Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/17	CIMB	Thai Beverage	0.855	1.07	Add	Sum of parts, PER19.6x CY17
01/10/17	OCBC	Thai Beverage	0.845	1.01	Buy
02/02/17	OCBC	Thai Beverage	0.87	1.01	Buy
02/15/17	CIMB	Thai Beverage	0.88	1.07	Add	Sum of parts
02/16/17	DBS Vickers	Thai Beverage	0.94	1.01	Buy
03/06/17	OCBC	Thai Beverage	0.935	1.01	Buy
03/23/17	CIMB	Thai Beverage	0.925	1.07	Add	Sum of parts
03/31/17	UOB Kay Hian	Thai Beverage	0.935	1.09	Buy	Sum of parts
04/10/17	DBS Vickers	Thai Beverage	0.94	1.09	Buy	Sum of parts
04/10/17	DMG & Partners	Thai Beverage	0.94	1.1	Buy	Sum of parts
05/08/17	CIMB	Thai Beverage	0.91	1.07	Add	Sum of parts
05/12/17	DBS Vickers	Thai Beverage	0.915	1.09	Buy	Sum of parts
05/12/17	OCBC	Thai Beverage	0.915	1.01	Buy
05/15/17	DMG & Partners	Thai Beverage	0.885	1.1	Buy	Sum of parts
05/15/17	UOB Kay Hian	Thai Beverage	0.885	1.09	Buy	Sum of parts
06/13/17	OCBC	Thai Beverage	0.88	1.01	Buy
06/14/17	UOB Kay Hian	Thai Beverage	0.885	1.09	Buy
06/16/17	DBS Vickers	Thai Beverage	0.895	1.09	Buy
06/29/17	DBS Vickers	Thai Beverage	0.89	1.07	Buy	Sum of parts
07/03/17	DMG & Partners	Thai Beverage	0.9	1.1	Buy	Sum of parts, PER26x FY17
07/07/17	CIMB	Thai Beverage	0.91	1.07	Add	Sum of parts
07/10/17	Phillip	Thai Beverage	0.91	1.05	Accumulate	Sum of parts
07/11/17	UOB Kay Hian	Thai Beverage	0.915	1.09	Buy	Sum of parts
07/25/17	DBS Vickers	Thai Beverage	0.93	1.07	Buy	Sum of parts
08/08/17	UOB Kay Hian	Thai Beverage	0.96	1.09	Buy	Sum of parts
08/10/17	CIMB	Thai Beverage	0.955	1.07	Add	Sum of parts
08/10/17	DMG & Partners	Thai Beverage	0.955	1.1	Buy	Sum of parts
08/10/17	OCBC	Thai Beverage	0.955	1.01	Buy
08/11/17	DBS Vickers	Thai Beverage	0.945	1.07	Buy
08/14/17	Phillip	Thai Beverage	0.93	1.05	Accumulate	Sum of parts
08/14/17	UOB Kay Hian	Thai Beverage	0.93	1.09	Buy	Sum of parts
09/05/17	UOB Kay Hian	Thai Beverage	0.925	1.09	Buy	Sum of parts
09/18/17	OCBC	Thai Beverage	0.92	1.01	Buy
09/18/17	Credit Suisse	Thai Beverage	0.92	1.04	Outperform
09/19/17	DBS Vickers	Thai Beverage	0.915	1.07	Buy
09/20/17	DMG & Partners	Thai Beverage	0.91	1.1	Buy	Sum of parts
10/04/17	UOB Kay Hian	Thai Beverage	0.9	1.09	Buy	Sum of parts
10/13/17	DBS Vickers	Thai Beverage	0.945	1.07	Buy
10/16/17	DMG & Partners	Thai Beverage	0.94	1.12	Buy	Sum of parts
11/02/17	UOB Kay Hian	Thai Beverage	0.98	1.09	Buy	Sum of parts
11/24/17	DBS Vickers	Thai Beverage	0.94	1.07	Buy
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add	Sum of parts, PER24.8x FY18
11/27/17	Phillip	Thai Beverage	0.97	1.18	Buy	Sum of parts, PER24.2x FY18
11/27/17	UOB Kay Hian	Thai Beverage	0.97	1.11	Buy	Sum of parts
11/27/17	OCBC	Thai Beverage	0.97	1.07	Buy	Sum of parts
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add
12/04/17	Phillip	Thai Beverage	0.96	1.18	Buy
12/06/17	UOB Kay Hian	Thai Beverage	0.955	1.11	Buy	Sum of parts
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
12/19/17	DBS Vickers	Thai Beverage	0.97	1.07	Buy	Sum of parts
12/20/17	CIMB	Thai Beverage	0.95	1	Hold	Sum of parts, PER22.6x CY18
01/04/18	UOB Kay Hian	Thai Beverage	0.915	1.11	Buy	Sum of parts
01/11/18	OCBC	Thai Beverage	0.93	1.07	Buy
01/23/18	Nomura	Thai Beverage	0.92	1.13	Buy
01/23/18	DBS Vickers	Thai Beverage	0.92	1.07	Buy
01/23/18	CIMB	Thai Beverage	0.92	1	Hold
02/01/18	UOB Kay Hian	Thai Beverage	0.92	1.06	Buy	Sum of parts
02/15/18	UOB Kay Hian	Thai Beverage	0.91	0.99	Hold	Sum of parts, Buy @ $0.84
02/15/18	CIMB	Thai Beverage	0.91	0.98	Hold	Sum of parts, PER21.8x CY18
02/19/18	DBS Vickers	Thai Beverage	0.85	1.02	Buy	Sum of parts
02/22/18	Phillip	Thai Beverage	0.835	1.05	Buy	Sum of parts
03/05/18	OCBC	Thai Beverage	0.825	0.95	Buy
03/19/18	Phillip	Thai Beverage	0.815	1.05	Buy
03/26/18	DBS Vickers	Thai Beverage	0.805	1.02	Buy
04/16/18	Phillip	Thai Beverage	0.8	1.05	Buy
05/10/18	DMG & Partners	Thai Beverage	0.83	1.06	Buy	Sum of parts
05/16/18	DBS Vickers	Thai Beverage	0.8	1.02	Buy
05/17/18	Phillip	Thai Beverage	0.795	1.05	Buy	Sum of parts
05/17/18	CIMB	Thai Beverage	0.795	0.98	Add	Sum of parts
05/17/18	OCBC	Thai Beverage	0.795	0.95	Buy
06/11/18	CIMB	Thai Beverage	0.77	0.98	Add
06/22/18	DMG & Partners	Thai Beverage	0.77	1.06	Buy
07/03/18	UOB Kay Hian	Thai Beverage	0.7	0.99	Buy
07/12/18	DMG & Partners	Thai Beverage	0.725	1.02	Buy	Sum of parts
07/25/18	DBS Vickers	Thai Beverage	0.74	0.94	Buy	Sum of parts

Stock calls for 14 August 2018

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/18	Amfrasers	Comfortdelgro	2.35	2.72	Buy	PER19x FY18
08/14/18	DBS Vickers	Cromwell Reit (EUR)	0.595	0.66	Buy	DCF
08/14/18	phillip	Dasin Retail	0.9	0.97	Accumulate	DDM
08/14/18	DBS Vickers	ESR-Reit	0.51	0.63	Buy
08/14/18	Kim Eng	First Resources	1.56	2	Buy
08/14/18	DMG & Partners	First Resources	1.56	1.6	Neutral	PER11x FY19
08/14/18	CIMB	First Resources	1.56	2.03	Add	PER15x CY19
08/14/18	phillip	Ho Bee	2.52	2.98	Accumulate	RNAV (30% discount)
08/14/18	DBS Vickers	Hong Leong Finance	2.7	3.2	Buy	GGM, PB0l7x FY19
08/14/18	DBS Vickers	HRnetGroup	0.885	1.01	Buy	PER15x FY19, ex-cash
08/14/18	UOB Kay Hian	Jumbo	0.53	0.49	Hold	DCF, Buy @ $0.44
08/14/18	DBS Vickers	Jumbo	0.53	0.57	Hold	PER23x FY19
08/14/18	Amfrasers	Manulife US Reit	0.845	0.97	Buy
08/14/18	CIMB	Memtech	1.12	1.43	Add	PER10x FY19
08/14/18	Amfrasers	Mindchamps	0.705	0.86	Buy	DCF, PER22.6x FY18
08/14/18	phillip	Singapore O&G	0.36	0.42	Accumulate	PER23.2x
08/14/18	OCBC	Wheelock Properties	2.19	2.34	Reject offer	Offer $2.1
08/14/18	UOB Kay Hian	Wilmar	3.13	3.9	Buy	PER14.5x FY18
08/14/18	CIMB	Wilmar	3.13	4.1	Add	Sum of parts

Mahathir is old and senile already! - Part 2

https://sg.news.yahoo.com/news/malaysia-eyes-more-10-fold-hike-singapore-water-102025305--finance.html

What a foolish old man!

The water pact formed part of the separation agreement between Malaysia and Singapore.  It was one of the conditions to secure the separation from Singapore because Malaysia was very keen to be separated from Singapore.  This was the reason for Singapore to lodge the water pact and the separation agreement with the UN and LKY couldn't trust the Malaysian government.  Therefore, the water pact was not an ordinary commercial agreement that anyone could review or alter unless someone wanted to void the separation agreement.

If Mahathir thought that he could review the water pact, then UK could also use the Mahathir's logic to review the independence agreement that was given to Malaysia.  UK could claim that it was a mistake to let Malaysia gain independence and Malaysia was still supposedly a British colony.

Maybe Mahathir wanted to become a British again!

Mahathir is old and senile already!

https://www.usnews.com/news/world/articles/2018-08-13/ap-interview-malaysias-mahathir-aims-to-scrap-china-deals

By scrapping the China deals, Mahathir will remove any vested interest in Malaysia from China.  When China doesn't see any strategic importance of Malaysia in Asean, China will move its investment elsewhere and the Malacca Gateway will suffer because China doesn't need Strait of Malacca anymore as nature has created the arctic sea lane.

http://sg-stock.blogspot.com/2018/08/the-strait-of-malacca-and-singapore-psa.html

As 70% of the ships plying the Strait of Malacca belong to China at this moment, it is critical that China stays vested in this region.  Once China stops using the Strait of Malacca, Malaysia will relegate to become a poverty state.

Mahathir, are you really doing Malaysia any good with your myopic vision?

Telechoice - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/10/17	NRA	Telechoice	0.27	0.34	Overweight	PER15.56x FY17
08/15/17	NRA	Telechoice	0.25	0.34	Overweight

Tee Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/20/17	NRA	Tee Land	0.195	0.29	Overweight
03/09/18	NRA	Tee Land	0.21	0.28	Overweight	Sum of parts

Stock calls for 13 August 2018

Date	Analyst	Company	Last	Target	Call	Valuation
08/13/18	DBS Vickers	Capitaland	3.31	3.62	Buy	RNAV (25% discount)
08/13/18	OCBC	CDL Hospitality	1.5	1.42	Hold
08/13/18	phillip	China Sunsine	1.23	1.77	Buy	FCFE
08/13/18	phillip	Comfortdelgro	2.38	2.78	Accumulate	DCF, PER19.7x FY18
08/13/18	UOB Kay Hian	Comfortdelgro	2.38	2.59	Buy	PER16.8x FY19
08/13/18	DMG & Partners	Comfortdelgro	2.38	2.35	Neutral	DCF
08/13/18	OCBC	Comfortdelgro	2.38	2.5	Hold
08/13/18	CIMB	Comfortdelgro	2.38	2.75	Add	DCF, PER18.1x FY19
08/13/18	OCBC	Far East Hospitality	0.62	0.69	Buy
08/13/18	DBS Vickers	Frasers Property	1.71	1.98	Buy	RNAV (35% discount)
08/13/18	CIMB	Frasers Property	1.71	2.02	Add	RNAV (35% discount)
08/13/18	DMG & Partners	HRnetGroup	0.9	1.18	Buy	DCF
08/13/18	NRA	ISDN	0.215	0.32	Overweight
08/13/18	UOB Kay Hian	KSH	0.61	0.87	Buy	RNAV (50% discount)
08/13/18	OCBC	KSH	0.61	0.98	Buy
08/13/18	Lim & Tan	Singtel	3.14	0	Hold

Singapore NODX in July 2018 increased 9.4% from last year.

https://www.businesstimes.com.sg/government-economy/singapore-q2-non-oil-exports-jump-94-full-year-forecast-raised-to-25-35

Year on year changes (YOY):

July 2018: 11.8% (Corrected)

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%

https://sg-stock.blogspot.com/2018/07/singapore-nodx-increased-only-11-in.html

The Chinese are very nationalistic people and the USA is messing with the wrong country.

https://www.reuters.com/article/us-usa-trade-china-sentiment/the-chinese-streets-view-of-the-trade-war-some-say-they-wont-buy-u-s-products-idUSKBN1KY0LA

This Reuter survey paints a very grim future for the USA if the US-China trade war escalates further.

Is the USA willing to give up the largest consumer market in the whole world? I don't think so.

Singapore GDP growth for the 2nd quarter is slowing.

https://sg.finance.yahoo.com/news/singapores-gdp-growth-disappoints-construction-slumps-024227540.html

Singapore 2nd Qtr GDP growth is at an annualized rate of 0.6% and is slowing down significantly from the previous quarter and annually too.

With the escalation in the US-China trade war, Singapore will slow down further because SG cannot escape unscathed from it since SG is an international trading hub.

Furthermore, SG is increasing utility rates, GST and also will try to increase its ministerial pays.

Singaporeans have to hunker down for tougher times ahead.

Turkey's financial crisis has erupted and may stoke contagion.

https://www.bloombergquint.com/markets/2018/08/10/turkish-lira-collapses-as-investors-panic-before-erdogan-address#gs.OQaSmGw

There is a high possibility that Turkey's financial crisis may cause a wipeout of Temasek's investment in Turkey's companies.

European banks will also suffer because of this fallout.

Baltic dry index - 1691

Today, Friday, August 10 2018, the Baltic Dry Index decreased by 3 points, reaching 1691 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 - 1057

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. has jumped by 13 this week to 1,057.

At this time a year ago there were 949 active rigs.

Houston oilfield services company Baker Hughes reported Friday that 869 rigs drilled for oil this week and 186 for gas. Two were listed as miscellaneous.

Among major oil- and gas-producing states, Louisiana gained six rigs and New Mexico increased by five. Alaska and Oklahoma each gained two. California and Ohio added a rig apiece.

Texas, meanwhile, lost two rigs, while Arkansas, Kansas and Pennsylvania each decreased by one.

Colorado, North Dakota, Utah, West Virginia and Wyoming were unchanged from last week. 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.

Talkmed - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/23/17	CIMB	Talkmed	1.385	1.82	Add	DCF
02/28/17	DMG & Partners	Talkmed	1.43	2.07	Buy	DCF, PER32x FY17
03/06/17	CIMB	Talkmed	1.49	1.83	Add
04/26/17	DMG & Partners	Talkmed	1.775	2.07	Buy	DCF, PER30x FY18
04/27/17	CIMB	Talkmed	1.73	1.83	Hold	DCF
06/29/17	DMG & Partners	Talkmed	0.645	0.73	Buy	Ex-bonus 1 for 1
10/02/17	DMG & Partners	Talkmed	0.585	0.69	Buy
11/08/17	DMG & Partners	Talkmed	0.705	0.72	Neutral	PER29x FY18
01/08/18	CIMB	Talkmed	0.69	0.68	Hold	DCF
02/21/18	DMG & Partners	Talkmed	0.675	0.72	Neutral	DCF
04/27/18	DMG & Partners	Talkmed	0.69	0.7	Neutral	DCF, PER29x FY18

SUTL - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/17	UOB Kay Hian	SUTL	0.665	0	Buy
03/09/17	Amfrasers	SUTL	0.77	1.09	Buy	DCF, EV/Ebitda8.8x
05/12/17	Amfrasers	SUTL	0.9	1.09	Buy
08/25/17	Amfrasers	SUTL	0.735	1.04	Buy
10/11/17	Amfrasers	SUTL	0.69	1.04	Buy

Suntec Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Suntec Reit	1.68	1.71	Hold	DCF
01/11/17	Kim Eng	Suntec Reit	1.72	1.77	Hold
01/25/17	OCBC	Suntec Reit	1.685	1.53	Sell
01/26/17	CIMB	Suntec Reit	1.695	1.55	Reduce	DDM
01/26/17	Credit Suisse	Suntec Reit	1.695	1.46	Underperform
01/26/17	DBS Vickers	Suntec Reit	1.695	1.75	Hold	DCF
01/26/17	DIR	Suntec Reit	1.695	1.46	Underperform	DDM
01/26/17	DMG & Partners	Suntec Reit	1.695	1.53	Neutral	DDM
01/26/17	OCBC	Suntec Reit	1.695	1.54	Hold	DDM
01/26/17	UOB Kay Hian	Suntec Reit	1.695	1.8	Hold	DDM
02/09/17	Credit Suisse	Suntec Reit	1.73	1.43	Underperform
02/17/17	JP Morgan	Suntec Reit	1.725	1.85	Neutral
02/28/17	Deutsche	Suntec Reit	1.71	1.6	Sell
03/07/17	UOB Kay Hian	Suntec Reit	1.74	1.8	Hold
03/10/17	DMG & Partners	Suntec Reit	1.73	1.53	Neutral
04/07/17	DMG & Partners	Suntec Reit	1.79	1.53	Neutral
04/11/17	UOB Kay Hian	Suntec Reit	1.79	1.8	Hold	DDM
04/18/17	DIR	Suntec Reit	1.75	1.46	Underperform
04/18/17	Kim Eng	Suntec Reit	1.75	1.76	Hold
04/27/17	DIR	Suntec Reit	1.755	1.5	Underperform	DDM
04/27/17	OCBC	Suntec Reit	1.755	1.68	Hold
05/25/17	Deutsche	Suntec Reit	1.8	1.7	Hold
05/25/17	UOB Kay Hian	Suntec Reit	1.8	1.9	Hold
06/22/17	Deutsche	Suntec Reit	1.84	1.7	Hold
07/11/17	Kim Eng	Suntec Reit	1.87	1.76	Hold
07/12/17	DMG & Partners	Suntec Reit	1.86	1.53	Neutral
07/26/17	UOB Kay Hian	Suntec Reit	1.93	1.9	Hold	DDM
07/27/17	CIMB	Suntec Reit	1.92	1.77	Reduce	DDM
07/27/17	DIR	Suntec Reit	1.92	1.63	Underperform	DDM
07/27/17	UOB Kay Hian	Suntec Reit	1.92	1.95	Hold	DDM
07/27/17	DMG & Partners	Suntec Reit	1.92	1.75	Neutral	DDM
07/27/17	OCBC	Suntec Reit	1.92	1.8	Hold
07/27/17	Kim Eng	Suntec Reit	1.92	1.8	Hold	Yield 5.5%
07/27/17	Religare	Suntec Reit	1.92	1.66	Hold
08/17/17	DBS Vickers	Suntec Reit	1.895	1.95	Hold	DCF
09/21/17	DMG & Partners	Suntec Reit	1.875	1.75	Neutral
09/25/17	Kim Eng	Suntec Reit	1.855	1.8	Hold
10/23/17	UOB Kay Hian	Suntec Reit	1.91	1.95	Hold
10/27/17	OCBC	Suntec Reit	1.93	1.8	Hold
10/30/17	UOB Kay Hian	Suntec Reit	1.93	2.05	Hold	DDM
10/30/17	CIMB	Suntec Reit	1.93	1.83	Reduce	DDM
10/30/17	DBS Vickers	Suntec Reit	1.93	1.95	Hold
11/20/17	DIR	Suntec Reit	1.97	1.63	Underperform	DDM
12/01/17	UOB Kay Hian	Suntec Reit	2.04	2.13	Hold
12/15/17	DBS Vickers	Suntec Reit	2.07	2.3	Buy	DCF
12/18/17	Kim Eng	Suntec Reit	2.12	1.89	Hold	Target yield 5.25%, Up from $1.84
01/04/18	Deutsche	Suntec Reit	2.14	2.05	Hold
01/05/18	DMG & Partners	Suntec Reit	2.17	1.75	Neutral
01/25/18	CIMB	Suntec Reit	2.15	2.17	Hold	DDM
01/25/18	DBS Vickers	Suntec Reit	2.15	2.3	Buy	DCF
01/25/18	OCBC	Suntec Reit	2.15	1.81	Sell
01/25/18	Kim Eng	Suntec Reit	2.15	1.91	Hold
01/26/18	UOB Kay Hian	Suntec Reit	2.14	2.13	Hold	DDM
02/20/18	DBS Vickers	Suntec Reit	1.97	2.3	Buy
04/25/18	DBS Vickers	Suntec Reit	1.9	2.3	Buy
04/25/18	OCBC	Suntec Reit	1.9	1.81	Sell
04/26/18	DMG & Partners	Suntec Reit	1.9	1.75	Neutral	DDM
04/26/18	UOB Kay Hian	Suntec Reit	1.9	2.13	Hold	DDM
04/26/18	OCBC	Suntec Reit	1.9	1.84	Sell
04/26/18	CIMB	Suntec Reit	1.9	2.12	Add	DDM
04/26/18	Kim Eng	Suntec Reit	1.9	1.94	Hold
05/08/18	DBS Vickers	Suntec Reit	1.92	2.3	Buy
05/17/18	DMG & Partners	Suntec Reit	1.83	1.75	Neutral
06/12/18	DBS Vickers	Suntec Reit	1.74	2.3	Buy
07/25/18	OCBC	Suntec Reit	1.89	1.84	Hold
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
08/02/18	DBS Vickers	Suntec Reit	1.87	2.3	Buy

Stock calls for 10 August 2018

Date	Analyst	Company	Last	Target	Call	Valuation
08/08/19	OCBC	Viva Industrial	0.895	0.942	Accept Offer	$0.096 cash & 1.6 ESR-Reit share (New value $0.53)
08/10/18	CIMB	Best World	1.25	1.39	Hold	PER12.5x CY19
08/10/18	DBS Vickers	Best World	1.25	1.15	Fully Valued	PER15x FY18
08/10/18	Kim Eng	Capitaland	3.3	3.8	Buy
08/10/18	UOB Kay Hian	Capitaland	3.3	3.78	Buy	RNAV (20% discount)
08/10/18	CIMB	Capitaland	3.3	3.55	Add	RNAV (35% discount)
08/10/18	OCBC	Capitaland	3.3	4.09	Buy
08/10/18	DMG & Partners	Centurion	0.45	0.47	Neutral
08/10/18	UOB Kay Hian	City Developments	9.89	12	Buy	RNAV (15% discount)
08/10/18	CIMB	City Developments	9.89	10.89	Add	RNAV (35% discount)
08/10/18	OCBC	City Developments	9.89	9.81	Hold
08/10/18	Lim & Tan	City Developments	9.89	0	Hold
08/10/18	DBS Vickers	City Developments	9.89	10	Hold	RNAV (35% discount)
08/10/18	DBS Vickers	Comfortdelgro	2.37	2.59	Buy
08/10/18	DMG & Partners	Kimly	0.335	0.46	Buy
08/10/18	DBS Vickers	PACC Offshore	0.305	0.32	Hold	PB1x FY18
08/10/18	OCBC	Singtel	3.2	4.08	Buy
08/10/18	UOB Kay Hian	Singtel	3.2	4.05	Buy	DCF
08/10/18	CIMB	Singtel	3.2	3.7	Add	Sum of parts
08/10/18	DBS Vickers	Singtel	3.2	3.7	Buy	Sum of parts
08/10/18	DMG & Partners	Singtel	3.2	3.7	Buy	Sum of parts
08/10/18	Kim Eng	ST Engineering	3.45	4.15	Buy	DCF
08/10/18	CIMB	ST Engineering	3.45	3.8	Add	Sum of parts
08/10/18	OCBC	ST Engineering	3.45	3.9	Buy	FCFE
08/10/18	DBS Vickers	ST Engineering	3.45	4.1	Buy
08/10/18	DMG & Partners	ST Engineering	3.45	3.97	Buy
08/10/18	CIMB	Sunningdale	1.42	2.05	Add	PB1.02x FY18
08/10/18	DBS Vickers	Yangzijiang	0.99	1.82	Buy	Sum of parts

Sunpower - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/06/18	UOB Kay Hian	Sunpower	0.48	0.77	Buy	Sum of parts
06/06/18	Lim & Tan	Sunpower	0.48	0.95	Buy	Sum of parts

Sunningdale - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/17	CIMB	Sunningdale	1.285	1.56	Add
02/28/17	Lim & Tan	Sunningdale	1.285	0	Buy
03/06/17	UOB Kay Hian	Sunningdale	1.365	1.83	Buy
03/09/17	DBS Vickers	Sunningdale	1.445	1.64	Not Rated	PER10x FY17
04/07/17	UOB Kay Hian	Sunningdale	1.76	1.83	Hold	PER11x FY17, Buy @ $1.65
05/15/17	Lim & Tan	Sunningdale	1.84	0	Buy
05/15/17	UOB Kay Hian	Sunningdale	1.84	2.04	Buy
05/16/17	CIMB	Sunningdale	1.835	2.19	Add	PB1.11x FY17
05/25/17	DBS Vickers	Sunningdale	1.95	2.62	Buy	PER13x FY18
07/05/17	CIMB	Sunningdale	1.765	2.19	Add	PB1.11x FY17
07/28/17	Lim & Tan	Sunningdale	1.995	0	Buy
08/03/17	UOB Kay Hian	Sunningdale	2.05	2.51	Buy	PER11.4x FY18, PB1.34x FY16
08/03/17	DBS Vickers	Sunningdale	2.05	2.62	Buy	PER13x FY18
08/03/17	Lim & Tan	Sunningdale	2.05	0	Buy
08/04/17	CIMB	Sunningdale	2.15	2.19	Add	PB1.11x FY17
08/04/17	DBS Vickers	Sunningdale	2.15	2.7	Buy	PER13x FY18
10/02/17	DBS Vickers	Sunningdale	1.97	2.7	Buy	PER13x FY18
10/03/17	NRA	Sunningdale	2.02	2.73	Not Rated	PER13.46x
10/30/17	CIMB	Sunningdale	2.14	2.86	Add	PB1.36x FY18
11/09/17	CIMB	Sunningdale	2.25	2.79	Add	PB1.33x FY18
11/09/17	Lim & Tan	Sunningdale	2.25	0	Buy
11/10/17	UOB Kay Hian	Sunningdale	2.15	2.51	Buy	PER11.4x FY18
11/10/17	DBS Vickers	Sunningdale	2.15	2.7	Buy	PER13x FY18
12/06/17	DBS Vickers	Sunningdale	1.89	2.7	Buy
12/20/17	CIMB	Sunningdale	1.84	2.79	Add
01/10/18	CIMB	Sunningdale	1.92	2.79	Add
02/07/18	CIMB	Sunningdale	1.86	2.79	Add
02/23/18	CIMB	Sunningdale	1.93	2.82	Add	PB1.374x FY18
02/23/18	UOB Kay Hian	Sunningdale	1.93	2.51	Buy	PER11.4x FY18
02/23/18	DBS Vickers	Sunningdale	1.93	2.7	Buy	PER13x FY18
02/23/18	Lim & Tan	Sunningdale	1.93	0	Buy on weakness
04/03/18	DBS Vickers	Sunningdale	1.89	2.7	Buy
04/24/18	Lim & Tan	Sunningdale	1.73	0	Hold
04/25/18	UOB Kay Hian	Sunningdale	1.47	2	Buy	PER11.9x FY18
04/25/18	CIMB	Sunningdale	1.47	2.5	Add	PB1.23x FY18
04/25/18	DBS Vickers	Sunningdale	1.47	1.53	Hold	PER11x FY18
05/23/18	UOB Kay Hian	Sunningdale	1.27	2	Buy	PER11.9x FY18
05/25/18	CIMB	Sunningdale	1.28	2.5	Add
06/04/18	UOB Kay Hian	Sunningdale	1.38	2	Buy
07/04/18	UOB Kay Hian	Sunningdale	1.29	2	Buy
08/08/18	Lim & Tan	Sunningdale	1.31	0	Buy