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Monday, May 31, 2010

Sound Global (Epure) - The most well-liked stock by analysts. Buy and you won't regret!

Date/Research House/Last Done/Target Price/Call/Valuation Method

02/04/10 CIMB Sound Global 0.9 1.28 Outperform PER20x
03/01/10 CIMB Sound Global 0.81 1.33 Outperform PER20x
04/09/10 CIMB Sound Global 0.99 1.33 Outperform PER20x
04/30/10 CIMB Sound Global 0.91 1.33 Outperform
05/17/10 CIMB Sound Global 0.81 1.33 Outperform PER20x

01/04/10 DBS Vickers Sound Global 0.69 0.71 Buy
01/07/10 DBS Vickers Sound Global 0.825 1.1 Buy PER29x
01/08/10 DBS Vickers Sound Global 0.825 1.1 Buy
02/02/10 DBS Vickers Sound Global 0.905 1.2 Buy PER26x

05/18/10 DMG & Partners Sound Global 0.81 1.04 Buy PER16x
05/24/10 DMG & Partners Sound Global 0.83 1.04 Buy PER16x
05/31/10 DMG & Partners Sound Global 0.78 1.04 Buy

02/08/10 phillip Sound Global 0.83 1.08 Buy DCF
03/04/10 phillip Sound Global 0.86 1.1 Buy DCF
05/17/10 phillip Sound Global 0.81 1.1 Buy DCF

Yanlord - The fallen angel of china property stock

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/14/10 CIMB Yanlord 1.64 1.83 Neutral RNAV (35% discount)

02/18/10 DBS Vickers Yanlord 1.79 2.22 Buy RNAV (20% discount)
02/26/10 DBS Vickers Yanlord 1.77 2.3 Buy RNAV (20% discount)
04/23/10 DBS Vickers Yanlord 1.74 1.99 Hold RNAV (30% discount)
05/14/10 DBS Vickers Yanlord 1.62 1.71 Hold RNAV (40% discount)

Saturday, May 29, 2010

ST Engineering - A defensive stock that is only loved by DBS vickers

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/19/10 CIMB ST Engineering 3.19 2.98 Underperform PER20.1x
04/01/10 CIMB ST Engineering 3.19 3.62 Outperform PER18.5x
05/05/10 CIMB ST Engineering 3.13 3.62 Outperform Blended (PER, DCF, Div Yield)
05/18/10 CIMB ST Engineering 3.22 3.62 Outperform

01/06/10 DBS Vickers ST Engineering 3.27 3.8 Buy PER23x
01/18/10 DBS Vickers ST Engineering 3.22 3.8 Buy
02/19/10 DBS Vickers ST Engineering 3.19 3.6 Buy
05/05/10 DBS Vickers ST Engineering 3.13 3.55 Buy

05/05/10 DMG & Partners ST Engineering 3.13 3.15 Hold PER19.9x

02/19/10 Kim Eng ST Engineering 3.19 3.15 Hold PER19x
04/01/10 Kim Eng ST Engineering 3.19 3.15 Hold PER19.3x
04/09/10 Kim Eng ST Engineering 3.28 3.15 Hold PER15x

Friday, May 28, 2010

Venture - conflicting signals from analysts

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

03/11/10 CIMB Venture 8.48 9.36 Outperform
04/30/10 CIMB Venture 9.86 10.54 Neutral PER14x
05/18/10 CIMB Venture 8.94 10.54 Outperform

03/01/10 DBS Vickers Venture 8.44 9.8 Buy PER15x

03/02/10 DMG & Partners Venture 8.44 8.61 Neutral PER14.8x
04/30/10 DMG & Partners Venture 9.86 9.31 Neutral PER13.6x

03/01/10 Kim Eng Venture 8.44 8.47 Hold PER12x
04/30/10 Kim Eng Venture 9.86 11.3 Buy PER17x

03/01/10 Lim & Tan Venture 8.44 0 Sell
04/30/10 Lim & Tan Venture 9.86 0 Sell

03/01/10 OCBC Venture 8.44 9.03 Buy PER13x
04/08/10 OCBC Venture 9.28 9.93 Buy PER14x

Dow Jones surged 284 points after China reiterated its support for Euro. Latest updates for EU.

This surge of 284 points is simply a knee-jerk reaction to China's commitment of Euro but I believe investors will sell into the rally and cause the Dow to fall next week again unless EU is able to stabilize the euro which I think will be difficult.

Spain has just approved a cut of over euro $20b on top of the euro $50b cut earlier in its austerity programme.  French is also starting to tackle its deficit and Italy has just cut $24b of spendings.

Therefore, austerity programme equates to anti-growth measure which will definitely slow down the growth in EU.

Ying Li - S-chip that analysts love!

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/08/10 DBS Vickers Ying Li 0.67 1.17 Buy
01/19/10 DBS Vickers Ying Li 0.62 1.08 Buy RNAV (10% discount)
01/26/10 DBS Vickers Ying Li 0.59 1.06 Buy RNAV (20% discount)
05/18/10 DBS Vickers Ying Li 0.42 0.67 Buy RNAV (40% discount)

01/25/10 DMG & Partners Ying Li 0.58 1.09 Buy RNAV
02/24/10 DMG & Partners Ying Li 0.45 0.8 Buy RNAV (20% discount)
05/05/10 DMG & Partners Ying Li 0.485 0.5 Neutral RNAV (50% discount)
05/19/10 DMG & Partners Ying Li 0.435 0.42 neutral RNAV (50% discount)

01/25/10 Kim Eng Ying Li 0.575 1.2 Buy
02/25/10 Kim Eng Ying Li 0.45 1.2 Buy
04/09/10 Kim Eng Ying Li 0.53 1.04 Buy RNAV
05/18/10 Kim Eng Ying Li 0.42 0.78 Buy RNAV

01/25/10 phillip Ying Li 0.58 1.15 Buy RNAV
02/25/10 phillip Ying Li 0.45 0.655 Buy RNAV (30% discount)

Thursday, May 27, 2010

Wheelock Properties - A well-liked property stock by CIMB & DBS Vickers

Date/Research House/Last Done/Target Price/Call/Valuation Method

02/24/10 AmFraser Wheelock Properties 1.87 2.08 Hold RNAV (10% discount)
03/15/10 AmFraser Wheelock Properties 1.92 2.1 Hold RNAV
05/17/10 AmFraser Wheelock Properties 1.87 2.1 Hold RNAV

04/16/10 CIMB Wheelock Properties 1.96 2.19 Neutral
04/20/10 CIMB Wheelock Properties 1.99 2.39 Outperform RNAV
05/10/10 CIMB Wheelock Properties 1.79 2.39 Outperform
05/17/10 CIMB Wheelock Properties 1.87 2.39 Outperform RNAV

02/22/10 DBS Vickers Wheelock Properties 1.9 2.14 Buy
02/24/10 DBS Vickers Wheelock Properties 1.87 2.24 Buy RNAV (10% discount)
03/08/10 DBS Vickers Wheelock Properties 1.91 2.24 Buy
03/30/10 DBS Vickers Wheelock Properties 1.9 2.24 Buy
05/17/10 DBS Vickers Wheelock Properties 1.87 2.28 Buy RNAV (10% discount)
05/18/10 DBS Vickers Wheelock Properties 1.87 2.28 Buy

Wednesday, May 26, 2010

Is double dip recession coming?

The possibility of a double-dip recession is coming and real as the crisis in Europe is escalating.  It is highly probable that Greece won't be able to service its debt and Spain is starting to show symptoms of struggling with its debts.  Spain government has nationalized a bank and force 4 banks to consolidate to avoid getting into further trouble and god knows what will happen in portugal later.  The austerity measures taken by EU are definitely anti-growth but this is being written off by overly optimistic economists and politicians.

US has disregarded Europe crisis as a major problem and will only cut back US growth by about1.2%.  If Lehman Brothers could bring down the world, then Europe could be worse as it has more than 500m population and is a major trading partner in the world. By negating the impact of Europe, the world is making a major mistake and we'll pay a heavy price later.

Asia Travel - Not the time to travel? Nope, just not the time to buy yet.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/12/10 DBS Vickers Asiatravel 0.695 0.82 Buy DCF
05/26/10 DBS Vickers Asiatravel 0.38 0.42 Hold DCF, PER14x

01/25/10 DMG & Partners Asiatravel 0.775 0.78 Neutral PER21.7x
04/09/10 DMG & Partners Asiatravel 0.585 0.61 Neutral DCF
04/12/10 DMG & Partners Asiatravel 0.605 0.61 Neutral DCF, PER23x

02/11/10 Kim Eng Asiatravel 0.715 0.9 Buy

Parkway Holdings - A well-liked stock for many research houses

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/24/10 AmFraser Parkway Holdings 2.93 3.55 Buy Sum of parts

02/02/10 CIMB Parkway Holdings 2.64 3.16 Outperform
03/12/10 CIMB Parkway Holdings 3.12 3.69 Outperform Sum of parts
05/18/10 CIMB Parkway Holdings 3.23 3.69 Outperform

02/24/10 DBS Vickers Parkway Holdings 2.93 2.71 Hold Sum of parts
03/15/10 DBS Vickers Parkway Holdings 3.11 2.71 Fully Valued Sum of parts, PER20x
05/13/10 DBS Vickers Parkway Holdings 3.35 2.8 Fully Valued Sum of parts

02/25/10 DMG & Partners Parkway Holdings 2.93 3.36 Buy PER22x

02/10/10 Kim Eng Parkway Holdings 2.8 3.55 Buy
02/24/10 Kim Eng Parkway Holdings 2.93 3.58 Buy PER16x
03/26/10 Kim Eng Parkway Holdings 3.38 4.06 Buy Sum of parts
05/13/10 Kim Eng Parkway Holdings 3.35 4.03 Buy Sum of parts
05/19/10 Kim Eng Parkway Holdings 3.38 4.03 Buy

02/11/10 Lim & Tan Parkway Holdings 2.77 0 Buy
03/12/10 Lim & Tan Parkway Holdings 3.12 0 Buy
03/29/10 Lim & Tan Parkway Holdings 3.46 0 Buy

02/24/10 OCBC Parkway Holdings 2.93 3.31 Buy Sum of parts
03/22/10 OCBC Parkway Holdings 3.16 3.53 Buy Sum of parts
05/13/10 OCBC Parkway Holdings 3.35 3.71 Buy Sum of parts

Tuesday, May 25, 2010

STI - Straits Times Index, where is it heading next?

The chart dated 25/05/10 indicates that funds are flowing into Singapore stock market as investors are buying on the dip.  We've noticed that the 100-day SMA is a precursor of future stock trend as indicated by the blue line.  There was a downtrend before this major correction and STI is at the lowest point now for the past 100 days.

Ezra - The darling of offshore marine industry

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/15/10 CIMB Ezra 2.49 3.08 Outperform
01/20/10 CIMB Ezra 2.52 3.08 Outperform Sum of parts
02/08/10 CIMB Ezra 2.15 3.12 Outperform Sum of parts
04/12/10 CIMB Ezra 2.55 3.13 Outperform Sum of parts
05/14/10 CIMB Ezra 1.97 3.13 Outperform
05/18/10 CIMB Ezra 1.96 3.13 Outperform

01/04/10 DBS Vickers Ezra 2.19 2.77 Buy
01/15/10 DBS Vickers Ezra 2.49 2.77 Hold
02/08/10 DBS Vickers Ezra 2.15 2.75 Buy Sum of parts, PER13x
03/08/10 DBS Vickers Ezra 2.32 2.75 Buy
04/12/10 DBS Vickers Ezra 2.55 2.62 Hold

01/29/10 DMG & Partners Ezra 2.19 2.91 Buy Sum of parts, PER12.2x
04/01/10 DMG & Partners Ezra 2.44 2.96 Buy
04/23/10 DMG & Partners Ezra 2.17 2.8 Buy
05/03/10 DMG & Partners Ezra 2.09 2.8 Buy
05/06/10 DMG & Partners Ezra 2.03 2.8 Buy

01/20/10 OCBC Ezra 2.52 2.54 Hold
02/03/10 OCBC Ezra 2.07 2.54 Buy
03/05/10 OCBC Ezra 2.21 2.54 Buy
03/18/10 OCBC Ezra 2.48 2.88 Buy Blended PE
05/06/10 OCBC Ezra 2.03 2.81 Buy
05/20/10 OCBC Ezra 1.82 2.81 Buy

Monday, May 24, 2010

Capitaland - Strong supporters from various research houses

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/19/10 AmFraser Capitaland 4.28 5.02 Buy RNAV
04/19/10 AmFraser Capitaland 4.1 4.82 Buy RNAV

04/16/10 CIMB Capitaland 4.16 4.81 Outperform
05/10/10 CIMB Capitaland 3.63 4.83 Outperform
05/18/10 CIMB Capitaland 3.64 4.83 Outperform

01/20/10 Citigroup Capitaland 4.38 4.48 Hold RNAV

01/06/10 DBS Vickers Capitaland 4.28 4.62 Buy RNAV (10% discount)
02/12/10 DBS Vickers Capitaland 3.86 5.08 Buy RNAV (10% discount)
02/22/10 DBS Vickers Capitaland 3.9 5.08 Buy
03/08/10 DBS Vickers Capitaland 3.9 5.08 Buy
04/08/10 DBS Vickers Capitaland 4.06 5.08 Buy
04/19/10 DBS Vickers Capitaland 4.1 5.03 Buy RNAV (10% discount)
04/23/10 DBS Vickers Capitaland 3.93 5.03 Buy

02/12/10 DMG & Partners Capitaland 3.75 5.18 Buy RNAV (20% premium)
03/15/10 DMG & Partners Capitaland 3.93 5.18 Buy
04/06/10 DMG & Partners Capitaland 4.06 5.18 Buy RNAV (20% premium)
04/16/10 DMG & Partners Capitaland 4.04 5.18 Buy
04/19/10 DMG & Partners Capitaland 4.1 4.27 Neutral RNAV

01/19/10 Kim Eng Capitaland 4.28 5.33 Buy RNAV (15% premium)
02/12/10 Kim Eng Capitaland 3.86 5.25 Buy RNAV (15% premium)
03/03/10 Kim Eng Capitaland 3.84 5.29 Buy RNAV (15% premium)
04/19/10 Kim Eng Capitaland 4.1 5.31 Buy PB1.15x

01/19/10 Lim & Tan Capitaland 4.28 0 Hold
03/19/10 Lim & Tan Capitaland 4.28 0 Hold
03/22/10 Lim & Tan Capitaland 4.28 0 Hold

01/20/10 Macquarie Capitaland 4.28 4.79 Buy RNAV (10% discount)

01/15/10 OCBC Capitaland 4.28 4.95 Buy RNAV
01/18/10 OCBC Capitaland 4.28 5.3 Buy
02/01/10 OCBC Capitaland 3.86 5.3 Buy
03/03/10 OCBC Capitaland 3.84 5 Buy
04/05/10 OCBC Capitaland 4.04 5 Buy
05/04/10 OCBC Capitaland 3.69 5.09 Buy RNAV
05/11/10 OCBC Capitaland 3.7 4.97 Buy RNAV

Saturday, May 22, 2010

ASL Marine - OCBC is a strong supporter!

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/11/10 CIMB ASL Marine 0.9 1.1 Outperform PER7.5x
05/18/10 CIMB ASL Marine 0.89 1.1 Outperform

02/11/10 DBS Vickers ASL Marine 0.91 0.96 Hold Sum of parts
05/13/10 DBS Vickers ASL Marine 0.92 0.96 Hold Blended PER 7x & PER10x

02/11/10 Kim Eng ASL Marine 0.91 1.62 Buy PB1.6x

01/07/10 OCBC ASL Marine 1.01 1.19 Buy PER8x
02/11/10 OCBC ASL Marine 0.91 1.09 Buy
03/05/10 OCBC ASL Marine 0.89 1.18 Buy
04/05/10 OCBC ASL Marine 0.9 1.09 Buy
05/06/10 OCBC ASL Marine 0.905 1.09 Buy
05/13/10 OCBC ASL Marine 0.92 1.09 Buy
05/20/10 OCBC ASL Marine 0.845 1.09 Buy

Friday, May 21, 2010

Raffles Education - Hold, not time to buy yet.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/08/10 DBS Vickers Raffles Education 0.44 0.42 Hold
02/04/10 DBS Vickers Raffles Education 0.41 0.32 Fully Valued PER18x
02/10/10 DBS Vickers Raffles Education 0.345 0.32 Fully Valued
05/05/10 DBS Vickers Raffles Education 0.38 0.33 Fully Valued PER18x

05/05/10 DMG & Partners Raffles Education 0.375 0.48 Buy

02/04/10 Kim Eng Raffles Education 0.41 0.42 Hold

02/04/10 OCBC Raffles Education 0.41 0.37 Hold PER20x
03/24/10 OCBC Raffles Education 0.38 0.37 Hold PER20x
05/05/10 OCBC Raffles Education 0.375 0.37 Hold PER20x

Thursday, May 20, 2010

Misleading Singapore's Q1 GDP figure?

The Singapore government has just released the Q1 GDP figure which states that the economy grew sharply by an annualised 38.6% from the previous 3 months this year and a 15.5% growth in the 1st quarter from last year.

If we were to convert the annualised figure to an actual 3-month GDP growth, that would amount to only 9.65% for the 1st quarter or 3.217% per month for the 1st quarter.

After this conversion, we can clearly see the actual growth scenario which is 9.65% vs 15.5%.

Armstrong - Buy calls from all research houses.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/25/10 CIMB Armstrong 0.26 0.48 Outperform PER9x
03/11/10 CIMB Armstrong 0.29 0.48 Outperform
04/06/10 CIMB Armstrong 0.34 0.48 Outperform PER9x

02/26/10 DMG & Partners Armstrong 0.27 0.37 Buy PER9.8x
04/13/10 DMG & Partners Armstrong 0.375 0.45 Buy PER9.8x
05/18/10 DMG & Partners Armstrong 0.39 0.49 Buy PER9.8x
05/19/10 DMG & Partners Armstrong 0.39 0.49 Buy PER9.8x

02/26/10 Kim Eng Armstrong 0.27 0.4 Buy PER10x
03/09/10 Kim Eng Armstrong 0.27 0.4 Buy
05/17/10 Kim Eng Armstrong 0.38 0.48 Buy PER11x

01/28/10 Lim & Tan Armstrong 0.245 0 Buy
02/25/10 Lim & Tan Armstrong 0.26 0 Buy
02/26/10 Lim & Tan Armstrong 0.27 0 Buy
03/10/10 Lim & Tan Armstrong 0.275 0 Buy
05/17/10 Lim & Tan Armstrong 0.38 0 Buy

City Developments - The darling of property sector as most analysts ascribed a premium to it

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/13/10 AmFraser City Developments 10.86 12.72 Buy RNAV

01/11/10 CIMB City Developments 11.78 12.04 Neutral RNAV (10% premium)
02/05/10 CIMB City Developments 10.64 12.16 Neutral RNAV (10% premium)
04/16/10 CIMB City Developments 11.46 12.16 Neutral
05/10/10 CIMB City Developments 10.46 12.16 Neutral
05/18/10 CIMB City Developments 10.48 12.09 neutral

02/26/10 DBS Vickers City Developments 10.34 11.38 Hold RNAV (15% premium)
03/08/10 DBS Vickers City Developments 10.36 11.38 Hold
03/16/10 DBS Vickers City Developments 10.66 11.85 Buy RNAV (15% premium)
03/30/10 DBS Vickers City Developments 10.98 11.85 Buy
04/08/10 DBS Vickers City Developments 11.4 11.85 Buy
05/13/10 DBS Vickers City Developments 10.86 12.04 Buy RNAV (15% premium)

02/05/10 DMG & Partners City Developments 10.64 12.44 Buy RNAV (20% premium)
02/26/10 DMG & Partners City Developments 10.34 12.44 Buy RNAV (20% premium)
03/15/10 DMG & Partners City Developments 10.46 12.44 Buy
04/06/10 DMG & Partners City Developments 10.98 12.44 Buy RNAV (20% premium)
04/16/10 DMG & Partners City Developments 11.46 12.44 Buy
04/23/10 DMG & Partners City Developments 11 12.45 Buy RNAV (20% premium)
04/28/10 DMG & Partners City Developments 10.86 12.48 Buy RNAV (20% premium)
05/13/10 DMG & Partners City Developments 10.86 12.48 Buy RNAV (20% premium)

01/06/10 Kim Eng City Developments 12.04 12.42 Hold RNAV (15% premium)
02/26/10 Kim Eng City Developments 10.34 12.65 Buy RNAV (15% premium)
04/14/10 Kim Eng City Developments 11.22 11.39 Buy RNAV (15% premium)
05/13/10 Kim Eng City Developments 10.86 13.2 Buy RNAV (15% premium)

01/18/10 Lim & Tan City Developments 11.66 0 Buy
02/25/10 Lim & Tan City Developments 10.32 0 Buy
05/13/10 Lim & Tan City Developments 10.86 0 Buy

02/01/10 OCBC City Developments 10.72 10.43 Hold
02/08/10 OCBC City Developments 10.38 10.46 Hold RNAV
03/03/10 OCBC City Developments 10.18 10.95 Hold
03/12/10 OCBC City Developments 10.32 10.95 Hold
04/05/10 OCBC City Developments 10.86 10.95 Hold
04/30/10 OCBC City Developments 10.7 11 Hold RNAV

Wednesday, May 19, 2010

Sembcorp Marine - What did Sembmarine do to incur the dislikes of DMG?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/05/10 AmFraser Sembcorp Marine 3.42 4.65 Buy PER20x

02/23/10 CIMB Sembcorp Marine 3.41 4.54 Outperform
03/12/10 CIMB Sembcorp Marine 4.11 4.54 Outperform DCF, PER18x
03/19/10 CIMB Sembcorp Marine 4.02 5.44 Outperform DCF, PER18x
04/19/10 CIMB Sembcorp Marine 4.42 5.44 Outperform
05/10/10 CIMB Sembcorp Marine 4.09 5.44 Outperform DCF, PER18x
05/18/10 CIMB Sembcorp Marine 4.2 5.44 Outperform

01/05/10 DBS Vickers Sembcorp Marine 3.7 4.26 Buy
02/04/10 DBS Vickers Sembcorp Marine 3.46 4.26 Buy
02/23/10 DBS Vickers Sembcorp Marine 3.41 5.25 Buy Sum of parts
03/08/10 DBS Vickers Sembcorp Marine 3.89 5.25 Buy
04/15/10 DBS Vickers Sembcorp Marine 4.4 5.6 Buy
05/10/10 DBS Vickers Sembcorp Marine 4.09 5.4 Buy Sum of parts, PER16x

02/08/10 DMG & Partners Sembcorp Marine 3.32 3.31 Neutral Sum of parts, PER14.6x
02/23/10 DMG & Partners Sembcorp Marine 3.41 3.51 Neutral Sum of parts, PER15.5x
03/12/10 DMG & Partners Sembcorp Marine 4.11 3.51 Sell Sum of parts, PER15.4x
03/19/10 DMG & Partners Sembcorp Marine 4.02 3.51 Sell Sum of parts
04/15/10 DMG & Partners Sembcorp Marine 4.4 3.67 Sell Sum of parts, PER15.5x
04/23/10 DMG & Partners Sembcorp Marine 4.28 3.67 Sell
04/30/10 DMG & Partners Sembcorp Marine 4.31 3.67 Sell Sum of parts, PER15.7x, PB3.4x
05/06/10 DMG & Partners Sembcorp Marine 4.04 3.67 Sell
05/10/10 DMG & Partners Sembcorp Marine 4.09 3.67 Sell Sum of parts
05/17/10 DMG & Partners Sembcorp Marine 4.2 3.67 Sell

02/23/10 Kim Eng Sembcorp Marine 3.41 4.95 Buy PER14x
03/19/10 Kim Eng Sembcorp Marine 4.02 4.95 Buy PER14x
04/06/10 Kim Eng Sembcorp Marine 4.35 4.95 Buy PER14x
05/10/10 Kim Eng Sembcorp Marine 4.09 4.95 Buy PER14x

02/23/10 Lim & Tan Sembcorp Marine 3.41 0 Buy
04/15/10 Lim & Tan Sembcorp Marine 4.4 0 Buy

03/05/10 OCBC Sembcorp Marine 3.82 4.16 Buy
03/11/10 OCBC Sembcorp Marine 3.97 4.58 Buy
04/05/10 OCBC Sembcorp Marine 4.29 4.58 Buy

04/13/10 phillip Sembcorp Marine 4.26 4.72 Buy Sum of parts
05/10/10 phillip Sembcorp Marine 4.09 4.74 Buy Sum of 2 parts

SIA - The airliner that is flying high!

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/09/10 AmFraser SIA 14.3 18.6 Buy EV/Ebita 6x

01/18/10 CIMB SIA 14.38 15 Underperform PB1.4x
02/03/10 CIMB SIA 13.66 15.9 Outperform PB1.4x, PER12.5x
02/08/10 CIMB SIA 14.1 15.9 Trading Buy PB1.4x
02/18/10 CIMB SIA 14.8 15.9 Trading Buy PB1.4x
03/16/10 CIMB SIA 15.78 17.9 Outperform PER14x
04/16/10 CIMB SIA 15.44 17.9 Outperform PER14x
05/18/10 CIMB SIA 14.8 17.9 Outperform

03/09/10 Citigroup SIA 15.62 16 Sell
05/10/10 Citigroup SIA 14.62 16 Buy

03/09/10 DBS Vickers SIA 15.62 18 Buy PB1.5x
04/15/10 DBS Vickers SIA 15.54 18 Buy PB1.5x

02/03/10 DMG & Partners SIA 13.66 16.71 Buy PER15x
02/18/10 DMG & Partners SIA 14.8 16.71 Buy PER15x
03/16/10 DMG & Partners SIA 15.78 16.71 Neutral PER15x
04/16/10 DMG & Partners SIA 15.48 17.82 Buy PER16x
05/18/10 DMG & Partners SIA 14.56 17.82 Buy PER16x

02/03/10 Kim Eng SIA 13.66 16.2 Buy PB1.5x
02/18/10 Kim Eng SIA 14.8 16.2 Buy PB1.5x
03/16/10 Kim Eng SIA 15.78 16.2 Buy
03/31/10 Kim Eng SIA 15.66 18.9 Buy PB1.7x
04/16/10 Kim Eng SIA 15.44 18.9 Buy PB1.7x
05/18/10 Kim Eng SIA 14.56 18.9 Buy PB1.7x

Tuesday, May 18, 2010

Sembcorp Industries - CIMB is a strong supporter for this stock

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/26/10 CIMB Sembcorp Industries 3.77 4.72 Outperform Sum of parts
04/27/10 CIMB Sembcorp Industries 4.39 5.58 Outperform Sum of parts
05/10/10 CIMB Sembcorp Industries 3.91 5.58 Outperform Sum of parts
05/18/10 CIMB Sembcorp Industries 4.18 5.58 Outperform Sum of parts

02/26/10 DBS Vickers Sembcorp Industries 3.7 4.91 Buy Sum of parts

05/12/10 DMG & Partners Sembcorp Industries 4.15 4.63 Buy Sum of parts
05/13/10 DMG & Partners Sembcorp Industries 4.15 4.63 Buy Sum of parts

02/26/10 Kim Eng Sembcorp Industries 3.7 4.14 Buy Sum of parts, PER10.6x
04/27/10 Kim Eng Sembcorp Industries 4.39 4.38 Hold PER11.5x
04/28/10 Kim Eng Sembcorp Industries 4.36 4.38 Hold
05/11/10 Kim Eng Sembcorp Industries 4.04 4.38 Hold Sum of parts

02/26/10 Lim & Tan Sembcorp Industries 3.7 0 Buy
04/27/10 Lim & Tan Sembcorp Industries 4.39 0 Buy

Capital flight from EU to US?

From the chart dated 18/05/2010, it seems to show that funds are flowing into the US stock market as the average trading volume has reversed trend and is on an upward trend. This EU crisis will only benefit US temporarily but the trend will reverse and there will be capital outflows out of US later.

Monday, May 17, 2010

A new crisis in the offing?

If Euro were to continue to fall, there'll be chaos in Europe as there'll be capital flights and inflations will also start popping up everywhere in Europe.  Thereafter, exports to Europe will falter and the world will spiral down into the abyss again. Watch how the story will unfold by closely monitoring the euro.  It will be impossible for US to escape unscathed if EU becomes disintegrated.

NOL - A shipping liner in trouble?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/12/10 CIMB NOL 1.9 2.6 Outperform PB1.8x
01/26/10 CIMB NOL 1.74 2.6 Outperform PB1.8x
02/02/10 CIMB NOL 1.7 2.6 Outperform
03/02/10 CIMB NOL 1.81 2.6 Outperform PB1.8x
03/30/10 CIMB NOL 1.93 2.6 Outperform PB1.8x
04/27/10 CIMB NOL 2.18 2.6 Outperform PB1.8x
05/17/10 CIMB NOL 2.14 2.5 Outperform PB1.8x

03/31/10 DBS Vickers NOL 1.98 2.4 Buy EV/Ebita 7x, PB1.6x
04/15/10 DBS Vickers NOL 2.3 2.4 Buy EV/Ebita 7x
05/13/10 DBS Vickers NOL 2.1 2.4 Buy
05/17/10 DBS Vickers NOL 2.14 2.5 Buy EV/Ebitda 7x

02/03/10 OCBC NOL 1.73 1.63 Hold NTA1.1x

03/03/10 phillip NOL 1.86 1.95 Hold BV1.3x
04/01/10 phillip NOL 2.01 2.32 Buy PB1.6x
05/17/10 phillip NOL 2.14 2.48 Outperform PB1.6x

CIMB & DBS Vickers have been strong supporters of NOL and both research houses coincidentally called for a BUY today but NOL tumbles today.  What a joke!

Comfortdelgro - Another public transport stock.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

04/21/10 AmFraser Comfortdelgro 1.59 1.9 Buy

02/11/10 CIMB Comfortdelgro 1.57 1.73 Underperform DCF (10% discount)
04/21/10 CIMB Comfortdelgro 1.59 1.73 Underperform DCF
05/17/10 CIMB Comfortdelgro 1.49 1.73 Underperform DCF (10% discount)

05/17/10 DBS Vickers Comfortdelgro 1.49 1.64 Hold DCF, PER15x

02/10/10 DMG & Partners Comfortdelgro 1.57 1.78 Buy DCF, PER16.5x
02/11/10 DMG & Partners Comfortdelgro 1.57 1.78 Neutral DCF, PER16.5x
04/01/10 DMG & Partners Comfortdelgro 1.57 1.78 Buy
05/03/10 DMG & Partners Comfortdelgro 1.57 1.78 Buy PER13x
05/14/10 DMG & Partners Comfortdelgro 1.49 1.78 Buy DCF
05/17/10 DMG & Partners Comfortdelgro 1.49 1.78 Buy DCF

02/11/10 Kim Eng Comfortdelgro 1.57 1.72 Hold
04/21/10 Kim Eng Comfortdelgro 1.59 1.72 Hold
05/17/10 Kim Eng Comfortdelgro 1.49 1.87 Buy PER17x

03/18/10 phillip Comfortdelgro 1.58 1.68 Hold
05/17/10 phillip Comfortdelgro 1.49 1.73 Buy DCF

Saturday, May 15, 2010

SMRT - Is public transport a defensive play?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/27/10 AmFraser SMRT 1.86 2.03 Buy
01/28/10 AmFraser SMRT 1.89 2.19 Buy
04/08/10 AmFraser SMRT 2.13 2.19 Hold
04/21/10 AmFraser SMRT 2.19 2.19 Hold
05/03/10 AmFraser SMRT 2.16 1.99 Hold

01/28/10 CIMB SMRT 1.89 2.26 Outperform DCF
04/21/10 CIMB SMRT 2.19 2.41 Outperform DCF
05/03/10 CIMB SMRT 2.28 2.35 Neutral DCF

04/30/10 Citigroup SMRT 2.15 1.9 Sell PER16.4x, PB3.5x

01/05/10 DBS Vickers SMRT 1.91 2.08 Buy
01/28/10 DBS Vickers SMRT 1.89 2.08 Buy DCF, PER15x
02/23/10 DBS Vickers SMRT 1.94 2.08 Buy
05/03/10 DBS Vickers SMRT 2.28 2 Fully Valued DCF, PER15x

01/28/10 DMG & Partners SMRT 1.89 2 Buy DCF, PER16.5x
04/05/10 DMG & Partners SMRT 2.05 2 Buy DCF
04/30/10 DMG & Partners SMRT 2.28 2 Neutral
05/03/10 DMG & Partners SMRT 2.28 2 Neutral PER21x

03/16/10 Kim Eng SMRT 1.99 0 Buy
04/13/10 Kim Eng SMRT 2.13 2.22 Buy PER20x
04/21/10 Kim Eng SMRT 2.19 2.47 Buy

01/28/10 Lim & Tan SMRT 1.89 0 Buy
04/21/10 Lim & Tan SMRT 2.19 0 Buy

03/08/10 OCBC SMRT 1.96 2.05 Buy DDM
04/07/10 OCBC SMRT 2.09 2.22 Buy DDM, PER19x

03/18/10 phillip SMRT 2.01 2.19 Buy
04/28/10 phillip SMRT 2.24 2.42 Hold DCF
05/03/10 phillip SMRT 2.28 2.36 Hold
05/03/10 phillip SMRT 2.28 2.36 Hold DCF

Friday, May 14, 2010

Singtel - To buy or hold?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/02/10 AmFraser Singtel 3.01 3.05 Hold
02/09/10 AmFraser Singtel 3.01 3.05 Hold
02/18/10 AmFraser Singtel 3 3.05 Hold
05/10/10 AmFraser Singtel 2.98 3.05 Hold
05/14/10 AmFraser Singtel 2.97 3.04 Hold

01/25/10 CIMB Singtel 3.01 3.3 Underperform Sum of parts
02/04/10 CIMB Singtel 2.99 3.3 Underperform Sum of parts
02/09/10 CIMB Singtel 2.95 3.3 Underperform Sum of parts
02/10/10 CIMB Singtel 3.03 3.3 Underperform Sum of parts
03/05/10 CIMB Singtel 3.05 3.3 Underperform
04/05/10 CIMB Singtel 3.19 3.3 Underperform Sum of parts
04/05/10 CIMB Singtel 3.2 3.3 Underperform Sum of parts
04/15/10 CIMB Singtel 3.15 3.3 Underperform
04/22/10 CIMB Singtel 3.12 3.3 Neutral Sum of parts
04/29/10 CIMB Singtel 3.01 3.3 Underperform Sum of parts
05/12/10 CIMB Singtel 2.98 3.3 Underperform
05/14/10 CIMB Singtel 2.97 3 Underperform Sum of parts

01/25/10 DBS Vickers Singtel 3.01 3.15 Hold Sum of parts
02/01/10 DBS Vickers Singtel 3.01 3.5 Buy Sum of parts
02/09/10 DBS Vickers Singtel 2.95 3.5 Buy
02/23/10 DBS Vickers Singtel 3.02 3.5 Buy
03/15/10 DBS Vickers Singtel 3.12 3.5 Buy
05/05/10 DBS Vickers Singtel 2.96 3.4 Buy PER12x
05/13/10 DBS Vickers Singtel 3 3.4 Buy Sum of parts

02/10/10 DMG & Partners Singtel 3.02 2.98 Neutral Sum of parts
04/28/10 DMG & Partners Singtel 3.09 2.98 Neutral
05/10/10 DMG & Partners Singtel 2.98 2.98 Neutral

02/10/10 Kim Eng Singtel 3.03 3.42 Buy
03/18/10 Kim Eng Singtel 3.2 3.42 Buy
04/01/10 Kim Eng Singtel 3.17 3.42 Buy
05/14/10 Kim Eng Singtel 2.97 3.13 Hold PER12x

02/09/10 Lim & Tan Singtel 2.95 0 Neutral
04/29/10 Lim & Tan Singtel 3.01 0 Neutral
05/13/10 Lim & Tan Singtel 3 0 Neutral

02/09/10 OCBC Singtel 2.95 3.51 Buy Sum of parts
04/26/10 OCBC Singtel 3.14 3.51 Buy
05/14/10 OCBC Singtel 2.97 3.4 Buy Sum of parts

02/10/10 phillip Singtel 3.03 3.52 Buy DCF
05/14/10 phillip Singtel 2.96 3.43 Buy DCF

Thursday, May 13, 2010

Sell Straits Asia as OCBC doesn't like it.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/13/10 CIMB Straits Asia 2.6 3.37 Trading Buy DCF
03/08/10 CIMB Straits Asia 1.99 2.09 Neutral DCF

01/19/10 DBS Vickers Straits Asia 2.57 3.35 Buy DCF
02/25/10 DBS Vickers Straits Asia 2.14 3.2 Buy DCF

04/08/10 DMG & Partners Straits Asia 1.19 1.4 Buy PER15x
04/12/10 DMG & Partners Straits Asia 2.21 2.08 Neutral DCF
04/29/10 DMG & Partners Straits Asia 2.04 2.08 Neutral DCF, PER11.4x

01/20/10 OCBC Straits Asia 2.57 2.49 Hold
02/25/10 OCBC Straits Asia 2.14 1.73 Sell
03/05/10 OCBC Straits Asia 1.97 1.76 Sell
03/10/10 OCBC Straits Asia 2.12 1.76 Sell
04/27/10 OCBC Straits Asia 2.11 1.76 Sell
04/29/10 OCBC Straits Asia 2.04 1.8 Sell

Wednesday, May 12, 2010

Is Wilmar still worth to buy at this level?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

03/02/10 AmFraser Wilmar 6.67 6.55 Hold PER18x
04/08/10 AmFraser Wilmar 6.93 7.31 Hold
05/06/10 AmFraser Wilmar 6.72 7.3 Hold

04/19/10 CIMB Wilmar 6.93 8.4 Outperform
05/12/10 CIMB Wilmar 6.54 8.4 Outperform PER20x

01/05/10 DBS Vickers Wilmar 6.43 7.3 Buy
03/01/10 DBS Vickers Wilmar 6.67 8 Buy DCF
04/08/10 DBS Vickers Wilmar 6.93 8 Buy

03/02/10 DMG & Partners Wilmar 6.67 7.35 Buy PER18.8x

01/15/10 Kim Eng Wilmar 7.04 8.1 Buy Sum of parts
03/02/10 Kim Eng Wilmar 6.67 8.1 Buy PER20x

03/02/10 OCBC Wilmar 6.67 8.23 Buy PER20x

EU rescue package is just like an adrenaline jab.

EU rescue package of $750b doesn't seem to impress investors and euro keeps sliding down after the announcement.  Why?

Well, for a start, EU has to sell debt to raise the fund and lend it to Greece and investors are not willing to buy EU debt especially asian investors as they are doubtful about EU.  Let me use a rhetoric question to explain the attitude of asian investors. "Would you lend money to a debtor when the debtor can't pay existing debt?"

Selling debt at a time like this is not easy as US and other countries are also selling massive debts to raise fund for their own economies.  What EU has just done is just stalling time but the break-up of the 16 nations looks inevitable. This is just like a critically-ill patient who has just being injected with adrenalin.  Greece can only do so much to cut its deficit as its citizens still need to eat and drink.

In conclusion, it is highly likely that Greece will be the first country to break away from the EU.  Taking on more debts when you can't even pay existing debts would not be the solution to a healthier economy.  EU won't be the same continent anymore after this crisis.

Tuesday, May 11, 2010

First Ship Lease Trust - Various research report calls

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/26/10 DBS Vickers First Ship Lease Trust 0.6 0.78 Buy
04/21/10 DBS Vickers First Ship Lease Trust 0.64 0.78 Buy
05/05/10 DBS Vickers First Ship Lease Trust 0.545 0.55 Hold 12% Yield

01/26/10 OCBC First Ship Lease Trust 0.6 0.53 Hold
03/19/10 OCBC First Ship Lease Trust 0.61 0.53 Hold
04/16/10 OCBC First Ship Lease Trust 0.65 0.53 Hold
04/22/10 OCBC First Ship Lease Trust 0.635 0.59 Hold FCFE Model (20% discount)
05/11/10 OCBC First Ship Lease Trust 0.505 0.48 Hold FCFE Model (25% discount)

Is it time to buy Cosco now?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/23/10 AmFraser Cosco 1.28 1.17 Hold PER17x
03/08/10 AmFraser Cosco 1.21 1.17 Hold PER17x


02/23/10 CIMB Cosco 1.28 0.67 Underperform Sum of parts
03/15/10 CIMB Cosco 1.23 0.87 Underperform Sum of parts


01/08/10 DBS Vickers Cosco 1.26 0.78 Fully Valued
02/23/10 DBS Vickers Cosco 1.28 1 Fully Valued Sum of parts
04/07/10 DBS Vickers Cosco 1.35 1.6 Buy Sum of parts
04/13/10 DBS Vickers Cosco 1.65 1.8 Buy Sum of parts
04/16/10 DBS Vickers Cosco 1.75 1.8 Buy
05/07/10 DBS Vickers Cosco 1.56 1.8 Buy Sum of parts


02/23/10 Kim Eng Cosco 1.28 0.81 Sell PB1.7x
03/16/10 Kim Eng Cosco 1.25 0.81 Sell
04/21/10 Kim Eng Cosco 1.79 1.17 Sell PB2.5x


02/23/10 phillip Cosco 1.28 1.03 Sell BV2.01x
03/16/10 phillip Cosco 1.25 1.45 Buy PB2.8x
05/07/10 phillip Cosco 1.56 1.86 Buy BV3.6x

Monday, May 10, 2010

Greece's debt problem seems to get bigger and bigger.

The rescue package for Greece just seems to get bigger and bigger from the initial Euro $40b and then upped to $110b and upped to $140b over the last few days. This just goes to show that Greece is hiding massive debts from the EU members.  Furthermore, EU has to setup a massive emergency fund to defend euro.  What happens if Spain or Portugal also collapses?  How is EU going to find money to help its member?

Saturday, May 8, 2010

EU is setting up a multi-billion stabilization fund to defend EURO.

EU has come together to defend the euro next week and rumour has it that the stabilization fund might be around euro $600b.  Will this scare off currency speculators like George Soros? Let's see.

Friday, May 7, 2010

Countries that need to raise funds urgently.

The following countries that need to raise funds urgently:

Greece
Spain
Portugal
USA
Japan
UK
Russia

When these countries drain huge amount of money from the stock market, there will be a significant drop in liquidity and the stock market won't be able to move up anymore.

Explanation for US big plunge in stock market

The close to 1000 points drop in US market on 6 May was due to computerized trading and may not be due to trader'e error for some who tried to explain the plunge.

The staggered stop-loss levels set by investors/traders triggered the exacerbation of the quick plunge when the Dow Jones index fell to those levels but quickly recovered more than 50% of its loss.

Thursday, May 6, 2010

Baltic Dry Index (BDI) is now at 2988!

Shipping stocks will be badly affected when the world economy is down as BDI will continue to fall and shipments will drop as consumers rein in their spendings.

STI - Singapore stock market is down due to negative market sentiment.

The European-crisis is driving fear in asian markets and Singapore stock market is also affected.  Fundamentally strong stocks will continue to fall and those S-chips are especially vulnerable.

New Century Shipbuilding cancels IPO on SGX

China stocks or S-Chips are really losing integrity big time as this latest cancellation (New Century Shipbuilding) shows that many china stocks are hiding important materials from IPOs and their P&L statements would show huge deteriorations within 2 years of listings.

Many china companies cook their books during IPOs to raise funds from the stock market and they would be suspended and delisted when they have cashflow problems leaving minority shareholders in a dry high situation.

I think it's time we realized that we've to take a pinch of salt from those S-chips and avoid them at all cost as sifting through the good ones are not really worth the effort as we don't know the veracities of their accounts.

Wednesday, May 5, 2010

OCBC - Research report calls from various research houses

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/22/10 CIMB OCBC 8.54 9.38 Neutral
04/30/10 CIMB OCBC 8.69 9.38 Neutral


02/04/10 DBS Vickers OCBC 8.35 9.5 Buy
02/22/10 DBS Vickers OCBC 8.54 9.5 Buy Gordon Growth Model
03/04/10 DBS Vickers OCBC 8.45 9.5 Buy Gordon Growth Model
04/08/10 DBS Vickers OCBC 8.91 10.15 Buy BV1.8x
04/15/10 DBS Vickers OCBC 9.16 10.15 Buy PB1.8x
05/03/10 DBS Vickers OCBC 8.8 10.15 Buy PB1.8x


02/03/10 DMG & Partners OCBC 8.19 9 Neutral BV1.7x
02/22/10 DMG & Partners OCBC 8.54 9 Neutral PB1.6x
04/28/10 DMG & Partners OCBC 8.81 9 Neutral PB1.6x


02/22/10 Kim Eng OCBC 8.54 9.5 Hold PB1.65x
03/08/10 Kim Eng OCBC 8.53 9.5 Hold


02/22/10 phillip OCBC 8.54 8.63 Hold NAV1.54x
05/03/10 phillip OCBC 8.8 8.63 Hold Gordon Growth Model

Tuesday, May 4, 2010

Good news for Abterra!

Glencore which is a customer of Abterra mulls merger with Xstrata and IPO and Abterra is expected to do more businesses with Glencore and Xstrata.

Baker Tech has fallen more than 10 cents after agreeing to sell PPL to Yangzijiang

I refer to my previous thread on Baker Tech here.

Baker Tech has dropped as expected as investors have bailed out.  Lesson learnt here is never catch a falling knife. I pity those who bought Baker Tech at around 55cents. 3 cheers to those who sold Baker Tech!

DBS research report calls from various research houses

Date/Research House/Last Done/Target Price/Call/Valuation Method

02/05/10 CIMB DBS 14.2 16.28 Neutral PB1.4x
02/08/10 CIMB DBS 14.04 14.88 Underperform PB1.3x
04/30/10 CIMB DBS 15.3 14.88 Underperform


01/27/10 DMG & Partners DBS 14.7 14 Neutral BV1.3x
02/05/10 DMG & Partners DBS 14.2 14 Neutral
03/31/10 DMG & Partners DBS 14.56 14 Neutral
04/30/10 DMG & Partners DBS 15.3 14 Neutral PB1.3x

02/08/10 Kim Eng DBS 14.04 17.4 Buy PB1.5x
03/08/10 Kim Eng DBS 14.06 17.4 Buy PB1.5x

02/02/10 OCBC DBS 14.16 16.6 Buy PB1.5x
02/08/10 OCBC DBS 14.04 16.6 Buy

01/19/10 phillip DBS 15.14 14.55 Hold NAV1.31x
02/08/10 phillip DBS 14.04 14.55 Hold NAV1.32x, Gordon Growth Model
05/03/10 phillip DBS 15.3 14.55 Hold Gordon Growth Model

Monday, May 3, 2010

UOB - BUY calls from various research houses

Date/Research House/Stock/Last Done/Target Price/Valuation Method

01/07/10 phillip UOB 19.9 23 Buy NAV2x

01/07/10 CIMB UOB 19.9 23.32 Outperform PB1.96x

01/07/10 Kim Eng UOB 19.9 23 Buy

01/07/10 AmFraser UOB 19.9 23.77 Buy Gordon Growth Model

02/02/10 CIMB UOB 18.24 23.32 Outperform

02/04/10 DBS Vickers UOB 18.54 21.2 Buy

02/27/10 DMG & Partners UOB 18.64 22.3 Buy PB1.9x

03/01/10 Kim Eng UOB 18.64 21.8 Buy PB1.8x

03/01/10 DBS Vickers UOB 18.64 21.2 Buy Gordon Growth Model

03/01/10 phillip UOB 18.64 23 Buy Gordon Growth Model, PB1.94x

03/01/10 AmFraser UOB 18.64 23.95 Buy Gordon Growth Model

03/04/10 DBS Vickers UOB 18.2 21.2 Buy

03/08/10 Kim Eng UOB 17.86 21.8 Buy PB1.8x

04/01/10 DMG & Partners UOB 19.44 22.3 Buy

04/08/10 DBS Vickers UOB 19.8 22.2 Buy BV1.8x

04/15/10 DBS Vickers UOB 20.88 22.2 Buy PB1.8x

04/19/10 CIMB UOB 20.46 23.32 Outperform

04/30/10 CIMB UOB 20.16 23.32 Outperform

05/03/10 DBS Vickers UOB 20.32 22.2 Buy PB1.8x

05/03/10 phillip UOB 20.32 23 Buy Gordon Growth Model