The USA aircraft carrier will visit Vietnam in 2018 after losing the Vietnam war.

https://www.nytimes.com/2018/01/25/world/asia/vietnam-us-aircraft-carrier.html

Let's recall the shameful evacuation of the USA from Vietnam after losing the war.  The USA aircraft carrier had to push over more than 45 helicopters to accommodate its overwhelming evacuees.  A picture tells a thousand words and a video portrays a thousand pictures.

China & Russia helped Vietnam to defeat the USA in the past.  If the USA starts another war in Asia again, China & Russia will be able to defeat the USA because the military gaps amongst the three are much closer now than before.

Many bitcoin investors are losing money!

https://www.thestreet.com/video/14464100/bitcoin-investors-will-eventually-get-wiped-out-peter-schiff.html

This phenomenon is similar to a pyramid scam whereby the late entrants will suffer the most while the early adopters will make the most money.

Japanese and South Korean investors will suffer the most from a bitcoin fallout.

Baltic dry index - 1219

Today, Friday, January 26 2018, the Baltic Dry Index climbed by 2 points, reaching 1219 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 - 947

The number of rigs exploring for oil and natural gas in the U.S. rose by 11 this week to 947.

That exceeds the 712 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported Friday that 759 rigs drilled for oil this week and 188 for gas.

Among major oil- and gas-producing states, Texas added 13 rigs, West Virginia increased by four, and New Mexico increased by three.

Oklahoma lost four rigs, Louisiana lost three rigs, and Ohio and Utah each lost a single rig.

Alaska, California, Colorado, North Dakota, Pennsylvania and Wyoming 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

Japanese crypto exchange lost more than 500m to hackers!

https://www.cnbc.com/2018/01/26/japanese-cryptocurrency-exchange-loses-more-than-500-million-to-hackers.html?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=104970707&yptr=yahoo

Coincheck customers who had their crypto stolen had no recourse.  This is the 2nd incident after Mt. Gox in Japan.

When you have no regulations, you have no recourse.  This is the rule of the game when you don't want to have any regulation for private crypto exchange.  This won't be the last incident for sure.

Noble Group falls after denial of a restructuring deal.

http://www.businesstimes.com.sg/stocks/singapore-shares-end-flat-noble-resumes-trading-lower

It is really not easy to restructure $3.5b debt.  Without a debt restructuring deal, Noble Group's on-going concern will always be in the minds of investors.

Mapletree Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Mapletree Commercial	1.295	1.4	Buy	DCF
01/26/16	Deutsche	Mapletree Commercial	1.3	1.45	Buy
01/28/16	DBS Vickers	Mapletree Commercial	1.315	1.38	Buy
01/28/16	Lim & Tan	Mapletree Commercial	1.315	0	Hold
01/29/16	Kim Eng	Mapletree Commercial	1.3	1.18	Sell	Yield 7%
02/04/16	DBS Vickers	Mapletree Commercial	1.33	1.38	Buy
02/25/16	Deutsche	Mapletree Commercial	1.41	1.45	Hold
03/24/16	Deutsche	Mapletree Commercial	1.425	1.45	Hold
04/05/16	Deutsche	Mapletree Commercial	1.395	1.45	Hold
04/13/16	Kim Eng	Mapletree Commercial	1.44	1.37	Hold	Yield 6.1%
04/25/16	Credit Suisse	Mapletree Commercial	1.5	1.62	Outperform
04/27/16	CIMB	Mapletree Commercial	1.465	1.48	Hold	DDM
04/27/16	Lim & Tan	Mapletree Commercial	1.465	0	Hold
04/28/16	DBS Vickers	Mapletree Commercial	1.485	1.58	Buy
04/28/16	Kim Eng	Mapletree Commercial	1.485	1.35	Sell	Yield 6.1%
05/17/16	Deutsche	Mapletree Commercial	1.45	1.5	Hold
05/17/16	Kim Eng	Mapletree Commercial	1.45	1.35	Sell
07/07/16	CIMB	Mapletree Commercial	1.46	1.62	Add	DDM
07/07/16	Credit Suisse	Mapletree Commercial	1.46	1.64	Outperform
07/07/16	Kim Eng	Mapletree Commercial	1.46	1.56	Hold	Yield 5.5%
07/07/16	Lim & Tan	Mapletree Commercial	1.46	0	Hold
07/19/16	Credit Suisse	Mapletree Commercial	1.515	1.73	Outperform
07/26/16	Deutsche	Mapletree Commercial	1.49	1.55	Hold
08/16/16	CIMB	Mapletree Commercial	1.52	1.62	Add
08/16/16	Deutsche	Mapletree Commercial	1.52	1.6	Hold
08/31/16	Credit Suisse	Mapletree Commercial	1.54	1.73	Outperform
09/06/16	CIMB	Mapletree Commercial	1.6	1.62	Add
10/04/16	Credit Suisse	Mapletree Commercial	1.605	1.73	Outperform
10/27/16	CIMB	Mapletree Commercial	1.545	1.62	Add	DDM
10/27/16	Religare	Mapletree Commercial	1.545	1.7	Buy
10/28/16	DBS Vickers	Mapletree Commercial	1.56	1.62	Buy	DCF
11/01/16	Credit Suisse	Mapletree Commercial	1.53	1.73	Outperform
11/04/16	CIMB	Mapletree Commercial	1.5	1.62	Add
11/08/16	DBS Vickers	Mapletree Commercial	1.48	1.62	Buy
11/16/16	Deutsche	Mapletree Commercial	1.415	1.65	Buy
12/06/16	Kim Eng	Mapletree Commercial	1.425	1.54	Hold
12/07/16	Deutsche	Mapletree Commercial	1.43	1.65	Buy
01/09/17	DBS Vickers	Mapletree Commercial	1.45	1.62	Buy	DCF
01/12/17	HSBC	Mapletree Commercial	1.47	1.75	Buy
01/24/17	Deutsche	Mapletree Commercial	1.47	1.6	Buy
01/26/17	CIMB	Mapletree Commercial	1.48	1.45	Hold	DDM
01/26/17	Credit Suisse	Mapletree Commercial	1.48	1.73	Outperform
01/26/17	Lim & Tan	Mapletree Commercial	1.48	0	Hold
02/09/17	Credit Suisse	Mapletree Commercial	1.52	1.73	Outperform
02/28/17	Deutsche	Mapletree Commercial	1.495	1.6	Buy
03/17/17	DBS Vickers	Mapletree Commercial	1.49	1.62	Buy	DCF
04/26/17	DBS Vickers	Mapletree Commercial	1.57	1.62	Buy
04/27/17	CIMB	Mapletree Commercial	1.585	1.7	Add	DDM
06/22/17	Deutsche	Mapletree Commercial	1.555	1.6	Buy
06/23/17	CIMB	Mapletree Commercial	1.56	1.7	Add
07/28/17	DBS Vickers	Mapletree Commercial	1.63	1.62	Hold
07/28/17	Credit Suisse	Mapletree Commercial	1.63	1.73	Outperform
07/28/17	CIMB	Mapletree Commercial	1.63	1.79	Add	DDM
09/13/17	Credit Suisse	Mapletree Commercial	1.55	1.73	Outperform
10/27/17	DBS Vickers	Mapletree Commercial	1.58	1.62	Hold
10/27/17	CIMB	Mapletree Commercial	1.58	1.75	Add	DDM
12/11/17	DBS Vickers	Mapletree Commercial	1.58	1.75	Buy
01/02/18	Kim Eng	Mapletree Commercial	1.62	1.45	Sell	DDM
01/04/18	Deutsche	Mapletree Commercial	1.67	1.7	Buy
01/25/18	Lim & Tan	Mapletree Commercial	1.67	0	Hold
01/26/18	CIMB	Mapletree Commercial	1.68	1.75	Buy	DDM

Manulife US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/22/16	Deutsche	Manulife US Reit	0.81	0.9	Buy
07/05/16	DBS Vickers	Manulife US Reit	0.825	0.91	Buy	DCF
07/18/16	DBS Vickers	Manulife US Reit	0.86	0.93	Buy
07/26/16	Deutsche	Manulife US Reit	0.86	0.9	Buy
08/16/16	DBS Vickers	Manulife US Reit	0.845	0.93	Buy
10/10/16	DBS Vickers	Manulife US Reit	0.82	0.93	Buy	DCF
11/04/16	Lim & Tan	Manulife US Reit	0.845	0.93	Buy
11/08/16	DBS Vickers	Manulife US Reit	0.84	0.93	Buy	DCF
11/08/16	Religare	Manulife US Reit	0.84	0.95	Buy
11/16/16	Deutsche	Manulife US Reit	0.815	0.95	Buy
11/23/16	DMG & Partners	Manulife US Reit	0.8	0.96	Buy	DDM
12/07/16	Deutsche	Manulife US Reit	0.83	0.95	Buy
01/03/17	DMG & Partners	Manulife US Reit	0.83	0.96	Buy	DDM
01/05/17	Lim & Tan	Manulife US Reit	0.835	0	Buy
01/09/17	DBS Vickers	Manulife US Reit	0.84	0.93	Buy	DCF
02/14/17	DBS Vickers	Manulife US Reit	0.86	0.95	Buy	DCF
02/14/17	DMG & Partners	Manulife US Reit	0.86	0.96	Buy	DDM
02/28/17	Deutsche	Manulife US Reit	0.84	0.95	Buy
03/10/17	DMG & Partners	Manulife US Reit	0.84	0.96	Buy
04/07/17	DMG & Partners	Manulife US Reit	0.835	0.96	Buy
05/03/17	DBS Vickers	Manulife US Reit	0.84	1.01	Buy	DCF
05/04/17	DMG & Partners	Manulife US Reit	0.85	0.96	Buy
05/08/17	Lim & Tan	Manulife US Reit	0.865	0	Buy
06/21/17	DMG & Partners	Manulife US Reit	0.885	0.99	Buy	DDM
06/21/17	Lim & Tan	Manulife US Reit	0.885	0	Buy on weakness
06/22/17	Deutsche	Manulife US Reit	0.89	0.95	Buy
07/12/17	DMG & Partners	Manulife US Reit	0.915	0.99	Buy
08/10/17	DMG & Partners	Manulife US Reit	0.925	1	Buy	DDM
08/10/17	DBS Vickers	Manulife US Reit	0.925	1.07	Buy	DCF
08/10/17	Lim & Tan	Manulife US Reit	0.925	1	Buy
08/10/17	Deutsche	Manulife US Reit	0.925	1	Buy
09/04/17	Lim & Tan	Manulife US Reit	0.965	0	Buy
09/05/17	DMG & Partners	Manulife US Reit	0.94	0.98	Buy	DDM, Ex-Rights 41-for-100 @ $0.695
11/06/17	DMG & Partners	Manulife US Reit	0.905	0.98	Buy	DDM
11/29/17	DBS Vickers	Manulife US Reit	0.865	0.99	Buy	DCF
12/19/17	DMG & Partners	Manulife US Reit	0.93	0.98	Buy
01/03/18	Lim & Tan	Manulife US Reit	0.93	1	Buy
01/04/18	Deutsche	Manulife US Reit	0.94	1	Buy
01/05/18	DMG & Partners	Manulife US Reit	0.935	0.98	Buy

Mandarin Oriental - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
03/03/17	Nomura	M04	Mandarin Oriental	1.275	1.06	Reduce	-16.86
06/06/17	Nomura	M04	Mandarin Oriental	1.71	1.73	Neutral	1.17

Stock calls for 26 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/26/18	Phillip	A-Reit	2.75	2.89	Accumulate	DDM, PB1.36x FY18
01/26/18	OCBC	A-Reit	2.75	2.69	Hold
01/26/18	DBS Vickers	A-Reit	2.75	2.85	Buy
01/26/18	CIMB	A-Reit	2.75	2.88	Add
01/26/18	DMG & Partners	Breadtalk	1.72	2.09	Buy	Sum of parts
01/26/18	Kim Eng	CapitaCommercial	1.9	1.8	Hold
01/26/18	DMG & Partners	CapitaCommercial	1.9	1.63	Sell	DDM
01/26/18	OCBC	CapitaCommercial	1.9	1.84	Hold
01/26/18	DBS Vickers	CapitaCommercial	1.9	2.1	Buy	DCF
01/26/18	CIMB	CapitaCommercial	1.9	1.84	Hold
01/26/18	Phillip	Capitamall Trust	2.1	2.03	Neutral	DDM, PB1.02x
01/26/18	UOB Kay Hian	Capitamall Trust	2.1	2.04	Hold	DDM
01/26/18	DBS Vickers	Capitamall Trust	2.1	2.19	Buy
01/26/18	UOB Kay Hian	Frasers Hospitality Trust	0.81	0.9	Buy	DDM
01/26/18	DMG & Partners	Golden Energy	0.475	0.68	Buy	DCF & PER13.1x FY18
01/26/18	OCBC	Keppel Corp	8.58	9.45	Buy
01/26/18	UOB Kay Hian	Keppel Corp	8.58	9.3	Buy	Sum of parts
01/26/18	DBS Vickers	Keppel Corp	8.58	10.2	Buy
01/26/18	Lim & Tan	Keppel Corp	8.58	0	Buy on weakness
01/26/18	CIMB	Keppel Corp	8.58	10	Add	Sum of parts
01/26/18	CIMB	Mapletree Commercial	1.68	1.75	Buy	DDM
01/26/18	DBS Vickers	Netlink	0.83	0.95	Buy	DCF
01/26/18	UOB Kay Hian	Singapore Medical	0.63	0.83	Buy	PER26.8x FY18, PEG0.3x
01/26/18	DBS Vickers	Singtel	3.62	4.3	Buy	Sum of parts
01/26/18	DBS Vickers	Starhub	2.97	2.2	Fully Valued	DCF
01/26/18	UOB Kay Hian	Suntec Reit	2.14	2.13	Hold	DDM
01/26/18	OCBC	UOB	27.98	30.1	Buy	PB1.3x FY18

Noble reacted to the restructuring news after our posting.

http://sg-stock.blogspot.sg/2018/01/great-news-noble-group-has-struck-35b.html

We posted the restructuring news at 1:04pm and nobody knew about the news since the price was falling based on the hourly price charts (Yahoo Finance).  Thereafter, people caught hold of the news and bought Noble Group resulting in the price moving higher before the halt.

M1 - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/16	DIR	M1	2.68	2.87	Outperform	DDM, PER13.4x FY16
01/18/16	Citigroup	M1	2.6	2.56	Hold
01/18/16	DMG & Partners	M1	2.6	3.2	Buy	DCF
01/18/16	OCBC	M1	2.6	2.95	Buy	DCF
01/19/16	CIMB	M1	2.61	3.1	Hold	DCF
01/19/16	Credit Suisse	M1	2.61	2.15	Underperform
01/19/16	DBS Vickers	M1	2.61	2.6	Hold	DCF
01/19/16	DIR	M1	2.61	2.94	Outperform	DDM
01/19/16	Kim Eng	M1	2.61	3.09	Hold	DCF
01/19/16	Lim & Tan	M1	2.61	0	Buy
01/19/16	Nomura	M1	2.61	2.95	Neutral
01/19/16	UOB Kay Hian	M1	2.61	3.34	Buy	DCF
01/26/16	Deutsche	M1	2.24	3.9	Buy
01/26/16	DIR	M1	2.24	2.94	Buy	DDM
02/19/16	Credit Suisse	M1	2.52	2.15	Underperform
02/19/16	DBS Vickers	M1	2.52	2.6	Hold
02/19/16	DMG & Partners	M1	2.52	3.2	Buy
02/19/16	UOB Kay Hian	M1	2.52	3.34	Buy
02/22/16	CIMB	M1	2.54	3.1	Hold
02/22/16	Nomura	M1	2.54	3.3	Buy
03/04/16	Citigroup	M1	2.54	2.82	Buy
03/04/16	Deutsche	M1	2.54	3.9	Buy
03/15/16	CIMB	M1	2.57	3.1	Hold
03/16/16	OCBC	M1	2.59	2.95	Buy
03/17/16	UOB Kay Hian	M1	2.58	3.34	Buy
03/21/16	Credit Suisse	M1	2.59	2.15	Underperform
03/28/16	UOB Kay Hian	M1	2.7	3.02	Buy	Probability weighted target
03/29/16	Nomura	M1	2.6	3.3	Buy
04/13/16	CIMB	M1	2.47	2.4	Hold	DCF
04/13/16	Credit Suisse	M1	2.47	2.15	Underperform
04/14/16	Credit Suisse	M1	2.48	2.05	Underperform
04/14/16	DBS Vickers	M1	2.48	2.56	Hold	DCF
04/14/16	DMG & Partners	M1	2.48	3.2	Buy
04/14/16	Lim & Tan	M1	2.48	0	Hold
04/14/16	OCBC	M1	2.48	2.9	Buy	DCF
04/14/16	UOB Kay Hian	M1	2.48	3.02	Buy	Probability weighted target
05/10/16	UOB Kay Hian	M1	2.41	3.02	Buy	Probability weighted target
05/12/16	UOB Kay Hian	M1	2.37	2.14	Sell
05/26/16	DIR	M1	2.35	2.94	Buy	DDM
06/06/16	DBS Vickers	M1	2.42	2.6	Buy
06/13/16	Kim Eng	M1	2.55	3.09	Hold
06/15/16	UOB Kay Hian	M1	2.52	2.14	Sell
06/21/16	DIR	M1	2.43	2.94	Buy	DDM
07/07/16	Credit Suisse	M1	2.74	2.05	Underperform
07/11/16	DBS Vickers	M1	2.78	3.3	Buy
07/14/16	UOB Kay Hian	M1	2.89	2.14	Sell
07/18/16	CIMB	M1	2.78	2.8	Hold	DCF
07/18/16	Citigroup	M1	2.78	2.98	Hold
07/18/16	DBS Vickers	M1	2.78	3.3	Buy
07/18/16	DIR	M1	2.78	3.38	Buy	DDM
07/18/16	DMG & Partners	M1	2.78	3.02	Neutral	DCF
07/18/16	Kim Eng	M1	2.78	2.94	Hold	DCF
07/18/16	Nomura	M1	2.78	3.25	Buy
07/18/16	OCBC	M1	2.78	2.79	Hold	DCF
07/18/16	UOB Kay Hian	M1	2.78	2	Sell
08/05/16	DIR	M1	2.8	3.38	Buy	DDM
08/22/16	DBS Vickers	M1	2.72	2.85	Hold
08/22/16	UOB Kay Hian	M1	2.72	2.39	Sell
08/26/16	Credit Suisse	M1	2.73	2.05	Underperform
09/02/16	CIMB	M1	2.66	2.8	Hold	DCF
09/02/16	Credit Suisse	M1	2.66	2	Underperform
09/02/16	OCBC	M1	2.66	2.79	Hold
09/02/16	UOB Kay Hian	M1	2.66	2	Sell
09/05/16	Kim Eng	M1	2.61	2.04	Sell	DCF
09/06/16	Citigroup	M1	2.53	2.4	Sell
09/22/16	DBS Vickers	M1	2.39	2.15	Fully Valued	DCF
09/22/16	Deutsche	M1	2.39	3.1	Buy
10/04/16	DIR	M1	2.44	2.41	Hold	DDM
10/19/16	CIMB	M1	2.33	2.55	Hold	DCF
10/19/16	DBS Vickers	M1	2.33	1.97	Fully Valued	DCF
10/19/16	Deutsche	M1	2.33	2.9	Buy
10/19/16	DIR	M1	2.33	2.23	Hold	DDM
10/19/16	Kim Eng	M1	2.33	1.9	Sell	DCF
10/19/16	Lim & Tan	M1	2.33	0	Sell
10/19/16	Nomura	M1	2.33	2	Reduce
10/19/16	OCBC	M1	2.33	2.25	Hold	DCF
10/19/16	UOB Kay Hian	M1	2.33	1.76	Sell	DCF
11/14/16	DIR	M1	2.06	2.23	Hold	DDM
11/17/16	OCBC	M1	2.04	2.25	Hold
11/18/16	DBS Vickers	M1	1.995	1.97	Fully Valued
11/18/16	Nomura	M1	1.995	1.75	Reduce
11/21/16	CIMB	M1	1.935	2.1	Hold	DCF
11/21/16	UOB Kay Hian	M1	1.935	1.76	Sell
12/06/16	CIMB	M1	2	2.1	Hold	DCF
12/07/16	Deutsche	M1	1.985	2.9	Buy
12/09/16	OCBC	M1	2.02	2.08	Hold
12/13/16	Kim Eng	M1	2.03	1.9	Sell	DCF
12/15/16	Credit Suisse	M1	2.02	1.65	Underperform
12/15/16	DBS Vickers	M1	2.02	1.78	Fully Valued	DCF
12/15/16	UOB Kay Hian	M1	2.02	1.76	Sell
12/27/16	DMG & Partners	M1	1.915	2.05	Neutral
01/03/17	UOB Kay Hian	M1	1.96	1.76	Sell
01/12/17	CIMB	M1	2.06	1.9	Hold	DCF, Buy below $1.56
01/12/17	Deutsche	M1	2.06	2.6	Buy
01/13/17	Credit Suisse	M1	2.08	1.65	Underperform
01/13/17	DBS Vickers	M1	2.08	2.09	Hold	DCF
01/13/17	DMG & Partners	M1	2.08	2.05	Neutral	DCF
01/17/17	DIR	M1	2.08	2.02	Hold	DDM
01/18/17	UOB Kay Hian	M1	2.09	2.5	Buy	DCF
01/25/17	Credit Suisse	M1	2.17	1.55	Underperform
01/25/17	DBS Vickers	M1	2.17	1.97	Hold	DCF
01/25/17	Kim Eng	M1	2.17	1.85	Sell	DCF
01/25/17	Lim & Tan	M1	2.17	0	Sell
01/25/17	OCBC	M1	2.17	2.03	Hold
01/25/17	UOB Kay Hian	M1	2.17	2.48	Buy	DCF
01/26/17	CIMB	M1	2.05	1.8	Reduce	DCF
02/24/17	UOB Kay Hian	M1	2.03	2.52	Buy	DCF
02/24/17	Deutsche	M1	2.03	2.5	Buy
03/13/17	DIR	M1	2.11	1.93	Hold	DDM
03/17/17	OCBC	M1	2.03	1.75	Sell
03/20/17	Credit Suisse	M1	2.19	1.5	Underperform
03/20/17	DBS Vickers	M1	2.19	1.97	Hold
03/20/17	DMG & Partners	M1	2.19	2.05	Neutral	DCF
03/21/17	OCBC	M1	2.17	1.96	Hold	EV/EBitda8.5x FY17/18
04/05/17	CIMB	M1	2.16	1.8	Reduce
04/05/17	Credit Suisse	M1	2.16	1.5	Underperform
04/05/17	DMG & Partners	M1	2.16	2.05	Neutral
04/05/17	Kim Eng	M1	2.16	1.75	Sell	DCF
04/05/17	OCBC	M1	2.16	1.96	Hold
04/06/17	DBS Vickers	M1	2.12	1.97	Hold	DCF
04/18/17	CIMB	M1	2.14	1.7	Reduce	DCF
04/18/17	Credit Suisse	M1	2.14	1.45	Underperform
04/18/17	DIR	M1	2.14	1.93	Hold	DDM
04/18/17	Lim & Tan	M1	2.14	0	Hold
04/18/17	Deutsche	M1	2.14	2.3	Buy
05/02/17	DBS Vickers	M1	2.17	2.54	Buy	EV/Ebitda8.4x FY17
06/02/17	DMG & Partners	M1	2.27	2.05	Neutral	DCF
07/07/17	OCBC	M1	2.11	1.96	Hold
07/14/17	DMG & Partners	M1	2.07	2.05	Neutral
07/19/17	OCBC	M1	2.1	1.75	Sell
07/19/17	DIR	M1	2.1	1.93	Hold	DDM
07/19/17	Credit Suisse	M1	2.1	1.45	Underperform
07/19/17	DMG & Partners	M1	2.1	1.9	Neutral	DCF
07/19/17	CIMB	M1	2.1	1.7	Reduce	DCF
07/19/17	DBS Vickers	M1	2.1	1.78	Fully Valued	DCF
08/18/17	UOB Kay Hian	M1	1.77	1.98	Buy	DCF
08/23/17	DMG & Partners	M1	1.785	1.9	Neutral
09/11/17	OCBC	M1	1.78	1.65	Hold
09/14/17	Kim Eng	M1	1.79	1.59	Sell	DCF
09/18/17	Credit Suisse	M1	1.795	1.45	Underperform
09/20/17	Deutsche	M1	1.79	2.3	Buy
09/25/17	UOB Kay Hian	M1	1.78	1.98	Buy
09/25/17	CIMB	M1	1.78	1.8	Hold
09/28/17	DIR	M1	1.785	1.74	Hold	DDM
10/16/17	DBS Vickers	M1	1.815	1.49	Fully Valued	DCF
10/17/17	UOB Kay Hian	M1	1.805	1.95	Buy	DCF
10/17/17	OCBC	M1	1.805	1.65	Hold
10/17/17	DMG & Partners	M1	1.805	1.9	Neutral
10/17/17	Kim Eng	M1	1.805	1.59	Sell
10/17/17	CIMB	M1	1.805	1.8	Hold
11/23/17	OCBC	M1	1.77	1.65	Hold
11/28/17	Kim Eng	M1	1.77	1.59	Sell
01/10/18	DMG & Partners	M1	1.79	1.9	Neutral
01/12/18	UOB Kay Hian	M1	1.79	1.95	Hold
01/24/18	UOB Kay Hian	M1	1.87	1.84	Hold	DCF, Buy @ $1.7
01/24/18	DMG & Partners	M1	1.87	1.95	Neutral	DCF
01/24/18	OCBC	M1	1.87	1.7	Hold
01/24/18	DBS Vickers	M1	1.87	1.49	Fully Valued	DCF
01/25/18	CIMB	M1	1.87	1.85	Hold	DCF