Stock calls for 30 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/30/18	Phillip	A-Reit	2.73	2.96	Accumulate	DDM, PB1.39x FY19
07/30/18	CIMB	A-Reit	2.73	2.89	Add	DDM
07/30/18	OCBC	CapitaRetail China	1.57	1.55	Hold
07/30/18	OCBC	CDL Hospitality	1.65	1.42	Sell
07/30/18	UOB Kay Hian	CDL Hospitality	1.65	1.86	Buy
07/30/18	CIMB	CDL Hospitality	1.65	1.78	Add	DDM
07/30/18	DBS Vickers	CDL Hospitality	1.65	1.95	Buy	DCF
07/30/18	DMG & Partners	Dairy Farm	9.15	9.6	Neutral	DCF
07/30/18	CIMB	Dairy Farm	9.15	9.55	Hold	PER23.5x CY19
07/30/18	OCBC	Far East Hospitality	0.68	0.675	Hold
07/30/18	DBS Vickers	Frasers Hospitality Trust	0.7	0.8	Buy	DCF
07/30/18	UOB Kay Hian	Frasers Hospitality Trust	0.7	0.82	Buy	DDM
07/30/18	DBS Vickers	Ifast Corp	1.09	1.26	Buy	DDM
07/30/18	UOB Kay Hian	M1	1.6	1.55	Sell	DCF
07/30/18	DMG & Partners	M1	1.6	1.68	Neutral	DCF
07/30/18	OCBC	M1	1.6	1.65	Hold
07/30/18	CIMB	OUE Hospitality	0.825	0.89	Add	DDM
07/30/18	DBS Vickers	OUE Hospitality	0.825	0.9	Buy	DCF
07/30/18	OCBC	SGX	7.58	8.32	Buy	PER23x FY19
07/30/18	CIMB	SGX	7.58	8.02	Add	PER24x FY20
07/30/18	Lim & Tan	SGX	7.58	0	Buy
07/30/18	CIMB	SIA	10.22	11.75	Add	PB1.05x CY18
07/30/18	DBS Vickers	SIA	10.22	12.4	Buy	PB1.1x FY19
07/30/18	Kim Eng	Starhill	0.685	0.65	Hold	DDM
07/30/18	OCBC	Starhill	0.685	0.65	Hold

Anak Krakatau eruption in July 2018.

https://en.wikipedia.org/wiki/1883_eruption_of_Krakatoa

Krakatoa erupted in 1883 and killed more than 36,000 people.  Its remnant, Anak Krakatau, is very active recently.

China has won the US-China trade war officially!

https://www.channelnewsasia.com/news/business/us-senate-quietly-votes-to-cut-tariffs-on-hundreds-of-chinese-goods-10569456

The US Senate has voted to lower tariffs against China.

We've stated from the beginning that China would win in the US-China trade war and we've been proven right.

http://sg-stock.blogspot.com/2018/07/the-usa-is-getting-antsy-because-it-is.html

http://sg-stock.blogspot.com/2018/04/who-will-win-in-trade-war-us-or-china.html

Facebook is on a long-term downward trajectory now!

https://sg.finance.yahoo.com/news/facebook-sued-stock-plunge-204421143--finance.html

Facebook is facing another major class action suit after the data analytics scandal.

Facebook is facing some significant slowdown in many areas such as user growth, earnings growth and margin growth.  The slowdowns are not some aberration and will continue for the next few years.

The party time for FB is over now!

Baltic dry index - 1676

Today, Friday, July 27 2018, the Baltic Dry Index decreased by 32 points, reaching 1676 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 - 1048

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. increased by two this week to 1,048.
At this time a year ago there were 958 active rigs.
Houston oilfield services company Baker Hughes reported Friday that 861 rigs drilled for oil this week and 186 for gas. One was listed as miscellaneous.
Among major oil- and gas-producing states, Pennsylvania gained two rigs. Alaska, Kansas, New Mexico, North Dakota, Texas and West Virginia each increased by one.
Louisiana lost four rigs. Ohio and Oklahoma each decreased by one.
Arkansas, California, Colorado, Utah and Wyoming were unchanged.

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

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

Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

SIIC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	SIIC	0.59	1.13	Buy	DCF
01/17/17	DBS Vickers	SIIC	0.565	0.68	Buy	PER25x FY17
02/17/17	DMG & Partners	SIIC	0.58	0.96	Buy	DCF, PER20x FY17
04/26/17	DMG & Partners	SIIC	0.53	0.96	Buy
08/14/17	DMG & Partners	SIIC	0.465	0.82	Buy	DCF
08/15/17	DBS Vickers	SIIC	0.46	0.53	Hold	PER22x
10/11/17	DBS Vickers	SIIC	0.52	0.53	Hold	PER22x FY17
11/10/17	DMG & Partners	SIIC	0.515	0.54	Neutral	DCF
12/27/17	DBS Vickers	SIIC	0.515	0.53	Hold

SIA Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	UOB Kay Hian	SIA Engineering	3.37	3.3	Sell
02/06/17	CIMB	SIA Engineering	3.52	3.77	Hold	DCF
02/06/17	DBS Vickers	SIA Engineering	3.52	3.58	Hold	Sum of parts
02/06/17	Kim Eng	SIA Engineering	3.52	3.7	Hold	PER20x FY18
02/06/17	OCBC	SIA Engineering	3.52	3.58	Hold	DCF
02/06/17	phillip	SIA Engineering	3.52	3.38	Neutral	DCF
02/06/17	UOB Kay Hian	SIA Engineering	3.52	3.3	Sell	DCF
03/02/17	UOB Kay Hian	SIA Engineering	3.67	3.3	Sell
04/05/17	UOB Kay Hian	SIA Engineering	3.7	3.3	Sell
04/06/17	Lim & Tan	SIA Engineering	3.7	0	Hold	PER24x FY17/18
05/16/17	CIMB	SIA Engineering	3.98	3.98	Hold	DCF
05/16/17	DBS Vickers	SIA Engineering	3.98	3.84	Hold	Sum of parts
05/16/17	OCBC	SIA Engineering	3.98	3.75	Hold	DDM
05/16/17	phillip	SIA Engineering	3.98	3.7	Neutral	DCF, PER23.4x FY18
05/16/17	UOB Kay Hian	SIA Engineering	3.98	3.5	Sell	DCF, PER26x FY18
06/06/17	UOB Kay Hian	SIA Engineering	3.94	3.5	Sell
06/07/17	OCBC	SIA Engineering	3.97	3.75	Hold
06/22/17	Lim & Tan	SIA Engineering	4.16	0	Hold
06/28/17	CIMB	SIA Engineering	4.17	3.86	Reduce	DCF
07/03/17	OCBC	SIA Engineering	4.08	3.75	Hold
07/10/17	UOB Kay Hian	SIA Engineering	4.06	3.6	Sell	DCF, PER23x FY18
07/26/17	phillip	SIA Engineering	3.87	3.7	Reduce	DCF, PER24.9x FY18
07/26/17	CIMB	SIA Engineering	3.87	3.86	Reduce	DCF
07/26/17	OCBC	SIA Engineering	3.87	3.7	Hold
07/26/17	DBS Vickers	SIA Engineering	3.87	3.84	Hold	Sum of parts
08/02/17	DIR	SIA Engineering	3.54	4.1	Outperform	DCF
08/17/17	UOB Kay Hian	SIA Engineering	3.49	3.6	Sell	DCF, PER23.7x FY18
10/12/17	Crucial Perspective	SIA Engineering	3.18	4.5	Outperform
11/07/17	UOB Kay Hian	SIA Engineering	3.3	3.5	Hold	DCF, Buy @ $3.10-3.15
11/07/17	phillip	SIA Engineering	3.3	3.35	Neutral	DCF, PER24.6x FY18
11/07/17	OCBC	SIA Engineering	3.3	3.35	Hold
11/07/17	Kim Eng	SIA Engineering	3.3	3.5	Hold	PER21x FY19
11/07/17	CIMB	SIA Engineering	3.3	3.7	Reduce
12/18/17	DIR	SIA Engineering	3.11	3.56	Outperform
01/30/18	UOB Kay Hian	SIA Engineering	3.26	4	Buy	DCF, PER24.9x FY18
02/05/18	UOB Kay Hian	SIA Engineering	3.33	4	Buy	DCF
02/05/18	phillip	SIA Engineering	3.33	3.51	Accumulate	DCF
02/05/18	Kim Eng	SIA Engineering	3.33	3.5	Hold	PER21x FY19
02/05/18	CIMB	SIA Engineering	3.33	3.13	Reduce	DCF
02/05/18	Lim & Tan	SIA Engineering	3.33	0	Hold
02/05/18	OCBC	SIA Engineering	3.33	3.7	Buy	DCF
02/05/18	DBS Vickers	SIA Engineering	3.33	3.86	Buy
03/09/18	UOB Kay Hian	SIA Engineering	3.25	4	Buy
05/11/18	UOB Kay Hian	SIA Engineering	3.31	4	Buy	DCF, PER20.8x FY18
05/16/18	Lim & Tan	SIA Engineering	3.33	0	Hold
05/17/18	phillip	SIA Engineering	3.31	3.57	Accumulate	DCF
05/17/18	DBS Vickers	SIA Engineering	3.31	3.92	Buy	Sum of parts
05/17/18	UOB Kay Hian	SIA Engineering	3.31	3.8	Buy	PER19.6x ex-cash
05/17/18	OCBC	SIA Engineering	3.31	3.7	Buy
06/11/18	UOB Kay Hian	SIA Engineering	3.17	3.8	Buy
07/20/18	phillip	SIA Engineering	3.19	3.56	Accumulate	DCF, PER22x FY19
07/20/18	DBS Vickers	SIA Engineering	3.19	3.92	Buy	Sum of parts
07/23/18	UOB Kay Hian	SIA Engineering	3.2	3.4	Hold	DCF, PER21.8x FY19, Buy @ $3-3.1

Stock calls for 27 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/27/18	OCBC	A-Reit	2.72	2.71	Hold
07/27/18	DBS Vickers	Citic Envirotech	0.59	0.95	Buy	PER20x FY19
07/27/18	DBS Vickers	Dairy Farm	9.23	9.35	Hold	Sum of parts
07/27/18	Phillip	Frasers Centrepoint Trust	2.24	2.15	Neutral	DDM, PB1.11x FY18
07/27/18	CIMB	Hongkong Land	7.15	9.5	Add	RNAV (30% discount)
07/27/18	Kim Eng	Mapletree Commercial	1.64	1.5	Hold	DDM
07/27/18	CIMB	Mapletree Commercial	1.64	1.75	Add	DDM
07/27/18	DBS Vickers	Mapletree Commercial	1.64	1.8	Buy
07/27/18	CIMB	Parkway Life	2.75	3.05	Hold	DDM
07/27/18	DBS Vickers	Parkway Life	2.75	3.15	Buy	DCF
07/27/18	Lim & Tan	SIA	10.8	0	Hold
07/27/18	OCBC	SIA	10.8	11.01	Hold
07/27/18	DMG & Partners	Silverlake	0.515	0.65	Buy	DCF, PER23x FY19

China struck back at US companies!

https://sg.finance.yahoo.com/news/qualcomm-ceo-ring-alone-u-china-spat-kills-051802531--finance.html

China has struck back at US companies after the US government blocked the merger between Broadcomm and Qualcomm.

China didn't give its approval for the merger between Qualcomm and NXP to show its displeasure against US discriminating business practices.

Beautiful highways in China.

Hangzhou to Jingdezhen Expressway

Yongshun County to Jishou County

Beautiful and magnificent highways in China!

Scary dust storm hit China.

The dust storm will skim resident cars' paints and windows, leaving scratches everywhere.

It is indeed scary, just like the end of the world.

SIA - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/17	DIR	SIA	9.83	8.62	Underperform	PB0.8x FY17
01/11/17	UOB Kay Hian	SIA	9.86	10.1	Hold
02/08/17	CIMB	SIA	9.72	10.5	Hold	PB0.9x CY17
02/08/17	DBS Vickers	SIA	9.72	10.1	Hold	PB0.9x FY17
02/08/17	DIR	SIA	9.72	8.62	Underperform	PB0.8x FY17
02/08/17	Kim Eng	SIA	9.72	9.7	Hold	PB0.86x FY17
02/08/17	Lim & Tan	SIA	9.72	0	Sell
02/08/17	UOB Kay Hian	SIA	9.72	10.1	Hold	PB0.7x FY17 ex-SIAEC
02/09/17	Credit Suisse	SIA	9.8	10.2	Neutral
02/09/17	OCBC	SIA	9.8	10.36	Hold
02/09/17	UOB Kay Hian	SIA	9.8	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.60
03/08/17	UOB Kay Hian	SIA	9.95	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.90
03/17/17	Lim & Tan	SIA	9.97	0	Hold
03/22/17	OCBC	SIA	10.04	10.36	Hold
04/05/17	UOB Kay Hian	SIA	10.27	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.90
05/05/17	UOB Kay Hian	SIA	10.35	10.4	Hold	PB0.7x FY17 ex-SIAEC
05/19/17	DIR	SIA	10.76	9.06	Underperform	PB0.8x FY18
05/19/17	Lim & Tan	SIA	10.76	0	Sell
05/19/17	UOB Kay Hian	SIA	10.76	10.1	Hold	PB0.7x FY17 ex-SIAEC
05/22/17	CIMB	SIA	9.98	10	Reduce	PB0.9x
05/22/17	Credit Suisse	SIA	9.98	10	Neutral	PB0.9x FY18
05/22/17	DBS Vickers	SIA	9.98	10.1	Hold	PB0.9x
05/22/17	OCBC	SIA	9.98	10.03	Hold	PB0.9x FY18
05/22/17	UOB Kay Hian	SIA	9.98	10	Hold	PB0.7x FY17 ex-SIAEC, Buy @ $9
06/06/17	UOB Kay Hian	SIA	10.03	10	Hold	Buy @ $9
06/12/17	Credit Suisse	SIA	10.08	10	Neutral
06/23/17	OCBC	SIA	9.94	10.03	Hold
06/29/17	DIR	SIA	10.08	9.06	Underperform	PB0.8x FY18
07/03/17	UOB Kay Hian	SIA	10.12	10	Hold
07/27/17	Kim Eng	SIA	10.13	10.85	Hold	PB0.93x FY18
07/28/17	DIR	SIA	10.15	9.06	Underperform
07/31/17	CIMB	SIA	10.28	10	Reduce	PB0.9x
08/01/17	UOB Kay Hian	SIA	10.39	10.1	Hold	Sum of parts, Buy @ $9.10
08/01/17	OCBC	SIA	10.39	10.1	Hold	PB0.9x FY18
08/14/17	CIMB	SIA	10.59	10.42	Hold	PB0.9x
08/30/17	DIR	SIA	10.29	9.06	Underperform	PB0.8x FY18
09/05/17	OCBC	SIA	10.25	10.1	Hold
09/19/17	UOB Kay Hian	SIA	10.2	10.1	Hold	PB0.7x FY18, Buy @ $9.50 or lower
09/19/17	DIR	SIA	10.2	9.06	Underperform	PB0.8x FY18
10/12/17	Crucial Perspective	SIA	10.16	11.1	Outperform
10/27/17	UOB Kay Hian	SIA	10.22	10.1	Hold
11/08/17	UOB Kay Hian	SIA	10.32	11.1	Hold	PB0.8x, Buy @ $10.3
11/09/17	OCBC	SIA	10.75	10.5	Hold	PB0.9x FY18
11/09/17	Credit Suisse	SIA	10.75	10.25	Neutral	PB0.9x
11/09/17	CIMB	SIA	10.75	10.82	Hold
11/09/17	DBS Vickers	SIA	10.75	10.3	Hold	PB0.9x FY18
11/09/17	Kim Eng	SIA	10.75	10.95	Hold	PB0.93x FY18
12/20/17	CIMB	SIA	10.65	10.82	Hold
01/03/18	UOB Kay Hian	SIA	10.67	11.9	Buy	PB0.9x FY18
01/03/18	OCBC	SIA	10.67	10.5	Hold
01/31/18	DBS Vickers	SIA	11.31	10.55	Hold
02/09/18	Kim Eng	SIA	10.86	10.95	Hold	PB0.93x FY18
02/14/18	CIMB	SIA	10.62	12.05	Add	PB1x CY18
02/14/18	UOB Kay Hian	SIA	10.62	11.9	Buy	PB0.9x FY18
02/14/18	DBS Vickers	SIA	10.62	12	Buy	PB1x FY19
02/15/18	OCBC	SIA	11.15	10.85	Hold	PB0.9x FY18
02/15/18	Credit Suisse	SIA	11.15	10.7	Neutral
03/09/18	UOB Kay Hian	SIA	11.01	11.9	Buy
03/15/18	Lim & Tan	SIA	11.2	0	Neutral
05/07/18	UOB Kay Hian	SIA	11.03	11.9	Buy	PB0.9x FY18
05/18/18	Lim & Tan	SIA	11.14	0	Hold
05/18/18	CIMB	SIA	11.14	11.75	Add	PB1.05x
05/21/18	UOB Kay Hian	SIA	11.56	12.6	Buy	Sum of parts, PB1x FY19
05/21/18	OCBC	SIA	11.56	11.3	Hold
05/21/18	DBS Vickers	SIA	11.56	13.7	Buy	PB1.2x FY19
06/05/18	DBS Vickers	SIA	11.48	13.7	Buy
06/11/18	UOB Kay Hian	SIA	11.43	12.6	Buy
06/19/18	UOB Kay Hian	SIA	11.2	11.9	Hold	PB0.95x, Buy @ $10.9
06/21/18	OCBC	SIA	11.01	11.3	Hold
07/03/18	UOB Kay Hian	SIA	10.42	11.9	Hold	PB0.9x, Buy @ $10.50-10.60

SHS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/25/18	phillip	SHS	0.23	0.29	Buy	PER10x FY19

Shopper360 - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/13/18	phillip	Shopper360	0.18	0.33	Trading Buy	PER7x FY19

Stock calls for 26 July 2018

Date	Analyst	Company	Last	Target	Call	Valuation
07/26/18	DBS Vickers	Ascendas India Trust	1.09	1.25	Buy	DDM
07/26/18	CIMB	Frasers Commercial Trust	1.46	1.5	Hold	DDM
07/26/18	CIMB	Genting	1.29	1.44	Add	EV/Ebitda11.5x FY19
07/26/18	UOB Kay Hian	Mapletree Industrial	2.02	1.94	Hold	DDM, Buy @ $1.76
07/26/18	OCBC	Mapletree Industrial	2.02	2.08	Hold
07/26/18	CIMB	Mapletree Industrial	2.02	2.13	Add	DDM
07/26/18	Lim & Tan	Parkway Life	2.78	0	Buy
07/26/18	CIMB	Suntec Reit	1.87	2.08	Add	DDM
07/26/18	UOB Kay Hian	Suntec Reit	1.87	2.01	Hold	DDM, Buy @ $1.83
07/26/18	DBS Vickers	Suntec Reit	1.87	2.3	Buy	DCF

Temasek has lost again in another investment.

https://www.theonlinecitizen.com/2018/07/25/barely-4-months-after-temasek-invested-millions-in-turkish-restaurant-chain-its-parent-conglomerate-is-facing-severe-debt-restructuring-woes/

https://www.bloombergquint.com/business/2018/04/16/salt-bae-diner-s-owner-said-to-start-talks-on-2-5-billion-debt#gs.a0KevRY

A due diligence would have detected the severe debt problems unless the owner fudged the accounting statements.  The investment manager who recommended Temasek to invest must be fired for not doing a proper due diligence and caused Temasek to lose so much money.

Turkey is a high-risk country to invest in because it is politically and economically unstable.  How can Temasek not know about this as Turkey is always involved in the middle eastern affairs?  Temasek had definitely overpaid for this investment and would not be able to recover the investment.  I hope Temasek won't suffer the same fate for the Hainan airlines investment too.

https://sg-stock.blogspot.com/2018/06/temasek-is-interested-to-buy-hainan.html

Singapore awards new 66 MRT trains to Bombardier.

https://www.channelnewsasia.com/news/singapore/new-fleet-to-replace-66-oldest-mrt-trains-from-2021-10561652

Singapore is moving away from Germany, Japan & China technologies and in favour of Canadian technology.

https://en.wikipedia.org/wiki/Kawasaki_Heavy_Industries_C151

The 66 old MRT trains are believed to be from Japan (Kawasaki Heavy Industries) because the number matches the new order. I guess the Kobe steel scandal has scared off the Singapore government.

Diplomatic relationship between Singapore and Malaysia will wane under Mahathir.

https://sg.news.yahoo.com/singapore-ties-wane-under-pakatan-023307929.html

BMI research has hit the head of the nail this time.  We've stated this many times in our previous posts.

http://sg-stock.blogspot.com/2018/06/here-we-go-again-mahathir-is-skinning.html

Sheng Siong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Sheng Siong	0.95	1.21	Buy	DCF, PER26x FY17
01/19/17	DBS Vickers	Sheng Siong	0.925	1.19	Buy
01/20/17	UOB Kay Hian	Sheng Siong	0.93	1.12	Buy	PER25.1x FY17
02/01/17	OCBC	Sheng Siong	0.93	1.15	Buy
02/07/17	DMG & Partners	Sheng Siong	0.95	1.21	Buy
02/24/17	DIR	Sheng Siong	0.955	1.04	Hold	DCF
02/27/17	CIMB	Sheng Siong	0.955	0.94	Hold	PER23.3x CY18
02/27/17	DBS Vickers	Sheng Siong	0.955	1.13	Buy	PER25x FY17
02/27/17	DIR	Sheng Siong	0.955	1.01	Hold	DCF
02/27/17	Kim Eng	Sheng Siong	0.955	0.85	Sell	DCF
02/27/17	phillip	Sheng Siong	0.955	1.06	Accumulate	PER23x
02/27/17	UOB Kay Hian	Sheng Siong	0.955	1.08	Buy	PER23.2x FY18
03/08/17	DMG & Partners	Sheng Siong	0.94	1.21	Buy	DCF
03/14/17	CIMB	Sheng Siong	0.94	0.94	Hold	PER23.3x CY18
03/17/17	DBS Vickers	Sheng Siong	0.935	1.13	Buy
04/10/17	DBS Vickers	Sheng Siong	0.995	1.13	Buy	PER25x FY17
04/17/17	phillip	Sheng Siong	0.99	1.06	Accumulate
05/02/17	DIR	Sheng Siong	0.98	1.01	Hold	DCF
05/02/17	DMG & Partners	Sheng Siong	0.98	1.21	Buy	DCF
05/02/17	OCBC	Sheng Siong	0.98	1.15	Buy
05/03/17	CIMB	Sheng Siong	0.975	0.94	Hold
05/03/17	DBS Vickers	Sheng Siong	0.975	1.14	Buy	PER25x FY17
05/03/17	Kim Eng	Sheng Siong	0.975	0.85	Sell	DCF
05/03/17	phillip	Sheng Siong	0.975	1.06	Accumulate	PER23x FY17
05/03/17	UOB Kay Hian	Sheng Siong	0.975	1.09	Buy	PER23.2x FY18
06/13/17	OCBC	Sheng Siong	0.98	1.15	Buy
06/14/17	DIR	Sheng Siong	0.985	1.01	Hold	DCF
06/16/17	DBS Vickers	Sheng Siong	0.975	1.14	Buy
06/21/17	DBS Vickers	Sheng Siong	0.975	1.2	Buy	PER25x FY18
07/04/17	DMG & Partners	Sheng Siong	1	1.21	Buy
07/14/17	OCBC	Sheng Siong	0.98	1.15	Buy
07/28/17	DIR	Sheng Siong	0.95	1.01	Hold	DCF
07/28/17	CIMB	Sheng Siong	0.95	0.94	Hold	PER23.3x CY18
07/28/17	DBS Vickers	Sheng Siong	0.95	1.2	Buy	PER25x FY18
07/31/17	DIR	Sheng Siong	0.96	0.86	Underperform	DCF
07/31/17	phillip	Sheng Siong	0.96	1.06	Accumulate	PER23x
07/31/17	UOB Kay Hian	Sheng Siong	0.96	1.06	Hold	PER23.2x FY18, Buy @ $0.90
07/31/17	DMG & Partners	Sheng Siong	0.96	1.05	Neutral	DCF & PER20x
07/31/17	OCBC	Sheng Siong	0.96	1.04	Buy
09/07/17	OCBC	Sheng Siong	0.92	1.04	Buy
10/27/17	DBS Vickers	Sheng Siong	0.93	1.19	Buy	PER25x FY18
10/27/17	DMG & Partners	Sheng Siong	0.93	0.98	Neutral	DCF & PER18x
10/27/17	DIR	Sheng Siong	0.93	0.88	Underperform	DCF
10/30/17	phillip	Sheng Siong	0.94	1.13	Buy	PER23x
10/30/17	UOB Kay Hian	Sheng Siong	0.94	1.06	Hold	PER22.5x FY18
10/30/17	OCBC	Sheng Siong	0.94	1.04	Buy
10/30/17	CIMB	Sheng Siong	0.94	0.98	Hold	PER22.6x CY18
11/20/17	DIR	Sheng Siong	0.965	0.88	Underperform	DCF
11/29/17	DMG & Partners	Sheng Siong	0.95	0.98	Neutral
12/04/17	phillip	Sheng Siong	0.935	1.18	Buy
02/19/18	DMG & Partners	Sheng Siong	0.915	0.99	Neutral	Up from $0.93
02/20/18	UOB Kay Hian	Sheng Siong	0.92	1.06	Hold
02/23/18	DBS Vickers	Sheng Siong	0.925	1.2	Buy	PER25x FY18
02/26/18	phillip	Sheng Siong	0.93	1.13	Buy	PER23x FY18
02/26/18	DMG & Partners	Sheng Siong	0.93	0.98	Neutral	DCF & PER
02/26/18	OCBC	Sheng Siong	0.93	1.06	Buy
02/26/18	CIMB	Sheng Siong	0.93	1.08	Add	PER22.3x CY19
03/19/18	phillip	Sheng Siong	0.945	1.13	Buy
04/03/18	Kim Eng	Sheng Siong	0.95	1.2	Buy	DCF, PER25x FY18, EV/Ebitda7x
04/03/18	UOB Kay Hian	Sheng Siong	0.95	1.1	Buy
04/11/18	DMG & Partners	Sheng Siong	0.97	1.11	Buy	DCF & PER21x
04/16/18	phillip	Sheng Siong	1	1.13	Accumulate
04/30/18	DMG & Partners	Sheng Siong	1.02	1.18	Buy	DCF & PER
04/30/18	UOB Kay Hian	Sheng Siong	1.02	1.09	Hold	PER22.5x FY18, Buy @ $0.98
04/30/18	OCBC	Sheng Siong	1.02	1.06	Buy
04/30/18	DBS Vickers	Sheng Siong	1.02	1.21	Buy	PER25x FY18
05/02/18	phillip	Sheng Siong	1.02	1.13	Accumulate	PER23x FY18
05/02/18	CIMB	Sheng Siong	1.02	1.18	Add	PER22.3x FY19
05/21/18	DMG & Partners	Sheng Siong	1	1.18	Buy	DCF & PER
06/22/18	DMG & Partners	Sheng Siong	1	1.18	Buy
06/28/18	OCBC	Sheng Siong	1.05	1.12	Buy
07/04/18	CIMB	Sheng Siong	1.06	1.18	Add	PER22.2x FY19
07/13/18	DMG & Partners	Sheng Siong	1.08	1.27	Buy	DCF