Starhill - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	UOB Kay Hian	Starhill	0.76	0.91	Buy
01/08/16	DBS Vickers	Starhill	0.74	0.84	Buy	DCF
01/08/16	OCBC	Starhill	0.74	0.93	Buy
01/28/16	DIR	Starhill	0.725	0.84	Outperform	DDM
01/28/16	DMG & Partners	Starhill	0.725	0.84	Buy	DDM, PB0.93x FY15
01/28/16	Kim Eng	Starhill	0.725	0.75	Hold	Yield 7.5% FY16
01/28/16	OCBC	Starhill	0.725	0.84	Buy	DDM
03/07/16	CIMB	Starhill	0.76	0.81	Hold	DDM
03/16/16	DBS Vickers	Starhill	0.765	0.84	Buy
03/16/16	OCBC	Starhill	0.765	0.84	Buy
03/17/16	DMG & Partners	Starhill	0.77	0.84	Buy
03/30/16	UOB Kay Hian	Starhill	0.765	0.91	Buy	DDM
04/01/16	DBS Vickers	Starhill	0.78	0.84	Buy	DCF
04/13/16	Kim Eng	Starhill	0.785	0.79	Hold	Yield 7%
04/25/16	CIMB	Starhill	0.79	0.82	Hold	DDM
04/25/16	DIR	Starhill	0.79	0.84	Outperform	DDM
04/25/16	OCBC	Starhill	0.79	0.84	Buy
04/27/16	UOB Kay Hian	Starhill	0.79	0.91	Buy
05/17/16	Kim Eng	Starhill	0.78	0.79	Hold
06/09/16	OCBC	Starhill	0.775	0.84	Buy
06/10/16	DIR	Starhill	0.775	0.87	Outperform	DDM
06/23/16	UOB Kay Hian	Starhill	0.765	0.92	Buy	DDM
07/04/16	DMG & Partners	Starhill	0.785	0.84	Buy
07/18/16	UOB Kay Hian	Starhill	0.795	1	Buy
08/01/16	OCBC	Starhill	0.8	0.86	Buy
08/01/16	UOB Kay Hian	Starhill	0.8	1	Buy	DDM
08/02/16	CIMB	Starhill	0.81	0.86	Hold	DDM
08/02/16	DIR	Starhill	0.81	0.88	Outperform	DDM
08/02/16	Religare	Starhill	0.81	0.9	Buy
08/03/16	DBS Vickers	Starhill	0.81	0.87	Buy
10/14/16	DIR	Starhill	0.81	0.88	Outperform
10/31/16	OCBC	Starhill	0.81	0.86	Buy
11/01/16	CIMB	Starhill	0.815	0.86	Hold	DDM
11/01/16	DBS Vickers	Starhill	0.815	0.87	Buy	DCF
12/05/16	DMG & Partners	Starhill	0.755	0.84	Buy
12/06/16	Kim Eng	Starhill	0.75	0.89	Buy
12/09/16	UOB Kay Hian	Starhill	0.75	0.9	Buy
01/09/17	DBS Vickers	Starhill	0.77	0.87	Buy	DCF
01/18/17	DIR	Starhill	0.75	0.88	Outperform	DDM
01/31/17	DBS Vickers	Starhill	0.76	0.85	Buy	DCF
02/02/17	CIMB	Starhill	0.77	0.72	Hold	DDM
02/02/17	DIR	Starhill	0.77	0.86	Outperform	DDM
02/02/17	DMG & Partners	Starhill	0.77	0.81	Buy	DDM
02/02/17	OCBC	Starhill	0.77	0.82	Buy
03/07/17	UOB Kay Hian	Starhill	0.745	0.9	Buy
03/10/17	DMG & Partners	Starhill	0.735	0.81	Buy
04/04/17	DBS Vickers	Starhill	0.76	0.85	Buy
04/07/17	DMG & Partners	Starhill	0.765	0.81	Buy	DDM
04/11/17	UOB Kay Hian	Starhill	0.77	0.9	Buy	DDM
04/18/17	DIR	Starhill	0.765	0.86	Outperform
04/28/17	DBS Vickers	Starhill	0.775	0.83	Buy	PB0.86x
04/28/17	OCBC	Starhill	0.775	0.82	Buy
05/05/17	DIR	Starhill	0.76	0.85	Outperform	DDM
05/17/17	OCBC	Starhill	0.75	0.82	Buy
05/26/17	OCBC	Starhill	0.76	0.81	Hold
06/06/17	DIR	Starhill	0.755	0.85	Outperform
07/04/17	DMG & Partners	Starhill	0.78	0.81	Buy
07/31/17	DIR	Starhill	0.775	0.85	Outperform	DDM
07/31/17	Religare	Starhill	0.775	0.88	Buy
08/01/17	OCBC	Starhill	0.78	0.82	Buy	DDM
08/01/17	DMG & Partners	Starhill	0.78	0.81	Neutral	DDM
08/01/17	CIMB	Starhill	0.78	0.83	Hold	DDM
08/02/17	DBS Vickers	Starhill	0.78	0.82	Buy
09/15/17	DIR	Starhill	0.75	0.8	Outperform	DDM
09/21/17	DMG & Partners	Starhill	0.75	0.81	Neutral
10/23/17	UOB Kay Hian	Starhill	0.775	0.9	Buy
10/31/17	CIMB	Starhill	0.775	0.83	Hold	DDM
11/01/17	OCBC	Starhill	0.77	0.77	Hold
11/01/17	DBS Vickers	Starhill	0.77	0.82	Buy	DCF
01/02/18	Kim Eng	Starhill	0.78	0.7	Sell	DDM
01/05/18	DMG & Partners	Starhill	0.775	0.81	Neutral	DDM
01/30/18	OCBC	Starhill	0.78	0.77	Hold
01/30/18	Lim & Tan	Starhill	0.78	0	Hold

Stock calls for 15 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/15/18	UOB Kay Hian	ART	1.16	1.23	Hold
03/15/18	UOB Kay Hian	CDL Hospitality	1.69	1.95	Buy
03/15/18	CIMB	Cityneon	1.11	1.58	Add	PER14x FY19
03/15/18	DMG & Partners	DBS	29.12	27	Neutral	PB1.39x FY18
03/15/18	UOB Kay Hian	Frasers Hospitality Trust	0.78	0.9	Buy
03/15/18	CIMB	M1	1.78	1.85	Hold
03/15/18	DMG & Partners	M1	1.78	1.95	Neutral
03/15/18	CIMB	MM2 Asia	0.505	0.74	Add	Sum of parts
03/15/18	Lim & Tan	SIA	11.2	0	Neutral
03/15/18	CIMB	Singtel	3.4	4	Add	Sum of parts
03/15/18	DMG & Partners	Singtel	3.4	4.1	Buy	Sum of parts
03/15/18	CIMB	Starhub	2.43	2.7	Hold	DCF
03/15/18	DMG & Partners	Starhub	2.43	2.65	Neutral

Health alert - Cut down on bottled plastic drinks!

https://www.channelnewsasia.com/news/health/top-bottled-water-brands-contaminated-with-plastic-particles-10044936

Look like plastic particles are getting into our lifestyles now.  We did report about such micro-plastics in our previous postings before in the sea and marine food.

http://sg-stock.blogspot.sg/2017/12/seafood-health-alerts-in-norway-chile.html

The USA will become the public enemy no.1 soon.

https://sg.finance.yahoo.com/news/trump-seems-hint-could-pull-050600774.html

Trump is threatening South Korea now so that he can have the bargaining power to dictate the trade deals.

What a lowball move!

Bitcoin is worthless!

https://sg.finance.yahoo.com/news/bitcoin-worthless-bubble-may-pop-soon-allianz-global-says-081624747.html

The statement that bitcoin is worthless and is coming from an EUR$500b company head cannot be taken lightly because of the ripple effect he can create.  He will tell all his customers the same thing in his capacity in the company.

ST Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	Lim & Tan	ST Engineering	2.97	0	Buy
01/06/16	UOB Kay Hian	ST Engineering	2.97	3.25	Hold
01/26/16	Deutsche	ST Engineering	2.89	3.7	Buy
02/01/16	OCBC	ST Engineering	2.87	3.22	Buy	PER19x FY16
02/16/16	UOB Kay Hian	ST Engineering	2.75	3.25	Hold
02/29/16	CIMB	ST Engineering	2.85	3.17	Add	Sum of parts
02/29/16	Credit Suisse	ST Engineering	2.85	3	Neutral
02/29/16	DBS Vickers	ST Engineering	2.85	3.4	Buy
02/29/16	Kim Eng	ST Engineering	2.85	3.47	Buy	PER20x FY16
02/29/16	Lim & Tan	ST Engineering	2.85	0	Buy
02/29/16	OCBC	ST Engineering	2.85	3.24	Buy	PER19x FY16
02/29/16	UOB Kay Hian	ST Engineering	2.85	3.28	Buy	PER19.5x FY16
03/18/16	UOB Kay Hian	ST Engineering	3.21	3.6	Buy	PER21.4x FY16
03/22/16	Lim & Tan	ST Engineering	3.23	0	Buy
04/01/16	UOB Kay Hian	ST Engineering	3.23	3.6	Buy	PER21.4x FY16
04/11/16	DBS Vickers	ST Engineering	3.23	3.65	Buy	PER16x & DCF
04/27/16	OCBC	ST Engineering	3.26	3.24	Hold	Buy @ $3
05/16/16	CIMB	ST Engineering	3.08	3.32	Add	Sum of parts
05/16/16	DBS Vickers	ST Engineering	3.08	3.55	Buy
05/16/16	Kim Eng	ST Engineering	3.08	3.17	Hold	PER18x FY17
05/16/16	Lim & Tan	ST Engineering	3.08	0	Hold
05/16/16	OCBC	ST Engineering	3.08	3.24	Buy	PER19x FY16
05/16/16	UOB Kay Hian	ST Engineering	3.08	3.5	Buy	PER21x
06/07/16	UOB Kay Hian	ST Engineering	3.19	3.5	Buy
06/22/16	Lim & Tan	ST Engineering	3.12	0	Hold
07/11/16	Lim & Tan	ST Engineering	3.18	0	Hold
07/13/16	CIMB	ST Engineering	3.32	3.6	Add	Sum of parts, PER22x
07/14/16	UOB Kay Hian	ST Engineering	3.37	3.5	Buy
08/15/16	CIMB	ST Engineering	3.41	3.6	Add	DCF & PER22x CY17
08/15/16	Lim & Tan	ST Engineering	3.41	0	Hold
08/15/16	UOB Kay Hian	ST Engineering	3.41	3.5	Buy	PER21.4x FY16
08/16/16	DBS Vickers	ST Engineering	3.34	3.55	Buy
08/17/16	UOB Kay Hian	ST Engineering	3.32	3.6	Buy	DDM, PER22x FY16
09/07/16	Macquarie	ST Engineering	3.41	3.2	Neutral	Sum of parts
09/16/16	UOB Kay Hian	ST Engineering	3.27	3.6	Buy
10/14/16	CIMB	ST Engineering	3.17	3.6	Add	DCF & PER22x CY17
10/17/16	OCBC	ST Engineering	3.18	3.13	Hold	PER19x FY17
10/19/16	Lim & Tan	ST Engineering	3.19	0	Hold
10/19/16	UOB Kay Hian	ST Engineering	3.19	3.4	Buy	DDM, PER23x FY16
11/10/16	Lim & Tan	ST Engineering	3.07	0	Buy
11/11/16	CIMB	ST Engineering	3.11	3.75	Add	DCF & PER22x CY18
11/11/16	Credit Suisse	ST Engineering	3.11	3	Neutral
11/11/16	DBS Vickers	ST Engineering	3.11	3.5	Buy
11/11/16	OCBC	ST Engineering	3.11	3.2	Hold
11/11/16	UOB Kay Hian	ST Engineering	3.11	3.42	Buy	DDM
11/22/16	Credit Suisse	ST Engineering	3.21	4	Outperform
12/06/16	CIMB	ST Engineering	3.36	3.75	Add
12/13/16	Kim Eng	ST Engineering	3.4	3.17	Hold	PER18x FY17
12/15/16	DBS Vickers	ST Engineering	3.41	3.68	Buy
12/20/16	Lim & Tan	ST Engineering	3.31	0	Buy
01/02/17	OCBC	ST Engineering	3.3	3.2	Hold
01/03/17	UOB Kay Hian	ST Engineering	3.23	3.42	Buy
01/05/17	Credit Suisse	ST Engineering	3.3	4	Outperform
01/13/17	DBS Vickers	ST Engineering	3.34	3.5	Buy
01/19/17	Lim & Tan	ST Engineering	3.41	0	Buy
02/08/17	UOB Kay Hian	ST Engineering	3.37	3.42	Buy
02/10/17	CIMB	ST Engineering	3.36	3.75	Add	DCF & PER22x CY18
02/10/17	Credit Suisse	ST Engineering	3.36	4	Outperform
02/17/17	CIMB	ST Engineering	3.4	3.82	Add	DCF & PER22x
02/17/17	Lim & Tan	ST Engineering	3.4	0	Buy
02/17/17	OCBC	ST Engineering	3.4	3.2	Hold
02/17/17	UOB Kay Hian	ST Engineering	3.4	3.7	Buy	DDM, PER21x
03/13/17	Credit Suisse	ST Engineering	3.66	4	Outperform
03/21/17	UOB Kay Hian	ST Engineering	3.68	3.7	Buy
03/24/17	Kim Eng	ST Engineering	3.64	3.17	Hold	PER18x FY17
04/04/17	DBS Vickers	ST Engineering	3.65	3.8	Buy
04/05/17	UOB Kay Hian	ST Engineering	3.64	3.7	Buy
04/10/17	CIMB	ST Engineering	3.65	3.82	Add
04/19/17	Credit Suisse	ST Engineering	3.75	4	Outperform
04/19/17	Lim & Tan	ST Engineering	3.75	0	Buy
05/15/17	CIMB	ST Engineering	3.75	3.82	Add	PER22x & DCF
05/15/17	Credit Suisse	ST Engineering	3.75	4	Outperform
05/15/17	DBS Vickers	ST Engineering	3.75	4.12	Buy	DCF & PER23x
05/15/17	OCBC	ST Engineering	3.75	3.7	Hold	DCF
05/15/17	UOB Kay Hian	ST Engineering	3.75	3.9	Hold	DCF, PER22.7x FY17, Buy @ $3.60 or lower
05/16/17	Lim & Tan	ST Engineering	3.71	0	Buy
06/06/17	UOB Kay Hian	ST Engineering	3.73	3.9	Hold
06/16/17	DBS Vickers	ST Engineering	3.72	4.12	Buy
07/24/17	CIMB	ST Engineering	3.77	3.82	Add	DCF & PER22x
07/27/17	DBS Vickers	ST Engineering	3.79	4.12	Buy	PER23x
08/02/17	DIR	ST Engineering	3.8	4.46	Buy	DCF
08/14/17	OCBC	ST Engineering	3.7	3.61	Hold	DCF
08/14/17	DIR	ST Engineering	3.7	4.39	Buy	DCF
08/14/17	UOB Kay Hian	ST Engineering	3.7	3.8	Hold	Buy @ $3.50
08/14/17	CIMB	ST Engineering	3.7	3.82	Add	DCF & PER22x CY18
08/14/17	DBS Vickers	ST Engineering	3.7	3.8	Hold
08/14/17	Lim & Tan	ST Engineering	3.7	0	Buy
08/15/17	Credit Suisse	ST Engineering	3.68	4	Outperform
09/06/17	DMG & Partners	ST Engineering	3.59	4.07	Buy	DCF & PER23.3x FY18 & PB5.5x & EV/Ebitda16x
09/28/17	Lim & Tan	ST Engineering	3.49	0	Buy
10/04/17	DIR	ST Engineering	3.43	4.39	Buy	DCF
10/12/17	Crucial Perspective	ST Engineering	3.35	4.3	Outperform
10/25/17	Lim & Tan	ST Engineering	3.38	0	Buy
10/27/17	UOB Kay Hian	ST Engineering	3.46	3.8	Buy
11/08/17	Lim & Tan	ST Engineering	3.47	0	Buy
11/09/17	DMG & Partners	ST Engineering	3.41	4.04	Buy	PER23x & PB5.5x & EV/Ebitda16x & DCF
11/09/17	UOB Kay Hian	ST Engineering	3.41	3.8	Buy	DCF
11/09/17	Credit Suisse	ST Engineering	3.41	4	Outperform
11/09/17	OCBC	ST Engineering	3.41	3.61	Hold
11/09/17	CIMB	ST Engineering	3.41	3.85	Add	PER22x CY19
11/09/17	DBS Vickers	ST Engineering	3.41	3.7	Hold
12/20/17	CIMB	ST Engineering	3.17	3.85	Add
01/05/18	DBS Vickers	ST Engineering	3.3	3.7	Hold
01/18/18	CIMB	ST Engineering	3.31	3.85	Add	DCF & PER22x CY19
01/22/18	Lim & Tan	ST Engineering	3.32	0	Buy
02/07/18	OCBC	ST Engineering	3.23	4	Buy
02/07/18	CIMB	ST Engineering	3.23	3.85	Add
02/20/18	DMG & Partners	ST Engineering	3.35	4.2	Buy
02/26/18	CIMB	ST Engineering	3.39	3.8	Add	DCF, PER & Div yield
02/26/18	UOB Kay Hian	ST Engineering	3.39	3.6	Hold	DCF, Buy @ $3.20
02/26/18	DBS Vickers	ST Engineering	3.39	3.9	Buy
02/26/18	Lim & Tan	ST Engineering	3.39	0	Buy
02/27/18	DMG & Partners	ST Engineering	3.44	4.04	Buy	PER23x & PB5.5x & EV/Ebitda16x & DCF
03/02/18	Lim & Tan	ST Engineering	3.38	0	Buy
03/05/18	CIMB	ST Engineering	3.36	3.8	Add
03/09/18	UOB Kay Hian	ST Engineering	3.38	3.6	Hold
03/12/18	Kim Eng	ST Engineering	3.38	4.15	Buy	DCF
03/13/18	Amfrasers	ST Engineering	3.43	3.88	Buy
03/13/18	Credit Suisse	ST Engineering	3.43	4	Outperform

Spindex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/16	DBS Vickers	Spindex	0.745	0.99	Not Rated	PER6x FY16
07/28/17	Lim & Tan	Spindex	0.985	0	Buy
08/22/17	Lim & Tan	Spindex	1.165	0	Buy
09/22/17	SI Research	Spindex	1.11	1.46	Buy	PER12x

Stock calls for 14 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/14/18	DBS Vickers	Bumitama	0.715	0.94	Buy
03/14/18	Lim & Tan	CapitaCommercial	1.77	0	Buy
03/14/18	DBS Vickers	First Resources	1.75	2.18	Buy
03/14/18	Kim Eng	M1	1.78	1.63	Sell	DCF
03/14/18	OCBC	Netlink	0.82	0.91	Buy	DDM
03/14/18	UOB Kay Hian	Oxley	0.56	0.74	Buy
03/14/18	DBS Vickers	Perennial Reit	0.875	1.05	Buy
03/14/18	Kim Eng	Singtel	3.41	3.69	Hold	Sum of parts
03/14/18	UOB Kay Hian	SPH	2.56	2.39	Sell	Sum of parts
03/14/18	Kim Eng	Starhub	2.44	2.27	Sell	DCF
03/14/18	DBS Vickers	Wilmar	3.23	3.65	Buy

A brilliant scientist, Stephen Hawking, has just passed away.

https://sg.news.yahoo.com/physicist-stephen-hawking-conquered-stars-dies-76-042537452.html

The world has just lost a brilliant man but Stephen may have just found his freedom in another world as he is no longer confined to a wheelchair.

Goodbye, Stephen! You will always be remembered.

US-China trade war is rising!

https://finance.yahoo.com/news/trump-could-hit-china-tariffs-195214971.html

The USA will impose intellectual properties tariffs on China and China will definitely retaliate.

There will be collateral damages for other countries that trade with US and China and Singapore won't be spared.

Libor-OIS spread is at a 6-year high. Is the financial crisis coming back again?

http://westdollar.com/sbdm/forex/news/1130,20180312842335989.html

Both the TED spread and Libor-OIS spread will indicate stresses in the banking and financial sectors because both spreads show the bank borrowing rates for each other.  When the spreads are high, it means that the banks don't trust each other and are unwilling to lend to each other at low rates.

The Libor-OIS spread is at a 6-year high now which is a warning sign that other interest rates will increase dramatically.  Therefore, analysts have to watch out for such spreads for any impending financial crisis.

SPH Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/16	CIMB	SPH Reit	0.955	1.05	Hold	DDM
01/06/16	Lim & Tan	SPH Reit	0.955	0	Hold
01/06/16	OCBC	SPH Reit	0.955	0.99	Hold
01/07/16	Credit Suisse	SPH Reit	0.955	1.02	Neutral
01/07/16	DBS Vickers	SPH Reit	0.955	0.99	Hold	DCF
04/05/16	CIMB	SPH Reit	0.97	1.05	Hold	DDM
04/05/16	DBS Vickers	SPH Reit	0.97	0.99	Hold
04/05/16	Lim & Tan	SPH Reit	0.97	0	Hold
04/05/16	OCBC	SPH Reit	0.97	0.99	Hold
04/13/16	Kim Eng	SPH Reit	0.945	1.01	Not Rated
07/08/16	CIMB	SPH Reit	0.94	1.03	Hold	DDM
07/08/16	DBS Vickers	SPH Reit	0.94	0.99	Hold
07/08/16	Lim & Tan	SPH Reit	0.94	0	Hold
07/08/16	OCBC	SPH Reit	0.94	0.99	Hold
07/12/16	Credit Suisse	SPH Reit	0.95	1.02	Neutral
07/19/16	Credit Suisse	SPH Reit	0.95	1.04	Neutral
08/03/16	OCBC	SPH Reit	0.945	1.05	Buy
08/16/16	DBS Vickers	SPH Reit	0.96	0.99	Hold
08/31/16	Credit Suisse	SPH Reit	0.965	1.04	Neutral
10/07/16	DBS Vickers	SPH Reit	1	1	Hold	DCF
10/07/16	Lim & Tan	SPH Reit	1	0	Hold
10/07/16	OCBC	SPH Reit	1	1.05	Buy
10/10/16	CIMB	SPH Reit	0.995	1.05	Hold	DDM
11/08/16	OCBC	SPH Reit	0.965	1.05	Buy
12/05/16	Lim & Tan	SPH Reit	0.95	0	Buy on weakness
12/05/16	OCBC	SPH Reit	0.95	1.06	Buy
01/09/17	DBS Vickers	SPH Reit	0.965	1	Hold	DCF
01/12/17	CIMB	SPH Reit	0.97	0.95	Hold	DDM
01/12/17	Lim & Tan	SPH Reit	0.97	0	Hold
01/12/17	OCBC	SPH Reit	0.97	1.04	Buy
01/13/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
02/09/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
03/16/17	DBS Vickers	SPH Reit	0.965	1.03	Buy
04/04/17	DBS Vickers	SPH Reit	0.98	1.03	Buy
04/11/17	CIMB	SPH Reit	0.975	1.01	Hold	DDM
04/11/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
04/11/17	DBS Vickers	SPH Reit	0.975	1.04	Buy	DCF
04/11/17	Lim & Tan	SPH Reit	0.975	0	Buy on weakness
04/11/17	OCBC	SPH Reit	0.975	1.08	Buy	DDM
06/14/17	DBS Vickers	SPH Reit	0.995	1.04	Buy
07/13/17	OCBC	SPH Reit	0.995	1.08	Buy
07/13/17	Credit Suisse	SPH Reit	0.995	1.01	Neutral
07/13/17	CIMB	SPH Reit	0.995	1.04	Hold	DDM
07/13/17	Lim & Tan	SPH Reit	0.995	0	Hold
07/14/17	DBS Vickers	SPH Reit	0.995	1.04	Buy	DCF
10/10/17	OCBC	SPH Reit	1.005	1.08	Buy	DDM
10/10/17	CIMB	SPH Reit	1.005	1.06	Hold	DDM
10/10/17	DBS Vickers	SPH Reit	1.005	1.07	Buy	DCF
12/01/17	Lim & Tan	SPH Reit	1.05	0	Hold
12/13/17	DBS Vickers	SPH Reit	1.04	1.07	Hold	DCF
01/02/18	Kim Eng	SPH Reit	1.05	1	Hold	DDM
01/08/18	CIMB	SPH Reit	1.07	1.06	Hold	DDM
01/08/18	Lim & Tan	SPH Reit	1.07	0	Hold
01/08/18	OCBC	SPH Reit	1.07	1.08	Hold
01/09/18	DBS Vickers	SPH Reit	1.07	1.07	Hold	DCF

SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/16	CIMB	SPH	3.67	3.61	Reduce	Sum of parts
01/13/16	DBS Vickers	SPH	3.67	3.51	Fully Valued
01/13/16	Lim & Tan	SPH	3.67	0	Hold	Buy @ $3.60 or lower
01/13/16	OCBC	SPH	3.67	3.78	Hold
01/13/16	UOB Kay Hian	SPH	3.67	3.85	Hold	Sum of parts, Buy @ $3.40 or lower
01/29/16	DBS Vickers	SPH	3.51	3.51	Hold	Sum of parts
03/22/16	UOB Kay Hian	SPH	4.04	3.9	Hold	Sum of parts, Buy @ $3.60 or lower
04/13/16	CIMB	SPH	3.99	3.71	Reduce	Sum of parts
04/13/16	DBS Vickers	SPH	3.99	3.51	Hold
04/13/16	Lim & Tan	SPH	3.99	0	Hold
04/13/16	OCBC	SPH	3.99	3.78	Hold
04/13/16	UOB Kay Hian	SPH	3.99	3.9	Hold	Sum of parts, Buy @ $3.60 or lower
04/14/16	DBS Vickers	SPH	4.04	3.5	Fully Valued	Sum of parts
06/09/16	UOB Kay Hian	SPH	3.93	3.9	Hold	Buy @ $3.60
07/18/16	CIMB	SPH	4.07	3.58	Reduce	Sum of parts
07/18/16	DBS Vickers	SPH	4.07	3.5	Fully Valued
07/18/16	OCBC	SPH	4.07	3.41	Sell
07/18/16	UOB Kay Hian	SPH	4.07	3.8	Hold	Sum of parts, Buy @ $3.60
09/01/16	UOB Kay Hian	SPH	3.77	3.8	Hold	Sum of parts
10/10/16	UBS	SPH	3.82	3.46	Sell	Cut from $3.55
10/17/16	CIMB	SPH	3.76	3.35	Reduce	Sum of parts
10/17/16	DBS Vickers	SPH	3.76	3.44	Fully Valued	Sum of parts
10/17/16	Lim & Tan	SPH	3.76	0	Hold
10/17/16	OCBC	SPH	3.76	3.41	Sell
10/17/16	UOB Kay Hian	SPH	3.76	3.29	Sell	DCF
12/01/16	Morgan Stanley	SPH	3.75	3.5	Underweight
12/06/16	CIMB	SPH	3.76	3.35	Reduce	Sum of parts
01/16/17	CIMB	SPH	3.69	3.31	Reduce	Sum of parts
01/16/17	Lim & Tan	SPH	3.69	0	Avoid
01/16/17	OCBC	SPH	3.69	3.41	Sell
01/16/17	UOB Kay Hian	SPH	3.69	3.29	Sell	Sum of parts
01/17/17	DBS Vickers	SPH	3.56	3.32	Fully Valued	Sum of parts
03/20/17	CIMB	SPH	3.53	3.36	Hold	Sum of parts
03/20/17	DBS Vickers	SPH	3.53	3.39	Hold	Sum of parts
03/20/17	UOB Kay Hian	SPH	3.53	3.29	Sell
04/13/17	CIMB	SPH	3.52	3.36	Hold	Sum of parts
04/13/17	Lim & Tan	SPH	3.52	0	Hold
04/13/17	OCBC	SPH	3.52	3.41	Sell
04/13/17	UOB Kay Hian	SPH	3.52	3.29	Sell	Sum of parts
04/18/17	DBS Vickers	SPH	3.41	3.39	Hold	Sum of parts
04/26/17	CIMB	SPH	3.45	3.36	Hold	Sum of parts
04/26/17	OCBC	SPH	3.45	3.41	Hold
05/17/17	UOB Kay Hian	SPH	3.37	3.29	Sell
06/05/17	Lim & Tan	SPH	3.24	0	Hold
06/09/17	UOB Kay Hian	SPH	3.24	2.9	Sell	Sum of parts
06/14/17	DBS Vickers	SPH	3.17	3.39	Hold
06/14/17	UOB Kay Hian	SPH	3.17	3.39	Hold
06/15/17	CIMB	SPH	3.16	3.36	Hold	Sum of parts
06/15/17	Lim & Tan	SPH	3.16	0	Hold
06/22/17	OCBC	SPH	3.22	3.34	Hold
07/17/17	UOB Kay Hian	SPH	3.11	2.9	Hold	Sum of parts, Buy @ $2.75
07/17/17	OCBC	SPH	3.11	3.25	Hold
07/17/17	CIMB	SPH	3.11	3.22	Hold	Sum of parts
07/17/17	DBS Vickers	SPH	3.11	2.79	Fully Valued	Sum of parts
07/18/17	Lim & Tan	SPH	3.03	0	Hold
08/23/17	UOB Kay Hian	SPH	2.78	2.85	Hold	Sum of parts, Buy @ $2.60
09/11/17	CIMB	SPH	2.74	2.38	Reduce	Sum of parts (15% discount)
09/21/17	OCBC	SPH	2.63	3.25	Buy
10/12/17	CIMB	SPH	2.69	2.38	Reduce	Sum of parts (15% discount)
10/12/17	UOB Kay Hian	SPH	2.69	2.38	Sell	Sum of parts (10% discount)
10/12/17	Lim & Tan	SPH	2.69	0	Hold
10/13/17	OCBC	SPH	2.72	2.93	Hold
10/13/17	DBS Vickers	SPH	2.72	2.79	Hold	Sum of parts
11/09/17	UOB Kay Hian	SPH	2.68	2.38	Sell
12/05/17	UOB Kay Hian	SPH	2.79	2.42	Sell	Sum of parts
12/05/17	Lim & Tan	SPH	2.79	0	Hold
12/20/17	CIMB	SPH	2.61	2.38	Reduce
01/15/18	CIMB	SPH	2.63	2.49	Hold	Sum of parts, PER18.6x FY19
01/15/18	UOB Kay Hian	SPH	2.63	2.42	Sell	Sum of parts
01/15/18	Lim & Tan	SPH	2.63	0	Hold
01/16/18	DBS Vickers	SPH	2.71	2.78	Hold	Sum of parts
01/17/18	OCBC	SPH	2.71	2.51	Hold	Sum of parts (10% discount)
03/05/18	UOB Kay Hian	SPH	2.55	2.42	Sell

Spackman - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/13/16	DMG & Partners	Spackman	0.113	0.22	Buy	PER15x FY17
12/27/16	DMG & Partners	Spackman	0.19	0.32	Buy
01/03/17	DMG & Partners	Spackman	0.19	0.32	Buy	PER18x FY17
04/06/17	DMG & Partners	Spackman	0.161	0.27	Buy	PER18x FY17
05/16/17	DMG & Partners	Spackman	0.149	0.27	Buy	DCF, PER18x FY17
08/16/17	DMG & Partners	Spackman	0.102	0.23	Buy	DCF, PER18x FY17
10/12/17	DMG & Partners	Spackman	0.121	0.2	Buy	DCF, PER16x FY17
11/16/17	DMG & Partners	Spackman	0.112	0.2	Buy	DCF, PER15x FY18