Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/19	UOB Kay Hian	Thai Beverage	0.59	0.8	Buy	Sum of parts
01/18/19	DMG & Partners	Thai Beverage	0.715	0.85	Buy	Sum of parts
02/13/19	CIMB	Thai Beverage	0.72	0.83	Add	Sum of parts
02/15/19	DBS Vickers	Thai Beverage	0.72	0.87	Buy
02/18/19	UOB Kay Hian	Thai Beverage	0.815	0.86	Hold	Sum of parts, buy @ $0.76
02/18/19	DMG & Partners	Thai Beverage	0.815	0.92	Buy	Sum of parts
02/18/19	JP Morgan	Thai Beverage	0.815	0.86	Overweight
02/18/19	CIMB	Thai Beverage	0.815	0.9	Add	Sum of parts
02/18/19	OCBC	Thai Beverage	0.815	0.91	Buy
02/18/19	Nomura	Thai Beverage	0.815	0.98	Buy
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
02/27/19	DBS Vickers	Thai Beverage	0.81	0.94	Buy
03/14/19	UOB Kay Hian	Thai Beverage	0.805	0.86	Hold	Sum of parts, Buy @ $0.78
04/05/19	DMG & Partners	Thai Beverage	0.825	0.92	Buy
05/13/19	Phillip	Thai Beverage	0.825	0.83	Neutral	Sum of parts
05/13/19	CIMB	Thai Beverage	0.825	0.94	Add
05/13/19	UOB Kay Hian	Thai Beverage	0.825	0.85	Hold	Sum of parts, Buy @ $0.76
05/13/19	DMG & Partners	Thai Beverage	0.825	0.92	Buy	Sum of parts
05/13/19	OCBC	Thai Beverage	0.825	0.88	Hold
05/13/19	DBS Vickers	Thai Beverage	0.825	0.91	Buy	Sum of parts
05/14/19	Amfrasers	Thai Beverage	0.765	0.75	Hold
05/28/19	OCBC	Thai Beverage	0.805	0.86	Hold
06/06/19	DMG & Partners	Thai Beverage	0.84	0.92	Buy	Sum of parts, PER23x
06/06/19	JP Morgan	Thai Beverage	0.84	0.88	Overweight
06/06/19	DBS Vickers	Thai Beverage	0.84	0.91	Buy
06/06/19	Amfrasers	Thai Beverage	0.885	0.8	Neutral
08/15/19	DBS Vickers	Thai Beverage	0.83	0.91	Buy
08/15/19	JP Morgan	Thai Beverage	0.83	0.96	Overweight
08/16/19	CIMB	Thai Beverage	0.905	1	Add	Sum of parts
08/16/19	DMG & Partners	Thai Beverage	0.905	0.92	Take Profit	Sum of parts, PER19x FY20
08/22/19	Phillip	Thai Beverage	0.925	0.83	Neutral	Sum of parts
09/02/19	UOB Kay Hian	Thai Beverage	0.9	0.87	Hold	Sum of parts, Buy @ $0.76
10/01/19	DBS Vickers	Thai Beverage	0.885	0.91	Buy
10/03/19	CIMB	Thai Beverage	0.88	1	Add	Sum of parts
10/03/19	UOB Kay Hian	Thai Beverage	0.88	0.87	Hold	Sum of parts, Buy @ $0.76
11/25/19	UOB Kay Hian	Thai Beverage	0.89	0.9	Hold	Buy @ $0.78
11/25/19	DMG & Partners	Thai Beverage	0.89	0.95	Neutral	Sum of parts
11/25/19	CIMB	Thai Beverage	0.89	1.02	Add	Sum of parts
11/25/19	DBS Vickers	Thai Beverage	0.89	1.04	Buy	Sum of parts
11/26/19	Phillip	Thai Beverage	0.89	0.8	Reduce	Sum of parts
11/26/19	OCBC	Thai Beverage	0.89	0.91	Hold
11/29/19	Morgan Stanley	Thai Beverage	0.865	1.08	Overweight
11/29/19	Nomura	Thai Beverage	0.865	1.04	Buy
11/29/19	JP Morgan	Thai Beverage	0.865	1	Overweight
11/29/19	Credit Suisse	Thai Beverage	0.865	0.9	Neutral
12/03/19	UOB Kay Hian	Thai Beverage	0.89	0.9	Hold	Sum of parts, Buy @ $0.78
12/11/19	DMG & Partners	Thai Beverage	0.89	0.95	Neutral
01/06/20	DBS Vickers	Thai Beverage	0.895	1.04	Buy
01/28/20	UOB Kay Hian	Thai Beverage	0.795	0.9	Hold	Sum of parts, Buy @ $0.75
02/17/20	Phillip	Thai Beverage	0.785	0.95	Buy	Sum of parts
02/17/20	DMG & Partners	Thai Beverage	0.785	0.92	Buy	Sum of parts
02/17/20	UOB Kay Hian	Thai Beverage	0.785	0.9	Hold	Buy @ $0.75
02/17/20	CIMB	Thai Beverage	0.785	0.9	Add	Sum of parts
02/20/20	Amfrasers	Thai Beverage	0.845	0.96	Outperform	Sum of parts
03/10/20	Amfrasers	Thai Beverage	0.755	0.96	Outperform

Talkmed - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/19	DMG & Partners	Talkmed	0.59	0.64	Neutral
02/21/19	DMG & Partners	Talkmed	0.58	0.62	Neutral	DCF
04/29/19	DMG & Partners	Talkmed	0.51	0.62	Buy	DCF
10/15/19	DMG & Partners	Talkmed	0.515	0.62	Buy
11/15/19	DMG & Partners	Talkmed	0.505	0.62	Buy	DCF
02/19/20	DMG & Partners	Talkmed	0.515	0.62	Buy	DCF

Stock calls for 24 March 2020

Date	Analyst	Company	Last	Target	Call	Valuation
03/24/20	DMG & Partners	Bumitama	0.37	0.38	Neutral	Sum of parts, PER12x FY20
03/24/20	DMG & Partners	First Resources	1.04	1.2	Buy	Sum of parts, PER12x FY20
03/24/20	DMG & Partners	Golden Agri	0.129	0.125	Sell	Sum of parts, PER15x FY20
03/24/20	DMG & Partners	Wilmar	2.9	4.3	Buy	Sum of parts

Why you should sell into the market strength now?

The US is refusing to do covid-19 testings for people with mild symptoms and this will have a serious repercussion.

When these mildly infected people are not tested and quarantined, they will spread the virus to others and the virus outbreak will last longer and cause prolonged economic damages.  Eventually, the medical workers will also get infected and the whole medical system in the US will break down.

The only way to mitigate this outbreak is to Test and Quarantine.  The US had already missed the windows to contain this virus outbreak.  Therefore, the only thing left to do is to mitigate this outbreak.

Just watch and listen to this American who is full of praises in how China is dealing with the outbreak.

When the US is not doing the right thing at all, this virus outbreak will last longer and the infection cases will surpass China's.  I am very certain this will happen unless the US gets serious about mitigating the outbreak.

The US cannot reboot its economy when it keeps injecting trillions into its financial markets because the financial markets cannot get rid of the virus.  Yes, there will be some temporary respite for the stock markets but the investors' confidence will get shaken again when they see the US infection rate and the death toll rising continuously.