Breadtalk - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	OCBC	Breadtalk	1.1	1.09	Sell
02/26/16	DIR	Breadtalk	1.04	1.18	Outperform	PER19.6x FY16
02/26/16	OCBC	Breadtalk	1.04	0.96	Sell	PER23x FY16
03/22/16	OCBC	Breadtalk	1.05	0.96	Sell
05/04/16	OCBC	Breadtalk	1.135	0.96	Sell
05/10/16	DIR	Breadtalk	1.17	1.28	Outperform
05/11/16	DMG & Partners	Breadtalk	1.15	1.42	Buy	EV/Ebitda6x FY16
06/13/16	OCBC	Breadtalk	1.15	0.96	Sell
07/08/16	DMG & Partners	Breadtalk	1.135	1.45	Buy	EV/Ebitda6x FY16
07/15/16	DIR	Breadtalk	1.14	1.28	Outperform	PER19.6x FY16
08/04/16	OCBC	Breadtalk	1.12	0.96	Sell
08/05/16	DIR	Breadtalk	1.1	1.17	Outperform	PER19.6x FY16
08/05/16	DMG & Partners	Breadtalk	1.1	1.45	Buy
08/08/16	OCBC	Breadtalk	1.065	0.99	Sell	PER23x FY16/17
10/03/16	OCBC	Breadtalk	1.005	0.99	Sell
11/04/16	DIR	Breadtalk	1	1.13	Outperform	PER16.7x FY17
11/04/16	OCBC	Breadtalk	1	1.07	Hold	PER23x FY16/17
11/17/16	DMG & Partners	Breadtalk	1.09	1.45	Buy
01/02/17	DIR	Breadtalk	1.285	1.42	Outperform	PER20.9x FY17
01/03/17	DMG & Partners	Breadtalk	1.16	1.45	Buy	EV/Ebitda5x FY17, PER16.5x FY17
01/26/17	OCBC	Breadtalk	1.225	1.07	Hold	PER23x FY17
02/24/17	DMG & Partners	Breadtalk	1.31	1.5	Buy	EV/Ebitda 6x FY17
02/24/17	OCBC	Breadtalk	1.31	1.21	Hold	PER24x FY17
04/04/17	DBS Vickers	Breadtalk	1.355	1.69	Buy
05/04/17	DIR	Breadtalk	1.395	1.53	Outperform	PER20.9x FY17
05/04/17	DMG & Partners	Breadtalk	1.395	1.6	Buy	EV/Ebitda 6x FY17
05/04/17	OCBC	Breadtalk	1.395	1.21	Hold
06/09/17	DBS Vickers	Breadtalk	1.65	1.92	Buy	Sum of parts
07/04/17	DMG & Partners	Breadtalk	1.515	1.6	Buy
08/01/17	DBS Vickers	Breadtalk	1.75	1.92	Buy
08/03/17	DMG & Partners	Breadtalk	1.795	1.83	Neutral	EV/Ebitda 6x FY18
08/03/17	DBS Vickers	Breadtalk	1.795	2.04	Buy	PER18x FY18
10/31/17	DBS Vickers	Breadtalk	1.555	2.04	Buy
11/06/17	DMG & Partners	Breadtalk	1.615	1.83	Buy	EV/Ebitda 6x FY18
11/07/17	DBS Vickers	Breadtalk	1.605	2.01	Buy	Sum of parts