SIA Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	SIA Engineering	3.7	3.3	Sell
02/02/16	CIMB	SIA Engineering	3.41	3.62	Hold	DCF
02/02/16	DBS Vickers	SIA Engineering	3.41	3.84	Buy
02/02/16	Kim Eng	SIA Engineering	3.41	3.61	Hold	PER20x FY17
02/02/16	Lim & Tan	SIA Engineering	3.41	0	Hold
02/02/16	OCBC	SIA Engineering	3.41	3.7	Hold
02/02/16	phillip	SIA Engineering	3.41	3.35	Neutral	DCF
02/02/16	UOB Kay Hian	SIA Engineering	3.41	3.36	Sell
02/25/16	UOB Kay Hian	SIA Engineering	3.46	3.19	Sell	DCF
03/28/16	UOB Kay Hian	SIA Engineering	3.56	3.19	Sell
04/01/16	UOB Kay Hian	SIA Engineering	3.6	3.19	Sell
05/11/16	Lim & Tan	SIA Engineering	3.79	0	Buy
05/11/16	UOB Kay Hian	SIA Engineering	3.79	3.4	Sell	DCF
05/12/16	CIMB	SIA Engineering	3.8	4.16	Add	DCF
05/12/16	DBS Vickers	SIA Engineering	3.8	3.84	Hold
05/12/16	Kim Eng	SIA Engineering	3.8	3.7	Hold
05/12/16	OCBC	SIA Engineering	3.8	3.7	Hold
05/12/16	phillip	SIA Engineering	3.8	3.51	Neutral	DCF
06/07/16	UOB Kay Hian	SIA Engineering	3.88	3.4	Sell
07/14/16	UOB Kay Hian	SIA Engineering	3.75	3.4	Sell
07/27/16	CIMB	SIA Engineering	3.75	4.16	Add	DCF
07/27/16	DBS Vickers	SIA Engineering	3.75	3.81	Hold
07/27/16	Kim Eng	SIA Engineering	3.75	3.7	Hold	PER20x FY18
07/27/16	Lim & Tan	SIA Engineering	3.75	0	Hold
07/27/16	OCBC	SIA Engineering	3.75	3.63	Hold
07/27/16	phillip	SIA Engineering	3.75	3.39	Reduce	DCF
09/16/16	UOB Kay Hian	SIA Engineering	3.85	3.4	Sell
10/06/16	OCBC	SIA Engineering	3.79	3.63	Hold
11/02/16	CIMB	SIA Engineering	3.7	4.16	Add	DCF
11/02/16	Kim Eng	SIA Engineering	3.7	3.7	Hold	PER20x FY18
11/02/16	Lim & Tan	SIA Engineering	3.7	0	Hold
11/02/16	UOB Kay Hian	SIA Engineering	3.7	3.4	Sell
11/03/16	CIMB	SIA Engineering	3.68	3.77	Hold	DCF
11/03/16	phillip	SIA Engineering	3.68	3.28	Reduce	DCF
11/03/16	UOB Kay Hian	SIA Engineering	3.68	3.3	Sell	DCF, PER24x FY18
11/04/16	DBS Vickers	SIA Engineering	3.66	3.53	Hold
01/03/17	UOB Kay Hian	SIA Engineering	3.37	3.3	Sell
02/06/17	CIMB	SIA Engineering	3.52	3.77	Hold	DCF
02/06/17	DBS Vickers	SIA Engineering	3.52	3.58	Hold	Sum of parts
02/06/17	Kim Eng	SIA Engineering	3.52	3.7	Hold	PER20x FY18
02/06/17	OCBC	SIA Engineering	3.52	3.58	Hold	DCF
02/06/17	phillip	SIA Engineering	3.52	3.38	Neutral	DCF
02/06/17	UOB Kay Hian	SIA Engineering	3.52	3.3	Sell	DCF
03/02/17	UOB Kay Hian	SIA Engineering	3.67	3.3	Sell
04/05/17	UOB Kay Hian	SIA Engineering	3.7	3.3	Sell
04/06/17	Lim & Tan	SIA Engineering	3.7	0	Hold	PER24x FY17/18
05/16/17	CIMB	SIA Engineering	3.98	3.98	Hold	DCF
05/16/17	DBS Vickers	SIA Engineering	3.98	3.84	Hold	Sum of parts
05/16/17	OCBC	SIA Engineering	3.98	3.75	Hold	DDM
05/16/17	phillip	SIA Engineering	3.98	3.7	Neutral	DCF, PER23.4x FY18
05/16/17	UOB Kay Hian	SIA Engineering	3.98	3.5	Sell	DCF, PER26x FY18
06/06/17	UOB Kay Hian	SIA Engineering	3.94	3.5	Sell
06/07/17	OCBC	SIA Engineering	3.97	3.75	Hold
06/22/17	Lim & Tan	SIA Engineering	4.16	0	Hold
06/28/17	CIMB	SIA Engineering	4.17	3.86	Reduce	DCF
07/03/17	OCBC	SIA Engineering	4.08	3.75	Hold
07/10/17	UOB Kay Hian	SIA Engineering	4.06	3.6	Sell	DCF, PER23x FY18
07/26/17	phillip	SIA Engineering	3.87	3.7	Reduce	DCF, PER24.9x FY18
07/26/17	CIMB	SIA Engineering	3.87	3.86	Reduce	DCF
07/26/17	OCBC	SIA Engineering	3.87	3.7	Hold
07/26/17	DBS Vickers	SIA Engineering	3.87	3.84	Hold	Sum of parts
08/02/17	DIR	SIA Engineering	3.54	4.1	Outperform	DCF
08/17/17	UOB Kay Hian	SIA Engineering	3.49	3.6	Sell	DCF, PER23.7x FY18
10/12/17	Crucial Perspective	SIA Engineering	3.18	4.5	Outperform
11/07/17	UOB Kay Hian	SIA Engineering	3.3	3.5	Hold	DCF, Buy @ $3.10-3.15
11/07/17	phillip	SIA Engineering	3.3	3.35	Neutral	DCF, PER24.6x FY18
11/07/17	OCBC	SIA Engineering	3.3	3.35	Hold
11/07/17	Kim Eng	SIA Engineering	3.3	3.5	Hold	PER21x FY19
11/07/17	CIMB	SIA Engineering	3.3	3.7	Reduce
12/18/17	DIR	SIA Engineering	3.11	3.56	Outperform
01/30/18	UOB Kay Hian	SIA Engineering	3.26	4	Buy	DCF, PER24.9x FY18
02/05/18	UOB Kay Hian	SIA Engineering	3.33	4	Buy	DCF
02/05/18	phillip	SIA Engineering	3.33	3.51	Accumulate	DCF
02/05/18	Kim Eng	SIA Engineering	3.33	3.5	Hold	PER21x FY19
02/05/18	CIMB	SIA Engineering	3.33	3.13	Reduce	DCF
02/05/18	Lim & Tan	SIA Engineering	3.33	0	Hold
02/05/18	OCBC	SIA Engineering	3.33	3.7	Buy	DCF
02/05/18	DBS Vickers	SIA Engineering	3.33	3.86	Buy

Stock calls for 6 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/18	UOB Kay Hian	A-Reit	2.58	2.76	Buy
03/06/18	UOB Kay Hian	CapitaCommercial	1.7	1.91	Buy
03/06/18	UOB Kay Hian	CDL Hospitality	1.65	1.82	Buy
03/06/18	OCBC	Frasers Centrepoint Trust	2.18	2.49	Buy
03/06/18	OCBC	Frasers Logistics	1.07	1.25	Buy
03/06/18	DMG & Partners	GSS Energy	0.16	0.25	Buy	Sum of parts
03/06/18	DBS Vickers	Keppel Corp	7.63	10.2	Buy
03/06/18	OCBC	Mapletree Logistics	1.2	1.48	Buy
03/06/18	CIMB	Powermatic	1.39	2.58	Add	Sum of parts, PER12.8x FY19
03/06/18	DBS Vickers	Sembcorp Marine	1.9	2.9	Buy
03/06/18	DBS Vickers	Singapore Post	1.33	1.61	Buy
03/06/18	DBS Vickers	UOL	8.38	10.23	Buy	RNAV (15% discount)

Singapore Airline (SIA) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/16	UOB Kay Hian	SIA	11.12	12	Hold
01/12/16	CIMB	SIA	10.96	12.83	Add
01/13/16	UOB Kay Hian	SIA	10.98	14	Buy	PB1x
01/26/16	Deutsche	SIA	10.86	10.7	Hold
02/01/16	UOB Kay Hian	SIA	11.03	14	Buy	PB1x FY17
02/05/16	CIMB	SIA	10.82	13	Add	PB1.1x FY16
02/05/16	Lim & Tan	SIA	10.82	0	Buy
02/10/16	Credit Suisse	SIA	11.24	14	Outperform
02/10/16	OCBC	SIA	11.24	11.7	Hold	PB1x FY17
02/10/16	UOB Kay Hian	SIA	11.24	13.9	Buy	PB1x FY17
03/03/16	CIMB	SIA	11.38	13	Add
03/03/16	Lim & Tan	SIA	11.38	12.52	Buy	Bloomberg consensus
03/04/16	OCBC	SIA	11.55	11.7	Hold
03/16/16	UOB Kay Hian	SIA	11.41	13.9	Buy	PB1x FY17
03/18/16	OCBC	SIA	11.45	12.5	Buy	PB1.1x FY17
04/01/16	UOB Kay Hian	SIA	11.42	13.9	Buy	PB1x FY17
04/11/16	OCBC	SIA	11.32	12.5	Buy
04/19/16	DBS Vickers	SIA	11.46	13.3	Buy	PB1.1x FY17
04/21/16	Kim Eng	SIA	11.6	11.8	Hold	PB1x FY17
04/28/16	Credit Suisse	SIA	11.47	14	Outperform
04/28/16	Deutsche	SIA	11.47	10.85	Hold
05/11/16	Credit Suisse	SIA	11.34	14.6	Outperform	EV/CFMV 121%, EV/Ebitda5.1x FY17
05/13/16	CIMB	SIA	11.63	12.42	Hold	PB1.1x
05/13/16	Lim & Tan	SIA	11.63	0	Buy
05/13/16	UOB Kay Hian	SIA	11.63	13.9	Buy
05/16/16	Credit Suisse	SIA	11	14.1	Outperform
05/16/16	DBS Vickers	SIA	11	12.5	Buy
05/16/16	Kim Eng	SIA	11	11.5	Hold	PB1x FY17
05/16/16	OCBC	SIA	11	12	Buy
05/16/16	UOB Kay Hian	SIA	11	11.6	Hold	PB0.9x FY17, Buy @ $10.20
06/02/16	HSBC	SIA	10.68	11.2	Neutral	Cut from $12
06/10/16	DBS Vickers	SIA	10.6	12.5	Buy
06/13/16	Credit Suisse	SIA	10.57	14.1	Outperform
06/16/16	UOB Kay Hian	SIA	10.52	11.6	Buy	PB0.9x FY17
06/20/16	Deutsche	SIA	10.56	10.85	Hold
06/20/16	OCBC	SIA	10.56	12	Buy
06/28/16	Kim Eng	SIA	10.4	10	Hold	PB0.87x
07/15/16	Credit Suisse	SIA	10.99	14.1	Outperform
07/15/16	Deutsche	SIA	10.99	9.8	Hold
07/19/16	UOB Kay Hian	SIA	11.08	11.5	Hold	PB0.9x FY17 Ex-SIAEC, Buy @ $10.30
07/29/16	Credit Suisse	SIA	11.2	13.3	Outperform
08/01/16	CIMB	SIA	10.98	12.67	Hold	PB1.1x CY16
08/02/16	OCBC	SIA	11.01	11.56	Hold	PB1x FY17
08/02/16	UOB Kay Hian	SIA	11.01	10.2	Hold	PB0.73x, Buy @ $9.50
08/03/16	DBS Vickers	SIA	10.61	12.6	Buy
09/01/16	OCBC	SIA	10.5	11.56	Hold
09/02/16	UOB Kay Hian	SIA	10.62	10.2	Hold
09/16/16	UOB Kay Hian	SIA	10.49	10	Hold	Buy @ $9
09/23/16	OCBC	SIA	10.57	10.8	Hold	PB0.9x FY17
10/18/16	Credit Suisse	SIA	10.24	10.1	Neutral	PB0.9x
10/18/16	UOB Kay Hian	SIA	10.24	10	Hold	PB0.73x FY17 ex-SIAEC, Buy @ $9
10/31/16	Kim Eng	SIA	10.14	9.7	Hold	PB0.86x FY17
11/04/16	CIMB	SIA	10.11	10.47	Hold	PB0.9x
11/04/16	Lim & Tan	SIA	10.11	0	Hold
11/04/16	UOB Kay Hian	SIA	10.11	10	Hold	PB0.73x FY17 ex-SIAEC, Buy @ $9
11/07/16	Credit Suisse	SIA	9.95	10.1	Neutral
11/07/16	DBS Vickers	SIA	9.95	10.2	Hold	PB0.9x
11/07/16	Deutsche	SIA	9.95	8.9	Hold
11/07/16	Kim Eng	SIA	9.95	9.7	Hold	PB0.86x
11/07/16	OCBC	SIA	9.95	10.22	Hold	PB0.9x FY17
11/07/16	UOB Kay Hian	SIA	9.95	10.1	Hold	PB0.7x FY17 ex-SIAEC, Buy @ $9.50
12/06/16	CIMB	SIA	9.8	10.47	Hold	PB0.9x CY17
12/07/16	Deutsche	SIA	9.73	8.9	Hold
12/14/16	Lim & Tan	SIA	9.8	0	Hold
12/16/16	UOB Kay Hian	SIA	9.74	10.1	Hold	PB0.7x FY17, Buy @ $8.90
01/10/17	DIR	SIA	9.83	8.62	Underperform	PB0.8x FY17
01/11/17	UOB Kay Hian	SIA	9.86	10.1	Hold
02/08/17	CIMB	SIA	9.72	10.5	Hold	PB0.9x CY17
02/08/17	DBS Vickers	SIA	9.72	10.1	Hold	PB0.9x FY17
02/08/17	DIR	SIA	9.72	8.62	Underperform	PB0.8x FY17
02/08/17	Kim Eng	SIA	9.72	9.7	Hold	PB0.86x FY17
02/08/17	Lim & Tan	SIA	9.72	0	Sell
02/08/17	UOB Kay Hian	SIA	9.72	10.1	Hold	PB0.7x FY17 ex-SIAEC
02/09/17	Credit Suisse	SIA	9.8	10.2	Neutral
02/09/17	OCBC	SIA	9.8	10.36	Hold
02/09/17	UOB Kay Hian	SIA	9.8	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.60
03/08/17	UOB Kay Hian	SIA	9.95	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.90
03/17/17	Lim & Tan	SIA	9.97	0	Hold
03/22/17	OCBC	SIA	10.04	10.36	Hold
04/05/17	UOB Kay Hian	SIA	10.27	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.90
05/05/17	UOB Kay Hian	SIA	10.35	10.4	Hold	PB0.7x FY17 ex-SIAEC
05/19/17	DIR	SIA	10.76	9.06	Underperform	PB0.8x FY18
05/19/17	Lim & Tan	SIA	10.76	0	Sell
05/19/17	UOB Kay Hian	SIA	10.76	10.1	Hold	PB0.7x FY17 ex-SIAEC
05/22/17	CIMB	SIA	9.98	10	Reduce	PB0.9x
05/22/17	Credit Suisse	SIA	9.98	10	Neutral	PB0.9x FY18
05/22/17	DBS Vickers	SIA	9.98	10.1	Hold	PB0.9x
05/22/17	OCBC	SIA	9.98	10.03	Hold	PB0.9x FY18
05/22/17	UOB Kay Hian	SIA	9.98	10	Hold	PB0.7x FY17 ex-SIAEC, Buy @ $9
06/06/17	UOB Kay Hian	SIA	10.03	10	Hold	Buy @ $9
06/12/17	Credit Suisse	SIA	10.08	10	Neutral
06/23/17	OCBC	SIA	9.94	10.03	Hold
06/29/17	DIR	SIA	10.08	9.06	Underperform	PB0.8x FY18
07/03/17	UOB Kay Hian	SIA	10.12	10	Hold
07/27/17	Kim Eng	SIA	10.13	10.85	Hold	PB0.93x FY18
07/28/17	DIR	SIA	10.15	9.06	Underperform
07/31/17	CIMB	SIA	10.28	10	Reduce	PB0.9x
08/01/17	UOB Kay Hian	SIA	10.39	10.1	Hold	Sum of parts, Buy @ $9.10
08/01/17	OCBC	SIA	10.39	10.1	Hold	PB0.9x FY18
08/14/17	CIMB	SIA	10.59	10.42	Hold	PB0.9x
08/30/17	DIR	SIA	10.29	9.06	Underperform	PB0.8x FY18
09/05/17	OCBC	SIA	10.25	10.1	Hold
09/19/17	UOB Kay Hian	SIA	10.2	10.1	Hold	PB0.7x FY18, Buy @ $9.50 or lower
09/19/17	DIR	SIA	10.2	9.06	Underperform	PB0.8x FY18
10/12/17	Crucial Perspective	SIA	10.16	11.1	Outperform
10/27/17	UOB Kay Hian	SIA	10.22	10.1	Hold
11/08/17	UOB Kay Hian	SIA	10.32	11.1	Hold	PB0.8x, Buy @ $10.3
11/09/17	OCBC	SIA	10.75	10.5	Hold	PB0.9x FY18
11/09/17	Credit Suisse	SIA	10.75	10.25	Neutral	PB0.9x
11/09/17	CIMB	SIA	10.75	10.82	Hold
11/09/17	DBS Vickers	SIA	10.75	10.3	Hold	PB0.9x FY18
11/09/17	Kim Eng	SIA	10.75	10.95	Hold	PB0.93x FY18
12/20/17	CIMB	SIA	10.65	10.82	Hold
01/03/18	UOB Kay Hian	SIA	10.67	11.9	Buy	PB0.9x FY18
01/03/18	OCBC	SIA	10.67	10.5	Hold
01/31/18	DBS Vickers	SIA	11.31	10.55	Hold
02/09/18	Kim Eng	SIA	10.86	10.95	Hold	PB0.93x FY18
02/14/18	CIMB	SIA	10.62	12.05	Add	PB1x CY18
02/14/18	UOB Kay Hian	SIA	10.62	11.9	Buy	PB0.9x FY18
02/14/18	DBS Vickers	SIA	10.62	12	Buy	PB1x FY19
02/15/18	OCBC	SIA	11.15	10.85	Hold	PB0.9x FY18
02/15/18	Credit Suisse	SIA	11.15	10.7	Neutral

Sheng Siong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	OCBC	Sheng Siong	0.83	0.95	Buy
01/11/16	DIR	Sheng Siong	0.83	0.95	Outperform	DCF
01/12/16	DBS Vickers	Sheng Siong	0.825	1.01	Buy
01/13/16	DMG & Partners	Sheng Siong	0.83	1.05	Buy	DCF, PER25x
02/24/16	CIMB	Sheng Siong	0.865	0.95	Add	PER22x CY17
02/24/16	DBS Vickers	Sheng Siong	0.865	1.01	Buy
02/24/16	DIR	Sheng Siong	0.865	0.94	Outperform	DCF, PER19.2x
02/24/16	DMG & Partners	Sheng Siong	0.865	1	Buy
02/25/16	OCBC	Sheng Siong	0.87	0.95	Buy	DCF
02/26/16	phillip	Sheng Siong	0.86	0.97	Accumulate	PER23x FY16
03/17/16	CIMB	Sheng Siong	0.85	0.95	Add
03/28/16	OCBC	Sheng Siong	0.84	0.95	Buy
04/11/16	CIMB	Sheng Siong	0.84	0.95	Add	PER22x CY17
04/15/16	DBS Vickers	Sheng Siong	0.865	1.01	Buy
04/28/16	DBS Vickers	Sheng Siong	0.89	1.04	Buy
04/28/16	DIR	Sheng Siong	0.89	0.94	Outperform	DCF
04/28/16	DMG & Partners	Sheng Siong	0.89	1	Buy
04/28/16	OCBC	Sheng Siong	0.89	0.95	Buy
04/29/16	CIMB	Sheng Siong	0.89	0.97	Add	PER22x CY17
04/29/16	DIR	Sheng Siong	0.89	0.97	Outperform	DCF
04/29/16	OCBC	Sheng Siong	0.89	0.95	Buy
04/29/16	phillip	Sheng Siong	0.89	0.97	Accumulate	PER23x
06/07/16	CIMB	Sheng Siong	0.895	0.97	Add	PER22x CY17
06/17/16	DIR	Sheng Siong	0.875	0.97	Outperform	DCF
06/24/16	OCBC	Sheng Siong	0.87	0.95	Buy
06/28/16	Kim Eng	Sheng Siong	0.865	1.12	Buy	DCF & PER22x FY17
07/05/16	DIR	Sheng Siong	0.89	0.97	Outperform	DCF
07/05/16	Kim Eng	Sheng Siong	0.89	1.12	Buy	DCF & PER22x FY17
07/27/16	CIMB	Sheng Siong	0.96	1.04	Add	PER22x CY17
07/27/16	DBS Vickers	Sheng Siong	0.96	1.09	Buy
07/27/16	Kim Eng	Sheng Siong	0.96	1.13	Buy	DCF & PER22x FY17
07/28/16	DIR	Sheng Siong	0.985	1.07	Outperform	DCF
07/28/16	DMG & Partners	Sheng Siong	0.985	1.12	Buy	DCF, PER24.5x FY17
07/28/16	phillip	Sheng Siong	0.985	1.1	Accumulate	PER23x FY17
08/25/16	DBS Vickers	Sheng Siong	1.08	1.09	Buy
08/25/16	OCBC	Sheng Siong	1.08	1.07	Buy
09/08/16	DIR	Sheng Siong	1.06	1.11	Outperform	DCF
09/16/16	UOB Kay Hian	Sheng Siong	1.06	1.13	Hold	PER25.1x FY17, Buy @ $1.01
09/21/16	OCBC	Sheng Siong	1.075	1.07	Buy
09/28/16	Kim Eng	Sheng Siong	1.07	1.13	Hold
09/30/16	DBS Vickers	Sheng Siong	1.07	1.18	Buy	PER25x FY17
10/05/16	OCBC	Sheng Siong	1.075	1.15	Buy	DCF
10/27/16	CIMB	Sheng Siong	1.07	1.14	Add	PER23.3x CY18
10/27/16	DBS Vickers	Sheng Siong	1.07	1.19	Buy	PER25x FY17
10/28/16	DIR	Sheng Siong	1.07	1.05	Hold	DCF
10/28/16	DMG & Partners	Sheng Siong	1.07	1.21	Buy	DCF
10/28/16	Kim Eng	Sheng Siong	1.07	1.06	Hold	DCF
10/28/16	phillip	Sheng Siong	1.07	1.13	Accumulate	PER23x FY17
10/28/16	UOB Kay Hian	Sheng Siong	1.07	1.12	Hold	PER25.1x FY17
11/22/16	OCBC	Sheng Siong	1	1.15	Buy
12/06/16	CIMB	Sheng Siong	1.015	1.14	Add	PER23.3x CY18
12/08/16	DIR	Sheng Siong	1.01	1.04	Hold	DCF, PER21.9x
12/09/16	DBS Vickers	Sheng Siong	1.01	1.19	Buy	PER25x FY17
12/09/16	UOB Kay Hian	Sheng Siong	1.01	1.12	Hold
12/14/16	Kim Eng	Sheng Siong	0.99	0.88	Sell	DCF & PER20x FY17
01/03/17	DMG & Partners	Sheng Siong	0.95	1.21	Buy	DCF, PER26x FY17
01/19/17	DBS Vickers	Sheng Siong	0.925	1.19	Buy
01/20/17	UOB Kay Hian	Sheng Siong	0.93	1.12	Buy	PER25.1x FY17
02/01/17	OCBC	Sheng Siong	0.93	1.15	Buy
02/07/17	DMG & Partners	Sheng Siong	0.95	1.21	Buy
02/24/17	DIR	Sheng Siong	0.955	1.04	Hold	DCF
02/27/17	CIMB	Sheng Siong	0.955	0.94	Hold	PER23.3x CY18
02/27/17	DBS Vickers	Sheng Siong	0.955	1.13	Buy	PER25x FY17
02/27/17	DIR	Sheng Siong	0.955	1.01	Hold	DCF
02/27/17	Kim Eng	Sheng Siong	0.955	0.85	Sell	DCF
02/27/17	phillip	Sheng Siong	0.955	1.06	Accumulate	PER23x
02/27/17	UOB Kay Hian	Sheng Siong	0.955	1.08	Buy	PER23.2x FY18
03/08/17	DMG & Partners	Sheng Siong	0.94	1.21	Buy	DCF
03/14/17	CIMB	Sheng Siong	0.94	0.94	Hold	PER23.3x CY18
03/17/17	DBS Vickers	Sheng Siong	0.935	1.13	Buy
04/10/17	DBS Vickers	Sheng Siong	0.995	1.13	Buy	PER25x FY17
04/17/17	phillip	Sheng Siong	0.99	1.06	Accumulate
05/02/17	DIR	Sheng Siong	0.98	1.01	Hold	DCF
05/02/17	DMG & Partners	Sheng Siong	0.98	1.21	Buy	DCF
05/02/17	OCBC	Sheng Siong	0.98	1.15	Buy
05/03/17	CIMB	Sheng Siong	0.975	0.94	Hold
05/03/17	DBS Vickers	Sheng Siong	0.975	1.14	Buy	PER25x FY17
05/03/17	Kim Eng	Sheng Siong	0.975	0.85	Sell	DCF
05/03/17	phillip	Sheng Siong	0.975	1.06	Accumulate	PER23x FY17
05/03/17	UOB Kay Hian	Sheng Siong	0.975	1.09	Buy	PER23.2x FY18
06/13/17	OCBC	Sheng Siong	0.98	1.15	Buy
06/14/17	DIR	Sheng Siong	0.985	1.01	Hold	DCF
06/16/17	DBS Vickers	Sheng Siong	0.975	1.14	Buy
06/21/17	DBS Vickers	Sheng Siong	0.975	1.2	Buy	PER25x FY18
07/04/17	DMG & Partners	Sheng Siong	1	1.21	Buy
07/14/17	OCBC	Sheng Siong	0.98	1.15	Buy
07/28/17	DIR	Sheng Siong	0.95	1.01	Hold	DCF
07/28/17	CIMB	Sheng Siong	0.95	0.94	Hold	PER23.3x CY18
07/28/17	DBS Vickers	Sheng Siong	0.95	1.2	Buy	PER25x FY18
07/31/17	DIR	Sheng Siong	0.96	0.86	Underperform	DCF
07/31/17	phillip	Sheng Siong	0.96	1.06	Accumulate	PER23x
07/31/17	UOB Kay Hian	Sheng Siong	0.96	1.06	Hold	PER23.2x FY18, Buy @ $0.90
07/31/17	DMG & Partners	Sheng Siong	0.96	1.05	Neutral	DCF & PER20x
07/31/17	OCBC	Sheng Siong	0.96	1.04	Buy
09/07/17	OCBC	Sheng Siong	0.92	1.04	Buy
10/27/17	DBS Vickers	Sheng Siong	0.93	1.19	Buy	PER25x FY18
10/27/17	DMG & Partners	Sheng Siong	0.93	0.98	Neutral	DCF & PER18x
10/27/17	DIR	Sheng Siong	0.93	0.88	Underperform	DCF
10/30/17	phillip	Sheng Siong	0.94	1.13	Buy	PER23x
10/30/17	UOB Kay Hian	Sheng Siong	0.94	1.06	Hold	PER22.5x FY18
10/30/17	OCBC	Sheng Siong	0.94	1.04	Buy
10/30/17	CIMB	Sheng Siong	0.94	0.98	Hold	PER22.6x CY18
11/20/17	DIR	Sheng Siong	0.965	0.88	Underperform	DCF
11/29/17	DMG & Partners	Sheng Siong	0.95	0.98	Neutral
12/04/17	phillip	Sheng Siong	0.935	1.18	Buy
02/19/18	DMG & Partners	Sheng Siong	0.915	0.99	Neutral	Up from $0.93
02/20/18	UOB Kay Hian	Sheng Siong	0.92	1.06	Hold
02/23/18	DBS Vickers	Sheng Siong	0.925	1.2	Buy	PER25x FY18
02/26/18	phillip	Sheng Siong	0.93	1.13	Buy	PER23x FY18
02/26/18	DMG & Partners	Sheng Siong	0.93	0.98	Neutral	DCF & PER
02/26/18	OCBC	Sheng Siong	0.93	1.06	Buy
02/26/18	CIMB	Sheng Siong	0.93	1.08	Add	PER22.3x CY19

Stock calls for 5 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/05/18	UOB Kay Hian	A-Reit	2.61	3.05	Buy
03/05/18	UOB Kay Hian	Banyan Tree	0.585	0.92	Buy
03/05/18	Kim Eng	Bumitama	0.72	0.99	Buy
03/05/18	UOB Kay Hian	CapitaCommercial	1.72	2.09	Buy
03/05/18	UOB Kay Hian	Capitaland	3.59	4.3	Buy
03/05/18	CIMB	China Sunsine	1.35	1.62	Add	PER9.8x CY19
03/05/18	phillip	China Sunsine	1.35	1.6	Buy	FCFE
03/05/18	phillip	City Developments	12.69	13.4	Accumulate	RNAV (15% discount), PB1.29x FY18
03/05/18	Credit Suisse	City Developments	12.69	16.5	Outperform
03/05/18	Amfrasers	Cityneon	1.06	1.54	Buy	PER14x FY18
03/05/18	OCBC	DBS	28.41	32.53	Buy	PB1.7x
03/05/18	Credit Suisse	DBS	28.41	31.1	Outperform
03/05/18	Kim Eng	First Resources	1.76	2.2	Buy
03/05/18	CIMB	Genting	1.15	1.49	Add	EV/Ebitda12x FY19
03/05/18	Credit Suisse	Keppel Corp	7.87	10	Outperform
03/05/18	CIMB	Keppel Corp	7.87	10	Add	Sum of parts
03/05/18	OCBC	Keppel Corp	7.87	9.45	Buy
03/05/18	Lim & Tan	Memtech	1.52	0	Buy
03/05/18	CIMB	MM2 Asia	0.47	0.76	Add
03/05/18	OCBC	Sembcorp Industries	3.12	3.59	Buy
03/05/18	CIMB	Sembcorp Marine	2.02	3.01	Add	PB2.5x FY18
03/05/18	OCBC	Sembcorp Marine	2.02	2.07	Hold	PB1.7x FY18/19
03/05/18	UOB Kay Hian	SPH	2.55	2.42	Sell
03/05/18	CIMB	ST Engineering	3.36	3.8	Add
03/05/18	OCBC	Thai Beverage	0.825	0.95	Buy
03/05/18	OCBC	UOB	27.75	30.86	Buy	PB1.3x FY18
03/05/18	Credit Suisse	Venture	26.84	32	Outperform
03/05/18	CIMB	Wilmar	3.18	4.1	Add
03/05/18	DBS Vickers	Yangzijiang	1.41	1.82	Buy	Sum of parts, PB1.3x
03/05/18	Phillip	Y Venture	0.68	0.7	Neutral	PER30x FY18
03/05/18	UOB Kay Hian	Y Venture	0.68	0.8	Buy	Up from $0.65

Top management plundered Noble Group.

https://www.bloombergquint.com/markets/2018/03/04/noble-group-paid-co-ceo-20-million-as-company-lost-5-billion

Noble's co-CEO was paid 20m while the company was making huge losses under his helm.  Other key personnel were also paid highly for their incompetence.

No wonder Noble Group is facing a bankruptcy soon.

Belligerent Trump extolled trade wars!

https://sg.finance.yahoo.com/news/trade-wars-good-trump-says-defying-global-concern-000343651--finance.html

Trade wars are good! Really?

Let's sell all USD bonds and cripple the USA!

Bitcoin has low transaction volume now.

https://finance.yahoo.com/news/bitcoin-transaction-volume-puzzling-investors-111215281.html

The drop in transaction volume is definitely a precursory warning.  My life experiences had taught me that declining transaction volumes were usually presaged by declining prices.  I've seen this phenomenon in the property market, commodity market and the stock market in my entire life.

The reasons for this declining transaction volume are no worldwide adoption for the bitcoin payment and loss of faith in crypto.

http://sg-stock.blogspot.sg/2018/02/another-merchant-has-dumped-bitcoin.html

Baltic dry index - 1207

Today, Friday, March 02 2018, the Baltic Dry Index climbed by 11 points, reaching 1207 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.

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Related stocks: Sembcorp Marine, Cosco & Pan Ocean.

US rig count - 981

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. increased by three this week to 981.

That exceeds the 756 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported Friday that 800 rigs drilled for oil this week and 181 for gas.

Among major oil- and gas-producing states, Oklahoma increased by three rigs, Alaska and Pennsylvania each gained two rigs and New Mexico and Texas each increased by one.

Colorado decreased by three rigs, North Dakota lost two rigs and Louisiana lost one.

Arkansas, California, Ohio, Utah, West Virginia and Wyoming were unchanged.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.

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Related stocks: Keppel Corp, Sembcorp Marine & Cosco