Comfortdelgro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/18	Amfrasers	Comfortdelgro	2.01	2.24	Buy	PER16x FY18
01/04/18	phillip	Comfortdelgro	2.02	2.63	Buy	DCF
01/04/18	OCBC	Comfortdelgro	2.02	2.05	Hold
01/11/18	Kim Eng	Comfortdelgro	1.99	2.4	Buy	DCF
01/18/18	UOB Kay Hian	Comfortdelgro	2.03	2.25	Buy	PER16.6x
01/19/18	CIMB	Comfortdelgro	2.01	2.15	Hold
02/02/18	OCBC	Comfortdelgro	2.15	2.12	Hold
02/13/18	UOB Kay Hian	Comfortdelgro	2.01	2.25	Buy	PER16.6x
02/14/18	DBS Vickers	Comfortdelgro	2.01	2.12	Hold	DCF & PER
02/14/18	Kim Eng	Comfortdelgro	2.01	2.35	Buy	DCF
02/14/18	OCBC	Comfortdelgro	2.01	2.25	Buy
02/14/18	CIMB	Comfortdelgro	2.01	2.16	Hold	DCF
02/14/18	Lim & Tan	Comfortdelgro	2.01	0	Buy on weakness
02/14/18	DMG & Partners	Comfortdelgro	2.01	2.05	Neutral	DCF
02/14/18	phillip	Comfortdelgro	2.01	2.5	Buy	DCF, PER17.4x FY18
02/15/18	DMG & Partners	Comfortdelgro	2.02	1.98	Neutral	DCF
03/09/18	Kim Eng	Comfortdelgro	2.06	2.35	Buy	DCF
03/21/18	OCBC	Comfortdelgro	2.02	2.25	Buy
03/22/18	phillip	Comfortdelgro	2	2.5	Buy
03/26/18	DBS Vickers	Comfortdelgro	1.99	2.12	Hold
03/27/18	CIMB	Comfortdelgro	2.04	2.16	Hold	DCF
03/29/18	UOB Kay Hian	Comfortdelgro	2	2.25	Buy	PER16.6x
04/06/18	OCBC	Comfortdelgro	2.07	2.25	Buy
04/06/18	Deutsche	Comfortdelgro	2.07	2.4	Hold
05/02/18	Amfrasers	Comfortdelgro	2.25	2.72	Buy	PER19x FY18
05/10/18	phillip	Comfortdelgro	2.34	2.5	Buy
05/14/18	phillip	Comfortdelgro	2.33	2.48	Accumulate	DCF, PER17.8x FY18
05/14/18	UOB Kay Hian	Comfortdelgro	2.33	2.43	Buy	PER16.6x FY19
05/14/18	DBS Vickers	Comfortdelgro	2.33	2.12	Hold
05/14/18	OCBC	Comfortdelgro	2.33	2.5	Buy
05/14/18	CIMB	Comfortdelgro	2.33	2.37	Hold	DCF
05/14/18	DMG & Partners	Comfortdelgro	2.33	2.2	Neutral	DCF
05/15/18	Kim Eng	Comfortdelgro	2.34	2.65	Buy
05/15/18	Deutsche	Comfortdelgro	2.34	3	Buy
06/07/18	DBS Vickers	Comfortdelgro	2.47	2.12	Hold
06/08/18	phillip	Comfortdelgro	2.46	2.69	Accumulate
06/08/18	OCBC	Comfortdelgro	2.46	2.5	Hold
07/03/18	UOB Kay Hian	Comfortdelgro	2.26	2.43	Buy
07/04/18	DBS Vickers	Comfortdelgro	2.3	2.59	Buy	DCF & PER18x FY18/19
07/10/18	phillip	Comfortdelgro	2.32	2.69	Accumulate
07/10/18	Deutsche	Comfortdelgro	2.32	2.7	Buy
08/10/18	DBS Vickers	Comfortdelgro	2.37	2.59	Buy
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
08/14/18	Amfrasers	Comfortdelgro	2.35	2.72	Buy	PER19x FY18
09/04/18	OCBC	Comfortdelgro	2.3	2.5	Hold
09/04/18	DBS Vickers	Comfortdelgro	2.3	2.59	Buy
09/11/18	phillip	Comfortdelgro	2.23	2.78	Accumulate
10/09/18	DMG & Partners	Comfortdelgro	2.36	2.35	Neutral
10/11/18	UOB Kay Hian	Comfortdelgro	2.25	2.59	Buy	PER16.8x FY19
10/11/18	CIMB	Comfortdelgro	2.25	2.75	Add	DCF
10/16/18	Amfrasers	Comfortdelgro	2.12	2.72	Buy	PER19x FY18
10/31/18	DBS Vickers	Comfortdelgro	2.22	2.59	Buy
11/05/18	DBS Vickers	Comfortdelgro	2.32	2.59	Buy
11/08/18	Deutsche	Comfortdelgro	2.36	1.7	Sell	PER12x FY19
11/09/18	UOB Kay Hian	Comfortdelgro	2.2	2.59	Buy	PER16.8x FY19
11/12/18	phillip	Comfortdelgro	2.18	2.69	Buy	DCF, PER19.2x FY18
11/12/18	DBS Vickers	Comfortdelgro	2.18	2.56	Buy	PER16x FY19
11/12/18	DMG & Partners	Comfortdelgro	2.18	2.35	Neutral	PER15x FY19
11/12/18	OCBC	Comfortdelgro	2.18	2.29	Hold
11/12/18	CIMB	Comfortdelgro	2.18	2.74	Add	DCF, PER17.7x FY19
11/13/18	Amfrasers	Comfortdelgro	2.21	2.72	Buy	PER19x FY18
12/05/18	DMG & Partners	Comfortdelgro	2.12	2.35	Neutral

CNMC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/27/18	phillip	CNMC	0.26	0.3	Accumulate	DCF
03/07/18	NRA	CNMC	0.27	0.375	Overweight	FCFE
05/17/18	phillip	CNMC	0.275	0.42	Buy	DCF
07/03/18	Amfrasers	CNMC	0.27	0.38	Buy	PER10x FY19
08/20/18	phillip	CNMC	0.23	0.29	Buy	DCF
08/20/18	Amfrasers	CNMC	0.23	0.33	Buy
11/16/18	phillip	CNMC	0.22	0.29	Buy	DCF
11/16/18	Amfrasers	CNMC	0.22	0.33	Buy

Stock calls for 18 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/19	Lim & Tan	ESR-Reit	0.53	0	Hold
01/18/19	OCBC	First Reit	1.01	0.97	Hold
01/18/19	CIMB	First Reit	1.01	1.2	Add	DDM
01/18/19	DBS Vickers	Frasers Commercial Trust	1.47	1.7	Buy
01/18/19	CIMB	Mapletree Industrial	1.99	2.1	Add	DDM
01/18/19	DMG & Partners	Thai Beverage	0.715	0.85	Buy	Sum of parts

Cityneon - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/18	DBS Vickers	Cityneon	0.97	1.45	Buy
01/09/18	UOB Kay Hian	Cityneon	0.97	1.55	Buy	PER15.4x FY18
02/20/18	UOB Kay Hian	Cityneon	1.02	1.55	Buy
02/28/18	Kim Eng	Cityneon	1.1	1.55	Buy
03/01/18	UOB Kay Hian	Cityneon	1.04	1.55	Buy	PER15.4x FY18
03/01/18	DBS Vickers	Cityneon	1.04	1.45	Buy	PER14.4x FY18
03/05/18	Amfrasers	Cityneon	1.06	1.54	Buy	PER14x FY18
03/15/18	CIMB	Cityneon	1.11	1.58	Add	PER14x FY19
05/03/18	DBS Vickers	Cityneon	1.05	1.6	Buy	PER14.4x FY18
05/03/18	CIMB	Cityneon	1.05	1.58	Add	PER14x CY19
05/15/18	UOB Kay Hian	Cityneon	1.06	1.55	Buy	PER15.4x FY18
05/15/18	CIMB	Cityneon	1.06	1.16	Hold	PER11x FY19
05/18/18	Amfrasers	Cityneon	1	1.54	Buy	PER14x FY18
05/23/18	UOB Kay Hian	Cityneon	0.99	1.55	Buy
06/04/18	UOB Kay Hian	Cityneon	0.98	1.55	Buy
08/06/18	DBS Vickers	Cityneon	1.02	1.57	Buy	PER14.4x
08/21/18	Amfrasers	Cityneon	1.13	1.51	Buy	PER14x FY18
10/30/18	CIMB	Cityneon	1.26	1.16	Accept Offer	PER11x FY19, Offer $1.30
10/31/18	DBS Vickers	Cityneon	1.29	1.57	Accept Offer	Offer $1.30

City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
07/06/18	Deutsche	City Developments	10.21	12.6	Hold
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
09/25/18	Deutsche	City Developments	8.88	12.6	Hold
10/02/18	CIMB	City Developments	9.05	10.89	Add
11/05/18	DBS Vickers	City Developments	8.55	10	Hold
11/09/18	UOB Kay Hian	City Developments	8.42	12.12	Buy	RNAV (15% discount)
11/09/18	CIMB	City Developments	8.42	10.65	Add	RNAV (35% discount)
11/09/18	Lim & Tan	City Developments	8.42	0	Buy
11/09/18	DMG & Partners	City Developments	8.42	9.2	Neutral
11/12/18	OCBC	City Developments	8.45	10.73	Buy
12/07/18	Lim & Tan	City Developments	8.65	0	Buy
12/11/18	DBS Vickers	City Developments	8.42	9.5	Hold	RNAV (40% discount), PB0.9x FY18
01/04/19	Lim & Tan	City Developments	7.94	0	Buy
01/17/19	CIMB	City Developments	8.85	10.65	Add	RNAV (35% discount)

Citic Envirotech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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

Stock calls for 17 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/19	Kim Eng	A-Reit	2.74	2.95	Buy
01/17/19	Kim Eng	CDL Hospitality	1.56	1.75	Buy
01/17/19	DBS Vickers	Chip Eng Seng	0.705	0.75	Hold
01/17/19	CIMB	City Developments	8.85	10.65	Add	RNAV (35% discount)
01/17/19	Lim & Tan	First Reit	1.03	0	Neutral
01/17/19	Kim Eng	Frasers Centrepoint Trust	2.27	2.55	Buy
01/17/19	DBS Vickers	Frasers Property	1.74	1.98	Buy	RNAV (35% discount)
01/17/19	Kim Eng	IHH Healthcare	1.86	2.13	Buy	Sum of parts, Ringgit $6.45 target price
01/17/19	OCBC	Mapletree Industrial	1.97	2.04	Hold
01/17/19	DBS Vickers	Roxy-Pacific	0.405	0.39	Hold
01/17/19	UOB Kay Hian	SIA	9.76	10.2	Hold	Sum of parts, Buy @ $9
01/17/19	DBS Vickers	UOL	6.65	7.15	Hold

Singapore NODX fell 8.5% in December 2018.

https://sg.finance.yahoo.com/news/singapore-non-oil-exports-fall-8-6-december-005333196.html

Year on year changes (YOY):

December 2018: -8.5%

November 2018: -2.6%

October 2018: 8.3%

September 2018: 8.3%

August 2018: 5%

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%

http://sg-stock.blogspot.com/2018/12/singapore-nodx-drops-26-in-november-2018.html

Chip Eng Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
11/08/18	DBS Vickers	Chip Eng Seng	0.725	0.75	Hold	Sum of parts

China Sunsine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
11/08/18	CIMB	China Sunsine	1.04	1.41	Add	PER7.7x FY19
11/09/18	phillip	China Sunsine	1.08	1.68	Buy	FCFE
01/04/19	phillip	China Sunsine	1.2	1.68	Buy

China Jinjiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/08/18	CIMB	China Jinjiang	0.59	0.85	Add	DCF

Stock calls for 16 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/19	OCBC	Far East Hospitality	0.625	0.675	Buy
01/16/19	phillip	First Reit	1.04	0.88	Neutral	DDM
01/16/19	Lim & Tan	Lian Beng	0.515	0	Buy on weakness
01/16/19	OCBC	OUE Hospitality	0.685	0.79	Buy

China Everbright - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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	PER24x
06/14/18	phillip	China Everbright	0.41	0.53	Buy	PER10.6x
11/14/18	phillip	China Everbright	0.35	0.44	Buy	PER8.8x
11/14/18	DBS Vickers	China Everbright	0.35	0.475	Buy	PER15x

China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
11/02/18	UOB Kay Hian	China Aviation Oil	1.38	1.93	Buy	PER13.5x FY18
11/02/18	DMG & Partners	China Aviation Oil	1.38	1.5	Neutral	PER10x & PB1.2x & EV/Ebitda9x & DCF, PER7x FY19 (ex-cash), PEG1.3x FY19
11/02/18	DBS Vickers	China Aviation Oil	1.38	1.9	Buy	PER13x FY18
11/02/18	CIMB	China Aviation Oil	1.38	1.83	Add	PER12x FY19
11/05/18	phillip	China Aviation Oil	1.34	1.76	Buy	PER11.5x FY19
11/21/18	DMG & Partners	China Aviation Oil	1.22	1.32	Neutral