United Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/13/17	SAC Advisors	United Global	0.325	0.37	Buy
10/17/17	SAC Advisors	United Global	0.355	0.5	Buy
03/01/18	SAC Advisors	United Global	0.41	0.5	Buy	PER12.2x FY18

United Engineers - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/17	Lim & Tan	United Engineers	2.66	0	Buy
02/13/17	Lim & Tan	United Engineers	2.91	0	Buy
03/02/17	Lim & Tan	United Engineers	2.94	0	Hold
03/08/17	UOB Kay Hian	United Engineers	2.93	2.75	Hold
03/13/17	DBS Vickers	United Engineers	2.9	2.89	Not Rated
06/01/17	Lim & Tan	United Engineers	2.63	0	Buy
07/14/17	Lim & Tan	United Engineers	2.71	0	Hold	Offer price of $2.60 is too low.
08/16/17	Lim & Tan	United Engineers	2.69	0	Hold
09/21/17	Lim & Tan	United Engineers	2.68	0	Hold
04/02/18	CIMB	United Engineers	2.61	2.94	Add	RNAV (15% discount)
05/08/18	CIMB	United Engineers	2.67	2.94	Add	RNAV (15% discount)

Uni-Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/19/17	Amfrasers	Uni-Asia	1.165	1.92	Buy	Sum of parts, PB0.5x FY17, PER8.2x FY17
06/21/17	NRA	Uni-Asia	1.35	1.85	Overweight	PB0.5x
08/15/17	NRA	Uni-Asia	1355	1.86	Overweight	PB0.5x
08/22/17	Amfrasers	Uni-Asia	1.37	1.92	Buy	Sum of parts, PB0.5x FY17, PER8.2x FY17
12/18/17	Amfrasers	Uni-Asia	1.23	1.85	Buy	Sum of parts, PB0.5x FY17, PER8.2x FY17
03/16/18	Amfrasers	Uni-Asia	1.45	1.81	Buy	Sum of parts, PB0.5x FY18, PER10x FY18
05/22/18	Amfrasers	Uni-Asia	1.4	1.81	Buy	Sum of parts, PB0.5x FY18, PER10x FY18
06/06/18	Amfrasers	Uni-Asia	1.41	2	Buy	Sum of parts, PB0.55x FY18, PER11x FY18
08/23/18	NRA	Uni-Asia	1.38	1.99	Overweight	PB0.5x

Crypto exchanges are manipulating crypto prices.

https://sg.finance.yahoo.com/news/zurcoin-co-founder-alleges-most-064330817.html

This is not surprising because crypto exchanges are not unregulated.

Insider trading and manipulation are common in an unregulated market.

Don't whine when you want to invest in an unregulated market.

Hong Kong is going to tighten Crypto regulations.

https://sg.finance.yahoo.com/news/crypto-prices-lower-hong-kong-072100289.html

History has shown that more regulations will lead to lower crypto prices.  Therefore, crypto prices will fall further as more countries tighten crypto regulations.

UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/17	CIMB	UMS	0.675	0.82	Add	GGM, PB1.85x FY17
03/02/17	DBS Vickers	UMS	0.68	0.73	Buy	DCF
05/15/17	CIMB	UMS	0.87	1.15	Add	GGM, PB2.41x
05/16/17	DBS Vickers	UMS	0.98	1.07	Buy	DCF, PER7.4x FY18 ex-cash
05/23/17	DBS Vickers	UMS	1.07	1.33	Buy	PER11x FY18 ex-cash
06/16/17	DBS Vickers	UMS	1.08	1.33	Buy
07/05/17	CIMB	UMS	0.995	1.15	Add	GGM, PB2.41x
08/14/17	CIMB	UMS	1.08	1.12	Hold	GGM, PB2.41x
08/14/17	DBS Vickers	UMS	1.08	1.13	Hold	PER11x FY18 ex-cash
10/25/17	CIMB	UMS	0.925	1.13	Add	GGM, PB2,8x FY18, PER13.3x FY19, Ex-rights 1 for 4
11/13/17	DBS Vickers	UMS	1.02	1.21	Buy	PER12x FY18
11/13/17	CIMB	UMS	1.02	1.21	Add	GGM, PB2.88x
03/01/18	DBS Vickers	UMS	1.16	1.37	Buy	PER12x FY18
03/01/18	CIMB	UMS	1.16	1.31	Add	PB2.95x FY18
04/03/18	DBS Vickers	UMS	1.13	1.37	Buy
05/14/18	DBS Vickers	UMS	1.04	1.37	Buy	PER12x FY19
05/15/18	CIMB	UMS	1.07	1.21	Add	PB2.81x
08/15/18	CIMB	UMS	0.79	1.21	Add	PB2.82x
08/15/18	DBS Vickers	UMS	0.79	1.01	Buy	PER10x FY19
08/28/18	DBS Vickers	UMS	0.825	0.86	Hold	PER10x FY19
11/14/18	CIMB	UMS	0.715	0.75	Hold	PB1.72x
11/14/18	DBS Vickers	UMS	0.715	0.55	Fully Valued	PER8x FY19

UG Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/09/17	Lim & Tan	UG Healthcare	0.295	0	Hold
02/09/17	Kim Eng	UG Healthcare	0.295	0.25	Sell
08/31/17	Kim Eng	UG Healthcare	0.24	0.21	Sell	PER12x FY18
04/24/18	DMG & Partners	UG Healthcare	0.198	0.32	Buy	PER14x FY19
05/14/18	DMG & Partners	UG Healthcare	0.205	0.32	Buy	PER14x FY19
08/24/18	Lim & Tan	UG Healthcare	0.23	0	Buy
08/27/18	DMG & Partners	UG Healthcare	0.22	0.32	Buy	PER12x FY19
11/14/18	DMG & Partners	UG Healthcare	0.215	0.32	Buy	PER12x FY19

Tuan Sing - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/29/17	UOB Kay Hian	Tuan Sing	0.415	0.71	Buy	Sum of parts
01/15/18	UOB Kay Hian	Tuan Sing	0.49	0.71	Buy
01/29/18	UOB Kay Hian	Tuan Sing	0.48	0.71	Buy	Sum of parts

Stock calls for 17 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/17/18	DBS Vickers	Koufu	0.605	0.8	Buy
12/17/18	DBS Vickers	Mapletree Industrial	1.91	2.22	Buy
12/17/18	Lim & Tan	Nera Telecom	0.265	0	Buy
12/17/18	Kim Eng	Netlink	0.76	0.93	Buy	DDM
12/17/18	DBS Vickers	Sheng Siong	1.09	1.24	Buy

Singapore NODX drops 2.6% in November 2018.

https://www.straitstimes.com/business/economy/singapore-non-oil-exports-drop-26-in-november-following-7-straight-months-of?xtor=CS11-86

Year on year changes (YOY):

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%

https://sg-stock.blogspot.com/2018/11/singapore-nodx-grew-83-in-october-2018.html

South Korea is slowing down too.

https://sg.finance.yahoo.com/news/south-korea-cuts-gdp-outlook-keeps-policy-seeking-025302667--business.html

South Korea is also slowing down.

https://sg-stock.blogspot.com/2018/12/india-is-slowing-down.html

India - Slowdown
Japan - Slowdown
Hong Kong - Slowdown
Malaysia - Slowdown
Thailand - Slowdown
China - Slowdown
South Korea - Slowdown
Singapore - Slowdown

Look like Asia is slowing down.

The stock markets won't go up when so many countries in Asia are slowing down.

The US wants to reduce China influence in South Africa.

https://www.bloombergquint.com/politics/bolton-to-outline-u-s-africa-strategy-to-counter-russia-china#gs.U8c7YGc

The US will find it very difficult to reduce China influence in South Africa because of its own bad history record.

The US was the one killing many South Africans (SAs) and trading black slaves in the past.  The US thought that the SAs had forgotten about this ugly history.

Let's look at how the South African think.

German IT watchdog has vindicated Huawei.

https://www.channelnewsasia.com/news/asia/-no-evidence--of-huawei-spying--says-german-it-watchdog--11033716

German IT watchdog has vindicated Huawei from any spying accusation in the west especially the US.

This shows that the whole incident was orchestrated by the US to sabotage Huawei and contain China's 5G developments.

Bloomberg accused China of implanting a spy microchip in the US server recently but couldn't produce such a microchip to show to the world.  Nobody has yet to see such a microchip insofar.

http://sg-stock.blogspot.com/2018/10/the-us-is-embarking-on-anti-china.html

So who is the troublemaker here?  Isn't it obvious?

Baltic dry index - 1401

Today, Friday, December 14 2018, the Baltic Dry Index climbed by 36 points, reaching 1401 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 - 1071

For the second week in a row, the U.S. dropped oil rigs, according to weekly data compiled by Baker Hughes, a GE Company.

After declining by 10 oil rigs last week, the U.S. dropped another four rigs this week, bringing the total oil rig count to 873.

Gas rigs remained flat this week, with no rigs added or cut.

The Eagle Ford and Utica both added a rig apiece this week while several other basins cut rigs.

The Permian, which accounts for more than half of the nation’s oil rigs, cut three rigs this week, as did the Williston. The Arkoma Woodford, Granite Wash, Haynesville, Marcellus and Mississippian all dropped an oil rig apiece this week.

The overall rig count total for this week is 1,071, higher than one year ago when the count was 930.

Earlier this week, the U.S. Energy Information Administration forecasted that U.S. oil producers would pump an average of 12.06 million barrels of oil per day in 2019.

=====================

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Another perspective of Huawei CFO's arrest.

Huawei CFO, Meng, was supposed to transit at Canada en route to Mexico to meet with Professor Zhang Shoucheng.  Prof Zhang was an expert in quantum computing and he was supposed to pass the newly developed 5G quantum computing chip to CFO Meng.

However, CFO Meng was arrested in transit at Canada out of a sudden and Prof Zhang committed suicide thereafter.  There could be a foul play in his suicide.

https://www.scmp.com/tech/article/2176729/zhang-shoucheng-stanford-physicist-and-tech-venture-capitalist-dies-after

Coincidentally, a semiconductor equipment manufacturer, ASML, couldn't deliver its semiconductor equipment to China due to a fire at its supplier.  This fire will cause a huge delay in delivery for ASML's China customer (maybe it is Huawei).

https://globenewswire.com/news-release/2018/12/03/1660472/0/en/ASML-expects-some-delay-in-deliveries-during-start-of-2019-due-to-fire-at-supplier.html

Simultaneously, CFO Meng's house was broken into during her arrest.  This was no ordinary burglary because someone was looking for something specific which was most likely information on Huawei 5G and the newly developed 5G quantum chip.  This 5G quantum chip will revolutionize the world and improve China's military power by leaps and bounds.

https://www.ctvnews.ca/canada/police-investigate-break-in-at-huawei-executive-meng-wanzhou-s-vancouver-home-1.4211648

China suspected that FBI was behind this whole episode and the intention was to sabotage China's 5G technology progress.

Huawei has the most advanced and matured 5G technology in this world with the most patents.  Furthermore, Huawei 5G has been deployed in some China provinces whereas the US has just announced its 5G bidding.

Therefore, China won't forgive Canada for helping the US and FBI to contain China 5G developments.

US stock market will plunge further when Kushner is appointed as COS.

https://www.ndtv.com/world-news/trump-considering-son-in-law-jared-kushner-as-next-chief-of-staff-report-1962432

OMG! This is really bad news for the stock markets!

Nepotism is what Trump wants to put in place in his office.

Triyards - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	Amfrasers	Triyards	0.315	0.43	Buy	PB0.5x FY17
01/09/17	OCBC	Triyards	0.315	0.47	Buy	PB0.55x FY17
01/09/17	UOB Kay Hian	Triyards	0.315	0.46	Buy	PB0.46x FY17
03/10/17	UOB Kay Hian	Triyards	0.395	0.27	Hold
03/15/17	OCBC	Triyards	0.295	0.345	Hold	PB
04/10/17	OCBC	Triyards	0.25	0.33	Hold	PB0.35x FY17/18
07/24/17	OCBC	Triyards	0.149	0.19	Hold	PB0.3x FY18

Trendlines - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/27/17	NRA	Trendlines	0.143	0.225	Overweight	RNAV (20% discount)
06/28/18	NRA	Trendlines	0.119	0.225	Overweight

Top Glove - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/19/17	Aminvestment	Top Glove	1.98	2.05	Hold	Ringgit target $6.36, up from $6.22
06/20/18	Lim & Tan	Top Glove	3.88	0	Hold
06/22/18	Kim Eng	Top Glove	3.81	4.4	Buy
07/11/18	Kim Eng	Top Glove	3.4	4.36	Hold	Ringgit target $12.90, PER30x FY19

Stock calls for 14 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/14/18	DMG & Partners	Capitaland	3.17	4	Buy
12/14/18	DMG & Partners	DBS	23.92	29.8	Buy
12/14/18	DMG & Partners	Delfi	1.31	1.59	Buy
12/14/18	OCBC	ESR-Reit	0.5	0.59	Buy	DDM
12/14/18	DMG & Partners	Fu Yu	0.189	0.23	Buy
12/14/18	DMG & Partners	Genting	1.01	1.23	Buy
12/14/18	DMG & Partners	HRnetGroup	0.79	1.18	Buy
12/14/18	CIMB	Jumbo	0.39	0.54	Add
12/14/18	DBS Vickers	Roxy-Pacific	0.405	0.39	Hold	RNAV (55% discount)
12/14/18	DMG & Partners	Silverlake	0.415	0.65	Buy
12/14/18	DMG & Partners	Singapore Medical	0.405	0.56	Buy
12/14/18	DMG & Partners	ST Engineering	3.47	3.97	Buy
12/14/18	DMG & Partners	UOB	24.89	30.8	Buy
12/14/18	DMG & Partners	Venture	14.89	19	Buy

A successful ICO, Basis, has collapsed!

https://cointelegraph.com/news/us-stablecoin-project-basis-raises-133-mln-from-major-vc-firms

https://sg.finance.yahoo.com/news/bitcoin-slips-crypto-startup-basis-075600099.html

Basis had financial juggernaut investors but still collapsed.

Don't be deceived to participate in any ICO with big names on board.

Please read our posting first.

http://sg-stock.blogspot.com/2018/11/a-financial-analysis-on-initial-coin.html

Top bitcoin proponent is crying foul!

https://finance.yahoo.com/news/unabashed-bitcoin-bull-thomas-lee-145630108.html

This guy has lost a lot in crypto and is crying foul now because his price target of US$25,000 for 2018 will never be reached in 2018 and beyond.

When a crypto has structural design flaws and bad economics, it won't take off no matter how you try to portray it.

Bitcoin proponents have tried to use the principles of demand and supply to lure investors into buying bitcoins when they don't truly understand the economics.  When the prices crash, they know that demand-supply principles cannot work anymore.  Thus, these proponents move on to talk up the crypto by giving the false hope that financial institutions will be rushing into the crypto industry in the foreseeable future.

The true facts are people are abandoning cryptos as they get more educated about them and financial institutions also won't get involved in crypto investments except to offer trading platforms to earn the trading commissions.  Financial institutions prefer to develop their own private blockchains than to use the public blockchains.

http://sg-stock.blogspot.com/2018/09/the-private-blockchain-will-cannibalize.html

Please read our crypto postings for your own education.  Crypto prices have been falling after our postings because our readers get more educated.

http://sg-stock.blogspot.com/2018/11/a-financial-analysis-on-initial-coin.html

Canada got played out by the US.

https://www.channelnewsasia.com/news/business/exclusive--china-makes-first-big-us-soybean-purchase-since-trump-xi-truce-11026362

China has started to order US Soybeans again!

US-China trade tension has de-escalated after the Huawei CFO saga but China-Canada diplomatic relationship and trades have worsened.

Canada has never learnt from the historical bad records of the USA.  The US will betray and abandon anyone or any country after achieving its own interest.  This is how the Americans are like.

What did Canada gain from this? Nothing but troubles!

China has succeeded in reducing Singapore bunker sales.

https://www.channelnewsasia.com/news/business/china-s-zhoushan-to-go-after-singapore-marine-hub-s-top-billing-11026980

https://www.spglobal.com/platts/en/market-insights/latest-news/shipping/121318-singapores-nov-bunker-fuel-sales-fall-9-on-year-to-391-mil-mt

China has been trying hard to reduce Singapore bunker sales and it has finally succeeded.

Singapore November bunker sales dropped 9% year on year.

China has detained another Canadian!

https://sg.finance.yahoo.com/news/missing-canadians-raise-stakes-china-061754223.html

China is borrowing from the US's book (National Security).

National security is becoming a common theme right now in a lot of countries.  The US can impose punitive tariffs and sanctions based on national security.  The US also can get another country (Canada) to arrest a transit passenger because of national security issues.

I don't see why China cannot arrest 2 Canadians based on national security too.

Great job, China! At least you've learnt the American way in international politics.

Tiong Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/06/17	DBS Vickers	Tiong Seng	0.39	0.45	Not Rated	PER6.6x FY18 & PB0.6x

Tianjin Zhongxin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/17	CIMB	Tianjin Zhongxin	0.975	1.3	Add	DCF FY17
08/02/17	UOB Kay Hian	Tianjin Zhongxin	1.05	1.66	Buy	PER15.5x FY18
09/05/17	UOB Kay Hian	Tianjin Zhongxin	1.13	1.66	Buy	PER15.5x FY18
10/04/17	UOB Kay Hian	Tianjin Zhongxin	1.055	1.66	Buy	PER15.5x FY18
11/02/17	UOB Kay Hian	Tianjin Zhongxin	1.03	1.5	Buy	PER14.6x FY18
01/03/18	UOB Kay Hian	Tianjin Zhongxin	0.945	1.52	Buy	PER14.1x FY18
04/02/18	UOB Kay Hian	Tianjin Zhongxin	0.92	1.66	Buy	PER14.1x FY18
04/30/18	UOB Kay Hian	Tianjin Zhongxin	1.01	1.72	Buy	PER14.1x FY18
05/21/18	UOB Kay Hian	Tianjin Zhongxin	1.2	1.72	Buy	PER14.1x FY18
06/04/18	UOB Kay Hian	Tianjin Zhongxin	1.21	1.72	Buy
07/13/18	UOB Kay Hian	Tianjin Zhongxin	1.12	1.72	Buy
09/14/18	UOB Kay Hian	Tianjin Zhongxin	0.915	1.59	Buy
10/31/18	UOB Kay Hian	Tianjin Zhongxin	0.895	1.59	Buy	PER14.1x FY18

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
01/10/17	JP Morgan	Thai Beverage	0.845	1.06	Overweight
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
03/31/17	JP Morgan	Thai Beverage	0.935	1.1	Overweight
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
05/15/17	JP Morgan	Thai Beverage	0.885	1	Overweight
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
08/08/17	JP Morgan	Thai Beverage	0.96	1.1	Overweight
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
12/20/17	JP Morgan	Thai Beverage	0.95	0.84	Underweight
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
06/22/18	JP Morgan	Thai Beverage	0.77	0.73	Underweight
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
08/15/18	DBS Vickers	Thai Beverage	0.7	0.94	Buy	Sum of parts
08/15/18	JP Morgan	Thai Beverage	0.7	0.64	Underweight
08/16/18	CIMB	Thai Beverage	0.68	0.88	Add	Sum of parts
08/16/18	DMG & Partners	Thai Beverage	0.68	0.88	Buy	Sum of parts
08/16/18	OCBC	Thai Beverage	0.68	0.89	Buy
08/20/18	Phillip	Thai Beverage	0.645	0.62	Reduce	Sum of parts
09/04/18	Goldman Sachs	Thai Beverage	0.645	0.74	Buy	Cut from $0.94
09/04/18	JP Morgan	Thai Beverage	0.645	0.64	Underweight
09/14/18	CIMB	Thai Beverage	0.62	0.88	Add
09/18/18	Amfrasers	Thai Beverage	0.65	0.75	Buy	Sum of parts
09/20/18	DBS Vickers	Thai Beverage	0.65	0.94	Buy
09/21/18	DMG & Partners	Thai Beverage	0.67	0.88	Buy
10/02/18	Amfrasers	Thai Beverage	0.665	0.75	Buy	Sum of parts
10/04/18	UOB Kay Hian	Thai Beverage	0.71	0.84	Buy	Sum of parts
10/26/18	Exotix Capital	Thai Beverage	0.63	0.9	Buy
11/02/18	UOB Kay Hian	Thai Beverage	0.635	0.84	Buy
11/05/18	DBS Vickers	Thai Beverage	0.655	0.94	Buy
11/13/18	Amfrasers	Thai Beverage	0.65	0.75	Buy	Sum of parts
11/27/18	CIMB	Thai Beverage	0.67	0.88	Add	Sum of parts
11/27/18	DBS Vickers	Thai Beverage	0.67	0.87	Buy	Sum of parts
11/27/18	OCBC	Thai Beverage	0.67	0.85	Buy
11/28/18	Phillip	Thai Beverage	0.63	0.57	Reduce	Sum of parts
11/28/18	UOB Kay Hian	Thai Beverage	0.63	0.8	Buy	Sum of parts
11/28/18	DMG & Partners	Thai Beverage	0.63	0.75	Buy	Sum of parts
11/28/18	CIMB	Thai Beverage	0.63	0.73	Add	Sum of parts, PER17x
12/05/18	Amfrasers	Thai Beverage	0.625	0.75	Buy	Sum of parts