Stock calls for 20 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/20/18	Lim & Tan	ART	1.09	0	Hold
09/20/18	OCBC	Mapletree Logistics	1.26	1.34	Buy
09/20/18	OCBC	OUE Hospitality	0.69	0.79	Buy
09/20/18	DBS Vickers	Thai Beverage	0.65	0.94	Buy

A peek inside Vostok 2018 - Russia & China

China sent its elite force of 3,200 men to participate in this Russian military exercise.

City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	City Developments	8.28	9.36	Buy	RNAV (30% discount)
01/04/17	UOB Kay Hian	City Developments	8.31	10.36	Buy
01/05/17	Credit Suisse	City Developments	8.39	11.3	Outperform
01/09/17	DBS Vickers	City Developments	8.47	9.9	Buy	RNAV (20% discount)
01/11/17	Kim Eng	City Developments	8.64	8.9	Hold
01/12/17	CIMB	City Developments	8.69	10.4	Add
01/13/17	DIR	City Developments	8.73	10.75	Buy	Sum of parts (20% discount)
01/17/17	DMG & Partners	City Developments	8.86	9.7	Buy	RNAV (30% discount)
01/17/17	Jefferies	City Developments	8.86	8.5	Hold
02/03/17	DMG & Partners	City Developments	9.26	9.7	Buy	RNAV (30% discount)
02/06/17	phillip	City Developments	9.42	9.98	Accumulate
02/08/17	Credit Suisse	City Developments	9.59	11.3	Outperform
02/17/17	DBS Vickers	City Developments	9.17	9.9	Buy
02/17/17	Deutsche	City Developments	9.17	10.8	Buy
02/24/17	CIMB	City Developments	9.66	10.51	Add	RNAV (25% discount)
02/24/17	Credit Suisse	City Developments	9.66	11.6	Outperform
02/24/17	DBS Vickers	City Developments	9.66	10.52	Buy	RNAV (20% discount)
02/24/17	Deutsche	City Developments	9.66	10.8	Buy
02/24/17	DIR	City Developments	9.66	10.9	Buy
02/24/17	DMG & Partners	City Developments	9.66	10.5	Buy	RNAV (25% discount)
02/24/17	Kim Eng	City Developments	9.66	9	Hold	RNAV (25% discount)
02/24/17	Lim & Tan	City Developments	9.66	0	Buy
02/24/17	OCBC	City Developments	9.66	10.5	Buy
02/24/17	phillip	City Developments	9.66	10.4	Accumulate	RNAV (20% discount)
02/24/17	UOB Kay Hian	City Developments	9.66	10.36	Hold	RNAV (20% discount), Buy @ $8.80
03/13/17	CIMB	City Developments	10.15	10.51	Add
03/13/17	Credit Suisse	City Developments	10.15	11.6	Outperform
03/13/17	Kim Eng	City Developments	10.15	9	Hold
03/13/17	UOB Kay Hian	City Developments	10.15	11.4	Buy
03/14/17	UBS	City Developments	10.5	11.5	Buy
03/16/17	Kim Eng	City Developments	10.23	9.8	Hold
03/23/17	DMG & Partners	City Developments	10.23	11.3	Buy	RNAV (20% discount)
04/27/17	phillip	City Developments	10.72	10.4	Accumulate
04/27/17	JP Morgan	City Developments	10.72	12.3	Overweight
05/12/17	CIMB	City Developments	10.85	11.63	Add	RNAV (20% discount)
05/12/17	Credit Suisse	City Developments	10.85	11.9	Outperform
05/12/17	Deutsche	City Developments	10.85	12.7	Buy
05/12/17	DIR	City Developments	10.85	11.43	Outperform	RNAV (20% discount)
05/12/17	DMG & Partners	City Developments	10.85	11.3	Take Profit
05/12/17	Kim Eng	City Developments	10.85	9.8	Hold	RNAV (18% discount)
05/12/17	UOB Kay Hian	City Developments	10.85	11.4	Hold	RNAV (12% discount)
05/15/17	DBS Vickers	City Developments	10.58	12.63	Buy	RNAV, PB1.2x
05/15/17	OCBC	City Developments	10.58	10.5	Hold
05/15/17	phillip	City Developments	10.58	11.07	Accumulate	RNAV (15% discount)
05/29/17	Kim Eng	City Developments	10.6	12.05	Buy	RNAV (11% discount)
06/09/17	Deutsche	City Developments	10.76	12.7	Buy	Sum of parts
06/09/17	Jefferies	City Developments	10.76	11.5	Hold
06/16/17	CIMB	City Developments	10.63	11.63	Add
06/16/17	Kim Eng	City Developments	10.63	12.05	Buy
07/11/17	Kim Eng	City Developments	10.82	12.05	Buy
07/18/17	JP Morgan	City Developments	10.97	12.3	Overweight
07/27/17	DBS Vickers	City Developments	11.26	12.63	Buy	RNAV (15% discount), PB1.2x
08/11/17	OCBC	City Developments	11.67	10.5	Hold
08/14/17	phillip	City Developments	11.14	12.1	Accumulate	RNAV (15% discount)
08/14/17	UOB Kay Hian	City Developments	11.14	11.4	Hold	RNAV (12% discount), Buy @ $9.7
08/14/17	OCBC	City Developments	11.14	12.39	Buy
08/14/17	CIMB	City Developments	11.14	12.54	Add	RNAV (20% discount)
08/14/17	Kim Eng	City Developments	11.14	12.05	Buy	RNAV (11% discount)
08/15/17	Credit Suisse	City Developments	11.53	12.7	Outperform
08/15/17	DBS Vickers	City Developments	11.53	12.63	Buy	RNAV, PB1.2x
09/05/17	CIMB	City Developments	11.65	12.54	Add
09/12/17	DBS Vickers	City Developments	11.58	12.63	Buy
09/18/17	UOB Kay Hian	City Developments	11.25	11.4	Hold
09/25/17	Kim Eng	City Developments	11.23	12.05	Buy
09/28/17	OCBC	City Developments	11.29	12.39	Buy
09/29/17	DIR	City Developments	11.19	12.82	Outperform	Sum of parts
10/03/17	CIMB	City Developments	11.48	12.54	Add
10/05/17	DIR	City Developments	11.42	12.85	Outperform	RNAV (10% discount)
10/06/17	Lim & Tan	City Developments	11.41	0	Buy
10/09/17	OCBC	City Developments	11.6	12.9	Buy
10/09/17	Kim Eng	City Developments	11.6	13.6	Buy	RNAV
10/10/17	phillip	City Developments	11.75	12.1	Accumulate	RNAV (15% discount)
10/11/17	DBS Vickers	City Developments	11.85	12.63	Buy	RNAV, PB1.2x
11/10/17	Kim Eng	City Developments	12.14	13.8	Buy	RNAV
11/10/17	UOB Kay Hian	City Developments	12.14	11.4	Hold	RNAV (12% discount), Buy @ $9.7
11/10/17	CIMB	City Developments	12.14	13.15	Add	RNAV (20% discount)
11/10/17	DBS Vickers	City Developments	12.14	14.03	Buy	RNAV, PB1.2x
11/10/17	Deutsche	City Developments	12.14	12.7	Buy
11/13/17	phillip	City Developments	12.2	12.1	Accumulate	RNAV (15% discount), Potential upside $13.50
11/13/17	OCBC	City Developments	12.2	13.5	Buy
11/20/17	Lim & Tan	City Developments	12.11	0	Buy
11/27/17	DBS Vickers	City Developments	12.24	14.03	Buy	RNAV, PB1.2x
11/27/17	Macquarie	City Developments	12.24	14.05	Outperform
12/01/17	UOB Kay Hian	City Developments	12.11	14.03	Buy	RNAV
12/07/17	Lim & Tan	City Developments	11.78	0	Buy
12/11/17	CIMB	City Developments	12.31	13.15	Add	RNAV (20% discount)
12/12/17	phillip	City Developments	12.57	12.1	Accumulate	RNAV (15% discount)
12/14/17	OCBC	City Developments	12.65	13.5	Buy	RNAV (20% discount)
12/18/17	DBS Vickers	City Developments	12.15	14.03	Buy
12/18/17	Kim Eng	City Developments	12.15	13.8	Buy
01/04/18	UOB Kay Hian	City Developments	12.84	14.03	Buy
01/05/18	Jefferies	City Developments	12.86	14.8	Buy
01/15/18	OCBC	City Developments	13.04	15.3	Buy	RNAV (10% discount)
01/16/18	CIMB	City Developments	13.46	13.15	Add
01/16/18	Kim Eng	City Developments	13.46	13.8	Buy	RNAV (6% discount), PB1.26x
01/16/18	Deutsche	City Developments	13.46	16	Buy
02/07/18	OCBC	City Developments	12.76	15.3	Buy
02/07/18	Credit Suisse	City Developments	12.76	16.3	Outperform
02/13/18	UOB Kay Hian	City Developments	12.31	14.03	Buy	RNAV
02/19/18	DBS Vickers	City Developments	12.72	14.03	Buy
03/01/18	Kim Eng	City Developments	12.76	14.2	Buy	RNAV
03/01/18	Jefferies	City Developments	12.76	15.2	Buy
03/01/18	UOB Kay Hian	City Developments	12.76	14.03	Buy	RNAV
03/01/18	OCBC	City Developments	12.76	15.91	Buy	RNAV
03/01/18	CIMB	City Developments	12.76	13.44	Add	RNAV (20% discount)
03/05/18	phillip	City Developments	12.69	13.4	Accumulate	RNAV (15% discount), PB1.29x FY18
03/05/18	Credit Suisse	City Developments	12.69	16.5	Outperform
03/09/18	DBS Vickers	City Developments	12.94	15.4	Buy	RNAV, PB1.2x
03/20/18	DMG & Partners	City Developments	13.25	15	Buy	RNAV (10% discount), Up froM $14.12 (RNAV 20% discount)
04/02/18	CIMB	City Developments	13	13.44	Add	RNAV (20% discount)
04/03/18	OCBC	City Developments	13.2	15.91	Buy
04/03/18	UOB Kay Hian	City Developments	13.2	14.03	Buy
04/03/18	DBS Vickers	City Developments	13.2	15.4	Buy
04/10/18	DMG & Partners	City Developments	12.87	15	Buy
04/11/18	Kim Eng	City Developments	12.73	14.2	Buy
04/13/18	Deutsche	City Developments	12.57	16	Buy
05/03/18	UOB Kay Hian	City Developments	12.55	14.03	Buy	RNAV
05/14/18	OCBC	City Developments	12.53	15.78	Buy
05/14/18	DBS Vickers	City Developments	12.53	15.4	Buy
05/14/18	CIMB	City Developments	12.53	13.41	Add	RNAV (20% discount)
05/14/18	DMG & Partners	City Developments	12.53	15	Buy	RNAV (10% discount)
05/14/18	Kim Eng	City Developments	12.53	14.2	Buy
05/15/18	phillip	City Developments	12.4	13.4	Accumulate	RNAV (15% discount), PB1.29x FY18
05/15/18	Lim & Tan	City Developments	12.4	15	Buy
05/17/18	DBS Vickers	City Developments	11.97	15.4	Buy
06/04/18	UOB Kay Hian	City Developments	11.25	14.03	Buy
06/06/18	Deutsche	City Developments	11.48	16	Buy	RNAV (12% discount) & PB1.8x FY18
06/13/18	DBS Vickers	City Developments	11.52	15.4	Buy
06/19/18	Kim Eng	City Developments	11.22	14.2	Buy
06/19/18	CIMB	City Developments	11.22	13.41	Add
06/26/18	OCBC	City Developments	11	15.78	Buy
07/03/18	UOB Kay Hian	City Developments	10.88	14.03	Buy
07/03/18	DMG & Partners	City Developments	10.88	15	Buy	RNAV (10% discount)
07/06/18	CIMB	City Developments	10.21	13.41	Add
07/06/18	Kim Eng	City Developments	10.21	14.2	Buy
07/09/18	phillip	City Developments	9.46	12.6	Accumulate	RNAV (20% discount)
07/09/18	DBS Vickers	City Developments	9.46	10	Fully Valued	RNAV (35% discount)
07/09/18	OCBC	City Developments	9.46	9.59	Hold
07/09/18	Kim Eng	City Developments	9.46	10.4	Hold
07/23/18	DMG & Partners	City Developments	10.06	10.4	Neutral	RNAV (35% discount)
07/23/18	Jefferies	City Developments	10.06	11	Hold	RNAV (22% discount)
08/08/18	OCBC	City Developments	9.88	9.59	Hold
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)
08/16/18	DMG & Partners	City Developments	9.55	10.4	Neutral
08/21/18	Jefferies	City Developments	9.49	11	Hold	RNAV (22% discount)
09/06/18	Kim Eng	City Developments	8.96	10.4	Hold
09/14/18	UOB Kay Hian	City Developments	8.63	12	Buy	RNAV (15% discount)
09/18/18	CIMB	City Developments	8.8	10.89	Add

Citic Envirotech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/17	DBS Vickers	Citic Envirotech	0.82	0.8	Hold	Sum of parts, Stock split 1 into 2
03/02/17	CIMB	Citic Envirotech	0.77	0.93	Add	DCF
03/02/17	DBS Vickers	Citic Envirotech	0.77	0.92	Buy	Sum of parts
03/29/17	UOB Kay Hian	Citic Envirotech	0.83	1.1	Buy	DCF
04/03/17	UOB Kay Hian	Citic Envirotech	0.83	1.1	Buy	DCF
04/27/17	CIMB	Citic Envirotech	0.785	0.93	Add	DCF
05/03/17	UOB Kay Hian	Citic Envirotech	0.77	1.1	Buy
07/03/17	UOB Kay Hian	Citic Envirotech	0.73	1.1	Buy	DCF
08/08/17	UOB Kay Hian	Citic Envirotech	0.715	1.1	Buy	DCF
09/05/17	UOB Kay Hian	Citic Envirotech	0.735	1.1	Buy	DCF
10/04/17	UOB Kay Hian	Citic Envirotech	0.745	1.1	Buy	DCF
10/11/17	DBS Vickers	Citic Envirotech	0.735	0.8	Hold	PER25x
11/02/17	UOB Kay Hian	Citic Envirotech	0.79	1.1	Buy	DCF
12/06/17	UOB Kay Hian	Citic Envirotech	0.725	1.1	Buy	DCF
12/29/17	DBS Vickers	Citic Envirotech	0.755	0.8	Hold
01/04/18	UOB Kay Hian	Citic Envirotech	0.75	1.1	Buy
01/09/18	UOB Kay Hian	Citic Envirotech	0.74	1.09	Buy	DCF
02/12/18	UOB Kay Hian	Citic Envirotech	0.705	1.11	Buy	DCF, PER11.1x FY19
02/28/18	UOB Kay Hian	Citic Envirotech	0.755	1.06	Buy	DCF, PER11.6x FY19
03/02/18	UOB Kay Hian	Citic Envirotech	0.735	1.06	Buy
04/03/18	UOB Kay Hian	Citic Envirotech	0.715	1.06	Buy	DCF, PER11.6x FY19
05/03/18	UOB Kay Hian	Citic Envirotech	0.705	1.06	Buy	DCF, PER11.6x FY19
06/20/18	UOB Kay Hian	Citic Envirotech	0.56	1.06	Buy	DCF, PER11.6x FY19
07/27/18	DBS Vickers	Citic Envirotech	0.59	0.95	Buy	PER20x FY19

Chip Eng Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/17	phillip	Chip Eng Seng	0.72	0.81	Accumulate	RNAV (50% discount)
03/07/17	phillip	Chip Eng Seng	0.725	0.87	Accumulate	RNAV (50% discount)
05/08/17	phillip	Chip Eng Seng	0.7	0.9	Buy	RNAV (50% discount)
08/10/17	phillip	Chip Eng Seng	0.73	0.9	Buy	RNAV (50% discount)
10/17/17	DBS Vickers	Chip Eng Seng	0.9	1.18	Buy	Sum of parts
11/03/17	DBS Vickers	Chip Eng Seng	0.97	1.18	Buy	Sum of parts
11/09/17	phillip	Chip Eng Seng	0.96	1.21	Buy	RNAV (40% discount)
12/06/17	DBS Vickers	Chip Eng Seng	0.885	1.18	Buy	Sum of parts, RNAV (45% discount)
02/01/18	DBS Vickers	Chip Eng Seng	1.01	1.18	Buy	Sum of parts
02/19/18	phillip	Chip Eng Seng	0.955	1.21	Buy	RNAV (40% discount)
03/20/18	UOB Kay Hian	Chip Eng Seng	0.94	1.38	Buy	Sum of parts
03/20/18	DBS Vickers	Chip Eng Seng	0.94	1.18	Buy	Sum of parts
05/07/18	phillip	Chip Eng Seng	0.93	1.21	Buy	RNAV (40% discount)
05/17/18	DBS Vickers	Chip Eng Seng	0.945	1.18	Buy
06/28/18	UOB Kay Hian	Chip Eng Seng	0.84	1.38	Buy
07/09/18	phillip	Chip Eng Seng	0.79	1.15	Buy
07/09/18	DBS Vickers	Chip Eng Seng	0.79	0.75	Fully Valued	Sum of parts
08/06/18	DBS Vickers	Chip Eng Seng	0.795	0.75	Fully Valued
09/17/18	DBS Vickers	Chip Eng Seng	0.845	0.75	Hold

Stock calls for 19 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/19/18	UOB Kay Hian	Capitaland	3.27	3.78	Buy	RNAV (20% discount)
09/19/18	DBS Vickers	Capitaland	3.27	3.62	Buy
09/19/18	CIMB	Capitaland	3.27	3.55	Add	RNAV (35% discount)
09/19/18	phillip	First Reit	1.24	1.31	Neutral
09/19/18	CIMB	Sembcorp Industries	2.9	3.49	Add	Sum of parts

China has retaliated against US tariffs with a muted response.

https://sg.finance.yahoo.com/news/china-trade-war-u-replace-imports-state-media-004332044--business.html

China will impose a 5% and 10% against $60b of US goods for an in-kind retaliation.  However, this is a much-muted response that I believe is just a face-saving grace because China doesn't want to be seen as meek.

Now that China has retaliated, Trump has no choice but to impose phase 3 tariffs as stipulated previously lest he will be deemed as breaking his promise.

After this muted response, I believe China is preparing for Trump's phase 3 tariffs with a much stronger response.

China Sunsine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/05/17	NRA	China Sunsine	0.785	1.245	Overweight	PER12x FY17
10/27/17	Amfrasers	China Sunsine	1	1.39	Buy	PER10x FY18
01/22/18	CIMB	China Sunsine	1.04	1.5	Add	PER9.8x CY19
01/29/18	phillip	China Sunsine	1.11	1.6	Buy	FCFE, PER10x FY18
01/29/18	Amfrasers	China Sunsine	1.11	1.39	Buy	PER10x FY18
02/07/18	CIMB	China Sunsine	1.13	1.5	Add
03/05/18	CIMB	China Sunsine	1.35	1.62	Add	PER9.8x CY19
03/05/18	phillip	China Sunsine	1.35	1.6	Buy	FCFE
04/05/18	CIMB	China Sunsine	1.25	1.62	Add	PER9.8x FY19
04/27/18	CIMB	China Sunsine	1.5	1.87	Add	PER9.8x FY19
04/30/18	phillip	China Sunsine	1.48	1.97	Buy	FCFE
07/02/18	CIMB	China Sunsine	1.55	1.87	Add	PER9.8x CY19
08/08/18	CIMB	China Sunsine	1.49	1.41	Hold	PER7.7x CY19
08/13/18	phillip	China Sunsine	1.23	1.77	Buy	FCFE

China Jinjiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/22/17	CIMB	China Jinjiang	0.845	1.1	Add	DCF
04/27/17	CIMB	China Jinjiang	0.91	1.1	Add	DCF
05/26/17	CIMB	China Jinjiang	0.89	1.1	Add	DCF
08/21/17	CIMB	China Jinjiang	0.79	1.1	Add	DCF
03/08/18	CIMB	China Jinjiang	0.59	0.85	Add	DCF

China Everbright - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	China Everbright	0.5	0.62	Buy
02/27/17	phillip	China Everbright	0.435	0.56	Buy	PER17.4x
02/28/17	DMG & Partners	China Everbright	0.44	0.54	Buy	DCF
03/13/17	DBS Vickers	China Everbright	0.44	0.64	Buy	PER24x
03/30/17	DMG & Partners	China Everbright	0.475	0.54	Buy
04/03/17	DBS Vickers	China Everbright	0.475	0.64	Buy
05/15/17	DBS Vickers	China Everbright	0.48	0.64	Buy	PER24x
05/15/17	phillip	China Everbright	0.48	0.57	Accumulate	PER16.7x
08/08/17	DMG & Partners	China Everbright	0.475	0.54	Buy	DCF
08/10/17	phillip	China Everbright	0.485	0.61	Buy	PER17.1x
08/10/17	DBS Vickers	China Everbright	0.485	0.65	Buy	PER24x FY18
10/11/17	DBS Vickers	China Everbright	0.465	0.65	Buy	PER24x FY18
10/20/17	phillip	China Everbright	0.46	0.54	Buy	PER15.9x
11/15/17	DMG & Partners	China Everbright	0.45	0.54	Buy	DCF
11/17/17	phillip	China Everbright	0.445	0.59	Buy	PER17.4x FY18
03/02/18	DBS Vickers	China Everbright	0.45	0.65	Buy
03/02/18	phillip	China Everbright	0.45	0.6	Buy	PER12.5x
05/14/18	phillip	China Everbright	0.43	0.55	Buy	PER11.4x FY18
06/14/18	DBS Vickers	China Everbright	0.41	0.65	Buy

Stock calls for 18 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/18/18	CIMB	City Developments	8.8	10.89	Add
09/18/18	DMG & Partners	GSS Energy	0.13	0.22	Buy	Sum of parts
09/18/18	CIMB	Ho Bee	2.49	3	Add
09/18/18	DBS Vickers	Sasseur	0.71	0.91	Buy	DCF
09/18/18	OCBC	SATS	4.93	5.39	Buy
09/18/18	Amfrasers	Sheng Siong	1.12	1.24	Buy	DCF, PER25.1x FY18
09/18/18	UOB Kay Hian	SIA	9.57	10.4	Hold	PB0.75x, Buy @ $9.10
09/18/18	Amfrasers	Thai Beverage	0.65	0.75	Buy	Sum of parts
09/18/18	CIMB	UOL	6.88	8.45	Add

The $200b tariffs on China goods will start next week in US.

https://finance.yahoo.com/news/trump-imposes-tariffs-200b-more-224211950.html

Great, there won't be any trade talk between the US & China now.

Let's see what the US will do after it taxes all China goods.

China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	UOB Kay Hian	China Aviation Oil	1.4	1.9	Buy
01/05/17	UOB Kay Hian	China Aviation Oil	1.4	2.01	Buy	PER14.4x FY17
01/13/17	DBS Vickers	China Aviation Oil	1.505	1.7	Buy
01/17/17	CIMB	China Aviation Oil	1.505	2	Add	PER13x CY18
02/24/17	DBS Vickers	China Aviation Oil	1.51	1.85	Buy	PER12x FY18
02/24/17	UOB Kay Hian	China Aviation Oil	1.51	2.21	Buy	PER14.4x FY17
02/27/17	CIMB	China Aviation Oil	1.525	2.28	Add	PER13x FY18
02/27/17	phillip	China Aviation Oil	1.525	2	Buy	PER11.7x FY17
02/28/17	Edison	China Aviation Oil	1.525	2.04	Buy	DCF
03/02/17	UOB Kay Hian	China Aviation Oil	1.525	2.21	Buy
03/03/17	DMG & Partners	China Aviation Oil	1.5	1.83	Buy	PER11.2x FY17, PEG1x FY17
03/17/17	DBS Vickers	China Aviation Oil	1.475	1.85	Buy
03/24/17	CIMB	China Aviation Oil	1.465	2.28	Add	PER13x FY18
04/03/17	UOB Kay Hian	China Aviation Oil	1.525	2.21	Buy
04/10/17	CIMB	China Aviation Oil	1.64	2.28	Add	PER13x FY18
04/20/17	UOB Kay Hian	China Aviation Oil	1.63	2.26	Buy	PER14.4x FY17
04/21/17	phillip	China Aviation Oil	1.635	2	Buy	PER11.7x
04/26/17	DMG & Partners	China Aviation Oil	1.625	1.9	Buy	PER11.3x FY17, PEG0.68x FY17
05/03/17	UOB Kay Hian	China Aviation Oil	1.62	2.26	Buy
05/31/17	CIMB	China Aviation Oil	1.685	2.28	Add
06/09/17	CIMB	China Aviation Oil	1.65	2.2	Buy	PER13x FY18
06/13/17	UOB Kay Hian	China Aviation Oil	1.685	2.01	Buy
06/28/17	DMG & Partners	China Aviation Oil	1.665	1.9	Buy	PER11.3x FY17, PEG0.68x FY17
07/03/17	UOB Kay Hian	China Aviation Oil	1.67	2.26	Buy	PER14.4x FY17
07/27/17	DBS Vickers	China Aviation Oil	1.765	1.85	Buy	PER12x FY18
07/28/17	DMG & Partners	China Aviation Oil	1.67	1.9	Buy	PER11.3x FY17, PEG0.61x FY17
07/28/17	CIMB	China Aviation Oil	1.67	2.08	Add	PER13x FY18
07/31/17	phillip	China Aviation Oil	1.65	2	Buy	PER11.7x
07/31/17	DBS Vickers	China Aviation Oil	1.65	2.08	Buy	PER13x FY18
08/17/17	UOB Kay Hian	China Aviation Oil	1.535	2.26	Buy
08/17/17	Edison	China Aviation Oil	1.535	2.11	Buy
11/03/17	UOB Kay Hian	China Aviation Oil	1.76	2.26	Buy	PER14.4x FY17
11/03/17	DMG & Partners	China Aviation Oil	1.76	1.8	Neutral	PER12x FY17
11/03/17	CIMB	China Aviation Oil	1.76	2.08	Add	PER13x FY18
11/03/17	DBS Vickers	China Aviation Oil	1.76	2.08	Buy
11/06/17	phillip	China Aviation Oil	1.67	2	Buy	PER11.5x FY18
11/06/17	Edison	China Aviation Oil	1.67	1.88	Buy
01/31/18	DBS Vickers	China Aviation Oil	1.65	2.08	Buy	PER13x FY18
03/01/18	CIMB	China Aviation Oil	1.58	2.03	Add	PER12.5x CY19
03/01/18	DMG & Partners	China Aviation Oil	1.58	1.6	Neutral	DCF, PER11.3x FY18
03/01/18	UOB Kay Hian	China Aviation Oil	1.58	2.13	Buy	PER13.5x FY18
03/02/18	DBS Vickers	China Aviation Oil	1.51	1.98	Buy	PER13x FY18
03/02/18	phillip	China Aviation Oil	1.51	2	Buy	PER13.3x
03/20/18	DMG & Partners	China Aviation Oil	1.54	1.8	Buy	PER12.2x FY18, PEG1x FY18
04/03/18	Edison	China Aviation Oil	1.56	1.82	Buy	DCF
05/10/18	CIMB	China Aviation Oil	1.56	2.03	Add	PER12.5x FY19
05/10/18	UOB Kay Hian	China Aviation Oil	1.56	2.13	Buy	PER13.5x FY18
05/11/18	phillip	China Aviation Oil	1.58	2	Buy	PER13.3x FY18
05/11/18	DMG & Partners	China Aviation Oil	1.58	1.8	Buy	DCF & PER12.2x FY18 & PEG1x FY18
06/20/18	CIMB	China Aviation Oil	1.52	2.03	Add	PER12.5x CY19
07/03/18	DMG & Partners	China Aviation Oil	1.5	1.8	Buy
08/02/18	UOB Kay Hian	China Aviation Oil	1.53	2.05	Buy	PER13.5x FY18
08/02/18	CIMB	China Aviation Oil	1.53	2.03	Add	PER12.5x FY19
08/02/18	DMG & Partners	China Aviation Oil	1.53	1.8	Buy
08/03/18	phillip	China Aviation Oil	1.53	2	Buy	PER12.8x FY18
08/06/18	DMG & Partners	China Aviation Oil	1.54	1.75	Buy	Sum of parts, PER11.4x FY18
08/07/18	DBS Vickers	China Aviation Oil	1.58	1.98	Buy	PER13x FY18