Singapore Airline (SIA) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/16	UOB Kay Hian	SIA	11.12	12	Hold
01/12/16	CIMB	SIA	10.96	12.83	Add
01/13/16	UOB Kay Hian	SIA	10.98	14	Buy	PB1x
01/26/16	Deutsche	SIA	10.86	10.7	Hold
02/01/16	UOB Kay Hian	SIA	11.03	14	Buy	PB1x FY17
02/05/16	CIMB	SIA	10.82	13	Add	PB1.1x FY16
02/05/16	Lim & Tan	SIA	10.82	0	Buy
02/10/16	Credit Suisse	SIA	11.24	14	Outperform
02/10/16	OCBC	SIA	11.24	11.7	Hold	PB1x FY17
02/10/16	UOB Kay Hian	SIA	11.24	13.9	Buy	PB1x FY17
03/03/16	CIMB	SIA	11.38	13	Add
03/03/16	Lim & Tan	SIA	11.38	12.52	Buy	Bloomberg consensus
03/04/16	OCBC	SIA	11.55	11.7	Hold
03/16/16	UOB Kay Hian	SIA	11.41	13.9	Buy	PB1x FY17
03/18/16	OCBC	SIA	11.45	12.5	Buy	PB1.1x FY17
04/01/16	UOB Kay Hian	SIA	11.42	13.9	Buy	PB1x FY17
04/11/16	OCBC	SIA	11.32	12.5	Buy
04/19/16	DBS Vickers	SIA	11.46	13.3	Buy	PB1.1x FY17
04/21/16	Kim Eng	SIA	11.6	11.8	Hold	PB1x FY17
04/28/16	Credit Suisse	SIA	11.47	14	Outperform
04/28/16	Deutsche	SIA	11.47	10.85	Hold
05/11/16	Credit Suisse	SIA	11.34	14.6	Outperform	EV/CFMV 121%, EV/Ebitda5.1x FY17
05/13/16	CIMB	SIA	11.63	12.42	Hold	PB1.1x
05/13/16	Lim & Tan	SIA	11.63	0	Buy
05/13/16	UOB Kay Hian	SIA	11.63	13.9	Buy
05/16/16	Credit Suisse	SIA	11	14.1	Outperform
05/16/16	DBS Vickers	SIA	11	12.5	Buy
05/16/16	Kim Eng	SIA	11	11.5	Hold	PB1x FY17
05/16/16	OCBC	SIA	11	12	Buy
05/16/16	UOB Kay Hian	SIA	11	11.6	Hold	PB0.9x FY17, Buy @ $10.20
06/02/16	HSBC	SIA	10.68	11.2	Neutral	Cut from $12
06/10/16	DBS Vickers	SIA	10.6	12.5	Buy
06/13/16	Credit Suisse	SIA	10.57	14.1	Outperform
06/16/16	UOB Kay Hian	SIA	10.52	11.6	Buy	PB0.9x FY17
06/20/16	Deutsche	SIA	10.56	10.85	Hold
06/20/16	OCBC	SIA	10.56	12	Buy
06/28/16	Kim Eng	SIA	10.4	10	Hold	PB0.87x
07/15/16	Credit Suisse	SIA	10.99	14.1	Outperform
07/15/16	Deutsche	SIA	10.99	9.8	Hold
07/19/16	UOB Kay Hian	SIA	11.08	11.5	Hold	PB0.9x FY17 Ex-SIAEC, Buy @ $10.30
07/29/16	Credit Suisse	SIA	11.2	13.3	Outperform
08/01/16	CIMB	SIA	10.98	12.67	Hold	PB1.1x CY16
08/02/16	OCBC	SIA	11.01	11.56	Hold	PB1x FY17
08/02/16	UOB Kay Hian	SIA	11.01	10.2	Hold	PB0.73x, Buy @ $9.50
08/03/16	DBS Vickers	SIA	10.61	12.6	Buy
09/01/16	OCBC	SIA	10.5	11.56	Hold
09/02/16	UOB Kay Hian	SIA	10.62	10.2	Hold
09/16/16	UOB Kay Hian	SIA	10.49	10	Hold	Buy @ $9
09/23/16	OCBC	SIA	10.57	10.8	Hold	PB0.9x FY17
10/18/16	Credit Suisse	SIA	10.24	10.1	Neutral	PB0.9x
10/18/16	UOB Kay Hian	SIA	10.24	10	Hold	PB0.73x FY17 ex-SIAEC, Buy @ $9
10/31/16	Kim Eng	SIA	10.14	9.7	Hold	PB0.86x FY17
11/04/16	CIMB	SIA	10.11	10.47	Hold	PB0.9x
11/04/16	Lim & Tan	SIA	10.11	0	Hold
11/04/16	UOB Kay Hian	SIA	10.11	10	Hold	PB0.73x FY17 ex-SIAEC, Buy @ $9
11/07/16	Credit Suisse	SIA	9.95	10.1	Neutral
11/07/16	DBS Vickers	SIA	9.95	10.2	Hold	PB0.9x
11/07/16	Deutsche	SIA	9.95	8.9	Hold
11/07/16	Kim Eng	SIA	9.95	9.7	Hold	PB0.86x
11/07/16	OCBC	SIA	9.95	10.22	Hold	PB0.9x FY17
11/07/16	UOB Kay Hian	SIA	9.95	10.1	Hold	PB0.7x FY17 ex-SIAEC, Buy @ $9.50
12/06/16	CIMB	SIA	9.8	10.47	Hold	PB0.9x CY17
12/07/16	Deutsche	SIA	9.73	8.9	Hold
12/14/16	Lim & Tan	SIA	9.8	0	Hold
12/16/16	UOB Kay Hian	SIA	9.74	10.1	Hold	PB0.7x FY17, Buy @ $8.90
01/10/17	DIR	SIA	9.83	8.62	Underperform	PB0.8x FY17
01/11/17	UOB Kay Hian	SIA	9.86	10.1	Hold
02/08/17	CIMB	SIA	9.72	10.5	Hold	PB0.9x CY17
02/08/17	DBS Vickers	SIA	9.72	10.1	Hold	PB0.9x FY17
02/08/17	DIR	SIA	9.72	8.62	Underperform	PB0.8x FY17
02/08/17	Kim Eng	SIA	9.72	9.7	Hold	PB0.86x FY17
02/08/17	Lim & Tan	SIA	9.72	0	Sell
02/08/17	UOB Kay Hian	SIA	9.72	10.1	Hold	PB0.7x FY17 ex-SIAEC
02/09/17	Credit Suisse	SIA	9.8	10.2	Neutral
02/09/17	OCBC	SIA	9.8	10.36	Hold
02/09/17	UOB Kay Hian	SIA	9.8	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.60
03/08/17	UOB Kay Hian	SIA	9.95	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.90
03/17/17	Lim & Tan	SIA	9.97	0	Hold
03/22/17	OCBC	SIA	10.04	10.36	Hold
04/05/17	UOB Kay Hian	SIA	10.27	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.90
05/05/17	UOB Kay Hian	SIA	10.35	10.4	Hold	PB0.7x FY17 ex-SIAEC
05/19/17	DIR	SIA	10.76	9.06	Underperform	PB0.8x FY18
05/19/17	Lim & Tan	SIA	10.76	0	Sell
05/19/17	UOB Kay Hian	SIA	10.76	10.1	Hold	PB0.7x FY17 ex-SIAEC
05/22/17	CIMB	SIA	9.98	10	Reduce	PB0.9x
05/22/17	Credit Suisse	SIA	9.98	10	Neutral	PB0.9x FY18
05/22/17	DBS Vickers	SIA	9.98	10.1	Hold	PB0.9x
05/22/17	OCBC	SIA	9.98	10.03	Hold	PB0.9x FY18
05/22/17	UOB Kay Hian	SIA	9.98	10	Hold	PB0.7x FY17 ex-SIAEC, Buy @ $9
06/06/17	UOB Kay Hian	SIA	10.03	10	Hold	Buy @ $9
06/12/17	Credit Suisse	SIA	10.08	10	Neutral
06/23/17	OCBC	SIA	9.94	10.03	Hold
06/29/17	DIR	SIA	10.08	9.06	Underperform	PB0.8x FY18
07/03/17	UOB Kay Hian	SIA	10.12	10	Hold
07/27/17	Kim Eng	SIA	10.13	10.85	Hold	PB0.93x FY18
07/28/17	DIR	SIA	10.15	9.06	Underperform
07/31/17	CIMB	SIA	10.28	10	Reduce	PB0.9x
08/01/17	UOB Kay Hian	SIA	10.39	10.1	Hold	Sum of parts, Buy @ $9.10
08/01/17	OCBC	SIA	10.39	10.1	Hold	PB0.9x FY18
08/14/17	CIMB	SIA	10.59	10.42	Hold	PB0.9x
08/30/17	DIR	SIA	10.29	9.06	Underperform	PB0.8x FY18
09/05/17	OCBC	SIA	10.25	10.1	Hold
09/19/17	UOB Kay Hian	SIA	10.2	10.1	Hold	PB0.7x FY18, Buy @ $9.50 or lower
09/19/17	DIR	SIA	10.2	9.06	Underperform	PB0.8x FY18
10/12/17	Crucial Perspective	SIA	10.16	11.1	Outperform
10/27/17	UOB Kay Hian	SIA	10.22	10.1	Hold
11/08/17	UOB Kay Hian	SIA	10.32	11.1	Hold	PB0.8x, Buy @ $10.3
11/09/17	OCBC	SIA	10.75	10.5	Hold	PB0.9x FY18
11/09/17	Credit Suisse	SIA	10.75	10.25	Neutral	PB0.9x
11/09/17	CIMB	SIA	10.75	10.82	Hold
11/09/17	DBS Vickers	SIA	10.75	10.3	Hold	PB0.9x FY18
11/09/17	Kim Eng	SIA	10.75	10.95	Hold	PB0.93x FY18
12/20/17	CIMB	SIA	10.65	10.82	Hold
01/03/18	UOB Kay Hian	SIA	10.67	11.9	Buy	PB0.9x FY18
01/03/18	OCBC	SIA	10.67	10.5	Hold
01/31/18	DBS Vickers	SIA	11.31	10.55	Hold
02/09/18	Kim Eng	SIA	10.86	10.95	Hold	PB0.93x FY18
02/14/18	CIMB	SIA	10.62	12.05	Add	PB1x CY18
02/14/18	UOB Kay Hian	SIA	10.62	11.9	Buy	PB0.9x FY18
02/14/18	DBS Vickers	SIA	10.62	12	Buy	PB1x FY19
02/15/18	OCBC	SIA	11.15	10.85	Hold	PB0.9x FY18
02/15/18	Credit Suisse	SIA	11.15	10.7	Neutral