Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	OCBC	Thai Beverage	0.695	0.83	Buy
01/08/16	Religare	Thai Beverage	0.695	0.76	Buy
02/29/16	DBS Vickers	Thai Beverage	0.69	0.82	Buy	Sum of parts, PER21x FY16
02/29/16	OCBC	Thai Beverage	0.69	0.83	Buy
03/01/16	CIMB	Thai Beverage	0.7	0.83	Add
03/15/16	UBS	Thai Beverage	0.74	0.76	Neutral
03/24/16	DBS Vickers	Thai Beverage	0.725	0.82	Buy
04/15/16	DBS Vickers	Thai Beverage	0.715	0.82	Buy
05/13/16	Credit Suisse	Thai Beverage	0.75	0.85	Outperform	Sum of parts
05/16/16	CIMB	Thai Beverage	0.75	0.92	Add	Sum of parts
05/16/16	DBS Vickers	Thai Beverage	0.75	0.92	Buy
05/16/16	OCBC	Thai Beverage	0.75	0.83	Buy	DCF
05/25/16	Religare	Thai Beverage	0.89	1.1	Buy	Up from $0.76
06/16/16	OCBC	Thai Beverage	0.91	0.89	Hold	Sum of parts, Buy @ $0.85 or below
07/19/16	OCBC	Thai Beverage	0.96	0.89	Hold
08/12/16	Credit Suisse	Thai Beverage	1.03	1.08	Neutral
08/12/16	OCBC	Thai Beverage	1.03	1.01	Hold	Sum of parts
08/15/16	DBS Vickers	Thai Beverage	1.025	1.13	Buy	Sum of parts, PER23.5x FY17
09/05/16	CIMB	Thai Beverage	0.995	1.14	Add	Sum of parts, PER24.7x CY17
09/21/16	OCBC	Thai Beverage	0.95	1.01	Hold
10/04/16	DBS Vickers	Thai Beverage	0.975	1.13	Buy
10/11/16	OCBC	Thai Beverage	0.975	1.01	Hold
10/17/16	Credit Suisse	Thai Beverage	0.95	1.08	Outperform	DCF
10/18/16	DBS Vickers	Thai Beverage	0.945	1.13	Buy
11/10/16	Credit Suisse	Thai Beverage	0.92	1.08	Outperform
11/21/16	CIMB	Thai Beverage	0.895	1.14	Add	Sum of parts
11/21/16	DBS Vickers	Thai Beverage	0.895	1.09	Buy	Sum of parts
11/21/16	OCBC	Thai Beverage	0.895	1.01	Hold
11/22/16	OCBC	Thai Beverage	0.88	1.01	Buy
12/06/16	CIMB	Thai Beverage	0.845	1.07	Add
12/07/16	OCBC	Thai Beverage	0.845	1.01	Buy
12/09/16	DBS Vickers	Thai Beverage	0.865	1.09	Buy	Sum of parts
01/04/17	CIMB	Thai Beverage	0.855	1.07	Add	Sum of parts, PER19.6x CY17
01/10/17	OCBC	Thai Beverage	0.845	1.01	Buy
02/02/17	OCBC	Thai Beverage	0.87	1.01	Buy
02/15/17	CIMB	Thai Beverage	0.88	1.07	Add	Sum of parts
02/16/17	DBS Vickers	Thai Beverage	0.94	1.01	Buy
03/06/17	OCBC	Thai Beverage	0.935	1.01	Buy
03/23/17	CIMB	Thai Beverage	0.925	1.07	Add	Sum of parts
03/31/17	UOB Kay Hian	Thai Beverage	0.935	1.09	Buy	Sum of parts
04/10/17	DBS Vickers	Thai Beverage	0.94	1.09	Buy	Sum of parts
04/10/17	DMG & Partners	Thai Beverage	0.94	1.1	Buy	Sum of parts
05/08/17	CIMB	Thai Beverage	0.91	1.07	Add	Sum of parts
05/12/17	DBS Vickers	Thai Beverage	0.915	1.09	Buy	Sum of parts
05/12/17	OCBC	Thai Beverage	0.915	1.01	Buy
05/15/17	DMG & Partners	Thai Beverage	0.885	1.1	Buy	Sum of parts
05/15/17	UOB Kay Hian	Thai Beverage	0.885	1.09	Buy	Sum of parts
06/13/17	OCBC	Thai Beverage	0.88	1.01	Buy
06/14/17	UOB Kay Hian	Thai Beverage	0.885	1.09	Buy
06/16/17	DBS Vickers	Thai Beverage	0.895	1.09	Buy
06/29/17	DBS Vickers	Thai Beverage	0.89	1.07	Buy	Sum of parts
07/03/17	DMG & Partners	Thai Beverage	0.9	1.1	Buy	Sum of parts, PER26x FY17
07/07/17	CIMB	Thai Beverage	0.91	1.07	Add	Sum of parts
07/10/17	Phillip	Thai Beverage	0.91	1.05	Accumulate	Sum of parts
07/11/17	UOB Kay Hian	Thai Beverage	0.915	1.09	Buy	Sum of parts
07/25/17	DBS Vickers	Thai Beverage	0.93	1.07	Buy	Sum of parts
08/08/17	UOB Kay Hian	Thai Beverage	0.96	1.09	Buy	Sum of parts
08/10/17	CIMB	Thai Beverage	0.955	1.07	Add	Sum of parts
08/10/17	DMG & Partners	Thai Beverage	0.955	1.1	Buy	Sum of parts
08/10/17	OCBC	Thai Beverage	0.955	1.01	Buy
08/11/17	DBS Vickers	Thai Beverage	0.945	1.07	Buy
08/14/17	Phillip	Thai Beverage	0.93	1.05	Accumulate	Sum of parts
08/14/17	UOB Kay Hian	Thai Beverage	0.93	1.09	Buy	Sum of parts
09/05/17	UOB Kay Hian	Thai Beverage	0.925	1.09	Buy	Sum of parts
09/18/17	OCBC	Thai Beverage	0.92	1.01	Buy
09/18/17	Credit Suisse	Thai Beverage	0.92	1.04	Outperform
09/19/17	DBS Vickers	Thai Beverage	0.915	1.07	Buy
09/20/17	DMG & Partners	Thai Beverage	0.91	1.1	Buy	Sum of parts
10/04/17	UOB Kay Hian	Thai Beverage	0.9	1.09	Buy	Sum of parts
10/13/17	DBS Vickers	Thai Beverage	0.945	1.07	Buy
10/16/17	DMG & Partners	Thai Beverage	0.94	1.12	Buy	Sum of parts
11/02/17	UOB Kay Hian	Thai Beverage	0.98	1.09	Buy	Sum of parts
11/24/17	DBS Vickers	Thai Beverage	0.94	1.07	Buy
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add	Sum of parts, PER24.8x FY18
11/27/17	Phillip	Thai Beverage	0.97	1.18	Buy	Sum of parts, PER24.2x FY18
11/27/17	UOB Kay Hian	Thai Beverage	0.97	1.11	Buy	Sum of parts
11/27/17	OCBC	Thai Beverage	0.97	1.07	Buy	Sum of parts
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add
12/04/17	Phillip	Thai Beverage	0.96	1.18	Buy
12/06/17	UOB Kay Hian	Thai Beverage	0.955	1.11	Buy	Sum of parts
12/13/17	Phillip	Thai Beverage	0.955	1.18	Buy	Sum of parts
12/13/17	CIMB	Thai Beverage	0.955	1.15	Add	Sum of parts
12/19/17	DBS Vickers	Thai Beverage	0.97	1.07	Buy	Sum of parts
12/20/17	CIMB	Thai Beverage	0.95	1	Hold	Sum of parts, PER22.6x CY18
01/04/18	UOB Kay Hian	Thai Beverage	0.915	1.11	Buy	Sum of parts
01/11/18	OCBC	Thai Beverage	0.93	1.07	Buy
01/23/18	Nomura	Thai Beverage	0.92	1.13	Buy
01/23/18	DBS Vickers	Thai Beverage	0.92	1.07	Buy
01/23/18	CIMB	Thai Beverage	0.92	1	Hold
02/01/18	UOB Kay Hian	Thai Beverage	0.92	1.06	Buy	Sum of parts
02/15/18	UOB Kay Hian	Thai Beverage	0.91	0.99	Hold	Sum of parts, Buy @ $0.84
02/15/18	CIMB	Thai Beverage	0.91	0.98	Hold	Sum of parts, PER21.8x CY18
02/19/18	DBS Vickers	Thai Beverage	0.85	1.02	Buy	Sum of parts
02/22/18	Phillip	Thai Beverage	0.835	1.05	Buy	Sum of parts
03/05/18	OCBC	Thai Beverage	0.825	0.95	Buy
03/19/18	Phillip	Thai Beverage	0.815	1.05	Buy