	SMRT	2.07	1.71	Sell
11/01/10	Kim Eng	SMRT	2.05	1.71	Sell
01/31/11	Kim Eng	SMRT	2.05	1.97	Hold	PER17x
05/03/11	Kim Eng	SMRT	1.9	2	Hold
08/02/10	Lim & Tan	SMRT	2.22	2	Buy	Buy when hit $2, Div Yield 4.4%
08/10/10	Lim & Tan	SMRT	2.04	0	Buy
01/03/11	Macquarie	SMRT	2.03	1.75	Underperform
05/27/10	OCBC	SMRT	2.11	2.33	Buy
08/02/10	OCBC	SMRT	2.22	2.16	Hold	DDM
10/18/10	OCBC	SMRT	2.06	2.16	Hold
01/14/11	OCBC	SMRT	2.06	2.16	Hold	DDM
04/15/11	OCBC	SMRT	1.89	2.16	Hold	Under Review
05/03/11	OCBC	SMRT	1.9	2.07	Hold
05/21/10	phillip	SMRT	2.1	2.36	Hold
07/20/10	phillip	SMRT	2.3	2.36	Hold
08/02/10	phillip	SMRT	2.22	2.18	Hold
10/25/10	phillip	SMRT	2.06	2.18	Hold	PER19.6x
11/01/10	phillip	SMRT	2.05	2.18	Hold
02/01/11	phillip	SMRT	2.04	2.18	Hold
03/03/11	phillip	SMRT	1.95	2.3	Buy
04/27/11	phillip	SMRT	1.87	2.3	Buy
05/03/11	phillip	SMRT	1.9	2.22	Buy	DCF & PER

Sinopipe - Increase your exposure by SIAS.

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

01/19/11

SIAS

Sinopipe

0.26

0.4

Increase

Sinomem - Buy call from CIMB.

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

05/17/10	CIMB	Sinomem	0.53	1.2	Outperform	Sum of parts
08/16/10	CIMB	Sinomem	0.485	1.2	Outperform	Sum of parts

Baltic Dry Index (BDI) - 1340

Quote:
The dry freight market avoided a broader commodity rout early last week, which had been driven by economic jitters. The index rose 1.98 per cent or 26 points to 1,340 points in a sixth session of gains.

End quote.

Sino Grandness Food - Lim & Tan doesn't like gourmet.

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

10/26/10	AmFraser	Sino Grandness Food	0.415	0.58	Buy	PER7.5x
11/03/10	AmFraser	Sino Grandness Food	0.42	0.63	Buy	PER7.5x
02/17/11	Amfraser	Sino Grandness Food	0.58	0.63	Buy
02/24/11	Amfraser	Sino Grandness Food	0.51	0.73	Buy	PER7.5x
03/21/11	DBS Vickers	Sino Grandness Food	0.48	0.6	Buy	PER6x
03/25/11	DBS Vickers	Sino Grandness Food	0.54	0.6	Buy
03/28/11	DBS Vickers	Sino Grandness Food	0.535	0.6	Buy	PER6x
07/16/10	DMG & Partners	Sino Grandness Food	0.33	0.4	Buy
08/10/10	DMG & Partners	Sino Grandness Food	0.355	0.4	Buy
08/16/10	DMG & Partners	Sino Grandness Food	0.345	0.5	Buy	PER6x
08/17/10	DMG & Partners	Sino Grandness Food	0.345	0.5	Buy	Sum of parts
08/23/10	DMG & Partners	Sino Grandness Food	0.36	0.5	Buy
09/13/10	DMG & Partners	Sino Grandness Food	0.355	0.5	Buy
10/06/10	DMG & Partners	Sino Grandness Food	0.37	0.46	Buy
10/22/10	DMG & Partners	Sino Grandness Food	0.38	0.5	Buy
11/03/10	DMG & Partners	Sino Grandness Food	0.42	0.56	Buy	PER6x
01/12/11	DMG & Partners	Sino Grandness Food	0.475	0.68	Buy	PER6x
02/17/11	DMG & Partners	Sino Grandness Food	0.58	0.68	Buy	PER6x
02/23/11	DMG & Partners	Sino Grandness Food	0.53	0.68	Buy	PER6x
05/05/11	DMG & Partners	Sino Grandness Food	0.57	0.68	Buy	PER6x
10/04/10	Lim & Tan	Sino Grandness Food	0.37	0	Buy
10/06/10	Lim & Tan	Sino Grandness Food	0.37	0	Buy
10/07/10	Lim & Tan	Sino Grandness Food	0.415	0	Buy
01/07/11	Lim & Tan	Sino Grandness Food	0.455	0	Buy
01/24/11	Lim & Tan	Sino Grandness Food	0.515	0	Buy
02/17/11	Lim & Tan	Sino Grandness Food	0.58	0	Buy
02/23/11	Lim & Tan	Sino Grandness Food	0.53	0	Neutral
07/09/10	phillip	Sino Grandness Food	0.31	0.53	Buy	PER7x
08/10/10	phillip	Sino Grandness Food	0.355	0.58	Buy	PER7x
08/16/10	phillip	Sino Grandness Food	0.345	0.58	Buy
10/07/10	phillip	Sino Grandness Food	0.415	0.57	Buy	PER7x
10/27/10	phillip	Sino Grandness Food	0.415	0.57	Buy
12/07/10	phillip	Sino Grandness Food	0.375	0.59	Buy
12/15/10	phillip	Sino Grandness Food	0.405	0.57	Buy
02/24/11	phillip	Sino Grandness Food	0.51	0.67	Buy