GSS Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/04/17	NRA	GSS Energy	0.154	0.23	Not Rated
03/06/18	DMG & Partners	GSS Energy	0.16	0.25	Buy	Sum of parts
05/18/18	DMG & Partners	GSS Energy	0.151	0.25	Buy	Sum of parts

Golden Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/17	Amfraserss	Golden Energy	0.475	0.95	Buy	DCF
02/21/17	Amfrasers	Golden Energy	0.54	0.95	Buy	DCF
03/02/17	Amfrasers	Golden Energy	0.545	0.96	Buy	DCF
05/17/17	Amfrasers	Golden Energy	0.435	0.78	Buy	DCF
05/18/17	DMG & Partners	Golden Energy	0.415	0.71	Buy	DCF, PER14.7x FY17, PER12.4x FY18
08/16/17	DMG & Partners	Golden Energy	0.39	0.71	Buy	DCF, PER12.4x FY18
08/17/17	Amfrasers	Golden Energy	0.395	0.78	Buy	DCF
08/28/17	phillip	Golden Energy	0.445	0.59	Buy	PER10x
11/21/17	phillip	Golden Energy	0.42	0.59	Buy	PER10x, PB1.36x
12/01/17	Amfrasers	Golden Energy	0.4	0.78	Buy
12/01/17	phillip	Golden Energy	0.4	0.59	Buy
01/26/18	DMG & Partners	Golden Energy	0.475	0.68	Buy	DCF & PER13.1x FY18
03/16/18	phillip	Golden Energy	0.37	0.48	Buy	PER10x
05/18/18	phillip	Golden Energy	0.365	0.48	Buy	PER10x FY18

Stock calls for 28 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/28/18	DMG & Partners	IHH Healthcare	2.08	2.36	Buy	DCF & Sum of parts & EV/Ebitda 18x FY19,  Ringgit $7 target price
05/28/18	Lim & Tan	Valuetronics	0.825	0	Hold
05/28/18	CIMB	Y Venture	0.48	0.62	Add

Baltic dry index - 1077

Today, Friday, May 25 2018, the Baltic Dry Index decreased by 32 points, reaching 1077 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 - 1059

The US drilling rig count was up 13 units to 1,059 the week ended May 25, according to Baker Hughes data. The count is up 151 units from this time a year ago when the count stood at 908.

Offshore units were unchanged from last week with 19 rigs working. A total of 1,036 rigs were drilling on land, up 13 from last week. The number of rigs drilling in inland waters was unchanged at 4 units.

US oil-directed rigs were up 15 units this week to 859 and also up from the 722 rigs drilling for oil this week a year ago. Gas-directed rigs shed 2 units and now total 198. This time a year ago, 185 units were drilling for gas.

Among the major oil and gas-producing states, Texas bound past the rest with a gain of 9 units to hit 534 rigs running. Oklahoma, Colorado, and Alaska each had a 2-unit gain to reach 140, 31, and 9 units, respectively. North Dakota gained 1 rig to reach 56, as did West Virginia to reach 18.

Six states remained unchanged this week: Pennsylvania, 39; Wyoming, 26; Ohio, 23; California, 15; Utah, 8; and Arkansas, 1.

Three states dropped a single rig each: New Mexico, 91; Louisiana, 60; and Kansas, 0.

Canada lost 2 rigs to 81 working from a week ago. There are 12 fewer rigs working than this week a year ago. Oil-directed rigs decreased 3 units this week to 35, while those targeting gas gained 1 unit to 46.

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

Related stocks: Keppel Corp, SembCorp Marine, Cosco

Golden Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/17	DMG & Partners	Golden Agri	0.43	0.5	Buy	PER19x FY17
01/11/17	DBS Vickers	Golden Agri	0.425	0.39	Not Rated
02/13/17	DBS Vickers	Golden Agri	0.425	0.39	Not Rated
02/27/17	CIMB	Golden Agri	0.4	0.37	Reduce	PER15x
02/27/17	Credit Suisse	Golden Agri	0.4	0.38	Underperform
02/27/17	DMG & Partners	Golden Agri	0.4	0.45	Buy	PER19x FY17
02/27/17	OCBC	Golden Agri	0.4	0.38	Hold
02/27/17	UOB Kay Hian	Golden Agri	0.4	0.45	Hold	PER15x FY17, Buy @ $0.38
03/13/17	DBS Vickers	Golden Agri	0.375	0.42	Not Rated
04/06/17	Macquarie	Golden Agri	0.375	0.4	Neutral
04/11/17	DMG & Partners	Golden Agri	0.37	0.39	Neutral
04/13/17	Credit Suisse	Golden Agri	0.365	0.33	Underperform
05/08/17	UOB Kay Hian	Golden Agri	0.36	0.45	Hold
05/16/17	CIMB	Golden Agri	0.375	0.37	Reduce	PER15x FY17
05/16/17	Credit Suisse	Golden Agri	0.375	0.33	Underperform
05/16/17	DMG & Partners	Golden Agri	0.375	0.39	Neutral	PER17x F17
05/16/17	OCBC	Golden Agri	0.375	0.38	Hold
06/20/17	OCBC	Golden Agri	0.37	0.38	Hold
06/29/17	UOB Kay Hian	Golden Agri	0.375	0.34	Hold
08/15/17	Credit Suisse	Golden Agri	0.375	0.33	Underperform
08/15/17	OCBC	Golden Agri	0.375	0.36	Hold	PER16x FY18
08/15/17	UOB Kay Hian	Golden Agri	0.375	0.34	Hold	PER13x FY18, Buy @ $0.30
08/15/17	CIMB	Golden Agri	0.375	0.37	Reduce	PER15x FY17
08/28/17	DIR	Golden Agri	0.385	0.32	Underperform	PER18x FY17/18
09/12/17	OCBC	Golden Agri	0.375	0.36	Hold
09/12/17	UOB Kay Hian	Golden Agri	0.375	0.34	Hold	PER13x FY18
09/13/17	DBS Vickers	Golden Agri	0.38	0.39	Not Rated
10/05/17	OCBC	Golden Agri	0.38	0.35	Hold
11/15/17	UOB Kay Hian	Golden Agri	0.39	0.34	Hold	PER13x FY18, Buy @ $0.3
11/15/17	OCBC	Golden Agri	0.39	0.37	Hold
11/15/17	Credit Suisse	Golden Agri	0.39	0.35	Underperform
11/15/17	CIMB	Golden Agri	0.39	0.36	Reduce	PER15x FY19
12/20/17	CIMB	Golden Agri	0.375	0.36	Reduce
01/16/18	OCBC	Golden Agri	0.39	0.37	Hold
02/28/18	CIMB	Golden Agri	0.36	0.31	Reduce	PER15x FY19
02/28/18	OCBC	Golden Agri	0.36	0.37	Hold
02/28/18	Credit Suisse	Golden Agri	0.36	0.35	Underperform
03/07/18	UOB Kay Hian	Golden Agri	0.345	0.31	Hold
03/08/18	OCBC	Golden Agri	0.36	0.37	Hold
04/06/18	CIMB	Golden Agri	0.345	0.31	Reduce	PER15x
04/13/18	DBS Vickers	Golden Agri	0.34	0.39	Not Rated
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

Global Premium Hotel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/17	OCBC	Global Premium Hotel	0.31	0.34	Hold	Buy @ $0.29 or lower

Global Invacom - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/17	DMG & Partners	Global Invacom	0.156	0.25	Buy
02/24/17	DMG & Partners	Global Invacom	0.144	0.26	Buy	PER12x FY17
05/11/17	DMG & Partners	Global Invacom	0.166	0.26	Buy
01/06/17	Lim & Tan	Global Logistics	2.400	0	Buy
01/09/17	DBS Vickers	Global Logistics	2.460	2.47	Buy	RNAV (30% discount)
01/13/17	Lim & Tan	Global Logistics	2.610	0	Hold
01/31/17	Credit Suisse	Global Logistics	2.620	2.55	Underperform
02/06/17	Lim & Tan	Global Logistics	2.620	0	Hold
02/10/17	CIMB	Global Logistics	2.780	2.79	Hold	Sum of parts
02/10/17	Credit Suisse	Global Logistics	2.780	2.75	Neutral
02/10/17	OCBC	Global Logistics	2.780	2.87	Hold
02/10/17	UOB Kay Hian	Global Logistics	2.780	2.5	Hold	RNAV (20% discount)
02/13/17	DBS Vickers	Global Logistics	2.760	3	Buy	RNAV (15% discount)
02/13/17	phillip	Global Logistics	2.760	2.6	Neutral	RNAV (10% discount)
03/09/17	Lim & Tan	Global Logistics	2.730	0	Hold
03/13/17	UOB Kay Hian	Global Logistics	2.720	2.5	Hold
04/03/17	OCBC	Global Logistics	2.780	2.87	Hold
04/27/17	phillip	Global Logistics	2.880	2.6	Neutral
05/17/17	DBS Vickers	Global Logistics	2.910	3	Hold	RNAV (15% discount), PB1.2x
05/19/17	Lim & Tan	Global Logistics	2.900	0	Hold
05/19/17	OCBC	Global Logistics	2.900	2.87	Hold
05/22/17	CIMB	Global Logistics	2.930	3.05	Hold	RNAV
05/22/17	Credit Suisse	Global Logistics	2.930	2.78	Neutral	PB1.07x
05/22/17	UOB Kay Hian	Global Logistics	2.930	2.75	Hold	RNAV (19% discount), Buy @ $2.55
05/23/17	phillip	Global Logistics	2.900	2.87	Neutral	RNAV (10% discount)
06/09/17	Lim & Tan	Global Logistics	2.940	0	Hold
06/22/17	Deutsche	Global Logistics	2.990	2.6	Hold
07/17/17	phillip	Global Logistics	3.290	3.38	Accept Offer	Offer price $3.38
07/17/17	UOB Kay Hian	Global Logistics	3.290	3.38	Accept Offer	Offer price $3.38
07/17/17	Credit Suisse	Global Logistics	3.290	3.38	Accept Offer	Offer price $3.38 (PB1.3x)
07/17/17	Lim & Tan	Global Logistics	3.290	3.38	Accept Offer	Offer price $3.38
08/10/17	CIMB	Global Logistics	3.250	3.38	Hold	Offer price $3.38
09/18/17	UOB Kay Hian	Global Logistics	3.280	2.75	Hold
10/02/17	OCBC	Global Logistics	3.300	2.87	Accept Offer	Offer price $3.38
12/20/17	CIMB	Global Logistics	3.360	3.38	Hold

Stock calls for 25 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/25/18	CIMB	AEM	1.47	1.78	Add	3-for-1 bonus
05/25/18	Kim Eng	Bukit Sembawang	6.17	8.55	Buy	RNAV (20% discount)
05/25/18	phillip	Dasin Retail	0.86	0.97	Buy	DDM
05/25/18	OCBC	First Reit	1.35	1.48	Buy
05/25/18	Lim & Tan	Metro	1.17	0	Hold
05/25/18	SAC Advisors	Sanli Env	0.25	0.36	Buy
05/25/18	phillip	SHS	0.23	0.29	Buy	PER10x FY19
05/25/18	CIMB	Sunningdale	1.28	2.5	Add
05/25/18	CIMB	Venture	20.55	25.64	Add

GL - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/17	CIMB	GL	0.78	0.84	Hold	RNAV (40% discount) CY17
04/24/17	Lim & Tan	GL	0.775	0	Buy
04/27/17	CIMB	GL	0.77	0.87	Add	RNAV (40% discount) CY17
08/28/17	Lim & Tan	GL	0.75	0	Buy
10/16/17	Lim & Tan	GL	0.855	0	Buy
10/31/17	UOB Kay Hian	GL	0.905	1.185	Buy	Sum of parts
11/09/17	UOB Kay Hian	GL	0.885	1.185	Buy
12/06/17	UOB Kay Hian	GL	0.87	1.185	Buy
01/04/18	UOB Kay Hian	GL	0.865	1.19	Buy

Geo Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/22/17	phillip	Geo Energy	0.27	0.45	Buy	PER11x
03/08/17	phillip	Geo Energy	0.28	0.45	Buy	PER11x
05/25/17	phillip	Geo Energy	0.26	0.45	Buy	PER11x
08/28/17	phillip	Geo Energy	0.27	0.44	Buy	PER10x
09/11/17	Amfrasers	Geo Energy	0.25	0.36	Buy	DCF, PER5x FY18
11/28/17	phillip	Geo Energy	0.255	0.44	Buy	PER10x
12/06/17	phillip	Geo Energy	0.26	0.44	Buy	PER10x
12/27/17	Amfrasers	Geo Energy	0.255	0.36	Buy
03/19/18	phillip	Geo Energy	0.225	0.47	Buy	PER10x

Stock calls for 24 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/24/18	Lim & Tan	Boustead	0.785	0	Hold
05/24/18	OCBC	Cache Logistics	0.795	0.83	Hold
05/24/18	DBS Vickers	Silverlake	0.545	0.65	Not Rated	PER22x FY19
05/24/18	OCBC	Soilbuild Reit	0.665	0.71	Buy

Trump has cancelled the US-NK summit in Singapore.

https://www.bloombergquint.com/politics/2018/05/24/trump-cancels-june-12-singapore-summit-with-north-korea-s-kim

There are tell-tale signs that the summit won't take place.  We had stated that the summit was in jeopardy in our previous posting.

http://sg-stock.blogspot.sg/2018/05/trump-kim-summit-in-singapore-is-in.html

India to tax Cryptocurrency after Thailand.

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports

https://www.ccn.com/thailand-cryptocurrency-tax-rates/

India is taxing Crypto after Thailand because it sees that there will be a financial turmoil in the Crypto industry and the government may need to bail out the distressed investors.  Therefore, it is preparing a financial coffer to deal with this future Crypto fiasco by implementing an 18% Crypto trading tax.

Genting Hong Kong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/31/17	UOB Kay Hian	Genting Hong Kong	0.3	0.28	Hold	Buy @ $0.23
03/20/17	UOB Kay Hian	Genting Hong Kong	0.315	0.28	Hold	Sum of parts, Buy @ $0.24
06/16/17	UOB Kay Hian	Genting Hong Kong	0.31	0.26	Sell	Sum of parts
08/02/17	UOB Kay Hian	Genting Hong Kong	0.28	0.26	Sell
08/21/17	UOB Kay Hian	Genting Hong Kong	0.27	0.26	Hold	Sum of parts, Buy @ $0.24
10/04/17	UOB Kay Hian	Genting Hong Kong	0.25	0.265	Hold	Sum of parts
12/15/17	UOB Kay Hian	Genting Hong Kong	0.23	0.24	Hold	Sum of parts, Buy @ $0.22

Genting - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Genting	0.905	0.82	Neutral
01/03/17	OCBC	Genting	0.905	0.88	Hold
01/05/17	Credit Suisse	Genting	0.91	1.18	Outperform
01/12/17	CIMB	Genting	0.935	0.93	Hold	DCF
01/31/17	UOB Kay Hian	Genting	0.96	0.91	Hold	Buy @ $0.85
02/23/17	DBS Vickers	Genting	0.98	1.2	Buy	DCF
02/23/17	Deutsche	Genting	0.98	1.35	Buy
02/23/17	DMG & Partners	Genting	0.98	0.93	Neutral	DCF
02/23/17	Kim Eng	Genting	0.98	1.1	Buy
02/23/17	OCBC	Genting	0.98	1.17	Buy
02/23/17	UOB Kay Hian	Genting	0.98	1.01	Hold	EV/Ebitda11.6x FY17, Buy @ $0.95 or below
02/23/17	Nomura	Genting	0.98	1.16	Buy
02/24/17	CIMB	Genting	1.03	1.11	Add	EV/Ebitda 9x FY18
03/13/17	Credit Suisse	Genting	1	1.2	Outperform
03/17/17	DBS Vickers	Genting	1	1.2	Buy
04/07/17	Credit Suisse	Genting	1.025	1.2	Outperform
05/04/17	Kim Eng	Genting	1.11	1.25	Buy	EV/Ebitda12x FY17
05/15/17	CIMB	Genting	1.08	1.24	Add	EV/Ebitda12x FY18
05/15/17	Credit Suisse	Genting	1.08	1.35	Outperform	Ev/Ebitda13.1x FY18
05/15/17	DMG & Partners	Genting	1.08	1.04	Neutral	DCF
05/15/17	OCBC	Genting	1.08	1.17	Buy
05/15/17	UOB Kay Hian	Genting	1.08	1.15	Hold	EV/Ebitda11.8x FY17, Buy @ $1.05
05/15/17	Nomura	Genting	1.08	1.38	Buy
05/16/17	DBS Vickers	Genting	1.15	1.35	Buy	DCF
06/16/17	DBS Vickers	Genting	1.155	1.35	Buy
06/22/17	Deutsche	Genting	1.145	1.2	Hold	EV/Ebitda12x FY17
07/13/17	UOB Kay Hian	Genting	1.055	1.12	Hold
07/28/17	Credit Suisse	Genting	1.15	1.35	Outperform
08/03/17	CIMB	Genting	1.18	1.35	Add	EV/Ebitda 12x FY18
08/03/17	UOB Kay Hian	Genting	1.18	1.15	Hold	EV/Ebitda10.5x FY18, Buy @ $1.05
08/03/17	DMG & Partners	Genting	1.18	1.19	Neutral	DCF
08/03/17	Kim Eng	Genting	1.18	1.35	Buy	EV/Ebitda 12x
08/03/17	OCBC	Genting	1.18	1.32	Buy	FCFE
08/03/17	DBS Vickers	Genting	1.18	1.45	Buy	EV/Ebitda13x
08/03/17	Credit Suisse	Genting	1.18	1.48	Outperform
08/03/17	Nomura	Genting	1.18	1.42	Buy
09/26/17	Kim Eng	Genting	1.15	1.35	Buy
10/11/17	Deutsche	Genting	1.21	1.2	Hold	EV/Ebitda12x FY17
10/26/17	CIMB	Genting	1.2	1.35	Add	EV/Ebitda12x FY18
10/27/17	UOB Kay Hian	Genting	1.25	1.15	Hold
11/07/17	CIMB	Genting	1.235	1.45	Add
11/07/17	UOB Kay Hian	Genting	1.235	1.3	Hold	EV/Ebitda11.2x FY18, Buy @ $1.15
11/07/17	Credit Suisse	Genting	1.235	1.6	Outperform
11/07/17	DMG & Partners	Genting	1.235	1.21	Neutral	DCF
11/07/17	OCBC	Genting	1.235	1.35	Buy	FCFE
11/07/17	Kim Eng	Genting	1.235	1.42	Buy	EV/Ebitda12x FY18
11/07/17	DBS Vickers	Genting	1.235	1.51	Buy	DCF
11/07/17	Nomura	Genting	1.235	1.53	Buy
12/06/17	DBS Vickers	Genting	1.35	1.51	Buy
12/14/17	Kim Eng	Genting	1.34	1.42	Buy
12/20/17	CIMB	Genting	1.34	1.45	Add
01/05/18	DBS Vickers	Genting	1.34	1.51	Buy
02/07/18	CIMB	Genting	1.27	1.45	Add
02/26/18	Kim Eng	Genting	1.3	1.46	Buy	EV/Ebitda 12x FY18
02/26/18	UOB Kay Hian	Genting	1.3	1.3	Hold	EV/Ebitda10.4x FY18, Buy @ $1.15
02/26/18	DBS Vickers	Genting	1.3	1.49	Buy	DCF
02/26/18	DMG & Partners	Genting	1.3	1.34	Neutral	DCF
02/26/18	OCBC	Genting	1.3	1.45	Buy	FCFE
02/26/18	CIMB	Genting	1.3	1.49	Add	EV/Ebitda12x FY19
02/26/18	Nomura	Genting	1.3	1.52	Buy
03/05/18	CIMB	Genting	1.15	1.49	Add	EV/Ebitda12x FY19
04/05/18	UOB Kay Hian	Genting	1.03	1.3	Buy	EV/Ebitda10.4x FY18
04/06/18	CIMB	Genting	1.08	1.4	Add	EV/Ebitda11.5x FY19
04/10/18	Kim Eng	Genting	1.14	1.46	Buy	EV/Ebitda 12x FY18
05/11/18	CIMB	Genting	1.16	1.4	Add	EV/Ebitda11.5x FY19
05/11/18	UOB Kay Hian	Genting	1.16	1.38	Buy	Sum of parts, EV/Ebitda10.3x FY18
05/11/18	DBS Vickers	Genting	1.16	1.49	Buy	DCF
05/11/18	OCBC	Genting	1.16	1.45	Buy	FCFE
05/11/18	Nomura	Genting	1.16	1.52	Buy
05/14/18	DMG & Partners	Genting	1.28	1.42	Buy	DCF

Stock calls for 23 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/18	DMG & Partners	Breadtalk	0.925	0.93	Neutral	Sum of parts, Stock split 1-into-2
05/23/18	UOB Kay Hian	Cityneon	0.99	1.55	Buy
05/23/18	OCBC	Frasers Centrepoint Trust	2.2	2.49	Buy
05/23/18	UOB Kay Hian	M1	1.76	1.6	Sell
05/23/18	OCBC	Mapletree Greater China	1.16	1.42	Buy
05/23/18	Lim & Tan	SGX	7.48	0	Buy on weakness
05/23/18	UOB Kay Hian	ST Engineering	3.47	4.1	Buy
05/23/18	UOB Kay Hian	Sunningdale	1.27	2	Buy

Australia is regretting its anti-China stance now.

https://sg.finance.yahoo.com/news/chinese-newspaper-suggests-cut-imports-downgrade-ties-australia-053518130--finance.html

The white trash of the east is eager to mend the soured relationship with China because of declining economic benefits from China.

It looks like they've not heard of this saying, "Never bite the hand that feeds you".

We did warn about making the Rohingya issue an international issue.

https://sg.news.yahoo.com/armed-rohingya-group-massacred-hindus-000746360.html

It will be harder to integrate Rohingya into Myanmar when Rohingya becomes an international issue because Myanmar and Rohingya have a historical feud which is difficult to resolve.

The dark side of Rohingya will come to the forefront when it becomes an international issue.  This Rohingya group that massacred the Hindus is just the tip of the iceberg.

http://sg-stock.blogspot.sg/2018/01/whats-wrong-with-singapores-mindset.html

http://sg-stock.blogspot.sg/2017/12/the-truth-of-rohingya-and-main-culprit.html

http://sg-stock.blogspot.sg/2018/01/the-world-is-silent-on-rohingya-because.html

KL-SG HSR will be delayed!

https://sg.news.yahoo.com/full-review-mega-projects-including-031735593.html

Malaysia has been notorious for the low productivity and the HSR review will take a super long time.  Furthermore, Malaysia has just declared that it is having a MYR$1T debt.

Therefore, it is a confirmation that the KL-SG HSR will be delayed because it doesn't want to pay billions in a penalty to SG for cancellation.

Fu Yu - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/17	DMG & Partners	Fu Yu	0.194	0.29	Buy
02/24/17	DMG & Partners	Fu Yu	0.21	0.27	Buy	DCF
03/03/17	DBS Vickers	Fu Yu	0.205	0.25	Not Rated	PER6x FY7, Ex-Cash
05/11/17	DMG & Partners	Fu Yu	0.225	0.23	Neutral
05/16/18	DMG & Partners	Fu Yu	0.186	0.2	Neutral	DCF

Frencken - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/17	UOB Kay Hian	Frencken	0.59	0.79	Buy	PER12.3x FY18
05/16/17	Amfrasers	Frencken	0.445	0.63	Buy	PER10x FY17
08/11/17	Lim & Tan	Frencken	0.52	0.63	Buy	PER8.1x
08/16/17	Amfrasers	Frencken	0.51	0.73	Buy	PER10x FY18, PB1.2x
11/15/17	Amfrasers	Frencken	0.54	0.66	Buy	PER10x FY18
02/26/18	Amfrasers	Frencken	0.67	0.72	Hold	PER12x FY18
03/07/18	Amfrasers	Frencken	0.63	0.72	Buy	PER12x FY18
05/11/18	UOB Kay Hian	Frencken	0.54	0.79	Buy