Mermaid Maritime - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/17/16	DBS Vickers	Mermaid Maritime	0.116	0.09	Fully Valued	PB0.2x FY16
03/01/16	DBS Vickers	Mermaid Maritime	0.104	0.09	Fully Valued
05/25/16	DBS Vickers	Mermaid Maritime	0.102	0.09	Fully Valued
06/10/16	CIMB	Mermaid Maritime	0.122	0.16	Add	PB0.5x FY16
09/30/16	CIMB	Mermaid Maritime	0.102	0.16	Add
10/21/16	CIMB	Mermaid Maritime	0.103	0.16	Add	PB0.5x FY16
11/16/16	CIMB	Mermaid Maritime	0.119	0.17	Add	PB0.5x FY17
11/16/16	DBS Vickers	Mermaid Maritime	0.119	0.12	Hold	PB0.35x FY17
12/05/16	CIMB	Mermaid Maritime	0.145	0.17	Add	PB0.5x FY17
12/05/16	DBS Vickers	Mermaid Maritime	0.145	0.14	Hold
01/03/17	CIMB	Mermaid Maritime	0.15	0.24	Add	PB0.65x CY17
01/09/17	DBS Vickers	Mermaid Maritime	0.195	0.24	Buy	PB0.7x FY17
03/02/17	CIMB	Mermaid Maritime	0.2	0.28	Add	PB0.77x FY17
03/02/17	DBS Vickers	Mermaid Maritime	0.2	0.25	Buy	DCF & PER0.7x
05/17/17	CIMB	Mermaid Maritime	0.18	0.19	Hold	PB0.56x FY17
05/17/17	DBS Vickers	Mermaid Maritime	0.18	0.2	Hold	Sum of parts
08/18/17	CIMB	Mermaid Maritime	0.143	0.14	Reduce	PB0.4x FY17
08/18/17	DBS Vickers	Mermaid Maritime	0.143	0.14	Hold	PB0.6x
09/14/17	CIMB	Mermaid Maritime	0.126	0.14	Reduce
11/16/17	CIMB	Mermaid Maritime	0.138	0.14	Reduce	PB0.4x CY17
11/17/17	DBS Vickers	Mermaid Maritime	0.138	0.14	Hold	PB0.6x
01/12/18	CIMB	Mermaid Maritime	0.139	0.14	Hold	PB0.43x CY18
01/23/18	DBS Vickers	Mermaid Maritime	0.155	0.14	Hold