| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/05/16 | Lim & Tan | ST Engineering | 2.97 | 0 | Buy | |
| 01/06/16 | UOB Kay Hian | ST Engineering | 2.97 | 3.25 | Hold | |
| 01/26/16 | Deutsche | ST Engineering | 2.89 | 3.7 | Buy | |
| 02/01/16 | OCBC | ST Engineering | 2.87 | 3.22 | Buy | PER19x FY16 |
| 02/16/16 | UOB Kay Hian | ST Engineering | 2.75 | 3.25 | Hold | |
| 02/29/16 | CIMB | ST Engineering | 2.85 | 3.17 | Add | Sum of parts |
| 02/29/16 | Credit Suisse | ST Engineering | 2.85 | 3 | Neutral | |
| 02/29/16 | DBS Vickers | ST Engineering | 2.85 | 3.4 | Buy | |
| 02/29/16 | Kim Eng | ST Engineering | 2.85 | 3.47 | Buy | PER20x FY16 |
| 02/29/16 | Lim & Tan | ST Engineering | 2.85 | 0 | Buy | |
| 02/29/16 | OCBC | ST Engineering | 2.85 | 3.24 | Buy | PER19x FY16 |
| 02/29/16 | UOB Kay Hian | ST Engineering | 2.85 | 3.28 | Buy | PER19.5x FY16 |
| 03/18/16 | UOB Kay Hian | ST Engineering | 3.21 | 3.6 | Buy | PER21.4x FY16 |
| 03/22/16 | Lim & Tan | ST Engineering | 3.23 | 0 | Buy | |
| 04/01/16 | UOB Kay Hian | ST Engineering | 3.23 | 3.6 | Buy | PER21.4x FY16 |
| 04/11/16 | DBS Vickers | ST Engineering | 3.23 | 3.65 | Buy | PER16x & DCF |
| 04/27/16 | OCBC | ST Engineering | 3.26 | 3.24 | Hold | Buy @ $3 |
| 05/16/16 | CIMB | ST Engineering | 3.08 | 3.32 | Add | Sum of parts |
| 05/16/16 | DBS Vickers | ST Engineering | 3.08 | 3.55 | Buy | |
| 05/16/16 | Kim Eng | ST Engineering | 3.08 | 3.17 | Hold | PER18x FY17 |
| 05/16/16 | Lim & Tan | ST Engineering | 3.08 | 0 | Hold | |
| 05/16/16 | OCBC | ST Engineering | 3.08 | 3.24 | Buy | PER19x FY16 |
| 05/16/16 | UOB Kay Hian | ST Engineering | 3.08 | 3.5 | Buy | PER21x |
| 06/07/16 | UOB Kay Hian | ST Engineering | 3.19 | 3.5 | Buy | |
| 06/22/16 | Lim & Tan | ST Engineering | 3.12 | 0 | Hold | |
| 07/11/16 | Lim & Tan | ST Engineering | 3.18 | 0 | Hold | |
| 07/13/16 | CIMB | ST Engineering | 3.32 | 3.6 | Add | Sum of parts, PER22x |
| 07/14/16 | UOB Kay Hian | ST Engineering | 3.37 | 3.5 | Buy | |
| 08/15/16 | CIMB | ST Engineering | 3.41 | 3.6 | Add | DCF & PER22x CY17 |
| 08/15/16 | Lim & Tan | ST Engineering | 3.41 | 0 | Hold | |
| 08/15/16 | UOB Kay Hian | ST Engineering | 3.41 | 3.5 | Buy | PER21.4x FY16 |
| 08/16/16 | DBS Vickers | ST Engineering | 3.34 | 3.55 | Buy | |
| 08/17/16 | UOB Kay Hian | ST Engineering | 3.32 | 3.6 | Buy | DDM, PER22x FY16 |
| 09/07/16 | Macquarie | ST Engineering | 3.41 | 3.2 | Neutral | Sum of parts |
| 09/16/16 | UOB Kay Hian | ST Engineering | 3.27 | 3.6 | Buy | |
| 10/14/16 | CIMB | ST Engineering | 3.17 | 3.6 | Add | DCF & PER22x CY17 |
| 10/17/16 | OCBC | ST Engineering | 3.18 | 3.13 | Hold | PER19x FY17 |
| 10/19/16 | Lim & Tan | ST Engineering | 3.19 | 0 | Hold | |
| 10/19/16 | UOB Kay Hian | ST Engineering | 3.19 | 3.4 | Buy | DDM, PER23x FY16 |
| 11/10/16 | Lim & Tan | ST Engineering | 3.07 | 0 | Buy | |
| 11/11/16 | CIMB | ST Engineering | 3.11 | 3.75 | Add | DCF & PER22x CY18 |
| 11/11/16 | Credit Suisse | ST Engineering | 3.11 | 3 | Neutral | |
| 11/11/16 | DBS Vickers | ST Engineering | 3.11 | 3.5 | Buy | |
| 11/11/16 | OCBC | ST Engineering | 3.11 | 3.2 | Hold | |
| 11/11/16 | UOB Kay Hian | ST Engineering | 3.11 | 3.42 | Buy | DDM |
| 11/22/16 | Credit Suisse | ST Engineering | 3.21 | 4 | Outperform | |
| 12/06/16 | CIMB | ST Engineering | 3.36 | 3.75 | Add | |
| 12/13/16 | Kim Eng | ST Engineering | 3.4 | 3.17 | Hold | PER18x FY17 |
| 12/15/16 | DBS Vickers | ST Engineering | 3.41 | 3.68 | Buy | |
| 12/20/16 | Lim & Tan | ST Engineering | 3.31 | 0 | Buy | |
| 01/02/17 | OCBC | ST Engineering | 3.3 | 3.2 | Hold | |
| 01/03/17 | UOB Kay Hian | ST Engineering | 3.23 | 3.42 | Buy | |
| 01/05/17 | Credit Suisse | ST Engineering | 3.3 | 4 | Outperform | |
| 01/13/17 | DBS Vickers | ST Engineering | 3.34 | 3.5 | Buy | |
| 01/19/17 | Lim & Tan | ST Engineering | 3.41 | 0 | Buy | |
| 02/08/17 | UOB Kay Hian | ST Engineering | 3.37 | 3.42 | Buy | |
| 02/10/17 | CIMB | ST Engineering | 3.36 | 3.75 | Add | DCF & PER22x CY18 |
| 02/10/17 | Credit Suisse | ST Engineering | 3.36 | 4 | Outperform | |
| 02/17/17 | CIMB | ST Engineering | 3.4 | 3.82 | Add | DCF & PER22x |
| 02/17/17 | Lim & Tan | ST Engineering | 3.4 | 0 | Buy | |
| 02/17/17 | OCBC | ST Engineering | 3.4 | 3.2 | Hold | |
| 02/17/17 | UOB Kay Hian | ST Engineering | 3.4 | 3.7 | Buy | DDM, PER21x |
| 03/13/17 | Credit Suisse | ST Engineering | 3.66 | 4 | Outperform | |
| 03/21/17 | UOB Kay Hian | ST Engineering | 3.68 | 3.7 | Buy | |
| 03/24/17 | Kim Eng | ST Engineering | 3.64 | 3.17 | Hold | PER18x FY17 |
| 04/04/17 | DBS Vickers | ST Engineering | 3.65 | 3.8 | Buy | |
| 04/05/17 | UOB Kay Hian | ST Engineering | 3.64 | 3.7 | Buy | |
| 04/10/17 | CIMB | ST Engineering | 3.65 | 3.82 | Add | |
| 04/19/17 | Credit Suisse | ST Engineering | 3.75 | 4 | Outperform | |
| 04/19/17 | Lim & Tan | ST Engineering | 3.75 | 0 | Buy | |
| 05/15/17 | CIMB | ST Engineering | 3.75 | 3.82 | Add | PER22x & DCF |
| 05/15/17 | Credit Suisse | ST Engineering | 3.75 | 4 | Outperform | |
| 05/15/17 | DBS Vickers | ST Engineering | 3.75 | 4.12 | Buy | DCF & PER23x |
| 05/15/17 | OCBC | ST Engineering | 3.75 | 3.7 | Hold | DCF |
| 05/15/17 | UOB Kay Hian | ST Engineering | 3.75 | 3.9 | Hold | DCF, PER22.7x FY17, Buy @ $3.60 or lower |
| 05/16/17 | Lim & Tan | ST Engineering | 3.71 | 0 | Buy | |
| 06/06/17 | UOB Kay Hian | ST Engineering | 3.73 | 3.9 | Hold | |
| 06/16/17 | DBS Vickers | ST Engineering | 3.72 | 4.12 | Buy | |
| 07/24/17 | CIMB | ST Engineering | 3.77 | 3.82 | Add | DCF & PER22x |
| 07/27/17 | DBS Vickers | ST Engineering | 3.79 | 4.12 | Buy | PER23x |
| 08/02/17 | DIR | ST Engineering | 3.8 | 4.46 | Buy | DCF |
| 08/14/17 | OCBC | ST Engineering | 3.7 | 3.61 | Hold | DCF |
| 08/14/17 | DIR | ST Engineering | 3.7 | 4.39 | Buy | DCF |
| 08/14/17 | UOB Kay Hian | ST Engineering | 3.7 | 3.8 | Hold | Buy @ $3.50 |
| 08/14/17 | CIMB | ST Engineering | 3.7 | 3.82 | Add | DCF & PER22x CY18 |
| 08/14/17 | DBS Vickers | ST Engineering | 3.7 | 3.8 | Hold | |
| 08/14/17 | Lim & Tan | ST Engineering | 3.7 | 0 | Buy | |
| 08/15/17 | Credit Suisse | ST Engineering | 3.68 | 4 | Outperform | |
| 09/06/17 | DMG & Partners | ST Engineering | 3.59 | 4.07 | Buy | DCF & PER23.3x FY18 & PB5.5x & EV/Ebitda16x |
| 09/28/17 | Lim & Tan | ST Engineering | 3.49 | 0 | Buy | |
| 10/04/17 | DIR | ST Engineering | 3.43 | 4.39 | Buy | DCF |
| 10/12/17 | Crucial Perspective | ST Engineering | 3.35 | 4.3 | Outperform | |
| 10/25/17 | Lim & Tan | ST Engineering | 3.38 | 0 | Buy | |
| 10/27/17 | UOB Kay Hian | ST Engineering | 3.46 | 3.8 | Buy | |
| 11/08/17 | Lim & Tan | ST Engineering | 3.47 | 0 | Buy | |
| 11/09/17 | DMG & Partners | ST Engineering | 3.41 | 4.04 | Buy | PER23x & PB5.5x & EV/Ebitda16x & DCF |
| 11/09/17 | UOB Kay Hian | ST Engineering | 3.41 | 3.8 | Buy | DCF |
| 11/09/17 | Credit Suisse | ST Engineering | 3.41 | 4 | Outperform | |
| 11/09/17 | OCBC | ST Engineering | 3.41 | 3.61 | Hold | |
| 11/09/17 | CIMB | ST Engineering | 3.41 | 3.85 | Add | PER22x CY19 |
| 11/09/17 | DBS Vickers | ST Engineering | 3.41 | 3.7 | Hold | |
| 12/20/17 | CIMB | ST Engineering | 3.17 | 3.85 | Add | |
| 01/05/18 | DBS Vickers | ST Engineering | 3.3 | 3.7 | Hold | |
| 01/18/18 | CIMB | ST Engineering | 3.31 | 3.85 | Add | DCF & PER22x CY19 |
| 01/22/18 | Lim & Tan | ST Engineering | 3.32 | 0 | Buy | |
| 02/07/18 | OCBC | ST Engineering | 3.23 | 4 | Buy | |
| 02/07/18 | CIMB | ST Engineering | 3.23 | 3.85 | Add | |
| 02/20/18 | DMG & Partners | ST Engineering | 3.35 | 4.2 | Buy | |
| 02/26/18 | CIMB | ST Engineering | 3.39 | 3.8 | Add | DCF, PER & Div yield |
| 02/26/18 | UOB Kay Hian | ST Engineering | 3.39 | 3.6 | Hold | DCF, Buy @ $3.20 |
| 02/26/18 | DBS Vickers | ST Engineering | 3.39 | 3.9 | Buy | |
| 02/26/18 | Lim & Tan | ST Engineering | 3.39 | 0 | Buy | |
| 02/27/18 | DMG & Partners | ST Engineering | 3.44 | 4.04 | Buy | PER23x & PB5.5x & EV/Ebitda16x & DCF |
| 03/02/18 | Lim & Tan | ST Engineering | 3.38 | 0 | Buy | |
| 03/05/18 | CIMB | ST Engineering | 3.36 | 3.8 | Add | |
| 03/09/18 | UOB Kay Hian | ST Engineering | 3.38 | 3.6 | Hold | |
| 03/12/18 | Kim Eng | ST Engineering | 3.38 | 4.15 | Buy | DCF |
| 03/13/18 | Amfrasers | ST Engineering | 3.43 | 3.88 | Buy | |
| 03/13/18 | Credit Suisse | ST Engineering | 3.43 | 4 | Outperform |
Wednesday, March 14, 2018
ST Engineering - Stock calls
Spindex - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 04/11/16 | DBS Vickers | Spindex | 0.745 | 0.99 | Not Rated | PER6x FY16 |
| 07/28/17 | Lim & Tan | Spindex | 0.985 | 0 | Buy | |
| 08/22/17 | Lim & Tan | Spindex | 1.165 | 0 | Buy | |
| 09/22/17 | SI Research | Spindex | 1.11 | 1.46 | Buy | PER12x |
Stock calls for 14 March 2018
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 03/14/18 | DBS Vickers | Bumitama | 0.715 | 0.94 | Buy | |
| 03/14/18 | Lim & Tan | CapitaCommercial | 1.77 | 0 | Buy | |
| 03/14/18 | DBS Vickers | First Resources | 1.75 | 2.18 | Buy | |
| 03/14/18 | Kim Eng | M1 | 1.78 | 1.63 | Sell | DCF |
| 03/14/18 | OCBC | Netlink | 0.82 | 0.91 | Buy | DDM |
| 03/14/18 | UOB Kay Hian | Oxley | 0.56 | 0.74 | Buy | |
| 03/14/18 | DBS Vickers | Perennial Reit | 0.875 | 1.05 | Buy | |
| 03/14/18 | Kim Eng | Singtel | 3.41 | 3.69 | Hold | Sum of parts |
| 03/14/18 | UOB Kay Hian | SPH | 2.56 | 2.39 | Sell | Sum of parts |
| 03/14/18 | Kim Eng | Starhub | 2.44 | 2.27 | Sell | DCF |
| 03/14/18 | DBS Vickers | Wilmar | 3.23 | 3.65 | Buy |
A brilliant scientist, Stephen Hawking, has just passed away.
https://sg.news.yahoo.com/physicist-stephen-hawking-conquered-stars-dies-76-042537452.html
The world has just lost a brilliant man but Stephen may have just found his freedom in another world as he is no longer confined to a wheelchair.
Goodbye, Stephen! You will always be remembered.
The world has just lost a brilliant man but Stephen may have just found his freedom in another world as he is no longer confined to a wheelchair.
Goodbye, Stephen! You will always be remembered.
US-China trade war is rising!
https://finance.yahoo.com/news/trump-could-hit-china-tariffs-195214971.html
The USA will impose intellectual properties tariffs on China and China will definitely retaliate.
There will be collateral damages for other countries that trade with US and China and Singapore won't be spared.
The USA will impose intellectual properties tariffs on China and China will definitely retaliate.
There will be collateral damages for other countries that trade with US and China and Singapore won't be spared.
Tuesday, March 13, 2018
Libor-OIS spread is at a 6-year high. Is the financial crisis coming back again?
http://westdollar.com/sbdm/forex/news/1130,20180312842335989.html
Both the TED spread and Libor-OIS spread will indicate stresses in the banking and financial sectors because both spreads show the bank borrowing rates for each other. When the spreads are high, it means that the banks don't trust each other and are unwilling to lend to each other at low rates.
The Libor-OIS spread is at a 6-year high now which is a warning sign that other interest rates will increase dramatically. Therefore, analysts have to watch out for such spreads for any impending financial crisis.
Both the TED spread and Libor-OIS spread will indicate stresses in the banking and financial sectors because both spreads show the bank borrowing rates for each other. When the spreads are high, it means that the banks don't trust each other and are unwilling to lend to each other at low rates.
The Libor-OIS spread is at a 6-year high now which is a warning sign that other interest rates will increase dramatically. Therefore, analysts have to watch out for such spreads for any impending financial crisis.
SPH Reit - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/06/16 | CIMB | SPH Reit | 0.955 | 1.05 | Hold | DDM |
| 01/06/16 | Lim & Tan | SPH Reit | 0.955 | 0 | Hold | |
| 01/06/16 | OCBC | SPH Reit | 0.955 | 0.99 | Hold | |
| 01/07/16 | Credit Suisse | SPH Reit | 0.955 | 1.02 | Neutral | |
| 01/07/16 | DBS Vickers | SPH Reit | 0.955 | 0.99 | Hold | DCF |
| 04/05/16 | CIMB | SPH Reit | 0.97 | 1.05 | Hold | DDM |
| 04/05/16 | DBS Vickers | SPH Reit | 0.97 | 0.99 | Hold | |
| 04/05/16 | Lim & Tan | SPH Reit | 0.97 | 0 | Hold | |
| 04/05/16 | OCBC | SPH Reit | 0.97 | 0.99 | Hold | |
| 04/13/16 | Kim Eng | SPH Reit | 0.945 | 1.01 | Not Rated | |
| 07/08/16 | CIMB | SPH Reit | 0.94 | 1.03 | Hold | DDM |
| 07/08/16 | DBS Vickers | SPH Reit | 0.94 | 0.99 | Hold | |
| 07/08/16 | Lim & Tan | SPH Reit | 0.94 | 0 | Hold | |
| 07/08/16 | OCBC | SPH Reit | 0.94 | 0.99 | Hold | |
| 07/12/16 | Credit Suisse | SPH Reit | 0.95 | 1.02 | Neutral | |
| 07/19/16 | Credit Suisse | SPH Reit | 0.95 | 1.04 | Neutral | |
| 08/03/16 | OCBC | SPH Reit | 0.945 | 1.05 | Buy | |
| 08/16/16 | DBS Vickers | SPH Reit | 0.96 | 0.99 | Hold | |
| 08/31/16 | Credit Suisse | SPH Reit | 0.965 | 1.04 | Neutral | |
| 10/07/16 | DBS Vickers | SPH Reit | 1 | 1 | Hold | DCF |
| 10/07/16 | Lim & Tan | SPH Reit | 1 | 0 | Hold | |
| 10/07/16 | OCBC | SPH Reit | 1 | 1.05 | Buy | |
| 10/10/16 | CIMB | SPH Reit | 0.995 | 1.05 | Hold | DDM |
| 11/08/16 | OCBC | SPH Reit | 0.965 | 1.05 | Buy | |
| 12/05/16 | Lim & Tan | SPH Reit | 0.95 | 0 | Buy on weakness | |
| 12/05/16 | OCBC | SPH Reit | 0.95 | 1.06 | Buy | |
| 01/09/17 | DBS Vickers | SPH Reit | 0.965 | 1 | Hold | DCF |
| 01/12/17 | CIMB | SPH Reit | 0.97 | 0.95 | Hold | DDM |
| 01/12/17 | Lim & Tan | SPH Reit | 0.97 | 0 | Hold | |
| 01/12/17 | OCBC | SPH Reit | 0.97 | 1.04 | Buy | |
| 01/13/17 | Credit Suisse | SPH Reit | 0.975 | 1.04 | Neutral | |
| 02/09/17 | Credit Suisse | SPH Reit | 0.975 | 1.04 | Neutral | |
| 03/16/17 | DBS Vickers | SPH Reit | 0.965 | 1.03 | Buy | |
| 04/04/17 | DBS Vickers | SPH Reit | 0.98 | 1.03 | Buy | |
| 04/11/17 | CIMB | SPH Reit | 0.975 | 1.01 | Hold | DDM |
| 04/11/17 | Credit Suisse | SPH Reit | 0.975 | 1.04 | Neutral | |
| 04/11/17 | DBS Vickers | SPH Reit | 0.975 | 1.04 | Buy | DCF |
| 04/11/17 | Lim & Tan | SPH Reit | 0.975 | 0 | Buy on weakness | |
| 04/11/17 | OCBC | SPH Reit | 0.975 | 1.08 | Buy | DDM |
| 06/14/17 | DBS Vickers | SPH Reit | 0.995 | 1.04 | Buy | |
| 07/13/17 | OCBC | SPH Reit | 0.995 | 1.08 | Buy | |
| 07/13/17 | Credit Suisse | SPH Reit | 0.995 | 1.01 | Neutral | |
| 07/13/17 | CIMB | SPH Reit | 0.995 | 1.04 | Hold | DDM |
| 07/13/17 | Lim & Tan | SPH Reit | 0.995 | 0 | Hold | |
| 07/14/17 | DBS Vickers | SPH Reit | 0.995 | 1.04 | Buy | DCF |
| 10/10/17 | OCBC | SPH Reit | 1.005 | 1.08 | Buy | DDM |
| 10/10/17 | CIMB | SPH Reit | 1.005 | 1.06 | Hold | DDM |
| 10/10/17 | DBS Vickers | SPH Reit | 1.005 | 1.07 | Buy | DCF |
| 12/01/17 | Lim & Tan | SPH Reit | 1.05 | 0 | Hold | |
| 12/13/17 | DBS Vickers | SPH Reit | 1.04 | 1.07 | Hold | DCF |
| 01/02/18 | Kim Eng | SPH Reit | 1.05 | 1 | Hold | DDM |
| 01/08/18 | CIMB | SPH Reit | 1.07 | 1.06 | Hold | DDM |
| 01/08/18 | Lim & Tan | SPH Reit | 1.07 | 0 | Hold | |
| 01/08/18 | OCBC | SPH Reit | 1.07 | 1.08 | Hold | |
| 01/09/18 | DBS Vickers | SPH Reit | 1.07 | 1.07 | Hold | DCF |
SPH - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/13/16 | CIMB | SPH | 3.67 | 3.61 | Reduce | Sum of parts |
| 01/13/16 | DBS Vickers | SPH | 3.67 | 3.51 | Fully Valued | |
| 01/13/16 | Lim & Tan | SPH | 3.67 | 0 | Hold | Buy @ $3.60 or lower |
| 01/13/16 | OCBC | SPH | 3.67 | 3.78 | Hold | |
| 01/13/16 | UOB Kay Hian | SPH | 3.67 | 3.85 | Hold | Sum of parts, Buy @ $3.40 or lower |
| 01/29/16 | DBS Vickers | SPH | 3.51 | 3.51 | Hold | Sum of parts |
| 03/22/16 | UOB Kay Hian | SPH | 4.04 | 3.9 | Hold | Sum of parts, Buy @ $3.60 or lower |
| 04/13/16 | CIMB | SPH | 3.99 | 3.71 | Reduce | Sum of parts |
| 04/13/16 | DBS Vickers | SPH | 3.99 | 3.51 | Hold | |
| 04/13/16 | Lim & Tan | SPH | 3.99 | 0 | Hold | |
| 04/13/16 | OCBC | SPH | 3.99 | 3.78 | Hold | |
| 04/13/16 | UOB Kay Hian | SPH | 3.99 | 3.9 | Hold | Sum of parts, Buy @ $3.60 or lower |
| 04/14/16 | DBS Vickers | SPH | 4.04 | 3.5 | Fully Valued | Sum of parts |
| 06/09/16 | UOB Kay Hian | SPH | 3.93 | 3.9 | Hold | Buy @ $3.60 |
| 07/18/16 | CIMB | SPH | 4.07 | 3.58 | Reduce | Sum of parts |
| 07/18/16 | DBS Vickers | SPH | 4.07 | 3.5 | Fully Valued | |
| 07/18/16 | OCBC | SPH | 4.07 | 3.41 | Sell | |
| 07/18/16 | UOB Kay Hian | SPH | 4.07 | 3.8 | Hold | Sum of parts, Buy @ $3.60 |
| 09/01/16 | UOB Kay Hian | SPH | 3.77 | 3.8 | Hold | Sum of parts |
| 10/10/16 | UBS | SPH | 3.82 | 3.46 | Sell | Cut from $3.55 |
| 10/17/16 | CIMB | SPH | 3.76 | 3.35 | Reduce | Sum of parts |
| 10/17/16 | DBS Vickers | SPH | 3.76 | 3.44 | Fully Valued | Sum of parts |
| 10/17/16 | Lim & Tan | SPH | 3.76 | 0 | Hold | |
| 10/17/16 | OCBC | SPH | 3.76 | 3.41 | Sell | |
| 10/17/16 | UOB Kay Hian | SPH | 3.76 | 3.29 | Sell | DCF |
| 12/01/16 | Morgan Stanley | SPH | 3.75 | 3.5 | Underweight | |
| 12/06/16 | CIMB | SPH | 3.76 | 3.35 | Reduce | Sum of parts |
| 01/16/17 | CIMB | SPH | 3.69 | 3.31 | Reduce | Sum of parts |
| 01/16/17 | Lim & Tan | SPH | 3.69 | 0 | Avoid | |
| 01/16/17 | OCBC | SPH | 3.69 | 3.41 | Sell | |
| 01/16/17 | UOB Kay Hian | SPH | 3.69 | 3.29 | Sell | Sum of parts |
| 01/17/17 | DBS Vickers | SPH | 3.56 | 3.32 | Fully Valued | Sum of parts |
| 03/20/17 | CIMB | SPH | 3.53 | 3.36 | Hold | Sum of parts |
| 03/20/17 | DBS Vickers | SPH | 3.53 | 3.39 | Hold | Sum of parts |
| 03/20/17 | UOB Kay Hian | SPH | 3.53 | 3.29 | Sell | |
| 04/13/17 | CIMB | SPH | 3.52 | 3.36 | Hold | Sum of parts |
| 04/13/17 | Lim & Tan | SPH | 3.52 | 0 | Hold | |
| 04/13/17 | OCBC | SPH | 3.52 | 3.41 | Sell | |
| 04/13/17 | UOB Kay Hian | SPH | 3.52 | 3.29 | Sell | Sum of parts |
| 04/18/17 | DBS Vickers | SPH | 3.41 | 3.39 | Hold | Sum of parts |
| 04/26/17 | CIMB | SPH | 3.45 | 3.36 | Hold | Sum of parts |
| 04/26/17 | OCBC | SPH | 3.45 | 3.41 | Hold | |
| 05/17/17 | UOB Kay Hian | SPH | 3.37 | 3.29 | Sell | |
| 06/05/17 | Lim & Tan | SPH | 3.24 | 0 | Hold | |
| 06/09/17 | UOB Kay Hian | SPH | 3.24 | 2.9 | Sell | Sum of parts |
| 06/14/17 | DBS Vickers | SPH | 3.17 | 3.39 | Hold | |
| 06/14/17 | UOB Kay Hian | SPH | 3.17 | 3.39 | Hold | |
| 06/15/17 | CIMB | SPH | 3.16 | 3.36 | Hold | Sum of parts |
| 06/15/17 | Lim & Tan | SPH | 3.16 | 0 | Hold | |
| 06/22/17 | OCBC | SPH | 3.22 | 3.34 | Hold | |
| 07/17/17 | UOB Kay Hian | SPH | 3.11 | 2.9 | Hold | Sum of parts, Buy @ $2.75 |
| 07/17/17 | OCBC | SPH | 3.11 | 3.25 | Hold | |
| 07/17/17 | CIMB | SPH | 3.11 | 3.22 | Hold | Sum of parts |
| 07/17/17 | DBS Vickers | SPH | 3.11 | 2.79 | Fully Valued | Sum of parts |
| 07/18/17 | Lim & Tan | SPH | 3.03 | 0 | Hold | |
| 08/23/17 | UOB Kay Hian | SPH | 2.78 | 2.85 | Hold | Sum of parts, Buy @ $2.60 |
| 09/11/17 | CIMB | SPH | 2.74 | 2.38 | Reduce | Sum of parts (15% discount) |
| 09/21/17 | OCBC | SPH | 2.63 | 3.25 | Buy | |
| 10/12/17 | CIMB | SPH | 2.69 | 2.38 | Reduce | Sum of parts (15% discount) |
| 10/12/17 | UOB Kay Hian | SPH | 2.69 | 2.38 | Sell | Sum of parts (10% discount) |
| 10/12/17 | Lim & Tan | SPH | 2.69 | 0 | Hold | |
| 10/13/17 | OCBC | SPH | 2.72 | 2.93 | Hold | |
| 10/13/17 | DBS Vickers | SPH | 2.72 | 2.79 | Hold | Sum of parts |
| 11/09/17 | UOB Kay Hian | SPH | 2.68 | 2.38 | Sell | |
| 12/05/17 | UOB Kay Hian | SPH | 2.79 | 2.42 | Sell | Sum of parts |
| 12/05/17 | Lim & Tan | SPH | 2.79 | 0 | Hold | |
| 12/20/17 | CIMB | SPH | 2.61 | 2.38 | Reduce | |
| 01/15/18 | CIMB | SPH | 2.63 | 2.49 | Hold | Sum of parts, PER18.6x FY19 |
| 01/15/18 | UOB Kay Hian | SPH | 2.63 | 2.42 | Sell | Sum of parts |
| 01/15/18 | Lim & Tan | SPH | 2.63 | 0 | Hold | |
| 01/16/18 | DBS Vickers | SPH | 2.71 | 2.78 | Hold | Sum of parts |
| 01/17/18 | OCBC | SPH | 2.71 | 2.51 | Hold | Sum of parts (10% discount) |
| 03/05/18 | UOB Kay Hian | SPH | 2.55 | 2.42 | Sell |
Spackman - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 10/13/16 | DMG & Partners | Spackman | 0.113 | 0.22 | Buy | PER15x FY17 |
| 12/27/16 | DMG & Partners | Spackman | 0.19 | 0.32 | Buy | |
| 01/03/17 | DMG & Partners | Spackman | 0.19 | 0.32 | Buy | PER18x FY17 |
| 04/06/17 | DMG & Partners | Spackman | 0.161 | 0.27 | Buy | PER18x FY17 |
| 05/16/17 | DMG & Partners | Spackman | 0.149 | 0.27 | Buy | DCF, PER18x FY17 |
| 08/16/17 | DMG & Partners | Spackman | 0.102 | 0.23 | Buy | DCF, PER18x FY17 |
| 10/12/17 | DMG & Partners | Spackman | 0.121 | 0.2 | Buy | DCF, PER16x FY17 |
| 11/16/17 | DMG & Partners | Spackman | 0.112 | 0.2 | Buy | DCF, PER15x FY18 |
Stock calls for 13 March 2018
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 03/13/18 | DBS Vickers | Dairy Farm | 8.09 | 9.54 | Buy | Sum of parts |
| 03/13/18 | CIMB | Hongkong Land | 7 | 9.5 | Add | RNAV (30% discount) |
| 03/13/18 | DBS Vickers | Mermaid Maritime | 0.15 | 0.14 | Hold | Sum of parts |
| 03/13/18 | CIMB | Perennial Reit | 0.855 | 1.18 | Add | RNAV (40% discount) |
| 03/13/18 | UOB Kay Hian | Raffles Medical | 1.17 | 1.32 | Buy | DCF |
| 03/13/18 | Amfrasers | SGX | 7.58 | 8.14 | Buy | |
| 03/13/18 | Amfrasers | ST Engineering | 3.43 | 3.88 | Buy | |
| 03/13/18 | Credit Suisse | ST Engineering | 3.43 | 4 | Outperform |
Monday, March 12, 2018
Soilbuild Reit - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/08/16 | DBS Vickers | Soilbuild Reit | 0.765 | 0.88 | Buy | DCF |
| 01/22/16 | Amfrasers | Soilbuild Reit | 0.72 | 0.775 | Buy | DDM |
| 01/22/16 | DBS Vickers | Soilbuild Reit | 0.72 | 0.84 | Buy | |
| 01/22/16 | OCBC | Soilbuild Reit | 0.72 | 0.85 | Buy | |
| 01/25/16 | phillip | Soilbuild Reit | 0.725 | 0.86 | Accumulate | DDM |
| 04/13/16 | Kim Eng | Soilbuild Reit | 0.74 | 0.84 | Not Rated | |
| 04/15/16 | Amfrasers | Soilbuild Reit | 0.75 | 0.755 | Hold | DDM |
| 04/15/16 | DBS Vickers | Soilbuild Reit | 0.75 | 0.84 | Buy | DCF |
| 04/15/16 | OCBC | Soilbuild Reit | 0.75 | 0.82 | Buy | DDM |
| 04/18/16 | phillip | Soilbuild Reit | 0.745 | 0.83 | Accumulate | DDM |
| 05/19/16 | OCBC | Soilbuild Reit | 0.705 | 0.82 | Buy | |
| 05/20/16 | DBS Vickers | Soilbuild Reit | 0.7 | 0.84 | Buy | |
| 06/06/16 | OCBC | Soilbuild Reit | 0.7 | 0.82 | Buy | |
| 06/15/16 | Religare | Soilbuild Reit | 0.69 | 0.88 | Buy | |
| 06/16/16 | DBS Vickers | Soilbuild Reit | 0.685 | 0.84 | Buy | |
| 06/16/16 | phillip | Soilbuild Reit | 0.685 | 0.83 | Accumulate | DDM |
| 06/28/16 | OCBC | Soilbuild Reit | 0.66 | 0.76 | Buy | |
| 07/14/16 | Lim & Tan | Soilbuild Reit | 0.7 | 0 | Buy | |
| 07/14/16 | OCBC | Soilbuild Reit | 0.7 | 0.76 | Buy | |
| 07/14/16 | phillip | Soilbuild Reit | 0.7 | 0.79 | Accumulate | DDM |
| 07/15/16 | DBS Vickers | Soilbuild Reit | 0.705 | 0.79 | Buy | |
| 08/16/16 | DBS Vickers | Soilbuild Reit | 0.675 | 0.79 | Buy | |
| 08/19/16 | OCBC | Soilbuild Reit | 0.68 | 0.76 | Buy | |
| 08/22/16 | Lim & Tan | Soilbuild Reit | 0.68 | 0 | Hold | |
| 08/22/16 | OCBC | Soilbuild Reit | 0.68 | 0.78 | Buy | |
| 08/25/16 | phillip | Soilbuild Reit | 0.685 | 0.79 | Accumulate | DDM |
| 10/11/16 | phillip | Soilbuild Reit | 0.72 | 0.69 | Neutral | DDM |
| 10/13/16 | DBS Vickers | Soilbuild Reit | 0.71 | 0.75 | Buy | DCF |
| 10/13/16 | OCBC | Soilbuild Reit | 0.71 | 0.77 | Buy | |
| 10/13/16 | phillip | Soilbuild Reit | 0.71 | 0.72 | Neutral | DDM |
| 10/14/16 | Lim & Tan | Soilbuild Reit | 0.705 | 0 | Buy on weakness | |
| 11/11/16 | phillip | Soilbuild Reit | 0.665 | 0.72 | Neutral | |
| 12/12/16 | phillip | Soilbuild Reit | 0.65 | 0.67 | Neutral | DDM |
| 01/09/17 | DBS Vickers | Soilbuild Reit | 0.66 | 0.75 | Buy | DCF |
| 01/25/17 | DBS Vickers | Soilbuild Reit | 0.655 | 0.7 | Buy | DCF |
| 01/25/17 | OCBC | Soilbuild Reit | 0.655 | 0.64 | Hold | |
| 01/26/17 | phillip | Soilbuild Reit | 0.65 | 0.68 | Neutral | DDM |
| 02/20/17 | phillip | Soilbuild Reit | 0.65 | 0.68 | Neutral | |
| 04/13/17 | OCBC | Soilbuild Reit | 0.685 | 0.64 | Hold | |
| 04/17/17 | DBS Vickers | Soilbuild Reit | 0.685 | 0.73 | Buy | DCF |
| 04/17/17 | phillip | Soilbuild Reit | 0.685 | 0.66 | Neutral | DDM, PB0.93x FY17 |
| 05/08/17 | phillip | Soilbuild Reit | 0.68 | 0.66 | Neutral | |
| 06/14/17 | Amfrasers | Soilbuild Reit | 0.71 | 0.68 | Hold | Consensus target |
| 07/17/17 | OCBC | Soilbuild Reit | 0.74 | 0.67 | Hold | DDM |
| 07/17/17 | phillip | Soilbuild Reit | 0.74 | 0.73 | Neutral | DDM, PB1.05x FY17 |
| 07/18/17 | DBS Vickers | Soilbuild Reit | 0.74 | 0.73 | Hold | DCF |
| 07/21/17 | Lim & Tan | Soilbuild Reit | 0.705 | 0 | Hold | |
| 09/20/17 | OCBC | Soilbuild Reit | 0.7 | 0.66 | Hold | |
| 10/16/17 | phillip | Soilbuild Reit | 0.705 | 0.64 | Reduce | DDM, PB0.9x FY17 |
| 10/17/17 | DBS Vickers | Soilbuild Reit | 0.705 | 0.62 | Hold | DCF |
| 11/09/17 | OCBC | Soilbuild Reit | 0.66 | 0.66 | Hold | |
| 11/09/17 | phillip | Soilbuild Reit | 0.66 | 0.61 | Reduce | DDM, PB0.86x FY17 |
| 01/18/18 | OCBC | Soilbuild Reit | 0.695 | 0.68 | Hold | |
| 01/19/18 | DBS Vickers | Soilbuild Reit | 0.7 | 0.62 | Hold | DCF |
| 01/19/18 | Lim & Tan | Soilbuild Reit | 0.7 | 0 | Hold |
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