UOB Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/16	CIMB	UOB	19.09	20	Hold
01/05/16	Goldman Sachs	UOB	19.09	20.6	Neutral
01/08/16	DIR	UOB	18.38	21.6	Buy
01/18/16	Deutsche	UOB	17.6	20	Hold	GGM, PB1.1x
01/18/16	DMG & Partners	UOB	17.6	21.7	Neutral	GGM, PB1.15x FY16
01/26/16	JP Morgan	UOB	18	18	Neutral
01/26/16	Macquarie	UOB	18	20	Outperform	PB
01/29/16	Credit Suisse	UOB	17.57	22.8	Neutral
01/29/16	Goldman Sachs	UOB	17.57	20.1	Neutral
02/11/16	UBS	UOB	17.56	19.8	Buy	PER9.9x FY16
02/16/16	Bloomberg	UOB	17.85	21.5	Buy	Consensus target
02/16/16	HSBC	UOB	17.85	25.2	Buy
02/16/16	Lim & Tan	UOB	17.85	0	Buy
02/17/16	Amfrasers	UOB	17.81	17.37	Hold
02/17/16	CIMB	UOB	17.81	19.31	Hold	GGM, PB1.06x CY16
02/17/16	DBS Vickers	UOB	17.81	18.8	Hold	GGM, PB1x FY16
02/17/16	DIR	UOB	17.81	19.5	Outperform	Warranted equity method
02/17/16	DMG & Partners	UOB	17.81	19.1	Neutral	GGM, PB1.01x FY16, PER9.9x
02/17/16	Jefferies	UOB	17.81	16	Hold
02/17/16	Kim Eng	UOB	17.81	16.96	Hold	PB0.9x FY16
02/17/16	Macquarie	UOB	17.81	17.5	Neutral
02/26/16	Credit Suisse	UOB	16.81	19	Neutral
03/04/16	JP Morgan	UOB	18.21	15	Underweight
03/07/16	DMG & Partners	UOB	18.5	19.1	Neutral
03/24/16	DIR	UOB	18.88	24.6	Buy
03/24/16	Kim Eng	UOB	18.88	16.96	Hold
04/07/16	Credit Suisse	UOB	18.71	19	Neutral
04/07/16	UBS	UOB	18.71	19.4	Neutral
04/26/16	HSBC	UOB	19.52	25.2	Buy	GGM, PB1.3x FY15, PER13x FY15
04/27/16	DIR	UOB	19.39	24.6	Buy
04/28/16	CIMB	UOB	18.88	18.74	Hold	GGM, PB0.98x CY16
04/28/16	OCBC	UOB	18.88	20.05	Hold	Cut from $20.15
04/29/16	Amfrasers	UOB	18.85	17.37	Hold
04/29/16	DBS Vickers	UOB	18.85	18.8	Hold
04/29/16	DIR	UOB	18.85	24.9	Buy	GGM, PB1.27x
04/29/16	Jefferies	UOB	18.85	16	Hold
04/29/16	Macquarie	UOB	18.85	17	Neutral
04/29/16	phillip	UOB	18.85	18.15	Neutral	PB0.95x FY16
05/04/16	CIMB	UOB	18.4	18.74	Hold	GGM, PB0.98x CY16
05/06/16	Credit Suisse	UOB	18.1	19	Neutral
05/10/16	DIR	UOB	17.88	24.9	Buy	Warranted equity method
05/10/16	Goldman Sachs	UOB	17.88	19.3	Neutral
05/30/16	Kim Eng	UOB	18.21	16.96	Hold
06/09/16	DIR	UOB	18.98	24.9	Buy
06/09/16	Goldman Sachs	UOB	18.98	20.4	Neutral
06/14/16	Deutsche	UOB	18.3	20	Hold
07/01/16	Goldman Sachs	UOB	18.42	20	Neutral
07/01/16	Kim Eng	UOB	18.42	16.96	Hold
07/05/16	DMG & Partners	UOB	18.54	18.85	Neutral
07/19/16	DIR	UOB	18.93	24.9	Buy	Warranted equity method
07/29/16	CIMB	UOB	18.7	18.52	Hold	GGM
07/29/16	Credit Suisse	UOB	18.7	19	Neutral
07/29/16	DBS Vickers	UOB	18.7	17.7	Hold
07/29/16	Goldman Sachs	UOB	18.7	19.7	Neutral
07/29/16	Jefferies	UOB	18.7	16.5	Hold
07/29/16	Kim Eng	UOB	18.7	18.34	Hold	PB0.9x FY17
07/29/16	Lim & Tan	UOB	18.7	0	Hold
07/29/16	Macquarie	UOB	18.7	18	Neutral
07/29/16	OCBC	UOB	18.7	19.61	Hold
08/01/16	phillip	UOB	18.2	17.95	Neutral	PB0.95x FY16
08/01/16	UOB Kay Hian	UOB	18.2	18.26	Not Rated
08/12/16	Credit Suisse	UOB	17.87	19.26	Neutral
08/18/16	Kim Eng	UOB	17.56	18.34	Hold
09/09/16	Credit Suisse	UOB	18.78	21.2	Outperform
09/19/16	Kim Eng	UOB	18.86	18.34	Hold
09/28/16	DIR	UOB	18.8	24.9	Buy
10/03/16	Kim Eng	UOB	18.83	18.34	Hold
10/05/16	DMG & Partners	UOB	18.85	18.85	Neutral
10/12/16	Goldman Sachs	UOB	18.77	19.7	Neutral
10/17/16	DIR	UOB	18.32	24.9	Buy
10/19/16	CIMB	UOB	18.52	18.52	Hold
10/28/16	Lim & Tan	UOB	18.94	0	Hold
10/31/16	CIMB	UOB	18.63	18.42	Hold	GGM, PB0.92x CY17
10/31/16	DBS Vickers	UOB	18.63	18.1	Hold
10/31/16	DIR	UOB	18.63	24	Buy	GGM, PB1.21x
10/31/16	Kim Eng	UOB	18.63	18.36	Hold	PB0.9x FY17
10/31/16	phillip	UOB	18.63	17.63	Neutral	PB0.95x FY16
11/07/16	Credit Suisse	UOB	18.44	21.2	Outperform
11/07/16	Jefferies	UOB	18.44	17	Hold
11/25/16	Credit Suisse	UOB	19.9	23.41	Outperform
11/25/16	Kim Eng	UOB	19.9	18.36	Hold
11/28/16	DIR	UOB	19.88	24	Buy
12/05/16	Kim Eng	UOB	20.56	18.36	Hold
12/06/16	CIMB	UOB	20.78	18.42	Hold	GGM, PB0.92x CY17
12/07/16	DBS Vickers	UOB	20.83	21.8	Hold	GGM, PB1.1x FY17
12/07/16	Deutsche	UOB	20.83	19	Hold
01/03/17	DMG & Partners	UOB	20.4	18.9	Neutral
01/04/17	Kim Eng	UOB	20.41	18.36	Hold
01/05/17	Credit Suisse	UOB	20.62	23.41	Outperform
01/11/17	DIR	UOB	20.99	24	Buy
01/16/17	Jefferies	UOB	21.03	17	Underperform
01/16/17	phillip	UOB	21.03	18.97	Reduce	PB0.95x FY17
01/26/17	DMG & Partners	UOB	20.99	22.9	Buy	GGM
01/26/17	UBS	UOB	20.99	18.8	Sell
02/02/17	Lim & Tan	UOB	20.98	0	Hold
02/03/17	CIMB	UOB	20.63	18.42	Hold
02/06/17	Macquarie	UOB	20.38	20.5	Neutral
02/20/17	CIMB	UOB	21.18	20.37	Hold	GGM, PB1.02x CY17
02/20/17	Credit Suisse	UOB	21.18	24.3	Outperform
02/20/17	DBS Vickers	UOB	21.18	22.7	Buy	GGM, PB1.1x FY17
02/20/17	DIR	UOB	21.18	24.3	Buy	GGM, PB1.19x
02/20/17	DMG & Partners	UOB	21.18	23.9	Buy	GGM, PB1.2x FY17
02/20/17	Kim Eng	UOB	21.18	19.54	Hold
02/20/17	Lim & Tan	UOB	21.18	0	Take profit
02/20/17	OCBC	UOB	21.18	20.55	Hold
02/20/17	phillip	UOB	21.18	18.92	Reduce	PB0.95x FY17
03/03/17	CIMB	UOB	21.55	20.37	Hold
03/03/17	Jefferies	UOB	21.55	19	Hold
03/06/17	Macquarie	UOB	21.54	20.55	Neutral
03/13/17	Credit Suisse	UOB	21.39	24.3	Outperform
03/17/17	DBS Vickers	UOB	21.75	22.7	Buy
03/21/17	Kim Eng	UOB	21.86	19.54	Hold
04/03/17	Kim Eng	UOB	22.11	19.54	Hold
04/18/17	DIR	UOB	21.65	24.3	Buy
04/25/17	CIMB	UOB	21.88	20.37	Hold
05/02/17	CIMB	UOB	21.8	21.2	Hold	GGM, PB1.05x CY17
05/02/17	DBS Vickers	UOB	21.8	22.7	Buy	GGM, PB1.1x FY17
05/02/17	DIR	UOB	21.8	25	Buy	PB1.19x
05/02/17	DMG & Partners	UOB	21.8	23.9	Buy	GGM, PB1.2x FY17
05/02/17	OCBC	UOB	21.8	21.66	Hold
05/02/17	phillip	UOB	21.8	19.2	Reduce	PB0.95x FY17
05/03/17	Macquarie	UOB	22.8	20.5	Neutral
05/16/17	Credit Suisse	UOB	23.66	24.3	Outperform
05/23/17	Jefferies	UOB	23.38	22.5	Hold
05/25/17	DMG & Partners	UOB	23.46	25.95	Buy
05/29/17	Kim Eng	UOB	23.37	20.8	Hold
06/14/17	Kim Eng	UOB	23.63	20.8	Hold	PB1.1x FY18
06/28/17	DMG & Partners	UOB	22.84	25.95	Buy
07/03/17	Kim Eng	UOB	23.12	20.8	Hold
07/12/17	Credit Suisse	UOB	23.25	25.6	Outperform
07/28/17	Lim & Tan	UOB	24.6	0	Hold
07/28/17	UBS	UOB	24.6	22.5	Sell
07/31/17	Macquarie	UOB	24.05	21.5	Neutral
07/31/17	phillip	UOB	24.05	20.18	Reduce	GGM, PB1.01x FY17
07/31/17	DIR	UOB	24.05	26.4	Outperform	GGM, PB1.23x
07/31/17	DMG & Partners	UOB	24.05	26.5	Buy	GGM, PB1.31x FY17
07/31/17	CIMB	UOB	24.05	24.28	Hold	GGM
07/31/17	DBS Vickers	UOB	24.05	24.8	Hold	GGM, PB1.2x FY18
07/31/17	OCBC	UOB	24.05	23	Hold	Buy @ $22 or lower
08/18/17	Macquarie	UOB	23.6	21.5	Neutral
08/22/17	Kim Eng	UOB	23.45	26.4	Buy	GGM, PB1.1x FY18
08/23/17	DBS Vickers	UOB	23.59	24.8	Hold
08/23/17	Deutsche	UOB	23.59	24	Hold
08/29/17	Credit Suisse	UOB	23.7	25.6	Outperform
09/12/17	DMG & Partners	UOB	23.38	26.5	Buy	PB1x FY18
09/18/17	phillip	UOB	23.05	20.18	Reduce
09/18/17	Kim Eng	UOB	23.05	26.4	Buy
10/09/17	DIR	UOB	24.36	26.4	Outperform
10/20/17	phillip	UOB	24.33	21.61	Reduce
10/25/17	phillip	UOB	24.25	23.46	Neutral	GGM, PB1.09x FY18
10/25/17	DBS Vickers	UOB	24.25	26.9	Buy	GGM, PB1.3x FY18
11/03/17	DMG & Partners	UOB	24.79	27.5	Buy	GGM, PB1.27x FY18
11/03/17	Credit Suisse	UOB	24.79	27.1	Outperform
11/03/17	UBS	UOB	24.79	24	Sell
11/06/17	Kim Eng	UOB	24.77	27.1	Buy	PB1.2x FY18
11/06/17	phillip	UOB	24.77	25.22	Accumulate	GGM, PB1.184x FY18
11/06/17	CIMB	UOB	24.77	25.4	Hold	GGM FY19, PB1.18x FY18
11/06/17	DBS Vickers	UOB	24.77	27.5	Buy	GGM, PB1.3x FY18
11/06/17	Deutsche	UOB	24.77	25.5	Hold
11/09/17	Macquarie	UOB	25.21	24	Neutral
11/20/17	Credit Suisse	UOB	25.06	29.3	Outperform
12/01/17	DMG & Partners	UOB	26.2	28.88	Buy	GGM, PB1.33x FY18
12/08/17	phillip	UOB	25.63	25.22	Accumulate
12/08/17	Jefferies	UOB	25.63	29.5	Buy
01/05/18	DBS Vickers	UOB	27.02	29.5	Buy	GGM, PB1.4x FY18
01/08/18	DMG & Partners	UOB	26.91	28.88	Buy
01/09/18	Deutsche	UOB	27.25	30.6	Buy
01/10/18	phillip	UOB	27.8	25.22	Accumulate
01/26/18	OCBC	UOB	27.98	30.1	Buy	PB1.3x FY18
02/07/18	OCBC	UOB	26.62	30.1	Buy
02/08/18	Macquarie	UOB	26.4	27.5	Neutral
02/12/18	phillip	UOB	26.24	25.22	Accumulate
02/15/18	CIMB	UOB	26.24	28	Add	GGM, PB1.3x FY18, PER11.3x FY19
02/15/18	DMG & Partners	UOB	26.24	30	Buy	GGM, PB1.35x FY18
02/15/18	Kim Eng	UOB	26.24	29.33	Buy	PB1.3x FY18
02/15/18	Credit Suisse	UOB	26.24	31.7	Outperform	GGM
02/15/18	Jefferies	UOB	26.24	29.5	Buy
02/15/18	DBS Vickers	UOB	26.24	30	Buy	GGM, PB1.3x FY18
02/21/18	phillip	UOB	27.22	29	Buy	GGM, PB1.35x
02/22/18	UBS	UOB	27.6	27.5	Neutral
03/05/18	OCBC	UOB	27.75	30.86	Buy	PB1.3x FY18
03/20/18	Kim Eng	UOB	28.1	31.08	Buy
03/22/18	Lim & Tan	UOB	28.58	0	Buy