Stock calls for 11 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/19	DBS Vickers	ART	1.11	1.25	Buy
01/11/19	Lim & Tan	CSE Global	0.395	0	Buy
01/11/19	UOB Kay Hian	Mapletree Logistics	1.33	1.39	Hold	DDM, Buy @ $1.26
01/11/19	OCBC	SATS	4.94	5.23	Hold	DCF

Cache Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/18	DMG & Partners	Cache Logistics	0.875	0.84	Neutral
01/19/18	Kim Eng	Cache Logistics	0.875	0.9	Hold	DDM
01/19/18	CIMB	Cache Logistics	0.875	0.85	Hold	DDM
01/22/18	DMG & Partners	Cache Logistics	0.88	0.96	Buy	DDM
01/22/18	phillip	Cache Logistics	0.88	0.92	Accumulate	DDM
01/22/18	DBS Vickers	Cache Logistics	0.88	0.9	Hold
01/22/18	OCBC	Cache Logistics	0.88	0.81	Hold
02/02/18	phillip	Cache Logistics	0.88	0.93	Accumulate	DDM
02/02/18	OCBC	Cache Logistics	0.88	0.85	Hold
02/02/18	DMG & Partners	Cache Logistics	0.88	0.98	Buy	DDM
02/02/18	Kim Eng	Cache Logistics	0.88	0.95	Buy
02/02/18	CIMB	Cache Logistics	0.88	0.88	Hold
03/27/18	phillip	Cache Logistics	0.825	0.93	Accumulate
04/13/18	phillip	Cache Logistics	0.84	0.91	Accumulate	DDM
04/16/18	Kim Eng	Cache Logistics	0.83	0.95	Buy
04/26/18	DBS Vickers	Cache Logistics	0.83	0.88	Hold
04/26/18	OCBC	Cache Logistics	0.83	0.83	Hold
04/26/18	CIMB	Cache Logistics	0.83	0.8	Hold	DDM
04/27/18	DMG & Partners	Cache Logistics	0.825	0.98	Buy	DDM
05/17/18	DMG & Partners	Cache Logistics	0.795	0.98	Buy
05/21/18	phillip	Cache Logistics	0.805	0.91	Accumulate
05/24/18	OCBC	Cache Logistics	0.795	0.83	Hold
06/26/18	CIMB	Cache Logistics	0.76	0.8	Hold
07/06/18	DBS Vickers	Cache Logistics	0.76	0.88	Hold
08/01/18	OCBC	Cache Logistics	0.775	0.81	Buy
08/01/18	phillip	Cache Logistics	0.775	0.82	Neutral	DDM
08/01/18	Kim Eng	Cache Logistics	0.775	0.95	Buy	DDM
08/01/18	CIMB	Cache Logistics	0.775	0.78	Hold	DDM
08/01/18	DBS Vickers	Cache Logistics	0.775	0.88	Hold
10/16/18	DMG & Partners	Cache Logistics	0.71	0.84	Buy	DDM
10/17/18	phillip	Cache Logistics	0.715	0.82	Neutral
10/29/18	phillip	Cache Logistics	0.71	0.75	Neutral	DDM
10/29/18	OCBC	Cache Logistics	0.71	0.78	Buy
10/29/18	CIMB	Cache Logistics	0.71	0.78	Hold
10/30/18	DBS Vickers	Cache Logistics	0.71	0.75	Hold	DCF
11/21/18	phillip	Cache Logistics	0.665	0.75	Neutral
12/11/18	DMG & Partners	Cache Logistics	0.7	0.84	Buy

Bumitama - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/18	DBS Vickers	Bumitama	0.755	0.94	Buy
02/13/18	Kim Eng	Bumitama	0.695	0.95	Buy
02/21/18	UOB Kay Hian	Bumitama	0.71	0.96	Buy	PER13x FY18
02/28/18	DMG & Partners	Bumitama	0.745	0.85	Buy	PER12x FY18
02/28/18	DBS Vickers	Bumitama	0.745	0.94	Buy	DCF, PER14.5x FY18
02/28/18	Kim Eng	Bumitama	0.745	0.99	Buy	PER14x FY18
02/28/18	Credit Suisse	Bumitama	0.745	1	Outperform
03/05/18	Kim Eng	Bumitama	0.72	0.99	Buy
03/07/18	UOB Kay Hian	Bumitama	0.71	0.96	Buy	PER13x FY18
03/14/18	DBS Vickers	Bumitama	0.715	0.94	Buy
04/03/18	DBS Vickers	Bumitama	0.72	0.94	Buy
05/08/18	DMG & Partners	Bumitama	0.69	0.85	Buy	PER12x FY18
05/09/18	Kim Eng	Bumitama	0.67	0.99	Buy	PER14x FY18
05/09/18	UOB Kay Hian	Bumitama	0.67	0.8	Buy	PER11x FY18
05/09/18	DBS Vickers	Bumitama	0.67	0.94	Buy	DCF, PER15.3x FY18
06/21/18	UOB Kay Hian	Bumitama	0.65	0.8	Buy
07/03/18	DBS Vickers	Bumitama	0.635	0.88	Buy	DCF, PER13.7x FY19
07/11/18	Kim Eng	Bumitama	0.65	0.98	Buy
07/16/18	UOB Kay Hian	Bumitama	0.65	0.93	Buy	PER11x FY18
08/15/18	DBS Vickers	Bumitama	0.705	0.88	Buy	DCF, PER13.7x FY19
08/15/18	DMG & Partners	Bumitama	0.705	0.8	Buy	PER11x FY19
08/16/18	UOB Kay Hian	Bumitama	0.7	0.93	Buy
09/13/18	Kim Eng	Bumitama	0.675	0.98	Buy
09/13/18	DBS Vickers	Bumitama	0.675	0.88	Buy
10/08/18	UOB Kay Hian	Bumitama	0.68	0.93	Buy
10/11/18	DBS Vickers	Bumitama	0.66	0.85	Buy	DCF
10/11/18	Kim Eng	Bumitama	0.66	0.98	Buy
11/12/18	DMG & Partners	Bumitama	0.62	0.8	Buy	PER11x FY19
11/13/18	DBS Vickers	Bumitama	0.61	0.85	Buy	DCF, PER14.5x FY19
11/13/18	UOB Kay Hian	Bumitama	0.61	0.81	Buy	PER11x FY19
11/13/18	Kim Eng	Bumitama	0.61	0.98	Buy
12/10/18	DMG & Partners	Bumitama	0.635	0.6	Neutral	PER11x FY19
01/03/19	UOB Kay Hian	Bumitama	0.67	0.81	Buy

Bukit Sembawang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/18	Kim Eng	Bukit Sembawang	6.39	8.25	Buy	RNAV (38% discount), PB1.37x
02/22/18	Kim Eng	Bukit Sembawang	6.13	8.25	Buy	RNAV (20% discount)
03/20/18	Kim Eng	Bukit Sembawang	6.03	8.55	Buy	RNAV (20% discount)
04/11/18	Kim Eng	Bukit Sembawang	6.08	8.55	Buy
05/25/18	Kim Eng	Bukit Sembawang	6.17	8.55	Buy	RNAV (20% discount)
06/20/18	Kim Eng	Bukit Sembawang	6.04	8.55	Buy
07/09/18	Kim Eng	Bukit Sembawang	5.31	5.1	Hold
09/06/18	Kim Eng	Bukit Sembawang	5.92	5.1	Hold

Stock calls for 10 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/19	OCBC	ART	1.1	1.18	Buy
01/10/19	CIMB	ART	1.1	1.13	Hold	DDM
01/10/19	Lim & Tan	Duty Free	0.192	0	Accumulate
01/10/19	DIR	Keppel Corp	6.18	7.15	Buy	Cut from $7.86, Sum of parts
01/10/19	DIR	Sembcorp Industries	2.64	3.05	Outperform	Sum of parts
01/10/19	DIR	Sembcorp Marine	1.62	1.62	Hold	Cut from $1.78, PB1.8x FY19
01/10/19	UOB Kay Hian	Sunpower	0.385	0.76	Buy	Sum of parts

Is Canada truly a rule of law country? NO!

https://sg.finance.yahoo.com/news/china-ambassador-accuses-canada-allies-031437548.html

Canada labels China as a rule by law country while it proclaims itself as a rule of law country.

http://www.duhaime.org/LegalDictionary/R/RuleofLaw.aspx

Basically, a rule of law means a government of law, not by men. Therefore, it will submit and obey the rules or laws.

Although this is what Canada preaches, it doesn't really practise it.  Let's look at the recent event.

http://sg-stock.blogspot.com/2018/11/canada-has-given-trump-tight-slap-in.html

Canada signed the new NAFTA with US and Mexico with a poison clause that didn't allow it to sign FTA with a non-market economy (China).  It was supposed to submit itself to the new NAFTA and obey the clause.  However, Canada tried to wiggle itself out of the new NAFTA to strike a FTA with China before the Huawei's CFO incident.

Therefore, Canada is also a country ruled by law, not rule of law!  Don't try to hoodwink the world, Canada!

What's the outcome of the US-China trade talk?

https://sg.finance.yahoo.com/news/china-says-us-trade-talks-020243121.html

It seemed that nothing was concluded at the US-China trade talk.  No wonder neither country made any formal announcement on the trade deal after the trade talk.

The stock investors were too optimistic over the trade talk because of Trump's tweets and plunged into the stock markets with some zest.  Now, profit-taking is starting to take place after the no-deal talk.

The US-China trade talk has concluded but nothing is announced insofar.

This is very uncanny because Trump is very narcissistic and always claims the credit.  However, this US-China trade talk has ended with a hush.

Let's keep our fingers crossed!

Singapore seeks closer SG-Sino ties after SG-MY relations turn south.

https://www.straitstimes.com/asia/east-asia/singapore-welcomes-asean-countries-to-use-new-trade-route-to-access-western-china

Let us prosper with closer ties to China and leave Malaysia behind since Mahathir is so anti-SG.

Let us get more China ships to berth at our port and make the Malacca Gateway a white elephant.

Breadtalk - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/26/18	DMG & Partners	Breadtalk	1.72	2.09	Buy	Sum of parts
02/20/18	DMG & Partners	Breadtalk	1.69	2.09	Buy
02/23/18	DMG & Partners	Breadtalk	1.75	2	Buy	Sum of parts
02/23/18	DBS Vickers	Breadtalk	1.75	2.05	Buy	Sum of parts
03/19/18	DMG & Partners	Breadtalk	1.94	2	Take Profit	Sum of parts
05/04/18	DMG & Partners	Breadtalk	1.83	1.86	Neutral	Sum of parts
05/08/18	DBS Vickers	Breadtalk	1.78	1.98	Buy	Sum of parts
05/23/18	DMG & Partners	Breadtalk	0.925	0.93	Neutral	Sum of parts, Stock split 1-into-2
06/22/18	DMG & Partners	Breadtalk	1	0.93	Neutral
07/19/18	DMG & Partners	Breadtalk	1.1	1.04	Neutral	Sum of parts, Stock split target $0.99
08/03/18	DMG & Partners	Breadtalk	1.14	1	Sell
08/07/18	DBS Vickers	Breadtalk	1.05	1.07	Hold	Sum of parts
11/07/18	DBS Vickers	Breadtalk	0.925	0.98	Hold	Sum of parts
11/07/18	DMG & Partners	Breadtalk	0.925	0.75	Sell	Sum of parts

Boustead Projects - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/21/18	Lim & Tan	Boustead Projects	0.81	0	Hold

Boustead - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/24/18	Lim & Tan	Boustead	0.785	0	Hold

Stock calls for 9 January 2019

Date	Analyst	Company	Last	Target	Call	Percent	Valuation
01/09/19	DMG & Partners	EC World Reit	0.7	0.81	Buy	15.71

Apple cuts its Q1 production plan by 10%.

https://sg.finance.yahoo.com/news/apple-cuts-q1-production-plan-iphones-10-percent-020022653--finance.html

As expected, Apple sales are worse than forecast.

We have been warning our viewers about it.

http://sg-stock.blogspot.com/2019/01/iphone-sales-in-china-wont-be-good-in.html

Best World - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/18	Kim Eng	Best World	1.37	2.06	Buy
02/28/18	DBS Vickers	Best World	1.44	1.79	Buy	PER17x FY18
02/28/18	CIMB	Best World	1.44	1.7	Add	PER14x CY19
04/02/18	Kim Eng	Best World	1.84	2.06	Buy
05/15/18	DBS Vickers	Best World	1.45	1.29	Fully Valued	PER15x FY18/19
05/16/18	CIMB	Best World	1.29	1.39	Hold	PER12.5x CY19
08/10/18	CIMB	Best World	1.25	1.39	Hold	PER12.5x CY19
08/10/18	DBS Vickers	Best World	1.25	1.15	Fully Valued	PER15x FY18
10/23/18	DMG & Partners	Best World	1.49	1.97	Buy	PER13x FY19
11/12/18	DMG & Partners	Best World	1.85	2.13	Buy	PER13x FY19
11/12/18	CIMB	Best World	1.85	1.9	Hold	PER12.5x CY20

Banyan Tree - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/18	UOB Kay Hian	Banyan Tree	0.63	0.92	Buy	Sum of parts
02/28/18	UOB Kay Hian	Banyan Tree	0.62	0.92	Buy	Sum of parts
03/01/18	phillip	Banyan Tree	0.605	0.71	Accumulate	Sum of parts
03/05/18	UOB Kay Hian	Banyan Tree	0.585	0.92	Buy
04/20/18	UOB Kay Hian	Banyan Tree	0.605	1	Buy	Sum of parts
05/16/18	UOB Kay Hian	Banyan Tree	0.58	1	Buy	Sum of parts
05/17/18	phillip	Banyan Tree	0.575	0.73	Accumulate	Sum of parts, PB0.94x FY18
07/16/18	phillip	Banyan Tree	0.525	0.73	Accumulate	Sum of parts, PB0.94x FY18
08/15/18	UOB Kay Hian	Banyan Tree	0.535	1	Buy	Sum of parts
08/24/18	phillip	Banyan Tree	0.54	0.73	Accumulate	Sum of parts, PB0.94x FY18

Ayonda - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/31/18	phillip	Ayonda	0.009	0.22	Buy	Price to sales 6x FY18

Stock calls for 8 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/19	UOB Kay Hian	DBS	23.75	28.5	Buy
01/08/19	Kim Eng	Hi-P	0.965	0.68	Sell
01/08/19	OCBC	M1	2.06	2.06	Accept Offer	Offer $2.06
01/08/19	UOB Kay Hian	OCBC	11.37	13.82	Buy
01/08/19	Kim Eng	Valuetronics	0.69	0.9	Buy	PB1.9x FY19
01/08/19	Kim Eng	Venture	14.44	17.48	Buy	PB2x FY19, PER14.4x FY19

The US is using WSJ to smear China now.

https://sg.finance.yahoo.com/news/china-offered-bail-malaysias-1mdb-fund-wsj-says-032724189.html

After the failure of Bloomberg to smear China on so-called China's spy microchip which was never found and presented to the public, the US is using WSJ to launch another smearing campaign against China.

http://sg-stock.blogspot.com/2018/10/the-us-is-embarking-on-anti-china.html

http://sg-stock.blogspot.com/2018/10/apple-urged-bloomberg-to-retract-fake.html

The US government is adept at using media channels to discredit other people or countries and the US is also good at fabricating intelligence such as the Iraq's WMD's which are still not found yet.

There is no need for China to bail out 1MDB in exchange for the stakes in railway and pipelines. Why?  This is because China can just offer to berth all its ships in Malaysia in exchange for the stakes in the OBR initiative since more than 70% of the ships plying the Strait of Malacca are from China.  This offer is more lucrative and attractive than the so-called 1MDB offer.

Alternatively, China can buy Malaysia's bonds to prop up its currency.  There are so many avenues to help Malaysia which are better than bailing out 1MDB since 1MDB has a bad name already.  Why would China want to associate itself with a corrupted entity?

ECB: Cryptocurrencies are complete loads of nonsense!

https://finance.yahoo.com/news/virtual-currencies-down-load-nonsense-171051159.html

The strongest condemnation of Crypto by the ECB!

The crypto market will start to disintegrate if the crypto prices are below the mining costs for a considerable long period such as 1 year or more.  This is because the crypto miners will collapse first due to the unprofitable mining, followed by the crypto exchanges because of the low liquidity and security risks and then the crypto investors for their unrealistic thinkings.

Please read our posting below for more information.

http://sg-stock.blogspot.com/2018/11/a-financial-analysis-on-initial-coin.html

The US is stirring up South China Sea issue again!

https://sg.news.yahoo.com/u-navy-ship-sails-disputed-south-china-sea-062311985.html

What's the purpose of this freedom of navigation when only the US naval vessels will sail through this area?  No other country will dare to sail through this region.

Whenever the US naval vessel sailed through this region, they would get chased away by the Chinese navy.  Look like the US navy likes to play a mouse and cat game because the US navy doesn't dare to stay put to confront the Chinese navy as it knows that the region belongs to the Chinese.

http://sg-stock.blogspot.com/2018/11/a-1947-map-showed-that-south-china-sea.html

Avi-Tech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/18	DMG & Partners	Avi-Tech	0.48	0.59	Buy	DCF, PER12x FY18
02/20/18	DMG & Partners	Avi-Tech	0.49	0.59	Buy
05/08/18	DMG & Partners	Avi-Tech	0.455	0.46	Neutral	DCF, PER11.5x FY19
05/16/18	DMG & Partners	Avi-Tech	0.44	0.43	Neutral	DCF, PER11.5x FY19
06/27/18	DMG & Partners	Avi-Tech	0.39	0.43	Neutral
09/12/18	DMG & Partners	Avi-Tech	0.355	0.38	Neutral	DCF
11/13/18	DMG & Partners	Avi-Tech	0.32	0.34	Neutral	DCF
01/07/19	DMG & Partners	Avi-Tech	0.3	0.34	Neutral

Aspen - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/02/18	CIMB	Aspen	0.215	0.29	Add	RNAV (45% discount)

Asian Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/18/18	NRA	Asian Healthcare	0.27	0.355	Not Rated	PER24.2x FY19, EV/Ebitda16.18x FY19, Mid-point of target $0.33-$0.38
07/11/18	UOB Kay Hian	Asian Healthcare	0.24	0.33	Buy	PER19.4x FY19
10/22/18	UOB Kay Hian	Asian Healthcare	0.265	0.33	Buy

Stock calls for 7 January 2019

-->

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/19	DMG & Partners	Avi-Tech	0.3	0.34	Neutral
01/07/19	CIMB	Capitaland	3.06	3.55	Add	RNAV (35% discount)
01/07/19	DMG & Partners	CSE Global	0.395	0.59	Buy
01/07/19	DMG & Partners	GSS Energy	0.097	0.19	Buy
01/07/19	DMG & Partners	Kimly	0.24	0.27	Neutral
01/07/19	DMG & Partners	Moya Asia	0.06	0.11	Buy
01/07/19	UOB Kay Hian	SIA Engineering	2.39	2.7	Buy	DCF
01/07/19	DBS Vickers	Silverlake	0.425	0.62	Buy	PER21x FY19
01/07/19	OCBC	SPH Reit	1.01	0.99	Hold
01/07/19	Kim Eng	SPH Reit	1.01	1.02	Hold	DDM
01/07/19	DBS Vickers	SPH Reit	1.01	1.05	Buy	DCF
01/07/19	Lim & Tan	SPH Reit	1.01	0	Hold
01/07/19	CIMB	SPH Reit	1.01	1.02	Hold	DDM
01/07/19	DMG & Partners	Talkmed	0.59	0.64	Neutral
01/07/19	DMG & Partners	Valuetronics	0.675	0.82	Buy
01/07/19	UOB Kay Hian	Venture	13.71	12.9	Hold
01/07/19	Lim & Tan	Venture	13.71	0	Buy
01/07/19	CIMB	Yongnam	0.183	0.41	Add	PB0.8x FY19

Taiwan president is making a ridiculous call for international support.

https://www.reuters.com/article/us-taiwan-china/taiwan-president-calls-for-international-support-to-defend-democracy-idUSKCN1OZ058

First of all, Taiwan is part of China as stated by the UN resolution 2758 under the one-China policy.

If you want to have democracy, you need to change the UN resolution 2758 first but it cannot be changed without 2/3 approvals from the UN members.

Please also look at the western map in 1947 which showed the true ownership of Taiwan.

http://sg-stock.blogspot.com/2018/11/a-1947-map-showed-that-south-china-sea.html

Baltic dry index - 1260

Today, Friday, January 04 2019, the Baltic Dry Index decreased by 7 points, reaching 1260 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 - 1075

The US rig count fell 8 units during the week ended Jan. 4 to reach 1,075 units working, according to Baker Hughes data (OGJ Online, Dec. 28, 2018). This count was up 151 units from the 924 units working in the US this week a year ago.

US rigs drilling on land fell 6 units to 1,050 vs. last week. Offshore rigs dropped 2 units to 22, and there also were 22 rigs drilling in the Gulf of Mexico, also down 2 units.

US rigs targeting oil reached 877 this week, 8 fewer than a week ago. Gas-focused rigs remained unchanged at 198 units.

In Canada, there were 76 rigs working, 6 more than a week ago. This count is down 98 units from the 174 rigs working this week a year ago.

The number of oil-directed rigs in Canada rose 5 units, bringing the count to 20 rigs for the week. Gas-targeted rigs in Canada were up 1 unit to 56.

Among the major oil and gas-producing states, California, at 10 rigs, was down 5 units this week. Louisiana, down 2 rigs, reached 65 units working. New Mexico and Wyoming, with respective counts of 105 and 33 this week, were down 1 unit each.

Colorado gained 1 rig to reach 35 units working. Texas, at 534 units, and Alaska, at 9 units, each gained 2 rigs this week.

All other states were unchanged this week. These counts were Oklahoma, 140; North Dakota, 53; Pennsylvania, 47; Ohio, 15; West Virginia, 12; Utah, 6; and Kansas, 2.

In the Permian basin, a total of 487 rigs were drilling, up 1 unit from a week ago and 87 more than this week a year ago. The Eagle Ford had 80 rigs drilling this week, unchanged from last week but up 10 from this week a year ago.

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

Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

The stock markets are in a precarious situation now.

The US-China trade talk will convene on 7-8 Jan 2019 in China.

If the trade talk breaks down, the stock markets will pummel again!

Ascendas India Trust (AIT) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/30/18	DBS Vickers	Ascendas India Trust	1.13	1.25	Buy
04/26/18	DBS Vickers	Ascendas India Trust	1.01	1.22	Buy	DDM
04/26/18	Jefferies	Ascendas India Trust	1.01	1.2	Buy
05/15/18	DBS Vickers	Ascendas India Trust	1.05	1.22	Buy
06/26/18	DBS Vickers	Ascendas India Trust	1.02	1.25	Buy	DDM
07/26/18	DBS Vickers	Ascendas India Trust	1.09	1.25	Buy	DDM
10/25/18	DBS Vickers	Ascendas India Trust	1.06	1.25	Buy	DDM

Ascendas Hospitality Trust (AHT) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/30/18	DBS Vickers	Ascendas Hospitality Trust	0.875	0.91	Buy
02/02/18	Lim & Tan	Ascendas Hospitality Trust	0.895	0	Hold
02/05/18	DBS Vickers	Ascendas Hospitality Trust	0.885	0.97	Buy	DCF
04/17/18	DBS Vickers	Ascendas Hospitality Trust	0.8	0.97	Buy
06/26/18	DBS Vickers	Ascendas Hospitality Trust	0.775	0.98	Buy	DCF
07/06/18	DBS Vickers	Ascendas Hospitality Trust	0.785	0.98	Buy
11/02/18	DBS Vickers	Ascendas Hospitality Trust	0.805	0.98	Buy	DCF