Stock calls for 26 February 2020

Date	Analyst	Company	Last	Target	Call	Valuation
02/26/20	Phillip	APAC Realty	0.49	0.55	Accumulate	DCF
02/26/20	DMG & Partners	Breadtalk	0.645	0.77	Accept offer	offer @ $0.77
02/26/20	OCBC	Capitaland	3.72	4.42	Buy
02/26/20	OCBC	City Developments	10.66	12.02	Buy
02/26/20	DMG & Partners	First Resources	1.66	2	Buy	PER17x FY20
02/26/20	DMG & Partners	Food Empire	0.735	0.88	Buy	PER12x FY20
02/26/20	UOB Kay Hian	Food Empire	0.735	0.92	Buy
02/26/20	UOB Kay Hian	Fu Yu	0.26	0.3	Buy
02/26/20	DBS Vickers	Fu Yu	0.26	0.35	Buy	PER11.8x FY20
02/26/20	CIMB	Penguin	0.71	0.82	Add	PB1x FY20
02/26/20	UOB Kay Hian	Penguin	0.71	0.85	Buy
02/26/20	phillip	Raffles Medical	1.01	0.99	Neutral	DCF
02/26/20	CIMB	UMS	0.965	1.08	Add	GGM, PB2.16x FY20
02/26/20	DBS Vickers	UMS	0.965	1.12	Buy	PER15x FY20