Sembcorp Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	Kim Eng	Sembcorp Marine	1.75	1.53	Sell	PB1x FY16
01/04/16	UOB Kay Hian	Sembcorp Marine	1.75	1.69	Sell
01/06/16	Macquarie	Sembcorp Marine	1.71	1.3	Underperform
01/07/16	DIR	Sembcorp Marine	1.65	1.44	Sell	PER10.8x FY16
01/07/16	Nomura	Sembcorp Marine	1.65	2.08	Buy
01/08/16	UOB Kay Hian	Sembcorp Marine	1.55	1.05	Sell	PB0.85x FY16
01/13/16	Amfrasers	Sembcorp Marine	1.51	2.07	Sell
01/19/16	Nomura	Sembcorp Marine	1.315	1.78	Buy
01/20/16	Kim Eng	Sembcorp Marine	1.48	1	Sell	PB0.71x
01/26/16	Deutsche	Sembcorp Marine	1.495	1.3	Sell
01/27/16	DBS Vickers	Sembcorp Marine	1.475	1.35	Fully Valued	PB0.9x FY16
01/27/16	DIR	Sembcorp Marine	1.475	1.2	Sell	Probability weighted
01/28/16	UOB Kay Hian	Sembcorp Marine	1.475	0.88	Sell	PB0.85x FY16
01/29/16	Deutsche	Sembcorp Marine	1.49	1.05	Sell
01/29/16	OCBC	Sembcorp Marine	1.49	1.17	Sell	PB0.75x FY16
02/04/16	Credit Suisse	Sembcorp Marine	1.44	2.2	Neutral
02/16/16	Amfrasers	Sembcorp Marine	1.46	1.11	Sell
02/16/16	CIMB	Sembcorp Marine	1.46	0.9	Reduce	PB0.7x
02/16/16	Credit Suisse	Sembcorp Marine	1.46	1.2	Neutral	PB1x
02/16/16	DBS Vickers	Sembcorp Marine	1.46	1.24	Fully Valued	PB1x FY16
02/16/16	Deutsche	Sembcorp Marine	1.46	1	Sell
02/16/16	DIR	Sembcorp Marine	1.46	1.01	Sell	PB0.9x
02/16/16	DMG & Partners	Sembcorp Marine	1.46	1.33	Neutral	PER10x FY16
02/16/16	Kim Eng	Sembcorp Marine	1.46	1	Sell	NTA, PB0.8x FY16
02/16/16	Lim & Tan	Sembcorp Marine	1.46	1.2	Sell	PB1x
02/16/16	OCBC	Sembcorp Marine	1.46	1.08	Sell	PB0.85x FY16
02/16/16	UOB Kay Hian	Sembcorp Marine	1.46	0.88	Sell	PB0.95x FY16
03/07/16	UOB Kay Hian	Sembcorp Marine	1.765	0.9	Sell
03/09/16	Amfrasers	Sembcorp Marine	1.68	1.11	Sell
03/09/16	Kim Eng	Sembcorp Marine	1.68	1	Sell
03/10/16	CIMB	Sembcorp Marine	1.79	0.9	Reduce	PB0.7x FY16
03/10/16	Lim & Tan	Sembcorp Marine	1.79	1.2	Sell
03/11/16	DBS Vickers	Sembcorp Marine	1.735	1.24	Fully Valued	PB1x FY16
03/17/16	DIR	Sembcorp Marine	1.68	1.01	Sell
03/31/16	Nomura	Sembcorp Marine	1.68	2.02	Buy
04/22/16	Kim Eng	Sembcorp Marine	1.87	1	Sell
04/22/16	UOB Kay Hian	Sembcorp Marine	1.87	0.9	Sell
04/25/16	Credit Suisse	Sembcorp Marine	1.84	1.2	Neutral
04/25/16	OCBC	Sembcorp Marine	1.84	1.08	Sell	PB0.85x
04/28/16	Amfrasers	Sembcorp Marine	1.67	1.65	Hold	PB1.5x FY16
04/28/16	CIMB	Sembcorp Marine	1.67	0.9	Reduce	PB0.7x CY17
04/28/16	DBS Vickers	Sembcorp Marine	1.67	1.24	Fully Valued
04/28/16	DIR	Sembcorp Marine	1.67	1.01	Sell	PB0.9x FY16
04/28/16	DMG & Partners	Sembcorp Marine	1.67	1.51	Neutral	PER10x FY16
04/28/16	Kim Eng	Sembcorp Marine	1.67	1	Sell	PB0.8x FY16
04/28/16	Lim & Tan	Sembcorp Marine	1.67	1.22	Sell	PB1x
04/28/16	OCBC	Sembcorp Marine	1.67	1.14	Sell	PB0.9x
05/18/16	Deutsche	Sembcorp Marine	1.63	1.95	Buy	PB1.5x FY17
05/20/16	UOB Kay Hian	Sembcorp Marine	1.55	0.9	Sell
05/24/16	OCBC	Sembcorp Marine	1.575	1.14	Sell
06/06/16	Kim Eng	Sembcorp Marine	1.57	1	Sell
06/06/16	UOB Kay Hian	Sembcorp Marine	1.57	1.27	Hold
06/10/16	Deutsche	Sembcorp Marine	1.71	1.95	Buy
07/04/16	phillip	Sembcorp Marine	1.545	1.16	Sell	PER12.2x FY16
07/05/16	UOB Kay Hian	Sembcorp Marine	1.58	1.27	Hold	PB1x, Buy @ $1.2
07/14/16	Credit Suisse	Sembcorp Marine	1.56	1.2	Neutral
07/15/16	DIR	Sembcorp Marine	1.545	1	Sell
07/29/16	CIMB	Sembcorp Marine	1.435	0.9	Reduce	PB0.7x CY16
07/29/16	DIR	Sembcorp Marine	1.435	0.99	Sell	PB0.9x FY16
07/29/16	Kim Eng	Sembcorp Marine	1.435	1	Sell
07/29/16	Lim & Tan	Sembcorp Marine	1.435	1.2	Sell	PB1x
07/29/16	OCBC	Sembcorp Marine	1.435	1.13	Sell	PB0.9x FY16
08/01/16	Amfrasers	Sembcorp Marine	1.41	1.53	Hold	PB1.5x FY16
08/01/16	DBS Vickers	Sembcorp Marine	1.41	1.2	Fully Valued	PB1x FY16
08/01/16	phillip	Sembcorp Marine	1.41	1.14	Reduce	PER13.9x
08/04/16	Deutsche	Sembcorp Marine	1.325	1.8	Buy
08/04/16	DMG & Partners	Sembcorp Marine	1.325	1.51	Neutral
08/11/16	UOB Kay Hian	Sembcorp Marine	1.3	1.27	Hold
08/24/16	CIMB	Sembcorp Marine	1.325	0.9	Reduce	PB0.7x
09/02/16	CIMB	Sembcorp Marine	1.265	0.9	Reduce	PB0.7x
09/06/16	Amfrasers	Sembcorp Marine	1.28	1.53	Hold
10/03/16	Kim Eng	Sembcorp Marine	1.305	1	Sell
10/26/16	CIMB	Sembcorp Marine	1.315	0.9	Reduce
10/26/16	Credit Suisse	Sembcorp Marine	1.315	1.2	Neutral
10/26/16	DIR	Sembcorp Marine	1.315	0.94	Sell	PB0.9x FY16/17
10/26/16	DMG & Partners	Sembcorp Marine	1.315	1.33	Neutral	PER10x
10/26/16	Lim & Tan	Sembcorp Marine	1.315	0	Sell
10/26/16	OCBC	Sembcorp Marine	1.315	1.13	Sell	PB0.9x FY17
10/26/16	UOB Kay Hian	Sembcorp Marine	1.315	1.23	Hold	PB1x FY17, Buy @ $1.20
10/27/16	Amfrasers	Sembcorp Marine	1.275	1.39	Hold
10/27/16	DBS Vickers	Sembcorp Marine	1.275	1.15	Fully Valued	PB1x FY16
10/27/16	phillip	Sembcorp Marine	1.275	0.87	Sell	PER19x
10/27/16	Morgan Stanley	Sembcorp Marine	1.275	0.9	Underweight
10/27/16	UBS	Sembcorp Marine	1.275	0.96	Sell
11/16/16	CIMB	Sembcorp Marine	1.325	1.4	Hold	PB1.3x FY17
11/16/16	OCBC	Sembcorp Marine	1.325	1.13	Sell
11/17/16	Lim & Tan	Sembcorp Marine	1.35	1.32	Hold	PB1.1x
11/17/16	UOB Kay Hian	Sembcorp Marine	1.35	1.26	Hold	PB1x, Buy @ $1.24
11/25/16	Credit Suisse	Sembcorp Marine	1.43	1.2	Neutral
12/02/16	DBS Vickers	Sembcorp Marine	1.47	1.55	Hold	PB1.3x FY17
12/05/16	CIMB	Sembcorp Marine	1.47	1.4	Hold	PB1.3x CY17
12/07/16	Deutsche	Sembcorp Marine	1.46	1.8	Buy	PB1.4x
12/07/16	UOB Kay Hian	Sembcorp Marine	1.46	1.4	Hold	PB1.1x FY17
12/14/16	OCBC	Sembcorp Marine	1.49	1.43	Hold	PB1.15x FY17
12/22/16	Kim Eng	Sembcorp Marine	1.43	1	Sell	PB0.8x FY16
01/05/17	Deutsche	Sembcorp Marine	1.42	1.9	Buy	PB1.5x FY17
01/05/17	Morgan Stanley	Sembcorp Marine	1.42	1	Underweight
01/06/17	CIMB	Sembcorp Marine	1.455	1.7	Add	PB1.3x CY17
01/13/17	DBS Vickers	Sembcorp Marine	1.51	1.55	Hold	PB1.3x FY17
01/16/17	DIR	Sembcorp Marine	1.515	0.94	Sell	PB0.9x FY16/17
01/16/17	UOB Kay Hian	Sembcorp Marine	1.515	1.61	Hold	PB1.3x FY17, Buy @ $1.45
01/17/17	OCBC	Sembcorp Marine	1.49	1.43	Hold
01/25/17	Credit Suisse	Sembcorp Marine	1.545	1.2	Neutral
02/07/17	CIMB	Sembcorp Marine	1.475	1.7	Add	PB1.3x FY17
02/17/17	CLSA	Sembcorp Marine	1.545	2	Buy
02/23/17	CIMB	Sembcorp Marine	1.535	1.88	Add	PB1.5x
02/23/17	DBS Vickers	Sembcorp Marine	1.535	1.78	Buy	PB1.5x FY17
02/23/17	DMG & Partners	Sembcorp Marine	1.535	1.46	Neutral	PER16x FY17
02/23/17	Lim & Tan	Sembcorp Marine	1.535	0	Buy
02/23/17	OCBC	Sembcorp Marine	1.535	1.76	Buy	PB1.4x FY17
02/23/17	UOB Kay Hian	Sembcorp Marine	1.535	1.61	Hold	PB1.2x, FY17, Buy @ $1.45
02/24/17	phillip	Sembcorp Marine	1.815	1.58	Reduce	PER25.4x
02/28/17	Amfrasers	Sembcorp Marine	1.73	1.63	Hold
03/01/17	Credit Suisse	Sembcorp Marine	1.78	2.4	Outperform
03/06/17	Deutsche	Sembcorp Marine	2.03	2.1	Buy
03/06/17	UOB Kay Hian	Sembcorp Marine	2.03	1.61	Hold	PB1.2x FY17
03/14/17	DIR	Sembcorp Marine	1.86	1.22	Sell	PB1x FY17
04/03/17	UOB Kay Hian	Sembcorp Marine	1.92	1.61	Hold	PB1.3x FY17, Buy @ $1.45
04/10/17	Credit Suisse	Sembcorp Marine	1.875	2.4	Outperform
04/28/17	CIMB	Sembcorp Marine	1.73	1.88	Add	PB1.5x CY17
04/28/17	DIR	Sembcorp Marine	1.73	1.22	Sell	PB1x FY17
04/28/17	Lim & Tan	Sembcorp Marine	1.73	0	Hold
04/28/17	OCBC	Sembcorp Marine	1.73	2.01	Buy	PB1.6x FY17
04/28/17	UOB Kay Hian	Sembcorp Marine	1.73	1.43	Sell	PB1.1x FY17
04/28/17	UBS	Sembcorp Marine	1.73	1.75	Neutral
05/02/17	DBS Vickers	Sembcorp Marine	1.63	1.78	Buy	PB1.5x FY17
05/02/17	DMG & Partners	Sembcorp Marine	1.63	1.65	Neutral	PB1.3x
05/02/17	phillip	Sembcorp Marine	1.63	1.58	Neutral	PER23.9x
06/06/17	Credit Suisse	Sembcorp Marine	1.665	2.4	Outperform
06/09/17	Deutsche	Sembcorp Marine	1.64	2.1	Buy	PB1.7x FY17
06/12/17	OCBC	Sembcorp Marine	1.635	2.01	Buy
06/20/17	UOB Kay Hian	Sembcorp Marine	1.595	1.43	Sell	PB1.1x FY17
07/11/17	CIMB	Sembcorp Marine	1.68	1.88	Add	PB1.5x FY17
07/18/17	Credit Suisse	Sembcorp Marine	1.65	2.4	Outperform
07/21/17	DBS Vickers	Sembcorp Marine	1.74	2.3	Buy	PB1.8x FY17
07/28/17	DIR	Sembcorp Marine	1.74	1.22	Sell	PB1x FY17/18
07/28/17	UOB Kay Hian	Sembcorp Marine	1.74	1.8	Hold	PB1.4x FY18, Buy @ $1.60
07/28/17	OCBC	Sembcorp Marine	1.74	1.98	Buy	PB1.6x FY17
07/28/17	CIMB	Sembcorp Marine	1.74	1.87	Add	PB1.5x FY17
07/28/17	Lim & Tan	Sembcorp Marine	1.74	0	Hold
07/28/17	DMG & Partners	Sembcorp Marine	1.74	1.65	Neutral	PB1.3x FY17
07/31/17	phillip	Sembcorp Marine	1.695	1.55	Reduce	PER28.5x
07/31/17	Amfrasers	Sembcorp Marine	1.695	2.05	Buy	PB1.8x FY17
08/01/17	Credit Suisse	Sembcorp Marine	1.685	2.4	Outperform	PER43.4x FY17, PB1.4x
08/25/17	Morgan Stanley	Sembcorp Marine	1.605	1.05	Underweight
09/12/17	CIMB	Sembcorp Marine	1.575	1.87	Add	PB1.5x FY17
09/12/17	DMG & Partners	Sembcorp Marine	1.575	1.65	Neutral	PB1.3x FY17
09/15/17	UOB Kay Hian	Sembcorp Marine	1.59	1.8	Hold
09/19/17	OCBC	Sembcorp Marine	1.63	1.98	Buy
09/19/17	Lim & Tan	Sembcorp Marine	1.63	0	Buy
09/19/17	UBS	Sembcorp Marine	1.63	1.67	Neutral
09/20/17	DBS Vickers	Sembcorp Marine	1.67	2.3	Buy	PB1.8x FY17
09/27/17	Credit Suisse	Sembcorp Marine	1.68	2.4	Outperform
10/02/17	UOB Kay Hian	Sembcorp Marine	1.745	1.77	Hold	PB1.3x, Buy @ $1.60
10/05/17	CIMB	Sembcorp Marine	1.745	1.87	Add	PB1.5x FY17
10/09/17	CIMB	Sembcorp Marine	1.735	2.51	Add	PB2x
10/09/17	UOB Kay Hian	Sembcorp Marine	1.735	1.9	Buy	PB1.5x FY18
10/09/17	OCBC	Sembcorp Marine	1.735	1.98	Buy
10/09/17	DBS Vickers	Sembcorp Marine	1.735	2.3	Buy
10/09/17	phillip	Sembcorp Marine	1.735	1.82	Neutral	PER33.6x FY18
10/09/17	Lim & Tan	Sembcorp Marine	1.735	0	Buy
10/09/17	UBS	Sembcorp Marine	1.735	1.82	Neutral
10/10/17	DIR	Sembcorp Marine	1.815	1.22	Sell	PB1x FY17/18
10/10/17	DMG & Partners	Sembcorp Marine	1.815	1.65	Neutral
10/24/17	Credit Suisse	Sembcorp Marine	1.86	2.4	Outperform
10/24/17	Deutsche	Sembcorp Marine	1.86	2.6	Buy
11/01/17	CIMB	Sembcorp Marine	1.93	2.49	Add	PB2x FY18
11/01/17	Credit Suisse	Sembcorp Marine	1.93	2.4	Outperform
11/01/17	OCBC	Sembcorp Marine	1.93	2.26	Buy	PB1.8x
11/01/17	UOB Kay Hian	Sembcorp Marine	1.93	2.1	Buy
11/01/17	Lim & Tan	Sembcorp Marine	1.93	0	Buy
11/02/17	phillip	Sembcorp Marine	2.01	1.91	Neutral	PER38.2x FY18
11/02/17	DBS Vickers	Sembcorp Marine	2.01	2.3	Buy	PB1.8x FY17
11/02/17	Amfrasers	Sembcorp Marine	2.01	2.05	Hold
11/03/17	Morgan Stanley	Sembcorp Marine	2.01	1.18	Underweight	PB1x
11/03/17	UBS	Sembcorp Marine	2.01	1.85	Neutral
12/04/17	UOB Kay Hian	Sembcorp Marine	1.87	2.1	Buy	PB1.6x FY19
12/04/17	Amfrasers	Sembcorp Marine	1.87	2.05	Hold
12/20/17	CIMB	Sembcorp Marine	1.93	2.49	Add	PB2x FY18
12/26/17	OCBC	Sembcorp Marine	1.94	1.74	Sell	PB1.8x
12/27/17	Lim & Tan	Sembcorp Marine	1.87	0	Hold	Bribery alert!
12/27/17	Deutsche	Sembcorp Marine	1.87	2.4	Buy	PB1.8x
01/02/18	UOB Kay Hian	Sembcorp Marine	1.84	2.1	Buy
01/02/18	CIMB	Sembcorp Marine	1.84	2.49	Add	PB2x FY18
01/03/18	OCBC	Sembcorp Marine	1.87	1.78	Hold	PB1.85x
01/05/18	Amfrasers	Sembcorp Marine	1.83	2.05	Hold
01/22/18	OCBC	Sembcorp Marine	2.3	2.37	Hold	PB2x FY18
01/23/18	UBS	Sembcorp Marine	2.39	3.06	Buy
01/23/18	DBS Vickers	Sembcorp Marine	2.39	3.1	Buy	PB2.4x FY18
02/02/18	Deutsche	Sembcorp Marine	2.57	2.9	Buy
02/07/18	CIMB	Sembcorp Marine	2.71	2.49	Neutral	Buy @ $2
02/13/18	DBS Vickers	Sembcorp Marine	2.37	3.1	Buy
02/22/18	OCBC	Sembcorp Marine	2.63	2.43	Hold
02/22/18	UOB Kay Hian	Sembcorp Marine	2.63	1.9	Hold	PB1.6x FY19, Buy @ $1.80
02/22/18	DBS Vickers	Sembcorp Marine	2.63	2.9	Buy	PB2.4x FY18
02/22/18	CIMB	Sembcorp Marine	2.63	3.01	Add	PB2.5x FY18
02/26/18	phillip	Sembcorp Marine	2.23	1.91	Reduce	PER43.4x FY18
02/27/18	Amfrasers	Sembcorp Marine	2.18	2.06	Hold

Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	DMG & Partners	Sembcorp Industries	3.05	3.8	Buy
01/06/16	Macquarie	Sembcorp Industries	3	2.6	Underperform
01/08/16	Kim Eng	Sembcorp Industries	2.76	3.53	Hold
01/08/16	UOB Kay Hian	Sembcorp Industries	2.76	3.6	Buy	Sum of parts
01/12/16	Lim & Tan	Sembcorp Industries	2.7	0	Buy
01/20/16	Kim Eng	Sembcorp Industries	2.54	2.3	Hold	Sum of parts
01/21/16	CIMB	Sembcorp Industries	2.3	3.85	Add	Sum of parts
01/26/16	Deutsche	Sembcorp Industries	2.31	3.2	Hold
01/27/16	DBS Vickers	Sembcorp Industries	2.23	3.5	Buy	RNAV (10% discount)
01/28/16	UOB Kay Hian	Sembcorp Industries	2.23	3.47	Buy	Sum of parts
01/29/16	Deutsche	Sembcorp Industries	2.23	3	Buy
01/29/16	OCBC	Sembcorp Industries	2.23	3.42	Buy	Sum of parts
02/04/16	Credit Suisse	Sembcorp Industries	2.42	4.2	Outperform
02/04/16	DIR	Sembcorp Industries	2.42	2.17	Underperform	Sum of parts
02/18/16	CIMB	Sembcorp Industries	2.53	3.1	Add	Sum of parts
02/18/16	Credit Suisse	Sembcorp Industries	2.53	3	Outperform
02/18/16	DBS Vickers	Sembcorp Industries	2.53	3.3	Buy	RNAV (10% discount)
02/18/16	Kim Eng	Sembcorp Industries	2.53	2.35	Hold	Sum of parts
02/18/16	Lim & Tan	Sembcorp Industries	2.53	0	Buy
02/18/16	OCBC	Sembcorp Industries	2.53	3.21	Buy	Sum of parts
02/18/16	UOB Kay Hian	Sembcorp Industries	2.53	3.8	Buy	PER12x FY16
03/01/16	DMG & Partners	Sembcorp Industries	2.68	4	Buy
03/01/16	Lim & Tan	Sembcorp Industries	2.68	0	Buy
03/07/16	UOB Kay Hian	Sembcorp Industries	3.14	4.05	Buy
03/10/16	CIMB	Sembcorp Industries	3.06	3.1	Add	Sum of parts
03/11/16	DBS Vickers	Sembcorp Industries	3.02	3.3	Buy	Sum of parts (10% discount), PB0.9x
03/14/16	OCBC	Sembcorp Industries	3.03	3.21	Buy
03/16/16	Lim & Tan	Sembcorp Industries	3	0	Buy
03/28/16	UOB Kay Hian	Sembcorp Industries	3.06	3.8	Buy	PER12x FY16
04/08/16	HSBC	Sembcorp Industries	2.87	3.43	Buy
04/25/16	Credit Suisse	Sembcorp Industries	3	3	Outperform
05/05/16	CIMB	Sembcorp Industries	2.75	3.1	Add	Sum of parts
05/05/16	DBS Vickers	Sembcorp Industries	2.75	3.1	Buy	PB0.9x
05/05/16	DIR	Sembcorp Industries	2.75	2.36	Underperform
05/05/16	DMG & Partners	Sembcorp Industries	2.75	4	Buy	Sum of parts
05/05/16	Kim Eng	Sembcorp Industries	2.75	2.35	Sell	Sum of parts
05/05/16	Lim & Tan	Sembcorp Industries	2.75	0	Hold
05/05/16	OCBC	Sembcorp Industries	2.75	3.07	Buy
05/05/16	UOB Kay Hian	Sembcorp Industries	2.75	4	Buy
05/09/16	Credit Suisse	Sembcorp Industries	2.72	3	Outperform
05/18/16	Deutsche	Sembcorp Industries	2.75	3.6	Buy	Sum of parts
05/25/16	DIR	Sembcorp Industries	2.74	2.36	Underperform	Sum of parts
06/01/16	CIMB	Sembcorp Industries	2.79	3.1	Add	Sum of parts
06/02/16	UOB Kay Hian	Sembcorp Industries	2.77	3.6	Buy	PER9.5x FY17
06/06/16	Kim Eng	Sembcorp Industries	2.8	2.35	Sell
06/20/16	Deutsche	Sembcorp Industries	2.75	3.6	Buy
06/27/16	DMG & Partners	Sembcorp Industries	2.76	4	Buy
07/05/16	UOB Kay Hian	Sembcorp Industries	2.91	3.35	Buy	Sum of parts
07/14/16	Credit Suisse	Sembcorp Industries	2.9	3	Outperform
07/15/16	Macquarie	Sembcorp Industries	2.91	2.8	Neutral
08/03/16	CIMB	Sembcorp Industries	2.78	2.66	Hold	Sum of parts
08/03/16	Credit Suisse	Sembcorp Industries	2.78	2.8	Neutral
08/03/16	DBS Vickers	Sembcorp Industries	2.78	3.1	Buy
08/03/16	DIR	Sembcorp Industries	2.78	2.35	Underperform	Sum of parts (20% discount)
08/03/16	Lim & Tan	Sembcorp Industries	2.78	0	Hold
08/03/16	OCBC	Sembcorp Industries	2.78	3.07	Buy
08/03/16	UOB Kay Hian	Sembcorp Industries	2.78	3.35	Buy	Sum of parts
08/04/16	DMG & Partners	Sembcorp Industries	2.74	3.9	Buy	Sum of parts
08/18/16	Deutsche	Sembcorp Industries	2.69	3.15	Hold
08/18/16	Lim & Tan	Sembcorp Industries	2.69	0	Hold
09/07/16	DIR	Sembcorp Industries	2.71	2.35	Underperform	Sum of parts
09/21/16	OCBC	Sembcorp Industries	2.58	3.07	Buy
09/23/16	UOB Kay Hian	Sembcorp Industries	2.56	3.29	Buy	Sum of parts
09/29/16	DBS Vickers	Sembcorp Industries	2.53	3.1	Buy	Sum of parts, PB0.9x
10/03/16	Kim Eng	Sembcorp Industries	2.59	2.4	Hold	Sum of parts
10/28/16	CIMB	Sembcorp Industries	2.48	2.66	Hold	Sum of parts
10/28/16	CIMB	Sembcorp Industries	2.48	2.66	Hold	Sum of parts
10/28/16	Credit Suisse	Sembcorp Industries	2.48	2.7	Neutral
10/28/16	DIR	Sembcorp Industries	2.48	2.34	Underperform	Sum of parts (20% discount)
10/28/16	OCBC	Sembcorp Industries	2.48	3.07	Buy
10/28/16	UOB Kay Hian	Sembcorp Industries	2.48	3.05	Buy
10/31/16	DBS Vickers	Sembcorp Industries	2.53	2.9	Buy
10/31/16	DMG & Partners	Sembcorp Industries	2.53	3.4	Buy
10/31/16	Lim & Tan	Sembcorp Industries	2.53	0	Buy on weakness
11/14/16	UOB Kay Hian	Sembcorp Industries	2.61	3.05	Buy
11/23/16	OCBC	Sembcorp Industries	2.69	3.07	Buy
12/01/16	Lim & Tan	Sembcorp Industries	2.7	0	Buy
12/02/16	DBS Vickers	Sembcorp Industries	2.89	3.1	Buy	RNAV (10% discount), PER15.6x FY16
12/05/16	CIMB	Sembcorp Industries	2.95	3.02	Hold	Sum of parts
12/07/16	Deutsche	Sembcorp Industries	2.91	3.15	Hold
12/07/16	UOB Kay Hian	Sembcorp Industries	2.91	3.2	Buy	Sum of parts
12/22/16	Kim Eng	Sembcorp Industries	2.92	2.4	Hold	Sum of parts
01/03/17	Lim & Tan	Sembcorp Industries	2.85	0	Buy
01/03/17	UOB Kay Hian	Sembcorp Industries	2.85	3.2	Buy
01/05/17	Deutsche	Sembcorp Industries	2.93	3.45	Buy	Sum of parts (15% discount)
01/11/17	OCBC	Sembcorp Industries	3.06	3.36	Buy	Sum of parts (5% discount)
01/25/17	Credit Suisse	Sembcorp Industries	3.27	2.7	Neutral
02/03/17	OCBC	Sembcorp Industries	3.18	3.36	Buy
02/24/17	CIMB	Sembcorp Industries	3.36	3.51	Hold	Sum of parts, PB0.6x CY17
02/24/17	DMG & Partners	Sembcorp Industries	3.36	4.17	Buy	Sum of parts
02/24/17	OCBC	Sembcorp Industries	3.36	3.69	Buy
02/24/17	UOB Kay Hian	Sembcorp Industries	3.36	3.95	Buy	Sum of parts
02/27/17	DBS Vickers	Sembcorp Industries	3.27	3.8	Buy	Sum of parts (10% discount), PB1.1x, PER17.2X FY17
02/27/17	Lim & Tan	Sembcorp Industries	3.27	0	Buy
03/01/17	Credit Suisse	Sembcorp Industries	3.2	3.6	Neutral
03/02/17	UOB Kay Hian	Sembcorp Industries	3.27	3.95	Buy
03/24/17	UOB Kay Hian	Sembcorp Industries	3.13	3.78	Buy	Sum of parts
04/04/17	UOB Kay Hian	Sembcorp Industries	3.2	3.78	Buy	PER9.8x FY18
04/07/17	Credit Suisse	Sembcorp Industries	3.15	3.6	Neutral
04/10/17	Lim & Tan	Sembcorp Industries	3.15	0	Buy
04/11/17	CIMB	Sembcorp Industries	3.14	3.51	Hold	Sum of parts
05/04/17	CIMB	Sembcorp Industries	3	3.51	Add	Sum of parts
05/04/17	Credit Suisse	Sembcorp Industries	3	3.6	Neutral
05/04/17	DBS Vickers	Sembcorp Industries	3	3.8	Buy	RNAV (10% discount), PB1x
05/04/17	DIR	Sembcorp Industries	3	2.67	Underperform	Sum of parts
05/04/17	Lim & Tan	Sembcorp Industries	3	0	Hold
05/04/17	OCBC	Sembcorp Industries	3	3.48	Buy
05/04/17	UOB Kay Hian	Sembcorp Industries	3	3.66	Buy	Sum of parts
05/05/17	DMG & Partners	Sembcorp Industries	3.15	3.2	Neutral	Sum of parts
05/11/17	DIR	Sembcorp Industries	3.14	3.14	Hold
05/29/17	phillip	Sembcorp Industries	3.15	3.5	Accumulate	Sum of parts (10% discount)
06/02/17	OCBC	Sembcorp Industries	3.19	3.48	Buy
06/06/17	Credit Suisse	Sembcorp Industries	3.16	3.6	Neutral	Sum of parts
06/20/17	UOB Kay Hian	Sembcorp Industries	3.1	3.66	Buy
07/12/17	OCBC	Sembcorp Industries	3.13	3.48	Buy
07/13/17	UOB Kay Hian	Sembcorp Industries	3.09	3.66	Buy	Sum of parts
07/18/17	Credit Suisse	Sembcorp Industries	3.15	3.6	Neutral
07/21/17	DBS Vickers	Sembcorp Industries	3.24	4.1	Buy	Sum of parts, PB1.1x FY17
07/24/17	CIMB	Sembcorp Industries	3.29	3.52	Add	Sum of parts
08/01/17	Credit Suisse	Sembcorp Industries	3.23	3.6	Neutral	PER13.9x FY17, PB0.8x
08/04/17	DIR	Sembcorp Industries	3.22	3.14	Hold	Probability weighted
08/04/17	UOB Kay Hian	Sembcorp Industries	3.22	3.57	Buy	Sum of parts
08/04/17	DMG & Partners	Sembcorp Industries	3.22	3.2	Neutral	Sum of parts
08/04/17	OCBC	Sembcorp Industries	3.22	3.43	Hold
08/04/17	CIMB	Sembcorp Industries	3.22	3.47	Add	Sum of parts
08/04/17	DBS Vickers	Sembcorp Industries	3.22	4	Buy	RNAV (10% discount), PB1.1x
08/07/17	phillip	Sembcorp Industries	3.18	3.5	Accumulate	Sum of parts
08/07/17	Lim & Tan	Sembcorp Industries	3.18	0	Hold
08/23/17	OCBC	Sembcorp Industries	2.99	3.43	Buy
08/25/17	Morgan Stanley	Sembcorp Industries	3.03	2.39	Underweight
09/04/17	CIMB	Sembcorp Industries	2.98	3.47	Add	Sum of parts
09/04/17	UOB Kay Hian	Sembcorp Industries	2.98	3.59	Buy	Sum of parts, PER10.1x FY18
09/05/17	Lim & Tan	Sembcorp Industries	2.93	0	Buy
09/20/17	DBS Vickers	Sembcorp Industries	2.96	4	Buy	RNAV (10% discount), PB1.1x
09/27/17	Credit Suisse	Sembcorp Industries	2.95	3.6	Neutral
10/02/17	UOB Kay Hian	Sembcorp Industries	2.96	3.57	Buy	Sum of parts
10/09/17	DBS Vickers	Sembcorp Industries	3.02	4	Buy
10/24/17	Credit Suisse	Sembcorp Industries	3.24	3.6	Neutral
11/03/17	CIMB	Sembcorp Industries	3.38	3.87	Add	Sum of parts, PER8.1x FY18, PB0.59x FY17
11/03/17	UOB Kay Hian	Sembcorp Industries	3.38	3.87	Buy	Sum of parts
11/03/17	Credit Suisse	Sembcorp Industries	3.38	3.6	Neutral
11/03/17	OCBC	Sembcorp Industries	3.38	3.59	Hold
11/03/17	Lim & Tan	Sembcorp Industries	3.38	0	Buy
11/06/17	phillip	Sembcorp Industries	3.3	3.7	Accumulate	Sum of parts (10% discount)
11/06/17	DBS Vickers	Sembcorp Industries	3.3	4.2	Buy	Sum of parts, PB1.1x
11/21/17	OCBC	Sembcorp Industries	3.05	3.59	Buy
12/12/17	UOB Kay Hian	Sembcorp Industries	3.04	3.87	Buy	Sum of parts
12/20/17	CIMB	Sembcorp Industries	3.02	3.87	Add
01/02/18	UOB Kay Hian	Sembcorp Industries	3.03	3.87	Buy
01/23/18	DBS Vickers	Sembcorp Industries	3.38	4.5	Buy	Sum of parts (10% discount), PB1.1x
02/05/18	OCBC	Sembcorp Industries	3.57	3.95	Buy	Sum of parts
02/13/18	DBS Vickers	Sembcorp Industries	3.21	4.5	Buy
02/19/18	Lim & Tan	Sembcorp Industries	3.22	0	Buy
02/20/18	UOB Kay Hian	Sembcorp Industries	3.3	3.87	Buy
02/21/18	CIMB	Sembcorp Industries	3.28	3.87	Add	Sum of parts
02/26/18	OCBC	Sembcorp Industries	3.24	3.84	Buy
02/26/18	phillip	Sembcorp Industries	3.24	3.86	Accumulate	Sum of parts
02/26/18	UOB Kay Hian	Sembcorp Industries	3.24	3.28	Hold	Sum of parts, Buy @ $2.90
02/26/18	CIMB	Sembcorp Industries	3.24	4.13	Add	Sum of parts, PER8x FY18, PB0.63x FY18
02/27/18	DBS Vickers	Sembcorp Industries	3.2	4.4	Buy	Sum of parts (10% discount), PB1.1x

Stock calls for 1 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	phillip	Banyan Tree	0.605	0.71	Accumulate	Sum of parts
03/01/18	DMG & Partners	Centurion	0.515	0.47	Neutral	DCF
03/01/18	Kim Eng	Centurion	0.515	0.5	Hold	DCF
03/01/18	CIMB	China Aviation Oil	1.58	2.03	Add	PER12.5x CY19
03/01/18	DMG & Partners	China Aviation Oil	1.58	1.6	Neutral	DCF, PER11.3x FY18
03/01/18	UOB Kay Hian	China Aviation Oil	1.58	2.13	Buy	PER13.5x FY18
03/01/18	Kim Eng	City Developments	12.76	14.2	Buy	RNAV
03/01/18	UOB Kay Hian	City Developments	12.76	14.03	Buy	RNAV
03/01/18	OCBC	City Developments	12.76	15.91	Buy	RNAV
03/01/18	CIMB	City Developments	12.76	13.44	Add	RNAV (20% discount)
03/01/18	UOB Kay Hian	Cityneon	1.04	1.55	Buy	PER15.4x FY18
03/01/18	DBS Vickers	Cityneon	1.04	1.45	Buy	PER14.4x FY18
03/01/18	DBS Vickers	Creative Tech	4.02	5.56	Not Rated
03/01/18	Kim Eng	Ho Bee	2.48	3.15	Buy	RNAV (30% discount)
03/01/18	DMG & Partners	Jadason	0.073	0.08	Neutral	DCF
03/01/18	CIMB	Mermaid Maritime	0.152	0.16	Hold	PB0.48x CY18
03/01/18	Lim & Tan	Noble	0.172	0	Avoid	Suspension alert
03/01/18	DBS Vickers	Olam	2.25	2.31	Hold	DCF & PER16.1x
03/01/18	UOB Kay Hian	Singapore Medical	0.56	0.83	Buy	PER26.8x FY18
03/01/18	DBS Vickers	UMS	1.16	1.37	Buy	PER12x FY18
03/01/18	CIMB	UMS	1.16	1.31	Add	PB2.95x
03/01/18	SAC Advisors	United Global	0.41	0.5	Buy	PER12.2x FY18
03/01/18	OCBC	Venture	27.56	34	Buy
03/01/18	UOB Kay Hian	Venture	27.56	31.88	Buy	PER19x FY18
03/01/18	DMG & Partners	Venture	27.56	30.5	Buy	DCF, PER19x FY18
03/01/18	Kim Eng	Venture	27.56	31.2	Buy	PB3.7x FY18
03/01/18	CIMB	Venture	27.56	30.81	Add	PER17.7x FY19
03/01/18	Lim & Tan	Venture	27.56	0	Buy
03/01/18	DBS Vickers	Venture	27.56	32.2	Buy
03/01/18	OCBC	Wheelock Properties	1.87	2.34	Buy