Ascott Residence Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/23	UOB Kay Hian	ART	1.05	1.27	Buy
01/05/23	Phillip	ART	1.05	1.13	Buy
01/09/23	UOB Kay Hian	ART	1.03	1.37	Buy
01/18/23	DBS Vickers	ART	1.09	1.3	Buy
01/20/23	CIMB	ART	1.08	1.25	Add
01/31/23	CIMB	ART	1.1	1.27	Add	DDM
02/03/23	UOB Kay Hian	ART	1.12	1.39	Buy	DDM
02/09/23	Phillip	ART	1.1	1.26	Buy	DDM
02/10/23	Kim Eng	ART	1.09	1.25	Buy	DDM
03/15/23	OCBC	ART	1	1.23	Buy
04/04/23	UOB Kay Hian	ART	1.01	1.39	Buy	DDM
04/05/23	DBS Vickers	ART	1.02	1.3	Buy
04/25/23	CIMB	ART	1.07	1.27	Add	DDM
04/28/23	Phillip	ART	1.08	1.26	Buy	DDM
06/01/23	UOB Kay Hian	ART	1.07	1.39	Buy	DDM
06/30/23	CIMB	ART	1.09	1.27	Add
07/03/23	UOB Kay Hian	ART	1.08	1.39	Buy	DDM
07/28/23	DBS Vickers	ART	1.11	1.3	Buy
07/28/23	CIMB	ART	1.11	1.27	Add
07/28/23	Kim Eng	ART	1.11	1.2	Buy
07/31/23	Phillip	ART	1.1	1.2	Accumulate	DDM
08/01/23	OCBC	ART	1.12	1.26	Buy
08/02/23	Lim & Tan	ART	1.12	0	Hold
08/04/23	CIMB	ART	1.03	1.32	Add
08/29/23	UOB Kay Hian	ART	1	1.35	Buy	DDM
09/15/23	UOB Kay Hian	ART	0.99	1.35	Buy	DDM
09/25/23	DBS Vickers	ART	0.975	1.3	Buy
09/26/23	Lim & Tan	ART	0.98	1.23	Accumulate
10/05/23	UOB Kay Hian	ART	0.915	1.27	Buy
10/06/23	Lim & Tan	ART	0.92	1.23	Accumulate
10/09/23	DBS Vickers	ART	0.895	1.3	Buy
10/12/23	Citi Research	ART	0.905	1.1	Buy
10/16/23	Phillip	ART	0.92	1.2	Accumulate
10/30/23	Lim & Tan	ART	0.93	1.19	Accumulate
10/31/23	UOB Kay Hian	ART	0.915	1.25	Buy	DDM
10/31/23	DBS Vickers	ART	0.915	1.2	Buy	DCF
11/01/23	Kim Eng	ART	0.9	1	Buy
11/01/23	CIMB	ART	0.9	1.32	Add
11/01/23	Phillip	ART	0.9	1.04	Buy	DDM
11/07/23	Lim & Tan	ART	0.94	1.13	Accumulate
12/01/23	UOB Kay Hian	ART	0.925	1.25	Buy
12/06/23	DBS Vickers	ART	0.95	1.2	Buy
12/12/23	CIMB	ART	0.96	1.32	Add
12/19/23	Lim & Tan	ART	0.96	1.13	Accumulate
12/19/23	Phillip	ART	0.96	1.04	Buy
01/02/24	UOB Kay Hian	ART	0.99	1.25	Buy
01/03/24	UOB Kay Hian	ART	0.99	1.4	Buy
01/22/24	Phillip	ART	0.945	1.04	Buy
01/29/23	DBS Vickers	ART	0.92	1.2	Buy	DCF
01/30/24	DBS Vickers	ART	0.95	1.3	Buy	DCF
01/30/24	UOB Kay Hian	ART	0.95	1.45	Buy	DDM
02/06/24	DBS Vickers	ART	0.93	1.3	Buy	DCF
02/09/24	Phillip	ART	0.92	1.04	Accumulate	DDM
03/13/24	UOB Kay Hian	ART	0.905	1.45	Buy	DDM
03/28/24	Lim & Tan	ART	0.94	1.18	Accumulate
04/03/24	UOB Kay Hian	ART	0.95	1.45	Buy	DDM
04/03/24	DBS Vickers	ART	0.95	1.3	Buy	DCF
04/05/24	CIMB	ART	0.94	1.17	Add	DDM
04/15/24	Phillip	ART	0.93	1.04	Accumulate

ARA Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/23	DBS Vickers	ARA Hospitality	0.36	0.55	Buy
02/24/23	DBS Vickers	ARA Hospitality	0.4	0.55	Buy	DCF
04/19/23	DBS Vickers	ARA Hospitality	0.355	0.55	Buy
05/05/23	DBS Vickers	ARA Hospitality	0.35	0.55	Buy
08/10/23	DBS Vickers	ARA Hospitality	0.35	0.45	Buy	DCF
11/14/23	DBS Vickers	ARA Hospitality	0.27	0.45	Buy	DCF
11/28/23	Lim & Tan	ARA Hospitality	0.285	0	Neutral
02/29/24	DBS Vickers	ARA Hospitality	0.3	0.4	Buy	DCF

APAC Realty - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/23	CIMB	APAC Realty	0.595	0.77	Add	DCF & PER
01/18/23	DMG & Partners	APAC Realty	0.595	0.6	Neutral
01/18/23	DBS Vickers	APAC Realty	0.595	0.59	Hold
03/09/23	DBS Vickers	APAC Realty	0.625	0.63	Hold	PER8.5x FY23
03/09/23	CIMB	APAC Realty	0.625	0.77	Add
04/06/23	DMG & Partners	APAC Realty	0.655	0.6	Neutral
05/15/23	DBS Vickers	APAC Realty	0.625	0.57	Hold	PER9.5x FY23/24
08/15/23	DBS Vickers	APAC Realty	0.585	0.57	Hold
08/16/23	DBS Vickers	APAC Realty	0.57	0.54	Hold	PER11x FY24
08/16/23	CIMB	APAC Realty	0.57	0.7	Add	DCF
08/17/23	DMG & Partners	APAC Realty	0.585	0.54	Neutral
10/10/23	CIMB	APAC Realty	0.52	0.57	Add
11/09/23	DBS Vickers	APAC Realty	0.495	0.53	Hold	PER11x FY24
01/15/24	DMG & Partners	APAC Realty	0.5	0.46	Neutral
03/04/24	CIMB	APAC Realty	0.44	0.54	Add	DCF
03/08/24	DMG & Partners	APAC Realty	0.41	0.44	Neutral	DCF
03/08/24	DBS Vickers	APAC Realty	0.41	0.48	Hold