Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	CIMB	Far East Hospitality	0.605	0.68	Add
01/16/19	OCBC	Far East Hospitality	0.625	0.675	Buy
02/07/19	OCBC	Far East Hospitality	0.66	0.675	Buy
02/13/19	Lim & Tan	Far East Hospitality	0.64	0	Buy
02/14/19	DBS Vickers	Far East Hospitality	0.635	0.7	Buy	DCF
02/14/19	CIMB	Far East Hospitality	0.635	0.68	Add	DDM
02/14/19	Kim Eng	Far East Hospitality	0.635	0.75	Buy	DDM
02/14/19	OCBC	Far East Hospitality	0.635	0.68	Buy
04/15/19	OCBC	Far East Hospitality	0.685	0.68	Hold
04/26/19	OCBC	Far East Hospitality	0.66	0.67	Hold
04/26/19	DBS Vickers	Far East Hospitality	0.66	0.7	Buy
04/29/19	CIMB	Far East Hospitality	0.665	0.71	Add
04/29/19	Kim Eng	Far East Hospitality	0.665	0.8	Buy
06/12/19	OCBC	Far East Hospitality	0.645	0.67	Hold
06/25/19	Kim Eng	Far East Hospitality	0.675	0.8	Buy
07/22/19	UOB Kay Hian	Far East Hospitality	0.685	0.82	Buy	DDM
07/31/19	OCBC	Far East Hospitality	0.685	0.67	Hold
07/31/19	CIMB	Far East Hospitality	0.685	0.68	Hold
08/01/19	DBS Vickers	Far East Hospitality	0.68	0.7	Hold	DCF
08/27/19	UOB Kay Hian	Far East Hospitality	0.65	0.82	Buy
09/19/19	Kim Eng	Far East Hospitality	0.675	0.8	Buy
10/09/19	DBS Vickers	Far East Hospitality	0.69	0.7	Hold
10/30/19	Lim & Tan	Far East Hospitality	0.7	0	Hold
10/31/19	UOB Kay Hian	Far East Hospitality	0.71	0.86	Buy	DCF
10/31/19	DBS Vickers	Far East Hospitality	0.71	0.8	Buy
11/01/19	Kim Eng	Far East Hospitality	0.73	0.8	Buy	DDM
11/04/19	CIMB	Far East Hospitality	0.735	0.7	Hold
11/04/19	OCBC	Far East Hospitality	0.735	0.68	Hold
11/21/19	Kim Eng	Far East Hospitality	0.72	0.8	Buy
12/19/19	DBS Vickers	Far East Hospitality	0.72	0.8	Buy
01/14/20	DBS Vickers	Far East Hospitality	0.755	0.8	Buy

Stock calls for 28 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/28/20	Lim & Tan	BRC Asia	1.69	0	Buy on weakness
01/28/20	DBS Vickers	Cache Logistics	0.725	0.75	Hold	DCF
01/28/20	OCBC	ESR-Reit	0.56	0.6	Buy
01/28/20	DBS Vickers	Frasers Hospitality Trust	0.715	0.78	Hold	DCF
01/28/20	Lim & Tan	Hong Leong Asia	0.625	0	Buy on weakness
01/28/20	DMG & Partners	ISOTeam	0.23	0.31	Buy	DCF
01/28/20	DBS Vickers	Keppel Corp	6.75	7.5	Buy	Sum of parts
01/28/20	Lim & Tan	KSH	0.415	0	Buy on weakness
01/28/20	Lim & Tan	PanUnited	0.375	0	Buy on weakness
01/28/20	OCBC	Soilbuild Reit	0.515	0.52	Hold
01/28/20	OCBC	Suntec Reit	1.86	2.05	Buy

Baltic dry index - 557

Today, Friday, January 24 2020, the Baltic Dry Index decreased by 19 points, reaching 557 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 stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 794

Related stock: Keppel Corp, Sembcorp Marine & Cosco.

Ezion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/07/19	DBS Vickers	Ezion	0.05	0.06	Hold	PB0.3x FY19
03/11/19	DBS Vickers	Ezion	0.043	0.05	Hold	PER10x F20
04/05/19	DBS Vickers	Ezion	0.043	0.05	Hold	PB1.4x

ESR-Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/19	Lim & Tan	ESR-Reit	0.53	0	Hold
01/21/19	CIMB	ESR-Reit	0.53	0.62	Add	DDM
01/21/19	OCBC	ESR-Reit	0.53	0.575	Buy
01/22/19	DBS Vickers	ESR-Reit	0.53	0.59	Buy
02/12/19	DMG & Partners	ESR-Reit	0.515	0.61	Buy	DDM
03/07/19	CIMB	ESR-Reit	0.53	0.62	Add
03/13/19	DMG & Partners	ESR-Reit	0.53	0.61	Buy
04/10/19	OCBC	ESR-Reit	0.54	0.55	Hold
04/25/19	CIMB	ESR-Reit	0.51	0.6	Add	DDM
04/25/19	OCBC	ESR-Reit	0.51	0.565	Buy
06/18/19	CIMB	ESR-Reit	0.565	0.6	Add	DDM
06/19/19	OCBC	ESR-Reit	0.53	0.56	Buy
07/24/19	OCBC	ESR-Reit	0.535	0.58	Buy
07/24/19	CIMB	ESR-Reit	0.535	0.61	Add	DDM
08/21/19	Citibank	ESR-Reit	0.51	0.57	Buy
10/25/19	OCBC	ESR-Reit	0.54	0.58	Buy
10/29/19	DMG & Partners	ESR-Reit	0.53	0.6	Buy	DDM
12/10/19	DMG & Partners	ESR-Reit	0.545	0.6	Buy
01/07/20	DMG & Partners	ESR-Reit	0.545	0.6	Buy	DDM
01/24/20	DBS Vickers	ESR-Reit	0.56	0.59	Buy	DCF

EC World Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/19	DMG & Partners	EC World Reit	0.7	0.81	Buy
02/15/19	phillip	EC World Reit	0.745	0.82	Buy
02/22/19	DBS Vickers	EC World Reit	0.745	0.86	Buy	DCF
02/25/19	DMG & Partners	EC World Reit	0.755	0.84	Buy	DDM
03/04/19	phillip	EC World Reit	0.76	0.85	Buy	DDM, PB0.84x FY19
03/18/19	DMG & Partners	EC World Reit	0.77	0.84	Buy
05/07/19	DMG & Partners	EC World Reit	0.77	0.84	Buy
05/14/19	DMG & Partners	EC World Reit	0.79	0.85	Buy	DDM
05/14/19	DBS Vickers	EC World Reit	0.79	0.86	Buy
05/15/19	phillip	EC World Reit	0.785	0.87	Buy	DDM, PB0.93x
06/19/19	phillip	EC World Reit	0.775	0.87	Buy
07/04/19	DMG & Partners	EC World Reit	0.78	0.85	Buy
07/22/19	phillip	EC World Reit	0.755	0.87	Buy
08/08/19	phillip	EC World Reit	0.735	0.87	Buy	DDM
08/08/19	DMG & Partners	EC World Reit	0.735	0.82	Buy	DDM
09/24/19	phillip	EC World Reit	0.735	0.87	Buy
10/18/19	phillip	EC World Reit	0.735	0.87	Buy
11/12/19	phillip	EC World Reit	0.74	0.84	Buy	DDM
11/12/19	DBS Vickers	EC World Reit	0.74	0.86	Buy	DCF
11/26/19	Amfrasers	EC World Reit	0.74	0.84	outperform	DDM
12/02/19	Amfrasers	EC World Reit	0.745	0.84	outperform	DDM
12/10/19	DMG & Partners	EC World Reit	0.765	0.82	Buy

Stock calls for 24 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/20	DBS Vickers	AEM	2.05	2.38	Buy	PER12.1x FY20
01/24/20	Kim Eng	Cache Logistics	0.725	0.8	Buy	DDM
01/24/20	DBS Vickers	CapitaCommercial	2.12	2.3	Buy
01/24/20	Phillip	Capitamall Trust	2.57	2.7	Accumulate	DDM
01/24/20	DBS Vickers	Capitamall Trust	2.57	2.95	Buy
01/24/20	DBS Vickers	ESR-Reit	0.56	0.59	Buy	DCF
01/24/20	DBS Vickers	Frasers Centrepoint Trust	2.86	2.95	Buy
01/24/20	DBS Vickers	Frencken	0.91	1.06	Buy	PER10x FY20
01/24/20	UOB Kay Hian	Keppel Corp	6.74	7.75	Buy	Sum of parts
01/24/20	DBS Vickers	Keppel Pacific	0.785	0.9	Buy	DCF
01/24/20	DBS Vickers	Keppel Reit	1.27	1.45	Buy	DCF
01/24/20	DBS Vickers	Mapletree Commercial	2.43	2.6	Buy
01/24/20	Lim & Tan	Mapletree Commercial	2.43	0	Hold
01/24/20	DBS Vickers	SGX	8.82	9.6	Buy	DDM, PER21x FY21
01/24/20	DBS Vickers	Soilbuild Reit	0.52	0.55	Hold	DCF
01/24/20	DBS Vickers	Starhub	1.49	1.72	Buy	DCF
01/24/20	Citibank	Starhub	1.49	1.22	Sell
01/24/20	DBS Vickers	Suntec Reit	1.85	2.15	Buy	DCF
01/24/20	DBS Vickers	UMS	0.98	1.16	Buy	PER14.9x FY20

Eagle Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/30/19	UOB Kay Hian	Eagle Hospitality Trust	0.675	1.02	Buy	DDM
10/02/19	Amfrasers	Eagle Hospitality Trust	0.68	0.84	outperform	DDM
10/25/19	UOB Kay Hian	Eagle Hospitality Trust	0.645	1.02	Buy	DDM
10/29/19	Amfrasers	Eagle Hospitality Trust	0.545	0.72	outperform	DDM
11/18/19	Amfrasers	Eagle Hospitality Trust	0.535	0.61	Buy	DDM
12/02/19	Amfrasers	Eagle Hospitality Trust	0.525	0.61	outperform	DDM

Duty Free - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/19	Lim & Tan	Duty Free	0.192	0	Accumulate

Delfi - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	Delfi	1.32	1.59	Buy
03/01/19	DMG & Partners	Delfi	1.45	1.68	Buy	DCF, PER28x FY19
04/05/19	DMG & Partners	Delfi	1.3	1.68	Buy
05/07/19	DMG & Partners	Delfi	1.3	1.68	Buy	DCF, PER28x FY19
08/14/19	DMG & Partners	Delfi	1.24	1.68	Buy	DCF, PER28x FY19
10/31/19	DBS Vickers	Delfi	0.995	1.49	Buy	PER23.7x FY20
11/13/19	DMG & Partners	Delfi	0.955	1.68	Buy	DCF
11/14/19	DBS Vickers	Delfi	0.96	1.51	Buy	PER23.1x FY20
12/11/19	DMG & Partners	Delfi	1	1.68	Buy
01/06/20	DBS Vickers	Delfi	1	1.51	Buy

Stock calls for 23 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/20	UOB Kay Hian	CapitaCommercial	2.13	2.3	Buy
01/23/20	UOB Kay Hian	Capitamall Trust	2.59	2.88	Buy
01/23/20	Kim Eng	Frasers Centrepoint Trust	2.8	2.85	Hold	DDM
01/23/20	Lim & Tan	Frasers Centrepoint Trust	2.8	0	Hold
01/23/20	UOB Kay Hian	Frasers Centrepoint Trust	2.8	3.05	Buy
01/23/20	DBS Vickers	Keppel DC Reit	2.22	2.4	Buy	DCF
01/23/20	Kim Eng	Mapletree Commercial	2.44	2.45	Hold	DDM
01/23/20	UOB Kay Hian	Mapletree Industrial	2.77	2.9	Buy
01/23/20	DBS Vickers	Sheng Siong	1.26	1.41	Buy	PER25x FY20

The recession constellation is aligning in the US! - Part 3

http://sg-stock.blogspot.com/2020/01/the-recession-constellation-is-aligning.html

1. Tltro II will expire in March 2020.
2. ISM PMI reported its first contraction for August (Below 50) in September. The US recession may happen at the earliest 6 months later which is in March 2020.
3. The Republicans want to remove its President by March 2020. Nancy Pelosi just needs to get some Republicans to deflect to impeach Trump.
4. The opec+ will end the oil production cut in March 2020.  This will affect the US shale oil industry because the US has been gaining the oil market share at the expense of opec+.
5. Iran's retaliation against the US for the latest airstrike.
6. Wuhan virus.

CNY is approaching and there will be massive festive travellers in China.  If there is an outbreak during the CNY, the global economy will suffer soon.  Just look at the SARS outbreak and its economic impacts and you will know where the global economies are heading.

Canada and the US are trying to twist and turn the charge against Huawei Meng.

https://sg.finance.yahoo.com/news/canadian-prosecutor-set-defend-u-111334522.html

Yes, bank fraud is a criminal charge in the US and Canada.  However, the so-called "bank fraud" was committed in HK and HSBC never reported the bank fraud in HK.  Therefore, the US and Canada have no legitimate reason to put Meng under arrest.

If Meng is extradited to the US based on bank fraud committed in HK, then all the bank frauds in the world can be extradited to the US.  Meng was first arrested because she violated US sanction against Iran but Canada didn't have Iran sanction at that moment.  Thus, there was no double criminality issue at all in the US & Canada.

The US and Canada have a weak case over Meng.  If these 2 countries continue with their antics, they will lose their credibilities.

Many analysts are casting doubts on the viability of the phase 1 deal between the US and China.

https://www.scmp.com/economy/china-economy/article/3047018/chinas-trade-war-deal-may-be-doomed-start-scepticism-mounts

We had stated much earlier (April 2019) that the US-China trade deal wouldn't work.  It would be impossible for China to fulfill the terms in phase 1 deal since it had to be done based on market principles.  In other words, many US products are not competitive enough for China to import more.

http://sg-stock.blogspot.com/2020/01/the-phase-1-us-china-trade-deal-can-be.html

Del Monte - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/21/19	Lim & Tan	Del Monte	0.12	0	Buy

DBS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/19	DMG & Partners	DBS	23.69	29.8	Buy	GGM, PB1.54x FY19
01/03/19	CIMB	DBS	23.49	27	Hold	PER10.7x FY20
01/03/19	JP Morgan	DBS	23.49	29	Overweight
01/08/19	UOB Kay Hian	DBS	23.75	28.5	Buy
01/08/19	Jefferies	DBS	23.75	28.5	Buy
01/29/19	CIMB	DBS	24.22	29	Add	GGM, PB1.4x CY19
01/31/19	Kim Eng	DBS	23.94	30.18	Buy	DDM
02/01/19	phillip	DBS	23.92	29.02	Buy
02/08/19	UOB Kay Hian	DBS	24.33	28.5	Buy
02/12/19	Kim Eng	DBS	24.36	30.18	Buy
02/18/19	DMG & Partners	DBS	24.74	29.8	Buy
02/18/19	Lim & Tan	DBS	24.74	0	Buy
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
02/20/19	Macquarie	DBS	25.1	27	Neutral	PB
02/26/19	Amfrasers	DBS	25.18	27.7	Buy	RIM
03/04/19	phillip	DBS	25.08	29	Buy
03/07/19	Kim Eng	DBS	25.36	29.56	Buy
03/11/19	CIMB	DBS	25.06	29	Add
03/13/19	DMG & Partners	DBS	25.3	28.8	Buy	GGM, PB1.5x FY19
03/26/19	OCBC	DBS	25.12	29.31	Buy
04/01/19	UOB Kay Hian	DBS	25.23	28.4	Buy
04/02/19	phillip	DBS	25.59	29	Buy
04/10/19	DMG & Partners	DBS	27	29.6	Buy	PB1.43x FY20
04/11/19	CIMB	DBS	26.97	29	Add
04/22/19	UOB Kay Hian	DBS	27.4	30.3	Buy	GGM, PB1.57x FY19
04/22/19	Kim Eng	DBS	27.4	29.56	Buy
04/29/19	Lim & Tan	DBS	27.41	0	Buy
04/29/19	Citibank	DBS	27.41	31.1	Buy
04/30/19	Macquarie	DBS	28.4	27	Neutral
04/30/19	phillip	DBS	28.4	29	Accumulate	GGM, PB1.5x FY19
04/30/19	OCBC	DBS	28.4	29.18	Hold	Buy @ $27.50 or lower
04/30/19	CIMB	DBS	28.4	30	Add	GGM, PB1.54x
04/30/19	DMG & Partners	DBS	28.4	30.8	Buy	PB1.5x FY20
04/30/19	Lim & Tan	DBS	28.4	30	Hold
05/02/19	Amfrasers	DBS	28.25	27.7	Hold
05/02/19	Jefferies	DBS	28.25	31.5	Buy	PER13.1x FY20
05/07/19	OCBC	DBS	26.53	27.5	Hold
05/13/19	UOB Kay Hian	DBS	26.55	30.5	Buy
05/13/19	Citibank	DBS	26.55	27	Neutral
05/14/19	DMG & Partners	DBS	26	30.8	Buy	GGM, PB1.5x FY20
05/22/19	CIMB	DBS	25.74	27.64	Hold
05/22/19	Kim Eng	DBS	25.74	29.46	Buy
06/03/19	CIMB	DBS	24.29	27.64	Hold
06/06/19	phillip	DBS	24.27	29	Accumulate
06/13/19	UOB Kay Hian	DBS	24.7	30.5	Buy
06/17/19	Kim Eng	DBS	24.81	29.46	Buy
06/19/19	OCBC	DBS	24.8	29.18	Buy	Buy @ $27.50 or lower
07/01/19	Kim Eng	DBS	25.96	29.46	Buy
07/01/19	UOB Kay Hian	DBS	25.96	30.5	Buy	GGM, PB1.59x FY19
07/02/19	OCBC	DBS	26.6	29.2	Buy	GGM, PB1.4x, PER14.7x
07/03/19	phillip	DBS	26.5	29	Accumulate
07/08/19	DMG & Partners	DBS	25.63	30.8	Buy	PB1.5x FY20
07/12/19	DMG & Partners	DBS	25.61	30.3	Buy	PB1.47x FY20
07/29/19	Lim & Tan	DBS	26.88	0	Buy
07/30/19	DMG & Partners	DBS	26.54	28.3	Hold	GGM, PB1.37x FY20
07/30/19	CIMB	DBS	26.54	27.59	Hold	GGM
07/30/19	Kim Eng	DBS	26.54	28.05	Hold	DDM
07/30/19	OCBC	DBS	26.54	28	Hold
07/30/19	phillip	DBS	26.54	30.9	Accumulate
07/30/19	UOB Kay Hian	DBS	26.54	31.3	Buy
07/31/19	Macquarie	DBS	26.49	25.8	Neutral	PB
07/31/19	phillip	DBS	26.49	27.6	Accumulate	GGM, PB1.4x
08/23/19	DMG & Partners	DBS	24.59	28.3	Neutral
08/29/19	Macquarie	DBS	24.02	25.8	Neutral	PB
09/05/19	phillip	DBS	24.54	27.6	Accumulate
09/06/19	DMG & Partners	DBS	24.63	25.3	Neutral	GGM, PB1.23x FY20
09/26/19	Kim Eng	DBS	24.73	28.05	Hold
09/27/19	CIMB	DBS	24.82	27.59	Hold
10/01/19	UOB Kay Hian	DBS	25	31.3	Buy
10/04/19	phillip	DBS	24.57	27.6	Accumulate
10/29/19	UOB Kay Hian	DBS	25.18	29.75	Buy
11/05/19	phillip	DBS	26.13	27.6	Accumulate
11/11/19	DMG & Partners	DBS	26.61	25.3	Neutral	GGM, PB1.23x FY20
11/11/19	Lim & Tan	DBS	26.61	0	Buy on weakness
11/12/19	Macquarie	DBS	26.64	25.8	Neutral	PB
11/12/19	phillip	DBS	26.64	27.3	Accumulate	GGM, PB1.4x
11/12/19	DMG & Partners	DBS	26.64	25.8	Neutral	GGM, PB1.28x FY20
11/12/19	Kim Eng	DBS	26.64	29.92	Buy	DDM
11/12/19	UOB Kay Hian	DBS	26.64	30	Buy
12/02/19	CIMB	DBS	25.25	28.29	Hold
12/02/19	Kim Eng	DBS	25.25	29.92	Buy
12/03/19	DMG & Partners	DBS	25.13	25.8	Neutral
12/04/19	phillip	DBS	24.98	27.3	Accumulate
01/03/20	UOB Kay Hian	DBS	26.11	30	Buy
01/08/20	CIMB	DBS	26.05	28.29	Add
01/08/20	Kim Eng	DBS	26.05	29.92	Buy
01/14/20	DMG & Partners	DBS	26.1	25.8	Neutral	GGM, PB1.28x FY20

Dasin Retail - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/19	phillip	Dasin Retail	0.885	0.95	Accumulate	DDM
02/28/19	phillip	Dasin Retail	0.885	0.94	Accumulate	DDM, PB0.64x
05/15/19	phillip	Dasin Retail	0.87	0.94	Accumulate	DDM, PB0.6x
06/19/19	phillip	Dasin Retail	0.88	0.94	Accumulate
07/22/19	phillip	Dasin Retail	0.875	0.94	Accumulate
08/16/19	phillip	Dasin Retail	0.87	0.94	Accumulate	DDM, PB0.65x
09/24/19	phillip	Dasin Retail	0.845	0.94	Accumulate
10/18/19	phillip	Dasin Retail	0.845	0.94	Accumulate
11/25/19	phillip	Dasin Retail	0.84	0.94	Accumulate
11/27/19	phillip	Dasin Retail	0.84	0.88	Accumulate	DDM, PB0.62x FY19

Stock calls for 22 January 2020

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/20	Jefferies	CapitaCommercial	2.13	2.3	Buy
01/22/20	Phillip	Ireit	0.815	0.885	Accumulate	DDM
01/22/20	CIMB	Keppel DC Reit	2.25	2.03	Hold	DDM
01/22/20	DBS Vickers	Keppel Infrastructure	0.55	0.58	Buy	DDM
01/22/20	DMG & Partners	Keppel Pacific	0.765	0.88	Buy	DDM
01/22/20	OCBC	Mapletree Industrial	2.78	2.87	Hold
01/22/20	DBS Vickers	Mapletree Industrial	2.78	3	Buy
01/22/20	DBS Vickers	Mapletree Logistics	1.82	1.9	Buy	DCF
01/22/20	CIMB	Mapletree Logistics	1.82	1.56	Hold	DDM
01/22/20	CIMB	Mapletree North Asia	1.24	1.31	Add	DDM
01/22/20	DBS Vickers	Mapletree North Asia	1.24	1.35	Buy	DCF
01/22/20	Lim & Tan	Parkway Life	3.4	0	Hold

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/19	DMG & Partners	Dairy Farm	8.57	8.64	Neutral	DCF
03/04/19	DBS Vickers	Dairy Farm	8.57	8.44	Hold	Sum of parts
03/06/19	CIMB	Dairy Farm	8.33	8.54	Hold	PER23.5x FY20
03/20/19	DMG & Partners	Dairy Farm	7.41	8.25	Buy	DCF
04/05/19	DMG & Partners	Dairy Farm	8.14	8.25	Buy
05/30/19	DMG & Partners	Dairy Farm	7.83	8.25	Neutral	DCF
07/02/19	DMG & Partners	Dairy Farm	7.29	8.25	Neutral
08/02/19	DBS Vickers	Dairy Farm	7.38	7.99	Hold	Sum of parts
08/05/19	DMG & Partners	Dairy Farm	7.6	7.38	Neutral	DCF
08/13/19	CIMB	Dairy Farm	6.98	7.29	Hold	PER23x CY20
09/23/19	DMG & Partners	Dairy Farm	6.65	6.63	Neutral	DCF
11/29/19	CIMB	Dairy Farm	5.93	5.4	Reduce	PER22x CY20
12/11/19	DMG & Partners	Dairy Farm	5.9	6.63	Neutral