Riverstone - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
01/05/16	DBS Vickers	AP4	Riverstone	2.4	2.83	Buy	17.92	PER20x FY16/17
02/05/16	Kim Eng	AP4	Riverstone	0.97	1.3	Buy	34.02	Ex-Bonus 1-for-1
02/25/16	DMG & Partners	AP4	Riverstone	0.98	1.18	Buy	20.41	DCF, PER18.4x FY16
02/26/16	CIMB	AP4	Riverstone	1	1.07	Hold	7.00	PER16.4x CY17
02/26/16	DBS Vickers	AP4	Riverstone	1	1.3	Buy	30.00	PER18x FY16/17
02/26/16	Kim Eng	AP4	Riverstone	1	1.18	Buy	18.00	PER19x FY16
02/26/16	UOB Kay Hian	AP4	Riverstone	1	1.23	Buy	23.00
03/23/16	Kim Eng	AP4	Riverstone	0.975	1.18	Buy	21.03	PER19x
05/06/16	Kim Eng	AP4	Riverstone	0.985	1	Hold	1.52
05/06/16	Lim & Tan	AP4	Riverstone	0.985	0	Hold	-100.00
05/06/16	UOB Kay Hian	AP4	Riverstone	0.985	0.98	Hold	-0.51	PER15x FY17, Buy @0.88
05/09/16	CIMB	AP4	Riverstone	0.94	0.91	Reduce	-3.19	PER16.4x CY17
05/10/16	DBS Vickers	AP4	Riverstone	0.89	1	Hold	12.36	PER16x FY16/17
05/20/16	DMG & Partners	AP4	Riverstone	0.875	1.02	Buy	16.57	DCF
06/23/16	CIMB	AP4	Riverstone	0.885	0.91	Hold	2.82	PER17x CY17
07/05/16	DBS Vickers	AP4	Riverstone	0.905	1	Hold	10.50	PER16x FY16/17
08/15/16	CIMB	AP4	Riverstone	0.875	0.86	Hold	-1.71	PER17x CY17
08/15/16	Kim Eng	AP4	Riverstone	0.875	0.92	Hold	5.14
08/16/16	DBS Vickers	AP4	Riverstone	0.885	0.96	Hold	8.47	PER16x FY16/17
10/12/16	DBS Vickers	AP4	Riverstone	0.91	1.06	Hold	16.48
11/11/16	CIMB	AP4	Riverstone	0.9	0.91	Hold	1.11	PER16.3x CY18
11/11/16	DBS Vickers	AP4	Riverstone	0.9	0.97	Hold	7.78	PER16x FY17
11/11/16	Kim Eng	AP4	Riverstone	0.9	0.92	Hold	2.22	PER16x FY17
11/14/16	UOB Kay Hian	AP4	Riverstone	0.885	0.94	Hold	6.21
12/08/16	Kim Eng	AP4	Riverstone	0.85	0.92	Hold	8.24
12/12/16	UOB Kay Hian	AP4	Riverstone	0.855	0.94	Hold	9.94	PER16.4x FY17, Buy @ $0.80
01/03/17	DMG & Partners	AP4	Riverstone	0.88	0.93	Neutral	5.68
02/24/17	CIMB	AP4	Riverstone	0.91	0.91	Hold	0.00	PER16.4x CY18
02/24/17	Kim Eng	AP4	Riverstone	0.91	0.83	Hold	-8.79	PER16x FY17
05/05/17	Kim Eng	AP4	Riverstone	0.885	1.05	Buy	18.64
05/05/17	Lim & Tan	AP4	Riverstone	0.885	1.06	Buy	19.77	PER16x
05/08/17	CIMB	AP4	Riverstone	0.96	1.11	Add	15.63	PER18.3x FY18
05/08/17	DBS Vickers	AP4	Riverstone	0.96	1.07	Buy	11.46	PER16x FY18
08/04/17	Lim & Tan	AP4	Riverstone	1.065	0	Hold	-100.00
08/04/17	DBS Vickers	AP4	Riverstone	1.065	1.07	Buy	0.47	PER16x FY18
08/07/17	CIMB	AP4	Riverstone	1.05	1.2	Add	14.29	PER16.3x FY18
08/07/17	Kim Eng	AP4	Riverstone	1.05	1.05	Hold	0.00
08/08/17	DBS Vickers	AP4	Riverstone	1.055	1.09	Hold	3.32	PER16x FY18
11/09/17	Kim Eng	AP4	Riverstone	1.065	1.05	Hold	-1.41	PER16x FY18
11/09/17	DBS Vickers	AP4	Riverstone	1.065	1.09	Hold	2.35

Stock calls for 23 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/23/18	DMG & Partners	Breadtalk	1.75	2	Buy	Sum of parts
02/23/18	DBS Vickers	Breadtalk	1.75	2.05	Buy	Sum of parts
02/23/18	DBS Vickers	Sheng Siong	0.925	1.2	Buy	PER25x FY18
02/23/18	CIMB	Sunningdale	1.93	2.82	Add
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
02/23/18	UOB Kay Hian	Venture	25.03	31.88	Buy	PER19x FY18
02/23/18	CIMB	Wilmar	3.04	4.1	Add
02/23/18	UOB Kay Hian	Wilmar	3.04	4.1	Buy	Sum of parts, PER14x FY18
02/23/18	OCBC	Wilmar	3.04	3.51	Hold	PER13.5x FY18/19

Philippines wants to form a military pact with China now.

https://www.todayonline.com/world/duterte-wants-create-balance-sending-troops-china-training

Besides asking China to secure the marine security in ASEAN, the Philippines is upping its ante by sending its troops to China for military training.  This development will require a military pact between China & Philippines.  Therefore, this will make it easier for China to have the excuse to secure a military base in the Philippines.

http://sg-stock.blogspot.sg/2018/02/philippines-wants-to-displace-singapore.html

The Philippines is fast becoming a leader in ASEAN because it has the political influences to spearhead any China developments in ASEAN.  To put things in perspective, China will discuss any ASEAN policy with the Philippines first before the future endeavour is being disseminated by the Philippines to ASEAN.  The ASEAN facilitator role is very important as the facilitator can influence China in the discussion and also get first-hand information from China.

Brutal rape in India again!

https://sg.news.yahoo.com/west-begal-horror-tribal-woman-155119782.html

Indian men are barbaric!  This kind of crime keeps repeating because the perpetrators are not heavily punished.

Just look at India raping crimes below.

http://sg-stock.blogspot.sg/2017/11/indian-man-raped-18-month-toddler.html

Religare Health Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Religare Health Trust	0.995	0.97	Hold	DDM
02/05/16	DBS Vickers	Religare Health Trust	0.925	0.97	Hold	DDM
05/17/16	CIMB	Religare Health Trust	1.025	1.06	Hold
05/27/16	DBS Vickers	Religare Health Trust	1.005	0.95	Hold
08/04/16	CIMB	Religare Health Trust	1	1.11	Add	DDM
10/12/16	DBS Vickers	Religare Health Trust	1.05	0.95	Hold
10/17/16	CIMB	Religare Health Trust	1.045	1.11	Add	DDM
11/14/16	CIMB	Religare Health Trust	0.885	0.89	Hold	DDM
02/07/17	DBS Vickers	Religare Health Trust	0.925	0.85	Hold	DDM
02/08/17	CIMB	Religare Health Trust	0.89	0.89	Hold	DDM
05/24/17	DBS Vickers	Religare Health Trust	0.92	0.85	Hold	DDM, PB1x
08/07/17	CIMB	Religare Health Trust	0.88	0.92	Hold	DDM
11/16/17	DBS Vickers	Religare Health Trust	0.895	0.85	Hold	DDM, Offer $0.90
11/16/17	CIMB	Religare Health Trust	0.895	0.92	Hold	DDM, PB1.08x
02/14/18	CIMB	Religare Health Trust	0.83	0.92	Hold	DDM

Regal - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/16	NRA	Regal	0.16	0.32	Overweight	RNAV (50% discount)
05/20/16	NRA	Regal	0.1	0.382	Overweight
06/09/16	NRA	Regal	0.1	0.382	Overweight
07/14/16	NRA	Regal	0.118	0.35	Overweight	RNAV (35% discount)
08/25/16	NRA	Regal	0.14	0.33	Overweight
12/07/16	NRA	Regal	0.148	0.315	Overweight	RNAV (15% discount)
01/18/17	NRA	Regal	0.145	0.315	Overweight
03/20/17	NRA	Regal	0.149	0.3	Overweight	RNAV (15% discount)
06/19/17	NRA	Regal	0.143	0.3	Overweight
12/11/17	NRA	Regal	0.135	0.3	Overweight

Stock calls for 22 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/22/18	Kim Eng	Bukit Sembawang	6.13	8.25	Buy	RNAV (20% discount)
02/22/18	UBS	DBS	29.45	35	Buy
02/22/18	UOB Kay Hian	KSH	0.76	1.08	Buy	Sum of parts
02/22/18	UBS	OCBC	13	14.5	Buy
02/22/18	phillip	OCBC	13	13.94	Buy	GGM, PB1.46x
02/22/18	DBS Vickers	PACC Offshore	0.39	0.48	Buy	PB1.4x
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
02/22/18	Phillip	Thai Beverage	0.835	1.05	Buy	Sum of parts
02/22/18	UBS	UOB	27.6	27.5	Neutral

Christians are the unhappiest people in the world.

https://sg.news.yahoo.com/religious-people-happier-non-religious-091451408.html

Buddhists are the happiest people in the world while Christians are the unhappiest.

No wonder Thailand is the least miserable country as stated below.

http://sg-stock.blogspot.sg/2018/02/thailand-is-least-miserable-country-and.html

Raffles Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	Raffles Medical	4.16	5.05	Buy
01/15/16	Phillip	Raffles Medical	3.93	4.74	Buy	DCF
01/21/16	Kim Eng	Raffles Medical	3.95	5.22	Buy
01/26/16	Deutsche	Raffles Medical	4.09	5.44	Buy
02/05/16	DIR	Raffles Medical	4.19	4.7	Outperform	DCF
02/23/16	CIMB	Raffles Medical	4.25	4.45	Hold	Sum of parts
02/23/16	Credit Suisse	Raffles Medical	4.25	5	Outperform
02/23/16	DMG & Partners	Raffles Medical	4.25	5.1	Buy	DCF
02/23/16	Kim Eng	Raffles Medical	4.25	5.2	Buy	DCF
02/23/16	OCBC	Raffles Medical	4.25	4.72	Buy	PER33.5x FY16
02/23/16	Phillip	Raffles Medical	4.25	4.88	Buy	DCF
02/23/16	UOB Kay Hian	Raffles Medical	4.25	5.07	Buy	DCF, PER33.7x FY16
03/08/16	Deutsche	Raffles Medical	4.4	5.39	Buy	Sum of parts
03/09/16	OCBC	Raffles Medical	4.39	4.72	Buy
03/28/16	UOB Kay Hian	Raffles Medical	4.5	5.07	Buy
04/04/16	CIMB	Raffles Medical	4.54	4.23	Reduce	Sum of parts, EV/Ebitda24.3x CY16
04/07/16	UOB Kay Hian	Raffles Medical	4.48	5.07	Buy
04/25/16	OCBC	Raffles Medical	4.6	4.72	Buy
04/26/16	CIMB	Raffles Medical	4.55	4.23	Reduce	Sum of parts
04/26/16	Credit Suisse	Raffles Medical	4.55	5	Outperform
04/26/16	DBS Vickers	Raffles Medical	4.55	4.3	Hold
04/26/16	DIR	Raffles Medical	4.55	4.87	Outperform	DCF
04/26/16	Kim Eng	Raffles Medical	4.55	5.2	Buy	DCF
04/26/16	Nomura	Raffles Medical	4.55	5.25	Buy
04/26/16	Phillip	Raffles Medical	4.55	4.88	Accumulate	DCF
04/26/16	UOB Kay Hian	Raffles Medical	4.55	5.11	Buy	DCF
05/09/16	Deutsche	Raffles Medical	1.535	1.8	Buy
05/09/16	OCBC	Raffles Medical	1.535	1.57	Hold	Stock split 1-for-3, Buy @ $1.45 or lower
06/06/16	UOB Kay Hian	Raffles Medical	1.58	1.7	Buy	DCF
06/08/16	DIR	Raffles Medical	1.6	1.58	Hold	DCF
06/23/16	OCBC	Raffles Medical	1.515	1.57	Hold	Buy @ $1.45 or lower
06/30/16	Kim Eng	Raffles Medical	1.495	1.73	Buy
07/05/16	DBS Vickers	Raffles Medical	1.555	1.43	Hold	PER29x FY16/17
07/18/16	CIMB	Raffles Medical	1.54	1.41	Reduce
07/21/16	Amfrasers	Raffles Medical	1.56	1.6	Hold	PER34x FY16/17
07/21/16	DIR	Raffles Medical	1.56	1.58	Hold	DCF
07/22/16	Kim Eng	Raffles Medical	1.6	1.73	Buy	DCF
07/25/16	CIMB	Raffles Medical	1.62	1.41	Reduce	Sum of parts
07/26/16	Credit Suisse	Raffles Medical	1.565	1.67	Outperform
07/26/16	Deutsche	Raffles Medical	1.565	1.6	Buy
07/26/16	DIR	Raffles Medical	1.565	1.57	Hold	DCF
07/26/16	DMG & Partners	Raffles Medical	1.565	1.7	Buy
07/26/16	Kim Eng	Raffles Medical	1.565	1.84	Buy	DCF
07/26/16	Nomura	Raffles Medical	1.565	1.77	Buy
07/26/16	OCBC	Raffles Medical	1.565	1.54	Hold	PER33.5x FY16/17, Buy @ $1.45
07/26/16	Phillip	Raffles Medical	1.565	1.62	Neutral	DCF, Stock split 1-for-3
07/26/16	UOB Kay Hian	Raffles Medical	1.565	1.7	Buy	DCF
08/26/16	OCBC	Raffles Medical	1.505	1.54	Hold	Buy @ $1.48 or lower
09/02/16	UOB Kay Hian	Raffles Medical	1.54	1.7	Buy
09/29/16	DIR	Raffles Medical	1.525	1.57	Hold	DCF
10/12/16	DBS Vickers	Raffles Medical	1.505	1.43	Hold
10/17/16	DMG & Partners	Raffles Medical	1.505	1.7	Buy
10/25/16	CIMB	Raffles Medical	1.505	1.46	Reduce	Sum of parts
10/25/16	DIR	Raffles Medical	1.505	1.53	Hold	DCF
10/25/16	DMG & Partners	Raffles Medical	1.505	1.76	Buy	DCF, PER33x FY 17
10/25/16	Kim Eng	Raffles Medical	1.505	1.85	Buy	DCF
10/25/16	OCBC	Raffles Medical	1.505	1.61	Hold	PER33.5x FY17
10/25/16	Phillip	Raffles Medical	1.505	1.62	Accumulate	DCF
10/25/16	UOB Kay Hian	Raffles Medical	1.505	1.7	Buy	DCF, PER34.7x FY17
11/03/16	CIMB	Raffles Medical	1.52	1.46	Reduce
11/10/16	Credit Suisse	Raffles Medical	1.49	1.67	Outperform
11/18/16	Deutsche	Raffles Medical	1.405	1.6	Hold
11/18/16	UOB Kay Hian	Raffles Medical	1.405	1.7	Buy	DCF, PER34.7x FY17
11/24/16	OCBC	Raffles Medical	1.395	1.61	Buy
12/06/16	CIMB	Raffles Medical	1.475	1.46	Reduce	Sum of parts
12/07/16	Deutsche	Raffles Medical	1.46	1.6	Hold
12/08/16	OCBC	Raffles Medical	1.45	1.61	Buy
12/13/16	Kim Eng	Raffles Medical	1.435	1.85	Buy	DCF
01/03/17	DMG & Partners	Raffles Medical	1.43	1.76	Buy	DCF
01/03/17	UOB Kay Hian	Raffles Medical	1.43	1.7	Buy	DCF
01/19/17	DIR	Raffles Medical	1.475	1.49	Hold	DCF
02/08/17	UOB Kay Hian	Raffles Medical	1.455	1.7	Buy
02/20/17	CIMB	Raffles Medical	1.48	1.46	Reduce	Sum of parts
02/20/17	OCBC	Raffles Medical	1.48	1.61	Buy
02/21/17	CIMB	Raffles Medical	1.46	1.36	Reduce	Sum of parts, EV/Ebitda23x CY17
02/21/17	Credit Suisse	Raffles Medical	1.46	1.6	Neutral
02/21/17	DBS Vickers	Raffles Medical	1.46	1.4	Hold	PER29x FY17/18
02/21/17	DIR	Raffles Medical	1.46	1.43	Hold	DCF
02/21/17	DMG & Partners	Raffles Medical	1.46	1.72	Buy	DCF
02/21/17	Kim Eng	Raffles Medical	1.46	1.7	Buy	DCF
02/21/17	Lim & Tan	Raffles Medical	1.46	0	Hold
02/21/17	OCBC	Raffles Medical	1.46	1.6	Buy
02/21/17	UOB Kay Hian	Raffles Medical	1.46	1.67	Buy
02/22/17	Phillip	Raffles Medical	1.445	1.6	Accumulate	DCF
03/21/17	UOB Kay Hian	Raffles Medical	1.42	1.66	Buy
03/24/17	Kim Eng	Raffles Medical	1.405	1.7	Buy	DCF
04/03/17	OCBC	Raffles Medical	1.415	1.6	Buy	Sum of parts
04/04/17	CIMB	Raffles Medical	1.43	1.36	Reduce	Sum of parts
04/04/17	Credit Suisse	Raffles Medical	1.43	1.6	Neutral
04/04/17	DIR	Raffles Medical	1.43	1.63	Outperform	DCF
04/04/17	DMG & Partners	Raffles Medical	1.43	1.72	Buy	Sum of parts
04/05/17	DBS Vickers	Raffles Medical	1.445	1.4	Hold	PER29x FY17/18
04/10/17	UOB Kay Hian	Raffles Medical	1.47	1.66	Buy	DCF
04/25/17	CIMB	Raffles Medical	1.415	1.37	Reduce	Sum of parts
04/25/17	DIR	Raffles Medical	1.415	1.56	Outperform	DCF
04/25/17	DMG & Partners	Raffles Medical	1.415	1.49	Neutral	DCF
04/25/17	Kim Eng	Raffles Medical	1.415	1.67	Buy	DCF
04/25/17	Phillip	Raffles Medical	1.415	1.49	Accumulate	DCF
04/25/17	UOB Kay Hian	Raffles Medical	1.415	1.52	Hold	DCF, Buy @ $1.35
06/05/17	Kim Eng	Raffles Medical	1.365	1.54	Buy	DCF
06/08/17	OCBC	Raffles Medical	1.375	1.6	Buy
06/19/17	UOB Kay Hian	Raffles Medical	1.355	1.52	Hold	DCF
06/20/17	CIMB	Raffles Medical	1.36	1.25	Reduce	Sum of parts
08/01/17	Phillip	Raffles Medical	1.285	1.27	Neutral	DCF
08/01/17	DIR	Raffles Medical	1.285	1.46	Outperform	DCF
08/01/17	DMG & Partners	Raffles Medical	1.285	1.1	Sell	DCF
08/01/17	UOB Kay Hian	Raffles Medical	1.285	1.3	Hold	DCF, Buy @ $1.17
08/01/17	Kim Eng	Raffles Medical	1.285	1.12	Sell	DCF
08/01/17	OCBC	Raffles Medical	1.285	1.47	Buy
08/01/17	Credit Suisse	Raffles Medical	1.285	1.45	Neutral
08/01/17	CIMB	Raffles Medical	1.285	1.25	Reduce	Sum of parts
08/01/17	Lim & Tan	Raffles Medical	1.285	0	Sell
08/02/17	DBS Vickers	Raffles Medical	1.11	1.2	Hold	PER25x FY17/18
09/18/17	CIMB	Raffles Medical	1.1	1.21	Add	Sum of parts
09/21/17	UOB Kay Hian	Raffles Medical	1.105	1.28	Buy	DCF
10/11/17	DIR	Raffles Medical	1.17	1.29	Outperform	DCF
10/16/17	UOB Kay Hian	Raffles Medical	1.155	1.28	Buy	DCF
10/31/17	CIMB	Raffles Medical	1.125	1.24	Add	Sum of parts
10/31/17	Phillip	Raffles Medical	1.125	1.32	Accumulate	DCF
10/31/17	UOB Kay Hian	Raffles Medical	1.125	1.34	Buy	DCF
10/31/17	DMG & Partners	Raffles Medical	1.125	1.1	Neutral	DCF
10/31/17	OCBC	Raffles Medical	1.125	1.26	Buy
10/31/17	DBS Vickers	Raffles Medical	1.125	1	Fully Valued	PER26x FY18, PER30x FY19
10/31/17	Lim & Tan	Raffles Medical	1.125	0	Hold
11/29/17	DMG & Partners	Raffles Medical	1.06	1.1	Neutral
01/08/18	CIMB	Raffles Medical	1.12	1.24	Add	Sum of parts
02/13/18	UOB Kay Hian	Raffles Medical	1.08	1.34	Buy

QAF - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	OCBC	QAF	1.04	1.27	Buy
02/25/16	OCBC	QAF	1.02	1.27	Buy
04/27/16	OCBC	QAF	1.06	1.27	Buy
06/24/16	OCBC	QAF	1.055	1.27	Buy
08/15/16	OCBC	QAF	1.12	1.27	Buy
08/16/16	OCBC	QAF	1.19	1.33	Buy
11/29/16	OCBC	QAF	1.33	1.46	Buy	Sum of parts
03/02/17	OCBC	QAF	1.41	1.46	Hold	Buy @ $1.36 or lower
05/08/17	OCBC	QAF	1.34	1.46	Hold

Stock calls for 21 February 2018

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/18	UOB Kay Hian	Bumitama	0.71	0.96	Buy	PER13x FY18
02/21/18	OCBC	M1	1.8	1.7	Hold
02/21/18	Amfrasers	Manulife US Reit	0.91	1.008	Buy	DDM
02/21/18	CIMB	Sembcorp Industries	3.28	3.87	Add	Sum of parts
02/21/18	DMG & Partners	Talkmed	0.675	0.72	Neutral	DCF
02/21/18	phillip	UOB	27.22	29	Buy

US bond yields will continue to rise in 2018. Why?

The USA government has just issued 3 days of bond auctions totalling USD$250b and is expected to raise about USD$1T per annum till 2028.  Furthermore, QE taperings are also being executed simultaneously in Europe & USA.

http://sg-stock.blogspot.sg/2017/10/ecb-will-cut-bond-purchases-to-30b-in.html

http://sg-stock.blogspot.sg/2017/09/us-fed-maintains-interest-rate-and-will.html

The rising bond yields will affect the stock market because fund managers find bonds become more attractive.  Please look at our comment on the connection between bond yield & stock.

http://sg-stock.blogspot.sg/2018/02/stock-markets-are-falling-like-crazy.html

Last but not least, inflation pressure is also rising because of trade wars (anti-dumping measures).

http://sg-stock.blogspot.sg/2018/02/the-usa-is-so-bent-to-have-trade-war.html

http://sg-stock.blogspot.sg/2018/02/china-imposes-anti-dumping-measures-on.html

Noble Group is virutally bankrupt after declaring $5B loss in 2017.

https://www.bloombergquint.com/business/2018/02/19/noble-s-sea-of-red-shows-post-restructuring-challenge-for-trader

After declaring a $5b loss in 2017, Noble Group's net asset value is about -$850m, meaning it is virtually bankrupt.  Therefore, it is having an urgent need to recapitalize to convert back into positive net asset value.  Without the debt restructuring plan, Noble will have an on-going concern in 2018.

However, existing shareholders have to take a heavy haircut of about 90% to revive Noble Group.  Will the existing shareholders bite the silver bullet and move on?

Q & M - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	CIMB	Q & M	0.7	0.84	Add	PER34.5x CY17
01/21/16	Kim Eng	Q & M	0.695	0.97	Buy	PER42x FY16
02/01/16	Kim Eng	Q & M	0.675	0.93	Buy	PER42x FY16
03/02/16	CIMB	Q & M	0.7	0.64	Reduce	PER34.5x CY17
03/02/16	Kim Eng	Q & M	0.7	0.88	Buy	PER42x FY16
04/14/16	phillip	Q & M	0.685	0.7	Neutral	PER38x
05/12/16	Kim Eng	Q & M	0.67	0.88	Buy	PER42x FY16
05/16/16	CIMB	Q & M	0.67	0.7	Hold	PER34.5x CY17
05/17/16	phillip	Q & M	0.715	0.72	Neutral	PER38.2x
05/25/16	Kim Eng	Q & M	0.795	1.05	Buy	PER42x
06/08/16	CIMB	Q & M	0.76	0.74	Hold	PER34.5x CY17
06/08/16	Kim Eng	Q & M	0.76	1.08	Buy	PER42x FY17
07/05/16	DBS Vickers	Q & M	0.73	0.8	Not Rated	PER36.5x FY17
07/25/16	DMG & Partners	Q & M	0.7	1	Buy
08/15/16	CIMB	Q & M	0.725	0.74	Hold	PER34.5x CY17
08/15/16	phillip	Q & M	0.725	0.72	Neutral	PER38.2x FY16
08/17/16	Kim Eng	Q & M	0.725	1.08	Buy
09/06/16	Kim Eng	Q & M	0.72	1.08	Buy	PER42x FY17
09/07/16	phillip	Q & M	0.725	0.93	Buy	PER38.2x
10/12/16	DBS Vickers	Q & M	0.76	0.8	Not Rated
11/15/16	CIMB	Q & M	0.745	0.77	Hold	PER34.5x CY18
11/15/16	Kim Eng	Q & M	0.745	1	Buy	PER42x FY17
11/15/16	phillip	Q & M	0.745	0.89	Buy	PER38.2x
03/03/17	CIMB	Q & M	0.71	0.6	Reduce	PER28x
03/06/17	Kim Eng	Q & M	0.705	0.77	Hold	PER36x FY18
03/06/17	phillip	Q & M	0.705	0.65	Reduce	PER38.2x FY17
05/12/17	CIMB	Q & M	0.705	0.6	Reduce	PER28x CY18
05/15/17	phillip	Q & M	0.7	0.65	Reduce	PER38.2x FY17
06/05/17	Kim Eng	Q & M	0.685	0.6	Hold	PER28x FY18
08/21/17	phillip	Q & M	0.63	0.61	Neutral	PER32x
01/08/18	CIMB	Q & M	0.65	0.61	Reduce	PER28x CY19

Procurri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/15/16	Lim & Tan	Procurri	0.56	0	Stag	IPO
09/19/16	DBS Vickers	Procurri	0.52	0.67	Buy	PER11.3x FY17
10/17/16	Bloomberg	Procurri	0.46	0.67	Buy
11/14/16	DBS Vickers	Procurri	0.47	0.56	Buy	PER11.3x FY17
02/23/17	DBS Vickers	Procurri	0.405	0.4	Hold
05/15/17	DBS Vickers	Procurri	0.28	0.32	Hold	PER9.3x FY17/18
08/16/17	DBS Vickers	Procurri	0.21	0.18	Fully Valued	RNAV (5% discount)
11/16/17	DBS Vickers	Procurri	0.235	0.18	Fully Valued	RNAV (6% discount)