Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/16	DMG & Partners	SingHaiyi	0.104	0.14	Buy	RNAV
01/04/16	UOB Kay Hian	Singtel	3.67	4.56	Buy
01/07/16	UOB Kay Hian	Singtel	3.53	4.42	Buy	DCF
01/18/16	Citigroup	Singtel	3.56	4.18	Buy
01/18/16	Credit Suisse	Singtel	3.56	4.2	Outperform
01/18/16	DMG & Partners	Singtel	3.56	3.9	Neutral
01/18/16	OCBC	Singtel	3.56	4.17	Buy
01/26/16	Deutsche	Singtel	3.47	4.6	Buy
02/12/16	CIMB	Singtel	3.54	4.5	Add	Sum of parts
02/12/16	Citigroup	Singtel	3.54	4	Buy
02/12/16	Lim & Tan	Singtel	3.54	0	Hold
02/12/16	UBS	Singtel	3.54	4.25	Buy
02/15/16	Deutsche	Singtel	3.58	4.6	Buy
02/15/16	DMG & Partners	Singtel	3.58	3.7	Neutral	Sum of parts
02/15/16	Kim Eng	Singtel	3.58	4.4	Buy	Sum of parts
02/15/16	OCBC	Singtel	3.58	3.96	Buy	Sum of parts
02/15/16	UOB Kay Hian	Singtel	3.58	4.42	Buy	DCF
02/19/16	Credit Suisse	Singtel	3.76	4.2	Outperform
03/01/16	UOB Kay Hian	Singtel	3.73	4.42	Buy
03/04/16	Deutsche	Singtel	3.8	4.6	Buy
03/15/16	CIMB	Singtel	3.8	4.5	Add
03/16/16	OCBC	Singtel	3.82	3.96	Buy
03/21/16	Credit Suisse	Singtel	3.89	4.2	Outperform
03/28/16	UOB Kay Hian	Singtel	3.82	4.41	Buy	Probability weighted
03/29/16	Nomura	Singtel	3.82	4.25	Buy
04/06/16	OCBC	Singtel	3.74	3.96	Buy
04/07/16	Credit Suisse	Singtel	3.77	4.2	Outperform	Sum of parts
04/13/16	Credit Suisse	Singtel	3.69	4.35	Outperform
04/22/16	UOB Kay Hian	Singtel	3.97	4.41	Buy
05/10/16	UOB Kay Hian	Singtel	3.89	4.41	Buy	Probability weighted
05/12/16	Citigroup	Singtel	3.84	4.25	Buy
05/12/16	UOB Kay Hian	Singtel	3.84	4.35	Buy
05/13/16	BNP Paribas	Singtel	3.89	4.36	Buy
05/13/16	CIMB	Singtel	3.89	4.5	Add	Sum of parts
05/13/16	DIR	Singtel	3.89	3.9	Hold	Sum of parts
05/13/16	UBS	Singtel	3.89	4.5	Buy
05/13/16	UOB Kay Hian	Singtel	3.89	4.38	Buy	DCF
05/26/16	OCBC	Singtel	3.82	4.09	Buy	Sum of parts
06/01/16	Credit Suisse	Singtel	3.87	4.4	Outperform
06/01/16	DIR	Singtel	3.87	3.9	Hold	Sum of parts
06/03/16	Nomura	Singtel	3.89	4.25	Buy
06/10/16	Deutsche	Singtel	3.95	4.6	Buy
06/13/16	Kim Eng	Singtel	3.9	4.5	Buy
06/15/16	UOB Kay Hian	Singtel	3.8	4.38	Buy
06/20/16	Credit Suisse	Singtel	3.79	4.45	Outperform
06/20/16	UOB Kay Hian	Singtel	3.79	4.35	Buy
06/21/16	CIMB	Singtel	3.85	4.5	Add	Sum of parts
07/04/16	BNP Paribas	Singtel	4.14	4.55	Buy
07/07/16	Credit Suisse	Singtel	4.15	4.45	Outperform
07/12/16	OCBC	Singtel	4.23	4.29	Hold	Sum of parts
07/13/16	Macquarie	Singtel	4.31	4.42	Outperform
07/14/16	UOB Kay Hian	Singtel	4.26	4.38	Buy
07/18/16	Kim Eng	Singtel	4.28	4.5	Buy
08/12/16	CIMB	Singtel	4.27	4.5	Add	Sum of parts
08/12/16	Citigroup	Singtel	4.27	4.75	Buy
08/12/16	Credit Suisse	Singtel	4.27	4.75	Outperform
08/12/16	OCBC	Singtel	4.27	4.26	Hold	Buy @ $4
08/12/16	UOB Kay Hian	Singtel	4.27	4.7	Buy	Probability weighted
08/15/16	DMG & Partners	Singtel	4.25	4	Neutral
08/17/16	CIMB	Singtel	4.27	4.5	Add	Sum of parts
08/18/16	BNP Paribas	Singtel	4.21	4.55	Buy
08/18/16	Lim & Tan	Singtel	4.21	0	Hold
08/19/16	Deutsche	Singtel	4.2	4.45	Buy
08/19/16	Kim Eng	Singtel	4.2	4.41	Hold	DCF
08/19/16	Macquarie	Singtel	4.2	4.42	Outperform
09/01/16	Citigroup	Singtel	4.02	4.66	Buy
09/01/16	Credit Suisse	Singtel	4.02	4.75	Outperform
09/02/16	CIMB	Singtel	3.97	4.5	Add	Sum of parts
09/02/16	Macquarie	Singtel	3.97	4.42	Outperform
09/02/16	OCBC	Singtel	3.97	4.26	Hold
09/02/16	UOB Kay Hian	Singtel	3.97	4.61	Buy
09/05/16	Credit Suisse	Singtel	3.87	4.65	Outperform
09/05/16	Kim Eng	Singtel	3.87	3.7	Hold	DCF
09/05/16	UOB Kay Hian	Singtel	3.87	4.53	Buy	DCF
09/06/16	Citigroup	Singtel	3.95	4.55	Buy
10/04/16	Credit Suisse	Singtel	3.86	4.55	Outperform
10/04/16	DIR	Singtel	4.01	3.8	Hold	Sum of parts
10/04/16	Macquarie	Singtel	4.01	4.42	Outperform
10/27/16	OCBC	Singtel	3.9	4.26	Hold
11/11/16	CIMB	Singtel	3.84	4.5	Add	Sum of parts
11/11/16	Credit Suisse	Singtel	3.84	4.5	Outperform
11/11/16	DMG & Partners	Singtel	3.84	4	Neutral
11/11/16	Kim Eng	Singtel	3.84	3.68	Hold	DCF
11/11/16	OCBC	Singtel	3.84	4.4	Buy	Sum of parts
11/11/16	UOB Kay Hian	Singtel	3.84	4.53	Buy	DCF
11/17/16	OCBC	Singtel	3.66	4.51	Buy
11/25/16	OCBC	Singtel	3.73	4.27	Buy	Sum of parts
11/29/16	UBS	Singtel	3.76	4.7	Buy
12/06/16	CIMB	Singtel	3.77	4.5	Add
12/07/16	Deutsche	Singtel	3.74	4.45	Buy
12/09/16	OCBC	Singtel	3.79	4.27	Buy
12/15/16	Credit Suisse	Singtel	3.76	4.5	Outperform
12/15/16	Lim & Tan	Singtel	3.76	0	Buy
12/15/16	UOB Kay Hian	Singtel	3.76	4.53	Buy
01/03/17	DMG & Partners	Singtel	3.65	4	Neutral	Sum of parts, EV/Ebita13x
01/03/17	UOB Kay Hian	Singtel	3.65	4.53	Buy
01/05/17	Credit Suisse	Singtel	3.67	4.5	Outperform
01/12/17	Deutsche	Singtel	3.79	4.45	Buy
01/17/17	DIR	Singtel	3.81	3.8	Hold	Sum of parts
01/23/17	DBS Vickers	Singtel	3.81	4.46	Buy	Sum of parts
02/01/17	UOB Kay Hian	Singtel	3.87	4.53	Buy	DCF
02/09/17	Deutsche	Singtel	3.84	4.6	Buy
02/09/17	Lim & Tan	Singtel	3.84	0	Buy
02/09/17	OCBC	Singtel	3.84	4.27	Buy
02/10/17	CIMB	Singtel	3.88	4.1	Add	Sum of parts
02/10/17	Credit Suisse	Singtel	3.88	4.6	Outperform
02/10/17	DIR	Singtel	3.88	3.8	Hold	Sum of parts
02/10/17	DMG & Partners	Singtel	3.88	4	Neutral	Sum of parts, EV/Ebitda12.4x FY18
02/10/17	Kim Eng	Singtel	3.88	3.7	Hold	DCF
03/02/17	UOB Kay Hian	Singtel	3.95	4.53	Buy
03/13/17	Credit Suisse	Singtel	3.94	4.6	Outperform
03/17/17	OCBC	Singtel	3.95	4.25	Buy
03/20/17	DMG & Partners	Singtel	3.99	4	Buy
04/05/17	CIMB	Singtel	3.92	4.1	Add
04/05/17	Credit Suisse	Singtel	3.92	4.6	Outperform
04/05/17	DMG & Partners	Singtel	3.92	4	Neutral
04/05/17	Kim Eng	Singtel	3.92	3.72	Hold	DCF
04/05/17	OCBC	Singtel	3.92	4.25	Buy
04/13/17	Credit Suisse	Singtel	3.82	4.5	Outperform
04/13/17	Macquarie	Singtel	3.82	4.37	Outperform
05/19/17	CIMB	Singtel	3.76	4.1	Add	Sum of parts
05/19/17	Credit Suisse	Singtel	3.76	4.5	Outperform
05/19/17	DIR	Singtel	3.76	3.8	Hold	Sum of parts
05/19/17	DMG & Partners	Singtel	3.76	3.9	Neutral	Sum of parts
05/19/17	Kim Eng	Singtel	3.76	3.7	Hold	DCF
05/19/17	Macquarie	Singtel	3.76	4.32	Outperform
05/22/17	Lim & Tan	Singtel	3.73	0	Buy
06/05/17	Lim & Tan	Singtel	3.81	0	Buy
06/09/17	Credit Suisse	Singtel	3.76	4.5	Outperform
06/09/17	Deutsche	Singtel	3.76	4.6	Buy	Sum of parts
06/22/17	Macquarie	Singtel	3.77	4.3	Outperform
06/30/17	DMG & Partners	Singtel	3.88	3.9	Neutral
07/11/17	Lim & Tan	Singtel	3.9	0	Buy
07/14/17	Macquarie	Singtel	3.86	4.32	Outperform
07/28/17	Credit Suisse	Singtel	3.97	4.6	Outperform
08/02/17	DIR	Singtel	3.86	3.94	Hold	Sum of parts
08/11/17	CIMB	Singtel	3.76	4.1	Add	Sum of parts
08/11/17	Lim & Tan	Singtel	3.76	0	Buy
08/14/17	Credit Suisse	Singtel	3.75	4.6	Outperform
08/14/17	DMG & Partners	Singtel	3.75	3.9	Neutral	Sum of parts, EV/Ebita13.6x FY18
08/15/17	Macquarie	Singtel	3.77	4.32	Outperform
09/11/17	OCBC	Singtel	3.68	4.19	Buy
09/14/17	UOB Kay Hian	Singtel	3.67	4.53	Buy	DCF
09/14/17	Kim Eng	Singtel	3.67	3.83	Hold	Sum of parts
09/18/17	Credit Suisse	Singtel	3.67	4.6	Outperform
09/20/17	Deutsche	Singtel	3.68	4.4	Buy
09/25/17	CIMB	Singtel	3.68	4.1	Add
09/28/17	DIR	Singtel	3.71	3.94	Hold	Sum of parts
10/02/17	DBS Vickers	Singtel	3.68	4.3	Buy	Sum of parts
10/04/17	UOB Kay Hian	Singtel	3.68	4.53	Buy	DCF
10/26/17	Credit Suisse	Singtel	3.73	4.7	Outperform	Sum of parts
11/02/17	UOB Kay Hian	Singtel	3.75	4.53	Buy	DCF
11/09/17	Kim Eng	Singtel	3.78	3.87	Hold	Sum of parts
11/10/17	CIMB	Singtel	3.76	4.1	Add	Sum of parts
11/10/17	Credit Suisse	Singtel	3.76	4.7	Outperform
11/10/17	DMG & Partners	Singtel	3.76	4.1	Neutral	Sum of parts, PER16.6x FY18, EV/Ebitda15.1x FY18
11/10/17	OCBC	Singtel	3.76	4.19	Buy
11/10/17	DBS Vickers	Singtel	3.76	4.3	Buy	Sum of parts
11/16/17	Lim & Tan	Singtel	3.69	0	Buy
11/22/17	Macquarie	Singtel	3.69	4.32	Outperform
12/06/17	UOB Kay Hian	Singtel	3.75	4.53	Buy
12/20/17	CIMB	Singtel	3.61	4.1	Add
01/04/18	UOB Kay Hian	Singtel	3.59	4.53	Buy	DCF
01/10/18	DMG & Partners	Singtel	3.63	4.1	Neutral
01/26/18	DBS Vickers	Singtel	3.62	4.3	Buy	Sum of parts
02/07/18	OCBC	Singtel	3.42	4.19	Buy
02/08/18	DMG & Partners	Singtel	3.44	4.1	Buy	Sum of parts
02/08/18	DBS Vickers	Singtel	3.44	4.3	Buy
02/08/18	Lim & Tan	Singtel	3.44	0	Buy on weakness
02/09/18	OCBC	Singtel	3.4	4.15	Buy
02/09/18	UOB Kay Hian	Singtel	3.4	4.4	Buy	DCF
02/09/18	CIMB	Singtel	3.4	4	Add
03/02/18	UOB Kay Hian	Singtel	3.36	4.4	Buy