UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/16	CIMB	UMS	0.53	0.63	Add	PB1.38x FY16
04/11/16	DBS Vickers	UMS	0.595	0.7	Not Rated	DCF
04/15/16	DBS Vickers	UMS	0.615	0.73	Buy	DCF
05/11/16	CIMB	UMS	0.63	0.63	Hold	PB1.38x FY16
05/12/16	DBS Vickers	UMS	0.595	0.61	Hold
08/15/16	CIMB	UMS	0.585	0.63	Add	PB1.38x FY16
08/16/16	DBS Vickers	UMS	0.595	0.61	Hold	DCF
11/11/16	Lim & Tan	UMS	0.61	0	Buy
11/14/16	CIMB	UMS	0.62	0.64	Add	PB1.38x CY17
11/14/16	DBS Vickers	UMS	0.62	0.61	Hold	DCF
03/01/17	CIMB	UMS	0.675	0.82	Add	GGM, PB1.85x FY17
03/02/17	DBS Vickers	UMS	0.68	0.73	Buy	DCF
05/15/17	CIMB	UMS	0.87	1.15	Add	GGM, PB2.41x
05/16/17	DBS Vickers	UMS	0.98	1.07	Buy	DCF, PER7.4x FY18 ex-cash
05/23/17	DBS Vickers	UMS	1.07	1.33	Buy	PER11x FY18 ex-cash
06/16/17	DBS Vickers	UMS	1.08	1.33	Buy
07/05/17	CIMB	UMS	0.995	1.15	Add	GGM, PB2.41x
08/14/17	CIMB	UMS	1.08	1.12	Hold	GGM, PB2.41x
08/14/17	DBS Vickers	UMS	1.08	1.13	Hold	PER11x FY18 ex-cash
10/25/17	CIMB	UMS	0.925	1.13	Add	GGM, PB2,8x FY18, PER13.3x FY19, Ex-rights 1 for 4
11/13/17	DBS Vickers	UMS	1.02	1.21	Buy	PER12x FY18
11/13/17	CIMB	UMS	1.02	1.21	Add	GGM, PB2.88x
03/01/18	DBS Vickers	UMS	1.16	1.37	Buy	PER12x FY18
03/01/18	CIMB	UMS	1.16	1.31	Add	PB2.95x