Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/17	UOB Kay Hian	Food Empire	0.565	0.78	Buy	PER19x FY17
03/02/17	UOB Kay Hian	Food Empire	0.57	0.78	Buy	PER19x FY17
04/03/17	UOB Kay Hian	Food Empire	0.58	0.78	Buy
04/11/17	DMG & Partners	Food Empire	0.575	0.76	Buy	PER18x FY17
05/03/17	UOB Kay Hian	Food Empire	0.54	0.78	Buy
05/12/17	DMG & Partners	Food Empire	0.58	0.85	Buy
05/16/17	DMG & Partners	Food Empire	0.655	0.95	Buy	PER18x FY17
05/16/17	UOB Kay Hian	Food Empire	0.655	0.9	Buy	PER19x FY17
08/14/17	UOB Kay Hian	Food Empire	0.67	0.87	Buy	PER19x FY17
08/14/17	DMG & Partners	Food Empire	0.67	0.95	Buy	PER18x FY17
11/10/17	DMG & Partners	Food Empire	0.66	1	Buy	PER18x FY18
12/19/17	DMG & Partners	Food Empire	0.655	1	Buy
01/04/18	DMG & Partners	Food Empire	0.705	1	Buy	PER12x FY18
02/20/18	DMG & Partners	Food Empire	0.67	1	Buy
03/02/18	DMG & Partners	Food Empire	0.7	1.07	Buy	PER18x FY18
05/14/18	DMG & Partners	Food Empire	0.67	1.07	Buy	PER18x FY18

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/31/17	Amfrasers	First Sponsor	1.37	1.62	Not Rated	RNAV (25% discount)
02/09/18	Lim & Tan	First Sponsor	1.41	0	Buy

First Ship Lease Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/17	Amfrasers	First Ship Lease Trust	0.08	0.13	Buy	DCF
12/13/17	Amfrasers	First Ship Lease Trust	0.082	0.15	Buy	DCF
01/17/18	Amfrasers	First Ship Lease Trust	0.093	0.15	Buy

Stock calls for 17 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/17/18	DMG & Partners	A-Reit	2.64	2.95	Buy
05/17/18	Phillip	APTV	0.465	0.52	Buy
05/17/18	phillip	Banyan Tree	0.575	0.73	Accumulate	Sum of parts, PB0.94x FY18
05/17/18	DMG & Partners	Cache Logistics	0.795	0.98	Buy
05/17/18	DMG & Partners	CapitaCommercial	1.72	1.63	Sell
05/17/18	OCBC	CapitaCommercial	1.72	1.84	Hold
05/17/18	DMG & Partners	Capitamall Trust	2.08	2.1	Neutral
05/17/18	DBS Vickers	Chip Eng Seng	0.945	1.18	Buy
05/17/18	DBS Vickers	City Developments	11.97	15.4	Buy
05/17/18	phillip	CNMC	0.275	0.42	Buy	DCF
05/17/18	DMG & Partners	Frasers Centrepoint Trust	2.16	2.24	Neutral
05/17/18	DMG & Partners	Frasers Commercial Trust	1.36	1.49	Neutral
05/17/18	DMG & Partners	ISOTeam	0.35	0.42	Buy
05/17/18	DMG & Partners	Keppel Reit	1.18	1.06	Sell
05/17/18	phillip	SIA Engineering	3.31	3.57	Accumulate	DCF
05/17/18	DBS Vickers	SIA Engineering	3.31	3.92	Buy	Sum of parts
05/17/18	UOB Kay Hian	SIA Engineering	3.31	3.8	Buy	PER19.6x ex-cash
05/17/18	OCBC	SIA Engineering	3.31	3.7	Buy
05/17/18	Lim & Tan	Singtel	3.42	0	Buy
05/17/18	DMG & Partners	Starhill	0.685	0.81	Neutral
05/17/18	DMG & Partners	Suntec Reit	1.83	1.75	Neutral
05/17/18	Phillip	Thai Beverage	0.795	1.05	Buy	Sum of parts
05/17/18	CIMB	Thai Beverage	0.795	0.98	Add	Sum of parts
05/17/18	OCBC	Thai Beverage	0.795	0.95	Buy
05/17/18	OCBC	Viva Industrial	0.89	0.9	Hold

Singapore NODX increased 11.8% in April 2018

https://sg.finance.yahoo.com/news/singapore-april-exports-blow-past-expectations-stronger-pharma-040119407--business.html

Year on year changes (YOY):

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%

http://sg-stock.blogspot.sg/2018/04/singapore-nodx-fell-27-in-march-2018.html

Microsoft bans Crypto ads now!

https://sg.finance.yahoo.com/news/crypto-prices-plunge-microsoft-bing-070100228.html

This is not unexpected as Bill Gates announced recently that he would short crypto if he were a crypto investor.

Trump partners with China to develop a theme park in Indonesia.

https://sg.finance.yahoo.com/news/trump-indonesia-project-gets-chinese-041659051.html

LOL! Trump is truly a businessman and not a president.  No wonder he is trying to save China ZTE now.

Trump-Kim summit in Singapore is in jeopardy now.

https://sg.news.yahoo.com/skorea-news-agency-nkorea-threatens-192035374.html

http://sg-stock.blogspot.sg/2018/05/hot-news-trump-and-kim-will-meet-in.html

Continual military exercises with South Korea are definitely unfriendly gestures against North Korea especially prior to the Trump-Kim summit in Singapore.  This is a common sense thing but Trump doesn't get it.  No wonder Kim visited China before the summit to get some support and hoped that President Xi would be present during the summit.

Let's see how this will pan out.

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	First Resources	1.9	1.8	Neutral
01/11/17	CIMB	First Resources	1.915	2.32	Add
01/11/17	DBS Vickers	First Resources	1.915	1.9	Hold
01/11/17	Kim Eng	First Resources	1.915	1.97	Hold
01/31/17	UOB Kay Hian	First Resources	1.955	1.98	Buy
02/01/17	Kim Eng	First Resources	1.93	1.97	Hold
02/03/17	UOB Kay Hian	First Resources	1.935	2.15	Buy	PER17x FY17
02/06/17	DMG & Partners	First Resources	1.965	2	Hold	PER19x FY17
02/13/17	DBS Vickers	First Resources	1.97	1.9	Hold
02/17/17	DBS Vickers	First Resources	1.96	2.19	Buy
02/28/17	CIMB	First Resources	1.87	2.32	Add	PER13x FY18
03/01/17	DBS Vickers	First Resources	1.885	2.15	Buy	DCF
03/01/17	Kim Eng	First Resources	1.885	1.97	Hold	PER17x FY17
03/01/17	UOB Kay Hian	First Resources	1.885	2.15	Buy	PER17x FY17
03/09/17	DMG & Partners	First Resources	1.94	1.9	Neutral
04/11/17	DMG & Partners	First Resources	1.915	1.8	Neutral
05/02/17	UOB Kay Hian	First Resources	1.875	2.15	Buy	PER17x FY17
05/12/17	CIMB	First Resources	1.96	2.32	Add	PER13x FY18
05/12/17	Kim Eng	First Resources	1.96	1.97	Hold	PER17x FY17
05/15/17	DMG & Partners	First Resources	1.955	2.05	Neutral	PER17x FY17
05/16/17	DBS Vickers	First Resources	2	2.15	Buy	DCF
06/29/17	UOB Kay Hian	First Resources	1.915	1.95	Hold
07/11/17	DBS Vickers	First Resources	1.89	2.15	Buy
07/20/17	UOB Kay Hian	First Resources	1.885	1.95	Hold	PER16x FY18, Buy @ $1.75
08/14/17	Kim Eng	First Resources	1.84	1.97	Hold	PER17x FY17
08/14/17	DMG & Partners	First Resources	1.84	2.05	Neutral	PER17x FY17
08/15/17	CIMB	First Resources	1.84	2.32	Add	PER13x FY18
08/15/17	DBS Vickers	First Resources	1.84	2.13	Buy	DCF
08/21/17	UOB Kay Hian	First Resources	1.8	1.95	Hold
08/28/17	DIR	First Resources	1.905	2.11	Outperform	PER13x FY17/18
09/11/17	Kim Eng	First Resources	1.88	1.97	Hold
09/13/17	DBS Vickers	First Resources	1.885	2.13	Buy
10/09/17	UOB Kay Hian	First Resources	1.925	1.95	Hold	PER16x FY18, Buy @ $1.75
10/11/17	Kim Eng	First Resources	1.93	2.04	Hold	PER17x FY17
10/11/17	CIMB	First Resources	1.93	2.32	Add
11/02/17	Credit Suisse	First Resources	1.98	2.3	Neutral	PER16x FY18
11/03/17	CIMB	First Resources	1.96	2.32	Add
11/13/17	Kim Eng	First Resources	1.94	2.04	Hold	PER17x FY17
11/13/17	DBS Vickers	First Resources	1.94	2.13	Buy
11/14/17	Kim Eng	First Resources	1.95	2.04	Hold	PER17x FY17
11/14/17	DMG & Partners	First Resources	1.95	2.13	Neutral	PER13x FY18
11/14/17	CIMB	First Resources	1.95	2.13	Add	PER13x FY19
11/15/17	DBS Vickers	First Resources	1.93	2.18	Buy	DCF, PER14.5x FY18
11/15/17	UOB Kay Hian	First Resources	1.93	1.95	Hold	PER16x FY18, Buy @ $1.75
11/15/17	Credit Suisse	First Resources	1.93	2.3	Neutral
12/04/17	CIMB	First Resources	1.88	2.13	Add
12/13/17	Kim Eng	First Resources	1.88	2.04	Hold
12/13/17	DMG & Partners	First Resources	1.88	2.03	Neutral	PER12x FY18
01/04/18	CIMB	First Resources	1.88	2.13	Add
01/15/18	DBS Vickers	First Resources	1.87	2.18	Buy
02/08/18	UOB Kay Hian	First Resources	1.84	1.95	Hold	PER16x FY18x, Buy @ $1.75
02/13/18	Kim Eng	First Resources	1.75	2.04	Hold
02/27/18	Kim Eng	First Resources	1.76	2.2	Buy	PER17x FY18
02/27/18	DMG & Partners	First Resources	1.76	1.75	Neutral	PER12x FY18
02/28/18	DBS Vickers	First Resources	1.79	2.18	Buy	DCF, PER15.8x FY18
02/28/18	CIMB	First Resources	1.79	2.03	Add	PER15x CY19
02/28/18	Credit Suisse	First Resources	1.79	2.3	Neutral
03/05/18	Kim Eng	First Resources	1.76	2.2	Buy
03/07/18	UOB Kay Hian	First Resources	1.76	1.95	Hold	PER16x FY18
03/14/18	DBS Vickers	First Resources	1.75	2.18	Buy
04/03/18	DBS Vickers	First Resources	1.68	2.18	Buy
05/07/18	UOB Kay Hian	First Resources	1.69	1.6	Hold	PER13x FY18, Buy @ $1.40
05/15/18	CIMB	First Resources	1.61	2.03	Add	PER15x CY19
05/15/18	DMG & Partners	First Resources	1.61	1.75	Neutral	PER12x FY18
05/16/18	DMG & Partners	First Resources	1.56	1.6	Neutral	PER12x FY18
05/16/18	DBS Vickers	First Resources	1.56	2.18	Buy

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/19/17	CIMB	First Reit	1.305	1.26	Hold
01/19/17	OCBC	First Reit	1.305	1.32	Hold
01/19/17	phillip	First Reit	1.305	1.32	Accumulate	DDM
03/16/17	OCBC	First Reit	1.285	1.32	Hold
04/18/17	CIMB	First Reit	1.345	1.36	Hold	DDM
04/18/17	OCBC	First Reit	1.345	1.32	Hold	Buy @ $1.25 or lower
04/18/17	phillip	First Reit	1.345	1.32	Hold	DDM
05/25/17	OCBC	First Reit	1.31	1.32	Hold
07/18/17	OCBC	First Reit	1.335	1.32	Hold
07/18/17	Lim & Tan	First Reit	1.335	0	Hold
07/19/17	phillip	First Reit	1.34	1.32	Neutral	DDM, PB1.22x FY17
07/19/17	CIMB	First Reit	1.34	1.36	Hold	DDM
08/17/17	OCBC	First Reit	1.33	1.38	Hold
10/03/17	OCBC	First Reit	1.335	1.38	Hold
10/05/17	Amfrasers	First Reit	1.36	1.38	Not Rated	DCF
10/20/17	phillip	First Reit	1.37	1.32	Neutral	DDM
10/24/17	OCBC	First Reit	1.38	1.44	Buy
10/25/17	CIMB	First Reit	1.38	1.39	Hold	DDM
12/11/17	OCBC	First Reit	1.39	1.44	Buy
01/18/18	Lim & Tan	First Reit	1.4	0	Hold
01/19/18	CIMB	First Reit	1.41	1.44	Hold	DDM
01/19/18	OCBC	First Reit	1.41	1.48	Buy
01/23/18	phillip	First Reit	1.42	1.32	Neutral	DDM
04/18/18	CIMB	First Reit	1.37	1.44	Hold	DDM
04/19/18	phillip	First Reit	1.37	1.31	Neutral	PB1.19x FY18
04/19/18	OCBC	First Reit	1.37	1.48	Buy

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Far East Hospitality	0.6	0.62	Hold	DCF
02/23/17	CIMB	Far East Hospitality	0.595	0.57	Hold	DDM
02/23/17	OCBC	Far East Hospitality	0.595	0.6	Hold
02/24/17	DBS Vickers	Far East Hospitality	0.6	0.63	Hold	DCF
05/15/17	DBS Vickers	Far East Hospitality	0.6	0.66	Buy	DCF
05/15/17	OCBC	Far East Hospitality	0.6	0.6	Hold
06/15/17	CIMB	Far East Hospitality	0.65	0.63	Hold	DDM
06/16/17	DBS Vickers	Far East Hospitality	0.65	0.66	Buy
08/04/17	OCBC	Far East Hospitality	0.67	0.6	Hold
08/07/17	OCBC	Far East Hospitality	0.67	0.66	Hold
08/07/17	CIMB	Far East Hospitality	0.67	0.66	Hold	DDM
08/08/17	DBS Vickers	Far East Hospitality	0.67	0.7	Buy	DCF
09/04/17	CIMB	Far East Hospitality	0.66	0.66	Hold
11/03/17	OCBC	Far East Hospitality	0.715	0.65	Hold
11/03/17	CIMB	Far East Hospitality	0.715	0.69	Hold	DDM
11/03/17	DBS Vickers	Far East Hospitality	0.715	0.76	Buy	DCF
12/14/17	CIMB	Far East Hospitality	0.71	0.69	Hold	DDM
01/04/18	CIMB	Far East Hospitality	0.725	0.84	Add
01/15/18	CIMB	Far East Hospitality	0.72	0.82	Add	DDM
02/19/18	OCBC	Far East Hospitality	0.715	0.75	Buy
03/09/18	OCBC	Far East Hospitality	0.72	0.75	Buy
04/10/18	CIMB	Far East Hospitality	0.68	0.79	Add	DDM
04/17/18	DBS Vickers	Far East Hospitality	0.68	0.76	Buy	DCF
04/27/18	OCBC	Far East Hospitality	0.675	0.735	Buy

Stock calls for 16 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/16/18	DMG & Partners	Amara	0.515	0.88	Buy	PB0.65x
05/16/18	DMG & Partners	Avi-Tech	0.44	0.43	Neutral	DCF, PER11.5x FY19
05/16/18	UOB Kay Hian	Banyan Tree	0.58	1	Buy	Sum of parts
05/16/18	CIMB	Best World	1.29	1.39	Hold	PER12.5x CY19
05/16/18	DMG & Partners	First Resources	1.56	1.6	Neutral	PER12x FY18
05/16/18	DBS Vickers	First Resources	1.56	2.18	Buy
05/16/18	DMG & Partners	Fu Yu	0.186	0.2	Neutral	DCF
05/16/18	UOB Kay Hian	Golden Agri	0.35	0.26	Sell	PER14x FY18
05/16/18	CIMB	Golden Agri	0.35	0.31	Reduce	Sum of parts (10% discount)
05/16/18	OCBC	Golden Agri	0.35	0.34	Hold
05/16/18	Kim Eng	HMI	0.665	0.8	Buy
05/16/18	CIMB	Jadason	0.05	0.077	Add	PB1x CY18
05/16/18	UOB Kay Hian	Jumbo	0.54	0.53	Hold	DCF, Buy @ $0.48
05/16/18	OCBC	Netlink	0.82	0.9	Buy
05/16/18	DBS Vickers	Netlink	0.82	0.97	Buy	DCF
05/16/18	phillip	Q & M	0.605	0.625	Neutral	PER27x FY18
05/16/18	Lim & Tan	SIA Engineering	3.33	0	Hold
05/16/18	DMG & Partners	Silverlake	0.55	0.65	Buy	DCF, PER21x FY19
05/16/18	CIMB	Silverlake	0.55	0.56	Add	DCF
05/16/18	UOB Kay Hian	Singapore Medical	0.505	0.74	Buy	PER26.8x FY18
05/16/18	DMG & Partners	Singapore Medical	0.505	0.68	Buy	DCF
05/16/18	DBS Vickers	Singapore Medical	0.505	0.73	Buy	PER25x FY19
05/16/18	DMG & Partners	Spackman	0.073	0.1	Buy	DCF, PER14x FY18
05/16/18	DBS Vickers	Thai Beverage	0.8	1.02	Buy
05/16/18	Kim Eng	Viva Industrial	0.89	1.05	Buy	DDM
05/16/18	CIMB	Yongnam	0.31	0.56	Add	PB0.8x FY19

US bond yields are rising!

We had stated previously in our postings that US bond yields would be rising because investors would wake up from their denial as economic logic would prevail.

The US bond yields are rising now and will continue to rise for 2018 and 2019.

http://sg-stock.blogspot.sg/2018/02/us-bond-yields-will-continue-to-rise-in.html

F & N - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/09/17	DBS Vickers	F & N	2.11	2.37	Hold	Sum of parts
02/10/17	phillip	F & N	2.12	1.8	Reduce	EV/Ebitda15x
03/24/17	DMG & Partners	F & N	2.22	2.76	Not Rated	Sum of parts
04/17/17	phillip	F & N	2.35	1.8	Reduce
05/09/17	DBS Vickers	F & N	2.4	2.37	Hold	Sum of parts
05/11/17	phillip	F & N	2.38	2.31	Neutral	Sum of parts
06/29/17	DBS Vickers	F & N	2.34	2.57	Hold	Sum of parts
08/10/17	DBS Vickers	F & N	2.44	2.57	Hold	Sum of parts, PER24.4x FY18
08/10/17	phillip	F & N	2.44	2.52	Neutral	Sum of parts
11/13/17	phillip	F & N	2.6	2.83	Accumulate	Sum of parts, PER27.1x FY18
12/04/17	phillip	F & N	2.58	2.83	Accumulate
02/13/18	phillip	F & N	2.39	2.83	Accumulate	Sum of parts, PER27.1x FY18
03/19/18	phillip	F & N	2.25	2.83	Buy
04/16/18	phillip	F & N	2.12	2.83	Buy
05/10/18	phillip	F & N	2.08	2.75	Buy	Sum of parts

Ezion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/17	DBS Vickers	Ezion	0.415	0.56	Buy
01/13/17	OCBC	Ezion	0.415	0.54	Buy	PB0.55x
02/20/17	CIMB	Ezion	0.38	0.44	Add	PB0.45x FY17
02/20/17	Lim & Tan	Ezion	0.38	0	Reduce
02/20/17	OCBC	Ezion	0.38	0.54	Buy	PB0.55x FY17
02/20/17	UOB Kay Hian	Ezion	0.38	0.39	Hold
02/24/17	CIMB	Ezion	0.395	0.45	Add	PB0.5x FY17
02/24/17	DBS Vickers	Ezion	0.395	0.62	Buy	PB0.7x FY17
02/24/17	UOB Kay Hian	Ezion	0.395	0.45	Buy	PB0.65x FY17
02/27/17	phillip	Ezion	0.395	0.45	Accumulate	DCF
03/08/17	Lim & Tan	Ezion	0.37	0	Hold
03/17/17	CIMB	Ezion	0.35	0.45	Add	PB0.5x FY17
03/17/17	DIR	Ezion	0.35	0.31	Underperform	Sum of parts
04/10/17	DBS Vickers	Ezion	0.365	0.62	Buy
05/12/17	OCBC	Ezion	0.31	0.54	Buy
05/15/17	Amfrasers	Ezion	0.31	0.25	Sell	PB0.3x FY17
05/15/17	CIMB	Ezion	0.31	0.26	Reduce	PB0.3x FY17
05/15/17	DIR	Ezion	0.31	0.29	Underperform	Sum of parts
05/15/17	phillip	Ezion	0.31	0.4	Buy	DCF
05/15/17	UOB Kay Hian	Ezion	0.31	0.33	Hold	PB0.5x FY17, Buy @ $0.28
05/16/17	DBS Vickers	Ezion	0.295	0.62	Buy	PB0.7x FY17
05/23/17	OCBC	Ezion	0.295	0.32	Hold
06/14/17	UOB Kay Hian	Ezion	0.25	0.33	Hold
08/15/17	CIMB	Ezion	0.2	0.13	Reduce	PB0.15x
08/15/17	DBS Vickers	Ezion	0.2	0.13	Fully Valued	PB0.15x
08/16/17	phillip	Ezion	0.197	0	Suspended
11/10/17	DBS Vickers	Ezion	0.197	0.13	Fully Valued	PB0.15x FY17
01/12/18	CIMB	Ezion	0.197	0.13	Reduce	PB0.15x CY17
04/04/18	DBS Vickers	Ezion	0.197	0.13	Fully Valued
04/10/18	DBS Vickers	Ezion	0.197	0.29	Buy	PB1.4x FY18
04/17/18	UOB Kay Hian	Ezion	0.197	0.18	Hold	PB1x FY19, Buy @ $0.151
04/25/18	Amfrasers	Ezion	0.158	0.1	Sell	RNAV
05/15/18	DBS Vickers	Ezion	0.115	0.29	Buy	PB1.4x FY18

ESR-Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	ESR-Reit	0.55	0.54	Hold	DCF
01/09/17	CIMB	ESR-Reit	0.55	0.55	Hold
01/26/17	DBS Vickers	ESR-Reit	0.565	0.6	Buy
01/26/17	DIR	ESR-Reit	0.565	0.59	Outperform	DDM
01/26/17	DMG & Partners	ESR-Reit	0.565	0.64	Buy	DDM
04/18/17	DIR	ESR-Reit	0.585	0.59	Outperform
04/27/17	DBS Vickers	ESR-Reit	0.58	0.6	Buy
05/24/17	DIR	ESR-Reit	0.57	0.57	Hold	DDM
07/06/17	DIR	ESR-Reit	0.605	0.57	Hold	DDM
07/14/17	CIMB	ESR-Reit	0.6	0.56	Hold	DDM
07/18/17	DBS Vickers	ESR-Reit	0.595	0.6	Hold
10/19/17	DIR	ESR-Reit	0.58	0.57	Hold	DDM
10/19/17	CIMB	ESR-Reit	0.58	0.57	Hold	DDM
10/19/17	DBS Vickers	ESR-Reit	0.58	0.6	Hold
12/11/17	DBS Vickers	ESR-Reit	0.565	0.62	Buy
12/15/17	CIMB	ESR-Reit	0.56	0.63	Add	DDM
01/17/18	Lim & Tan	ESR-Reit	0.575	0	Hold
01/18/18	CIMB	ESR-Reit	0.575	0.64	Add	DDM
01/18/18	DBS Vickers	ESR-Reit	0.575	0.63	Buy
04/23/18	DBS Vickers	ESR-Reit	0.54	0.63	Buy
04/23/18	CIMB	ESR-Reit	0.54	0.6	Add	DDM