Wilmar - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/16	OCBC	Wilmar	2.75	3.27	Buy
01/26/16	Deutsche	Wilmar	2.68	2	Sell
02/01/16	UOB Kay Hian	Wilmar	2.85	3.6	Buy	Sum of parts, PER12.8x FY16
02/19/16	CIMB	Wilmar	3.11	3.28	Hold
02/19/16	Credit Suisse	Wilmar	3.11	3.72	Outperform
02/19/16	DBS Vickers	Wilmar	3.11	3.7	Buy
02/19/16	Lim & Tan	Wilmar	3.11	0	Hold
02/19/16	Macquarie	Wilmar	3.11	3.3	Outperform
02/22/16	CIMB	Wilmar	3.16	3.49	Add	Sum of parts
02/22/16	Citigroup	Wilmar	3.16	3.71	Buy
02/22/16	OCBC	Wilmar	3.16	3.34	Hold	PER12.5x FY16
02/23/16	DBS Vickers	Wilmar	3.16	3.85	Buy
03/18/16	OCBC	Wilmar	3.25	3.34	Hold
03/28/16	Citigroup	Wilmar	3.36	3.83	Buy
03/28/16	UOB Kay Hian	Wilmar	3.36	3.6	Buy
04/12/16	DBS Vickers	Wilmar	3.39	3.85	Buy
04/12/16	OCBC	Wilmar	3.39	3.34	Hold	Buy @ $3.20
04/25/16	Citigroup	Wilmar	3.56	4.14	Buy
04/25/16	Deutsche	Wilmar	3.56	3.5	Hold
04/25/16	UOB Kay Hian	Wilmar	3.56	3.95	Buy	Sum of parts, PER12.5x FY17
05/04/16	Credit Suisse	Wilmar	3.63	4	Neutral
05/05/16	DMG & Partners	Wilmar	3.51	4.25	Buy	Sum of parts, PER14.5x FY16
05/11/16	CIMB	Wilmar	3.41	3.49	Hold	Sum of parts
05/11/16	Macquarie	Wilmar	3.41	3.45	Neutral
05/11/16	UOB Kay Hian	Wilmar	3.41	3.8	Buy	Sum of parts, PER12.5x FY17
05/12/16	DBS Vickers	Wilmar	3.29	3.75	Hold
06/09/16	Macquarie	Wilmar	3.41	3.4	Neutral
06/17/16	DBS Vickers	Wilmar	3.29	3.76	Buy
07/20/16	CIMB	Wilmar	3.35	3.23	Reduce	Sum of parts (10% discount)
07/20/16	Citigroup	Wilmar	3.35	3.73	Buy
07/20/16	Credit Suisse	Wilmar	3.35	3.1	Underperform
07/20/16	Deutsche	Wilmar	3.35	2.8	Hold
07/20/16	DMG & Partners	Wilmar	3.35	3.28	Neutral
07/20/16	OCBC	Wilmar	3.35	3.05	Sell	Buy @ $2.85
07/20/16	UOB Kay Hian	Wilmar	3.35	3.05	Sell	Sum of parts
07/21/16	Macquarie	Wilmar	3.16	3.15	Neutral	DCF
08/12/16	CIMB	Wilmar	3.09	3.05	Reduce	Sum of parts (15% discount)
08/12/16	Credit Suisse	Wilmar	3.09	3.1	Underperform
08/12/16	DBS Vickers	Wilmar	3.09	3.13	Hold
08/12/16	UOB Kay Hian	Wilmar	3.09	3.05	Sell	Sum of parts, PER11.5x FY17
08/15/16	Credit Suisse	Wilmar	3.08	3.1	Neutral
09/15/16	Citigroup	Wilmar	3.15	3.64	Buy
09/15/16	DBS Vickers	Wilmar	3.15	3.13	Hold
10/05/16	OCBC	Wilmar	3.22	3	Hold
10/25/16	DBS Vickers	Wilmar	3.35	3.39	Hold	DCF
11/02/16	UOB Kay Hian	Wilmar	3.32	3.05	Sell	Sum of parts, PER11.5x FY17
11/11/16	CIMB	Wilmar	3.35	3.05	Reduce	Sum of parts (15% discount)
11/11/16	Credit Suisse	Wilmar	3.35	3.1	Neutral
11/14/16	CIMB	Wilmar	3.3	3.42	Hold	Sum of parts (10% discount)
11/14/16	DBS Vickers	Wilmar	3.3	3.39	Hold
11/14/16	OCBC	Wilmar	3.3	3.18	Hold	PER12.5x FY17
12/06/16	CIMB	Wilmar	3.66	3.42	Hold
12/07/16	Deutsche	Wilmar	3.67	2.8	Hold
12/08/16	Citigroup	Wilmar	3.69	3.64	Buy
12/08/16	UOB Kay Hian	Wilmar	3.69	3.05	Sell
12/12/16	OCBC	Wilmar	3.61	3.18	Hold
01/03/17	DMG & Partners	Wilmar	3.59	3.28	Neutral
01/11/17	DBS Vickers	Wilmar	3.67	3.39	Hold
02/01/17	UOB Kay Hian	Wilmar	3.88	3.5	Sell	Sum of parts, PER12.1x FY17
02/13/17	DBS Vickers	Wilmar	3.93	3.39	Hold
02/21/17	CIMB	Wilmar	3.9	3.93	Hold	Sum of parts
02/21/17	Credit Suisse	Wilmar	3.9	3.73	Neutral
02/22/17	DMG & Partners	Wilmar	3.78	3.56	Neutral	Sum of parts
02/22/17	OCBC	Wilmar	3.78	3.7	Hold	PER14x FY17
03/02/17	UOB Kay Hian	Wilmar	3.65	3.5	Sell	Sum of parts, PER12.1x FY17, Buy @ $3.20
03/13/17	DBS Vickers	Wilmar	3.58	3.9	Hold
04/11/17	DBS Vickers	Wilmar	3.52	3.9	Hold
04/11/17	DMG & Partners	Wilmar	3.52	3.62	Neutral
04/13/17	Credit Suisse	Wilmar	3.52	3.5	Neutral
05/05/17	UOB Kay Hian	Wilmar	3.47	3.5	Hold	Sum of parts, PER12.1x FY17, Buy @ $3.20
05/12/17	CIMB	Wilmar	3.43	3.93	Add	Sum of parts
05/12/17	Credit Suisse	Wilmar	3.43	3.5	Neutral
05/12/17	OCBC	Wilmar	3.43	3.7	Hold
05/15/17	CIMB	Wilmar	3.76	4.52	Add	Sum of parts
05/15/17	DMG & Partners	Wilmar	3.76	3.62	Neutral	DCF, PER13x
05/15/17	Macquarie	Wilmar	3.76	3.7	Neutral
05/15/17	UOB Kay Hian	Wilmar	3.76	4.4	Buy	Sum of parts, PER20x
05/16/17	Credit Suisse	Wilmar	3.82	3.9	Neutral	Sum of parts
05/16/17	DBS Vickers	Wilmar	3.82	3.9	Hold	DCF
06/14/17	UOB Kay Hian	Wilmar	3.51	4.4	Buy	Sum of parts
07/11/17	DBS Vickers	Wilmar	3.32	3.9	Hold
08/11/17	CIMB	Wilmar	3.42	4.52	Add	Sum of parts
08/11/17	DMG & Partners	Wilmar	3.42	3.43	Neutral	Sum of parts
08/11/17	OCBC	Wilmar	3.42	3.66	Hold
08/14/17	DBS Vickers	Wilmar	3.2	3.52	Hold	DCF
08/15/17	Credit Suisse	Wilmar	3.2	3.5	Neutral	PER15x FY17
08/28/17	DIR	Wilmar	3.22	3.82	Buy	PER15x FY17/18
09/05/17	DBS Vickers	Wilmar	3.25	3.52	Hold	DCF
09/07/17	OCBC	Wilmar	3.27	3.68	Hold
10/31/17	UOB Kay Hian	Wilmar	3.4	4.1	Buy	Sum of parts, PER14x FY18
11/13/17	DBS Vickers	Wilmar	3.31	3.52	Hold
11/14/17	UOB Kay Hian	Wilmar	3.32	4.1	Buy	Sum of parts, PER14x FY18
11/14/17	DMG & Partners	Wilmar	3.32	3.33	Neutral	Sum of parts
11/14/17	CIMB	Wilmar	3.32	4.27	Add	Sum of parts
11/14/17	OCBC	Wilmar	3.32	3.51	Hold
11/16/17	DBS Vickers	Wilmar	3.22	3.5	Hold	DCF, PER15x FY18
12/13/17	DMG & Partners	Wilmar	3.11	3.31	Neutral	Sum of parts
12/20/17	CIMB	Wilmar	3.1	4.27	Add
01/04/18	CIMB	Wilmar	3.16	4.27	Add
01/15/18	DBS Vickers	Wilmar	3.16	3.5	Hold
01/16/18	UOB Kay Hian	Wilmar	3.19	4.1	Buy	Sum of parts, PER14x FY18
02/23/18	CIMB	Wilmar	3.04	4.1	Add	Sum of parts
02/23/18	UOB Kay Hian	Wilmar	3.04	4.1	Buy	Sum of parts, PER14x FY18
02/23/18	OCBC	Wilmar	3.04	3.51	Hold	PER13.5x FY18/19
02/26/18	DBS Vickers	Wilmar	3.13	3.65	Buy	DCF
02/26/18	DMG & Partners	Wilmar	3.13	3.45	Buy	Sum of parts
03/05/18	CIMB	Wilmar	3.18	4.1	Add
03/07/18	UOB Kay Hian	Wilmar	3.16	4.1	Buy	Sum of parts
03/08/18	OCBC	Wilmar	3.18	3.51	Buy
03/14/18	DBS Vickers	Wilmar	3.23	3.65	Buy
04/03/18	DBS Vickers	Wilmar	3.21	3.65	Buy
04/05/18	DMG & Partners	Wilmar	3.08	3.45	Buy