Stock calls for 22 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/22/19	phillip	City Developments	9.54	11.82	Accumulate	RNAV (30% discount)
02/22/19	OCBC	City Developments	9.54	10.68	Buy
02/22/19	DMG & Partners	City Developments	9.54	9.2	Neutral	RNAV (40% discount)
02/22/19	DBS Vickers	City Developments	9.54	9.5	Hold	RNAV (40% discount)
02/22/19	CIMB	City Developments	9.54	10.66	Add
02/22/19	DMG & Partners	CSE Global	0.465	0.6	Buy	DCF
02/22/19	CIMB	CSE Global	0.465	0.6	Add	PER13.5x FY19
02/22/19	UOB Kay Hian	CSE Global	0.465	0.62	Buy
02/22/19	DBS Vickers	EC World Reit	0.745	0.86	Buy	DCF
02/22/19	DBS Vickers	First Sponsor	1.27	1.62	Buy	RNAV (35% discount)
02/22/19	CIMB	Genting	1.11	1.28	Add	EV/Ebitda9x CY20
02/22/19	OCBC	Genting	1.11	1.31	Buy	FCFE
02/22/19	DMG & Partners	Genting	1.11	1.22	Buy	DCF
02/22/19	UOB Kay Hian	Genting	1.11	1.32	Buy
02/22/19	Kim Eng	Genting	1.11	1.26	Buy	EV/Ebitda9x FY19
02/22/19	DBS Vickers	Hi-P	1.05	1.12	Hold
02/22/19	OCBC	ST Engineering	3.71	4.01	Buy	FCFE
02/22/19	DMG & Partners	ST Engineering	3.71	4.1	Buy
02/22/19	UOB Kay Hian	ST Engineering	3.71	4.06	Buy
02/22/19	Kim Eng	ST Engineering	3.71	4.25	Buy	DCF
02/22/19	DMG & Partners	UOB	25.98	29.8	Buy	PB1.35x FY19
02/22/19	DMG & Partners	Wilmar	3.39	3.58	Buy
02/22/19	CIMB	Wilmar	3.39	3.96	Add	Sum of parts
02/22/19	UOB Kay Hian	Wilmar	3.39	3.9	Buy

Keppel Infrastructure - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/18	UOB Kay Hian	Keppel Infrastructure	0.585	0.61	Buy
01/24/18	DBS Vickers	Keppel Infrastructure	0.58	0.6	Buy	DDM
04/18/18	DBS Vickers	Keppel Infrastructure	0.545	0.6	Buy	DDM
07/19/18	DBS Vickers	Keppel Infrastructure	0.53	0.58	Buy	DDM
10/18/18	DBS Vickers	Keppel Infrastructure	0.49	0.58	Buy	DDM
10/18/18	Lim & Tan	Keppel Infrastructure	0.49	0	Hold
11/16/18	DBS Vickers	Keppel Infrastructure	0.46	0.58	Buy	DDM
11/16/18	Lim & Tan	Keppel Infrastructure	0.46	0	Hold
01/23/19	DBS Vickers	Keppel Infrastructure	0.515	0.58	buy	DDM

Keppel DC Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/18	OCBC	Keppel DC Reit	1.47	1.51	Hold
01/23/18	Lim & Tan	Keppel DC Reit	1.47	0	Hold
01/23/18	CIMB	Keppel DC Reit	1.47	1.44	Hold
01/23/18	DBS Vickers	Keppel DC Reit	1.47	1.6	Buy	DCF
01/24/18	Phillip	Keppel DC Reit	1.46	1.47	Neutral	DDM
02/12/18	Phillip	Keppel DC Reit	1.34	1.47	Neutral	DDM
03/19/18	DBS Vickers	Keppel DC Reit	1.4	1.6	Buy
04/03/18	CIMB	Keppel DC Reit	1.43	1.52	Add	DDM
04/17/18	Phillip	Keppel DC Reit	1.46	1.47	Neutral	DDM
04/17/18	CIMB	Keppel DC Reit	1.46	1.47	Add	DDM
04/17/18	OCBC	Keppel DC Reit	1.46	1.5	Hold
04/17/18	DBS Vickers	Keppel DC Reit	1.46	1.6	Buy
04/17/18	Credit Suisse	Keppel DC Reit	1.46	1.56	Outperform
05/08/18	Phillip	Keppel DC Reit	1.43	1.51	Accumulate	DDM
05/08/18	Deutsche	Keppel DC Reit	1.43	1.3	Hold
05/08/18	Credit Suisse	Keppel DC Reit	1.43	1.56	Outperform
05/08/18	CIMB	Keppel DC Reit	1.43	1.49	Add	DDM
05/08/18	OCBC	Keppel DC Reit	1.43	1.54	Buy
05/21/18	Phillip	Keppel DC Reit	1.36	1.51	Accumulate
06/26/18	DBS Vickers	Keppel DC Reit	1.35	1.52	Buy	DCF
07/18/18	Phillip	Keppel DC Reit	1.35	1.45	Accumulate	DDM
07/18/18	OCBC	Keppel DC Reit	1.35	1.54	Buy
07/18/18	CIMB	Keppel DC Reit	1.35	1.49	Add	DDM
07/18/18	DBS Vickers	Keppel DC Reit	1.35	1.52	Buy
08/08/18	DBS Vickers	Keppel DC Reit	1.39	1.52	Buy
09/04/18	OCBC	Keppel DC Reit	1.36	1.54	Buy
09/25/18	Deutsche	Keppel DC Reit	1.36	1.55	Buy
10/17/18	Phillip	Keppel DC Reit	1.34	1.45	Accumulate	DDM
10/17/18	DBS Vickers	Keppel DC Reit	1.34	1.52	Buy
10/17/18	OCBC	Keppel DC Reit	1.34	1.48	Buy	DDM
10/17/18	CIMB	Keppel DC Reit	1.34	1.51	Add	DDM
11/21/18	Phillip	Keppel DC Reit	1.35	1.45	Accumulate
12/03/18	OCBC	Keppel DC Reit	1.36	1.48	Buy
12/06/18	DBS Vickers	Keppel DC Reit	1.34	1.52	Buy	DCF
01/04/19	Phillip	Keppel DC Reit	1.36	1.45	Accumulate
01/23/19	Phillip	Keppel DC Reit	1.44	1.52	Accumulate	DDM
01/23/19	CIMB	Keppel DC Reit	1.44	1.51	Add	DDM
01/23/19	OCBC	Keppel DC Reit	1.44	1.6	Buy
01/23/19	DBS Vickers	Keppel DC Reit	1.44	1.6	Buy	DCF
02/15/19	Phillip	Keppel DC Reit	1.45	1.52	Accumulate

Keppel Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	UOB Kay Hian	Keppel Corp	7.35	8.75	Buy	Sum of parts
01/02/18	CIMB	Keppel Corp	7.35	8.58	Add	Sum of parts
01/09/18	DBS Vickers	Keppel Corp	7.77	9.8	Buy	Sum of parts, PB1.3x FY18
01/10/18	Amfrasers	Keppel Corp	7.85	8.04	Buy
01/10/18	Deutsche	Keppel Corp	7.85	8.5	Buy
01/22/18	OCBC	Keppel Corp	8.25	9.32	Buy
01/23/18	DBS Vickers	Keppel Corp	8.29	10.3	Buy	Sum of parts, PB1.3x FY18
01/26/18	OCBC	Keppel Corp	8.58	9.45	Buy
01/26/18	UOB Kay Hian	Keppel Corp	8.58	9.3	Buy	Sum of parts
01/26/18	DBS Vickers	Keppel Corp	8.58	10.2	Buy
01/26/18	Lim & Tan	Keppel Corp	8.58	0	Buy on weakness
01/26/18	CIMB	Keppel Corp	8.58	10	Add	Sum of parts
02/02/18	Deutsche	Keppel Corp	8.7	8.4	Hold
02/07/18	CIMB	Keppel Corp	8.19	10	Add
02/13/18	UOB Kay Hian	Keppel Corp	7.8	9.3	Buy
02/13/18	DBS Vickers	Keppel Corp	7.8	10.2	Buy
03/02/18	UOB Kay Hian	Keppel Corp	8.01	9.3	Buy
03/05/18	Credit Suisse	Keppel Corp	7.87	10	Outperform
03/05/18	CIMB	Keppel Corp	7.87	10	Add	Sum of parts
03/05/18	OCBC	Keppel Corp	7.87	9.45	Buy
03/06/18	DBS Vickers	Keppel Corp	7.63	10.2	Buy	Sum of parts
03/12/18	Lim & Tan	Keppel Corp	7.73	0	Buy
03/12/18	Amfrasers	Keppel Corp	7.73	8.04	Buy
03/21/18	UOB Kay Hian	Keppel Corp	7.77	9.1	Buy	Sum of parts
03/26/18	Morgan Stanley	Keppel Corp	7.72	9.45	Overweight	Sum of parts, Up from $9.01
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
04/11/18	OCBC	Keppel Corp	7.81	9.45	Buy	Sum of parts
04/20/18	UOB Kay Hian	Keppel Corp	8.07	9	Buy	Sum of parts
04/20/18	Lim & Tan	Keppel Corp	8.07	0	Hold
04/23/18	Amfrasers	Keppel Corp	8.21	9.43	Buy	Sum of parts
05/03/18	UOB Kay Hian	Keppel Corp	8.15	9	Buy	Sum of parts
05/03/18	OCBC	Keppel Corp	8.15	9.4	Buy
05/08/18	Credit Suisse	Keppel Corp	8.13	10	Outperform
05/22/18	CIMB	Keppel Corp	8.19	10	Add	Sum of parts
06/04/18	UOB Kay Hian	Keppel Corp	7.65	9	Buy
06/05/18	DBS Vickers	Keppel Corp	7.75	10.2	Buy
07/03/18	UOB Kay Hian	Keppel Corp	7.01	9	Buy	Sum of parts
07/03/18	DBS Vickers	Keppel Corp	7.01	10.2	Buy
07/09/18	DBS Vickers	Keppel Corp	6.58	9.1	Buy	Sum of parts
07/11/18	CIMB	Keppel Corp	6.77	8.81	Add	Sum of parts
07/20/18	DBS Vickers	Keppel Corp	6.96	9	Buy	Sum of parts, PB1.3x FY18
07/20/18	OCBC	Keppel Corp	6.96	8.7	Buy
07/23/18	CIMB	Keppel Corp	7.09	8.82	Add	Sum of parts
07/23/18	Lim & Tan	Keppel Corp	7.09	0	Hold
07/23/18	Deutsche	Keppel Corp	7.09	8.4	Hold	RNAV (35% discount)
08/24/18	UOB Kay Hian	Keppel Corp	6.81	7.37	Hold	Sum of parts, Buy @ $6.6
09/06/18	DBS Vickers	Keppel Corp	6.44	9	Buy
09/10/18	OCBC	Keppel Corp	6.36	8.38	Buy	Sum of parts
09/21/18	UOB Kay Hian	Keppel Corp	6.8	7.37	Hold	Buy @ $6.60
09/25/18	CIMB	Keppel Corp	7	8.82	Add	Sum of parts
09/25/18	Deutsche	Keppel Corp	7	8.4	Hold
09/27/18	Amfrasers	Keppel Corp	7.16	9.43	Buy	Sum of parts
09/28/18	Lim & Tan	Keppel Corp	7.16	0	Neutral
10/02/18	Amfrasers	Keppel Corp	7.04	9.43	Buy	Sum of parts
10/03/18	Macquarie	Keppel Corp	7.04	8.4	Outperform	Sum of parts
10/08/18	CIMB	Keppel Corp	7.1	8.82	Add
10/19/18	UOB Kay Hian	Keppel Corp	6.76	6.79	Hold	Sum of parts, Buy @ $6.10
10/19/18	OCBC	Keppel Corp	6.76	7.97	Buy
10/19/18	CIMB	Keppel Corp	6.76	8.28	Add	Sum of parts
10/22/18	Lim & Tan	Keppel Corp	6.64	0	Hold
11/21/18	CIMB	Keppel Corp	6.18	8.38	Add	Sum of parts
01/04/19	OCBC	Keppel Corp	5.81	7.25	Buy	Sum of parts
01/10/19	DIR	Keppel Corp	6.18	7.15	Buy	Cut from $7.86, Sum of parts
01/23/19	CIMB	Keppel Corp	6.17	8.28	Add
01/25/19	OCBC	Keppel Corp	6.13	7.55	Buy
01/25/19	CIMB	Keppel Corp	6.13	8.41	Add	Sum of parts
01/28/19	Lim & Tan	Keppel Corp	6.2	0	Hold
01/29/19	Amfrasers	Keppel Corp	6.14	7.5	Hold
01/29/19	Macquarie	Keppel Corp	6.14	8.2	Outperform	Sum of parts
02/21/19	CIMB	Keppel Corp	6.32	8.41	Add	Sum of parts

Stock calls for 21 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/19	DBS Vickers	Breadtalk	0.88	0.92	Hold	Sum of parts
02/21/19	DMG & Partners	Breadtalk	0.88	0.81	Neutral	Sum of parts
02/21/19	Kim Eng	Bumitama	0.69	0.96	Buy
02/21/19	OCBC	Capitaland	3.43	3.98	Buy	RNAV
02/21/19	Phillip	Capitaland	3.43	4	Accumulate	PB0.75x FY19
02/21/19	CIMB	Capitaland	3.43	3.56	Add	RNAV (35% discount)
02/21/19	DBS Vickers	Capitaland	3.43	3.62	Buy
02/21/19	DBS Vickers	China Everbright	0.35	0.49	Buy
02/21/19	Kim Eng	First Resources	1.69	2.1	Buy
02/21/19	DBS Vickers	Ifast Corp	1.11	1.19	Hold	DDM
02/21/19	CIMB	Keppel Corp	6.32	8.41	Add	Sum of parts
02/21/19	CIMB	MM2 Asia	0.3	0.37	Add	Sum of parts
02/21/19	Kim Eng	MM2 Asia	0.3	0.34	Buy	PEG0.93x
02/21/19	Lim & Tan	Sembcorp Industries	2.66	0	Hold
02/21/19	CIMB	Sembcorp Marine	1.68	2.21	Add	PB2x CY19
02/21/19	OCBC	Sembcorp Marine	1.68	1.77	Hold
02/21/19	phillip	Sembcorp Marine	1.68	1.76	Neutral	PB1.6x
02/21/19	Lim & Tan	Sembcorp Marine	1.68	0	Hold
02/21/19	UOB Kay Hian	Singapore Medical	0.47	0.65	Buy	PER23x FY19
02/21/19	DMG & Partners	Singapore Medical	0.47	0.54	Buy	DCF
02/21/19	phillip	Singapore O&G	0.355	0	Cease Coverage
02/21/19	Lim & Tan	ST Engineering	3.77	0	Hold
02/21/19	DMG & Partners	Talkmed	0.58	0.62	Neutral	DCF

UK has cleared Huawei of cyber securities risks!

https://sg.news.yahoo.com/britain-managing-huawei-risks-no-evidence-spying-official-154318410--finance.html

UK has made the US look like a villain now by clearing Huawei of cyber securities risks. Hahaha!

Jumbo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	Kim Eng	Jumbo	0.59	0.7	Buy	DCF, PER26x FY18
02/15/18	Kim Eng	Jumbo	0.57	0.7	Buy	DCF, PER26x FY18
02/15/18	DBS Vickers	Jumbo	0.57	0.58	Hold	PER23x FY18
02/19/18	UOB Kay Hian	Jumbo	0.575	0.59	Hold	DCF, Buy @ $0.53
03/12/18	Kim Eng	Jumbo	0.55	0.7	Buy	DCF
05/15/18	DBS Vickers	Jumbo	0.56	0.58	Hold	PER23x FY18/19
05/16/18	UOB Kay Hian	Jumbo	0.54	0.53	Hold	DCF, Buy @ $0.48
06/25/18	CIMB	Jumbo	0.5	0.62	Add	PER23x CY19
06/27/18	UOB Kay Hian	Jumbo	0.52	0.53	Hold	DCF, Buy @ $0.48
08/14/18	UOB Kay Hian	Jumbo	0.53	0.49	Hold	DCF, Buy @ $0.44
08/14/18	DBS Vickers	Jumbo	0.53	0.57	Hold	PER23x FY19
08/15/18	CIMB	Jumbo	0.515	0.62	Add	PER23x CY19
10/05/18	CIMB	Jumbo	0.46	0.58	Add	PER21x FY20
11/22/18	Lim & Tan	Jumbo	0.405	0	Hold
11/22/18	DBS Vickers	Jumbo	0.405	0.44	Hold	PER23x FY19
11/23/18	CIMB	Jumbo	0.405	0.54	Add	PER21x FY20
11/23/18	UOB Kay Hian	Jumbo	0.405	0.42	Hold	PER20x FY19, Buy @ $0.38
12/14/18	CIMB	Jumbo	0.39	0.54	Add
02/15/19	DBS Vickers	Jumbo	0.415	0.44	Hold	PER23x FY19
02/15/19	CIMB	Jumbo	0.415	0.52	Add	PER21x FY20
02/18/19	UOB Kay Hian	Jumbo	0.415	0.41	Hold	Buy @ $0.37

Jubilee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/12/18	CIMB	Jubilee	0.037	0.051	Add	Sum of parts
06/01/18	CIMB	Jubilee	0.039	0.051	Add	Sum of parts
11/20/18	CIMB	Jubilee	0.034	0.051	Add

Jiutian - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/04/18	Amfrasers	Jiutian	0.064	0.11	Not Rated	PER10x FY18

Stock calls for 20 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/19	Lim & Tan	Capitaland	3.39	0	Buy
02/20/19	Macquarie	DBS	25.1	27	Neutral	PB
02/20/19	UOB Kay Hian	First Resources	1.72	1.85	Hold	Buy @ $1.65
02/20/19	OCBC	Golden Agri	0.255	0.24	Hold
02/20/19	DBS Vickers	Mapletree Industrial	1.99	2.3	Buy
02/20/19	UOB Kay Hian	Raffles Medical	1.12	1.3	Buy
02/20/19	Kim Eng	Sasseur	0.74	0.9	Buy	DDM
02/20/19	DBS Vickers	Sasseur	0.74	0.97	Buy	DCF
02/20/19	UOB Kay Hian	Sheng Siong	1.08	1.15	Hold
02/20/19	OCBC	Wilmar	3.37	3.42	Hold

USA is gearing up for USD depreciation.

https://sg.finance.yahoo.com/news/u-wants-pledge-stable-chinese-yuan-talks-resume-050426264--sector.html

The US wants China to stabilize RMB so that it can depreciate USD.  We had stated the real reason for USD depreciation below.

http://sg-stock.blogspot.com/2019/02/usd-is-likely-to-depreciate-soon-why.html

The latest FED statements also showed a very dovish FED stance that would contribute to USD depreciation.

Look like the US is setting up a star constellation for a weak USD.

Japan continues to slow down.

https://sg.finance.yahoo.com/news/japans-exports-fall-8-4-041347848.html

Japan, being an export-oriented country, has continued to slow down in January 2019 and it is heavily impacted by China.  January export is down 8.4%.

https://sg-stock.blogspot.com/2018/12/the-japan-economic-growth-is-worse-than.html

The banning of Huawei in Japan is not helping the Japanese too.

Jardine Strategic - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/18	UOB Kay Hian	Jardine Strategic	36.65	42.67	Not Rated

Jardine Matheson - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/18	UOB Kay Hian	Jardine Matheson	63.2	65.72	Not Rated

Jardine C&C - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/18	UOB Kay Hian	Jardine C&C	30.77	44.13	Not Rated
01/04/19	DBS Vickers	Jardine C&C	35.28	43.1	Buy

Stock calls for 19 February 2019

Date	Analyst	Company	Last	Target	Call	Valuation
02/19/19	Amfrasers	Accordia Golf Trust	0.565	0.61	Buy
02/19/19	Amfrasers	Comfortdelgro	2.41	2.77	Buy	PER19x FY19
02/19/19	Jefferies	DBS	25.2	28.5	Buy
02/19/19	OCBC	DBS	25.2	29.31	Buy
02/19/19	DMG & Partners	DBS	25.2	28.8	Buy	GGM, PB1.5x FY19
02/19/19	phillip	DBS	25.2	29	Buy	GGM, PB1.5x FY19
02/19/19	Kim Eng	DBS	25.2	29.56	Buy	DDM
02/19/19	CIMB	DBS	25.2	29	Add	GGM
02/19/19	UOB Kay Hian	DBS	25.2	28.4	Buy
02/19/19	Amfrasers	DISA	0.003	0	Cease Coverage
02/19/19	OCBC	Mapletree Industrial	1.99	1.98	Hold
02/19/19	CIMB	Starhub	1.61	2	Hold	DCF
02/19/19	Phillip	Thai Beverage	0.82	0.81	Neutral	Sum of parts
02/19/19	Amfrasers	Thai Beverage	0.82	0.75	Hold

New Zealand is backpedaling on Huawei ban.

https://sg.finance.yahoo.com/news/zealand-leader-says-no-final-032231741.html

After seeing what the UK did, NZ is also backpedaling on Huawei ban.

https://sg-stock.blogspot.com/2019/02/uk-will-continue-to-use-huawei-5g.html

Look like NZ is smarter than the Aussie. Hahaha!

http://sg-stock.blogspot.com/2019/02/australia-is-suffering-backlash-from.html

Australia is suffering a backlash from China.

https://finance.yahoo.com/news/chinese-traders-cut-australian-coal-121834785.html

Australia really deserves this because it wants to earn China's money but also wants to be anti-China.

This is just a normal reaction from China.  We will also react in this way when someone wants to sell us something but also badmouth us at the same time.

Australia's economy will suffer a lot if it cannot export to China since China is the largest trading partner.  The property sector is already suffering tremendously right now.

http://sg-stock.blogspot.com/2017/12/australia-china-political-skirmish.html

Japfa - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/22/18	Kim Eng	Japfa	0.625	0.86	Buy	Sum of parts, PER14x FY18
08/01/18	Kim Eng	Japfa	0.745	0.86	Buy	Sum of parts
09/11/18	CIMB	Japfa	0.595	0.8	Add	Sum of parts
10/17/18	UOB Kay Hian	Japfa	0.61	0.9	Buy	Sum of parts, PER12.2x FY18
10/25/18	DBS Vickers	Japfa	0.63	0.86	Buy	Sum of parts (10% discount), PER12.2x FY19
10/31/18	UOB Kay Hian	Japfa	0.69	0.98	Buy	Sum of parts, PER12.2x FY18
11/01/18	CIMB	Japfa	0.665	0.8	Add	Sum of parts
11/02/18	DBS Vickers	Japfa	0.68	0.89	Buy	Sum of parts (15% discount), PER12.6x FY19
11/08/18	UOB Kay Hian	Japfa	0.715	0.98	Buy
12/10/18	UOB Kay Hian	Japfa	0.755	0.98	Buy
12/12/18	Kim Eng	Japfa	0.735	0.99	Buy	Sum of parts
01/29/19	CIMB	Japfa	0.82	0.9	Add	Sum of parts
01/30/19	Kim Eng	Japfa	0.81	0.99	Buy

Japan Foods - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/18	Amfrasers	Japan Foods	0.46	0.54	Buy	DCF
05/07/18	DMG & Partners	Japan Foods	0.505	0.63	Buy	DCF, PER19x FY19
05/22/18	Amfrasers	Japan Foods	0.485	0.64	Buy	DCF
06/22/18	DMG & Partners	Japan Foods	0.5	0.63	Buy
08/08/18	DMG & Partners	Japan Foods	0.49	0.58	Buy	Sum of parts, PER16.6x FY19
08/21/18	Amfrasers	Japan Foods	0.5	0.64	Buy	DCF
11/09/18	DMG & Partners	Japan Foods	0.455	0.48	Neutral
11/13/18	Amfrasers	Japan Foods	0.455	0.56	Hold	DCF
12/10/18	DMG & Partners	Japan Foods	0.455	0.48	Neutral
02/12/19	Amfrasers	Japan Foods	0.415	0.57	Hold	DCF

Jadason - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	DMG & Partners	Jadason	0.073	0.08	Neutral	DCF
03/07/18	CIMB	Jadason	0.07	0.08	Add	PER12.34x FY19
05/16/18	CIMB	Jadason	0.05	0.077	Add	PB1x CY18
05/18/18	DMG & Partners	Jadason	0.05	0.05	Neutral	DCF
06/27/18	DMG & Partners	Jadason	0.04	0.05	Neutral
08/17/18	CIMB	Jadason	0.037	0.073	Add	PB1x CY18
11/15/18	CIMB	Jadason	0.03	0.073	Add	PB1x FY18