Mermaid Maritime - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	CIMB	Mermaid Maritime	0.15	0.24	Add	PB0.65x CY17
01/09/17	DBS Vickers	Mermaid Maritime	0.195	0.24	Buy	PB0.7x FY17
03/02/17	CIMB	Mermaid Maritime	0.2	0.28	Add	PB0.77x FY17
03/02/17	DBS Vickers	Mermaid Maritime	0.2	0.25	Buy	DCF & PER0.7x
05/17/17	CIMB	Mermaid Maritime	0.18	0.19	Hold	PB0.56x FY17
05/17/17	DBS Vickers	Mermaid Maritime	0.18	0.2	Hold	Sum of parts
08/18/17	CIMB	Mermaid Maritime	0.143	0.14	Reduce	PB0.4x FY17
08/18/17	DBS Vickers	Mermaid Maritime	0.143	0.14	Hold	PB0.6x
09/14/17	CIMB	Mermaid Maritime	0.126	0.14	Reduce
11/16/17	CIMB	Mermaid Maritime	0.138	0.14	Reduce	PB0.4x CY17
11/17/17	DBS Vickers	Mermaid Maritime	0.138	0.14	Hold	PB0.6x
01/12/18	CIMB	Mermaid Maritime	0.139	0.14	Hold	PB0.43x CY18
01/23/18	DBS Vickers	Mermaid Maritime	0.155	0.14	Hold
03/01/18	CIMB	Mermaid Maritime	0.152	0.16	Hold	PB0.48x CY18
03/13/18	DBS Vickers	Mermaid Maritime	0.15	0.14	Hold	Sum of parts
05/18/18	DBS Vickers	Mermaid Maritime	0.138	0.13	Hold	PB0.6x
08/17/18	DBS Vickers	Mermaid Maritime	0.106	0.13	Hold	Sum of parts
08/20/18	CIMB	Mermaid Maritime	0.106	0.13	Hold