Global Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	Deutsche	Golden Agri	0.33	0.42	Buy	PER20x FY16
02/05/16	UOB Kay Hian	Golden Agri	0.375	0.44	Buy
03/01/16	CIMB	Golden Agri	0.37	0.35	Reduce	PER15x CY17
03/01/16	DMG & Partners	Golden Agri	0.37	0.47	Buy	PER17x FY16
03/01/16	UOB Kay Hian	Golden Agri	0.37	0.44	Buy	PER15x FY16
03/02/16	DBS Vickers	Golden Agri	0.37	0.38	Not Rated	DCF
03/02/16	Nomura	Golden Agri	0.37	0.3	Reduce
03/02/16	OCBC	Golden Agri	0.37	0.34	Hold
03/31/16	UOB Kay Hian	Golden Agri	0.425	0.48	Buy
04/12/16	DBS Vickers	Golden Agri	0.405	0.38	Not Rated
04/12/16	Deutsche	Golden Agri	0.405	0.6	Buy
05/04/16	Credit Suisse	Golden Agri	0.39	0.4	Neutral
05/16/16	CIMB	Golden Agri	0.37	0.35	Reduce	PER15x
05/16/16	DBS Vickers	Golden Agri	0.37	0.35	Not Rated
05/16/16	OCBC	Golden Agri	0.37	0.34	Hold	PER12.5x FY15/16
05/18/16	UOB Kay Hian	Golden Agri	0.37	0.44	Buy
07/21/16	DBS Vickers	Golden Agri	0.35	0.33	Not Rated
07/21/16	UOB Kay Hian	Golden Agri	0.35	0.44	Buy
08/08/16	DMG & Partners	Golden Agri	0.365	0.42	Buy
08/15/16	CIMB	Golden Agri	0.37	0.35	Reduce	PER15x FY17
08/15/16	Credit Suisse	Golden Agri	0.37	0.34	Underperform
08/15/16	DMG & Partners	Golden Agri	0.37	0.44	Buy	PER18x FY17
08/15/16	OCBC	Golden Agri	0.37	0.34	Hold	PER12.5x FY17, Buy @ $0.33 or lower
08/15/16	UOB Kay Hian	Golden Agri	0.37	0.42	Buy	PER15x FY17
08/16/16	DBS Vickers	Golden Agri	0.37	0.34	Not Rated	DCF
10/25/16	DBS Vickers	Golden Agri	0.38	0.37	Not Rated
11/15/16	CIMB	Golden Agri	0.39	0.38	Reduce	PER15x FY17
11/15/16	Credit Suisse	Golden Agri	0.39	0.34	Underperform
11/15/16	DMG & Partners	Golden Agri	0.39	0.46	Buy	PER18x FY17
11/15/16	OCBC	Golden Agri	0.39	0.37	Hold	PER13.5x FY17
11/15/16	UOB Kay Hian	Golden Agri	0.39	0.42	Buy	PER15x FY17
11/16/16	DBS Vickers	Golden Agri	0.385	0.39	Not Rated	DCF
12/02/16	DMG & Partners	Golden Agri	0.435	0.46	Buy	PER18x FY17
12/06/16	CIMB	Golden Agri	0.44	0.38	Reduce	PER15x FY17
12/07/16	Deutsche	Golden Agri	0.43	0.6	Buy
12/08/16	UOB Kay Hian	Golden Agri	0.44	0.42	Hold
12/12/16	OCBC	Golden Agri	0.425	0.37	Hold
01/10/17	DMG & Partners	Golden Agri	0.43	0.5	Buy	PER19x FY17
01/11/17	DBS Vickers	Golden Agri	0.425	0.39	Not Rated
02/13/17	DBS Vickers	Golden Agri	0.425	0.39	Not Rated
02/27/17	CIMB	Golden Agri	0.4	0.37	Reduce	PER15x
02/27/17	Credit Suisse	Golden Agri	0.4	0.38	Underperform
02/27/17	DMG & Partners	Golden Agri	0.4	0.45	Buy	PER19x FY17
02/27/17	OCBC	Golden Agri	0.4	0.38	Hold
02/27/17	UOB Kay Hian	Golden Agri	0.4	0.45	Hold	PER15x FY17, Buy @ $0.38
03/13/17	DBS Vickers	Golden Agri	0.375	0.42	Not Rated
04/06/17	Macquarie	Golden Agri	0.375	0.4	Neutral
04/11/17	DMG & Partners	Golden Agri	0.37	0.39	Neutral
04/13/17	Credit Suisse	Golden Agri	0.365	0.33	Underperform
05/08/17	UOB Kay Hian	Golden Agri	0.36	0.45	Hold
05/16/17	CIMB	Golden Agri	0.375	0.37	Reduce	PER15x FY17
05/16/17	Credit Suisse	Golden Agri	0.375	0.33	Underperform
05/16/17	DMG & Partners	Golden Agri	0.375	0.39	Neutral	PER17x F17
05/16/17	OCBC	Golden Agri	0.375	0.38	Hold
06/20/17	OCBC	Golden Agri	0.37	0.38	Hold
06/29/17	UOB Kay Hian	Golden Agri	0.375	0.34	Hold
08/15/17	Credit Suisse	Golden Agri	0.375	0.33	Underperform
08/15/17	OCBC	Golden Agri	0.375	0.36	Hold	PER16x FY18
08/15/17	UOB Kay Hian	Golden Agri	0.375	0.34	Hold	PER13x FY18, Buy @ $0.30
08/15/17	CIMB	Golden Agri	0.375	0.37	Reduce	PER15x FY17
08/28/17	DIR	Golden Agri	0.385	0.32	Underperform	PER18x FY17/18
09/12/17	OCBC	Golden Agri	0.375	0.36	Hold
09/12/17	UOB Kay Hian	Golden Agri	0.375	0.34	Hold	PER13x FY18
09/13/17	DBS Vickers	Golden Agri	0.38	0.39	Not Rated
10/05/17	OCBC	Golden Agri	0.38	0.35	Hold
11/15/17	UOB Kay Hian	Golden Agri	0.39	0.34	Hold	PER13x FY18, Buy @ $0.3
11/15/17	OCBC	Golden Agri	0.39	0.37	Hold
11/15/17	Credit Suisse	Golden Agri	0.39	0.35	Underperform
11/15/17	CIMB	Golden Agri	0.39	0.36	Reduce	PER15x FY19
12/20/17	CIMB	Golden Agri	0.375	0.36	Reduce