Frasers Centrepoint Trust (FCT) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	UOB Kay Hian	Frasers Centrepoint Trust	1.845	2.15	Hold
01/08/16	DBS Vickers	Frasers Centrepoint Trust	1.835	2.04	Buy	DCF
01/22/16	Amfrasers	Frasers Centrepoint Trust	1.84	2.06	Buy
01/22/16	DIR	Frasers Centrepoint Trust	1.84	2.11	Outperform	DDM
01/22/16	Kim Eng	Frasers Centrepoint Trust	1.84	1.63	Sell	Yield 7%
01/22/16	OCBC	Frasers Centrepoint Trust	1.84	2.25	Buy
01/22/16	Phillip	Frasers Centrepoint Trust	1.84	2	Accumulate	DDM
01/25/16	CIMB	Frasers Centrepoint Trust	1.875	2.07	Add	DDM
01/25/16	Credit Suisse	Frasers Centrepoint Trust	1.875	2.14	Outperform
01/25/16	Lim & Tan	Frasers Centrepoint Trust	1.875	0	Buy
02/02/16	DMG & Partners	Frasers Centrepoint Trust	1.92	2.22	Buy
03/07/16	DBS Vickers	Frasers Centrepoint Trust	1.955	2.11	Buy	DCF
03/17/16	DMG & Partners	Frasers Centrepoint Trust	2	2.22	Buy
03/17/16	Phillip	Frasers Centrepoint Trust	2	2	Accumulate	DDM
03/30/16	UOB Kay Hian	Frasers Centrepoint Trust	1.995	2.15	Hold	DDM
04/06/16	DBS Vickers	Frasers Centrepoint Trust	2.01	2.11	Buy	DCF
04/13/16	Kim Eng	Frasers Centrepoint Trust	2.01	1.78	Sell	Yield 6.5%
04/22/16	Lim & Tan	Frasers Centrepoint Trust	2.01	0	Hold
04/22/16	OCBC	Frasers Centrepoint Trust	2.01	2.25	Buy
04/25/16	Amfrasers	Frasers Centrepoint Trust	2	2.1	Buy
04/25/16	CIMB	Frasers Centrepoint Trust	2	2.1	Add	DDM
04/25/16	Credit Suisse	Frasers Centrepoint Trust	2	2.14	Outperform
04/25/16	DBS Vickers	Frasers Centrepoint Trust	2	2.1	Buy	DCF
04/25/16	DIR	Frasers Centrepoint Trust	2	2.15	Outperform	DDM
04/25/16	Kim Eng	Frasers Centrepoint Trust	2	1.78	Sell	Yield 6.5%
04/25/16	Phillip	Frasers Centrepoint Trust	2	2	Neutral	DDM
04/27/16	UOB Kay Hian	Frasers Centrepoint Trust	1.995	2.15	Hold
05/09/16	Amfrasers	Frasers Centrepoint Trust	1.98	2.1	Buy
05/17/16	Kim Eng	Frasers Centrepoint Trust	2.01	1.78	Sell
06/17/16	Amfrasers	Frasers Centrepoint Trust	1.965	2.1	Buy
06/22/16	DMG & Partners	Frasers Centrepoint Trust	1.955	2.22	Buy
06/27/16	UOB Kay Hian	Frasers Centrepoint Trust	1.98	2.15	Hold
06/30/16	Kim Eng	Frasers Centrepoint Trust	2.06	1.78	Sell
07/01/16	OCBC	Frasers Centrepoint Trust	2.13	2.25	Buy
07/04/16	DMG & Partners	Frasers Centrepoint Trust	2.12	2.22	Buy	DDM
07/18/16	CIMB	Frasers Centrepoint Trust	2.12	2.25	Add	DDM
07/18/16	DIR	Frasers Centrepoint Trust	2.12	2.25	Outperform	DDM
07/18/16	Kim Eng	Frasers Centrepoint Trust	2.12	1.9	Sell	Yield 6.1%
07/18/16	OCBC	Frasers Centrepoint Trust	2.12	2.32	Buy
07/18/16	Phillip	Frasers Centrepoint Trust	2.12	2	Neutral	DDM
07/18/16	UOB Kay Hian	Frasers Centrepoint Trust	2.12	2.36	Hold
07/19/16	Credit Suisse	Frasers Centrepoint Trust	2.17	2.24	Outperform
07/19/16	DBS Vickers	Frasers Centrepoint Trust	2.17	2.29	Buy
08/01/16	UOB Kay Hian	Frasers Centrepoint Trust	2.14	2.36	Hold
08/04/16	DIR	Frasers Centrepoint Trust	2.17	2.25	Outperform
08/16/16	DBS Vickers	Frasers Centrepoint Trust	2.14	2.29	Buy
08/31/16	Credit Suisse	Frasers Centrepoint Trust	2.15	2.24	Outperform
10/14/16	DIR	Frasers Centrepoint Trust	2.11	2.25	Outperform
10/14/16	Phillip	Frasers Centrepoint Trust	2.11	2	Neutral
10/21/16	Lim & Tan	Frasers Centrepoint Trust	2.16	0	Hold
10/24/16	CIMB	Frasers Centrepoint Trust	2.13	2.28	Add	DDM
10/24/16	DIR	Frasers Centrepoint Trust	2.13	2.28	Outperform	DDM
10/25/16	DBS Vickers	Frasers Centrepoint Trust	2.1	2.29	Buy	DCF
11/07/16	DBS Vickers	Frasers Centrepoint Trust	2	2.29	Buy
11/07/16	OCBC	Frasers Centrepoint Trust	2	2.33	Buy
11/17/16	Lim & Tan	Frasers Centrepoint Trust	1.955	0	Buy
12/02/16	DMG & Partners	Frasers Centrepoint Trust	1.94	2.22	Buy
12/06/16	CIMB	Frasers Centrepoint Trust	1.935	2.01	Add
12/06/16	Kim Eng	Frasers Centrepoint Trust	1.935	1.9	Sell
12/07/16	OCBC	Frasers Centrepoint Trust	1.935	2.33	Buy
12/09/16	UOB Kay Hian	Frasers Centrepoint Trust	1.95	2.15	Hold
01/03/17	DMG & Partners	Frasers Centrepoint Trust	1.9	2.22	Buy	DDM
01/09/17	DBS Vickers	Frasers Centrepoint Trust	1.97	2.29	Buy	DCF
01/12/17	HSBC	Frasers Centrepoint Trust	1.995	2.3	Buy
01/18/17	DIR	Frasers Centrepoint Trust	1.99	2.28	Outperform	DDM
01/23/17	CIMB	Frasers Centrepoint Trust	1.965	2.01	Add	DDM
01/23/17	DBS Vickers	Frasers Centrepoint Trust	1.965	2.2	Buy	DCF
01/23/17	Lim & Tan	Frasers Centrepoint Trust	1.965	0	Hold
01/23/17	OCBC	Frasers Centrepoint Trust	1.965	2.28	Buy
01/23/17	Phillip	Frasers Centrepoint Trust	1.965	2	Neutral	DDM
01/31/17	Credit Suisse	Frasers Centrepoint Trust	1.995	2.23	Outperform
03/06/17	OCBC	Frasers Centrepoint Trust	2.01	2.28	Buy
03/07/17	UOB Kay Hian	Frasers Centrepoint Trust	2.01	2.15	Hold
03/10/17	DMG & Partners	Frasers Centrepoint Trust	1.965	2.22	Buy
03/27/17	DIR	Frasers Centrepoint Trust	2.06	2.28	Outperform	DDM
04/07/17	DMG & Partners	Frasers Centrepoint Trust	2.06	2.22	Buy	DDM
04/11/17	UOB Kay Hian	Frasers Centrepoint Trust	2.07	2.15	Hold	DDM, Buy @ $1.90
04/18/17	DIR	Frasers Centrepoint Trust	2.09	2.28	Outperform
04/25/17	OCBC	Frasers Centrepoint Trust	2.12	2.28	Buy
04/26/17	CIMB	Frasers Centrepoint Trust	2.11	2.2	Add	DDM
04/26/17	DBS Vickers	Frasers Centrepoint Trust	2.11	2.2	Buy	DCF
04/26/17	DIR	Frasers Centrepoint Trust	2.11	2.31	Outperform	DDM
04/27/17	Lim & Tan	Frasers Centrepoint Trust	2.15	0	Hold
04/27/17	Phillip	Frasers Centrepoint Trust	2.15	2.04	Neutral	DDM
05/11/17	Amfrasers	Frasers Centrepoint Trust	2.01	2.1	Buy	DDM
05/25/17	UOB Kay Hian	Frasers Centrepoint Trust	2.08	2.26	Buy
05/30/17	DBS Vickers	Frasers Centrepoint Trust	2.08	2.2	Buy	DCF
06/05/17	OCBC	Frasers Centrepoint Trust	2.1	2.28	Buy
06/06/17	DIR	Frasers Centrepoint Trust	2.09	2.31	Outperform
06/14/17	Amfrasers	Frasers Centrepoint Trust	2.13	2.1	Hold
07/04/17	DMG & Partners	Frasers Centrepoint Trust	2.14	2.22	Buy
07/25/17	Lim & Tan	Frasers Centrepoint Trust	2.14	0	Buy
07/25/17	Phillip	Frasers Centrepoint Trust	2.14	2.14	Neutral	DDM, PB1.11x FY17
07/25/17	DIR	Frasers Centrepoint Trust	2.14	2.36	Outperform	DDM
07/25/17	Amfrasers	Frasers Centrepoint Trust	2.14	2.11	Hold	DDM
07/25/17	UOB Kay Hian	Frasers Centrepoint Trust	2.14	2.26	Buy	DDM
07/25/17	Credit Suisse	Frasers Centrepoint Trust	2.14	2.24	Outperform
07/25/17	CIMB	Frasers Centrepoint Trust	2.14	2.34	Add	DDM
07/25/17	OCBC	Frasers Centrepoint Trust	2.14	2.28	Buy
07/26/17	DBS Vickers	Frasers Centrepoint Trust	2.14	2.26	Buy
08/22/17	OCBC	Frasers Centrepoint Trust	2.11	2.28	Buy
09/13/17	Credit Suisse	Frasers Centrepoint Trust	2.15	2.27	Outperform
09/21/17	DMG & Partners	Frasers Centrepoint Trust	2.13	2.22	Buy
10/23/17	UOB Kay Hian	Frasers Centrepoint Trust	2.19	2.26	buy
10/25/17	Lim & Tan	Frasers Centrepoint Trust	2.24	0	Buy
10/26/17	OCBC	Frasers Centrepoint Trust	2.21	2.4	Buy	DDM
10/26/17	Phillip	Frasers Centrepoint Trust	2.21	2.14	Neutral	DDM
10/26/17	DMG & Partners	Frasers Centrepoint Trust	2.21	2.24	Neutral	DDM
10/26/17	UOB Kay Hian	Frasers Centrepoint Trust	2.21	2.43	Buy	DDM
10/26/17	CIMB	Frasers Centrepoint Trust	2.21	2.38	Add	DDM
10/26/17	DBS Vickers	Frasers Centrepoint Trust	2.21	2.37	Buy
11/30/17	OCBC	Frasers Centrepoint Trust	2.21	2.4	Buy
12/01/17	UOB Kay Hian	Frasers Centrepoint Trust	2.22	2.43	Buy
12/14/17	CIMB	Frasers Centrepoint Trust	2.21	2.38	Add	DDM
12/14/17	OCBC	Frasers Centrepoint Trust	2.21	2.4	Buy
12/18/17	DBS Vickers	Frasers Centrepoint Trust	2.2	2.37	Buy
12/19/17	DMG & Partners	Frasers Centrepoint Trust	2.2	2.24	Neutral

Frasers Centrepoint Limited (FCL) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Frasers Centrepoint Ltd	1.645	2.05	Buy	RNAV (30% discount)
02/04/16	Lim & Tan	Frasers Centrepoint Ltd	1.615	0	Buy
02/05/16	CIMB	Frasers Centrepoint Ltd	1.6	2.04	Add	RNAV (30% discount)
03/16/16	DBS Vickers	Frasers Centrepoint Ltd	1.59	2.05	Buy
04/06/16	DBS Vickers	Frasers Centrepoint Ltd	1.65	2.05	Buy	RNAV (30% discount)
05/10/16	Lim & Tan	Frasers Centrepoint Ltd	1.68	0	Buy
05/11/16	CIMB	Frasers Centrepoint Ltd	1.65	2.03	Add	RNAV (30% discount)
05/11/16	DBS Vickers	Frasers Centrepoint Ltd	1.65	2.05	Buy
06/01/16	Lim & Tan	Frasers Centrepoint Ltd	1.6	0	Buy
06/23/16	DIR	Frasers Centrepoint Ltd	1.555	2.01	Buy	Sum of parts (30% discount)
07/08/16	DIR	Frasers Centrepoint Ltd	1.5	1.96	Buy	Sum of parts (30% discount)
08/08/16	DIR	Frasers Centrepoint Ltd	1.53	1.98	Buy	Sum of parts (30% discount)
08/10/16	CIMB	Frasers Centrepoint Ltd	1.53	2.04	Add	RNAV (30% discount)
08/10/16	Lim & Tan	Frasers Centrepoint Ltd	1.53	0	Buy
08/11/16	DBS Vickers	Frasers Centrepoint Ltd	1.54	1.9	Buy	RNAV (30% discount)
09/30/16	DBS Vickers	Frasers Centrepoint Ltd	1.49	1.9	Buy
10/11/16	CIMB	Frasers Centrepoint Ltd	1.495	2.04	Add	RNAV (30% discount)
10/11/16	DIR	Frasers Centrepoint Ltd	1.495	1.98	Buy	Sum of parts (30% discount)
10/11/16	Lim & Tan	Frasers Centrepoint Ltd	1.495	0	Buy
11/10/16	CIMB	Frasers Centrepoint Ltd	1.505	2.02	Add	RNAV (30% discount)
11/10/16	DIR	Frasers Centrepoint Ltd	1.505	1.87	Buy	RNAV (30% discount)
11/11/16	DBS Vickers	Frasers Centrepoint Ltd	1.525	2	Buy	RNAV (30% discount)
12/07/16	DIR	Frasers Centrepoint Ltd	1.52	1.87	Buy	RNAV (30% discount)
01/09/17	DBS Vickers	Frasers Centrepoint Ltd	1.62	2	Buy	RNAV (30% discount)
02/10/17	DBS Vickers	Frasers Centrepoint Ltd	1.6	2	Buy	RNAV (30% discount)
02/10/17	DIR	Frasers Centrepoint Ltd	1.6	1.89	Buy	RNAV (30% discount)
02/13/17	CIMB	Frasers Centrepoint Ltd	1.67	2.02	Add	RNAV (30% discount)
03/15/17	DIR	Frasers Centrepoint Ltd	1.705	1.89	Buy	RNAV (30% discount)
03/17/17	DBS Vickers	Frasers Centrepoint Ltd	1.74	2	Buy
04/04/17	DBS Vickers	Frasers Centrepoint Ltd	1.745	2	Buy	RNAV (30% discount)
04/04/17	DIR	Frasers Centrepoint Ltd	1.745	1.91	Outperform	RNAV (30% discount)
04/10/17	CIMB	Frasers Centrepoint Ltd	1.785	2.02	Add	RNAV (20% discount)
04/17/17	Lim & Tan	Frasers Centrepoint Ltd	1.79	0	Buy
04/18/17	DIR	Frasers Centrepoint Ltd	1.755	2.03	Outperform	Sum of parts (30% discount)
05/11/17	Lim & Tan	Frasers Centrepoint Ltd	1.865	0	Buy
05/12/17	CIMB	Frasers Centrepoint Ltd	1.865	2.05	Add	RNAV (30% discount)
05/12/17	DBS Vickers	Frasers Centrepoint Ltd	1.865	2.3	Buy	RNAV (20% discount)
05/12/17	DIR	Frasers Centrepoint Ltd	1.865	2.04	Outperform	Sum of parts (30% discount)
06/09/17	UOB Kay Hian	Frasers Centrepoint Ltd	1.885	2.26	Buy
06/14/17	Lim & Tan	Frasers Centrepoint Ltd	1.89	0	Buy
08/01/17	DBS Vickers	Frasers Centrepoint Ltd	1.925	2.3	Buy	RNAV (20% discount), PB1x
08/10/17	CIMB	Frasers Centrepoint Ltd	1.915	2.09	Add	RNAV (30% discount)
08/11/17	DBS Vickers	Frasers Centrepoint Ltd	1.91	2.35	Buy	RNAV (20% discount), PB1x
09/12/17	DBS Vickers	Frasers Centrepoint Ltd	2.12	2.35	Buy
09/12/17	Lim & Tan	Frasers Centrepoint Ltd	2.12	0	Hold
11/10/17	Lim & Tan	Frasers Centrepoint Ltd	2.04	0	Buy
11/14/17	DBS Vickers	Frasers Centrepoint Ltd	2.05	2.35	Buy	RNAV (20% discount), PB1x
11/14/17	CIMB	Frasers Centrepoint Ltd	2.05	2.37	Add	RNAV (30% discount)
12/15/17	Lim & Tan	Frasers Centrepoint Ltd	2.08	0	Buy
12/18/17	DBS Vickers	Frasers Centrepoint Ltd	2.12	2.35	Buy

Fortune Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/10/16	DIR	Fortune Reit	9.85	10.9	Outperform
11/30/16	DIR	Fortune Reit	8.69	10.9	Buy	DDM
02/01/17	DIR	Fortune Reit	9.02	10.9	Buy	DDM
08/01/17	DIR	Fortune Reit	9.72	10.9	Outperform

Keppel Corp is fined S$570m for bribery!

https://www.channelnewsasia.com/news/business/keppel-pledges-to-protect-dividends-from-one-off-brazil-bribery-9523872

No matter what, this huge fine will impact Keppel and its future dividends will definitely be affected.  There is no way for Keppel to recoup this fine through cost-cutting measures within the company.

Keppel's share price will react to this huge fine tomorrow!

Stockbank would like to wish everyone a Merry X'mas!

Merry X'mas to all our readers!

We would like to wish everyone many successes and overwhelming prosperities for this X'mas and the upcoming new year.

Cheers! Be safe & don't drink and drive!

Baltic dry index - 1366

Today, Thursday, December 21 2017, the Baltic Dry Index decreased by 64 points, reaching 1366 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 stocks: Sembcorp Marine, Cosco & Pan Ocean

US rig count - 931

HOUSTON (AP) - The number of rigs exploring for oil and natural gas in the U.S. rose by one this week to 931.

That exceeds the 653 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported on Friday that 747 rigs were drilling for oil and 184 for natural gas this week.

Among oil- and gas-producing states, New Mexico gained four rigs, and North Dakota added one. Texas and Wyoming each lost two rigs, and Oklahoma lost one.

Alaska, Arkansas, California, Colorado, Kansas, Louisiana, Ohio, Pennsylvania, Utah and West Virginia were unchanged.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.

======================

Related stocks: Keppel Corp, Sembcorp Marine, Cosco

Bitcoin price crashed 47% in just 5 days.

https://www.investopedia.com/news/bitcoin-price-down-40-percent-5-days/?partner=YahooSA&yptr=yahoo

https://www.cnbc.com/2017/12/22/coinbase-one-of-the-biggest-bitcoin-marketplaces-says-buying-and-selling-temporarily-disabled-amid-price-rout.html?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=104913889&yptr=yahoo

Bitcoin has crashed to as low as $10,400 yesterday from a high of $19,600 recently.  If you are a merchant that allows bitcoin payment, how will you feel about holding bitcoins in your asset account on the balance sheet?  Furthermore, the processing fee for bitcoin has gone up to as high as $40 per transaction and the processing time is 10min or more.  Consequently, bitcoin trading exchange like Coinbase will suspend bitcoin trading at its whim & fancy.  This will leave bitcoin holders with no avenue to cash out of bitcoins under volatile trading circumstances.  It is no wonder that merchants are starting to ditch bitcoin payment mode.

Some bitcoin fanatics are mortgaging their houses to buy bitcoins whilst others are borrowing from credit cards and other sources to buy bitcoins.  This credit borrowing behaviour is extremely dangerous for the financial market.

http://fortune.com/2017/12/12/bitcoin-investors-mortgages/

No wonder economists and governments are worrying that the burgeoning growth in bitcoin trading will cause other sectors of the financial industry to collapse because of this leveraged behaviour.

https://www.marketwatch.com/story/bitcoin-because-of-massive-borrowing-could-crash-the-financial-markets-2017-12-22?siteid=yhoof2&yptr=yahoo

The Japanese investors are most heavily impacted by the bitcoin crash last night because Japan is the largest bitcoin trading market currently.  Many Japanese retail investors put their life savings into this pseudo-currency to build up their retirement nests.  If they're burnt heavily, they'll have no choice but to cash out from other investments like stocks, properties, etc for travel and subsistence.  Therefore, Japan financial industry will be greatly affected by the ensuing outcome of the bitcoin crash.

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/17	UOB Kay Hian	Food Empire	0.565	0.78	Buy	PER19x FY17
03/02/17	UOB Kay Hian	Food Empire	0.57	0.78	Buy	PER19x FY17
04/03/17	UOB Kay Hian	Food Empire	0.58	0.78	Buy
04/11/17	DMG & Partners	Food Empire	0.575	0.76	Buy	PER18x FY17
05/03/17	UOB Kay Hian	Food Empire	0.54	0.78	Buy
05/12/17	DMG & Partners	Food Empire	0.58	0.85	Buy
05/16/17	DMG & Partners	Food Empire	0.655	0.95	Buy	PER18x FY17
05/16/17	UOB Kay Hian	Food Empire	0.655	0.9	Buy	PER19x FY17
08/14/17	UOB Kay Hian	Food Empire	0.67	0.87	Buy	PER19x FY17
08/14/17	DMG & Partners	Food Empire	0.67	0.95	Buy	PER18x FY17
11/10/17	DMG & Partners	Food Empire	0.66	1	Buy	PER18x FY18
12/19/17	DMG & Partners	Food Empire	0.655	1	Buy

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/31/17	Amfrasers	First Sponsor	1.37	1.62	Not Rated	RNAV (25% discount)

Stock calls for 22 December 2017

Date	Analyst	Company	Last	Target	Call	Valuation
12/22/17	Lim & Tan	Yuuzoo	0.048	0	Sell

UN condems Australia!

https://sg.news.yahoo.com/un-condemns-australia-apos-forced-052950038.html

This is how Australia is like.  No wonder Lee Kuan Yew called Australia, the white trash of the east.

It doesn't recognize PCA as an international court but expects China to adhere to PCA's ruling.

It doesn't want to fulfill its non-refoulment obligation but expects other countries to fulfill.

Therefore, UN condemns Australia now!

128 UN members rejected US recognition of Jerusalem status.

https://www.theguardian.com/world/2017/dec/21/united-nations-un-vote-donald-trump-jerusalem-israel

128 vs 9 is the outcome of the latest UN votes on Jerusalem status.  The USA lost by a super big margin but this was only symbolic in nature.  However, this voting proves that UN members are adamant to show to the USA and its lackeys that are in need of USA's aids that UN won't be manipulated and held hostage by the USA.

Shame on you, USA!

First Ship Lease Trust (FSLT) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/02/16	Amfrasers	First Ship Lease Trust	0.134	0.26	Buy
05/09/16	Amfrasers	First Ship Lease Trust	0.152	0.2	Buy
05/11/16	Amfrasers	First Ship Lease Trust	0.155	0.21	Buy	PB0.8x
08/14/17	Amfrasers	First Ship Lease Trust	0.08	0.13	Buy	DCF
12/13/17	Amfrasers	First Ship Lease Trust	0.082	0.15	Buy	DCF

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	First Resources	1.92	2.4	Buy
01/12/16	CIMB	First Resources	1.81	2.38	Add
01/26/16	Deutsche	First Resources	1.74	2.85	Buy
02/03/16	DMG & Partners	First Resources	1.76	2.69	Buy
02/26/16	CIMB	First Resources	1.84	2.1	Add	PER13x FY17
02/26/16	DBS Vickers	First Resources	1.84	1.85	Hold
02/26/16	DMG & Partners	First Resources	1.84	2.35	Buy	PER19x FY16
02/26/16	Kim Eng	First Resources	1.84	2.08	Buy	PER17x FY16
02/26/16	UOB Kay Hian	First Resources	1.84	2	Buy	PER17x FY16
02/26/16	Credit Suisse	First Resources	1.84	2.1	Outperform	Up from $2
03/31/16	UOB Kay Hian	First Resources	2.08	2.65	Buy
04/01/16	CIMB	First Resources	2.02	2.1	Add
04/12/16	DBS Vickers	First Resources	2.03	1.85	Hold
04/21/16	Deutsche	First Resources	1.99	2.6	Buy
04/21/16	Kim Eng	First Resources	1.99	2.08	Hold	PER17x FY16
05/16/16	CIMB	First Resources	1.645	1.98	Add	PER13x FY17
05/16/16	Credit Suisse	First Resources	1.645	2.3	Outperform
05/16/16	DBS Vickers	First Resources	1.645	1.85	Hold
05/16/16	Deutsche	First Resources	1.645	2.25	Buy
05/16/16	DMG & Partners	First Resources	1.645	1.9	Buy
05/16/16	Kim Eng	First Resources	1.645	1.7	Hold	PER17x FY16
05/16/16	UOB Kay Hian	First Resources	1.645	2.2	Buy	PER17x FY17
06/01/16	CIMB	First Resources	1.615	1.98	Add
06/10/16	Deutsche	First Resources	1.745	2	Buy
06/17/16	Macquarie	First Resources	1.65	2.2	Outperform
06/24/16	UOB Kay Hian	First Resources	1.63	2.2	Buy	PER17x FY17
07/14/16	UOB Kay Hian	First Resources	1.555	2.2	Buy
07/27/16	Kim Eng	First Resources	1.56	1.71	Buy	PER17x FY16
07/28/16	UOB Kay Hian	First Resources	1.565	2	Buy	PER17x FY17
08/11/16	DBS Vickers	First Resources	1.625	1.82	Hold
08/11/16	Credit Suisse	First Resources	1.625	2.1	Outperform
08/15/16	CIMB	First Resources	1.63	1.98	Add	PER13x FY17
08/15/16	UOB Kay Hian	First Resources	1.63	2	Buy	PER17x FY17
08/16/16	CIMB	First Resources	1.705	1.95	Add	PER13x FY17
08/16/16	DBS Vickers	First Resources	1.705	1.8	Buy	DCF
08/16/16	Kim Eng	First Resources	1.705	1.8	Buy	PER17x FY17
09/15/16	UOB Kay Hian	First Resources	1.795	2	Buy	PER17x FY17
10/06/16	Kim Eng	First Resources	1.785	1.8	Buy
10/25/16	DBS Vickers	First Resources	1.77	1.9	Hold	DCF
10/27/16	UOB Kay Hian	First Resources	1.815	2	Buy	PER17x FY17
11/10/16	CIMB	First Resources	1.81	2.32	Add	PER13x FY18
11/10/16	DMG & Partners	First Resources	1.81	1.73	Neutral
11/10/16	UOB Kay Hian	First Resources	1.81	2	Buy	PER17x FY17
11/11/16	DBS Vickers	First Resources	1.85	1.9	Hold	DCF
11/11/16	Kim Eng	First Resources	1.85	1.97	Hold	PER17x FY17
12/06/16	CIMB	First Resources	1.96	2.32	Add	PER13x FY17
12/07/16	Deutsche	First Resources	1.95	2.2	Buy
12/08/16	UOB Kay Hian	First Resources	1.965	2	Buy
01/03/17	DMG & Partners	First Resources	1.9	1.8	Neutral
01/11/17	CIMB	First Resources	1.915	2.32	Add
01/11/17	DBS Vickers	First Resources	1.915	1.9	Hold
01/11/17	Kim Eng	First Resources	1.915	1.97	Hold
01/31/17	UOB Kay Hian	First Resources	1.955	1.98	Buy
02/01/17	Kim Eng	First Resources	1.93	1.97	Hold
02/03/17	UOB Kay Hian	First Resources	1.935	2.15	Buy	PER17x FY17
02/06/17	DMG & Partners	First Resources	1.965	2	Hold	PER19x FY17
02/13/17	DBS Vickers	First Resources	1.97	1.9	Hold
02/17/17	DBS Vickers	First Resources	1.96	2.19	Buy
02/28/17	CIMB	First Resources	1.87	2.32	Add	PER13x FY18
03/01/17	DBS Vickers	First Resources	1.885	2.15	Buy	DCF
03/01/17	Kim Eng	First Resources	1.885	1.97	Hold	PER17x FY17
03/01/17	UOB Kay Hian	First Resources	1.885	2.15	Buy	PER17x FY17
03/09/17	DMG & Partners	First Resources	1.94	1.9	Neutral
04/11/17	DMG & Partners	First Resources	1.915	1.8	Neutral
05/02/17	UOB Kay Hian	First Resources	1.875	2.15	Buy	PER17x FY17
05/12/17	CIMB	First Resources	1.96	2.32	Add	PER13x FY18
05/12/17	Kim Eng	First Resources	1.96	1.97	Hold	PER17x FY17
05/15/17	DMG & Partners	First Resources	1.955	2.05	Neutral	PER17x FY17
05/16/17	DBS Vickers	First Resources	2	2.15	Buy	DCF
06/29/17	UOB Kay Hian	First Resources	1.915	1.95	Hold
07/11/17	DBS Vickers	First Resources	1.89	2.15	Buy
07/20/17	UOB Kay Hian	First Resources	1.885	1.95	Hold	PER16x FY18, Buy @ $1.75
08/14/17	Kim Eng	First Resources	1.84	1.97	Hold	PER17x FY17
08/14/17	DMG & Partners	First Resources	1.84	2.05	Neutral	PER17x FY17
08/15/17	CIMB	First Resources	1.84	2.32	Add	PER13x FY18
08/15/17	DBS Vickers	First Resources	1.84	2.13	Buy	DCF
08/21/17	UOB Kay Hian	First Resources	1.8	1.95	Hold
08/28/17	DIR	First Resources	1.905	2.11	Outperform	PER13x FY17/18
09/11/17	Kim Eng	First Resources	1.88	1.97	Hold
09/13/17	DBS Vickers	First Resources	1.885	2.13	Buy
10/09/17	UOB Kay Hian	First Resources	1.925	1.95	Hold	PER16x FY18, Buy @ $1.75
10/11/17	Kim Eng	First Resources	1.93	2.04	Hold	PER17x FY17
10/11/17	CIMB	First Resources	1.93	2.32	Add
11/02/17	Credit Suisse	First Resources	1.98	2.3	Neutral	PER16x FY18
11/03/17	CIMB	First Resources	1.96	2.32	Add
11/13/17	Kim Eng	First Resources	1.94	2.04	Hold	PER17x FY17
11/13/17	DBS Vickers	First Resources	1.94	2.13	Buy
11/14/17	Kim Eng	First Resources	1.95	2.04	Hold	PER17x FY17
11/14/17	DMG & Partners	First Resources	1.95	2.13	Neutral	PER13x FY18
11/14/17	CIMB	First Resources	1.95	2.13	Add	PER13x FY19
11/15/17	DBS Vickers	First Resources	1.93	2.18	Buy	DCF, PER14.5x FY18
11/15/17	UOB Kay Hian	First Resources	1.93	1.95	Hold	PER16x FY18, Buy @ $1.75
11/15/17	Credit Suisse	First Resources	1.93	2.3	Neutral
12/04/17	CIMB	First Resources	1.88	2.13	Add
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