Comfortdelgro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	CIMB	Comfortdelgro	2.47	2.91	Add	DCF CY17
01/03/17	DMG & Partners	Comfortdelgro	2.47	3.24	Buy	DCF
01/04/17	OCBC	Comfortdelgro	2.5	2.95	Buy	DCF
01/05/17	Credit Suisse	Comfortdelgro	2.51	3.6	Outperform
01/06/17	UBS	Comfortdelgro	2.53	3.43	Buy
01/12/17	DIR	Comfortdelgro	2.53	3.67	Buy	DCF
02/06/17	Credit Suisse	Comfortdelgro	2.37	3.6	Outperform
02/13/17	CIMB	Comfortdelgro	2.51	2.91	Add	DCF
02/13/17	Credit Suisse	Comfortdelgro	2.51	3.35	Outperform
02/13/17	DBS Vickers	Comfortdelgro	2.51	2.94	Buy	DCF & PER
02/13/17	DIR	Comfortdelgro	2.51	3.51	Buy	DCF
02/13/17	DMG & Partners	Comfortdelgro	2.51	3	Buy	DCF
02/13/17	OCBC	Comfortdelgro	2.51	2.95	Buy
02/13/17	phillip	Comfortdelgro	2.51	2.94	Accumulate	DCF, PER19.8x FY17
02/13/17	UOB Kay Hian	Comfortdelgro	2.51	2.47	Hold	PER16.5x, Buy @ $2.20
03/06/17	Credit Suisse	Comfortdelgro	2.51	3.35	Outperform
03/06/17	Nomura	Comfortdelgro	2.51	2.56	Neutral
03/17/17	DBS Vickers	Comfortdelgro	2.53	2.94	Buy
03/27/17	OCBC	Comfortdelgro	2.52	2.95	Buy
03/30/17	UOB Kay Hian	Comfortdelgro	2.6	2.47	Hold	PER16.5x, Buy @ $2.35
04/04/17	OCBC	Comfortdelgro	2.58	2.95	Buy
04/07/17	Credit Suisse	Comfortdelgro	2.63	3.35	Outperform
04/12/17	DIR	Comfortdelgro	2.63	3.51	Buy	DCF
04/19/17	Deutsche	Comfortdelgro	2.66	2.9	Buy
04/20/17	DBS Vickers	Comfortdelgro	2.61	2.94	Buy
04/20/17	OCBC	Comfortdelgro	2.61	2.95	Buy
04/21/17	DIR	Comfortdelgro	2.66	3.54	Buy	DCF
05/12/17	DMG & Partners	Comfortdelgro	2.72	3	Buy	DCF
05/15/17	CIMB	Comfortdelgro	2.69	2.78	Hold	DCF FY17
05/15/17	Credit Suisse	Comfortdelgro	2.69	3.35	Outperform
05/15/17	DBS Vickers	Comfortdelgro	2.69	2.78	Hold	DCF & PER15x FY17/18
05/15/17	DIR	Comfortdelgro	2.69	3.49	Buy	DCF
05/15/17	OCBC	Comfortdelgro	2.69	2.88	Buy
05/15/17	phillip	Comfortdelgro	2.69	3.02	Accumulate	DCF, PER23.4x FY17
06/09/17	Deutsche	Comfortdelgro	2.4	2.9	Buy	DCF
06/09/17	Kim Eng	Comfortdelgro	2.4	2.64	Hold	PER17x FY17
06/27/17	UOB Kay Hian	Comfortdelgro	2.37	2.37	Hold	PER16.7x, Buy @ $2.20
07/04/17	DMG & Partners	Comfortdelgro	2.3	3	Buy
07/04/17	Nomura	Comfortdelgro	2.3	1.98	Reduce
07/13/17	DIR	Comfortdelgro	2.28	3.49	Buy	DCF
08/14/17	phillip	Comfortdelgro	2.31	2.78	Buy	DCF, PER20.6x FY17
08/14/17	DIR	Comfortdelgro	2.31	3.36	Buy	DCF
08/14/17	UOB Kay Hian	Comfortdelgro	2.31	2.37	Hold	PER16.6x, Buy @ $2.20
08/14/17	Credit Suisse	Comfortdelgro	2.31	3.2	Outperform
08/14/17	DMG & Partners	Comfortdelgro	2.31	2.6	Buy	DCF
08/14/17	OCBC	Comfortdelgro	2.31	2.7	Buy
08/14/17	CIMB	Comfortdelgro	2.31	2.46	Hold	DCF
08/14/17	Kim Eng	Comfortdelgro	2.31	2.25	Hold	PER16x FY17
08/15/17	DBS Vickers	Comfortdelgro	2.3	2.33	Hold	DCF, PER13x FY18
08/24/17	UOB Kay Hian	Comfortdelgro	2.36	2.37	Hold	PER16.6x, Buy @ $2.25
09/06/17	DIR	Comfortdelgro	2.21	3.19	Buy	DCF
09/15/17	Nomura	Comfortdelgro	2.18	1.98	Reduce	PER13x FY18
09/19/17	DBS Vickers	Comfortdelgro	2.07	2.33	Hold	DCF, PER13x FY18
09/20/17	DIR	Comfortdelgro	2.01	2.09	Hold	DCF
09/28/17	CIMB	Comfortdelgro	1.985	2.15	Hold	DCF
09/29/17	UOB Kay Hian	Comfortdelgro	2.04	2.34	Buy	PER16.6x
09/29/17	Kim Eng	Comfortdelgro	2.04	2.4	Buy	DCF, PER16.3x FY18
10/04/17	OCBC	Comfortdelgro	2.04	2.12	Hold	Buy @ $1.90
10/25/17	CIMB	Comfortdelgro	2.03	2.15	Hold	DCF
11/13/17	phillip	Comfortdelgro	2	2.69	Buy	DCF
11/13/17	UOB Kay Hian	Comfortdelgro	2	2.25	Buy	PER16.6x FY18
11/13/17	DBS Vickers	Comfortdelgro	2	2.18	Hold	DCF & PER15.3x FY17/18
11/13/17	Kim Eng	Comfortdelgro	2	2.4	Buy	DCF, PER16x FY18
11/13/17	OCBC	Comfortdelgro	2	2.05	Hold	Buy @ $1.90 or below
11/13/17	CIMB	Comfortdelgro	2	2.15	Hold	DCF
11/13/17	Lim & Tan	Comfortdelgro	2	0	Hold
11/13/17	Credit Suisse	Comfortdelgro	2	3.1	Outperform
11/14/17	DMG & Partners	Comfortdelgro	2.1	2	Neutral	DCF, PER14.5x FY18
12/11/17	CIMB	Comfortdelgro	1.91	2.15	Hold
12/11/17	Kim Eng	Comfortdelgro	1.91	2.4	Buy	DCF
12/11/17	phillip	Comfortdelgro	1.91	2.69	Buy	DCF
12/11/17	UOB Kay Hian	Comfortdelgro	1.91	2.25	Buy	PER16.6x
12/11/17	Lim & Tan	Comfortdelgro	1.91	0	Hold
12/12/17	DBS Vickers	Comfortdelgro	2.03	2.18	Hold
01/03/18	Amfrasers	Comfortdelgro	2.01	2.24	Buy	PER16x FY18
01/04/18	phillip	Comfortdelgro	2.02	2.63	Buy	DCF
01/04/18	OCBC	Comfortdelgro	2.02	2.05	Hold
01/11/18	Kim Eng	Comfortdelgro	1.99	2.4	Buy	DCF
01/18/18	UOB Kay Hian	Comfortdelgro	2.03	2.25	Buy	PER16.6x
01/19/18	CIMB	Comfortdelgro	2.01	2.15	Hold
02/02/18	OCBC	Comfortdelgro	2.15	2.12	Hold
02/13/18	UOB Kay Hian	Comfortdelgro	2.01	2.25	Buy	PER16.6x
02/14/18	DBS Vickers	Comfortdelgro	2.01	2.12	Hold	DCF & PER
02/14/18	Kim Eng	Comfortdelgro	2.01	2.35	Buy	DCF
02/14/18	OCBC	Comfortdelgro	2.01	2.25	Buy
02/14/18	CIMB	Comfortdelgro	2.01	2.16	Hold	DCF
02/14/18	Lim & Tan	Comfortdelgro	2.01	0	Buy on weakness
02/14/18	DMG & Partners	Comfortdelgro	2.01	2.05	Neutral	DCF
02/14/18	phillip	Comfortdelgro	2.01	2.5	Buy	DCF, PER17.4x FY18
02/15/18	DMG & Partners	Comfortdelgro	2.02	1.98	Neutral	DCF
03/09/18	Kim Eng	Comfortdelgro	2.06	2.35	Buy	DCF
03/21/18	OCBC	Comfortdelgro	2.02	2.25	Buy
03/22/18	phillip	Comfortdelgro	2	2.5	Buy
03/26/18	DBS Vickers	Comfortdelgro	1.99	2.12	Hold
03/27/18	CIMB	Comfortdelgro	2.04	2.16	Hold	DCF
03/29/18	UOB Kay Hian	Comfortdelgro	2	2.25	Buy	PER16.6x
04/06/18	OCBC	Comfortdelgro	2.07	2.25	Buy
05/02/18	Amfrasers	Comfortdelgro	2.25	2.72	Buy	PER19x FY18

Cogent - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/17	phillip	Cogent	0.79	1.08	Buy	DCF, PER17x FY17
05/02/17	phillip	Cogent	0.81	1.08	Buy	DCF, PER17x FY17
05/15/17	phillip	Cogent	0.79	1.18	Buy	DCF, PER18.6x FY17
08/14/17	phillip	Cogent	0.805	1.12	Buy	DCF, PER16.5x FY17
09/14/17	phillip	Cogent	0.815	1.12	Buy	DCF, PER16.5x FY17
11/06/17	phillip	Cogent	0.99	1.12	Reject Offer	DCF, Offer $1.02
12/08/17	CIMB	Cogent	1.01	1.02	Accept Offer	Offer $1.02

Stock calls for 7 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/07/18	phillip	Chip Eng Seng	0.93	1.21	Buy	RNAV (40% discount)
05/07/18	UOB Kay Hian	First Resources	1.69	1.6	Hold	PER13x FY18, Buy @ $1.40
05/07/18	DMG & Partners	Japan Foods	0.505	0.63	Buy	PER20x FY19
05/07/18	CIMB	Lippo-Malls Indo	0.32	0.33	Reduce	DDM
05/07/18	Phillip	Nam Lee	0.37	0.56	Buy	DCF, PER11.9x FY18, PB0.97x FY18
05/07/18	DBS Vickers	Sembcorp Industries	3.04	4.4	Buy	Sum of parts (10% discount), PB1.1x
05/07/18	UOB Kay Hian	SIA	11.03	11.9	Buy	PB0.9x FY18
05/07/18	DBS Vickers	Singtel	3.5	3.85	Buy	Sum of parts
05/07/18	CIMB	Starhub	2.29	2.4	Hold	DCF
05/07/18	DBS Vickers	Starhub	2.29	2.05	Fully Valued	DCF

Another brutal rape in India!

https://sg.news.yahoo.com/india-police-arrest-main-suspect-teen-raped-burned-084357158.html

This time, a 16 years old girl was raped and burnt in India by at least 15 men.

What more can we say about Indian men?

http://sg-stock.blogspot.sg/2018/05/2-teenagers-got-raped-in-india.html

Baltic dry index - 1384

Today, Friday, May 04 2018, the Baltic Dry Index climbed by 8 points, reaching 1384 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 - 1032

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. increased by 11 this week to 1,032.

At this time a year ago there were 877 active rigs.

Houston oilfield services company Baker Hughes reported Friday that 834 rigs drilled for oil this week and 196 for gas. Two were listed as miscellaneous.

Among major oil- and gas-producing states, New Mexico added six rigs and Oklahoma and Texas each gained two. Alaska, Louisiana and North Dakota added one apiece.

Colorado declined by one.

Arkansas, California, Ohio, Pennsylvania, 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.

======================

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Midas is in bankruptcy now!

https://www.businesstimes.com.sg/companies-markets/midas-board-says-company-cannot-operate-as-going-concern-auditors-turn-their-back

The management has declared it officially that the company is no longer able to operate anymore.

We did state that in our previous posting.

http://sg-stock.blogspot.sg/2018/05/midas-is-facing-bankruptcy-now.html

A Swiss-based study exonerates China.

https://sg.finance.yahoo.com/news/impact-chinese-overcapacity-global-trade-exaggerated-study-finds-113433657--finance.html

The USA and its allies have been embarking on a smearing campaign to discredit China but a Swiss-based study has just exonerated China.

The western countries have been trying to portray China as a military and economic threat when the culprits are the western countries.

They attacked Iraq with fabricated intelligence and they also staged chemical attacks in Syria.

CNMC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/17	DBS Vickers	CNMC	0.45	0.65	Buy	DCF & PER14x FY17
02/24/17	phillip	CNMC	0.41	0.68	Buy	FCFE (DDM)
02/27/17	DBS Vickers	CNMC	0.415	0.6	Buy	DCF & PER14x FY17
05/17/17	phillip	CNMC	0.295	0.44	Buy	DCF
05/18/17	DBS Vickers	CNMC	0.32	0.31	Hold	DCF & PER14x FY17
06/28/17	NRA	CNMC	0.26	0.38	Overweight	FCFE
07/26/17	NRA	CNMC	0.295	0.38	Overweight
08/17/17	phillip	CNMC	0.27	0.29	Neutral	DCF
11/14/17	phillip	CNMC	0.28	0.3	Neutral	DCF
02/27/18	phillip	CNMC	0.26	0.3	Accumulate	DCF
03/07/18	NRA	CNMC	0.27	0.375	Overweight	FCFE

Cityneon - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
01/13/17	DBS Vickers	5HJ	Cityneon	0.88	1.26	Buy	43.18
02/24/17	CIMB	5HJ	Cityneon	0.825	1.27	Add	53.94	PER15x FY18
02/24/17	DBS Vickers	5HJ	Cityneon	0.825	1.26	Buy	52.73	PER17x FY17
04/10/17	DBS Vickers	5HJ	Cityneon	0.905	1.26	Buy	39.23
05/15/17	DBS Vickers	5HJ	Cityneon	0.955	1.26	Buy	31.94
05/16/17	CIMB	5HJ	Cityneon	0.9	1.27	Add	41.11	PER15x FY18
05/26/17	UOB Kay Hian	5HJ	Cityneon	0.935	1.28	Buy	36.90	Sum of parts, PER14.7x FY18
05/30/17	DBS Vickers	5HJ	Cityneon	0.935	1.23	Buy	31.55
06/01/17	CIMB	5HJ	Cityneon	0.98	1.27	Add	29.59	PER15x FY18
08/11/17	UOB Kay Hian	5HJ	Cityneon	0.935	1.28	Reject Offer	36.90	Sum of parts, offer price $0.90
08/16/17	UOB Kay Hian	5HJ	Cityneon	0.935	1.28	Buy	36.90	Sum of parts
08/16/17	CIMB	5HJ	Cityneon	0.935	1.27	Add	35.83	PER15x FY18
09/04/17	UOB Kay Hian	5HJ	Cityneon	0.99	1.5	Buy	51.52	PER15.4x FY18
09/21/17	DBS Vickers	5HJ	Cityneon	1.08	1.45	Buy	34.26	PER14.4x FY18
11/09/17	UOB Kay Hian	5HJ	Cityneon	1.14	1.5	Buy	31.58
11/13/17	Amfrasers	5HJ	Cityneon	1.095	1.38	Buy	26.03	PER15.1x FY18
11/27/17	DBS Vickers	5HJ	Cityneon	1.04	1.45	Buy	39.42
01/05/18	DBS Vickers	5HJ	Cityneon	0.97	1.45	Buy	49.48
01/09/18	UOB Kay Hian	5HJ	Cityneon	0.97	1.55	Buy	59.79	PER15.4x FY18
02/20/18	UOB Kay Hian	5HJ	Cityneon	1.02	1.55	Buy	51.96
02/28/18	Kim Eng	5HJ	Cityneon	1.1	1.55	Buy	40.91
03/01/18	UOB Kay Hian	5HJ	Cityneon	1.04	1.55	Buy	49.04	PER15.4x FY18
03/01/18	DBS Vickers	5HJ	Cityneon	1.04	1.45	Buy	39.42	PER14.4x FY18
03/05/18	Amfrasers	5HJ	Cityneon	1.06	1.54	Buy	45.28	PER14x FY18
03/15/18	CIMB	5HJ	Cityneon	1.11	1.58	Add	42.34	PER14x FY19
05/03/18	DBS Vickers	5HJ	Cityneon	1.05	1.6	Buy	52.38	PER14.4x FY18
05/03/18	CIMB	5HJ	Cityneon	1.05	1.58	Add	50.48	PER14x CY19

Stock calls for 4 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/04/18	DMG & Partners	Breadtalk	1.83	1.86	Neutral	Sum of parts
05/04/18	Macquarie	DBS	29.28	29.5	Neutral
05/04/18	Kim Eng	Hi-P	1.57	1.45	Hold	PB2x
05/04/18	Lim & Tan	Parkway Life	2.78	0	Buy
05/04/18	OCBC	Sembcorp Industries	3.06	3.59	Buy
05/04/18	UOB Kay Hian	Sembcorp Industries	3.06	3.6	Hold	Sum of parts, Buy @ $2.90
05/04/18	CIMB	Sembcorp Industries	3.06	3.49	Add	Sum of parts
05/04/18	Kim Eng	Singtel	3.52	3.69	Hold
05/04/18	UOB Kay Hian	Starhub	2.31	2.25	Sell	DCF
05/04/18	Kim Eng	Starhub	2.31	2.27	Hold	DCF
05/04/18	DMG & Partners	Starhub	2.31	2.5	Neutral	DCF
05/04/18	OCBC	Starhub	2.31	2.2	Hold
05/04/18	phillip	UOB	29.58	31.7	Accumulate	GGM, PB1.5x FY18
05/04/18	CIMB	UOB	29.58	33	Add	GGM, PB1.5x FY18
05/04/18	Kim Eng	UOB	29.58	32.88	Buy	GGM, PB1.5x FY18
05/04/18	DBS Vickers	UOB	29.58	33.2	Buy	GGM, PB1.5x FY18

2 teenagers got raped in India!

https://www.reuters.com/article/us-india-rape/two-teenagers-gang-raped-in-india-one-commits-suicide-idUSKBN1I412J

Here we go again!

Women shouldn't walk on India streets or they'll get raped.

http://sg-stock.blogspot.sg/2018/04/here-we-go-again-8-year-old-girl-was.html

City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	City Developments	8.28	9.36	Buy	RNAV (30% discount)
01/04/17	UOB Kay Hian	City Developments	8.31	10.36	Buy
01/05/17	Credit Suisse	City Developments	8.39	11.3	Outperform
01/09/17	DBS Vickers	City Developments	8.47	9.9	Buy	RNAV (20% discount)
01/11/17	Kim Eng	City Developments	8.64	8.9	Hold
01/12/17	CIMB	City Developments	8.69	10.4	Add
01/13/17	DIR	City Developments	8.73	10.75	Buy	Sum of parts (20% discount)
01/17/17	DMG & Partners	City Developments	8.86	9.7	Buy	RNAV (30% discount)
01/17/17	Jefferies	City Developments	8.86	8.5	Hold
02/03/17	DMG & Partners	City Developments	9.26	9.7	Buy	RNAV (30% discount)
02/06/17	phillip	City Developments	9.42	9.98	Accumulate
02/08/17	Credit Suisse	City Developments	9.59	11.3	Outperform
02/17/17	DBS Vickers	City Developments	9.17	9.9	Buy
02/17/17	Deutsche	City Developments	9.17	10.8	Buy
02/24/17	CIMB	City Developments	9.66	10.51	Add	RNAV (25% discount)
02/24/17	Credit Suisse	City Developments	9.66	11.6	Outperform
02/24/17	DBS Vickers	City Developments	9.66	10.52	Buy	RNAV (20% discount)
02/24/17	Deutsche	City Developments	9.66	10.8	Buy
02/24/17	DIR	City Developments	9.66	10.9	Buy
02/24/17	DMG & Partners	City Developments	9.66	10.5	Buy	RNAV (25% discount)
02/24/17	Kim Eng	City Developments	9.66	9	Hold	RNAV (25% discount)
02/24/17	Lim & Tan	City Developments	9.66	0	Buy
02/24/17	OCBC	City Developments	9.66	10.5	Buy
02/24/17	phillip	City Developments	9.66	10.4	Accumulate	RNAV (20% discount)
02/24/17	UOB Kay Hian	City Developments	9.66	10.36	Hold	RNAV (20% discount), Buy @ $8.80
03/13/17	CIMB	City Developments	10.15	10.51	Add
03/13/17	Credit Suisse	City Developments	10.15	11.6	Outperform
03/13/17	Kim Eng	City Developments	10.15	9	Hold
03/13/17	UOB Kay Hian	City Developments	10.15	11.4	Buy
03/14/17	UBS	City Developments	10.5	11.5	Buy
03/16/17	Kim Eng	City Developments	10.23	9.8	Hold
03/23/17	DMG & Partners	City Developments	10.23	11.3	Buy	RNAV (20% discount)
04/27/17	phillip	City Developments	10.72	10.4	Accumulate
04/27/17	JP Morgan	City Developments	10.72	12.3	Overweight
05/12/17	CIMB	City Developments	10.85	11.63	Add	RNAV (20% discount)
05/12/17	Credit Suisse	City Developments	10.85	11.9	Outperform
05/12/17	Deutsche	City Developments	10.85	12.7	Buy
05/12/17	DIR	City Developments	10.85	11.43	Outperform	RNAV (20% discount)
05/12/17	DMG & Partners	City Developments	10.85	11.3	Take Profit
05/12/17	Kim Eng	City Developments	10.85	9.8	Hold	RNAV (18% discount)
05/12/17	UOB Kay Hian	City Developments	10.85	11.4	Hold	RNAV (12% discount)
05/15/17	DBS Vickers	City Developments	10.58	12.63	Buy	RNAV, PB1.2x
05/15/17	OCBC	City Developments	10.58	10.5	Hold
05/15/17	phillip	City Developments	10.58	11.07	Accumulate	RNAV (15% discount)
05/29/17	Kim Eng	City Developments	10.6	12.05	Buy	RNAV (11% discount)
06/09/17	Deutsche	City Developments	10.76	12.7	Buy	Sum of parts
06/09/17	Jefferies	City Developments	10.76	11.5	Hold
06/16/17	CIMB	City Developments	10.63	11.63	Add
06/16/17	Kim Eng	City Developments	10.63	12.05	Buy
07/11/17	Kim Eng	City Developments	10.82	12.05	Buy
07/18/17	JP Morgan	City Developments	10.97	12.3	Overweight
07/27/17	DBS Vickers	City Developments	11.26	12.63	Buy	RNAV (15% discount), PB1.2x
08/11/17	OCBC	City Developments	11.67	10.5	Hold
08/14/17	phillip	City Developments	11.14	12.1	Accumulate	RNAV (15% discount)
08/14/17	UOB Kay Hian	City Developments	11.14	11.4	Hold	RNAV (12% discount), Buy @ $9.7
08/14/17	OCBC	City Developments	11.14	12.39	Buy
08/14/17	CIMB	City Developments	11.14	12.54	Add	RNAV (20% discount)
08/14/17	Kim Eng	City Developments	11.14	12.05	Buy	RNAV (11% discount)
08/15/17	Credit Suisse	City Developments	11.53	12.7	Outperform
08/15/17	DBS Vickers	City Developments	11.53	12.63	Buy	RNAV, PB1.2x
09/05/17	CIMB	City Developments	11.65	12.54	Add
09/12/17	DBS Vickers	City Developments	11.58	12.63	Buy
09/18/17	UOB Kay Hian	City Developments	11.25	11.4	Hold
09/25/17	Kim Eng	City Developments	11.23	12.05	Buy
09/28/17	OCBC	City Developments	11.29	12.39	Buy
09/29/17	DIR	City Developments	11.19	12.82	Outperform	Sum of parts
10/03/17	CIMB	City Developments	11.48	12.54	Add
10/05/17	DIR	City Developments	11.42	12.85	Outperform	RNAV (10% discount)
10/06/17	Lim & Tan	City Developments	11.41	0	Buy
10/09/17	OCBC	City Developments	11.6	12.9	Buy
10/09/17	Kim Eng	City Developments	11.6	13.6	Buy	RNAV
10/10/17	phillip	City Developments	11.75	12.1	Accumulate	RNAV (15% discount)
10/11/17	DBS Vickers	City Developments	11.85	12.63	Buy	RNAV, PB1.2x
11/10/17	Kim Eng	City Developments	12.14	13.8	Buy	RNAV
11/10/17	UOB Kay Hian	City Developments	12.14	11.4	Hold	RNAV (12% discount), Buy @ $9.7
11/10/17	CIMB	City Developments	12.14	13.15	Add	RNAV (20% discount)
11/10/17	DBS Vickers	City Developments	12.14	14.03	Buy	RNAV, PB1.2x
11/10/17	Deutsche	City Developments	12.14	12.7	Buy
11/13/17	phillip	City Developments	12.2	12.1	Accumulate	RNAV (15% discount), Potential upside $13.50
11/13/17	OCBC	City Developments	12.2	13.5	Buy
11/20/17	Lim & Tan	City Developments	12.11	0	Buy
11/27/17	DBS Vickers	City Developments	12.24	14.03	Buy	RNAV, PB1.2x
11/27/17	Macquarie	City Developments	12.24	14.05	Outperform
12/01/17	UOB Kay Hian	City Developments	12.11	14.03	Buy	RNAV
12/07/17	Lim & Tan	City Developments	11.78	0	Buy
12/11/17	CIMB	City Developments	12.31	13.15	Add	RNAV (20% discount)
12/12/17	phillip	City Developments	12.57	12.1	Accumulate	RNAV (15% discount)
12/14/17	OCBC	City Developments	12.65	13.5	Buy	RNAV (20% discount)
12/18/17	DBS Vickers	City Developments	12.15	14.03	Buy
12/18/17	Kim Eng	City Developments	12.15	13.8	Buy
01/04/18	UOB Kay Hian	City Developments	12.84	14.03	Buy
01/05/18	Jefferies	City Developments	12.86	14.8	Buy
01/15/18	OCBC	City Developments	13.04	15.3	Buy	RNAV (10% discount)
01/16/18	CIMB	City Developments	13.46	13.15	Add
01/16/18	Kim Eng	City Developments	13.46	13.8	Buy	RNAV (6% discount), PB1.26x
01/16/18	Deutsche	City Developments	13.46	16	Buy
02/07/18	OCBC	City Developments	12.76	15.3	Buy
02/07/18	Credit Suisse	City Developments	12.76	16.3	Outperform
02/13/18	UOB Kay Hian	City Developments	12.31	14.03	Buy	RNAV
02/19/18	DBS Vickers	City Developments	12.72	14.03	Buy
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)
03/05/18	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
03/09/18	DBS Vickers	City Developments	12.94	15.4	Buy	RNAV, PB1.2x
03/20/18	DMG & Partners	City Developments	13.25	15	Buy	RNAV (10% discount), Up froM $14.12 (RNAV 20% discount)
04/02/18	CIMB	City Developments	13	13.44	Add	RNAV (20% discount)
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
04/10/18	DMG & Partners	City Developments	12.87	15	Buy
04/11/18	Kim Eng	City Developments	12.73	14.2	Buy
04/13/18	Deutsche	City Developments	12.57	16	Buy
05/03/18	UOB Kay Hian	City Developments	12.55	14.03	Buy

Citic Envirotech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/17	DBS Vickers	Citic Envirotech	0.82	0.8	Hold	Sum of parts, Stock split 1 into 2
03/02/17	CIMB	Citic Envirotech	0.77	0.93	Add	DCF
03/02/17	DBS Vickers	Citic Envirotech	0.77	0.92	Buy	Sum of parts
03/29/17	UOB Kay Hian	Citic Envirotech	0.83	1.1	Buy	DCF
04/03/17	UOB Kay Hian	Citic Envirotech	0.83	1.1	Buy	DCF
04/27/17	CIMB	Citic Envirotech	0.785	0.93	Add	DCF
05/03/17	UOB Kay Hian	Citic Envirotech	0.77	1.1	Buy
07/03/17	UOB Kay Hian	Citic Envirotech	0.73	1.1	Buy	DCF
08/08/17	UOB Kay Hian	Citic Envirotech	0.715	1.1	Buy	DCF
09/05/17	UOB Kay Hian	Citic Envirotech	0.735	1.1	Buy	DCF
10/04/17	UOB Kay Hian	Citic Envirotech	0.745	1.1	Buy	DCF
10/11/17	DBS Vickers	Citic Envirotech	0.735	0.8	Hold	PER25x
11/02/17	UOB Kay Hian	Citic Envirotech	0.79	1.1	Buy	DCF
12/06/17	UOB Kay Hian	Citic Envirotech	0.725	1.1	Buy	DCF
12/29/17	DBS Vickers	Citic Envirotech	0.755	0.8	Hold
01/04/18	UOB Kay Hian	Citic Envirotech	0.75	1.1	Buy
01/09/18	UOB Kay Hian	Citic Envirotech	0.74	1.09	Buy	DCF
02/12/18	UOB Kay Hian	Citic Envirotech	0.705	1.11	Buy	DCF, PER11.1x FY19
02/28/18	UOB Kay Hian	Citic Envirotech	0.755	1.06	Buy	DCF, PER11.6x FY19
03/02/18	UOB Kay Hian	Citic Envirotech	0.735	1.06	Buy
04/03/18	UOB Kay Hian	Citic Envirotech	0.715	1.06	Buy	DCF, PER11.6x FY19
05/03/18	UOB Kay Hian	Citic Envirotech	0.705	1.06	Buy

Chip Eng Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/17	phillip	Chip Eng Seng	0.72	0.81	Accumulate	RNAV (50% discount)
03/07/17	phillip	Chip Eng Seng	0.725	0.87	Accumulate	RNAV (50% discount)
05/08/17	phillip	Chip Eng Seng	0.7	0.9	Buy	RNAV (50% discount)
08/10/17	phillip	Chip Eng Seng	0.73	0.9	Buy	RNAV (50% discount)
10/17/17	DBS Vickers	Chip Eng Seng	0.9	1.18	Buy	Sum of parts
11/03/17	DBS Vickers	Chip Eng Seng	0.97	1.18	Buy	Sum of parts
11/09/17	phillip	Chip Eng Seng	0.96	1.21	Buy	RNAV (40% discount)
12/06/17	DBS Vickers	Chip Eng Seng	0.885	1.18	Buy	Sum of parts, RNAV (45% discount)
02/01/18	DBS Vickers	Chip Eng Seng	1.01	1.18	Buy	Sum of parts
02/19/18	phillip	Chip Eng Seng	0.955	1.21	Buy	RNAV (40% discount)
03/20/18	UOB Kay Hian	Chip Eng Seng	0.94	1.38	Buy	Sum of parts
03/20/18	DBS Vickers	Chip Eng Seng	0.94	1.18	Buy	Sum of parts

Stock calls for 3 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/03/18	Phillip	Capitaland	3.76	4.19	Accumulate	RNAV (20% discount)
05/03/18	UOB Kay Hian	Citic Envirotech	0.705	1.06	Buy
05/03/18	UOB Kay Hian	City Developments	12.55	14.03	Buy
05/03/18	DBS Vickers	Cityneon	1.05	1.6	Buy	PER14.4x FY18
05/03/18	CIMB	Cityneon	1.05	1.58	Add	PER14x CY19
05/03/18	DBS Vickers	Hi-P	1.69	1.8	Hold	PER13.3x FY18
05/03/18	Lim & Tan	Hi-P	1.69	0	Sell
05/03/18	DBS Vickers	Hong Leong Finance	2.8	3.2	Buy	GGM
05/03/18	UOB Kay Hian	Keppel Corp	8.15	9	Buy
05/03/18	OCBC	Keppel Corp	8.15	9.4	Buy
05/03/18	UOB Kay Hian	OCBC	13.86	16.02	Buy
05/03/18	CIMB	OUE Hospitality	0.82	0.92	Add	DDM
05/03/18	DMG & Partners	OUE Hospitality	0.82	0.95	Buy	DDM
05/03/18	OCBC	OUE Hospitality	0.82	0.84	Hold	Buy @ $0.78 or lower
05/03/18	UOB Kay Hian	Singtel	3.5	4.35	Buy	DCF
05/03/18	Jefferies	UOB	29.99	34	Buy
05/03/18	DMG & Partners	UOB	29.99	33.3	Buy
05/03/18	UOB Kay Hian	Wing Tai	2.05	2.78	Buy	RNAV (20% discount)
05/03/18	DMG & Partners	Yoma	0.43	0.66	Buy	Sum of parts

China Sunsine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/05/17	NRA	China Sunsine	0.785	1.245	Overweight	PER12x FY17
10/27/17	Amfrasers	China Sunsine	1	1.39	Buy	PER10x FY18
01/22/18	CIMB	China Sunsine	1.04	1.5	Add	PER9.8x CY19
01/29/18	phillip	China Sunsine	1.11	1.6	Buy	FCFE, PER10x FY18
01/29/18	Amfrasers	China Sunsine	1.11	1.39	Buy	PER10x FY18
02/07/18	CIMB	China Sunsine	1.13	1.5	Add
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
04/05/18	CIMB	China Sunsine	1.25	1.62	Add	PER9.8x FY19
04/27/18	CIMB	China Sunsine	1.5	1.87	Add	PER9.8x FY19
04/30/18	phillip	China Sunsine	1.48	1.97	Buy	FCFE