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

Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	DMG & Partners	Sembcorp Industries	3.05	3.8	Buy
01/06/16	Macquarie	Sembcorp Industries	3	2.6	Underperform
01/08/16	Kim Eng	Sembcorp Industries	2.76	3.53	Hold
01/08/16	UOB Kay Hian	Sembcorp Industries	2.76	3.6	Buy	Sum of parts
01/12/16	Lim & Tan	Sembcorp Industries	2.7	0	Buy
01/20/16	Kim Eng	Sembcorp Industries	2.54	2.3	Hold	Sum of parts
01/21/16	CIMB	Sembcorp Industries	2.3	3.85	Add	Sum of parts
01/26/16	Deutsche	Sembcorp Industries	2.31	3.2	Hold
01/27/16	DBS Vickers	Sembcorp Industries	2.23	3.5	Buy	RNAV (10% discount)
01/28/16	UOB Kay Hian	Sembcorp Industries	2.23	3.47	Buy	Sum of parts
01/29/16	Deutsche	Sembcorp Industries	2.23	3	Buy
01/29/16	OCBC	Sembcorp Industries	2.23	3.42	Buy	Sum of parts
02/04/16	Credit Suisse	Sembcorp Industries	2.42	4.2	Outperform
02/04/16	DIR	Sembcorp Industries	2.42	2.17	Underperform	Sum of parts
02/18/16	CIMB	Sembcorp Industries	2.53	3.1	Add	Sum of parts
02/18/16	Credit Suisse	Sembcorp Industries	2.53	3	Outperform
02/18/16	DBS Vickers	Sembcorp Industries	2.53	3.3	Buy	RNAV (10% discount)
02/18/16	Kim Eng	Sembcorp Industries	2.53	2.35	Hold	Sum of parts
02/18/16	Lim & Tan	Sembcorp Industries	2.53	0	Buy
02/18/16	OCBC	Sembcorp Industries	2.53	3.21	Buy	Sum of parts
02/18/16	UOB Kay Hian	Sembcorp Industries	2.53	3.8	Buy	PER12x FY16
03/01/16	DMG & Partners	Sembcorp Industries	2.68	4	Buy
03/01/16	Lim & Tan	Sembcorp Industries	2.68	0	Buy
03/07/16	UOB Kay Hian	Sembcorp Industries	3.14	4.05	Buy
03/10/16	CIMB	Sembcorp Industries	3.06	3.1	Add	Sum of parts
03/11/16	DBS Vickers	Sembcorp Industries	3.02	3.3	Buy	Sum of parts (10% discount), PB0.9x
03/14/16	OCBC	Sembcorp Industries	3.03	3.21	Buy
03/16/16	Lim & Tan	Sembcorp Industries	3	0	Buy
03/28/16	UOB Kay Hian	Sembcorp Industries	3.06	3.8	Buy	PER12x FY16
04/08/16	HSBC	Sembcorp Industries	2.87	3.43	Buy
04/25/16	Credit Suisse	Sembcorp Industries	3	3	Outperform
05/05/16	CIMB	Sembcorp Industries	2.75	3.1	Add	Sum of parts
05/05/16	DBS Vickers	Sembcorp Industries	2.75	3.1	Buy	PB0.9x
05/05/16	DIR	Sembcorp Industries	2.75	2.36	Underperform
05/05/16	DMG & Partners	Sembcorp Industries	2.75	4	Buy	Sum of parts
05/05/16	Kim Eng	Sembcorp Industries	2.75	2.35	Sell	Sum of parts
05/05/16	Lim & Tan	Sembcorp Industries	2.75	0	Hold
05/05/16	OCBC	Sembcorp Industries	2.75	3.07	Buy
05/05/16	UOB Kay Hian	Sembcorp Industries	2.75	4	Buy
05/09/16	Credit Suisse	Sembcorp Industries	2.72	3	Outperform
05/18/16	Deutsche	Sembcorp Industries	2.75	3.6	Buy	Sum of parts
05/25/16	DIR	Sembcorp Industries	2.74	2.36	Underperform	Sum of parts
06/01/16	CIMB	Sembcorp Industries	2.79	3.1	Add	Sum of parts
06/02/16	UOB Kay Hian	Sembcorp Industries	2.77	3.6	Buy	PER9.5x FY17
06/06/16	Kim Eng	Sembcorp Industries	2.8	2.35	Sell
06/20/16	Deutsche	Sembcorp Industries	2.75	3.6	Buy
06/27/16	DMG & Partners	Sembcorp Industries	2.76	4	Buy
07/05/16	UOB Kay Hian	Sembcorp Industries	2.91	3.35	Buy	Sum of parts
07/14/16	Credit Suisse	Sembcorp Industries	2.9	3	Outperform
07/15/16	Macquarie	Sembcorp Industries	2.91	2.8	Neutral
08/03/16	CIMB	Sembcorp Industries	2.78	2.66	Hold	Sum of parts
08/03/16	Credit Suisse	Sembcorp Industries	2.78	2.8	Neutral
08/03/16	DBS Vickers	Sembcorp Industries	2.78	3.1	Buy
08/03/16	DIR	Sembcorp Industries	2.78	2.35	Underperform	Sum of parts (20% discount)
08/03/16	Lim & Tan	Sembcorp Industries	2.78	0	Hold
08/03/16	OCBC	Sembcorp Industries	2.78	3.07	Buy
08/03/16	UOB Kay Hian	Sembcorp Industries	2.78	3.35	Buy	Sum of parts
08/04/16	DMG & Partners	Sembcorp Industries	2.74	3.9	Buy	Sum of parts
08/18/16	Deutsche	Sembcorp Industries	2.69	3.15	Hold
08/18/16	Lim & Tan	Sembcorp Industries	2.69	0	Hold
09/07/16	DIR	Sembcorp Industries	2.71	2.35	Underperform	Sum of parts
09/21/16	OCBC	Sembcorp Industries	2.58	3.07	Buy
09/23/16	UOB Kay Hian	Sembcorp Industries	2.56	3.29	Buy	Sum of parts
09/29/16	DBS Vickers	Sembcorp Industries	2.53	3.1	Buy	Sum of parts, PB0.9x
10/03/16	Kim Eng	Sembcorp Industries	2.59	2.4	Hold	Sum of parts
10/28/16	CIMB	Sembcorp Industries	2.48	2.66	Hold	Sum of parts
10/28/16	CIMB	Sembcorp Industries	2.48	2.66	Hold	Sum of parts
10/28/16	Credit Suisse	Sembcorp Industries	2.48	2.7	Neutral
10/28/16	DIR	Sembcorp Industries	2.48	2.34	Underperform	Sum of parts (20% discount)
10/28/16	OCBC	Sembcorp Industries	2.48	3.07	Buy
10/28/16	UOB Kay Hian	Sembcorp Industries	2.48	3.05	Buy
10/31/16	DBS Vickers	Sembcorp Industries	2.53	2.9	Buy
10/31/16	DMG & Partners	Sembcorp Industries	2.53	3.4	Buy
10/31/16	Lim & Tan	Sembcorp Industries	2.53	0	Buy on weakness
11/14/16	UOB Kay Hian	Sembcorp Industries	2.61	3.05	Buy
11/23/16	OCBC	Sembcorp Industries	2.69	3.07	Buy
12/01/16	Lim & Tan	Sembcorp Industries	2.7	0	Buy
12/02/16	DBS Vickers	Sembcorp Industries	2.89	3.1	Buy	RNAV (10% discount), PER15.6x FY16
12/05/16	CIMB	Sembcorp Industries	2.95	3.02	Hold	Sum of parts
12/07/16	Deutsche	Sembcorp Industries	2.91	3.15	Hold
12/07/16	UOB Kay Hian	Sembcorp Industries	2.91	3.2	Buy	Sum of parts
12/22/16	Kim Eng	Sembcorp Industries	2.92	2.4	Hold	Sum of parts
01/03/17	Lim & Tan	Sembcorp Industries	2.85	0	Buy
01/03/17	UOB Kay Hian	Sembcorp Industries	2.85	3.2	Buy
01/05/17	Deutsche	Sembcorp Industries	2.93	3.45	Buy	Sum of parts (15% discount)
01/11/17	OCBC	Sembcorp Industries	3.06	3.36	Buy	Sum of parts (5% discount)
01/25/17	Credit Suisse	Sembcorp Industries	3.27	2.7	Neutral
02/03/17	OCBC	Sembcorp Industries	3.18	3.36	Buy
02/24/17	CIMB	Sembcorp Industries	3.36	3.51	Hold	Sum of parts, PB0.6x CY17
02/24/17	DMG & Partners	Sembcorp Industries	3.36	4.17	Buy	Sum of parts
02/24/17	OCBC	Sembcorp Industries	3.36	3.69	Buy
02/24/17	UOB Kay Hian	Sembcorp Industries	3.36	3.95	Buy	Sum of parts
02/27/17	DBS Vickers	Sembcorp Industries	3.27	3.8	Buy	Sum of parts (10% discount), PB1.1x, PER17.2X FY17
02/27/17	Lim & Tan	Sembcorp Industries	3.27	0	Buy
03/01/17	Credit Suisse	Sembcorp Industries	3.2	3.6	Neutral
03/02/17	UOB Kay Hian	Sembcorp Industries	3.27	3.95	Buy
03/24/17	UOB Kay Hian	Sembcorp Industries	3.13	3.78	Buy	Sum of parts
04/04/17	UOB Kay Hian	Sembcorp Industries	3.2	3.78	Buy	PER9.8x FY18
04/07/17	Credit Suisse	Sembcorp Industries	3.15	3.6	Neutral
04/10/17	Lim & Tan	Sembcorp Industries	3.15	0	Buy
04/11/17	CIMB	Sembcorp Industries	3.14	3.51	Hold	Sum of parts
05/04/17	CIMB	Sembcorp Industries	3	3.51	Add	Sum of parts
05/04/17	Credit Suisse	Sembcorp Industries	3	3.6	Neutral
05/04/17	DBS Vickers	Sembcorp Industries	3	3.8	Buy	RNAV (10% discount), PB1x
05/04/17	DIR	Sembcorp Industries	3	2.67	Underperform	Sum of parts
05/04/17	Lim & Tan	Sembcorp Industries	3	0	Hold
05/04/17	OCBC	Sembcorp Industries	3	3.48	Buy
05/04/17	UOB Kay Hian	Sembcorp Industries	3	3.66	Buy	Sum of parts
05/05/17	DMG & Partners	Sembcorp Industries	3.15	3.2	Neutral	Sum of parts
05/11/17	DIR	Sembcorp Industries	3.14	3.14	Hold
05/29/17	phillip	Sembcorp Industries	3.15	3.5	Accumulate	Sum of parts (10% discount)
06/02/17	OCBC	Sembcorp Industries	3.19	3.48	Buy
06/06/17	Credit Suisse	Sembcorp Industries	3.16	3.6	Neutral	Sum of parts
06/20/17	UOB Kay Hian	Sembcorp Industries	3.1	3.66	Buy
07/12/17	OCBC	Sembcorp Industries	3.13	3.48	Buy
07/13/17	UOB Kay Hian	Sembcorp Industries	3.09	3.66	Buy	Sum of parts
07/18/17	Credit Suisse	Sembcorp Industries	3.15	3.6	Neutral
07/21/17	DBS Vickers	Sembcorp Industries	3.24	4.1	Buy	Sum of parts, PB1.1x FY17
07/24/17	CIMB	Sembcorp Industries	3.29	3.52	Add	Sum of parts
08/01/17	Credit Suisse	Sembcorp Industries	3.23	3.6	Neutral	PER13.9x FY17, PB0.8x
08/04/17	DIR	Sembcorp Industries	3.22	3.14	Hold	Probability weighted
08/04/17	UOB Kay Hian	Sembcorp Industries	3.22	3.57	Buy	Sum of parts
08/04/17	DMG & Partners	Sembcorp Industries	3.22	3.2	Neutral	Sum of parts
08/04/17	OCBC	Sembcorp Industries	3.22	3.43	Hold
08/04/17	CIMB	Sembcorp Industries	3.22	3.47	Add	Sum of parts
08/04/17	DBS Vickers	Sembcorp Industries	3.22	4	Buy	RNAV (10% discount), PB1.1x
08/07/17	phillip	Sembcorp Industries	3.18	3.5	Accumulate	Sum of parts
08/07/17	Lim & Tan	Sembcorp Industries	3.18	0	Hold
08/23/17	OCBC	Sembcorp Industries	2.99	3.43	Buy
08/25/17	Morgan Stanley	Sembcorp Industries	3.03	2.39	Underweight
09/04/17	CIMB	Sembcorp Industries	2.98	3.47	Add	Sum of parts
09/04/17	UOB Kay Hian	Sembcorp Industries	2.98	3.59	Buy	Sum of parts, PER10.1x FY18
09/05/17	Lim & Tan	Sembcorp Industries	2.93	0	Buy
09/20/17	DBS Vickers	Sembcorp Industries	2.96	4	Buy	RNAV (10% discount), PB1.1x
09/27/17	Credit Suisse	Sembcorp Industries	2.95	3.6	Neutral
10/02/17	UOB Kay Hian	Sembcorp Industries	2.96	3.57	Buy	Sum of parts
10/09/17	DBS Vickers	Sembcorp Industries	3.02	4	Buy
10/24/17	Credit Suisse	Sembcorp Industries	3.24	3.6	Neutral
11/03/17	CIMB	Sembcorp Industries	3.38	3.87	Add	Sum of parts, PER8.1x FY18, PB0.59x FY17
11/03/17	UOB Kay Hian	Sembcorp Industries	3.38	3.87	Buy	Sum of parts
11/03/17	Credit Suisse	Sembcorp Industries	3.38	3.6	Neutral
11/03/17	OCBC	Sembcorp Industries	3.38	3.59	Hold
11/03/17	Lim & Tan	Sembcorp Industries	3.38	0	Buy
11/06/17	phillip	Sembcorp Industries	3.3	3.7	Accumulate	Sum of parts (10% discount)
11/06/17	DBS Vickers	Sembcorp Industries	3.3	4.2	Buy	Sum of parts, PB1.1x
11/21/17	OCBC	Sembcorp Industries	3.05	3.59	Buy
12/12/17	UOB Kay Hian	Sembcorp Industries	3.04	3.87	Buy	Sum of parts
12/20/17	CIMB	Sembcorp Industries	3.02	3.87	Add
01/02/18	UOB Kay Hian	Sembcorp Industries	3.03	3.87	Buy
01/23/18	DBS Vickers	Sembcorp Industries	3.38	4.5	Buy	Sum of parts (10% discount), PB1.1x
02/05/18	OCBC	Sembcorp Industries	3.57	3.95	Buy	Sum of parts
02/13/18	DBS Vickers	Sembcorp Industries	3.21	4.5	Buy
02/19/18	Lim & Tan	Sembcorp Industries	3.22	0	Buy
02/20/18	UOB Kay Hian	Sembcorp Industries	3.3	3.87	Buy
02/21/18	CIMB	Sembcorp Industries	3.28	3.87	Add	Sum of parts
02/26/18	OCBC	Sembcorp Industries	3.24	3.84	Buy
02/26/18	phillip	Sembcorp Industries	3.24	3.86	Accumulate	Sum of parts
02/26/18	UOB Kay Hian	Sembcorp Industries	3.24	3.28	Hold	Sum of parts, Buy @ $2.90
02/26/18	CIMB	Sembcorp Industries	3.24	4.13	Add	Sum of parts, PER8x FY18, PB0.63x FY18
02/27/18	DBS Vickers	Sembcorp Industries	3.2	4.4	Buy	Sum of parts (10% discount), PB1.1x

Stock calls for 1 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	phillip	Banyan Tree	0.605	0.71	Accumulate	Sum of parts
03/01/18	DMG & Partners	Centurion	0.515	0.47	Neutral	DCF
03/01/18	Kim Eng	Centurion	0.515	0.5	Hold	DCF
03/01/18	CIMB	China Aviation Oil	1.58	2.03	Add	PER12.5x CY19
03/01/18	DMG & Partners	China Aviation Oil	1.58	1.6	Neutral	DCF, PER11.3x FY18
03/01/18	UOB Kay Hian	China Aviation Oil	1.58	2.13	Buy	PER13.5x FY18
03/01/18	Kim Eng	City Developments	12.76	14.2	Buy	RNAV
03/01/18	UOB Kay Hian	City Developments	12.76	14.03	Buy	RNAV
03/01/18	OCBC	City Developments	12.76	15.91	Buy	RNAV
03/01/18	CIMB	City Developments	12.76	13.44	Add	RNAV (20% discount)
03/01/18	UOB Kay Hian	Cityneon	1.04	1.55	Buy	PER15.4x FY18
03/01/18	DBS Vickers	Cityneon	1.04	1.45	Buy	PER14.4x FY18
03/01/18	DBS Vickers	Creative Tech	4.02	5.56	Not Rated
03/01/18	Kim Eng	Ho Bee	2.48	3.15	Buy	RNAV (30% discount)
03/01/18	DMG & Partners	Jadason	0.073	0.08	Neutral	DCF
03/01/18	CIMB	Mermaid Maritime	0.152	0.16	Hold	PB0.48x CY18
03/01/18	Lim & Tan	Noble	0.172	0	Avoid	Suspension alert
03/01/18	DBS Vickers	Olam	2.25	2.31	Hold	DCF & PER16.1x
03/01/18	UOB Kay Hian	Singapore Medical	0.56	0.83	Buy	PER26.8x FY18
03/01/18	DBS Vickers	UMS	1.16	1.37	Buy	PER12x FY18
03/01/18	CIMB	UMS	1.16	1.31	Add	PB2.95x
03/01/18	SAC Advisors	United Global	0.41	0.5	Buy	PER12.2x FY18
03/01/18	OCBC	Venture	27.56	34	Buy
03/01/18	UOB Kay Hian	Venture	27.56	31.88	Buy	PER19x FY18
03/01/18	DMG & Partners	Venture	27.56	30.5	Buy	DCF, PER19x FY18
03/01/18	Kim Eng	Venture	27.56	31.2	Buy	PB3.7x FY18
03/01/18	CIMB	Venture	27.56	30.81	Add	PER17.7x FY19
03/01/18	Lim & Tan	Venture	27.56	0	Buy
03/01/18	DBS Vickers	Venture	27.56	32.2	Buy
03/01/18	OCBC	Wheelock Properties	1.87	2.34	Buy

China seized control of Anbang Insurance for political reason.

http://www.bbc.com/news/business-43164788

The chairman of Anbang Insurance was Wu XiaoHui.  This man is very well politically connected because he is the grandson-in-law of Deng XiaoPing.  The major shareholders of Anbang are also politically connected and involved Jiang MianHeng (Son of Jiang Zeming), Zhou YongKang (Jiang's henchman), Zhu Rongji's henchman, etc.

Basically, Jiang Zeming had tremendous power over Anbang and Anbang embarked on aggressive international acquisitions under the instructions of Jiang so that Anbang could be used to disrupt China's economy in the future.  Please read our previous postings to get an understanding on Jiang's plan to disrupt China's economy.

http://sg-stock.blogspot.sg/2017/07/political-battles-are-playing-out-in.html

http://sg-stock.blogspot.sg/2018/01/hot-news-winston-wen-son-of-wen-jiabao.html

http://sg-stock.blogspot.sg/2017/11/china-government-is-targeting-jack-ma.html

The USA is meddling in Venezuela's election with oil sanction.

https://sg.finance.yahoo.com/news/exclusive-u-mulls-sanctions-venezuela-put-pressure-maduro-024910508--finance.html

The USA is meddling in Venezuela's election with oil sanction.  Therefore, it has no right to accuse others of meddling in its own election.

http://sg-stock.blogspot.sg/2018/02/the-usa-is-adamant-to-destroy-venezuela.html

USA wants a political war with China now.

https://sg.news.yahoo.com/senate-passes-taiwan-travel-bill-worried-china-012715344.html

Oh great! A USA-China trade war is not enough, so the USA wants a political war now.

The Taiwanese president is stupid and stupidity has no cure.  Taiwan has nothing to gain but more to lose over this travel bill because China will increase its political and economic pressure over Taiwan.

The USA knows that it cannot use South China Sea issue against China anymore and is using Taiwan now.  China-ASEAN Codes of Conduct meeting in Vietnam has just started today to resolve the South China Sea matter.

Japan lodges protest against South Korea over comfort women issue.

https://sg.news.yahoo.com/japan-lodges-protest-south-koreas-moon-says-comfort-022955175.html

Our PM Lee had already asked Japan's neighbours not to demand Japan to apologize over and over again.  Why is South Korea not listening to our PM Lee?

http://www.dailymail.co.uk/wires/afp/article-3102924/Asia-WWII-Singapore-PM.html

UN Human Rights Council chastises USA over illegal detention.

https://sg.news.yahoo.com/u-n-body-says-u-detention-pakistani-guantanamo-034715334.html

What is the UN going to do about the illegal detention by the USA?

If the UN just chastises the USA, then the illegal detention is still being carried out by the USA without any repercussion or punishment.

Where are those countries that advocate rules-based system or order? Why are these countries keeping mum about this illegal detention?

Those countries which advocate rules-based system or order are just preaching selective rules-based system, not true or universal rules-based system.  What a hypocrite!

Noble's bankruptcy is coming!

https://www.bloombergquint.com/business/2018/02/28/auditor-warns-on-noble-group-s-future-as-assets-turn-negative

E&Y has warned that Noble has an on-going concern.  Furthermore, Goldilocks is rallying other shareholders to reject the restructuring plan.

There is no more hope for Noble anymore.

Japan's Fukushima radiation is still extremely high.

Many Japanese citizens are getting cancers in Japan, not just in Fukushima or regions around it.  However, the Japanese government is covering this up and not telling its citizens the true radiation level in Japan.