Stock calls for 22 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/18	DMG & Partners	Cache Logistics	0.88	0.96	Buy	DDM
01/22/18	phillip	Cache Logistics	0.88	0.92	Accumulate	DDM
01/22/18	DBS Vickers	Cache Logistics	0.88	0.9	Hold
01/22/18	OCBC	Cache Logistics	0.88	0.81	Hold
01/22/18	CIMB	China Sunsine	1.04	1.5	Add	PER9.8x CY19
01/22/18	OCBC	Keppel Corp	8.25	9.32	Buy
01/22/18	OCBC	Sembcorp Marine	2.3	2.37	Hold	PB2x FY18
01/22/18	DMG & Partners	SGX	7.98	9	Buy	PER24x FY19
01/22/18	Kim Eng	SGX	7.98	8.82	Buy	PER23x FY19
01/22/18	DBS Vickers	SGX	7.98	8.9	Buy	DDM, PER21x FY19
01/22/18	OCBC	SGX	7.98	8.16	Hold	PER24x FY18
01/22/18	CIMB	SGX	7.98	8.5	Add	PER24x FY19
01/22/18	phillip	SGX	7.98	9	Accumulate	DCF
01/22/18	Lim & Tan	ST Engineering	3.32	0	Buy

Can China save Noble Group after the failure of Abu Dhabi?

https://www.theedgesingapore.com/chinese-conglomerate-interested-buying-noble-group

We're unsure whether this Chinese conglomerate will buy Noble Group because the commodity industry is still in a doldrum.  Therefore, the Chinese will definitely demand a heavy discount for the takeover.

https://sg-stock.blogspot.sg/2018/01/nobles-future-is-getting-from-bad-to.html

Even the previous white knight, Goldilocks, cannot save Noble Group.  Is Goldilocks willing to take a substantial haircut to sell Noble Group to the Chinese conglomerate?

https://sg-stock.blogspot.sg/2017/07/noble-group-update.html

The US government has shut down on Friday!

https://sg.news.yahoo.com/ap-explains-why-government-close-shutdown-233759096--politics.html

The federal government has no money to pay its government employees anymore.  Therefore, it is shutting down its offices, leaving the essential services still operating with limited manpower.

On the other hand, Trump is reducing the tax revenues despite running out of money to please his supporters.  Trump's tax policies will add USD$1.5T to the national debt within a decade.

When a government has no money from its coffer to pay its employees, do you think it has the money to repay its national debts?  There is no way the USA is able to repay its national debt of more than USD$20T but no media will report this publicly.  The day of reckoning will come as it is just a matter of time.

Instead of focusing on increasing its government coffer, the US government is diverting the attention away from its debt problem to China by getting the media to do fearmongering and smearing campaign against China, be it militarily or economically.  China's crash story has been spinning around for more than a decade but China has not collapsed yet and its economic growth has been around 7% insofar.

With an ever-increasing colossal debt and economic growth of around 3%, the USA economic health is definitely declining.  There will come a time when the death cross appears on the chart.

Baltic dry index -1125

Today, Friday, January 19 2018, the Baltic Dry Index decreased by 14 points, reaching 1125 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 - 936

HOUSTON (AP) - The number of rigs exploring for oil and natural gas in the U.S. decreased by three this week to 936.

That exceeds the 694 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 189 for natural gas this week.

Among oil- and gas-producing states, Wyoming gained three rigs, West Virginia increased by two and Louisiana, New Mexico, Pennsylvania and Texas each gained one.

Colorado and Ohio each lost four rigs and Alaska, North Dakota and Utah each decreased by one.

Arkansas, California and Oklahoma 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

Keppel Infrastructure - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/19/16	DBS Vickers	Keppel Infrastructure	0.475	0.55	Hold
04/14/16	Credit Suisse	Keppel Infrastructure	0.505	0.57	Outperform
04/14/16	DBS Vickers	Keppel Infrastructure	0.505	0.56	Buy
04/14/16	UOB Kay Hian	Keppel Infrastructure	0.505	0.55	Hold	DCF, Buy @ $0.48
07/19/16	Credit Suisse	Keppel Infrastructure	0.51	0.57	Outperform
10/18/16	DBS Vickers	Keppel Infrastructure	0.505	0.56	Buy	DCF
10/18/16	UOB Kay Hian	Keppel Infrastructure	0.505	0.55	Hold	DCF
01/24/17	DBS Vickers	Keppel Infrastructure	0.495	0.56	Buy	DCF
01/24/17	UOB Kay Hian	Keppel Infrastructure	0.495	0.54	Hold	Buy below $0.475
04/07/17	Credit Suisse	Keppel Infrastructure	0.525	0.57	Outperform
04/18/17	DBS Vickers	Keppel Infrastructure	0.53	0.56	Buy	DCF
07/19/17	Credit Suisse	Keppel Infrastructure	0.565	0.57	Neutral
07/19/17	DBS Vickers	Keppel Infrastructure	0.565	0.6	Buy	DDM
10/17/17	DBS Vickers	Keppel Infrastructure	0.55	0.6	Buy	DDM

Keppel DC Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Keppel DC Reit	1.01	1.14	Buy	DCF
01/08/16	Phillip	Keppel DC Reit	1.01	1.13	Accumulate	DDM
01/15/16	Credit Suisse	Keppel DC Reit	1.01	1.13	Outperform
01/15/16	Lim & Tan	Keppel DC Reit	1.01	0	Hold
01/15/16	OCBC	Keppel DC Reit	1.01	1.24	Buy
01/22/16	CIMB	Keppel DC Reit	0.98	1.18	Add	DDM
01/26/16	Deutsche	Keppel DC Reit	0.96	1.15	Buy
03/07/16	CIMB	Keppel DC Reit	1.06	1.18	Add	DDM
03/24/16	Deutsche	Keppel DC Reit	1.075	1.15	Buy
04/05/16	Deutsche	Keppel DC Reit	1.045	1.15	Buy
04/13/16	Kim Eng	Keppel DC Reit	1.055	1.14	Not Rated
04/14/16	CIMB	Keppel DC Reit	1.065	1.18	Add	DDM
04/14/16	DBS Vickers	Keppel DC Reit	1.065	1.14	Buy	DCF
04/14/16	Lim & Tan	Keppel DC Reit	1.065	0	Hold
04/14/16	OCBC	Keppel DC Reit	1.065	1.24	Buy
04/14/16	Phillip	Keppel DC Reit	1.065	1.13	Accumulate	DDM
04/15/16	Credit Suisse	Keppel DC Reit	1.07	1.13	Outperform
05/17/16	CIMB	Keppel DC Reit	1.075	1.18	Add
05/17/16	Deutsche	Keppel DC Reit	1.075	1.15	Buy
06/20/16	Deutsche	Keppel DC Reit	1.075	1.15	Buy
06/20/16	JP Morgan	Keppel DC Reit	1.075	1.15	Overweight
06/22/16	OCBC	Keppel DC Reit	1.085	1.24	Buy
07/08/16	Phillip	Keppel DC Reit	1.165	1.13	Neutral	DDM
07/19/16	CIMB	Keppel DC Reit	1.17	1.27	Add	PB1.4x
07/19/16	Credit Suisse	Keppel DC Reit	1.17	1.23	Outperform
07/19/16	DBS Vickers	Keppel DC Reit	1.17	1.22	Buy
07/19/16	JP Morgan	Keppel DC Reit	1.17	1.2	Overweight
07/19/16	Lim & Tan	Keppel DC Reit	1.17	0	Hold
07/19/16	OCBC	Keppel DC Reit	1.17	1.27	Buy
07/26/16	Deutsche	Keppel DC Reit	1.17	1.15	Buy
08/04/16	CIMB	Keppel DC Reit	1.19	1.27	Add	DDM
08/12/16	OCBC	Keppel DC Reit	1.205	1.27	Buy
08/15/16	CIMB	Keppel DC Reit	1.185	1.29	Add	DDM
08/15/16	OCBC	Keppel DC Reit	1.185	1.3	Buy
08/16/16	DBS Vickers	Keppel DC Reit	1.195	1.22	Buy
08/18/16	Phillip	Keppel DC Reit	1.19	1.26	Accumulate	DDM
08/31/16	Credit Suisse	Keppel DC Reit	1.2	1.23	Outperform
09/02/16	Lim & Tan	Keppel DC Reit	1.205	0	Hold
09/06/16	CIMB	Keppel DC Reit	1.195	1.29	Add
10/12/16	Phillip	Keppel DC Reit	1.225	1.29	Accumulate	DDM
10/18/16	CIMB	Keppel DC Reit	1.225	1.33	Add	DDM
10/18/16	JP Morgan	Keppel DC Reit	1.225	1.25	Overweight
10/18/16	Lim & Tan	Keppel DC Reit	1.225	0	Buy on weakness
10/18/16	OCBC	Keppel DC Reit	1.225	1.35	Buy
10/18/16	Phillip	Keppel DC Reit	1.225	1.26	Accumulate	DDM
11/01/16	Credit Suisse	Keppel DC Reit	1.245	1.31	Outperform
11/04/16	CIMB	Keppel DC Reit	1.24	1.33	Add
11/08/16	OCBC	Keppel DC Reit	1.215	1.35	Buy
11/11/16	Phillip	Keppel DC Reit	1.21	1.26	Accumulate
11/16/16	Deutsche	Keppel DC Reit	1.165	1.3	Buy
11/16/16	JP Morgan	Keppel DC Reit	1.165	1.2	Overweight
11/29/16	DBS Vickers	Keppel DC Reit	1.21	1.33	Buy	DCF
12/07/16	CIMB	Keppel DC Reit	1.225	1.22	Hold
12/07/16	Deutsche	Keppel DC Reit	1.225	1.3	Buy
12/07/16	OCBC	Keppel DC Reit	1.225	1.35	Buy
01/09/17	CIMB	Keppel DC Reit	1.23	1.18	Hold	DDM
01/09/17	DBS Vickers	Keppel DC Reit	1.23	1.33	Buy	DCF
01/24/17	CIMB	Keppel DC Reit	1.215	1.21	Hold	DDM
01/24/17	Lim & Tan	Keppel DC Reit	1.215	0	Hold
01/24/17	OCBC	Keppel DC Reit	1.215	1.39	Buy
01/25/17	Credit Suisse	Keppel DC Reit	1.205	1.31	Outperform
01/25/17	DBS Vickers	Keppel DC Reit	1.205	1.3	Buy	DCF
01/25/17	Phillip	Keppel DC Reit	1.205	1.15	Hold	DDM, PB1.21x FY17
02/17/17	JP Morgan	Keppel DC Reit	1.165	1.25	Overweight
02/20/17	Phillip	Keppel DC Reit	1.175	1.15	Neutral
02/28/17	Deutsche	Keppel DC Reit	1.165	1.2	Hold
03/01/17	CIMB	Keppel DC Reit	1.18	1.21	Add	DDM
03/06/17	OCBC	Keppel DC Reit	1.165	1.39	Buy
03/17/17	DBS Vickers	Keppel DC Reit	1.195	1.3	Buy
04/03/17	OCBC	Keppel DC Reit	1.2	1.39	Buy
04/07/17	Lim & Tan	Keppel DC Reit	1.215	0	Buy
04/18/17	CIMB	Keppel DC Reit	1.225	1.26	Add	DDM
04/18/17	Credit Suisse	Keppel DC Reit	1.225	1.31	Outperform
04/18/17	Lim & Tan	Keppel DC Reit	1.225	0	Hold
04/18/17	Phillip	Keppel DC Reit	1.225	1.15	Neutral	DDM
05/08/17	Phillip	Keppel DC Reit	1.24	1.15	Neutral
05/18/17	DBS Vickers	Keppel DC Reit	1.23	1.3	Buy
05/29/17	OCBC	Keppel DC Reit	1.28	1.39	Buy
06/22/17	Deutsche	Keppel DC Reit	1.26	1.2	Hold
07/18/17	Phillip	Keppel DC Reit	1.32	1.28	Hold	DDM, PB1.35x FY17
07/18/17	Credit Suisse	Keppel DC Reit	1.32	1.47	Outperform
07/18/17	OCBC	Keppel DC Reit	1.32	1.39	Buy	DDM
07/18/17	CIMB	Keppel DC Reit	1.32	1.28	Hold	DDM
07/19/17	DBS Vickers	Keppel DC Reit	1.33	1.4	Buy
08/18/17	Phillip	Keppel DC Reit	1.275	1.28	Neutral	DDM, PB1.35x FY17
08/22/17	OCBC	Keppel DC Reit	1.285	1.39	Buy
09/04/17	CIMB	Keppel DC Reit	1.285	1.28	Hold
09/13/17	DBS Vickers	Keppel DC Reit	1.295	1.44	Buy
09/14/17	Phillip	Keppel DC Reit	1.29	1.31	Neutral	DDM, PB1.37x FY17
09/14/17	Lim & Tan	Keppel DC Reit	1.29	0	Hold
09/26/17	CIMB	Keppel DC Reit	1.305	1.36	Add
10/17/17	Phillip	Keppel DC Reit	1.35	1.36	Neutral	DDM, PB1.42x FY17
10/17/17	OCBC	Keppel DC Reit	1.35	1.39	Buy
10/17/17	Lim & Tan	Keppel DC Reit	1.35	0	Hold
10/17/17	CIMB	Keppel DC Reit	1.35	1.37	Hold
10/19/17	DBS Vickers	Keppel DC Reit	1.345	1.44	Buy	DCF
11/20/17	OCBC	Keppel DC Reit	1.4	1.5	Buy	PB1.47x FY18

Stock calls for 19 January 2018

Date	Analyst	Company	Last	Target	Call	Percent	Valuation
01/19/18	UOB Kay Hian	A-Reit	2.77	3.05	Buy	10.11
01/19/18	Kim Eng	A-Reit	2.77	3	Buy	8.30
01/19/18	Kim Eng	Cache Logistics	0.875	0.9	Hold	2.86	DDM
01/19/18	CIMB	Cache Logistics	0.875	0.85	Hold	-2.86	DDM
01/19/18	UOB Kay Hian	CapitaCommercial	1.92	2.09	Buy	8.85
01/19/18	CIMB	Comfortdelgro	2.01	2.15	Hold	6.97
01/19/18	CIMB	First Reit	1.41	1.44	Hold	2.13	DDM
01/19/18	OCBC	First Reit	1.41	1.48	Buy	4.96
01/19/18	DBS Vickers	Frasers Commercial Trust	1.51	1.71	Buy	13.25	DCF
01/19/18	Kim Eng	Mapletree Industrial	2.11	2.1	Buy	-0.47
01/19/18	DBS Vickers	Soilbuild Reit	0.7	0.62	Hold	-11.43	DCF
01/19/18	Lim & Tan	Soilbuild Reit	0.7	0	Hold	-100.00
01/19/18	Lim & Tan	Venture	23.15	0	Buy	-100.00
01/19/18	UOB Kay Hian	Wing Tai	2.34	2.78	Buy	18.80

Hot news! Japan will release its own cryptocurrency in March 2018.

https://www.investopedia.com/news/japans-biggest-bank-releasing-its-own-cryptocurrency-march/?partner=YahooSA&yptr=yahoo

This is the first official cryptocurrency which cannot be mined by others in Japan.

Since this is a government-issued cryptocurrency, there won't be anonymity for this cryptocurrency which is in line with the upcoming G20 summit discussion in March 2018.

The timing for the launch is uncanny because G20 is also held in March 2018.

Keppel Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	DMG & Partners	Keppel Corp	6.51	10	Buy
01/06/16	Macquarie	Keppel Corp	6.45	5.3	Underperform	PB0.9x
01/08/16	Kim Eng	Keppel Corp	5.82	7.7	Hold
01/08/16	Nomura	Keppel Corp	5.82	5.67	Reduce
01/08/16	UOB Kay Hian	Keppel Corp	5.82	6.3	Hold	PB0.85x
01/12/16	Lim & Tan	Keppel Corp	5.54	0	Buy
01/13/16	Amfrasers	Keppel Corp	5.15	7.16	Hold
01/19/16	DMG & Partners	Keppel Corp	4.85	8.08	Buy	Sum of parts, PB2.5x, PER8x FY16
01/19/16	Nomura	Keppel Corp	4.85	5.05	Neutral	Sum of parts
01/20/16	Kim Eng	Keppel Corp	5.18	4.24	Sell	Sum of parts
01/22/16	Amfrasers	Keppel Corp	4.8	4.26	Sell	Sum of parts
01/22/16	CIMB	Keppel Corp	4.8	4.39	Hold	RNAV (30% discount)
01/22/16	Credit Suisse	Keppel Corp	4.8	5.1	Neutral
01/22/16	DIR	Keppel Corp	4.8	5.4	Outperform	Sum of parts
01/22/16	Lim & Tan	Keppel Corp	4.8	0	Buy
01/22/16	OCBC	Keppel Corp	4.8	4.38	Hold	Sum of parts (10% discount), PB0.7x
01/22/16	UOB Kay Hian	Keppel Corp	4.8	6.05	Buy	PB0.85x
01/25/16	DBS Vickers	Keppel Corp	5.02	5.25	Hold	RNAV (10% discount)
01/26/16	Deutsche	Keppel Corp	4.81	7	Hold
01/28/16	Deutsche	Keppel Corp	4.75	4.8	Hold
01/28/16	Kim Eng	Keppel Corp	4.75	4.24	Sell	Sum of parts
02/03/16	DIR	Keppel Corp	4.9	5.4	Outperform	Sum of parts
02/22/16	OCBC	Keppel Corp	5.34	4.38	Hold
03/07/16	UOB Kay Hian	Keppel Corp	6.1	6.6	Buy
03/09/16	Amfrasers	Keppel Corp	5.77	4.26	Sell
03/09/16	DIR	Keppel Corp	5.77	5.5	Hold	Sum of parts (10% discount)
03/09/16	Kim Eng	Keppel Corp	5.77	4.24	Sell
03/09/16	Lim & Tan	Keppel Corp	5.77	0	Hold
03/11/16	DBS Vickers	Keppel Corp	5.9	5.25	Hold	Sum of parts, PB0.8x FY16
03/14/16	Credit Suisse	Keppel Corp	6.14	5	Underperform
03/14/16	UOB Kay Hian	Keppel Corp	6.14	6.5	Buy	Sum of parts
03/17/16	DIR	Keppel Corp	5.98	5.68	Hold	Sum of parts (20% discount)
03/22/16	OCBC	Keppel Corp	6.03	5.07	Hold	Sum of parts (10% discount), PB0.9x
03/28/16	DMG & Partners	Keppel Corp	5.87	8.08	Buy
03/30/16	Kim Eng	Keppel Corp	5.74	4.42	Sell	Sum of parts
04/01/16	DIR	Keppel Corp	5.83	5.68	Hold	Sum of parts (20% discount)
04/07/16	CIMB	Keppel Corp	5.65	5.53	Hold	RNAV (30% discount)
04/07/16	DBS Vickers	Keppel Corp	5.65	5.25	Hold
04/07/16	Lim & Tan	Keppel Corp	5.65	0	Hold
04/19/16	Amfrasers	Keppel Corp	6	5.6	Hold	Sum of parts
04/19/16	CIMB	Keppel Corp	6	5.14	Reduce	RNAV
04/19/16	Credit Suisse	Keppel Corp	6	5	Underperform
04/19/16	Kim Eng	Keppel Corp	6	4.42	Sell	Sum of parts
04/19/16	Macquarie	Keppel Corp	6	5.3	Underperform
04/19/16	OCBC	Keppel Corp	6	5.57	Hold	Sum of parts
04/19/16	UOB Kay Hian	Keppel Corp	6	6.4	Hold	Sum of parts, Buy @ $5.40
05/04/16	Lim & Tan	Keppel Corp	5.4	0	Hold
05/17/16	Amfrasers	Keppel Corp	5.11	5.6	Buy	Sum of parts
05/18/16	Deutsche	Keppel Corp	5.42	5.9	Hold	Sum of parts
05/20/16	UOB Kay Hian	Keppel Corp	5.22	6.4	Hold
05/24/16	OCBC	Keppel Corp	5.3	5.57	Hold
06/06/16	Kim Eng	Keppel Corp	5.38	4.42	Sell
06/10/16	Credit Suisse	Keppel Corp	5.71	5	Underperform	Sum of parts
06/14/16	UOB Kay Hian	Keppel Corp	5.4	6.4	Hold
06/16/16	DIR	Keppel Corp	5.39	5.67	Hold	Sum of parts
06/27/16	OCBC	Keppel Corp	5.3	5.57	Hold
07/05/16	UOB Kay Hian	Keppel Corp	5.57	6.4	Hold
07/14/16	Credit Suisse	Keppel Corp	5.57	5	Underperform
07/15/16	DIR	Keppel Corp	5.59	5.61	Hold	Sum of parts (10% discount)
07/15/16	Macquarie	Keppel Corp	5.59	5.8	Neutral
07/22/16	Amfrasers	Keppel Corp	5.58	5.67	Hold	Sum of parts
07/22/16	CIMB	Keppel Corp	5.58	5.14	Reduce	RNAV
07/22/16	DBS Vickers	Keppel Corp	5.58	5.25	Hold
07/22/16	Kim Eng	Keppel Corp	5.58	4.5	Sell
07/22/16	Lim & Tan	Keppel Corp	5.58	0	Hold
07/22/16	OCBC	Keppel Corp	5.58	5.68	Hold	Buy @ $5.30
07/22/16	UOB Kay Hian	Keppel Corp	5.58	5.7	Hold	Buy @ $5.10
08/11/16	Deutsche	Keppel Corp	5.25	5.5	Hold
08/11/16	UOB Kay Hian	Keppel Corp	5.25	5.7	Hold	Buy @ $5.10
09/05/16	DIR	Keppel Corp	5.19	5.39	Hold	Sum of parts
09/08/16	Lim & Tan	Keppel Corp	5.41	0	Hold
09/19/16	OCBC	Keppel Corp	5.22	5.68	Hold
09/21/16	Kim Eng	Keppel Corp	5.27	4.54	Sell	Sum of parts
10/03/16	UOB Kay Hian	Keppel Corp	5.42	5.7	Hold
10/06/16	Lim & Tan	Keppel Corp	5.39	0	Hold
10/10/16	DIR	Keppel Corp	5.46	5.72	Hold	Sum of parts (10% discount)
10/21/16	CIMB	Keppel Corp	5.44	5.14	Reduce	RNAV
10/21/16	Credit Suisse	Keppel Corp	5.44	5	Underperform
10/21/16	DBS Vickers	Keppel Corp	5.44	5.25	Hold	Sum of parts, PB0.8x FY16
10/21/16	Kim Eng	Keppel Corp	5.44	4.57	Sell	Sum of parts
10/21/16	OCBC	Keppel Corp	5.44	5.71	Hold
10/21/16	UOB Kay Hian	Keppel Corp	5.44	5.04	Hold	Sum of parts, Buy @ $4.85
10/24/16	Macquarie	Keppel Corp	5.31	5.8	Neutral	Sum of parts
11/03/16	Amfrasers	Keppel Corp	5.25	5.93	Buy
11/03/16	OCBC	Keppel Corp	5.25	5.71	Hold
11/04/16	Credit Suisse	Keppel Corp	5.27	5	Underperform
12/02/16	DMG & Partners	Keppel Corp	5.89	6.52	Buy
12/05/16	CIMB	Keppel Corp	5.93	5.14	Reduce	RNAV
12/07/16	Deutsche	Keppel Corp	5.9	5.5	Hold
12/07/16	UOB Kay Hian	Keppel Corp	5.9	6.25	Hold	PB1.2x
12/12/16	OCBC	Keppel Corp	5.93	5.71	Hold
12/13/16	Kim Eng	Keppel Corp	6.28	4.57	Sell	Sum of parts
12/22/16	Lim & Tan	Keppel Corp	5.9	0	Hold
12/22/16	Morgan Stanley	Keppel Corp	5.9	5.8	Equal Weight
01/03/17	DMG & Partners	Keppel Corp	5.79	6.52	Buy	Sum of parts
01/05/17	Deutsche	Keppel Corp	5.82	5.9	Hold	Sum of parts (15% discount)
01/16/17	DIR	Keppel Corp	6.12	5.72	Hold
01/25/17	Credit Suisse	Keppel Corp	6.36	5	Underperform
01/27/17	CIMB	Keppel Corp	6.38	5.21	Reduce	RNAV
01/27/17	DIR	Keppel Corp	6.38	5.93	Hold	Sum of parts (10% discount)
01/27/17	DMG & Partners	Keppel Corp	6.38	7.39	Buy	Sum of parts, PER10x FY17
01/27/17	Lim & Tan	Keppel Corp	6.38	0	Sell	Bloomberg consensus $5.79
01/27/17	OCBC	Keppel Corp	6.38	6.26	Hold
01/27/17	UOB Kay Hian	Keppel Corp	6.38	6.45	Hold	Sum of parts, Buy @ $5.90
01/31/17	Amfrasers	Keppel Corp	6.27	6.5	Hold	Sum of parts
01/31/17	DBS Vickers	Keppel Corp	6.27	6	Hold	Sum of parts
02/17/17	CLSA	Keppel Corp	6.53	7.6	Buy
02/22/17	OCBC	Keppel Corp	6.57	7.4	Buy
03/01/17	Credit Suisse	Keppel Corp	6.81	8.7	Outperform	Sum of parts
03/14/17	DIR	Keppel Corp	6.75	6.44	Hold	Sum of parts
03/14/17	Deutsche	Keppel Corp	6.75	6.4	Hold
03/20/17	DBS Vickers	Keppel Corp	6.87	6	Hold	Sum of parts, PB0.9x FY17
03/20/17	UOB Kay Hian	Keppel Corp	6.87	6.45	Hold	Sum of parts, Buy @ $6.10
03/21/17	CIMB	Keppel Corp	6.85	7.24	Hold	Sum of parts
03/22/17	DMG & Partners	Keppel Corp	6.83	7.77	Buy	Sum of parts, PER10.6x FY17
03/22/17	OCBC	Keppel Corp	6.83	7.4	Buy
03/22/17	UOB Kay Hian	Keppel Corp	6.83	6.98	Hold	Sum of parts, Buy @ $6.25
04/07/17	Credit Suisse	Keppel Corp	6.84	8.7	Outperform
04/11/17	Lim & Tan	Keppel Corp	6.96	0	Hold
04/21/17	CIMB	Keppel Corp	6.55	7.24	Hold	Sum of parts
04/21/17	DIR	Keppel Corp	6.55	6.44	Hold	Sum of parts (10% discount)
04/21/17	OCBC	Keppel Corp	6.55	7.36	Buy	PB1.1x
04/21/17	UOB Kay Hian	Keppel Corp	6.55	6.55	Hold	Sum of parts, Buy @ $5.90
04/24/17	DBS Vickers	Keppel Corp	6.56	6	Hold	Sum of parts, PB0.9x FY17
04/24/17	DMG & Partners	Keppel Corp	6.56	7.56	Buy	Sum of parts
04/25/17	Amfrasers	Keppel Corp	6.51	7.02	Buy	Sum of parts
04/28/17	Macquarie	Keppel Corp	6.57	5.8	Neutral
05/24/17	UOB Kay Hian	Keppel Corp	6.55	6.55	Hold
05/30/17	DMG & Partners	Keppel Corp	6.48	7.55	Buy	Sum of parts
06/02/17	OCBC	Keppel Corp	6.46	7.36	Buy	Sum of parts (10% discount)
06/20/17	UOB Kay Hian	Keppel Corp	6.31	6.55	Hold
06/30/17	DMG & Partners	Keppel Corp	6.36	7.34	Buy	Sum of parts
07/04/17	Credit Suisse	Keppel Corp	6.32	8.7	Outperform
07/05/17	DIR	Keppel Corp	6.34	6.44	Hold	Sum of parts
07/05/17	OCBC	Keppel Corp	6.34	7.36	Buy
07/07/17	UOB Kay Hian	Keppel Corp	6.4	6.55	Hold	Sum of parts, Buy @ $5.90
07/21/17	UOB Kay Hian	Keppel Corp	6.53	6.86	Hold	Sum of parts, Buy @ $6.20
07/21/17	CIMB	Keppel Corp	6.53	7.24	Hold	Sum of parts
07/21/17	DIR	Keppel Corp	6.53	6.39	Hold	Sum of parts
07/21/17	DBS Vickers	Keppel Corp	6.53	7.6	Buy	Sum of parts, PB1.1x FY17
07/21/17	Lim & Tan	Keppel Corp	6.53	0	Hold
07/24/17	Macquarie	Keppel Corp	6.58	5.8	Neutral
07/24/17	Amfrasers	Keppel Corp	6.58	7.61	Buy	Sum of parts
08/01/17	Credit Suisse	Keppel Corp	6.41	8.7	Outperform	PER12.1x FY17, PB0.9x
08/18/17	Lim & Tan	Keppel Corp	6.33	0	Hold
08/18/17	DBS Vickers	Keppel Corp	6.33	7.6	Buy	Sum of parts
08/25/17	CIMB	Keppel Corp	6.36	7.24	Hold	Sum of parts
08/25/17	Morgan Stanley	Keppel Corp	6.36	6.18	Equal Weight	Sum of parts
08/29/17	DMG & Partners	Keppel Corp	6.39	7.34	Buy	Sum of parts
09/13/17	OCBC	Keppel Corp	6.27	7.36	Buy
09/15/17	UOB Kay Hian	Keppel Corp	6.29	6.86	Hold
09/20/17	DBS Vickers	Keppel Corp	6.38	7.6	Buy	Sum of parts
09/20/17	Deutsche	Keppel Corp	6.38	7.5	Buy
09/27/17	Credit Suisse	Keppel Corp	6.46	8.7	Outperform
10/02/17	UOB Kay Hian	Keppel Corp	6.49	6.71	Hold
10/05/17	Lim & Tan	Keppel Corp	6.52	0	Buy
10/06/17	OCBC	Keppel Corp	6.59	7.36	Buy
10/09/17	DBS Vickers	Keppel Corp	6.68	7.6	Buy
10/11/17	Credit Suisse	Keppel Corp	6.77	8.7	Outperform	Sum of parts
10/13/17	CIMB	Keppel Corp	6.79	8.58	Add	Sum of parts
10/20/17	OCBC	Keppel Corp	7.02	7.73	Buy
10/20/17	Amfrasers	Keppel Corp	7.02	7.61	Buy	Sum of parts
10/20/17	UOB Kay Hian	Keppel Corp	7.02	8.35	Buy	Sum of parts
10/20/17	Lim & Tan	Keppel Corp	7.02	0	Buy
10/23/17	DMG & Partners	Keppel Corp	7.3	7.92	Buy	Sum of parts
10/27/17	OCBC	Keppel Corp	7.4	8.31	Buy	Sum of parts
11/03/17	Morgan Stanley	Keppel Corp	7.66	6.18	Equal Weight	Sum of parts
11/09/17	UOB Kay Hian	Keppel Corp	7.57	8.35	Buy
11/09/17	Deutsche	Keppel Corp	7.57	8.6	Buy
11/17/17	CIMB	Keppel Corp	7.28	8.58	Add
11/24/17	Lim & Tan	Keppel Corp	7.59	0	Buy
11/29/17	OCBC	Keppel Corp	7.74	8.41	Buy
12/04/17	Lim & Tan	Keppel Corp	7.76	0	Buy
12/08/17	UOB Kay Hian	Keppel Corp	7.49	8.98	Buy	Sum of parts
12/18/17	Amfrasers	Keppel Corp	7.53	8.67	Buy	Sum of parts
12/20/17	CIMB	Keppel Corp	7.5	8.58	Add	Sum of parts
12/26/17	Amfrasers	Keppel Corp	7.47	8.04	Buy	Sum of parts
12/26/17	OCBC	Keppel Corp	7.47	8.12	Buy	Sum of parts (10% discount)
12/26/17	Lim & Tan	Keppel Corp	7.47	0	Hold
12/27/17	Deutsche	Keppel Corp	7.29	8.1	Buy	Sum of parts (20% discount)
01/02/17	UOB Kay Hian	Keppel Corp	7.35	8.75	Buy	Sum of parts
01/02/17	CIMB	Keppel Corp	7.35	8.58	Add	Sum of parts
01/09/18	DBS Vickers	Keppel Corp	7.77	9.8	Buy	Sum of parts, PB1.3x FY18
01/10/18	Amfrasers	Keppel Corp	7.85	8.04	Buy