Raffles Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	Raffles Medical	4.16	5.05	Buy
01/15/16	Phillip	Raffles Medical	3.93	4.74	Buy	DCF
01/21/16	Kim Eng	Raffles Medical	3.95	5.22	Buy
01/26/16	Deutsche	Raffles Medical	4.09	5.44	Buy
02/05/16	DIR	Raffles Medical	4.19	4.7	Outperform	DCF
02/23/16	CIMB	Raffles Medical	4.25	4.45	Hold	Sum of parts
02/23/16	Credit Suisse	Raffles Medical	4.25	5	Outperform
02/23/16	DMG & Partners	Raffles Medical	4.25	5.1	Buy	DCF
02/23/16	Kim Eng	Raffles Medical	4.25	5.2	Buy	DCF
02/23/16	OCBC	Raffles Medical	4.25	4.72	Buy	PER33.5x FY16
02/23/16	Phillip	Raffles Medical	4.25	4.88	Buy	DCF
02/23/16	UOB Kay Hian	Raffles Medical	4.25	5.07	Buy	DCF, PER33.7x FY16
03/08/16	Deutsche	Raffles Medical	4.4	5.39	Buy	Sum of parts
03/09/16	OCBC	Raffles Medical	4.39	4.72	Buy
03/28/16	UOB Kay Hian	Raffles Medical	4.5	5.07	Buy
04/04/16	CIMB	Raffles Medical	4.54	4.23	Reduce	Sum of parts, EV/Ebitda24.3x CY16
04/07/16	UOB Kay Hian	Raffles Medical	4.48	5.07	Buy
04/25/16	OCBC	Raffles Medical	4.6	4.72	Buy
04/26/16	CIMB	Raffles Medical	4.55	4.23	Reduce	Sum of parts
04/26/16	Credit Suisse	Raffles Medical	4.55	5	Outperform
04/26/16	DBS Vickers	Raffles Medical	4.55	4.3	Hold
04/26/16	DIR	Raffles Medical	4.55	4.87	Outperform	DCF
04/26/16	Kim Eng	Raffles Medical	4.55	5.2	Buy	DCF
04/26/16	Nomura	Raffles Medical	4.55	5.25	Buy
04/26/16	Phillip	Raffles Medical	4.55	4.88	Accumulate	DCF
04/26/16	UOB Kay Hian	Raffles Medical	4.55	5.11	Buy	DCF
05/09/16	Deutsche	Raffles Medical	1.535	1.8	Buy
05/09/16	OCBC	Raffles Medical	1.535	1.57	Hold	Stock split 1-for-3, Buy @ $1.45 or lower
06/06/16	UOB Kay Hian	Raffles Medical	1.58	1.7	Buy	DCF
06/08/16	DIR	Raffles Medical	1.6	1.58	Hold	DCF
06/23/16	OCBC	Raffles Medical	1.515	1.57	Hold	Buy @ $1.45 or lower
06/30/16	Kim Eng	Raffles Medical	1.495	1.73	Buy
07/05/16	DBS Vickers	Raffles Medical	1.555	1.43	Hold	PER29x FY16/17
07/18/16	CIMB	Raffles Medical	1.54	1.41	Reduce
07/21/16	Amfrasers	Raffles Medical	1.56	1.6	Hold	PER34x FY16/17
07/21/16	DIR	Raffles Medical	1.56	1.58	Hold	DCF
07/22/16	Kim Eng	Raffles Medical	1.6	1.73	Buy	DCF
07/25/16	CIMB	Raffles Medical	1.62	1.41	Reduce	Sum of parts
07/26/16	Credit Suisse	Raffles Medical	1.565	1.67	Outperform
07/26/16	Deutsche	Raffles Medical	1.565	1.6	Buy
07/26/16	DIR	Raffles Medical	1.565	1.57	Hold	DCF
07/26/16	DMG & Partners	Raffles Medical	1.565	1.7	Buy
07/26/16	Kim Eng	Raffles Medical	1.565	1.84	Buy	DCF
07/26/16	Nomura	Raffles Medical	1.565	1.77	Buy
07/26/16	OCBC	Raffles Medical	1.565	1.54	Hold	PER33.5x FY16/17, Buy @ $1.45
07/26/16	Phillip	Raffles Medical	1.565	1.62	Neutral	DCF, Stock split 1-for-3
07/26/16	UOB Kay Hian	Raffles Medical	1.565	1.7	Buy	DCF
08/26/16	OCBC	Raffles Medical	1.505	1.54	Hold	Buy @ $1.48 or lower
09/02/16	UOB Kay Hian	Raffles Medical	1.54	1.7	Buy
09/29/16	DIR	Raffles Medical	1.525	1.57	Hold	DCF
10/12/16	DBS Vickers	Raffles Medical	1.505	1.43	Hold
10/17/16	DMG & Partners	Raffles Medical	1.505	1.7	Buy
10/25/16	CIMB	Raffles Medical	1.505	1.46	Reduce	Sum of parts
10/25/16	DIR	Raffles Medical	1.505	1.53	Hold	DCF
10/25/16	DMG & Partners	Raffles Medical	1.505	1.76	Buy	DCF, PER33x FY 17
10/25/16	Kim Eng	Raffles Medical	1.505	1.85	Buy	DCF
10/25/16	OCBC	Raffles Medical	1.505	1.61	Hold	PER33.5x FY17
10/25/16	Phillip	Raffles Medical	1.505	1.62	Accumulate	DCF
10/25/16	UOB Kay Hian	Raffles Medical	1.505	1.7	Buy	DCF, PER34.7x FY17
11/03/16	CIMB	Raffles Medical	1.52	1.46	Reduce
11/10/16	Credit Suisse	Raffles Medical	1.49	1.67	Outperform
11/18/16	Deutsche	Raffles Medical	1.405	1.6	Hold
11/18/16	UOB Kay Hian	Raffles Medical	1.405	1.7	Buy	DCF, PER34.7x FY17
11/24/16	OCBC	Raffles Medical	1.395	1.61	Buy
12/06/16	CIMB	Raffles Medical	1.475	1.46	Reduce	Sum of parts
12/07/16	Deutsche	Raffles Medical	1.46	1.6	Hold
12/08/16	OCBC	Raffles Medical	1.45	1.61	Buy
12/13/16	Kim Eng	Raffles Medical	1.435	1.85	Buy	DCF
01/03/17	DMG & Partners	Raffles Medical	1.43	1.76	Buy	DCF
01/03/17	UOB Kay Hian	Raffles Medical	1.43	1.7	Buy	DCF
01/19/17	DIR	Raffles Medical	1.475	1.49	Hold	DCF
02/08/17	UOB Kay Hian	Raffles Medical	1.455	1.7	Buy
02/20/17	CIMB	Raffles Medical	1.48	1.46	Reduce	Sum of parts
02/20/17	OCBC	Raffles Medical	1.48	1.61	Buy
02/21/17	CIMB	Raffles Medical	1.46	1.36	Reduce	Sum of parts, EV/Ebitda23x CY17
02/21/17	Credit Suisse	Raffles Medical	1.46	1.6	Neutral
02/21/17	DBS Vickers	Raffles Medical	1.46	1.4	Hold	PER29x FY17/18
02/21/17	DIR	Raffles Medical	1.46	1.43	Hold	DCF
02/21/17	DMG & Partners	Raffles Medical	1.46	1.72	Buy	DCF
02/21/17	Kim Eng	Raffles Medical	1.46	1.7	Buy	DCF
02/21/17	Lim & Tan	Raffles Medical	1.46	0	Hold
02/21/17	OCBC	Raffles Medical	1.46	1.6	Buy
02/21/17	UOB Kay Hian	Raffles Medical	1.46	1.67	Buy
02/22/17	Phillip	Raffles Medical	1.445	1.6	Accumulate	DCF
03/21/17	UOB Kay Hian	Raffles Medical	1.42	1.66	Buy
03/24/17	Kim Eng	Raffles Medical	1.405	1.7	Buy	DCF
04/03/17	OCBC	Raffles Medical	1.415	1.6	Buy	Sum of parts
04/04/17	CIMB	Raffles Medical	1.43	1.36	Reduce	Sum of parts
04/04/17	Credit Suisse	Raffles Medical	1.43	1.6	Neutral
04/04/17	DIR	Raffles Medical	1.43	1.63	Outperform	DCF
04/04/17	DMG & Partners	Raffles Medical	1.43	1.72	Buy	Sum of parts
04/05/17	DBS Vickers	Raffles Medical	1.445	1.4	Hold	PER29x FY17/18
04/10/17	UOB Kay Hian	Raffles Medical	1.47	1.66	Buy	DCF
04/25/17	CIMB	Raffles Medical	1.415	1.37	Reduce	Sum of parts
04/25/17	DIR	Raffles Medical	1.415	1.56	Outperform	DCF
04/25/17	DMG & Partners	Raffles Medical	1.415	1.49	Neutral	DCF
04/25/17	Kim Eng	Raffles Medical	1.415	1.67	Buy	DCF
04/25/17	Phillip	Raffles Medical	1.415	1.49	Accumulate	DCF
04/25/17	UOB Kay Hian	Raffles Medical	1.415	1.52	Hold	DCF, Buy @ $1.35
06/05/17	Kim Eng	Raffles Medical	1.365	1.54	Buy	DCF
06/08/17	OCBC	Raffles Medical	1.375	1.6	Buy
06/19/17	UOB Kay Hian	Raffles Medical	1.355	1.52	Hold	DCF
06/20/17	CIMB	Raffles Medical	1.36	1.25	Reduce	Sum of parts
08/01/17	Phillip	Raffles Medical	1.285	1.27	Neutral	DCF
08/01/17	DIR	Raffles Medical	1.285	1.46	Outperform	DCF
08/01/17	DMG & Partners	Raffles Medical	1.285	1.1	Sell	DCF
08/01/17	UOB Kay Hian	Raffles Medical	1.285	1.3	Hold	DCF, Buy @ $1.17
08/01/17	Kim Eng	Raffles Medical	1.285	1.12	Sell	DCF
08/01/17	OCBC	Raffles Medical	1.285	1.47	Buy
08/01/17	Credit Suisse	Raffles Medical	1.285	1.45	Neutral
08/01/17	CIMB	Raffles Medical	1.285	1.25	Reduce	Sum of parts
08/01/17	Lim & Tan	Raffles Medical	1.285	0	Sell
08/02/17	DBS Vickers	Raffles Medical	1.11	1.2	Hold	PER25x FY17/18
09/18/17	CIMB	Raffles Medical	1.1	1.21	Add	Sum of parts
09/21/17	UOB Kay Hian	Raffles Medical	1.105	1.28	Buy	DCF
10/11/17	DIR	Raffles Medical	1.17	1.29	Outperform	DCF
10/16/17	UOB Kay Hian	Raffles Medical	1.155	1.28	Buy	DCF
10/31/17	CIMB	Raffles Medical	1.125	1.24	Add	Sum of parts
10/31/17	Phillip	Raffles Medical	1.125	1.32	Accumulate	DCF
10/31/17	UOB Kay Hian	Raffles Medical	1.125	1.34	Buy	DCF
10/31/17	DMG & Partners	Raffles Medical	1.125	1.1	Neutral	DCF
10/31/17	OCBC	Raffles Medical	1.125	1.26	Buy
10/31/17	DBS Vickers	Raffles Medical	1.125	1	Fully Valued	PER26x FY18, PER30x FY19
10/31/17	Lim & Tan	Raffles Medical	1.125	0	Hold
11/29/17	DMG & Partners	Raffles Medical	1.06	1.1	Neutral
01/08/18	CIMB	Raffles Medical	1.12	1.24	Add	Sum of parts
02/13/18	UOB Kay Hian	Raffles Medical	1.08	1.34	Buy