Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	UOB Kay Hian	Thai Beverage	0.915	1.11	Buy	Sum of parts
01/11/18	OCBC	Thai Beverage	0.93	1.07	Buy
01/23/18	Nomura	Thai Beverage	0.92	1.13	Buy
01/23/18	DBS Vickers	Thai Beverage	0.92	1.07	Buy
01/23/18	CIMB	Thai Beverage	0.92	1	Hold
02/01/18	UOB Kay Hian	Thai Beverage	0.92	1.06	Buy	Sum of parts
02/15/18	UOB Kay Hian	Thai Beverage	0.91	0.99	Hold	Sum of parts, Buy @ $0.84
02/15/18	CIMB	Thai Beverage	0.91	0.98	Hold	Sum of parts, PER21.8x CY18
02/19/18	DBS Vickers	Thai Beverage	0.85	1.02	Buy	Sum of parts
02/22/18	Phillip	Thai Beverage	0.835	1.05	Buy	Sum of parts
03/05/18	OCBC	Thai Beverage	0.825	0.95	Buy
03/19/18	Phillip	Thai Beverage	0.815	1.05	Buy
03/26/18	DBS Vickers	Thai Beverage	0.805	1.02	Buy
04/16/18	Phillip	Thai Beverage	0.8	1.05	Buy
05/10/18	DMG & Partners	Thai Beverage	0.83	1.06	Buy	Sum of parts
05/16/18	DBS Vickers	Thai Beverage	0.8	1.02	Buy
05/17/18	Phillip	Thai Beverage	0.795	1.05	Buy	Sum of parts
05/17/18	CIMB	Thai Beverage	0.795	0.98	Add	Sum of parts
05/17/18	OCBC	Thai Beverage	0.795	0.95	Buy
06/11/18	CIMB	Thai Beverage	0.77	0.98	Add
06/22/18	DMG & Partners	Thai Beverage	0.77	1.06	Buy
06/22/18	JP Morgan	Thai Beverage	0.77	0.73	Underweight
07/03/18	UOB Kay Hian	Thai Beverage	0.7	0.99	Buy
07/12/18	DMG & Partners	Thai Beverage	0.725	1.02	Buy	Sum of parts
07/25/18	DBS Vickers	Thai Beverage	0.74	0.94	Buy	Sum of parts
08/15/18	DBS Vickers	Thai Beverage	0.7	0.94	Buy	Sum of parts
08/15/18	JP Morgan	Thai Beverage	0.7	0.64	Underweight
08/16/18	CIMB	Thai Beverage	0.68	0.88	Add	Sum of parts
08/16/18	DMG & Partners	Thai Beverage	0.68	0.88	Buy	Sum of parts
08/16/18	OCBC	Thai Beverage	0.68	0.89	Buy
08/20/18	Phillip	Thai Beverage	0.645	0.62	Reduce	Sum of parts
09/04/18	Goldman Sachs	Thai Beverage	0.645	0.74	Buy	Cut from $0.94
09/04/18	JP Morgan	Thai Beverage	0.645	0.64	Underweight
09/14/18	CIMB	Thai Beverage	0.62	0.88	Add
09/18/18	Amfrasers	Thai Beverage	0.65	0.75	Buy	Sum of parts
09/20/18	DBS Vickers	Thai Beverage	0.65	0.94	Buy
09/21/18	DMG & Partners	Thai Beverage	0.67	0.88	Buy
10/02/18	Amfrasers	Thai Beverage	0.665	0.75	Buy	Sum of parts
10/04/18	UOB Kay Hian	Thai Beverage	0.71	0.84	Buy	Sum of parts
10/26/18	Exotix Capital	Thai Beverage	0.63	0.9	Buy
11/02/18	UOB Kay Hian	Thai Beverage	0.635	0.84	Buy
11/05/18	DBS Vickers	Thai Beverage	0.655	0.94	Buy
11/13/18	Amfrasers	Thai Beverage	0.65	0.75	Buy	Sum of parts
11/27/18	CIMB	Thai Beverage	0.67	0.88	Add	Sum of parts
11/27/18	DBS Vickers	Thai Beverage	0.67	0.87	Buy	Sum of parts
11/27/18	OCBC	Thai Beverage	0.67	0.85	Buy
11/28/18	Phillip	Thai Beverage	0.63	0.57	Reduce	Sum of parts
11/28/18	UOB Kay Hian	Thai Beverage	0.63	0.8	Buy	Sum of parts
11/28/18	DMG & Partners	Thai Beverage	0.63	0.75	Buy	Sum of parts
11/28/18	CIMB	Thai Beverage	0.63	0.73	Add	Sum of parts, PER17x
12/05/18	Amfrasers	Thai Beverage	0.625	0.75	Buy	Sum of parts
01/04/18	UOB Kay Hian	Thai Beverage	0.59	0.8	Buy	Sum of parts
01/18/19	DMG & Partners	Thai Beverage	0.715	0.85	Buy	Sum of parts
02/13/19	CIMB	Thai Beverage	0.72	0.83	Add	Sum of parts
02/15/19	DBS Vickers	Thai Beverage	0.72	0.87	Buy
02/18/19	UOB Kay Hian	Thai Beverage	0.815	0.86	Hold	Sum of parts, buy @ $0.76
02/18/19	DMG & Partners	Thai Beverage	0.815	0.92	Buy	Sum of parts
02/18/19	CIMB	Thai Beverage	0.815	0.9	Add	Sum of parts
02/18/19	OCBC	Thai Beverage	0.815	0.91	Buy
02/19/19	Phillip	Thai Beverage	0.82	0.81	Neutral	Sum of parts
02/19/19	Amfrasers	Thai Beverage	0.82	0.75	Hold
02/27/19	DBS Vickers	Thai Beverage	0.81	0.94	Buy
03/14/19	UOB Kay Hian	Thai Beverage	0.805	0.86	Hold	Sum of parts, Buy @ $0.78