Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/16	UOB Kay Hian	Venture	8.06	9.15	Buy
02/26/16	CIMB	Venture	8.04	9.52	Add	PER14x FY17
02/26/16	Lim & Tan	Venture	8.04	0	Buy
02/26/16	OCBC	Venture	8.04	9	Buy
02/26/16	UOB Kay Hian	Venture	8.04	9.25	Buy	PER16x FY16
02/29/16	DMG & Partners	Venture	8.22	9.1	Buy	PER15.5x FY16
02/29/16	Kim Eng	Venture	8.22	9.6	Buy	PER16.5x
03/03/16	CIMB	Venture	8.24	9.52	Add
03/03/16	Citigroup	Venture	8.24	9.11	Buy
03/17/16	DBS Vickers	Venture	8.21	9	Buy
04/08/16	UOB Kay Hian	Venture	8.43	9.25	Buy	PER16x FY16
04/29/16	CIMB	Venture	8.39	9.52	Add	PER14x CY17
04/29/16	DBS Vickers	Venture	8.39	9	Buy	PER15X FY16
04/29/16	Lim & Tan	Venture	8.39	0	Buy
04/29/16	OCBC	Venture	8.39	9	Buy
05/18/16	CIMB	Venture	8.16	9.52	Add
06/27/16	CIMB	Venture	8.63	9.52	Add
07/08/16	OCBC	Venture	8.56	9.35	Buy	PER15x FY16/17
07/15/16	UOB Kay Hian	Venture	8.82	9.82	Buy	PER16x FY17
08/08/16	CIMB	Venture	8.9	9.52	Hold	PER14x CY17
08/08/16	DBS Vickers	Venture	8.9	9.2	Hold
08/08/16	DMG & Partners	Venture	8.9	9.9	Buy
08/08/16	Lim & Tan	Venture	8.9	0	Buy
08/08/16	OCBC	Venture	8.9	9.35	Buy	Buy @ $8.80
08/08/16	UOB Kay Hian	Venture	8.9	9.82	Buy	PER16x FY17
08/10/16	Kim Eng	Venture	8.98	9.75	Buy	PER14x FY17
09/20/16	CIMB	Venture	8.99	9.52	Hold
10/06/16	UOB Kay Hian	Venture	9.3	10.3	Buy	PER16x FY17
10/28/16	CIMB	Venture	9.25	10.57	Add	PER14.4x
11/07/16	CIMB	Venture	9.5	10.94	Add	PER14.4x CY18
11/07/16	Citigroup	Venture	9.5	10.51	Buy
11/07/16	DBS Vickers	Venture	9.5	10.9	Buy
11/07/16	DMG & Partners	Venture	9.5	9.9	Buy	DCF, PER15.8x FY17
11/07/16	Kim Eng	Venture	9.5	11	Buy	PER15x FY17
11/07/16	Lim & Tan	Venture	9.5	0	Buy
11/07/16	OCBC	Venture	9.5	10.36	Buy	PER15x FY17
11/07/16	UOB Kay Hian	Venture	9.5	11	Buy	PER16x FY17
12/01/16	OCBC	Venture	9.71	10.36	Buy
12/06/16	CIMB	Venture	10.04	10.94	Add	PER14.4x FY18
12/08/16	Citigroup	Venture	9.93	10.51	Buy
12/13/16	Kim Eng	Venture	9.66	11	Buy	PER15x
12/15/16	DBS Vickers	Venture	9.9	10.9	Buy	PER16x FY17
01/03/17	UOB Kay Hian	Venture	9.88	11	Buy
01/19/17	DBS Vickers	Venture	9.84	10.9	Buy
01/20/17	CIMB	Venture	9.8	10.94	Add
01/23/17	Credit Suisse	Venture	9.74	11.6	Outperform
02/08/17	UOB Kay Hian	Venture	10.28	11	Buy
02/10/17	CIMB	Venture	10.37	10.94	Add	PER14.4x FY18
02/10/17	Credit Suisse	Venture	10.37	11.6	Outperform
02/27/17	CIMB	Venture	10.32	11.5	Add	PER14.4x CY18
02/27/17	Credit Suisse	Venture	10.32	11.9	Outperform
02/27/17	DBS Vickers	Venture	10.32	11.37	Buy	PER16x FY17
02/27/17	DMG & Partners	Venture	10.32	11.2	Buy	DCF, PER16x FY17
02/27/17	Kim Eng	Venture	10.32	11.5	Buy	PER15x FY17
02/27/17	OCBC	Venture	10.32	11	Buy
02/27/17	UOB Kay Hian	Venture	10.32	12.4	Buy	PER16x FY17
03/02/17	UOB Kay Hian	Venture	10.71	12.4	Buy
05/02/17	CIMB	Venture	12.2	12.01	Hold	PER14.4x FY18
05/02/17	DMG & Partners	Venture	12.2	14.1	Buy	DCF, PER17x FY17
05/02/17	Kim Eng	Venture	12.2	13.35	Buy	PER16x FY17
05/02/17	Lim & Tan	Venture	12.2	0	Buy
05/02/17	OCBC	Venture	12.2	13	Buy	DCF
05/02/17	UOB Kay Hian	Venture	12.2	13.6	Buy	PER16x FY17
05/03/17	DBS Vickers	Venture	12.9	14.3	Buy	PER18.6x FY17/18
06/02/17	UOB Kay Hian	Venture	13	13.3	Hold	PER16.2x FY17, Buy @ $12
07/05/17	CIMB	Venture	11.89	12.01	Hold	PER14.4x FY18
07/05/17	UOB Kay Hian	Venture	11.89	13.3	Hold
07/10/17	OCBC	Venture	11.8	13	Buy
08/07/17	UOB Kay Hian	Venture	13.85	15.15	Buy	PER16x FY18
08/07/17	DMG & Partners	Venture	13.85	14.7	Buy	DCF, PER17x FY17
08/07/17	OCBC	Venture	13.85	14.8	Buy	DCF
08/07/17	CIMB	Venture	13.85	15.8	Add	PER15.2x FY18
08/07/17	Lim & Tan	Venture	13.85	0	Buy
08/08/17	DBS Vickers	Venture	14.89	16.6	Buy	PER18.2x FY18
08/10/17	Credit Suisse	Venture	15.7	16.4	Outperform
09/13/17	Lim & Tan	Venture	15.25	0	Buy
09/15/17	Credit Suisse	Venture	16.2	20	Outperform
09/26/17	DMG & Partners	Venture	17.29	19.7	Buy	DCF, PER19x FY18
10/03/17	CIMB	Venture	18.06	20.87	Add	PER17.3x FY18
10/06/17	DBS Vickers	Venture	18.6	21	Buy	PER20x FY18/19
10/12/17	OCBC	Venture	18.55	20.33	Buy
11/06/17	UOB Kay Hian	Venture	19.29	23.5	Buy	PER18x FY18
11/06/17	DMG & Partners	Venture	19.29	24.1	Buy	DCF, PER18x FY18
11/06/17	OCBC	Venture	19.29	23	Buy
11/06/17	CIMB	Venture	19.29	24.74	Add	PER17.3x FY19
11/06/17	Lim & Tan	Venture	19.29	0	Buy
11/06/17	DBS Vickers	Venture	19.29	26	Buy	PER19.5x FY18/19
11/06/17	Credit Suisse	Venture	19.29	22.1	Outperform
12/06/17	DBS Vickers	Venture	20.54	26	Buy
12/20/17	CIMB	Venture	20.2	24.74	Add
01/05/18	DBS Vickers	Venture	21.97	26	Buy
01/10/18	Kim Eng	Venture	21.57	27.5	Buy	PER18.8x FY18
01/15/18	UOB Kay Hian	Venture	22.65	23.5	Buy
01/19/18	Lim & Tan	Venture	23.15	0	Buy
01/24/18	DMG & Partners	Venture	23.9	24.1	Buy
01/24/18	Credit Suisse	Venture	23.9	27.2	Outperform
02/07/18	CIMB	Venture	22.48	24.74	Add
02/08/18	CIMB	Venture	22.29	29.13	Add
02/13/18	UOB Kay Hian	Venture	21.92	23.5	Buy
02/20/18	DMG & Partners	Venture	23.53	24.1	Buy
02/23/18	UOB Kay Hian	Venture	25.03	31.88	Buy	PER19x 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	PER19.5x FY18/19
03/05/18	Credit Suisse	Venture	26.84	32	Outperform
04/03/18	DBS Vickers	Venture	28.14	32.2	Buy

Vard - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/16	DBS Vickers	Vard	0.153	0.13	Fully Valued	PB0.3x
03/01/16	DIR	Vard	0.153	0.115	Sell	P/NTA0.81x
03/03/16	DMG & Partners	Vard	0.177	0.21	Buy	PB0.4x FY16
04/01/16	OCBC	Vard	0.198	0.2	Hold	P/NTA0.4x, Cut from $0.33 (P/NTA0.6x)
05/13/16	DBS Vickers	Vard	0.187	0.19	Hold
05/13/16	DIR	Vard	0.187	0.118	Sell	P/NTA0.81x
05/13/16	OCBC	Vard	0.187	0.2	Hold	P/NTA0.45x
06/03/16	CIMB	Vard	0.178	0.234	Not Rated
07/22/16	DIR	Vard	0.161	0.134	Sell	P/NTA0.81x
07/26/16	DBS Vickers	Vard	0.16	0.18	Hold
09/26/16	OCBC	Vard	0.154	0.166	Hold	P/NTA0.4x FY17
11/14/16	DIR	Vard	0.23	0.134	Sell	P/NTA0.81x
11/14/16	OCBC	Vard	0.23	0.24	Accept Offer	Offer $0.24
11/15/16	DBS Vickers	Vard	0.245	0.24	Accept Offer
11/15/16	DIR	Vard	0.245	0.24	Hold	Offer $0.24
05/15/17	OCBC	Vard	0.24	0.23	Hold	PB0.8x
05/16/17	DBS Vickers	Vard	0.24	0.25	Hold	PB0.8x
07/21/17	DBS Vickers	Vard	0.245	0.25	Hold
07/26/17	DBS Vickers	Vard	0.245	0.24	Hold	PB0.8x
11/14/17	DBS Vickers	Vard	0.245	0.25	Hold	PB0.78x, P/NTA0.99x, Offer price $0.25

Stock calls for 3 April 2018

Date	Analyst	Company	Last	Target	Call	Valuation
04/03/18	CIMB	AEM	6.78	8.19	Add
04/03/18	DBS Vickers	Bumitama	0.72	0.94	Buy
04/03/18	OCBC	Capitaland	3.62	4.26	Buy
04/03/18	DBS Vickers	Capitaland	3.62	4.35	Buy
04/03/18	UOB Kay Hian	CDL Hospitality	1.69	1.95	Buy
04/03/18	Edison	China Aviation Oil	1.56	1.82	Buy	DCF, Cut from $1.88
04/03/18	UOB Kay Hian	Citic Envirotech	0.715	1.06	Buy
04/03/18	OCBC	City Developments	13.2	15.91	Buy
04/03/18	UOB Kay Hian	City Developments	13.2	14.03	Buy
04/03/18	DBS Vickers	City Developments	13.2	15.4	Buy
04/03/18	UOB Kay Hian	DBS	27.32	30.4	Buy
04/03/18	DBS Vickers	First Resources	1.68	2.18	Buy
04/03/18	DBS Vickers	Hi-P	2.17	2.48	Buy
04/03/18	CIMB	Keppel Corp	7.8	10	Add	Sum of parts
04/03/18	UOB Kay Hian	Keppel Corp	7.8	9.1	Buy
04/03/18	DBS Vickers	Keppel Corp	7.8	10.2	Buy
04/03/18	CIMB	Keppel DC Reit	1.43	1.52	Add	DDM
04/03/18	Kim Eng	M1	1.75	1.63	Hold
04/03/18	UOB Kay Hian	OCBC	12.77	14.95	Buy
04/03/18	DBS Vickers	Olam	2.32	2.31	Hold
04/03/18	DBS Vickers	Roxy-Pacific	0.55	0.69	Buy
04/03/18	DBS Vickers	Sembcorp Industries	3.11	4.4	Buy
04/03/18	DBS Vickers	Sembcorp Marine	2.22	2.9	Buy
04/03/18	Kim Eng	Sheng Siong	0.95	1.2	Buy	DCF, PER25x FY18, EV/Ebitda7x
04/03/18	UOB Kay Hian	Sheng Siong	0.95	1.1	Buy
04/03/18	UOB Kay Hian	Singtel	3.39	4.4	Buy
04/03/18	Kim Eng	Singtel	3.39	3.69	Hold
04/03/18	Kim Eng	Starhub	2.33	2.27	Hold
04/03/18	DBS Vickers	Sunningdale	1.89	2.7	Buy
04/03/18	DBS Vickers	UMS	1.13	1.37	Buy
04/03/18	OCBC	UOL	8.64	10.63	Buy
04/03/18	DBS Vickers	UOL	8.64	10.23	Buy
04/03/18	DBS Vickers	Venture	28.14	32.2	Buy
04/03/18	DBS Vickers	Wilmar	3.21	3.65	Buy
04/03/18	UOB Kay Hian	Wing Tai	2.06	2.78	Buy

Bitcoin is still way over-valued and has more rooms to fall!

https://finance.yahoo.com/news/bitcoin-still-way-over-valued-174344394.html

According to a network pricing equation, bitcoin is 4x overvalued at the current level.

Furthermore, it has become uneconomical to mine bitcoin now as the average mining cost per bitcoin is around USD$8,000.

Valuetronics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/02/16	UOB Kay Hian	Valuetronics	0.395	0.54	Buy
02/04/16	Amfrasers	Valuetronics	0.385	0.56	Buy	PER9x FY17
02/04/16	DMG & Partners	Valuetronics	0.385	0.5	Buy
02/04/16	UOB Kay Hian	Valuetronics	0.385	0.52	Buy	PER8.7x FY17
03/10/16	CIMB	Valuetronics	0.43	0.56	Add	PER8.4x CY17
03/15/16	UOB Kay Hian	Valuetronics	0.44	0.52	Buy
04/22/16	UOB Kay Hian	Valuetronics	0.485	0.52	Buy
05/09/16	Amfrasers	Valuetronics	0.46	0.56	Buy	PER9x FY17
05/27/16	Amfrasers	Valuetronics	0.49	0.62	Buy	PER10x FY17
05/27/16	UOB Kay Hian	Valuetronics	0.49	0.6	Buy	PER9.5x FY18
05/30/16	DMG & Partners	Valuetronics	0.515	0.54	Neutral	DCF
06/09/16	UOB Kay Hian	Valuetronics	0.525	0.6	Buy
06/17/16	Amfrasers	Valuetronics	0.51	0.62	Buy
07/14/16	UOB Kay Hian	Valuetronics	0.52	0.6	Buy
08/16/16	Amfrasers	Valuetronics	0.51	0.62	Buy	PER10x FY17
08/16/16	CIMB	Valuetronics	0.51	0.6	Add	PER8.4x CY17
08/16/16	UOB Kay Hian	Valuetronics	0.51	0.6	Buy	PER9.5x FY18
08/18/16	DMG & Partners	Valuetronics	0.515	0.54	Neutral
11/07/16	Amfrasers	Valuetronics	0.495	0.62	Buy	PER10x FY17
11/08/16	CIMB	Valuetronics	0.545	0.6	Add	PER8.4x CY17
11/08/16	DMG & Partners	Valuetronics	0.545	0.57	Neutral
11/08/16	UOB Kay Hian	Valuetronics	0.545	0.6	Buy	PER9.5x FY18
12/06/16	CIMB	Valuetronics	0.53	0.6	Add	PER8.4x CY18
02/14/17	CIMB	Valuetronics	0.65	0.72	Add	PER9.8x CY18
02/14/17	DMG & Partners	Valuetronics	0.65	0.65	Buy	DCF
02/14/17	UOB Kay Hian	Valuetronics	0.65	0.72	Buy	PER10.1x FY18
05/23/17	DBS Vickers	Valuetronics	0.85	0.95	Not Rated	PER8x CY17 ex-cash
05/30/17	CIMB	Valuetronics	0.815	0.89	Add	PER11x CY18
05/30/17	UOB	Valuetronics	0.815	0.8	Hold
05/31/17	DMG & Partners	Valuetronics	0.8	0.81	Neutral	DCF
06/22/17	DMG & Partners	Valuetronics	0.795	0.85	Neutral	DCF, PER10x FY18
06/30/17	Amfrasers	Valuetronics	0.795	0.86	Buy	DCF
07/05/17	CIMB	Valuetronics	0.785	0.89	Add	PER11x CY18
08/07/17	DMG & Partners	Valuetronics	0.825	0.85	Neutral
08/15/17	UOB Kay Hian	Valuetronics	0.975	0.94	Hold	PER11.7x FY18, Buy @ $0.85
08/15/17	Amfrasers	Valuetronics	0.975	0.91	Hold	DCF, PER13.6x FY18
08/15/17	CIMB	Valuetronics	0.975	1.02	Add	PER11.9x CY18
08/16/17	DMG & Partners	Valuetronics	0.96	0.93	Neutral	DCF
09/26/17	CIMB	Valuetronics	0.865	1.02	Add
11/10/17	DMG & Partners	Valuetronics	0.995	1.05	Neutral	DCF
11/14/17	CIMB	Valuetronics	1.01	1.1	Add	PER11x CY19
02/13/18	CIMB	Valuetronics	0.92	1.1	Add	PER11x CY19
02/13/18	UOB Kay Hian	Valuetronics	0.92	0.95	Buy	PER11.3x FY19, Buy @ $0.86
02/15/18	DMG & Partners	Valuetronics	0.915	1.05	Buy	DCF
03/23/18	Kim Eng	Valuetronics	0.955	1.25	Buy	ROE-g/COE-g, PB2.8x FY19

Valuemax - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/07/17	Amfrasers	Valuemax	0.28	0.39	Buy	PB1.15x FY17
01/10/18	Amfrasers	Valuemax	0.295	0.39	Buy

Stock calls for 2 April 2018

Date	Analyst	Company	Last	Target	Call	Valuation
04/02/18	CIMB	Aspen	0.215	0.29	Add	RNAV (45% discount)
04/02/18	Kim Eng	Best World	1.84	2.06	Buy
04/02/18	CIMB	City Developments	13	13.44	Add	RNAV (20% discount)
04/02/18	Kim Eng	Guocoland	2.08	3	Buy	RNAV (20% discount)
04/02/18	Kim Eng	Singapore Post	1.37	1.5	Buy	DCF
04/02/18	UOB Kay Hian	Tianjin Zhongxin	0.92	1.66	Buy	PER14.1x FY18
04/02/18	CIMB	United Engineers	2.61	2.94	Add	RNAV (15% discount)
04/02/18	CIMB	UOL	8.55	9.67	Add	RNAV (20% discount)
04/02/18	OCBC	Viva Industrial	0.885	0.93	Buy

China has retaliated with more tariffs for US goods.

https://www.telegraph.co.uk/news/2018/04/02/china-hits-back-us-tariffs-pork-wine-120-products-trade-war/

128 US goods are being targeted by China.

Look like we will all suffer soon from the US-China trade war.

Vietnam and China has reached a settlement for South China Sea issue.

https://www.kpvi.com/news/national_news/vietnam-china-urge-restraint-in-disputes-in-s-china-sea/article_d36be766-6375-5fdf-8a5c-1512633c1ddc.html

Vietnam and China have reached a settlement for South China Sea issue and this will give the USA fewer opportunities to exploit the South China Sea issue and create ramifications in ASEAN-China relationship.

This new milestone achievement will definitely bring more peace and prosperity to ASEAN.

Yeah!

Western countries' trashes are piling up at alarming rates.

https://www.huffingtonpost.in/2018/01/24/china-no-longer-wants-your-trash-heres-why-thats-potentially-disastrous_a_23342946/

The western countries are realizing that they have serious environmental problems when they cannot export trashes to China.

Hahaha!

Hot news! Japan PM Abe anti-protest!

https://www.rt.com/news/422276-shinzo-abe-protest-tokyo/

Japan PM Abe is in danger of losing his power as the protestors took to the streets to demonstrate against him.

This will give the opposition party a golden opportunity to dethrone PM Abe.

At least Japan won't have the time to go against China now.

Canada is the first casualty from the US-China trade war.

https://www.cnbc.com/2018/03/29/china-should-punish-us-colony-canada-over-possible-anti-dumping-rules-propaganda-outlet-says.html

Let this be a lesson for all to see.

Canada is the first casualty and won't be the last. Who will be the next one?

Baltic dry index - 1055

Today, Thursday, March 29 2018, the Baltic Dry Index decreased by 25 points, reaching 1055 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 - 993

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. decreased by two this week to 993.

That exceeds the 824 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported Thursday that 797 rigs drilled for oil this week and 194 for gas. Two were listed as miscellaneous.

Among major oil- and gas-producing states, Pennsylvania increased by two rigs and Louisiana and Oklahoma each gained one.

Texas lost three rigs and New Mexico, Ohio and West Virginia each decreased by one.

Alaska, Arkansas, California, Colorado, North Dakota, Utah 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.

Crypto community hub, Reddit, dumps bitcoin payment system.

https://www.bloombergquint.com/bitcoin/2018/03/28/crypto-community-hub-reddit-disables-bitcoin-payments

This is not surprising.  What is surprising will be the massive adoption of bitcoin payment system!

http://sg-stock.blogspot.sg/2017/12/how-practical-and-useful-is-bitcoin.html

Facebook privacy scandal is no small matter.

https://www.tomsguide.com/us/facebook-logging-scandal-impact,news-26868.html

There will be a class action lawsuit against Facebook soon because this breach of privacy is a big deal.

Many analysts are predicting FB share price to fall by 50% by next year.

Let's see how this will pan out.

UOL - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	UOL	5.93	8.47	Buy	RNAV (25% discount)
02/29/16	CIMB	UOL	5.69	8.26	Add	RNAV (20% discount)
02/29/16	DBS Vickers	UOL	5.69	7.39	Buy	RNAV (30% discount)
02/29/16	Lim & Tan	UOL	5.69	0	Buy
02/29/16	OCBC	UOL	5.69	7.43	Buy
03/15/16	CIMB	UOL	5.9	8.26	Add
03/15/16	JP Morgan	UOL	5.9	8.05	Overweight	Up from $8
04/18/16	CIMB	UOL	6.06	8.26	Add
04/18/16	UBS	UOL	6.06	7.9	Buy
05/13/16	CIMB	UOL	5.67	8.26	Add	RNAV (20% discount)
05/13/16	DBS Vickers	UOL	5.67	7.39	Buy	RNAV (30% discount)
05/13/16	OCBC	UOL	5.67	7.43	Buy
05/13/16	UBS	UOL	5.67	7.75	Buy
05/17/16	Lim & Tan	UOL	5.61	0	Buy
06/09/16	CIMB	UOL	5.63	8.26	Add
06/17/16	DBS Vickers	UOL	5.4	7.39	Buy
07/01/16	CIMB	UOL	5.46	8.06	Add	RNAV (20% discount)
07/05/16	OCBC	UOL	5.55	7.43	Buy
08/05/16	CIMB	UOL	5.84	7.96	Add
08/05/16	DBS Vickers	UOL	5.84	7.2	Buy
08/05/16	UBS	UOL	5.84	7.55	Buy
08/08/16	OCBC	UOL	5.83	7.3	Buy
09/07/16	CIMB	UOL	5.83	7.96	Add
09/16/16	DBS Vickers	UOL	5.52	7.2	Buy
10/03/16	OCBC	UOL	5.61	7.3	Buy
10/10/16	CIMB	UOL	5.85	7.97	Add	RNAV (20% discount)
10/18/16	DBS Vickers	UOL	5.7	7.2	Buy
10/18/16	Deutsche	UOL	5.7	6	Hold
11/09/16	CIMB	UOL	5.72	7.97	Add	RNAV (20% discount)
11/11/16	CIMB	UOL	5.7	7.96	Add	RNAV (20% discount)
11/11/16	OCBC	UOL	5.7	7.3	Buy
11/14/16	DBS Vickers	UOL	5.66	7.2	Buy	RNAV (30% discount)
12/06/16	CIMB	UOL	5.96	7.96	Add	RNAV (20% discount)
12/06/16	Kim Eng	UOL	5.96	7.39	Buy	RNAV (24% discount)
12/07/16	Deutsche	UOL	6.15	6	Hold
12/12/16	JP Morgan	UOL	6.22	8.05	Overweight
12/13/16	Kim Eng	UOL	6.2	7.39	Buy	RNAV (24% discount)
01/09/17	DBS Vickers	UOL	6.2	7.2	Buy	RNAV (30% discount)
01/11/17	Kim Eng	UOL	6.34	7.39	Buy
01/12/17	CIMB	UOL	6.3	7.96	Add
01/16/17	phillip	UOL	6.29	7.05	Accumulate	RNAV
01/25/17	Kim Eng	UOL	6.45	7.39	Buy	RNAV (24% discount)
02/06/17	phillip	UOL	6.58	7.05	Accumulate
02/17/17	DBS Vickers	UOL	6.55	7.2	Buy
02/27/17	CIMB	UOL	6.65	7.96	Add	RNAV (20% discount)
02/27/17	Kim Eng	UOL	6.65	7.68	Buy	RNAV (22% discount)
02/27/17	OCBC	UOL	6.65	7.3	Buy
02/28/17	DBS Vickers	UOL	6.51	7.64	Buy	RNAV (30% discount)
02/28/17	Lim & Tan	UOL	6.51	0	Buy
02/28/17	phillip	UOL	6.51	7.4	Accumulate	RNAV (20% discount)
03/09/17	Deutsche	UOL	6.68	6.8	Hold
03/09/17	OCBC	UOL	6.68	7.3	Buy	PB0.66x
03/13/17	CIMB	UOL	6.92	7.96	Add	RNAV (20% discount)
03/13/17	Kim Eng	UOL	6.92	7.68	Buy
03/14/17	UBS	UOL	6.94	8.15	Buy
03/16/17	Kim Eng	UOL	6.93	7.93	Buy
03/17/17	DBS Vickers	UOL	6.98	7.64	Buy
03/17/17	JP Morgan	UOL	6.98	8.2	Overweight
04/10/17	DBS Vickers	UOL	7.02	7.64	Buy
04/18/17	CIMB	UOL	6.98	7.96	Add
04/27/17	phillip	UOL	7.2	7.19	Accumulate
05/12/17	Deutsche	UOL	7.1	7.5	Hold
05/12/17	Kim Eng	UOL	7.1	7.93	Buy
05/15/17	CIMB	UOL	7.07	7.96	Add	RNAV (20% discount)
05/15/17	Kim Eng	UOL	7.07	8.3	Buy
05/15/17	OCBC	UOL	7.07	7.3	Hold
05/16/17	DBS Vickers	UOL	7.09	8.73	Buy	RNAV (20% discount)
05/16/17	phillip	UOL	7.09	7.64	Accumulate	RNAV (15% discount)
05/17/17	Lim & Tan	UOL	7	0	Buy
05/29/17	Kim Eng	UOL	6.94	9.05	Buy	RNAV (15% discount)
06/05/17	Credit Suisse	UOL	7.08	9	Outperform	RNAV (25% discount)
06/14/17	DBS Vickers	UOL	7.79	8.73	Buy
06/16/17	CIMB	UOL	7.6	7.96	Add
06/16/17	Kim Eng	UOL	7.6	9.05	Buy	RNAV (15% discount)
06/22/17	Deutsche	UOL	7.68	7.5	Hold
06/23/17	Lim & Tan	UOL	7.68	0	Buy
06/23/17	OCBC	UOL	7.68	7.3	Hold	RNAV (25% discount)
06/27/17	OCBC	UOL	7.6	8.39	Buy	RNAV (20% discount)
07/11/17	Kim Eng	UOL	7.59	9.05	Buy
07/18/17	JP Morgan	UOL	7.78	8.2	Overweight
07/18/17	CIMB	UOL	7.78	7.96	Add
07/27/17	DBS Vickers	UOL	7.92	8.73	Buy	RNAV (20% discount)
08/07/17	CIMB	UOL	8.06	9.03	Add	RNAV (20% discount)
08/07/17	Kim Eng	UOL	8.06	9.05	Buy
08/07/17	phillip	UOL	8.06	8.93	Accumulate	RNAV (15% discount)
08/08/17	Lim & Tan	UOL	8.16	0	Buy
08/08/17	OCBC	UOL	8.16	9.01	Buy
08/25/17	Kim Eng	UOL	8.13	9.43	Buy	RNAV (15% discount)
08/28/17	DBS Vickers	UOL	8.03	8.73	Buy
09/04/17	OCBC	UOL	8.18	8.63	Buy
09/05/17	CIMB	UOL	8.04	9.03	Add
09/12/17	DBS Vickers	UOL	8.06	8.73	Buy
09/12/17	Lim & Tan	UOL	8.06	0	Buy
09/15/17	Credit Suisse	UOL	8.03	9.4	Outperform
09/25/17	Kim Eng	UOL	8.07	9.43	Buy	RNAV (15% discount)
10/03/17	CIMB	UOL	8.19	9.03	Add
10/06/17	Lim & Tan	UOL	8.2	0	Buy
10/09/17	Kim Eng	UOL	8.55	9.8	Buy	RNAV (10% discount)
10/20/17	Deutsche	UOL	8.98	9.2	Hold
11/10/17	Credit Suisse	UOL	8.8	9.4	Outperform
11/10/17	Kim Eng	UOL	8.8	9.85	Buy	RNAV (10% discount)
11/10/17	CIMB	UOL	8.8	9.62	Add	RNAV (20% discount)
11/10/17	DBS Vickers	UOL	8.8	10.15	Buy	RNAV (20% discount)
11/10/17	Lim & Tan	UOL	8.8	0	Buy
11/13/17	OCBC	UOL	8.75	9.7	Buy
12/06/17	DBS Vickers	UOL	8.56	10.15	Buy
12/14/17	CIMB	UOL	8.72	9.62	Add	RNAV (20% discount)
12/14/17	OCBC	UOL	8.72	9.7	Buy
12/18/17	Kim Eng	UOL	8.54	9.85	Buy
01/04/18	Deutsche	UOL	9.08	10	Buy
01/16/18	CIMB	UOL	9.34	9.62	Add
01/16/18	Kim Eng	UOL	9.34	9.85	Buy	RNAV (15% discount), PB0.85x
01/16/18	Credit Suisse	UOL	9.34	10.8	Outperform
02/07/18	OCBC	UOL	8.71	9.7	Buy
02/07/18	CIMB	UOL	8.71	9.62	Add
02/19/18	DBS Vickers	UOL	8.34	10.15	Buy
02/28/18	Kim Eng	UOL	8.52	10.4	Buy	RNAV (10% discount)
02/28/18	OCBC	UOL	8.52	10.63	Buy	RNAV
02/28/18	CIMB	UOL	8.52	9.67	Add	RNAV (20% discount)
02/28/18	Credit Suisse	UOL	8.52	10.8	Outperform
03/06/18	DBS Vickers	UOL	8.38	10.23	Buy	RNAV (15% discount)
03/12/18	OCBC	UOL	8.75	10.63	Buy
03/16/18	CIMB	UOL	8.79	9.67	Add
03/20/18	Kim Eng	UOL	8.69	10.4	Buy

UOB Kay Hian - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/10/17	Lim & Tan	UOB Kay Hian	1.385	0	Buy