New Apple Iphone has cell and wifi signal problems!

https://www.businessinsider.sg/iphone-xs-max-bad-cell-wifi-signal-strength-reports-2018-9/?r=US&IR=T

Apple customers will have to wait for the next patch to fix these signal problems. Hahaha!

Apple customers are paying high prices for low-quality phones.  Have fun dealing with the problems!

A roundup of US economic situation.

The US FED had just increased its interest rate and would continue to hike another time in Dec 2018.  There will also be 3 interest rate increases in 2019 and 1 in 2020 as indicated by the dot plot chart.  However, the inflation data is still benign insofar.

Something must be wrong somewhere because the US FED is upping the interest rates without any telltale sign of inflation.  Actually, the US FED has noticed that the US economy is starting to overheat.  Where are the telltale signs?

The US trade deficit has been increasing tremendously despite the import tariffs.  This means the US imports are more than exports.  In other words, the US consumers are willing to spend because of the good economic growth that they're enjoying now.

https://www.cnbc.com/2018/09/05/us-trade-deficit-jumps-by-the-most-in-3-years.html

Next, the US FED has also taken cognizant of the money liquidity issues in the financial system.  In a nutshell, the economy is flushed with excess money and the money will be going after higher yield locally or overseas.  However, the US FED doesn't want this excess money to leave the country.  Thus, it has to increase the interest rate to retain the money in the US banking system.

The EFFR which is the interest rate that banks charge each other for the overnight loans to meet their reserve requirements has been trending higher over the years.

https://en.wikipedia.org/wiki/Federal_funds_rate

https://apps.newyorkfed.org/markets/autorates/fed%20funds

The IORR and IOER have also trended higher over the years.  These 2 interest rates are at 2.2% now (2018) compared to 0.5% in 2016.

https://www.federalreserve.gov/monetarypolicy/reqresbalances.htm

This excess of money in the economy is created by all the quantitative easing measures taken by the FED over the years and will create an overheating economy in the end.

Therefore, the US FED has to increase the interest rate and also perform QE tapering even though the inflation is benign at this moment.

Baltic dry index - 1540

Today, Friday, September 28 2018, the Baltic Dry Index climbed by 16 points, reaching 1540 points.

Baltic Dry Index is compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore. The index is based on a daily survey of agents all over the world. Baltic Dry hit a temporary peak on May 20, 2008, when the index hit 11,793. The lowest level ever reached was on Wednesday the 10th of February 2016, when the index dropped to 290 points.

====================

Related stocks: Sembcorp Marine, Cosco, Pan Ocean

US rig count - 1054

The US drilling rig count is up a single unit to 1,054 rigs working for the week ended Sept. 28, according to Baker Hughes data. The count is up 114 units from the 940 rigs working this time a year ago.

The single additional rig moved the total number of land rigs to 1,029 drilling for the week. Offshore units and those drilling in inland waters remained unchanged with 20 and 5 units working, respectively.

US oil-directed rigs were down 3 units from last week to 863 units working, and up from the 750 rigs drilling for oil this week a year ago. Gas-directed rigs were up 3 units at 189—the same number as were drilling a year ago.

Among the major oil and gas-producing states, Oklahoma saw the largest increase for the week with a 5-rig gain for a total of 141 rigs working.

Four states saw a single unit increase: Louisiana, 62; Colorado, 33; Utah, 6; and Alaska, 6.

Four states were unchanged this week: North Dakota, 53; Pennsylvania, 44; Ohio, 18; and West Virginia, 13.

Texas, New Mexico, and California each dropped 2 units to reach respective counts of 529, 97, and 13.

Wyoming dropped 1 unit to reach 29 rigs working for the week.

Canada saw another sizeable loss, dropping 19 rigs for the week. With 178 rigs running, the count falls below the 213 units drilling this week a year ago. Canada dropped 13 oil-directed rigs to reach 122 units for the week and lost 6 gas-directed rigs to reach 56 units.

====================

Related stocks: Keppel Corp, Sembcorp Marine, Cosco.

Ezion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/17	DBS Vickers	Ezion	0.415	0.56	Buy
01/13/17	OCBC	Ezion	0.415	0.54	Buy	PB0.55x
02/20/17	CIMB	Ezion	0.38	0.44	Add	PB0.45x FY17
02/20/17	Lim & Tan	Ezion	0.38	0	Reduce
02/20/17	OCBC	Ezion	0.38	0.54	Buy	PB0.55x FY17
02/20/17	UOB Kay Hian	Ezion	0.38	0.39	Hold
02/24/17	CIMB	Ezion	0.395	0.45	Add	PB0.5x FY17
02/24/17	DBS Vickers	Ezion	0.395	0.62	Buy	PB0.7x FY17
02/24/17	UOB Kay Hian	Ezion	0.395	0.45	Buy	PB0.65x FY17
02/27/17	phillip	Ezion	0.395	0.45	Accumulate	DCF
03/08/17	Lim & Tan	Ezion	0.37	0	Hold
03/17/17	CIMB	Ezion	0.35	0.45	Add	PB0.5x FY17
03/17/17	DIR	Ezion	0.35	0.31	Underperform	Sum of parts
04/10/17	DBS Vickers	Ezion	0.365	0.62	Buy
05/12/17	OCBC	Ezion	0.31	0.54	Buy
05/15/17	Amfrasers	Ezion	0.31	0.25	Sell	PB0.3x FY17
05/15/17	CIMB	Ezion	0.31	0.26	Reduce	PB0.3x FY17
05/15/17	DIR	Ezion	0.31	0.29	Underperform	Sum of parts
05/15/17	phillip	Ezion	0.31	0.4	Buy	DCF
05/15/17	UOB Kay Hian	Ezion	0.31	0.33	Hold	PB0.5x FY17, Buy @ $0.28
05/16/17	DBS Vickers	Ezion	0.295	0.62	Buy	PB0.7x FY17
05/23/17	OCBC	Ezion	0.295	0.32	Hold
06/14/17	UOB Kay Hian	Ezion	0.25	0.33	Hold
08/15/17	CIMB	Ezion	0.2	0.13	Reduce	PB0.15x
08/15/17	DBS Vickers	Ezion	0.2	0.13	Fully Valued	PB0.15x
08/16/17	phillip	Ezion	0.197	0	Suspended
11/10/17	DBS Vickers	Ezion	0.197	0.13	Fully Valued	PB0.15x FY17
01/12/18	CIMB	Ezion	0.197	0.13	Reduce	PB0.15x CY17
04/04/18	DBS Vickers	Ezion	0.197	0.13	Fully Valued
04/10/18	DBS Vickers	Ezion	0.197	0.29	Buy	PB1.4x FY18
04/17/18	UOB Kay Hian	Ezion	0.197	0.18	Hold	PB1x FY19, Buy @ $0.151
04/25/18	Amfrasers	Ezion	0.158	0.1	Sell	RNAV
05/15/18	DBS Vickers	Ezion	0.115	0.29	Buy	PB1.4x FY18
06/07/18	DBS Vickers	Ezion	0.105	0.29	Buy
06/25/18	UOB Kay Hian	Ezion	0.09	0.12	Hold

ESR-Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	ESR-Reit	0.55	0.54	Hold	DCF
01/09/17	CIMB	ESR-Reit	0.55	0.55	Hold
01/26/17	DBS Vickers	ESR-Reit	0.565	0.6	Buy
01/26/17	DIR	ESR-Reit	0.565	0.59	Outperform	DDM
01/26/17	DMG & Partners	ESR-Reit	0.565	0.64	Buy	DDM
04/18/17	DIR	ESR-Reit	0.585	0.59	Outperform
04/27/17	DBS Vickers	ESR-Reit	0.58	0.6	Buy
05/24/17	DIR	ESR-Reit	0.57	0.57	Hold	DDM
07/06/17	DIR	ESR-Reit	0.605	0.57	Hold	DDM
07/14/17	CIMB	ESR-Reit	0.6	0.56	Hold	DDM
07/18/17	DBS Vickers	ESR-Reit	0.595	0.6	Hold
10/19/17	DIR	ESR-Reit	0.58	0.57	Hold	DDM
10/19/17	CIMB	ESR-Reit	0.58	0.57	Hold	DDM
10/19/17	DBS Vickers	ESR-Reit	0.58	0.6	Hold
12/11/17	DBS Vickers	ESR-Reit	0.565	0.62	Buy
12/15/17	CIMB	ESR-Reit	0.56	0.63	Add	DDM
01/17/18	Lim & Tan	ESR-Reit	0.575	0	Hold
01/18/18	CIMB	ESR-Reit	0.575	0.64	Add	DDM
01/18/18	DBS Vickers	ESR-Reit	0.575	0.63	Buy
04/23/18	DBS Vickers	ESR-Reit	0.54	0.63	Buy
04/23/18	CIMB	ESR-Reit	0.54	0.6	Add	DDM
05/21/18	CIMB	ESR-Reit	0.525	0.6	Add	DDM
05/21/18	DBS Vickers	ESR-Reit	0.525	0.63	Buy
06/04/18	CIMB	ESR-Reit	0.505	0.62	Add
08/14/18	DBS Vickers	ESR-Reit	0.51	0.63	Buy
09/17/18	DBS Vickers	ESR-Reit	0.5	0.59	Buy	DCF

Ellipsiz - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/22/17	Lim & Tan	Ellipsiz	0.665	0	Buy

Stock calls for 28 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/28/18	CIMB	Fu Yu	0.176	0.17	Hold	PB0.8x
09/28/18	Lim & Tan	Keppel Corp	7.16	0	Neutral
09/28/18	UOB Kay Hian	Keppel T&T	1.36	1.91	Accept Offer	Offer $1.91
09/28/18	Lim & Tan	Keppel T&T	1.36	0	Take Profit
09/28/18	UOB Kay Hian	M1	1.63	2.06	Accept Offer	Offer $2.06
09/28/18	DMG & Partners	M1	1.63	2.06	Neutral
09/28/18	CIMB	M1	1.63	2.06	Add
09/28/18	Citibank	Starhub	1.88	1.55	Sell

OMG! Our phone numbers are made known to advertisers for their uses on facebook.

https://www.straitstimes.com/world/united-states/facebook-admits-phone-numbers-may-be-used-to-target-ads?xtor=CS11-86

OMG! Our phone numbers are made known to advertisers for their uses on facebook.

I signed up on FB but didn't allow FB to release my personal data such as my phone number to advertisers.  FB shouldn't be doing this to its users.

EC World Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/17	Religare	EC World Reit	0.74	0.92	Buy
05/16/17	Religare	EC World Reit	0.765	0.92	Buy
04/16/18	Soochow	EC World Reit	0.735	0.88	Buy
08/08/18	Soochow	EC World Reit	0.71	0.88	Buy

Dyna-Mac - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/22/18	CIMB	Dyna-Mac	0.13	0.18	Add	PB1.8x CY18
09/03/18	CIMB	Dyna-Mac	0.107	0.13	Add	PB1.3x CY18

Duty Free - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	UOB Kay Hian	Duty Free	0.37	0.57	Buy
01/13/17	UOB Kay Hian	Duty Free	0.39	0.55	Buy	DCF
01/16/17	CIMB	Duty Free	0.39	0.55	Add	DCF
04/28/17	CIMB	Duty Free	0.415	0.57	Add	DCF
04/28/17	UOB Kay Hian	Duty Free	0.415	0.49	Buy	DCF
07/14/17	UOB Kay Hian	Duty Free	0.315	0.37	Hold	DCF, Buy @ $0.3
07/14/17	CIMB	Duty Free	0.315	0.33	Hold	DCF, PER18x CY18
10/13/17	UOB Kay Hian	Duty Free	0.28	0.33	Hold	DCF, Buy @ $0.26

Stock calls for 27 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/27/18	OCBC	Frasers Commercial Trust	1.45	1.53	Buy
09/27/18	Amfrasers	Keppel Corp	7.16	9.43	Buy	Sum of parts

Hong Kong has increased its interest rate as expected.

https://www.bloombergquint.com/global-economics/2018/09/26/hong-kong-s-fed-matching-hike-raises-chance-of-broader-bank-move#gs.TeLi39I

Hong Kong has to follow the US monetary policy because it pegs its HKD to USD.  Therefore, it has to increase its interest rate and this will affect its property market.  We had already predicted this move in our earlier post below.

https://sg-stock.blogspot.com/2018/09/hong-kong-is-going-to-raise-interest.html

Dutech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/03/17	CIMB	Dutech	0.475	0.55	Hold	DCF
05/12/17	CIMB	Dutech	0.495	0.53	Hold	DCF CY17

DISA - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/25/18	Amfrasers	DISA	0.008	0.02	Buy	DCF, PER23.9x FY21
07/03/18	UOB Kay Hian	DISA	0.009	0.013	Buy	DCF
08/30/18	Amfrasers	DISA	0.008	0.02	Buy	DCF
09/10/18	UOB Kay Hian	DISA	0.008	0.013	Buy	DCF

Delfi - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Delfi	2.22	2.55	Buy
01/16/17	OCBC	Delfi	2.25	2.39	Hold
02/23/17	CIMB	Delfi	2.32	2.3	Hold	PER25x CY18
02/23/17	OCBC	Delfi	2.32	2.39	Hold	PER30x FY17
02/24/17	DMG & Partners	Delfi	2.35	2.55	Neutral	DCF
02/24/17	OCBC	Delfi	2.35	2.37	Hold	PER30x FY17
02/27/17	DBS Vickers	Delfi	2.33	2.26	Hold	PER26x FY17/18
03/17/17	OCBC	Delfi	2.24	2.37	Hold
05/09/17	OCBC	Delfi	2.2	2.37	Hold
05/11/17	CIMB	Delfi	2.2	2.3	Hold	PER25x CY18
05/11/17	OCBC	Delfi	2.2	2.21	Hold	PER30x FY17/18
06/16/17	OCBC	Delfi	2.05	2.21	Hold
08/10/17	OCBC	Delfi	2.12	2.08	Hold	PER30x FY18
08/10/17	DMG & Partners	Delfi	2.12	2	Neutral	DCF
10/02/17	DMG & Partners	Delfi	1.515	1.86	Buy	DCF
11/15/17	DMG & Partners	Delfi	1.45	1.65	Buy	DCF
12/19/17	DBS Vickers	Delfi	1.43	1.8	Buy	PER26x FY18/19
02/28/18	DMG & Partners	Delfi	1.52	1.54	Neutral	DCF
05/09/18	DBS Vickers	Delfi	1.48	1.8	Buy	PER26x FY18/19
05/09/18	DMG & Partners	Delfi	1.48	1.54	Neutral
06/20/18	DMG & Partners	Delfi	1.32	1.47	Buy	DCF
08/06/18	DMG & Partners	Delfi	1.18	1.47	Buy	DCF

Stock calls for 26 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/26/18	OCBC	Golden Agri	0.24	0.24	Hold	PER16x FY19
09/26/18	CIMB	HRnetGroup	0.87	1.1	Add	PER18x CY20
09/26/18	DMG & Partners	Moya Asia	0.083	0.13	Buy
09/26/18	DBS Vickers	OCBC	11.45	12.4	Hold
09/26/18	phillip	UOB	27.01	33.69	Buy	GGM, PB1.6x FY18

ECB simulation showed that China would win and US would lose in a trade war.

https://sg.finance.yahoo.com/news/u-most-lose-trade-war-china-benefit-ecb-081057010--business.html

ECB simulation shared the same viewpoint as ours.  We had stated previously that the US would lose in a US-China trade war and China would win if it prolonged the trade war.

http://sg-stock.blogspot.com/2018/04/who-will-win-in-trade-war-us-or-china.html

No wonder Jack Ma of Alibaba said that the US-China trade war might last 20 years.  This statement showed that China had prepared itself for a long drawn trade war with the US.

Relationship between US and China has gone south.

https://sg.finance.yahoo.com/news/china-denies-hong-kong-port-090300934.html

A military port call at HK is a good indicator of the relationship between the US and China and this is also one of the assessments the US uses.

When the US military port call at HK is rejected, the US knows that the relationship has gone south.

Del Monte - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/13/17	DBS Vickers	Del Monte	0.345	0.36	Hold	PER12x FY18
03/14/17	Lim & Tan	Del Monte	0.345	0	Neutral
03/15/17	CIMB	Del Monte	0.345	0.35	Hold	PER11.3x FY17
06/29/17	DBS Vickers	Del Monte	0.34	0.36	Hold	PER12x
07/04/17	DBS Vickers	Del Monte	0.325	0.32	Hold	PER15x FY18/19
09/08/17	Lim & Tan	Del Monte	0.31	0	Hold
06/29/18	Lim & Tan	Del Monte	0.18	0	Neutral

DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	DBS	17.34	18.38	Buy
01/04/17	Kim Eng	DBS	17.32	15.68	Hold
01/05/17	Credit Suisse	DBS	17.52	18.93	Outperform
01/06/17	UOB Kay Hian	DBS	17.8	21.2	Buy	GGM, PB1.17x FY17
01/10/17	OCBC	DBS	17.85	17.83	Hold	PB1x
01/11/17	DIR	DBS	17.99	22.4	Buy
01/16/17	Jefferies	DBS	18.31	14	Underperform
01/16/17	phillip	DBS	18.31	16.85	Neutral	PB0.95x FY17
01/16/17	UBS	DBS	18.31	17.9	Neutral
02/02/17	Lim & Tan	DBS	18.88	0	Hold
02/02/17	UOB Kay Hian	DBS	18.88	21.2	Buy	GGM, PB1.17x FY17
02/03/17	CIMB	DBS	18.78	15.4	Hold
02/06/17	Macquarie	DBS	18.66	21.5	Outperform
02/16/17	Lim & Tan	DBS	18.23	0	Take profit/Sell	Buy @ $16.87
02/17/17	CIMB	DBS	18.54	17.66	Hold	GGM, PB0.99x CY17
02/17/17	Credit Suisse	DBS	18.54	19.8	Neutral
02/17/17	DIR	DBS	18.54	22.5	Buy	Warranted Equity Method, PB1.24x
02/17/17	DMG & Partners	DBS	18.54	19.8	Neutral	GGM, PB1.1x FY17
02/17/17	Kim Eng	DBS	18.54	18.13	Hold	PB1x FY17
02/17/17	phillip	DBS	18.54	16.73	Reduce	PB0.95x FY17
02/17/17	UOB Kay Hian	DBS	18.54	21.5	Buy	GGM, PB1.19x FY17
03/03/17	CIMB	DBS	19.03	17.66	Hold
03/03/17	Jefferies	DBS	19.03	16.2	Underperform
03/06/17	Macquarie	DBS	18.97	21	Outperform
03/14/17	UOB Kay Hian	DBS	19.11	21.5	Buy	GGM, PB1.19x FY17
03/21/17	Kim Eng	DBS	19.01	18.13	Hold	PB1x
04/03/17	Kim Eng	DBS	19.4	18.13	Hold
04/18/17	DIR	DBS	18.9	22.5	Buy
04/20/17	UOB Kay Hian	DBS	18.79	21.5	Buy	GGM, PB1.19x FY17
04/25/17	CIMB	DBS	19	17.66	Hold
05/02/17	Bernstein	DBS	19.35	22	Outperform
05/02/17	UBS	DBS	19.35	19.2	Neutral
05/03/17	CIMB	DBS	19.86	18.75	Hold	GGM, PB1.04x CY17
05/03/17	Credit Suisse	DBS	19.86	22.6	Outperform
05/03/17	DMG & Partners	DBS	19.86	20.5	Neutral
05/03/17	Kim Eng	DBS	19.86	19.18	Hold	PB1.1x FY18
05/03/17	Lim & Tan	DBS	19.86	0	Hold
05/03/17	phillip	DBS	19.86	17.24	Reduce	PB0.95x FY17
05/03/17	UOB Kay Hian	DBS	19.86	23.3	Buy	GGM, PB1.25x FY17
05/08/17	Macquarie	DBS	20.42	21	Outperform
05/18/17	DIR	DBS	20.8	23	Outperform
05/23/17	Jefferies	DBS	20.86	22.5	Buy	DDM
05/31/17	Macquarie	DBS	20.6	22	Outperform
06/08/17	UOB Kay Hian	DBS	20.43	23.3	Buy
06/09/17	Credit Suisse	DBS	20.47	22.6	Outperform
06/09/17	Deutsche	DBS	20.47	21	Buy	GGM, PB1.3x
06/14/17	Kim Eng	DBS	20.78	19.18	Hold	PB1.1x FY18
06/22/17	Macquarie	DBS	20.4	22.2	Outperform	PB1.22x
06/28/17	DMG & Partners	DBS	20.26	20.5	Neutral
07/03/17	Kim Eng	DBS	20.74	19.18	Hold
07/04/17	UOB Kay Hian	DBS	20.65	25.25	Buy	GGM, PB1.3x FY18
07/12/17	Credit Suisse	DBS	20.77	22.7	Outperform
08/02/17	Macquarie	DBS	21.95	22.2	Outperform	PB1.22x
08/04/17	Lim & Tan	DBS	22.08	0	Hold
08/04/17	DMG & Partners	DBS	22.08	20.65	Neutral	GGM, PB1.1x FY17
08/04/17	OCBC	DBS	22.08	22.5	Hold	Buy @ $21 or lower
08/07/17	CIMB	DBS	21.49	21.5	Hold	GGM
08/07/17	DIR	DBS	21.49	23	Outperform	Warranted Equity Method, PB1.24x
08/07/17	UOB Kay Hian	DBS	21.49	24.85	Buy	GGM, PB1.29x FY18
08/07/17	Kim Eng	DBS	21.49	19.18	Hold
08/07/17	phillip	DBS	21.49	17.92	Reduce	GGM, PB0.98x FY18
08/07/17	UBS	DBS	21.49	21.2	Neutral
08/22/17	Kim Eng	DBS	20.49	21.5	Hold	GGM, PB1x FY18
08/23/17	Deutsche	DBS	20.54	22	Hold
09/05/17	OCBC	DBS	20.35	22.4	Hold
09/12/17	DMG & Partners	DBS	20.43	20.65	Neutral	PB1x FY18
09/14/17	OCBC	DBS	20.38	22.5	Buy
09/18/17	phillip	DBS	20.06	21.45	Accumulate	GGM, PB1.2x FY17
09/18/17	Kim Eng	DBS	20.06	21.5	Hold
09/21/17	DIR	DBS	20.48	23.3	Outperform	GGM, PB1.24x
10/09/17	DIR	DBS	21.5	23.3	Outperform
10/20/17	UOB Kay Hian	DBS	21.7	24.48	Buy	GGM, PB1.27x FY17
10/20/17	phillip	DBS	21.7	25.7	Buy
11/01/17	UOB Kay Hian	DBS	22.78	24.48	Buy	GGM, PB1.27x FY18
11/06/17	DMG & Partners	DBS	22.97	20.65	Neutral
11/06/17	Lim & Tan	DBS	22.97	0	Neutral
11/07/17	Kim Eng	DBS	22.79	22.75	Hold	GGM, PB1.2x FY18
11/07/17	UOB Kay Hian	DBS	22.79	24.4	Buy	GGM, PB1.3x FY18
11/07/17	Credit Suisse	DBS	22.79	25.3	Outperform
11/07/17	DMG & Partners	DBS	22.79	21.45	Neutral	GGM, PB1.08x FY18
11/07/17	UBS	DBS	22.79	26	Buy
11/08/17	phillip	DBS	23.49	26.83	Buy	GGM, PB1.39x FY18
11/20/17	CIMB	DBS	24.13	25	Add
11/20/17	UOB Kay Hian	DBS	24.13	26.1	Buy	GGM, PB1.38x FY17
11/20/17	Credit Suisse	DBS	24.13	27.4	Outperform
11/21/17	DMG & Partners	DBS	23.86	23.33	Neutral	GGM
11/27/17	phillip	DBS	25.1	29.3	Buy	GGM, PB1.51x FY18
12/01/17	UOB Kay Hian	DBS	24.43	26.1	Buy	GGM, PB1.38x FY18
12/08/17	phillip	DBS	24.24	29.3	Buy
12/13/17	OCBC	DBS	25.2	27.4	Buy	GGM, PB1.4x
12/20/17	CIMB	DBS	24.71	25	Add
01/02/18	UOB Kay Hian	DBS	24.85	26.1	Buy	GGM, PB1.38x FY18
01/05/18	UOB Kay Hian	DBS	26.5	29.5	Buy	GGM, PB1.56x FY18
01/08/18	DMG & Partners	DBS	26.32	23.33	Neutral
01/09/18	Deutsche	DBS	26.45	27.1	Hold
01/10/18	phillip	DBS	26.51	29.3	Buy
02/01/18	OCBC	DBS	26.4	29.5	Buy	PB1.45x FY18
02/02/18	UOB Kay Hian	DBS	26.61	28.38	Buy
02/08/18	Macquarie	DBS	25.36	27.5	Outperform
02/08/18	Lim & Tan	DBS	25.36	0	Buy
02/08/18	DMG & Partners	DBS	25.36	25	Neutral	PB1.3x FY18
02/09/18	Kim Eng	DBS	26.71	29.66	Hold
02/09/18	UOB Kay Hian	DBS	26.71	30.4	Buy	GGM, PB1.62x FY18
02/09/18	CIMB	DBS	26.71	29	Add	GGM, PB1.5x FY18, PER11.6x FY19
02/12/18	phillip	DBS	26.71	29.3	Buy	GGM, PB1.58x
02/22/18	UBS	DBS	29.45	35	Buy
03/02/18	UOB Kay Hian	DBS	28.8	30.4	Buy
03/05/18	OCBC	DBS	28.41	32.53	Buy	PB1.7x
03/05/18	Credit Suisse	DBS	28.41	31.1	Outperform
03/15/18	DMG & Partners	DBS	29.12	27	Neutral	GGM, PB1.39x FY18
03/20/18	Kim Eng	DBS	28.07	29.66	Hold
03/22/18	Lim & Tan	DBS	28.4	0	Buy
04/03/18	UOB Kay Hian	DBS	27.32	30.4	Buy
04/16/18	Credit Suisse	DBS	28.42	35.5	Buy
04/19/18	UOB Kay Hian	DBS	29.36	31.08	Buy	GGM, PB1.7x FY18
04/20/18	CIMB	DBS	29.92	33	Add	GGM, PB1.7x FY18
04/30/18	DMG & Partners	DBS	30	27	Neutral
04/30/18	OCBC	DBS	30	34.6	Buy
05/02/18	phillip	DBS	30.84	32.7	Accumulate	GGM, PB1.8x FY18
05/02/18	UOB Kay Hian	DBS	30.84	35.5	Buy	GGM, PB1.82x FY19
05/02/18	DMG & Partners	DBS	30.84	29.6	Neutral	GGM, PB1.51x (ex-div)
05/02/18	CIMB	DBS	30.84	34	Add	GGM, PB1.8x FY18
05/02/18	Lim & Tan	DBS	30.84	0	Buy on weakness
05/02/18	Kim Eng	DBS	30.84	30.8	Hold	GGM, PB1.6 FY18
05/04/18	Macquarie	DBS	29.28	29.5	Neutral
05/08/18	Goldman Sachs	DBS	28.97	36	Buy	DDM
06/04/18	phillip	DBS	28.3	32.7	Accumulate
06/04/18	UOB Kay Hian	DBS	28.3	35.5	Buy
06/11/18	CIMB	DBS	28.5	34	Add	GGM, PB1.5x CY18
06/13/18	OCBC	DBS	28.48	34.6	Buy
06/26/18	UOB Kay Hian	DBS	26.66	30.15	Buy	GGM, PB1.65x FY18
06/29/18	DMG & Partners	DBS	26.49	30.3	Buy	GGM, PB1.47x FY19
07/02/18	phillip	DBS	26.61	32.7	Accumulate
07/03/18	UOB Kay Hian	DBS	26.38	30.15	Buy
07/12/18	OCBC	DBS	26.01	32.67	Buy	PB1.7x
07/16/18	DMG & Partners	DBS	26.25	30.3	Buy	GGM, PB1.47x FY19
07/18/18	UOB Kay Hian	DBS	26.01	28.95	Buy	GGM, PB1.58x FY18
08/01/18	phillip	DBS	26.75	32.7	Accumulate
08/02/18	Macquarie	DBS	26.94	29.5	Neutral
08/02/18	DMG & Partners	DBS	26.94	30.3	Buy
08/02/18	Lim & Tan	DBS	26.94	0	Buy
08/03/18	UOB Kay Hian	DBS	26.5	28.2	Hold	GGM, PB1.55x FY18, Buy @ $25.50
08/03/18	CIMB	DBS	26.5	28	Hold	GGM, PB1.4x
08/06/18	phillip	DBS	26.15	33.32	Buy	GGM, PB1.7x
09/17/18	DMG & Partners	DBS	24.85	30.3	Buy	GGM, PB1.51x FY19