DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	DBS	16.69	22.34	Buy
01/05/16	CIMB	DBS	16.28	19.58	Add	GGM, PB1.16x CY16
01/08/16	DIR	DBS	15.7	22.1	Buy
01/14/16	Macquarie	DBS	14.93	16	Neutral	PB, Buy @ $13.30 PB0.8x FY16
01/18/16	Deutsche	DBS	14.46	19.8	Buy	GGM, PB1.2x
01/18/16	DMG & Partners	DBS	14.46	21.1	Buy	GGM, PB1.26x FY16
01/18/16	Goldman Sachs	DBS	14.46	18	Buy
01/29/16	Credit Suisse	DBS	13.54	22	Outperform
01/29/16	JP Morgan	DBS	13.54	18	Overweight
02/04/16	Nomura	DBS	13.27	22.6	Buy
02/04/16	UOB Kay Hian	DBS	13.27	17.8	Buy	GGM, PB1.1x
02/11/16	UBS	DBS	13.38	15.6	Buy	PER8.4x FY16
02/22/16	Citigroup	DBS	13.68	16.55	Buy
02/22/16	Deutsche	DBS	13.68	19.8	Buy
02/22/16	Lim & Tan	DBS	13.68	0	Buy
02/22/16	OCBC	DBS	13.68	17.5	Buy	PB0.9x
02/23/16	Amfrasers	DBS	13.62	16.17	Buy
02/23/16	CIMB	DBS	13.62	18.26	Add	GGM, PB1.08x CY16
02/23/16	Credit Suisse	DBS	13.62	17	Outperform
02/23/16	DIR	DBS	13.62	19.7	Buy	Warranted Equity Method
02/23/16	DMG & Partners	DBS	13.62	16.7	Buy	GGM, PB1x FY16
02/23/16	Jefferies	DBS	13.62	11	Underperform
02/23/16	Kim Eng	DBS	13.62	12.68	Sell	PB0.75x FY16
02/23/16	UOB Kay Hian	DBS	13.62	17.48	Buy	GGM, PB1.06x
02/24/16	Macquarie	DBS	13.69	16	Neutral
02/25/16	Goldman Sachs	DBS	13.4	17.5	Buy
02/25/16	phillip	DBS	13.4	15.35	Accumulate	PB0.95x FY16
03/04/16	JP Morgan	DBS	14.71	16	Overweight
03/07/16	DMG & Partners	DBS	15.36	16.7	Buy
03/24/16	DIR	DBS	15.57	20.3	Buy
03/24/16	Kim Eng	DBS	15.57	12.68	Sell
03/24/16	UOB Kay Hian	DBS	15.57	17.48	Buy	GGM, PB1.06x FY16
04/07/16	UBS	DBS	15.03	16.4	Neutral
04/07/16	UOB Kay Hian	DBS	15.03	19.25	Buy	GGM, PB1.14x
04/26/16	HSBC	DBS	15.7	20	Buy	GGM, PB1.2x FY16, PER11x FY16
04/27/16	DIR	DBS	15.68	20.3	Buy
05/03/16	Goldman Sachs	DBS	15.28	16.9	Buy
05/03/16	Lim & Tan	DBS	15.28	0	Buy	Bloomberg consensus target $17.12
05/04/16	Amfrasers	DBS	15.35	16.3	Buy
05/04/16	CIMB	DBS	15.35	17.96	Add	GGM, PB1.05x CY16
05/04/16	Credit Suisse	DBS	15.35	17	Outperform
05/04/16	DIR	DBS	15.35	20.5	Buy	Warranted Equity Method, PB1.19x
05/04/16	DMG & Partners	DBS	15.35	17.3	Buy	GGM, PB1x FY16
05/04/16	Jefferies	DBS	15.35	12	Underperform
05/04/16	Kim Eng	DBS	15.35	13.4	Sell
05/04/16	OCBC	DBS	15.35	17.5	Buy
05/04/16	UOB Kay Hian	DBS	15.35	19.22	Buy	GGM, PB1.13x
05/05/16	phillip	DBS	15.35	16.09	Accumulate	PB0.95x FY16
05/19/16	Jefferies	DBS	15.07	12	Underperform
05/19/16	UOB Kay Hian	DBS	15.07	19.3	Buy	GGM, PB1.14x
06/01/16	Amfrasers	DBS	15.5	16.3	Buy
06/01/16	Goldman Sachs	DBS	15.5	18	Buy
06/09/16	DIR	DBS	15.93	20.5	Buy
06/10/16	Deutsche	DBS	15.9	19.8	Buy
06/15/16	UOB Kay Hian	DBS	15.64	19.3	Buy
06/30/16	Goldman Sachs	DBS	15.53	17.7	Buy
06/30/16	Kim Eng	DBS	15.53	13.4	Sell
07/14/16	UOB Kay Hian	DBS	15.99	19.3	Buy	GGM, PB1.14x FY16
07/19/16	CIMB	DBS	16.19	17.96	Add
07/19/16	DIR	DBS	16.19	20.5	Buy
07/29/16	Goldman Sachs	DBS	15.88	17.5	Buy
07/29/16	Lim & Tan	DBS	15.88	0	Hold
08/01/16	DIR	DBS	15.41	20.5	Buy
08/01/16	Macquarie	DBS	15.41	15	Neutral
08/01/16	UOB Kay Hian	DBS	15.41	18.9	Buy	GGM, PB1.12x
08/04/16	JP Morgan	DBS	15.09	15	Neutral
08/08/16	Citigroup	DBS	14.83	13.68	Sell
08/08/16	Lim & Tan	DBS	14.83	0	Hold
08/10/16	CIMB	DBS	15.04	15.31	Hold	GGM
08/10/16	Deutsche	DBS	15.04	18.5	Buy
08/10/16	DMG & Partners	DBS	15.04	17.3	Buy	GGM, PB1x FY16, PER10.5x
08/10/16	Kim Eng	DBS	15.04	14.3	Sell	PB0.8x FY17
08/10/16	phillip	DBS	15.04	16.09	Accumulate	PB0.95x FY16
08/10/16	UOB Kay Hian	DBS	15.04	19.15	Buy	GGM, PB1.13x FY16
08/12/16	Credit Suisse	DBS	14.95	15.8	Neutral
08/17/16	OCBC	DBS	14.81	16.68	Buy
08/30/16	UOB Kay Hian	DBS	15.03	17.8	Buy	GGM, PB1.05x
09/02/16	DIR	DBS	15.03	22	Buy	Warranted Equity Method
09/07/16	Macquarie	DBS	15.43	17	Outperform
09/09/16	Credit Suisse	DBS	15.55	14.8	Underperform
10/03/16	Kim Eng	DBS	15.39	14.3	Sell
10/05/16	DMG & Partners	DBS	15.36	17.3	Buy
10/07/16	OCBC	DBS	15.39	16.68	Buy
10/11/16	UOB Kay Hian	DBS	15.38	17.8	Buy
10/12/16	Goldman Sachs	DBS	15.37	17.6	Buy
10/17/16	DIR	DBS	15.03	22	Buy
10/19/16	CIMB	DBS	15.06	15.31	Hold
10/26/16	Deutsche	DBS	15.06	18.5	Buy
10/31/16	Citigroup	DBS	14.9	15.25	Hold
10/31/16	Lim & Tan	DBS	14.9	0	Hold
11/01/16	CIMB	DBS	15	15.4	Hold	GGM, PB0.86x CY17
11/01/16	DIR	DBS	15	22.4	Buy	Warranted Equity Method
11/01/16	DMG & Partners	DBS	15	17.3	Buy	GGM
11/01/16	Jefferies	DBS	15	14	Hold
11/01/16	Kim Eng	DBS	15	14.55	Hold	GGM, PB0.8x FY17
11/01/16	Macquarie	DBS	15	17	Outperform
11/01/16	phillip	DBS	15	15.71	Accumulate	PB0.95x FY16
11/01/16	UOB Kay Hian	DBS	15	18.98	Buy	GGM, PB1.05x FY16
11/07/16	Credit Suisse	DBS	14.93	14.8	Underperform
11/24/16	Citigroup	DBS	16.76	19.5	Buy
11/24/16	DMG & Partners	DBS	16.76	18.38	Buy	GGM
11/25/16	Credit Suisse	DBS	16.8	18.93	Outperform
11/28/16	UOB Kay Hian	DBS	17.05	20.15	Buy	GGM, PB1.12x FY17
12/05/16	Kim Eng	DBS	17.89	15.68	Hold	GGM, PB0.9x FY17
12/06/16	CIMB	DBS	17.97	15.4	Hold	GGM, PB0.86x CY17
12/07/16	Deutsche	DBS	18.16	18.5	Buy
12/08/16	Citigroup	DBS	18.32	19.5	Buy
01/03/17	DMG & Partners	DBS	17.34	18.38	Buy
01/04/17	Kim Eng	DBS	17.32	15.68	Hold
01/05/17	Credit Suisse	DBS	17.52	18.93	Outperform
01/06/17	UOB Kay Hian	DBS	17.8	21.2	Buy	GGM, PB1.17x FY17
01/10/17	OCBC	DBS	17.85	17.83	Hold	PB1x
01/11/17	DIR	DBS	17.99	22.4	Buy
01/16/17	Jefferies	DBS	18.31	14	Underperform
01/16/17	phillip	DBS	18.31	16.85	Neutral	PB0.95x FY17
02/02/17	Lim & Tan	DBS	18.88	0	Hold
02/02/17	UOB Kay Hian	DBS	18.88	21.2	Buy	GGM, PB1.17x FY17
02/03/17	CIMB	DBS	18.78	15.4	Hold
02/06/17	Macquarie	DBS	18.66	21.5	Outperform
02/16/17	Lim & Tan	DBS	18.23	0	Take profit/Sell	Buy @ $16.87
02/17/17	CIMB	DBS	18.54	17.66	Hold	GGM, PB0.99x CY17
02/17/17	Credit Suisse	DBS	18.54	19.8	Neutral
02/17/17	DIR	DBS	18.54	22.5	Buy	Warranted Equity Method, PB1.24x
02/17/17	DMG & Partners	DBS	18.54	19.8	Neutral	GGM, PB1.1x FY17
02/17/17	Kim Eng	DBS	18.54	18.13	Hold	PB1x FY17
02/17/17	phillip	DBS	18.54	16.73	Reduce	PB0.95x FY17
02/17/17	UOB Kay Hian	DBS	18.54	21.5	Buy	GGM, PB1.19x FY17
03/03/17	CIMB	DBS	19.03	17.66	Hold
03/03/17	Jefferies	DBS	19.03	16.2	Underperform
03/06/17	Macquarie	DBS	18.97	21	Outperform
03/14/17	UOB Kay Hian	DBS	19.11	21.5	Buy	GGM, PB1.19x FY17
03/21/17	Kim Eng	DBS	19.01	18.13	Hold	PB1x
04/03/17	Kim Eng	DBS	19.4	18.13	Hold
04/18/17	DIR	DBS	18.9	22.5	Buy
04/20/17	UOB Kay Hian	DBS	18.79	21.5	Buy	GGM, PB1.19x FY17
04/25/17	CIMB	DBS	19	17.66	Hold
05/02/17	Bernstein	DBS	19.35	22	Outperform
05/03/17	CIMB	DBS	19.86	18.75	Hold	GGM, PB1.04x CY17
05/03/17	Credit Suisse	DBS	19.86	22.6	Outperform
05/03/17	DMG & Partners	DBS	19.86	20.5	Neutral
05/03/17	Kim Eng	DBS	19.86	19.18	Hold	PB1.1x FY18
05/03/17	Lim & Tan	DBS	19.86	0	Hold
05/03/17	phillip	DBS	19.86	17.24	Reduce	PB0.95x FY17
05/03/17	UOB Kay Hian	DBS	19.86	23.3	Buy	GGM, PB1.25x FY17
05/08/17	Macquarie	DBS	20.42	21	Outperform
05/18/17	DIR	DBS	20.8	23	Outperform
05/23/17	Jefferies	DBS	20.86	22.5	Buy	DDM
05/31/17	Macquarie	DBS	20.6	22	Outperform
06/08/17	UOB Kay Hian	DBS	20.43	23.3	Buy
06/09/17	Credit Suisse	DBS	20.47	22.6	Outperform
06/09/17	Deutsche	DBS	20.47	21	Buy	GGM, PB1.3x
06/14/17	Kim Eng	DBS	20.78	19.18	Hold	PB1.1x FY18
06/22/17	Macquarie	DBS	20.4	22.2	Outperform	PB1.22x
06/28/17	DMG & Partners	DBS	20.26	20.5	Neutral
07/03/17	Kim Eng	DBS	20.74	19.18	Hold
07/04/17	UOB Kay Hian	DBS	20.65	25.25	Buy	GGM, PB1.3x FY18
07/12/17	Credit Suisse	DBS	20.77	22.7	Outperform
08/02/17	Macquarie	DBS	21.95	22.2	Outperform	PB1.22x
08/04/17	Lim & Tan	DBS	22.08	0	Hold
08/04/17	DMG & Partners	DBS	22.08	20.65	Neutral	GGM, PB1.1x FY17
08/04/17	OCBC	DBS	22.08	22.5	Hold	Buy @ $21 or lower
08/07/17	CIMB	DBS	21.49	21.5	Hold	GGM
08/07/17	DIR	DBS	21.49	23	Outperform	Warranted Equity Method, PB1.24x
08/07/17	UOB Kay Hian	DBS	21.49	24.85	Buy	GGM, PB1.29x FY18
08/07/17	Kim Eng	DBS	21.49	19.18	Hold
08/07/17	phillip	DBS	21.49	17.92	Reduce	GGM, PB0.98x FY18
08/22/17	Kim Eng	DBS	20.49	21.5	Hold	GGM, PB1x FY18
08/23/17	Deutsche	DBS	20.54	22	Hold
09/05/17	OCBC	DBS	20.35	22.4	Hold
09/12/17	DMG & Partners	DBS	20.43	20.65	Neutral	PB1x FY18
09/14/17	OCBC	DBS	20.38	22.5	Buy
09/18/17	phillip	DBS	20.06	21.45	Accumulate	GGM, PB1.2x FY17
09/18/17	Kim Eng	DBS	20.06	21.5	Hold
09/21/17	DIR	DBS	20.48	23.3	Outperform	GGM, PB1.24x
10/09/17	DIR	DBS	21.5	23.3	Outperform
10/20/17	UOB Kay Hian	DBS	21.7	24.48	Buy	GGM, PB1.27x FY17
10/20/17	phillip	DBS	21.7	25.7	Buy
11/01/17	UOB Kay Hian	DBS	22.78	24.48	Buy	GGM, PB1.27x FY18
11/06/17	DMG & Partners	DBS	22.97	20.65	Neutral
11/06/17	Lim & Tan	DBS	22.97	0	Neutral
11/07/17	Kim Eng	DBS	22.79	22.75	Hold	GGM, PB1.2x FY18
11/07/17	UOB Kay Hian	DBS	22.79	24.4	Buy	GGM, PB1.3x FY18
11/07/17	Credit Suisse	DBS	22.79	25.3	Outperform
11/07/17	DMG & Partners	DBS	22.79	21.45	Neutral	GGM, PB1.08x FY18
11/08/17	phillip	DBS	23.49	26.83	Buy	GGM, PB1.39x FY18
11/20/17	CIMB	DBS	24.13	25	Add
11/20/17	UOB Kay Hian	DBS	24.13	26.1	Buy	GGM, PB1.38x FY17
11/20/17	Credit Suisse	DBS	24.13	27.4	Outperform
11/21/17	DMG & Partners	DBS	23.86	23.33	Neutral	GGM
11/27/17	phillip	DBS	25.1	29.3	Buy	GGM, PB1.51x FY18
12/01/17	UOB Kay Hian	DBS	24.43	26.1	Buy	GGM, PB1.38x FY18
12/08/17	phillip	DBS	24.24	29.3	Buy
12/13/17	OCBC	DBS	25.2	27.4	Buy	GGM, PB1.4x

Stock calls for 13 December 2017

Date	Analyst	Company	Last	Target	Call	Valuation
12/13/17	Kim Eng	Bumitama	0.76	0.95	Buy	PER11x FY18
12/13/17	DMG & Partners	Bumitama	0.76	0.95	Buy
12/13/17	DBS Vickers	CapitaRetail China	1.6	1.75	Buy	DCF
12/13/17	OCBC	DBS	25.2	27.4	Buy	GGM, PB1.4x
12/13/17	Kim Eng	First Resources	1.88	2.04	Hold
12/13/17	DMG & Partners	First Resources	1.88	2.03	Neutral	PER12x FY18
12/13/17	Amfrasers	First Ship Lease Trust	0.082	0.15	Buy	DCF
12/13/17	DBS Vickers	Jumbo	0.585	0.7	Buy	DCF
12/13/17	Kim Eng	Jumbo	0.585	0.7	Buy	DCF
12/13/17	OCBC	Lippo-Malls Indo	0.415	0.46	Buy
12/13/17	DBS Vickers	SPH Reit	1.04	1.07	Hold	DCF
12/13/17	Phillip	Thai Beverage	0.955	1.18	Buy	Sum of parts
12/13/17	CIMB	Thai Beverage	0.955	1.15	Add	Sum of parts
12/13/17	DMG & Partners	Wilmar	3.11	3.31	Neutral	Sum of parts

The truth of the Rohingya and the main culprit was UK.

https://sg.news.yahoo.com/21-rohingya-women-recount-rape-053951916.html

The UK planted this seed of hatred between Myanmar & Rohingya during the British colonial era by introducing Rohingya into Myanmar in huge numbers to counter the Japanese imperialism.  During those dark days, the Rohingya killed many Myanmar people and the UK connived at such atrocity because of its political interest.

http://www.news.com.au/world/asia/who-are-the-rohingya-and-what-is-happening-in-myanmar/news-story/90d31fcdcef5c9bd7bc5f34e844eb2a5

https://sputniknews.com/analysis/201709191057521700-rohingya-crisis-british-empire/

Therefore, the Myanmar military is taking revenge now by doing the same act against the Rohingya.  Many western media selectively omit to report the past atrocities committed by the Rohingya people.

This was the reason why Aung San Suu Kyi was silent about the killings because she understood the history very well.  She was also powerless to go against the Myanmar military as the military was taking a tit-for-tat action due to the historical burden.  If she were to go all out to protect the Rohingya people, the Myanmar military would go against her completely and branded her as a western puppet and traitor.

Who was to blame for this ethnic cleansing then?  The main culprit was UK!

Noble share price will tank into the abyss after the debt-to-equity swap restructuring.

https://finance.yahoo.com/news/noble-group-moves-toward-debt-171154045.html

Noble's market capitalization is around $190m but its debt is $3.5B.  A majority of that debt has to be converted into equity for Noble to survive. Therefore, Noble's share price will tank into the abyss and Noble will announce a stock consolidation after the debt-to-equity swap to avoid the "penny" stock status.

Noble's debt of $3.5b is about 18.4x of its market capitalization of $190m and it is selling its golden goose assets.  In the end, it has no positive income-generating businesses left.

Will the creditors accept such a restructuring plan knowing that Noble has no more golden goose assets?

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/16	Lim & Tan	Dairy Farm	6.14	0	Buy
03/10/16	DBS Vickers	Dairy Farm	5.85	7.03	Buy	Sum of parts
03/21/16	DMG & Partners	Dairy Farm	5.94	8.5	Buy
05/06/16	DMG & Partners	Dairy Farm	6.73	8.5	Buy
05/19/16	CIMB	Dairy Farm	6.56	6.75	Hold	PER20x CY17
07/29/16	CIMB	Dairy Farm	6.74	6.75	Hold	PER20x CY17
08/02/16	DBS Vickers	Dairy Farm	6.6	7.18	Buy	Sum of parts
08/08/16	DMG & Partners	Dairy Farm	6.8	8.6	Buy
11/11/16	CIMB	Dairy Farm	7.19	8.7	Add	PER23.7x CY18
12/06/16	CIMB	Dairy Farm	7.21	8.7	Add	PER23.7x CY18
12/08/16	DBS Vickers	Dairy Farm	7.3	7.18	Buy
01/03/17	DMG & Partners	Dairy Farm	7.19	8.6	Buy	DCF, PER21x FY17
01/12/17	DMG & Partners	Dairy Farm	7.26	8.5	Buy	DCF
01/20/17	CIMB	Dairy Farm	7.37	8.7	Add
03/03/17	CIMB	Dairy Farm	8.44	9.18	Add	PER23.7x CY18
03/06/17	DBS Vickers	Dairy Farm	8.51	9.96	Buy	Sum of parts
03/06/17	DMG & Partners	Dairy Farm	8.51	10	Buy	DCF
03/06/17	Lim & Tan	Dairy Farm	8.51	0	Hold	PER23x
03/16/17	DIR	Dairy Farm	8.95	10.3	Outperform	PER26.5x FY17
05/02/17	DMG & Partners	Dairy Farm	8.9	10	Buy
05/05/17	CIMB	Dairy Farm	8.89	9.18	Add	PER23.7x CY18
06/16/17	DMG & Partners	Dairy Farm	8.04	10	Buy	DCF, PER26x FY17
06/30/17	DIR	Dairy Farm	7.92	10.5	Buy	PER26.5x FY17
07/04/17	DMG & Partners	Dairy Farm	7.95	10	Buy
07/10/17	DBS Vickers	Dairy Farm	8.14	9.96	Buy
08/02/17	DMG & Partners	Dairy Farm	8.02	10	Buy
08/04/17	CIMB	Dairy Farm	8.06	9.18	Add	PER23.7x CY18
08/07/17	DIR	Dairy Farm	7.72	10	Buy	PER26.5x FY18
08/07/17	DMG & Partners	Dairy Farm	7.72	9.53	Buy	DCF
08/10/17	DBS Vickers	Dairy Farm	7.81	9.89	Buy	Sum of parts
09/14/17	DIR	Dairy Farm	8.06	10	Buy	PER26.5x FY18
09/27/17	phillip	Dairy Farm	7.48	9.89	Buy	Sum of parts
11/29/17	DMG & Partners	Dairy Farm	8.31	9.53	Buy
12/04/17	phillip	Dairy Farm	8.08	9.89	Buy

CWT - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/18/16	CIMB	CWT	1.8	1.92	Hold	Sum of parts
02/19/16	OCBC	CWT	1.82	1.95	Hold
05/06/16	CIMB	CWT	2.02	1.92	Hold	Sum of parts
05/16/16	OCBC	CWT	2.12	1.95	Hold
08/15/16	OCBC	CWT	2.02	1.93	Hold	Sum of parts
11/03/16	OCBC	CWT	1.96	1.9	Hold	Sum of parts
02/27/17	OCBC	CWT	2.08	1.95	Hold	Sum of parts
04/05/17	OCBC	CWT	2.02	1.95	Hold
04/10/17	OCBC	CWT	2.07	1.95	Accept Offer	Offer price $2.33
05/11/17	OCBC	CWT	2.25	1.95	Accept Offer	Offer price $2.33
07/11/17	OCBC	CWT	2.22	1.95	Accept Offer	Offer price $2.33
08/02/17	OCBC	CWT	2.12	1.91	Accept Offer	Sum of parts, Offer price $2.33
09/08/17	OCBC	CWT	2.28	2.33	Accept Offer	Offer price $2.33
10/04/17	Lim & Tan	CWT	2.34	2.33	Accept Offer	Offer price $2.33

Stock calls for 12 December 2017

Date	Analyst	Company	Last	Target	Call	Valuation
12/12/17	phillip	City Developments	12.57	12.1	Accumulate	RNAV (15% discount)
12/12/17	DBS Vickers	Comfortdelgro	2.03	2.18	Hold
12/12/17	DBS Vickers	Roxy-Pacific	0.53	0.69	Buy	RNAV (30% discount)
12/12/17	UOB Kay Hian	Sembcorp Industries	3.04	3.87	Buy	Sum of parts

USA's subway suffered its 1st terrorist attack after Jerusalem capital recognition.

http://www.nydailynews.com/new-york/manhattan/explosion-reported-port-authority-bus-terminal-article-1.3690939

Is this a coincidence or a premeditated terrorist attack against Jerusalem capital recognition?

Almost the whole world is against the Jerusalem capital recognition except for Israel and USA.

Since the USA started this mess, I won't pity the USA when it is under terrorist attack.  The USA just reaps what it sows.

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/16	DBS Vickers	CSE Global	0.46	0.49	Hold
01/20/16	OCBC	CSE Global	0.45	0.54	Buy
01/26/16	UOB Kay Hian	CSE Global	0.46	0.41	Hold	PER7.65x FY16, Buy @ $0.36
02/26/16	CIMB	CSE Global	0.44	0.52	Add	PER9x CY17
02/26/16	DBS Vickers	CSE Global	0.44	0.46	Hold
05/11/16	CIMB	CSE Global	0.42	0.52	Add	PER9x CY17
05/12/16	DBS Vickers	CSE Global	0.435	0.4	Hold
05/12/16	OCBC	CSE Global	0.435	0.44	Hold	Buy @ $0.4
06/03/16	CIMB	CSE Global	0.42	0.52	Add
06/22/16	CIMB	CSE Global	0.435	0.57	Add	PER9.7x CY17
08/12/16	CIMB	CSE Global	0.46	0.52	Add	PER9.7x FY17
08/12/16	OCBC	CSE Global	0.46	0.43	Hold
08/15/16	DBS Vickers	CSE Global	0.465	0.41	Hold	PER9.6x FY16/17
09/30/16	CIMB	CSE Global	0.42	0.52	Add
10/12/16	OCBC	CSE Global	0.415	0.43	Hold
11/10/16	OCBC	CSE Global	0.41	0.4	Hold	PER9x FY17
11/14/16	CIMB	CSE Global	0.415	0.47	Add	PER9.7x FY18
12/05/16	CIMB	CSE Global	0.44	0.47	Add	PB0.4x CY17, PER9.7x CY18
02/27/17	CIMB	CSE Global	0.485	0.59	Add	PER12x FY18
02/27/17	DBS Vickers	CSE Global	0.485	0.46	Hold	PER9.6x, Ex-Cash
03/13/17	CIMB	CSE Global	0.495	0.59	Add	PER12x FY18
03/13/17	OCBC	CSE Global	0.495	0.44	Hold
05/15/17	CIMB	CSE Global	0.5	0.56	Add	PER12x FY18
06/15/17	OCBC	CSE Global	0.475	0.45	Hold
07/25/17	CIMB	CSE Global	0.43	0.39	Reduce	PER10x FY18
08/14/17	CIMB	CSE Global	0.395	0.32	Reduce	PER10x FY18
11/10/17	CIMB	CSE Global	0.345	0.31	Reduce	PER10x CY19

Croesus RT - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Croesus RT	0.795	0.86	Hold
02/11/16	Amfrasers	Croesus RT	0.805	0.89	Buy	DDM
02/12/16	CIMB	Croesus RT	0.795	0.95	Add	DDM
02/12/16	DMG & Partners	Croesus RT	0.795	0.93	Buy
03/24/16	Lim & Tan	Croesus RT	0.815	0	Hold
03/28/16	CIMB	Croesus RT	0.78	0.88	Add	DDM
04/08/16	CIMB	Croesus RT	0.825	0.91	Add	DDM
04/08/16	Lim & Tan	Croesus RT	0.825	0	Hold
04/08/16	phillip	Croesus RT	0.825	0.93	Neutral	DDM
05/13/16	Amfrasers	Croesus RT	0.83	0.79	Hold
05/16/16	CIMB	Croesus RT	0.83	0.98	Add	DDM
05/17/16	DBS Vickers	Croesus RT	0.825	0.9	Buy	DCF
06/14/16	DBS Vickers	Croesus RT	0.81	0.9	Buy
07/18/16	phillip	Croesus RT	0.845	0.93	Neutral
08/16/16	DBS Vickers	Croesus RT	0.845	0.9	Buy
08/26/16	Lim & Tan	Croesus RT	0.865	0	Buy
08/29/16	CIMB	Croesus RT	0.86	0.98	Add	DDM
08/29/16	DBS Vickers	Croesus RT	0.86	0.99	Buy
08/29/16	DMG & Partners	Croesus RT	0.86	0.93	Buy
08/30/16	phillip	Croesus RT	0.855	0.93	Accumulate	DDM
10/14/16	phillip	Croesus RT	0.845	0.93	Accumulate
11/08/16	DBS Vickers	Croesus RT	0.86	0.99	Buy	DCF
11/14/16	CIMB	Croesus RT	0.845	0.98	Add	DDM
11/14/16	phillip	Croesus RT	0.845	0.93	Accumulate	DDM
01/03/17	DMG & Partners	Croesus RT	0.835	0.96	Buy
01/09/17	DBS Vickers	Croesus RT	0.845	0.99	Buy	DCF
02/15/17	CIMB	Croesus RT	0.875	0.98	Add	DDM
02/15/17	DBS Vickers	Croesus RT	0.875	0.99	Buy	DCF
02/15/17	DMG & Partners	Croesus RT	0.875	0.96	Buy	DDM
02/15/17	phillip	Croesus RT	0.875	0.93	Accumulate	DDM
03/17/17	DBS Vickers	Croesus RT	0.885	0.99	Buy
04/10/17	DBS Vickers	Croesus RT	0.915	0.99	Buy
05/16/17	DMG & Partners	Croesus RT	1	1	Neutral	DDM, Up from $0.97
05/17/17	DBS Vickers	Croesus RT	0.995	1.15	Buy	DCF
05/17/17	phillip	Croesus RT	0.995	1.08	Accumulate	DDM
06/16/17	DBS Vickers	Croesus RT	1.015	1.15	Buy
06/29/17	CIMB	Croesus RT	1.175	1.17	Add	Offer price $1.17
06/29/17	DMG & Partners	Croesus RT	1.175	1.17	Take Profit	Offer price $1.17
06/29/17	phillip	Croesus RT	1.175	1.17	Accept Offer	Offer price $1.17
06/30/17	Amfrasers	Croesus RT	1.185	1.18	Trading Buy

Stock calls for 11 December 2017

Date	Analyst	Company	Last	Target	Call	Valuation
12/11/17	CIMB	City Developments	12.31	13.15	Add	RNAV (20% discount)
12/11/17	CIMB	Comfortdelgro	1.91	2.15	Hold
12/11/17	Kim Eng	Comfortdelgro	1.91	2.4	Buy	DCF
12/11/17	phillip	Comfortdelgro	1.91	2.69	Buy	DCF
12/11/17	UOB Kay Hian	Comfortdelgro	1.91	2.25	Buy	PER16.6x
12/11/17	Lim & Tan	Comfortdelgro	1.91	0	Hold
12/11/17	DBS Vickers	ESR-Reit	0.565	0.62	Buy
12/11/17	OCBC	First Reit	1.39	1.44	Buy
12/11/17	DBS Vickers	Mapletree Commercial	1.58	1.75	Buy
12/11/17	NRA	Regal	0.135	0.3	Overweight

China is preparing refugee camps at the Jilin-NK border.

https://www.ft.com/content/3afb2902-dbd9-11e7-a039-c64b1c09b482

China is preparing for the Korean Peninsula war.  First, it prepares its border citizens for a nuclear war and then prepares refugee camps at the border.  China's troops are already amassing the border for any war outbreak.