Singapore Land - Analysts upgraded the target prices.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/10/10 AmFraser Singapore Land 6.8 8.8 Buy RNAV
08/30/10 AmFraser Singapore Land 6.78 8.8 Buy
02/21/11 Amfraser Singapore Land 7.29 9.58 Buy RNAV

06/14/10 CIMB Singapore Land 6.58 7.68 Neutral
11/10/10 CIMB Singapore Land 7.17 8.54 Outperform RNAV (15% discount)
11/23/10 CIMB Singapore Land 7.36 9.24 Outperform RNAV (15% discount)
02/21/11 CIMB Singapore Land 7.29 10.18 Outperform RNAV (15% discount)

06/16/10 DBS Vickers Singapore Land 6.58 7.99 Buy
07/16/10 DBS Vickers Singapore Land 6.62 7.99 Buy
08/10/10 DBS Vickers Singapore Land 6.8 7.85 Buy RNAV (15% discount)
08/31/10 DBS Vickers Singapore Land 6.76 7.85 Buy
12/16/10 DBS Vickers Singapore Land 7.41 8.28 Buy
12/20/10 DBS Vickers Singapore Land 7.31 8.3 Buy
02/21/11 DBS Vickers Singapore Land 7.29 8.72 Buy RNAV (10% discount)

01/17/11 DMG & Partners Singapore Land 7.71 9.5 Buy RNAV (20% discount)
01/21/11 DMG & Partners Singapore Land 7.68 9.5 Buy
02/16/11 DMG & Partners Singapore Land 7.33 9.5 Buy

08/10/10 Kim Eng Singapore Land 6.8 6.92 Hold PB0.8x
09/29/10 Kim Eng Singapore Land 7.01 7.38 Hold RNAV (20% discount)
01/12/11 Kim Eng Singapore Land 7.01 7.94 Hold RNAV (20% discount)
02/21/11 Kim Eng Singapore Land 7.29 8.24 Hold RNAV (20% discount)

11/15/10 Nomura Singapore Land 7.43 9.58 Buy

11/16/10 OCBC Singapore Land 7.43 8.3 Buy

Sing Holdings - Phillip has ceased coverage for this stock.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/14/10 phillip Sing Holdings 0.35 0.46 Buy RNAV (10% discount)
08/13/10 phillip Sing Holdings 0.33 0.37 Hold RNAV (30% discount)
08/31/10 phillip Sing Holdings 0.32 0.36 Hold RNAV (30% discount)
09/22/10 phillip Sing Holdings 0.335 0.36 Hold RNAV (30% discount)
10/04/10 phillip Sing Holdings 0.33 0.36 Hold RNAV (30% discount), PER25x
11/10/10 phillip Sing Holdings 0.345 0.38 Hold RNAV (25% discount)
12/16/10 phillip Sing Holdings 0.33 0.38 Hold
02/23/11 phillip Sing Holdings 0.325 0 Cease Coverage

Sim Lian - Hold calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

09/22/10 BNP Paribas Sim Lian 0.755 0.8 Hold RNAV (20% discount)

05/12/10 DBS Vickers Sim Lian 0.52 0.56 Hold RNAV (40% discount)

Baltic Dry Index (BDI) - 1295

Quote:

The index fell 0.46 per cent or 6 points to 1,295 points after rising for 10 sessions previously.

End Quote.

SIA Engineering - 3 buy calls and 4 hold calls.

03/29/10 CIMB SIA Engineering 3.56 4.12 Outperform DCF & PER15x
05/17/10 CIMB SIA Engineering 3.71 4.48 Outperform DCF, PER15x
05/18/10 CIMB SIA Engineering 3.74 4.48 Outperform
07/26/10 CIMB SIA Engineering 4.13 4.48 Outperform PER15x & DCF
11/03/10 CIMB SIA Engineering 4.42 5.05 Outperform DCF
01/26/11 CIMB SIA Engineering 4.22 5.05 Outperform DCF & PER15x

03/08/10 DBS Vickers SIA Engineering 3.69 3.8 Buy PER17.5x
05/18/10 DBS Vickers SIA Engineering 3.74 4.3 Buy
06/04/10 DBS Vickers SIA Engineering 3.79 4.3 Buy
07/26/10 DBS Vickers SIA Engineering 4.13 4.6 Buy Sum of parts & DCF
08/20/10 DBS Vickers SIA Engineering 4.11 4.6 Buy
10/05/10 DBS Vickers SIA Engineering 4.51 5.1 Buy Sum of parts
11/03/10 DBS Vickers SIA Engineering 4.42 5.1 Buy Sum of parts
01/26/11 DBS Vickers SIA Engineering 4.22 5 Buy DCF & PER

11/09/10 Goldman Sachs SIA Engineering 4.43 5.8 Buy

03/22/10 Kim Eng SIA Engineering 3.63 3.98 Buy PER17x
05/17/10 Kim Eng SIA Engineering 3.71 4.21 Buy PER18x
06/08/10 Kim Eng SIA Engineering 3.8 4.21 Buy
07/26/10 Kim Eng SIA Engineering 4.13 5 Buy PER20x
10/01/10 Kim Eng SIA Engineering 4.6 5 Buy
10/05/10 Kim Eng SIA Engineering 4.51 5 Buy
11/03/10 Kim Eng SIA Engineering 4.42 4.7 Hold PER19x
01/26/11 Kim Eng SIA Engineering 4.22 4.5 Hold PER19x

05/20/10 Lim & Tan SIA Engineering 3.82 0 Buy
06/08/10 Lim & Tan SIA Engineering 3.8 0 Buy
06/30/10 Lim & Tan SIA Engineering 4.02 0 Buy
09/06/10 Lim & Tan SIA Engineering 3.28 0 Hold

04/13/10 OCBC SIA Engineering 3.66 3.66 Hold Sum of parts, PER16.4x
07/26/10 OCBC SIA Engineering 4.13 3.85 Hold
01/26/11 OCBC SIA Engineering 4.22 4.3 Hold DCF & PER16x

04/29/10 phillip SIA Engineering 3.68 3.94 Hold FCFE Model
05/17/10 phillip SIA Engineering 3.71 3.91 Hold FCFE Model, PER15x, PB3.5x
07/26/10 phillip SIA Engineering 4.13 4.37 Hold
11/04/10 phillip SIA Engineering 4.53 4.37 Hold BV & PER
12/17/10 phillip SIA Engineering 4.33 4.37 Hold
01/26/11 phillip SIA Engineering 4.22 4.33 Hold

SIA - How is this airline doing?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/24/10 AmFraser SIA 14.16 18.6 Buy EV/Ebitda 6x

05/24/10 CIMB SIA 14.22 18.6 Outperform PER14x
07/27/10 CIMB SIA 14.76 18.6 Outperform PER14x
07/29/10 CIMB SIA 15.46 18.85 Outperform PER14x
09/16/10 CIMB SIA 16 18.85 Outperform PER14x
11/08/10 CIMB SIA 16 18.85 Outperform PER14x
11/10/10 CIMB SIA 16.32 18.85 Outperform PER14x
11/11/10 CIMB SIA 16.12 20.5 Outperform PER11x
01/04/11 CIMB SIA 15.4 20.5 Outperform PER11x
01/26/11 CIMB SIA 15.12 20.5 Outperform PER11x
01/28/11 CIMB SIA 15.04 20.5 Outperform
01/31/11 CIMB SIA 15.04 20.5 Outperform PER11x

07/27/10 Citigroup SIA 14.76 16 Buy

10/19/10 Credit Suisse SIA 16.02 18.5 Outperform
02/11/11 Credit Suisse SIA 14.12 18.5 Outperform

05/25/10 DBS Vickers SIA 14.22 18.2 Buy PB1.5x
07/27/10 DBS Vickers SIA 14.76 18.2 Buy PB1.5x
07/28/10 DBS Vickers SIA 15.02 18.4 Buy PB1.5x
07/30/10 DBS Vickers SIA 15.68 18.62 Buy PB1.5x
08/20/10 DBS Vickers SIA 15.5 18.62 Buy
09/06/10 DBS Vickers SIA 15.6 18.62 Buy
09/27/10 DBS Vickers SIA 16.2 18.62 Buy
11/10/10 DBS Vickers SIA 16.32 18.74 Buy PB1.5x
11/22/10 DBS Vickers SIA 15.96 18.74 Buy
12/13/10 DBS Vickers SIA 15.78 18.74 Buy
01/31/11 DBS Vickers SIA 15.04 18.56 Buy PB1.5x
02/22/11 DBS Vickers SIA 14.34 18.56 Buy

02/11/11 DIR SIA 14.12 15 Hold

05/19/10 DMG & Partners SIA 14.56 17.82 Buy PER16x
05/24/10 DMG & Partners SIA 14.16 17.82 Buy PER16x
06/16/10 DMG & Partners SIA 14.82 17.82 Buy PER16x
07/16/10 DMG & Partners SIA 15.04 17.82 Buy PER16x
07/27/10 DMG & Partners SIA 14.76 17.82 Buy PER16x
07/30/10 DMG & Partners SIA 15.46 17.9 Buy
09/06/10 DMG & Partners SIA 15.6 17.9 Buy
09/17/10 DMG & Partners SIA 16.04 17.9 Buy
09/22/10 DMG & Partners SIA 16.04 17.9 Buy
11/10/10 DMG & Partners SIA 16.32 18.5 Buy PER13x
11/12/10 DMG & Partners SIA 16.12 18.5 Buy
12/02/10 DMG & Partners SIA 15.84 18.5 Buy PER13x
12/21/10 DMG & Partners SIA 15.18 18.5 Buy PER13x
01/05/11 DMG & Partners SIA 15.18 18.5 Buy
01/31/11 DMG & Partners SIA 15.04 18.5 Buy PER13x
02/02/11 DMG & Partners SIA 14.7 17.2 Buy

07/27/10 JP Morgan SIA 14.76 18 Buy
11/11/10 JP Morgan SIA 16.12 20 Overweight PB1.6x

05/24/10 Kim Eng SIA 14.16 18.9 Buy
05/25/10 Kim Eng SIA 14.22 18.9 Buy PB1.7x
06/16/10 Kim Eng SIA 14.82 18.9 Buy PB1.7x
07/16/10 Kim Eng SIA 15.04 18.9 Buy PB1.7x
07/27/10 Kim Eng SIA 14.76 18.9 Buy PB1.7x
07/29/10 Kim Eng SIA 15.46 18.9 Buy PB1.7x
08/17/10 Kim Eng SIA 15.46 18.9 Buy
09/16/10 Kim Eng SIA 16 18.9 Buy
10/18/10 Kim Eng SIA 16.22 18.9 Buy
11/11/10 Kim Eng SIA 16.12 18.9 Buy
12/16/10 Kim Eng SIA 15.46 18.9 Buy
01/18/11 Kim Eng SIA 15.28 18.9 Buy
01/31/11 Kim Eng SIA 15.04 18.9 Buy PB1.6x
02/16/11 Kim Eng SIA 14.44 18.9 Buy PB1.6x
02/17/11 Kim Eng SIA 14.2 18.9 Buy PB1.6x

09/06/10 Lim & Tan SIA 15.6 0 Buy
12/01/10 Lim & Tan SIA 15.42 0 Buy

12/06/10 OCBC SIA 15.78 18.74 Buy

09/06/10 phillip SIA 15.6 15 Hold
11/11/10 phillip SIA 16.12 16.34 Hold
12/17/10 phillip SIA 15.26 16.34 Hold
12/23/10 phillip SIA 15.22 16.34 Hold PB1.3x
01/19/11 phillip SIA 15.38 16.34 Hold PB1.3x
02/01/11 phillip SIA 14.76 16.59 Buy PB1.3x

07/27/10 UBS SIA 14.76 16.5 Buy

12/16/10 UOB Kay Hian SIA 15.26 15.9 Hold

SGX - Analysts are confused about this stock exchange.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

03/22/10 CIMB SGX 8.03 8.38 Underperform DDM
04/16/10 CIMB SGX 8.26 8.38 Underperform DDM
05/18/10 CIMB SGX 7.74 8.38 Underperform
06/04/10 CIMB SGX 7.39 8.38 Neutral DDM
08/03/10 CIMB SGX 7.79 8.38 Neutral DDM
09/24/10 CIMB SGX 8.87 9.75 Outperform DDM
09/27/10 CIMB SGX 8.88 9.75 Neutral
10/19/10 CIMB SGX 10.04 10.86 Outperform DDM
01/12/11 CIMB SGX 8.41 8.26 Trading Sell PER19x
01/19/11 CIMB SGX 8.5 8 Trading Sell PER19x
01/28/11 CIMB SGX 8.62 8 Trading Sell
02/16/11 CIMB SGX 8.3 8 Trading Sell PER19x

10/26/10 Credit Suisse SGX 8.95 7.5 Underperform

04/13/10 DBS Vickers SGX 7.96 8 Fully Valued PER20x
04/16/10 DBS Vickers SGX 8.26 8 Fully Valued PER20x
07/02/10 DBS Vickers SGX 7.44 7 Fully Valued PER18x
08/03/10 DBS Vickers SGX 7.79 6.9 Fully Valued PER18x
09/22/10 DBS Vickers SGX 8.5 9.6 Buy DDM
09/27/10 DBS Vickers SGX 8.8 9.6 Buy
10/19/10 DBS Vickers SGX 10.04 11.4 Buy
01/19/11 DBS Vickers SGX 8.5 11.5 Buy DDM

09/15/10 Deutsche SGX 8.2 9.5 Buy
11/19/10 Deutsche SGX 8.94 10.5 Hold

12/01/10 DIR SGX 8.62 9.76 Outperform
01/18/11 DIR SGX 8.43 9.42 Neutral 6-month target

04/06/10 DMG & Partners SGX 7.8 7 Sell PER21x
04/07/10 DMG & Partners SGX 7.88 7 Sell PER21x
04/19/10 DMG & Partners SGX 8.26 7 Sell PER21x
05/21/10 DMG & Partners SGX 7.68 6.5 Sell PER20x
06/01/10 DMG & Partners SGX 7.38 6.5 Sell PER20x
06/07/10 DMG & Partners SGX 7.35 6.5 Sell
07/08/10 DMG & Partners SGX 7.34 6.5 Sell PER20x
08/26/10 DMG & Partners SGX 7.38 6.5 Sell PER20x
10/12/10 DMG & Partners SGX 9.44 7.9 Sell Sum of parts
10/19/10 DMG & Partners SGX 10.12 7.9 Sell
10/26/10 DMG & Partners SGX 8.95 8.33 Neutral PER20x
01/11/11 DMG & Partners SGX 8.41 9.45 Buy PER22x
01/18/11 DMG & Partners SGX 8.43 9.45 Buy PER22x
01/21/11 DMG & Partners SGX 8.55 9.45 Buy PER22x
02/16/11 DMG & Partners SGX 8.3 9.45 Buy

04/08/10 Kim Eng SGX 7.84 7 Hold PER22x
04/19/10 Kim Eng SGX 8.26 7 Sell
06/09/10 Kim Eng SGX 7.32 7.1 Hold
08/03/10 Kim Eng SGX 7.79 7.1 Hold PER22x
10/19/10 Kim Eng SGX 10.04 10 Hold
10/26/10 Kim Eng SGX 8.95 8.33 Hold PER25x
12/02/10 Kim Eng SGX 8.68 11 Buy PER25x
12/14/10 Kim Eng SGX 8.45 11 Buy PER25x
01/19/11 Kim Eng SGX 8.5 10.3 Buy PER30x

03/19/10 Lim & Tan SGX 8.36 0 Neutral
03/22/10 Lim & Tan SGX 8.36 0 Neutral
07/29/10 Lim & Tan SGX 7.68 0 Neutral
08/02/10 Lim & Tan SGX 7.66 0 Neutral
10/07/10 Lim & Tan SGX 9.48 0 Hold
10/18/10 Lim & Tan SGX 10.12 0 Hold
12/02/10 Lim & Tan SGX 8.68 0 Neutral
01/18/11 Lim & Tan SGX 8.43 0 Hold
02/10/11 Lim & Tan SGX 8.34 0 Neutral

09/20/10 Macquarie SGX 8.44 9.5 Outperform

04/16/10 OCBC SGX 8.26 8.35 Hold PER25x
08/03/10 OCBC SGX 7.79 7.93 Hold PER23x
09/14/10 OCBC SGX 7.93 7.5 Hold
10/18/10 OCBC SGX 10.12 8.6 Sell
10/26/10 OCBC SGX 8.95 8.97 Hold PER26x
01/18/11 OCBC SGX 8.43 8.97 Hold
02/16/11 OCBC SGX 8.3 8.97 Hold

06/28/10 phillip SGX 7.57 9 Buy DCF, PER22.5x
08/03/10 phillip SGX 7.79 9 Buy
10/08/10 phillip SGX 9.47 10.5 Buy PER24.1x
10/19/10 phillip SGX 10.04 10.5 Buy
10/27/10 phillip SGX 8.72 10.5 Buy
01/19/11 phillip SGX 8.5 9.88 Buy

10/08/10 UBS SGX 9.47 10.5 Buy

Sembcorp Marine - Analysts upgraded this rig builder.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

12/23/10 BNP Paribas Sembcorp Marine 5.06 6.78 Buy Sum of parts

05/31/10 CIMB Sembcorp Marine 4 5.44 Outperform DCF & PER18x
06/03/10 CIMB Sembcorp Marine 3.7 5.44 Outperform
07/12/10 CIMB Sembcorp Marine 3.96 4.22 Neutral DCF & PER15x
09/20/10 CIMB Sembcorp Marine 3.99 4.2 Neutral DCF & PER15
10/06/10 CIMB Sembcorp Marine 4.12 4.3 Neutral DCF & PER
10/19/10 CIMB Sembcorp Marine 4.45 5.23 Outperform PER15x & DCF
11/08/10 CIMB Sembcorp Marine 4.74 5.75 Outperform DCF & PER15x
11/16/10 CIMB Sembcorp Marine 4.95 5.75 Outperform PER15 & DCF
11/26/10 CIMB Sembcorp Marine 5.03 5.75 Outperform DCF & PER
12/03/10 CIMB Sembcorp Marine 4.93 5.94 Outperform DCF & PER18x

11/19/10 Citigroup Sembcorp Marine 5.07 5.6 Hold
02/15/11 Citigroup Sembcorp Marine 5.15 6.2 Buy
02/18/11 Citigroup Sembcorp Marine 5.32 6.2 Buy
02/21/11 Citigroup Sembcorp Marine 5.33 6.2 Buy PER17x

02/08/11 CLSA Sembcorp Marine 5.44 5 Sell PER18.3x

07/22/10 Credit Suisse Sembcorp Marine 3.84 4.15 Neutral
08/04/10 Credit Suisse Sembcorp Marine 4.04 4.25 Neutral
01/17/11 Credit Suisse Sembcorp Marine 5.08 6.2 Buy

06/28/10 DBS Vickers Sembcorp Marine 3.99 5.4 Buy
08/04/10 DBS Vickers Sembcorp Marine 4.04 5.1 Buy PER16.5x
10/06/10 DBS Vickers Sembcorp Marine 4.12 4.8 Buy Sum of parts
10/12/10 DBS Vickers Sembcorp Marine 4.31 4.8 Buy
10/21/10 DBS Vickers Sembcorp Marine 4.64 5.25 Buy Sum of parts
11/08/10 DBS Vickers Sembcorp Marine 4.74 5.48 Buy Sum of parts
11/16/10 DBS Vickers Sembcorp Marine 4.95 5.48 Buy
11/22/10 DBS Vickers Sembcorp Marine 5.08 5.48 Buy
11/29/10 DBS Vickers Sembcorp Marine 4.84 5.48 Buy
12/22/10 DBS Vickers Sembcorp Marine 4.99 6.08 Buy
01/03/11 DBS Vickers Sembcorp Marine 5.04 6.08 Buy Sum of parts
01/04/11 DBS Vickers Sembcorp Marine 5.37 6.08 Buy
01/20/11 DBS Vickers Sembcorp Marine 5.35 6.08 Buy

06/01/10 DMG & Partners Sembcorp Marine 4 3.67 Sell Sum of parts
06/07/10 DMG & Partners Sembcorp Marine 3.81 3.67 Sell
06/17/10 DMG & Partners Sembcorp Marine 3.91 3.67 Sell
06/30/10 DMG & Partners Sembcorp Marine 3.9 3.67 Sell Sum of parts
08/04/10 DMG & Partners Sembcorp Marine 4.04 3.7 Sell Sum of parts
09/13/10 DMG & Partners Sembcorp Marine 3.92 3.7 Sell Sum of parts
09/22/10 DMG & Partners Sembcorp Marine 3.99 3.73 Sell Sum of parts
09/29/10 DMG & Partners Sembcorp Marine 3.9 3.73 Sell Sum of parts
10/06/10 DMG & Partners Sembcorp Marine 4.12 3.73 Sell Sum of part
10/13/10 DMG & Partners Sembcorp Marine 4.29 3.73 Sell
10/19/10 DMG & Partners Sembcorp Marine 4.45 4.42 Neutral
11/08/10 DMG & Partners Sembcorp Marine 4.74 4.7 Neutral Sum of parts
11/29/10 DMG & Partners Sembcorp Marine 4.84 4.7 Neutral
12/15/10 DMG & Partners Sembcorp Marine 5.12 4.7 Neutral
01/03/11 DMG & Partners Sembcorp Marine 5.37 5.3 Neutral
01/18/11 DMG & Partners Sembcorp Marine 5.14 5.3 Neutral Sum of parts
01/20/11 DMG & Partners Sembcorp Marine 5.35 5.3 Neutral PER18x

08/04/10 Kim Eng Sembcorp Marine 4.34 4.95 Buy PER14x
10/07/10 Kim Eng Sembcorp Marine 4.32 4.95 Buy PER14x
10/19/10 Kim Eng Sembcorp Marine 4.32 5.4 Buy Sum of parts
11/08/10 Kim Eng Sembcorp Marine 4.32 5.4 Buy Sum of parts
11/16/10 Kim Eng Sembcorp Marine 4.95 5.4 Buy
12/09/10 Kim Eng Sembcorp Marine 5.08 5.4 Buy
01/20/11 Kim Eng Sembcorp Marine 5.35 5.4 Buy

08/04/10 Lim & Tan Sembcorp Marine 4.04 0 Buy
09/23/10 Lim & Tan Sembcorp Marine 3.99 0 Buy
10/06/10 Lim & Tan Sembcorp Marine 4.12 0 Buy
11/08/10 Lim & Tan Sembcorp Marine 4.74 0 Buy
11/16/10 Lim & Tan Sembcorp Marine 4.95 0 Buy
12/13/10 Lim & Tan Sembcorp Marine 5.12 0 Buy
12/17/10 Lim & Tan Sembcorp Marine 4.95 0 Buy

10/19/10 Nomura Sembcorp Marine 4.45 5.18 Buy
11/16/10 Nomura Sembcorp Marine 4.95 5.18 Buy
12/03/10 Nomura Sembcorp Marine 4.93 6.03 Buy
01/04/11 Nomura Sembcorp Marine 5.37 6.03 Buy

05/20/10 OCBC Sembcorp Marine 3.94 4.75 Buy
06/09/10 OCBC Sembcorp Marine 3.66 4.75 Buy
07/08/10 OCBC Sembcorp Marine 3.81 4.75 Buy
07/15/10 OCBC Sembcorp Marine 3.96 4.75 Buy
09/02/10 OCBC Sembcorp Marine 3.81 4.75 Buy
09/08/10 OCBC Sembcorp Marine 3.97 4.75 Buy
09/13/10 OCBC Sembcorp Marine 3.92 4.75 Buy
09/15/10 OCBC Sembcorp Marine 3.96 4.75 Buy
09/24/10 OCBC Sembcorp Marine 3.96 4.75 Buy PER15x
09/27/10 OCBC Sembcorp Marine 3.92 4.75 Buy
10/04/10 OCBC Sembcorp Marine 3.95 4.75 Buy
10/13/10 OCBC Sembcorp Marine 4.29 4.75 Buy
11/16/10 OCBC Sembcorp Marine 4.95 5.7 Buy
12/02/10 OCBC Sembcorp Marine 4.88 5.7 Buy
01/18/11 OCBC Sembcorp Marine 5.14 5.7 Buy
02/08/11 OCBC Sembcorp Marine 5.41 6.17 Buy Sum of parts

07/01/10 phillip Sembcorp Marine 3.86 4.73 Buy
08/04/10 phillip Sembcorp Marine 4.04 4.73 Buy
11/08/10 phillip Sembcorp Marine 4.74 5.46 Buy Sum of parts
12/15/10 phillip Sembcorp Marine 5.12 5.46 Neutral

Sembcorp Industries - Mixed calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

12/16/10 BNP Paribas Sembcorp Industries 4.95 5.9 Buy Sum of parts

05/26/10 CIMB Sembcorp Industries 3.85 5.58 Outperform Sum of parts
07/06/10 CIMB Sembcorp Industries 4.14 4.71 Outperform Sum of parts
08/26/10 CIMB Sembcorp Industries 4.13 4.69 Outperform Sum of parts
11/09/10 CIMB Sembcorp Industries 4.83 6.06 Outperform Sum of parts

11/19/10 Citigroup Sembcorp Industries 4.85 5.6 Buy

07/09/10 DBS Vickers Sembcorp Industries 4.04 4.9 Buy RNAV (10% discount)
11/09/10 DBS Vickers Sembcorp Industries 4.83 5.2 Buy Sum of parts
01/03/11 DBS Vickers Sembcorp Industries 4.95 5.7 Buy Sum of parts (10% discount)

05/26/10 DMG & Partners Sembcorp Industries 3.85 4.63 Buy Sum of parts
06/01/10 DMG & Partners Sembcorp Industries 4 4.63 Buy
06/08/10 DMG & Partners Sembcorp Industries 3.99 4.63 Buy Sum of parts
06/30/10 DMG & Partners Sembcorp Industries 4.08 4.92 Buy Sum of parts
07/09/10 DMG & Partners Sembcorp Industries 4.21 4.96 Buy
08/12/10 DMG & Partners Sembcorp Industries 4.12 4.96 Buy
08/13/10 DMG & Partners Sembcorp Industries 4.1 4.98 Buy Sum of parts
08/26/10 DMG & Partners Sembcorp Industries 4.13 4.98 Buy Sum of parts
09/03/10 DMG & Partners Sembcorp Industries 4.26 4.98 Buy Sum of parts
09/13/10 DMG & Partners Sembcorp Industries 4.42 4.98 Buy
11/09/10 DMG & Partners Sembcorp Industries 4.83 5.65 Buy Sum of parts
11/29/10 DMG & Partners Sembcorp Industries 4.87 5.65 Buy
01/05/11 DMG & Partners Sembcorp Industries 4.98 6 Buy

08/13/10 Kim Eng Sembcorp Industries 4.1 4.38 Hold Sum of parts
08/26/10 Kim Eng Sembcorp Industries 4.13 4.38 Hold
11/09/10 Kim Eng Sembcorp Industries 4.83 4.65 Hold

11/09/10 Lim & Tan Sembcorp Industries 4.83 0 Hold

07/20/10 phillip Sembcorp Industries 4.2 5.1 Buy
08/13/10 phillip Sembcorp Industries 4.1 5.1 Buy Sum of parts
11/09/10 phillip Sembcorp Industries 4.83 5.85 Buy Sum of parts
12/15/10 phillip Sembcorp Industries 5 5.84 Buy
12/20/10 phillip Sembcorp Industries 4.95 5.9 Buy Sum of parts

SC Global - Mixed calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/30/10 AmFraser SC Global 1.6 2.64 Buy

06/16/10 DBS Vickers SC Global 1.6 2.1 Buy
07/16/10 DBS Vickers SC Global 1.57 2.1 Buy
12/20/10 DBS Vickers SC Global 1.62 2.19 Buy

08/16/10 DMG & Partners SC Global 1.63 1.9 Buy
11/11/10 DMG & Partners SC Global 1.68 1.94 Buy RNAV (20% discount)
11/24/10 DMG & Partners SC Global 1.56 1.94 Buy
12/16/10 DMG & Partners SC Global 1.62 1.94 Buy

08/16/10 Lim & Tan SC Global 1.63 0 Hold/Sell $1.7/1.8

09/07/10 Nomura SC Global 1.56 1.77 Neutral

11/16/10 OCBC SC Global 1.67 2.19 Buy

06/17/10 phillip SC Global 1.6 2.02 Buy RNAV (30% discount)
08/16/10 phillip SC Global 1.63 2.02 Buy RNAV (30% discount)
10/04/10 phillip SC Global 1.6 2.02 Buy RNAV (30% discount), PER7x
11/11/10 phillip SC Global 1.68 2.02 Buy RNAV (30% discount)
12/16/10 phillip SC Global 1.62 2.02 Buy

SATS - Mixed calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

12/06/10 BNP Paribas SATS 2.87 0 Buy

11/03/10 CIMB SATS 2.89 2.35 Underperform PER12.4x
11/30/10 CIMB SATS 2.86 2.35 Underperform PER12.4x
12/21/10 CIMB SATS 2.84 2.42 Underperform PER16x & PB2.1x & FCFE
01/28/11 CIMB SATS 2.82 2.42 Underperform
02/02/11 CIMB SATS 2.8 2.42 Underperform PER12x

02/11/11 Credit Suisse SATS 2.61 3.3 Outperform

07/30/10 DBS Vickers SATS 2.96 3.13 Buy
08/20/10 DBS Vickers SATS 2.78 3.13 Buy
09/27/10 DBS Vickers SATS 2.8 3.13 Buy
11/02/10 DBS Vickers SATS 2.89 3.13 Buy
11/29/10 DBS Vickers SATS 2.86 3.13 Buy
02/02/11 DBS Vickers SATS 2.8 2.94 Hold PER14x & DCF

01/28/11 Deutsche SATS 2.82 3.8 Buy
01/31/11 Deutsche SATS 2.78 3.8 Buy

08/02/10 DMG & Partners SATS 2.96 3.25 Buy PER19x
11/03/10 DMG & Partners SATS 2.89 3.25 Buy DCF, PER18.7x
11/08/10 DMG & Partners SATS 2.89 3.25 Buy DCF, PER18.7x

07/30/10 Kim Eng SATS 2.96 3.48 Buy PER19x
11/03/10 Kim Eng SATS 2.89 3.48 Buy
12/02/10 Kim Eng SATS 2.87 3.48 Buy PER19x
12/10/10 Kim Eng SATS 2.93 3.48
02/02/11 Kim Eng SATS 2.8 2.93 Hold PER17x

11/30/10 Lim & Tan SATS 2.86 0 Neutral

07/30/10 OCBC SATS 2.96 3.3 Buy DCF
09/02/10 OCBC SATS 2.79 3.3 Buy
09/17/10 OCBC SATS 2.77 3.3 Buy
10/21/10 OCBC SATS 2.82 3.3 Buy DCF
01/10/11 OCBC SATS 2.86 3.31 Buy
02/02/11 OCBC SATS 2.8 3.31 Buy Under Review

07/30/10 phillip SATS 2.96 3.28 Buy
11/03/10 phillip SATS 2.96 3.21 Buy BV & PER
12/13/10 phillip SATS 2.88 3.21 Buy PER & PB & FCFE Model
12/15/10 phillip SATS 2.92 3.21 Buy
12/17/10 phillip SATS 2.8 3.21 Buy
12/21/10 phillip SATS 2.84 3.48 Buy
01/03/11 phillip SATS 2.88 3.48 Buy
02/02/11 phillip SATS 2.8 3.3 Buy
02/09/11 phillip SATS 2.65 3.3 Buy

Samudera - Buy call from DnB Nor.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

04/19/10 DnB Nor Samudera 0.24 0.28 Buy NAV 0.25, DCF 0.30, PER8.1x, EV/Ebitda7.2x
05/03/10 DnB Nor Samudera 0.25 0.28 Buy NAV 0.25, DCF 0.29
08/03/10 DnB Nor Samudera 0.21 0.26 Buy DCF

Roxy-Pacific - DBS Vickers upgraded the target price from $0.44.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

11/23/10 DBS Vickers Roxy-Pacific 0.405 0.55 Buy

Rotary - Target prices were upgraded by analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/10/10 CIMB Rotary 0.97 1.17 Outperform PER8.5x
09/30/10 CIMB Rotary 0.94 0.95 Neutral PER8.5x
10/28/10 CIMB Rotary 0.995 1.15 Outperform PER8.5x
11/08/10 CIMB Rotary 1.02 1.15 Outperform PER8.5x
01/20/11 CIMB Rotary 1.04 1.28 Outperform PER9x

08/19/10 OCBC Rotary 0.93 1.16 Buy
09/02/10 OCBC Rotary 0.91 1.16 Buy
10/29/10 OCBC Rotary 1 1.22 Buy

10/05/10 phillip Rotary 0.94 1.35 Buy PER12x & PB2.5x
10/28/10 phillip Rotary 0.995 1.36 Buy PER12.5x & PB2.5x
11/08/10 phillip Rotary 1.02 1.36 Buy PB2.5x & PER12.5x

Rokko - Buy call from Lim & Tan.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

07/23/10 Lim & Tan Rokko 0.145 0 Buy

Riverstone - Target price was downgraded by Phillip.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

03/05/10 phillip Riverstone 0.635 0.73 Buy
04/28/10 phillip Riverstone 0.66 0.95 Buy PER15x
05/21/10 phillip Riverstone 0.63 0.88 Buy PER15x
08/06/10 phillip Riverstone 0.6 0.88 Buy PER15x
11/03/10 phillip Riverstone 0.52 0.8 Buy PER15x

Rickmers - Analysts don't like this shipping trust.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/17/10 DBS Vickers Rickmers 0.365 0.36 Hold Yield 9%

03/19/10 OCBC Rickmers 0.415 0.18 Sell
05/19/10 OCBC Rickmers 0.345 0.3 Not Rated

RH Petrogas - Buy call from Kim Eng.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/06/11 Kim Eng RH Petrogas 0.745 1.35 Buy Sum of parts
01/27/11 Kim Eng RH Petrogas 0.875 1.35 Buy Sum of parts

Renewable Energy - Target prices were downgraded despite buy calls.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/06/10 DMG & Partners Renewable Energy 0.35 0.46 Buy Sum of parts
10/08/10 DMG & Partners Renewable Energy 0.25 0.42 Buy Sum of parts
11/16/10 DMG & Partners Renewable Energy 0.225 0.385 Buy Sum of parts
11/22/10 DMG & Partners Renewable Energy 0.225 0.385 Buy
11/25/10 DMG & Partners Renewable Energy 0.195 0.385 Buy
01/04/11 DMG & Partners Renewable Energy 0.2 0.36 Buy Sum of parts
01/14/11 DMG & Partners Renewable Energy 0.22 0.36 Buy

09/02/10 Kim Eng Renewable Energy 0.34 0.5 Buy PER12x
10/27/10 Kim Eng Renewable Energy 0.225 0.4 Buy PER12x
01/18/11 Kim Eng Renewable Energy 0.255 0.35 Buy PER11x

08/10/10 phillip Renewable Energy 0.34 0.49 Buy Sum of parts
11/15/10 phillip Renewable Energy 0.21 0.45 Buy DCF, PER11x
12/15/10 phillip Renewable Energy 0.205 0.45 Buy
01/04/11 phillip Renewable Energy 0.215 0.41 Buy Sum of parts (PER9x & DCF)

Raffles Medical - 4 buy calls & 2 hold calls.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/18/10 CIMB Raffles Medical 1.68 2.07 Outperform
07/26/10 CIMB Raffles Medical 1.83 2.07 Outperform PER20x
08/18/10 CIMB Raffles Medical 1.94 2.07 Outperform PER20x
10/25/10 CIMB Raffles Medical 2.19 2.64 Outperform PER23x

10/27/10 Credit Suisse Raffles Medical 2.18 2.1 Neutral

03/01/10 DBS Vickers Raffles Medical 1.36 1.75 Buy PER20x
06/04/10 DBS Vickers Raffles Medical 1.77 1.91 Buy
07/27/10 DBS Vickers Raffles Medical 1.87 2.1 Buy PER20x

03/02/10 DMG & Partners Raffles Medical 1.36 1.59 Buy DCF, PER20x
04/27/10 DMG & Partners Raffles Medical 1.69 1.86 Buy DCF
07/20/10 DMG & Partners Raffles Medical 1.79 2.09 Buy DCF
07/27/10 DMG & Partners Raffles Medical 1.85 2.09 Buy DCF
10/27/10 DMG & Partners Raffles Medical 2.21 2.4 Buy DCF, PER27x

03/01/10 Kim Eng Raffles Medical 1.36 1.81 Buy DCF, PER22x
04/27/10 Kim Eng Raffles Medical 1.71 2.17 Buy DCF
07/27/10 Kim Eng Raffles Medical 1.87 2.24 Buy DCF
10/26/10 Kim Eng Raffles Medical 2.24 2.55 Buy DCF, PER28x

10/06/10 OCBC Raffles Medical 2.32 2.32 Hold Buy below $2.10
10/26/10 OCBC Raffles Medical 2.21 2.35 Hold PER24x
11/04/10 OCBC Raffles Medical 2.25 2.35 Hold
12/06/10 OCBC Raffles Medical 2.32 2.35 Hold PER24x
01/03/11 OCBC Raffles Medical 2.39 2.35 Hold

Raffles Education - Only Kim Eng believes in education.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/25/10 DBS Vickers Raffles Education 0.29 0.29 Hold PER18x
11/08/10 DBS Vickers Raffles Education 0.28 0.25 Fully Valued PER18x
02/11/11 DBS Vickers Raffles Education 0.295 0.25 Fully Valued PER18x

08/25/10 Kim Eng Raffles Education 0.29 0.3 Hold PER20x
11/08/10 Kim Eng Raffles Education 0.28 0.28 Hold
02/07/11 Kim Eng Raffles Education 0.315 0.4 Buy Sum of parts
02/11/11 Kim Eng Raffles Education 0.295 0.4 Buy Sum of parts

06/08/10 OCBC Raffles Education 0.305 0.37 Hold PER20x
07/14/10 OCBC Raffles Education 0.315 0.33 Hold PER18x
11/08/10 OCBC Raffles Education 0.28 0.285 Hold PER18x
11/24/10 OCBC Raffles Education 0.265 0.285 Hold PER18x
01/12/11 OCBC Raffles Education 0.295 0.285 Hold PER18x
01/17/11 OCBC Raffles Education 0.29 0.28 Hold PER18x
02/11/11 OCBC Raffles Education 0.295 0.27 Hold PER18x

Qian Hu - Downgraded by Phillip.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

03/29/10 phillip Qian Hu 0.14 0.18 Buy
04/20/10 phillip Qian Hu 0.15 0.18 Buy
07/21/10 phillip Qian Hu 0.13 0.17 Buy BV
10/20/10 phillip Qian Hu 0.135 0.14 Hold

Q&M Dental - Have you been visiting your dentist?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/24/11 CIMB Q&M Dental 0.535 0.83 Buy Sum of parts, PER15x

Pine Agritech - Just accept the offer and move on.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/17/10 Lim & Tan Pine Agritech 0.18 0.2 Accept Offer

Petra Foods - Buy call from CIMB but Hold call from DBS Vickers.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/12/10 CIMB Petra Foods 1.58 1.5 Neutral PER13.5x
10/11/10 CIMB Petra Foods 1.48 1.7 Outperform PER13.5x
11/11/10 CIMB Petra Foods 1.63 1.85 Outperform PER14.5x
11/12/10 CIMB Petra Foods 1.61 1.88 Outperform PER14.5x

08/13/10 DBS Vickers Petra Foods 1.58 1.5 Hold PER15x

PEC - Target Prices upgraded by analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

11/11/10 CIMB PEC 1.18 1.41 Outperform PER8.5x
01/20/11 CIMB PEC 1.37 1.54 Neutral PER9x
02/11/11 CIMB PEC 1.22 1.54 Outperform

12/13/10 DBS Vickers PEC 1.1 1.58 Buy
02/11/11 DBS Vickers PEC 1.22 1.62 Buy

12/06/10 OCBC PEC 1.1 1.58 Buy

11/12/10 phillip PEC 1.18 1.41 Buy PB1.75x & PER8.75x
01/20/11 phillip PEC 1.37 1.44 Hold PER8.75x & PB1.75x
02/14/11 phillip PEC 1.23 1.5 Buy PER8.75x & PB1.75x

Parkway Life - Mixed calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

03/25/10 CIMB Parkway Life 1.4 1.57 Outperform
05/18/10 CIMB Parkway Life 1.36 1.57 Outperform
07/15/10 CIMB Parkway Life 1.39 1.57 Outperform
08/10/10 CIMB Parkway Life 1.44 1.57 Outperform DDM
09/07/10 CIMB Parkway Life 1.54 1.91 Outperform DDM
10/01/10 CIMB Parkway Life 1.6 1.91 Outperform DDM
11/08/10 CIMB Parkway Life 1.69 1.96 Outperform DDM
11/09/10 CIMB Parkway Life 1.7 1.96 Outperform DDM
11/18/10 CIMB Parkway Life 1.64 1.96 Outperform DDM
01/05/11 CIMB Parkway Life 1.69 1.96 Outperform DDM

05/07/10 DBS Vickers Parkway Life 1.32 1.51 Buy DCF
06/04/10 DBS Vickers Parkway Life 1.35 1.51 Buy
07/14/10 DBS Vickers Parkway Life 1.38 1.59 Buy DCF
08/06/10 DBS Vickers Parkway Life 1.44 1.59 Buy DCF
11/08/10 DBS Vickers Parkway Life 1.69 1.84 Buy
12/17/10 DBS Vickers Parkway Life 1.63 1.84 Buy
01/21/11 DBS Vickers Parkway Life 1.77 1.9 Buy DCF

04/06/10 DMG & Partners Parkway Life 1.37 1.52 Buy 5.7% yield
05/07/10 DMG & Partners Parkway Life 1.32 1.52 Buy 5.7% yield
06/11/10 DMG & Partners Parkway Life 1.35 1.62 Buy
07/16/10 DMG & Partners Parkway Life 1.37 1.66 Buy
07/20/10 DMG & Partners Parkway Life 1.37 1.66 Buy DDM
08/10/10 DMG & Partners Parkway Life 1.44 1.66 Buy DDM
11/12/10 DMG & Partners Parkway Life 1.7 1.66 Neutral

06/14/10 Kim Eng Parkway Life 1.35 1.59 Buy DDM
07/14/10 Kim Eng Parkway Life 1.38 1.59 Buy
08/10/10 Kim Eng Parkway Life 1.44 1.64 Buy DDM
10/05/10 Kim Eng Parkway Life 1.64 1.94 Buy DDM
11/09/10 Kim Eng Parkway Life 1.7 1.94 Buy DDM

07/14/10 Lim & Tan Parkway Life 1.38 0 Buy
08/06/10 Lim & Tan Parkway Life 1.44 0 Buy
08/16/10 Lim & Tan Parkway Life 1.42 0 Buy
10/01/10 Lim & Tan Parkway Life 1.6 0 Buy
11/08/10 Lim & Tan Parkway Life 1.69 0 Buy
12/03/10 Lim & Tan Parkway Life 1.63 0 Buy
01/24/11 Lim & Tan Parkway Life 1.78 0 Buy

10/06/10 OCBC Parkway Life 1.65 1.84 Buy DCF

05/07/10 phillip Parkway Life 1.32 1.57 Buy
06/15/10 phillip Parkway Life 1.36 1.63 Buy
07/14/10 phillip Parkway Life 1.38 1.66 Buy
08/10/10 phillip Parkway Life 1.44 1.66 Buy
11/09/10 phillip Parkway Life 1.7 1.78 Hold DDM
01/25/11 phillip Parkway Life 1.8 1.82 Hold

Parkway Holdings - Accept the offer.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

07/27/10 CLSA Parkway Holdings 3.88 3.43 Underperform

05/31/10 DBS Vickers Parkway Holdings 3.02 3.49 Hold Sum of parts
07/01/10 DBS Vickers Parkway Holdings 3.57 3.49 Hold Offer
07/27/10 DBS Vickers Parkway Holdings 3.8 3.49 Hold

06/01/10 DMG & Partners Parkway Holdings 3.02 3.36 Buy Offer
07/02/10 DMG & Partners Parkway Holdings 3.57 0 Accept Offer
07/27/10 DMG & Partners Parkway Holdings 3.88 3.95 Accept Offer
08/16/10 DMG & Partners Parkway Holdings 3.81 3.95 Accept Offer

05/31/10 Kim Eng Parkway Holdings 3.02 3.78 Buy Offer
06/10/10 Kim Eng Parkway Holdings 3.77 4.03 Buy Sum of parts, offer is pending
07/02/10 Kim Eng Parkway Holdings 3.57 4.03 Buy
07/27/10 Kim Eng Parkway Holdings 3.88 4.03 Hold

05/31/10 Lim & Tan Parkway Holdings 3.02 3.78 Buy Offer
06/10/10 Lim & Tan Parkway Holdings 3.77 0 Buy Offer
06/23/10 Lim & Tan Parkway Holdings 3.75 0 Hold
07/01/10 Lim & Tan Parkway Holdings 3.57 0 Hold
07/27/10 Lim & Tan Parkway Holdings 3.88 3.95 Sell

05/31/10 OCBC Parkway Holdings 3.02 3.78 Accept Offer Offer
08/13/10 OCBC Parkway Holdings 3.81 3.95 Accept Offer Sum of parts

Pan-United - DBS Vickers upgraded the target price.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/10/10 DBS Vickers Pan-United 0.485 0.55 Hold Sum of parts
09/27/10 DBS Vickers Pan-United 0.5 0.6 Buy
12/01/10 DBS Vickers Pan-United 0.515 0.62 Buy Sum of parts

Pan Hong - How is this property developer doing?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

06/01/10 CIMB Pan Hong 0.495 0.88 Outperform RNAV (20% discount)

02/19/10 DMG & Partners Pan Hong 0.5 0.85 Buy RNAV (10% premium)
06/02/10 DMG & Partners Pan Hong 0.495 0.5 Neutral RNAV (30% discount)
07/30/10 DMG & Partners Pan Hong 0.485 0.5 Neutral

Pacific Shipping Trust - DBS Vickers upgraded the target price.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

07/23/10 DBS Vickers Pacific Shipping Trust 0.295 0.37 Buy
10/22/10 DBS Vickers Pacific Shipping Trust 0.34 0.39 Buy
01/20/11 DBS Vickers Pacific Shipping Trust 0.37 0.4 Buy

Pacific Andes - Do you like to eat fish?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

07/01/10 CIMB Pacific Andes 0.3 0.32 Neutral
08/11/10 CIMB Pacific Andes 0.3 0.32 Outperform
11/26/10 CIMB Pacific Andes 0.335 0.5 Outperform
12/09/10 CIMB Pacific Andes 0.34 0.5 Outperform
02/07/11 CIMB Pacific Andes 0.37 0.5 Outperform

08/11/10 DBS Vickers Pacific Andes 0.3 0.37 Buy
11/26/10 DBS Vickers Pacific Andes 0.335 0.37 Hold
12/21/10 DBS Vickers Pacific Andes 0.35 0.48 Buy

08/11/10 OCBC Pacific Andes 0.3 0.4 Buy
09/02/10 OCBC Pacific Andes 0.29 0.4 Buy
09/22/10 OCBC Pacific Andes 0.325 0.4 Buy
11/26/10 OCBC Pacific Andes 0.335 0.4 Buy
12/09/10 OCBC Pacific Andes 0.34 0.4 Buy

11/29/10 StanChart Pacific Andes 0.335 0.47 Outperform

OUE - Buy calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

11/11/10 CIMB OUE 3.41 4.58 Outperform RNAV (10% discount)
11/15/10 CIMB OUE 3.38 4.12 Outperform RNAV (10% discount)
01/04/11 CIMB OUE 3.37 4.14 Outperform
01/28/11 CIMB OUE 3.37 4.14 Outperform

12/16/10 Credit Suisse OUE 3.31 4.2 Outperform

01/17/11 DMG & Partners OUE 3.6 4.2 Buy RNAV (15% discount)
01/21/11 DMG & Partners OUE 3.4 4.2 Buy

01/17/11 phillip OUE 3.6 4.28 Buy RNAV

01/13/11 RBS OUE 3.55 4.65 Buy

Otto Marine - 2 buy calls, 3 hold calls & 1 sell call.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/26/10 CIMB Otto Marine 0.37 0.47 Outperform PER10x
05/31/10 CIMB Otto Marine 0.38 0.47 Outperform
06/08/10 CIMB Otto Marine 0.4 0.49 Outperform PER10x
08/06/10 CIMB Otto Marine 0.42 0.48 Outperform PER10x
08/19/10 CIMB Otto Marine 0.38 0.48 Outperform
09/09/10 CIMB Otto Marine 0.37 0.3 Underperform PER9x
10/14/10 CIMB Otto Marine 0.38 0.39 Neutral PER9x
11/15/10 CIMB Otto Marine 0.36 0.39 Neutral PER9x

06/08/10 DMG & Partners Otto Marine 0.395 0.64 Buy
06/17/10 DMG & Partners Otto Marine 0.425 0.64 Buy
07/01/10 DMG & Partners Otto Marine 0.415 0.5 Buy
08/06/10 DMG & Partners Otto Marine 0.415 0.46 Buy PER10x
09/28/10 DMG & Partners Otto Marine 0.375 0.39 Neutral PATMI 10x
10/15/10 DMG & Partners Otto Marine 0.375 0.405 Neutral PER10x
11/15/10 DMG & Partners Otto Marine 0.36 0.335 Neutral PER8x
12/21/10 DMG & Partners Otto Marine 0.33 0.335 Neutral

07/21/10 DnB Nor Otto Marine 0.41 0.35 Sell NAV 0.39, EV/Ebitda13x
08/06/10 DnB Nor Otto Marine 0.42 0.35 Sell NAV 0.39
10/08/10 DnB Nor Otto Marine 0.41 0.35 Sell NAV 0.38, EV/Ebitda12x
11/09/10 DnB Nor Otto Marine 0.35 0.3 Sell NAV 0.33, PER9.5x, EV/Ebitda10.9x
11/15/10 DnB Nor Otto Marine 0.36 0.3 Sell NAV 0.32

06/08/10 Kim Eng Otto Marine 0.395 0.58 Buy Sum of parts
06/28/10 Kim Eng Otto Marine 0.41 0.58 Buy Sum of parts
08/06/10 Kim Eng Otto Marine 0.415 0.58 Buy Sum of parts
11/15/10 Kim Eng Otto Marine 0.36 0.46 Buy Sum of parts

08/10/10 phillip Otto Marine 0.41 0.4 Hold PB1.4x
09/24/10 phillip Otto Marine 0.38 0.4 Hold PB1.4x
11/15/10 phillip Otto Marine 0.36 0.38 Hold PB1.2x
02/02/11 phillip Otto Marine 0.325 0.38 Hold PB1.2x
02/07/11 phillip Otto Marine 0.33 0 Hold

09/21/10 Standard Chart Otto Marine 0.36 0.52 Outperform

Osim - Do you like massages?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

09/24/10 DMG & Partners Osim 0.99 1.32 Buy PER17x
10/21/10 DMG & Partners Osim 1.05 1.57 Buy PER17x
10/27/10 DMG & Partners Osim 1.16 1.57 Buy PER17x
12/02/10 DMG & Partners Osim 1.47 1.66 Buy PER18x
12/10/10 DMG & Partners Osim 1.7 1.66 Neutral PER18x
01/27/11 DMG & Partners Osim 1.72 1.66 Neutral PER18x
01/28/11 DMG & Partners Osim 1.72 1.66 Neutral PER18x

12/01/10 IIFL Osim 1.47 1.8 Buy PER21.3x
01/28/11 IIFL Osim 1.67 2.2 Buy

07/21/10 Macquarie Osim 1 1.5 Buy
11/23/10 Macquarie Osim 1.32 2 Outperform

07/01/10 OCBC Osim 0.905 1.22 Buy PER22x
07/21/10 OCBC Osim 1 1.29 Buy PER22x
09/02/10 OCBC Osim 0.97 1.29 Buy
09/27/10 OCBC Osim 0.995 1.29 Buy PER22x
10/20/10 OCBC Osim 1.05 1.52 Buy PER22x
12/02/10 OCBC osim 1.47 1.52 Buy Under Review
12/10/10 OCBC Osim 1.7 1.52 Under Review
12/13/10 OCBC Osim 1.63 1.68 Hold PER22x
01/27/11 OCBC Osim 1.72 1.96 Buy PER22x

Olam - Not everyone loves commodity trader with 1% profit margin.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/14/10 CIMB Olam 2.52 3.45 Outperform PER21.5x
06/08/10 CIMB Olam 2.44 3.45 Outperform PER21.5x
08/27/10 CIMB Olam 2.51 2.7 Neutral PER16.9x
11/12/10 CIMB Olam 3.33 3.3 Neutral PER18.5x
11/15/10 CIMB Olam 3.25 3.3 Neutral PER18.5x
12/16/10 CIMB Olam 3.07 3.3 Neutral PER18.5x
01/31/11 CIMB Olam 3.09 3.3 Neutral PER18.5x

08/27/10 Credit Suisse Olam 2.51 4.25 Outperform
11/02/10 Credit Suisse Olam 3.18 4.25 Outperform

05/14/10 DBS Vickers Olam 2.52 3.29 Buy DCF
05/18/10 DBS Vickers Olam 2.39 3.29 Buy
06/09/10 DBS Vickers Olam 2.47 3.29 Buy DCF
08/18/10 DBS Vickers Olam 2.55 3.29 Buy
08/24/10 DBS Vickers Olam 2.49 3.3 Buy DCF
08/27/10 DBS Vickers Olam 2.51 3.3 Buy
09/24/10 DBS Vickers Olam 3.15 3.3 Buy
10/15/10 DBS Vickers Olam 3.3 3.6 Buy
11/02/10 DBS Vickers Olam 3.18 3.6 Buy
11/16/10 DBS Vickers Olam 3.18 3.6 Buy
12/03/10 DBS Vickers Olam 3.07 3.6 Buy
01/03/11 DBS Vickers Olam 3.14 3.6 Buy
01/28/11 DBS Vickers Olam 3.11 3.7 Buy DCF
02/01/11 DBS Vickers Olam 3.04 3.7 Buy

01/10/11 DIR Olam 3.2 3.72 Buy

04/01/10 DMG & Partners Olam 2.61 3.24 Buy
05/14/10 DMG & Partners Olam 2.52 3.24 Buy DCF, PER20.4x
06/09/10 DMG & Partners Olam 2.47 3.24 Buy DCF
08/18/10 DMG & Partners Olam 2.55 3.24 Buy DCF
08/27/10 DMG & Partners Olam 2.51 3.24 Buy DCF, PER21x
11/12/10 DMG & Partners Olam 3.33 3.24 Neutral DCF
02/02/11 DMG & Partners Olam 3.04 3.24 Neutral DCF, PER19x

09/08/10 HSBC Olam 2.72 3.41 Overweight

05/14/10 Kim Eng Olam 2.52 3 Buy PER25x
08/27/10 Kim Eng Olam 2.51 3.1 Buy PER20x
10/04/10 Kim Eng Olam 3.31 3.23 Hold PER25x
11/12/10 Kim Eng Olam 3.33 3.31 Hold
12/02/10 Kim Eng Olam 3.1 3.88 Buy PER25x
12/06/10 Kim Eng Olam 3.15 3.88 Buy PER25x
02/01/11 Kim Eng Olam 3.04 3.88 Buy PER25x

09/27/10 Lim & Tan Olam 3.15 3.4 Hold

08/27/10 Nomura Olam 2.51 3.4 Buy
10/19/10 Nomura Olam 3.32 3.4 Buy

03/10/10 OCBC Olam 2.54 3.36 Buy
04/06/10 OCBC Olam 2.62 3.36 Buy
04/27/10 OCBC Olam 2.69 3.36 Buy
06/15/10 OCBC Olam 2.56 3.61 Buy
08/27/10 OCBC Olam 2.51 3.38 Buy PER22x
09/02/10 OCBC Olam 2.67 3.38 Buy
09/08/10 OCBC Olam 2.72 3.38 Buy
12/03/10 OCBC Olam 3.1 3.88 Buy Under Review
12/09/10 OCBC Olam 3.2 3.53 Buy
12/14/10 OCBC Olam 3.11 3.53 Buy

12/02/10 UOB Kay Hian Olam 3.1 3.8 Buy

OKP - Analysts like this main contractor.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

04/01/10 CIMB OKP 0.525 0.85 Outperform PER10x

10/26/10 DBS Vickers OKP 0.565 0.7 Buy
12/01/10 DBS Vickers OKP 0.525 0.7 Buy Sum of parts

10/01/10 OCBC OKP 0.47 0.7 Buy Sum of parts

Market analyses for US market (Dow Jones Industrial Average Index), Japan market (Nikkei 225 Index), Hong Kong market (Hang Seng Index) & Singapore market (Straits Times Index)

The charts above dated 11/02/11 indicate US, Japan & Hong Kong markets have fund inflows unlike Singapore stock market.

Oceanus - Is abalone not as delicious as before?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/31/11 DIR Oceanus 0.295 0.375 Buy

05/19/10 DMG & Partners Oceanus 0.35 0.43 Buy PER12.8x
07/20/10 DMG & Partners Oceanus 0.31 0.43 Buy
07/26/10 DMG & Partners Oceanus 0.305 0.43 Buy
08/16/10 DMG & Partners Oceanus 0.305 0.4 Buy PER7.9x
08/17/10 DMG & Partners Oceanus 0.305 0.4 Buy PER7.9x
10/26/10 DMG & Partners Oceanus 0.325 0.4 Buy
11/09/10 DMG & Partners Oceanus 0.325 0.4 Buy DCF
11/10/10 DMG & Partners Oceanus 0.325 0.4 Buy DCF

05/21/10 OCBC Oceanus 0.335 0.365 Hold
06/18/10 OCBC Oceanus 0.325 0.32 Hold

02/26/10 phillip Oceanus 0.355 0.58 Buy FCFE Model
06/09/10 phillip Oceanus 0.305 0.34 Hold DCF
07/06/10 phillip Oceanus 0.31 0.34 Hold
07/06/10 phillip Oceanus 0.31 0.34 Hold
08/16/10 phillip Oceanus 0.305 0.34 Hold
11/09/10 phillip Oceanus 0.325 0.34 Hold

OCBC - How is this bank doing?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

11/10/10 BNP Paribas OCBC 9.89 11.4 Buy

02/22/10 CIMB OCBC 8.54 9.38 Neutral
04/30/10 CIMB OCBC 8.69 9.38 Neutral
05/05/10 CIMB OCBC 8.59 10 Outperform Gordon Growth Model, PB1.77x
05/18/10 CIMB OCBC 8.84 10 Outperform
06/03/10 CIMB OCBC 8.25 10 Outperform PB1.9x, Gordon Growth Model
08/03/10 CIMB OCBC 9.08 10.08 Outperform PB1.78x
10/28/10 CIMB OCBC 8.94 10.08 Outperform PB1.78x, Gordon Growth Model
11/02/10 CIMB OCBC 9.22 11.04 Outperform PB1.82x & Gordon Growth Model
11/15/10 CIMB OCBC 9.98 11.04 Neutral PB1.82x & Gordon Growth Model
02/10/11 CIMB OCBC 9.64 11.04 Outperform PB1.82x & GGM

02/22/10 DBS Vickers OCBC 8.54 9.5 Buy Gordon Growth Model
03/04/10 DBS Vickers OCBC 8.45 9.5 Buy Gordon Growth Model
04/08/10 DBS Vickers OCBC 8.91 10.15 Buy BV1.8x
04/15/10 DBS Vickers OCBC 9.16 10.15 Buy PB1.8x
05/03/10 DBS Vickers OCBC 8.8 10.15 Buy PB1.8x
05/06/10 DBS Vickers OCBC 8.59 10.2 Buy Gordon Growth Model
05/19/10 DBS Vickers OCBC 8.84 10.2 Buy Gordon Growth Model, PB1.8x
06/01/10 DBS Vickers OCBC 8.33 10.2 Buy
07/22/10 DBS Vickers OCBC 8.8 10.2 Buy PB1.8x
08/02/10 DBS Vickers OCBC 14.4 16 Buy PB1.4x
08/03/10 DBS Vickers OCBC 9.08 10.7 Buy
09/02/10 DBS Vickers OCBC 8.79 10.7 Buy
11/02/10 DBS Vickers OCBC 9.22 10.7 Buy
11/18/10 DBS Vickers OCBC 9.88 11.3 Buy PB1.9x, PER14x, GGM
01/28/11 DBS Vickers OCBC 9.96 11.3 Buy

02/22/10 DMG & Partners OCBC 8.54 9 Neutral PB1.6x
04/28/10 DMG & Partners OCBC 8.81 9 Neutral PB1.6x
05/06/10 DMG & Partners OCBC 8.59 9 Neutral PB1.6x
05/11/10 DMG & Partners OCBC 8.55 9 Neutral PB1.6x
07/29/10 DMG & Partners OCBC 9.1 9 Neutral PB1.6x
08/03/10 DMG & Partners OCBC 9.08 9 Neutral PB1.6x
10/22/10 DMG & Partners OCBC 9.1 9 Neutral
11/02/10 DMG & Partners OCBC 9.22 9.6 Neutral PB1.54x
02/09/11 DMG & Partners OCBC 9.75 9.6 Neutral PB1.54x
02/10/11 DMG & Partners OCBC 9.75 9.6 Neutral PB1.54x

02/22/10 Kim Eng OCBC 8.54 9.5 Hold PB1.65x
03/08/10 Kim Eng OCBC 8.53 9.5 Hold
05/06/10 Kim Eng OCBC 8.59 9.73 Hold PB1.69x
08/03/10 Kim Eng OCBC 9.08 9.7 Hold PB1.69x
11/02/10 Kim Eng OCBC 9.22 10.5 Buy PB1.65x
11/22/10 Kim Eng OCBC 9.79 11.15 Buy PB1.9x, GGM

02/22/10 phillip OCBC 8.54 8.63 Hold NAV1.54x
05/03/10 phillip OCBC 8.8 8.63 Hold Gordon Growth Model
05/06/10 phillip OCBC 8.59 9.1 Hold Gordon Growth Model, PB1.72x
08/03/10 phillip OCBC 9.08 9.1 Hold Gordon Growth Model
11/02/10 phillip OCBC 9.22 9.1 Hold
12/01/10 phillip OCBC 9.93 9.1 Neutral

01/21/11 RBS OCBC 10 12 Buy

11/03/10 UOB Kay Hian OCBC 9.3 11.98 Buy

NOL - Citigroup and Phillip still don't like shipping liner.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/18/10 CIMB NOL 2.14 2.5 Outperform
05/25/10 CIMB NOL 1.89 2.5 Outperform PB1.8x
06/22/10 CIMB NOL 2.1 2.5 Outperform PB1.8x
07/20/10 CIMB NOL 1.96 2.25 Outperform PB1.5x
07/22/10 CIMB NOL 1.98 2.25 Outperform PB1.5x
08/06/10 CIMB NOL 2.13 2.25 Outperform PB1.4x
08/10/10 CIMB NOL 2.06 2.25 Outperform PB1.4x
09/14/10 CIMB NOL 2.03 2.25 Outperform PB1.5x
10/12/10 CIMB NOL 2.07 2.25 Outperform PB1.5x
10/20/10 CIMB NOL 2.06 2.63 Outperform PB1.4x
10/26/10 CIMB NOL 2.1 2.63 Outperform PB1.4x
12/15/10 CIMB NOL 2.19 2.63 Outperform
01/14/11 CIMB NOL 2.32 2.72 Outperform PB1.5x
02/01/11 CIMB NOL 2.2 2.72 Outperform PB1.5x

08/31/10 Citigroup NOL 1.95 1.6 Sell PB1x
11/24/10 Citigroup NOL 2.1 2.4 Hold

07/28/10 DBS Vickers NOL 2.03 2.4 Buy EV/Ebitda 7x
08/10/10 DBS Vickers NOL 2.06 2.4 Buy
09/27/10 DBS Vickers NOL 2.04 2.4 Buy
10/12/10 DBS Vickers NOL 2.07 2.4 Buy
10/20/10 DBS Vickers NOL 2.06 2.5 Buy EV/Ebitda7x

09/22/10 Macquarie NOL 2 2.5 Outperform

06/29/10 OCBC NOL 2.03 2.35 Buy
08/10/10 OCBC NOL 2.06 2.41 Buy
09/02/10 OCBC NOL 1.91 2.41 Buy
09/09/10 OCBC NOL 1.98 2.41 Buy
10/01/10 OCBC NOL 1.98 2.41 Buy NTA1.46x
10/12/10 OCBC NOL 2.07 2.41 Buy
10/20/10 OCBC NOL 2.06 2.5 Buy

07/01/10 phillip NOL 2 2.03 Hold BV1.3x
08/10/10 phillip NOL 2.06 2.03 Hold
08/10/10 phillip NOL 2.06 2.03 Hold PB1.24x
09/24/10 phillip NOL 2.03 2.06 Hold PB1.24x
10/20/10 phillip NOL 2.06 2.36 Buy
12/17/10 phillip NOL 2.16 2.41 Hold BV1.3x

Noble - Analysts still like commodity trader.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/12/10 CIMB Noble 2.92 3.7 Outperform
03/26/10 CIMB Noble 3.18 3.75 Outperform PER14x
04/07/10 CIMB Noble 3.21 3.75 Outperform PER14x
04/19/10 CIMB Noble 3.13 3.75 Outperform
04/20/10 CIMB Noble 3.1 3.75 Outperform PER14x
05/07/10 CIMB Noble 2.88 3.75 Outperform PER14x
05/14/10 CIMB Noble 2.95 3.75 Outperform
06/02/10 CIMB Noble 1.72 2.42 Outperform PER14x
06/08/10 CIMB Noble 1.78 2.42 Outperform
08/05/10 CIMB Noble 1.66 2.2 Outperform PER12.8x
08/13/10 CIMB Noble 1.59 1.27 Underperform PER12x
09/21/10 CIMB Noble 1.94 1.62 Neutral PER13x
11/10/10 CIMB Noble 2.13 2.45 Outperform PER14x
12/21/10 CIMB Noble 2.04 2.6 Outperform PER14x

11/03/10 CLSA Noble 1.95 2.42 Buy

02/24/10 DBS Vickers Noble 3.12 3.5 Buy DCF
03/24/10 DBS Vickers Noble 3.12 3.5 Buy DCF
04/01/10 DBS Vickers Noble 3.06 3.7 Buy
05/07/10 DBS Vickers Noble 2.88 3.7 Buy
05/18/10 DBS Vickers Noble 1.83 2.37 Buy
08/11/10 DBS Vickers Noble 1.65 2 Buy DCF
08/13/10 DBS Vickers Noble 1.59 1.62 Hold DCF
09/21/10 DBS Vickers Noble 1.94 1.85 Hold
11/10/10 DBS Vickers Noble 2.13 2.6 Buy DCF, PER17.9x

02/25/10 DMG & Partners Noble 3.12 3.57 Buy PER17x
03/24/10 DMG & Partners Noble 3.19 3.57 Buy
04/07/10 DMG & Partners Noble 3.21 3.57 Buy
04/20/10 DMG & Partners Noble 3.1 3.57 Buy
05/07/10 DMG & Partners Noble 2.88 3.57 Buy PER17x
05/18/10 DMG & Partners Noble 1.83 2.31 Buy PER17x, Bonus Issue
06/15/10 DMG & Partners Noble 1.79 2.31 Buy
08/05/10 DMG & Partners Noble 1.66 2.31 Buy
08/16/10 DMG & Partners Noble 1.59 1.92 Buy PER17x
09/21/10 DMG & Partners Noble 1.94 2.24 Buy PER12.6x
10/22/10 DMG & Partners Noble 1.94 2.24 Buy RNAV
11/03/10 DMG & Partners Noble 1.95 2.24 Buy
11/10/10 DMG & Partners Noble 2.13 2.46 Buy PER13.8x
12/21/10 DMG & Partners Noble 2.04 2.58 Buy PER13.8x
01/05/11 DMG & Partners Noble 2.04 2.58 Buy

12/08/10 Goldman Sachs Noble 2.15 2.6 Buy PER16.3x

10/13/10 HSBC Noble 1.95 2.58 Overweight

12/23/10 IIFL Noble 2.08 2.78 Buy

06/01/10 Kim Eng Noble 1.81 2.38 Buy PER15x
06/29/10 Kim Eng Noble 1.78 2.38 Buy PER15x
08/13/10 Kim Eng Noble 1.59 2.06 Buy PER15x
11/10/10 Kim Eng Noble 2.13 2.58 Buy
12/02/10 Kim Eng Noble 2.08 2.58 Buy PER18x
12/07/10 Kim Eng Noble 2.08 2.95 Buy PER20x
01/10/11 Kim Eng Noble 2.29 3 Buy PER20x

02/24/10 Lim & Tan Noble 3.12 0 Buy
04/01/10 Lim & Tan Noble 3.06 0 Hold
04/07/10 Lim & Tan Noble 3.21 0 Buy
04/12/10 Lim & Tan Noble 3.21 0 Hold
04/15/10 Lim & Tan Noble 3.2 0 Buy
04/16/10 Lim & Tan Noble 3.21 0 Buy
04/20/10 Lim & Tan Noble 3.1 0 Buy
06/21/10 Lim & Tan Noble 1.84 0 Buy
08/13/10 Lim & Tan Noble 1.59 0 Buy
12/09/10 Lim & Tan Noble 2.15 0 Overweight

02/08/11 Nomura Noble 2.27 2.76 Buy

03/10/10 OCBC Noble 3.35 3.75 Buy
04/06/10 OCBC Noble 3.19 3.75 Buy
04/08/10 OCBC Noble 3.24 3.75 Buy
04/21/10 OCBC Noble 3.11 3.75 Buy
04/27/10 OCBC Noble 3.08 3.75 Buy
06/07/10 OCBC Noble 1.82 2.42 Buy
06/15/10 OCBC Noble 1.79 2.42 Buy
08/05/10 OCBC Noble 1.66 2.27 Buy
08/13/10 OCBC Noble 1.59 1.87 Buy PER17x
09/02/10 OCBC Noble 1.57 1.87 Buy
09/08/10 OCBC Noble 1.71 1.87 Buy
09/21/10 OCBC Noble 1.89 1.97 Buy
09/28/10 OCBC Noble 1.91 1.97 Hold
11/22/10 OCBC Noble 2.08 2.59 Buy
12/14/10 OCBC Noble 2.11 2.59 Buy

08/23/10 phillip Noble 1.63 1.96 Buy PER13x
09/22/10 phillip Noble 1.94 1.96 Hold PER13x
11/10/10 phillip Noble 2.13 2.33 Buy PER15x
12/15/10 phillip Noble 2.11 2.33 Buy

Nera Telecommunication - Buy call from Lim & Tan.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

09/03/10 Lim & Tan Nera Telecom 0.325 0 Buy
10/14/10 Lim & Tan Nera Telecom 0.34 0 Buy Div Yield 8.8%

Baltic Dry Index (BDI) - 1064

Quote:

The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, rose for a second day on Tuesday, helped by firmer sentiment and expectation of higher cargo demand.

But brokers said signs that China's economy was overheating could put a dampener on appetite for iron ore and coal.

The index rose 1.82 per cent, or 19 points, to 1,064 points.

End Quote.

Natural Cool - Buy call from Netresearch.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

12/28/10 NRA Natural Cool 0.18 0.235 Buy

Mun Siong - Buy call from DMG.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

12/08/10 DMG & Partners Mun Siong 0.18 0.28 Buy DCF, PER7.8x
01/26/11 DMG & Partners Mun Siong 0.205 0.28 Buy DCF

Midas - Some analysts had downgraded the target prices.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

03/04/10 CIMB Midas 1.01 1.21 Outperform PER15x

04/30/10 CIMB Midas 1.03 1.21 Outperform
06/28/10 CIMB Midas 0.96 1.17 Outperform PER15x
08/16/10 CIMB Midas 0.91 1.14 Outperform PER15x
09/01/10 CIMB Midas 0.87 1.14 Outperform PER15x
09/22/10 CIMB Midas 1.07 1.1 Neutral PER15x
11/15/10 CIMB Midas 0.97 1.14 Outperform PER15x
11/24/10 CIMB Midas 0.93 1.26 Outperform PER15x
01/14/11 CIMB Midas 0.99 1.26 Outperform PER15x

04/06/10 DBS Vickers Midas 1.06 1.3 Buy PER22x
05/07/10 DBS Vickers Midas 0.99 1.3 Buy PER20x
07/22/10 DBS Vickers Midas 0.93 1.3 Buy PER20x
09/06/10 DBS Vickers Midas 0.9 1.21 Buy PER20x
09/27/10 DBS Vickers Midas 1.02 1.21 Buy
10/28/10 DBS Vickers Midas 0.94 1.21 Buy
11/15/10 DBS Vickers Midas 0.97 1.2 Buy PER20x
11/26/10 DBS Vickers Midas 0.935 1.2 Buy PER20x
01/10/11 DBS Vickers Midas 0.99 1.2 Buy PER20x

05/07/10 DMG & Partners Midas 0.97 1.28 Buy PER19.9x
05/10/10 DMG & Partners Midas 0.99 1.28 Buy PER19.9x
05/13/10 DMG & Partners Midas 1 1.28 Buy PER19.9x
07/15/10 DMG & Partners Midas 0.945 1.28 Buy
08/16/10 DMG & Partners Midas 0.91 1.28 Buy
08/19/10 DMG & Partners Midas 0.91 1.28 Buy PER19.9x
09/09/10 DMG & Partners Midas 0.945 1.28 Buy
09/21/10 DMG & Partners Midas 1.05 1.28 Buy
09/29/10 DMG & Partners Midas 0.96 1.2 Buy PER20x
10/06/10 DMG & Partners Midas 1.03 1.2 Buy
10/28/10 DMG & Partners Midas 0.935 1.2 Buy
11/16/10 DMG & Partners Midas 0.97 1.2 Buy PER20x
12/02/10 DMG & Partners Midas 0.935 1.2 Buy PER20x
12/03/10 DMG & Partners Midas 0.94 1.2 Buy
02/08/11 DMG & Partners Midas 0.93 1.2 Buy PER20x

03/11/10 Kim Eng Midas 1.07 1.22 Buy PER22x
03/16/10 Kim Eng Midas 1.05 0 Buy
07/09/10 Kim Eng Midas 0.905 1.22 Buy PER22x
07/22/10 Kim Eng Midas 0.93 1.22 Buy PER22x
08/16/10 Kim Eng Midas 0.91 1.2 Buy
08/26/10 Kim Eng Midas 0.895 1.2 Buy PER22x
09/20/10 Kim Eng Midas 1.02 1.2 Buy
10/11/10 Kim Eng Midas 1.02 1.15 Buy PER25x
11/15/10 Kim Eng Midas 0.97 1.15 Buy
12/01/10 Kim Eng Midas 0.935 1.15 Buy PER22x

03/04/10 Lim & Tan Midas 1.01 0 Buy
03/05/10 Lim & Tan Midas 1.04 0 Buy
04/12/10 Lim & Tan Midas 1.09 0 Buy
05/07/10 Lim & Tan Midas 0.99 0 Buy
07/21/10 Lim & Tan Midas 0.925 0 Buy
08/16/10 Lim & Tan Midas 0.91 0 Buy
08/26/10 Lim & Tan Midas 0.875 0 Buy
09/02/10 Lim & Tan Midas 0.895 0 Buy
09/21/10 Lim & Tan Midas 1.05 0 Buy
11/15/10 Lim & Tan Midas 0.97 0 Buy
11/26/10 Lim & Tan Midas 0.935 0 Buy
02/08/11 Lim & Tan Midas 0.93 0 Buy

03/24/10 OCBC Midas 1.06 1.3 Buy
05/07/10 OCBC Midas 0.99 1.58 Buy
05/31/10 OCBC Midas 0.9 1.58 Buy
06/23/10 OCBC Midas 0.985 1.58 Buy
07/19/10 OCBC Midas 0.935 1.27 Buy PER20x
08/16/10 OCBC Midas 0.91 1.29 Buy
08/30/10 OCBC Midas 0.86 1.29 Buy
09/02/10 OCBC Midas 0.865 1.29 Buy
09/03/10 OCBC Midas 0.895 1.29 Buy
09/16/10 OCBC Midas 0.995 1.29 Buy
09/21/10 OCBC Midas 1.05 1.29 Buy PER20x
10/14/10 OCBC Midas 1 1.05 Hold
01/03/11 OCBC Midas 0.945 1.22 Buy

07/09/10 phillip Midas 0.905 1.16 Buy PER21x
07/29/10 phillip Midas 0.995 1.21 Buy PER21x
08/16/10 phillip Midas 0.91 1.21 Buy
09/02/10 phillip Midas 0.895 1.21 Buy
09/21/10 phillip Midas 1.05 1.21 Buy
10/07/10 phillip Midas 1.01 1.16 Buy PER21x
10/29/10 phillip Midas 0.97 1.16 Buy PER21x
11/15/10 phillip Midas 0.97 1.16 Buy
12/27/10 phillip Midas 0.935 1.16 Buy PER21x

Micro-Mechanics - OCBC is a strong supporter of this stock.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

04/09/10 OCBC Micro-Mechanics 0.42 0.4 Hold NTA1.5x
04/27/10 OCBC Micro-Mechanics 0.425 0.55 Buy PER12x
05/04/10 OCBC Micro-Mechanics 0.425 0.57 Buy
05/26/10 OCBC Micro-Mechanics 0.4 0.57 Buy PER12x
06/08/10 OCBC Micro-Mechanics 0.4 0.57 Buy PER12x
07/01/10 OCBC Micro-Mechanics 0.39 0.57 Buy
07/08/10 OCBC Micro-Mechanics 0.39 0.57 Buy PER12x
08/31/10 OCBC Micro-Mechanics 0.435 0.58 Buy
09/02/10 OCBC Micro-Mechanics 0.44 0.58 Buy
09/13/10 OCBC Micro-Mechanics 0.44 0.58 Buy PER12x
10/05/10 OCBC Micro-Mechanics 0.445 0.58 Buy PER12x
12/07/10 OCBC Micro-Mechanics 0.44 0.58 Buy PER12x
01/04/11 OCBC Micro-Mechanics 0.45 0.58 Buy PER12x
02/01/11 OCBC Micro-Mechanics 0.495 0.67 Buy PER12x

Mewah - Buy calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/01/11 CIMB Mewah 1.12 1.41 Outperform PER13x

12/10/10 DMG & Partners Mewah 0.995 1.3 Buy

Mermaid - This stock is sinking to the bottom of the sea.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

06/21/10 CIMB Mermaid 0.54 0.49 Underperform PER10x
07/13/10 CIMB Mermaid 0.475 0.35 Underperform PER10x
08/06/10 CIMB Mermaid 0.49 0.35 Underperform
08/16/10 CIMB Mermaid 0.465 0.31 Underperform PER10x
08/19/10 CIMB Mermaid 0.44 0.31 Underperform
10/25/10 CIMB Mermaid 0.48 0.57 Outperform PER10x
11/09/10 CIMB Mermaid 0.47 0.52 Neutral PER10x
11/29/10 CIMB Mermaid 0.435 0.46 Underperform PB0.7x
01/28/11 CIMB Mermaid 0.42 0.46 Underperform

10/04/10 DBS Vickers Mermaid 0.45 0.52 Hold PB0.8x
10/22/10 DBS Vickers Mermaid 0.455 0.52 Hold
11/29/10 DBS Vickers Mermaid 0.44 0.49 Hold PB0.8x
01/03/11 DBS Vickers Mermaid 0.43 0.49 Hold

Mercator - Hold call from Phillip.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

07/27/10 phillip Mercator 0.29 0.32 Hold PB0.7x
10/27/10 phillip Mercator 0.285 0.32 Hold PB0.8x
02/02/11 phillip Mercator 0.26 0.28 Hold PB0.7x

Meiban - Hold call from DBS Vickers.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

07/15/10 DBS Vickers Meiban 0.305 0.3 Hold
08/12/10 DBS Vickers Meiban 0.295 0.3 Hold PER8x

Marco Polo Marine - Buy calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/03/10 DMG & Partners Marco Polo 0.44 0.53 Buy PEG0.46x
08/16/10 DMG & Partners Marco Polo 0.415 0.525 Buy PEG0.45x
08/25/10 DMG & Partners Marco Polo 0.415 0.525 Buy
09/07/10 DMG & Partners Marco Polo 0.425 0.525 Buy
10/06/10 DMG & Partners Marco Polo 0.47 0.505 Neutral PEG0.45
10/15/10 DMG & Partners Marco Polo 0.46 0.505 Neutral
11/26/10 DMG & Partners Marco Polo 0.4 0.585 Buy
01/04/11 DMG & Partners Marco Polo 0.435 0.585 Buy
01/10/11 DMG & Partners Marco Polo 0.455 0.605 Buy PEG0.45x

09/24/10 Kim Eng Marco Polo 0.47 0.62 Buy PER9x
09/27/10 Kim Eng Marco Polo 0.47 0.62 Buy PER9x
10/12/10 Kim Eng Marco Polo 0.455 0.55 Buy
11/26/10 Kim Eng Marco Polo 0.4 0.55 Buy PER9x

Baltic Dry Index (BDI) - 1043

Quote:

The index fell just 0.19 per cent, or two points, to 1,043, staying at its lowest since Jan 29, 2009. It tracks the cost of shipping key commodities such as iron ore, cement, grain, coal and fertiliser.

End Quote.

Mapletree Logistics - Mixed calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/27/10 CIMB Mapletree Logistics 0.84 1.01 Outperform DDM
09/23/10 CIMB Mapletree Logistics 0.85 0.96 Outperform DDM
10/22/10 CIMB Mapletree Logistics 0.905 1.01 Outperform DDM
11/18/10 CIMB Mapletree Logistics 0.91 1.01 Outperform DDM
01/05/11 CIMB Mapletree Logistics 0.96 1.01 Outperform DDM

01/24/11 Citigroup Mapletree Logistics 0.985 1 hold

07/27/10 DBS Vickers Mapletree Logistics 0.885 0.98 Buy DCF
07/29/10 DBS Vickers Mapletree Logistics 0.885 1 Buy Div Yield 7.35%
08/18/10 DBS Vickers Mapletree Logistics 0.86 1 Buy
08/31/10 DBS Vickers Mapletree Logistics 0.85 1 Buy
10/22/10 DBS Vickers Mapletree Logistics 0.905 1.01 Buy
12/17/10 DBS Vickers Mapletree Logistics 0.93 1.01 Buy
01/24/11 DBS Vickers Mapletree Logistics 0.995 1.07 Buy

07/12/10 OCBC Mapletree Logistics 0.85 0.84 Buy
07/27/10 OCBC Mapletree Logistics 0.885 0.86 Hold
07/29/10 OCBC Mapletree Logistics 0.885 0.89 Hold
09/23/10 OCBC Mapletree Logistics 0.85 0.9 Buy
09/30/10 OCBC Mapletree Logistics 0.865 0.9 Buy
10/22/10 OCBC Mapletree Logistics 0.905 0.97 Buy
11/03/10 OCBC Mapletree Logistics 0.895 0.97 Buy
11/23/10 OCBC Mapletree Logistics 0.89 1 Buy RNAV
12/10/10 OCBC Mapletree Logistics 0.93 1 Buy RNAV
01/21/11 OCBC Mapletree Logistics 0.98 1.03 Buy RNAV

Mapletree Industrial - Mixed calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/26/11 Goldman Sachs Mapletree Industrial 1.09 0 Neutral

01/26/11 DBS Vickers Mapletree Industrial 1.09 1.18 Buy

M1 - Mixed calls by analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

04/19/10 AmFraser M1 2.12 2.29 Hold
07/16/10 AmFraser M1 2.18 2.29 Hold

03/05/10 CIMB M1 2.05 2.07 Neutral DCF
04/15/10 CIMB M1 2.1 2.26 Neutral
07/16/10 CIMB M1 2.16 2.2 Outperform DCF
07/26/10 CIMB M1 2.2 2.2 Outperform
07/28/10 CIMB M1 2.23 2.2 Outperform DCF
08/30/10 CIMB M1 2.15 2.6 Outperform
09/13/10 CIMB M1 2.25 2.6 Outperform
10/18/10 CIMB M1 2.24 2.7 Outperform DCF
10/19/10 CIMB M1 2.25 2.65 Outperform DCF
11/12/10 CIMB M1 2.24 2.65 Outperform DCF
01/20/11 CIMB M1 2.5 2.65 Neutral DCF

03/15/10 DBS Vickers M1 2.1 2.15 Buy
04/19/10 DBS Vickers M1 2.14 2.28 Buy PER13x
06/04/10 DBS Vickers M1 2.11 2.28 Buy
07/16/10 DBS Vickers M1 2.16 2.3 Buy DCF
07/30/10 DBS Vickers M1 2.14 2.3 Buy
08/18/10 DBS Vickers M1 2.1 2.3 Buy
09/01/10 DBS Vickers M1 2.17 2.3 Buy
09/07/10 DBS Vickers M1 2.26 2.3 Buy Div Yield 6.5%
09/30/10 DBS Vickers M1 2.21 2.5 Buy
10/19/10 DBS Vickers M1 2.25 2.5 Buy DCF
01/03/11 DBS Vickers M1 2.37 2.6 Buy
01/20/11 DBS Vickers M1 2.5 2.6 Buy

04/01/10 DMG & Partners M1 2.11 2.3 Buy
04/09/10 DMG & Partners M1 2.08 2.55 Buy DCF
04/19/10 DMG & Partners M1 2.14 2.55 Buy DCF
04/28/10 DMG & Partners M1 2.15 2.55 Buy
05/10/10 DMG & Partners M1 2.05 2.55 Buy
06/01/10 DMG & Partners M1 2.07 2.55 Buy
06/16/10 DMG & Partners M1 2.11 2.55 Buy
07/16/10 DMG & Partners M1 2.16 2.55 Buy DCF
07/22/10 DMG & Partners M1 2.18 2.55 Buy
09/01/10 DMG & Partners M1 2.17 2.55 Buy
09/07/10 DMG & Partners M1 2.26 2.55 Buy
10/19/10 DMG & Partners M1 2.25 2.55 Buy DCF
10/20/10 DMG & Partners M1 2.25 2.55 Buy DCF
11/12/10 DMG & Partners M1 2.24 2.55 Buy
11/23/10 DMG & Partners M1 2.26 2.55 Buy
01/05/11 DMG & Partners M1 2.34 2.55 Buy
01/20/11 DMG & Partners M1 2.5 2.85 Buy
01/26/11 DMG & Partners M1 2.45 2.85 Buy

03/18/10 Kim Eng M1 2.14 2.45 Buy
04/19/10 Kim Eng M1 2.14 2.62 Buy PER15x
07/07/10 Kim Eng M1 2.17 2.62 Buy
07/16/10 Kim Eng M1 2.16 2.22 Hold
10/06/10 Kim Eng M1 2.22 2.62 Buy
10/19/10 Kim Eng M1 2.25 2.62 Buy
11/12/10 Kim Eng M1 2.24 2.62 Buy
11/19/10 Kim Eng M1 2.25 2.63 Buy PER15x
01/14/11 Kim Eng M1 2.48 2.88 Buy PER15x & Div Yield 5%
01/28/11 Kim Eng M1 2.41 2.88 Buy

04/12/10 OCBC M1 2.09 2.28 Buy
05/19/10 OCBC M1 2.15 2.4 Buy 6.5% Div Yield
06/16/10 OCBC M1 2.11 2.4 Buy Div Yield 6.6%
07/28/10 OCBC M1 2.23 2.4 Buy Div Yield 6.6%
09/01/10 OCBC M1 2.17 2.4 Buy Div Yield 5.9%
09/02/10 OCBC M1 2.17 2.4 Buy
10/11/10 OCBC M1 2.23 2.4 Buy Div Yield 5.8%
11/29/10 OCBC M1 2.23 2.7 Buy DCF
01/04/11 OCBC M1 2.35 2.7 Buy Div Yield 6%
01/12/11 OCBC M1 2.43 2.7 Buy DCF
01/20/11 OCBC M1 2.5 2.79 Buy DCF

10/19/10 phillip M1 2.25 2.22 Hold
01/20/11 phillip M1 2.5 2.55 Hold

01/24/11 UBS M1 2.46 2.48 Neutral

Longcheer - Analysts downgraded this stock.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

09/27/10 DBS Vickers Longcheer 0.78 1.11 Buy
10/22/10 DBS Vickers Longcheer 0.79 1.28 Buy
11/01/10 DBS Vickers Longcheer 0.795 1.11 Buy PER10x
01/20/11 DBS Vickers Longcheer 0.635 0.49 Sell PB1.3x
01/28/11 DBS Vickers Longcheer 0.445 0.49 Hold PB1.3x

11/08/10 Lim & Tan Longcheer 0.81 0 Buy
01/10/11 Lim & Tan Longcheer 0.68 0 Take Profit
01/12/11 Lim & Tan Longcheer 0.66 0 Take Profit
01/28/11 Lim & Tan Longcheer 0.445 0 Sell

Lippo-Mapletree Indonesia - Buy calls from DBS Vickers & OCBC.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

11/04/10 DBS Vickers Lippo-Mapletree Indo 0.54 0.6 Buy Sum of parts (20% discount)

02/11/10 OCBC Lippo-Mapletree Indo 0.49 0.59 Buy Sum of parts (20% discount), PB0.71x
03/04/10 OCBC Lippo-Mapletree Indo 0.49 0.59 Buy
03/12/10 OCBC Lippo-Mapletree Indo 0.495 0.59 Buy
04/14/10 OCBC Lippo-Mapletree Indo 0.49 0.59 Buy
05/07/10 OCBC Lippo-Mapletree Indo 0.485 0.55 Buy Sum of parts (20% discount)
05/12/10 OCBC Lippo-Mapletree Indo 0.485 0.55 Buy
06/23/10 OCBC Lippo-Mapletree Indo 0.485 0.55 Buy Sum of parts (20% discount)
07/12/10 OCBC Lippo-Mapletree Indo 0.485 0.55 Buy
07/30/10 OCBC Lippo-Mapletree Indo 0.495 0.52 Buy Sum of parts (20% discount)
09/02/10 OCBC Lippo-Mapletree Indo 0.46 0.52 Buy
09/30/10 OCBC Lippo-Mapletree Indo 0.5 0.52 Buy
11/09/10 OCBC Lippo-Mapletree Indo 0.55 0.6 Buy
12/10/10 OCBC Lippo-Mapletree Indo 0.53 0.59 Buy

Li Heng - Downgraded by Kim Eng.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/26/10 Kim Eng Li Heng 0.275 0.37 Buy PER10x
05/17/10 Kim Eng Li Heng 0.24 0.35 Buy PER10x
07/05/10 Kim Eng Li Heng 0.215 0.35 Buy PER10x
11/10/10 Kim Eng Li Heng 0.225 0.24 Hold PER9x

02/25/10 Lim & Tan Li Heng 0.27 0 Buy
02/26/10 Lim & Tan Li Heng 0.275 0 Buy

02/26/10 OCBC Li Heng 0.275 0.34 Buy DCF
04/15/10 OCBC Li Heng 0.3 0.34 Buy DCF
05/17/10 OCBC Li Heng 0.24 0.34 Buy
06/28/10 OCBC Li Heng 0.225 0.32 Buy DCF
08/16/10 OCBC Li Heng 0.215 0.32 Buy DCF
09/02/10 OCBC Li Heng 0.19 0.32 Buy

Leader Environment - A superb stock!

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/04/11 DMG & Partners Leader Environment 0.22 0.53 Buy PER8.7x

KSH - DMG is a strong supporter for this stock.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/12/10 DMG & Partners KSH 0.27 0.35 Buy Sum of parts
09/29/10 DMG & Partners KSH 0.26 0.35 Buy
11/10/10 DMG & Partners KSH 0.265 0.33 Buy Sum of parts
11/23/10 DMG & Partners KSH 0.26 0.33 Buy

KS Energy - OCBC is right to dislike this company.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

11/09/10 DnB Nor KS Energy 1.09 1.4 Buy NAV1.38, EV/Ebitda5.7x

02/17/10 OCBC KS Energy 1.26 1.23 Hold Sum of parts
03/05/10 OCBC KS Energy 1.25 1.2 Hold
05/06/10 OCBC KS Energy 1.29 1.23 Hold
05/17/10 OCBC KS Energy 1.24 1.21 Hold
05/20/10 OCBC KS Energy 1.19 1.21 Hold
06/09/10 OCBC KS Energy 1.15 1.23 Hold
06/18/10 OCBC KS Energy 1.17 1.21 Hold
07/08/10 OCBC KS Energy 1.08 1.21 Hold
07/15/10 OCBC KS Energy 1.11 1.21 Hold
08/13/10 OCBC KS Energy 1.02 1.11 Hold
09/13/10 OCBC KS Energy 1 1.23 Hold
09/27/10 OCBC KS Energy 1.07 1.11 Hold
10/04/10 OCBC KS Energy 1.08 1.11 Hold
11/10/10 OCBC KS Energy 1.08 1.11 Hold
12/02/10 OCBC KS Energy 1.02 1.11 Hold

Kreuz - Buy call from DnB Nor.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

11/09/10 DnB Nor Kreuz 0.44 0.5 Buy DCF

K-Reit - CIMB doesn't know how to value this reit.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

07/20/10 CIMB K-Reit 1.21 1.21 Neutral DDM
10/12/10 CIMB K-Reit 1.37 1.26 Underperform DDM
10/19/10 CIMB K-Reit 1.37 1.26 Underperform DDM
11/18/10 CIMB K-Reit 1.38 1.26 Underperform DDM
12/07/10 CIMB K-Reit 1.42 1.43 Neutral DDM
01/05/11 CIMB K-Reit 1.43 1.26 Underperform DDM
01/21/11 CIMB K-Reit 1.44 1.5 Neutral DDM

07/20/10 DBS Vickers K-Reit 1.21 1.2 Hold DCF
10/19/10 DBS Vickers K-Reit 1.37 1.2 Hold DCF
01/21/11 DBS Vickers K-Reit 1.44 1.24 Hold DCF

10/12/10 Lim & Tan K-Reit 1.37 0 Hold
10/19/10 Lim & Tan K-Reit 1.37 0 Buy

Koda - OCBC downgraded the target price from $0.30 to $0.275.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation method

07/28/10 OCBC Koda 0.2 0.275 Buy NTA
09/02/10 OCBC Koda 0.195 0.275 Buy

Kingsmen Creatives - Downgraded by OCBC.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/13/10 DMG & Partners Kingsmen Creatives 0.59 0.77 Buy
08/18/10 DMG & Partners Kingsmen Creatives 0.6 0.77 Buy
08/19/10 DMG & Partners Kingsmen Creatives 0.6 0.82 Buy PER9x

08/13/10 Kim Eng Kingsmen Creatives 0.59 0.85 Buy
11/12/10 Kim Eng Kingsmen Creatives 0.6 0.79 Buy
12/07/10 Kim Eng Kingsmen Creatives 0.565 0.79 Buy

09/02/10 OCBC Kingsmen Creatives 0.595 0.82 Buy
01/28/11 OCBC Kingsmen Creatives 0.575 0.665 Hold PER9x
01/31/11 OCBC Kingsmen Creatives 0.565 0.65 Hold

Kian Ann - Only DMG supports this stock.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/18/10 DMG & Partners Kian Ann 0.18 0.17 Neutral DDM
05/19/10 DMG & Partners Kian Ann 0.175 0.22 Buy PER7.1x
05/20/10 DMG & Partners Kian Ann 0.175 0.22 Buy PER7.1x
05/24/10 DMG & Partners Kian Ann 0.175 0.22 Buy PER7.1x
06/17/10 DMG & Partners Kian Ann 0.16 0.22 Buy
07/01/10 DMG & Partners Kian Ann 0.175 0.22 Buy
09/03/10 DMG & Partners Kian Ann 0.195 0.22 Buy PER7.1x
09/29/10 DMG & Partners Kian Ann 0.2 0.22 Buy
11/15/10 DMG & Partners Kian Ann 0.205 0.24 Buy PER7x
11/23/10 DMG & Partners Kian Ann 0.205 0.24 Buy

Baltic Dry Index (BDI) - 1107

Quote:

The index fell 30 points, or 2.6 per cent, to 1,107 points, the lowest since Feb 2, 2009, according to data from the Baltic Exchange here. Rates dropped 38 per cent last month, and 17 per cent last week alone.

End Quote.

K-Green Trust - Hold call from DBS Vickers but Buy call from Lim & Tan.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

06/25/10 DBS Vickers K-Green Trust 1.13 1.2 Hold Div Yield 6.5%

01/19/11 Lim & Tan K-Green Trust 1.1 0 Buy Div Yield 7.7%

Keppel Land - Mixed calls by analysts, not as good as KepCorp.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

04/21/10 AmFraser Keppel Land 3.66 3.87 Hold RNAV
07/21/10 AmFraser Keppel Land 4.21 3.88 Hold RNAV
08/30/10 AmFraser Keppel Land 3.93 3.88 Hold
10/21/10 AmFraser Keppel Land 4.49 4.28 Hold RNAV

02/02/10 CIMB Keppel Land 3.3 4.37 Outperform
03/09/10 CIMB Keppel Land 3.47 4.53 Outperform RNAV
04/16/10 CIMB Keppel Land 3.83 4.53 Outperform
04/19/10 CIMB Keppel Land 3.77 4.53 Outperform
04/21/10 CIMB Keppel Land 3.66 4.53 Outperform RNAV
05/05/10 CIMB Keppel Land 3.7 4.51 Outperform RNAV
05/10/10 CIMB Keppel Land 3.53 4.51 Outperform
05/18/10 CIMB Keppel Land 3.69 4.51 Outperform
05/18/10 CIMB Keppel Land 3.65 4.51 Outperform
05/20/10 CIMB Keppel Land 3.57 4.71 Outperform RNAV
06/14/10 CIMB Keppel Land 3.8 4.71 Outperform
06/15/10 CIMB Keppel Land 3.84 4.72 Outperform
07/21/10 CIMB Keppel Land 4.21 4.94 Outperform RNAV
10/12/10 CIMB Keppel Land 4.11 5.09 Outperform RNAV (10% discount)
10/21/10 CIMB Keppel Land 4.5 5.13 Outperform RNAV (10% discount)
11/10/10 CIMB Keppel Land 4.92 5.64 Outperform RNAV
01/04/11 CIMB Keppel Land 4.84 5.88 Outperform RNAV
01/25/11 CIMB Keppel Land 4.57 5.91 Outperform RNAV
01/28/11 CIMB Keppel Land 4.64 5.91 Outperform

07/21/10 Credit Suisse Keppel Land 4.21 4.13 Neutral RNAV (16% discount)

03/08/10 DBS Vickers Keppel Land 3.45 3.69 Hold
04/21/10 DBS Vickers Keppel Land 3.66 4.13 Buy RNAV (10% discount)
04/23/10 DBS Vickers Keppel Land 3.72 4.14 Buy RNAV (10% discount)
06/16/10 DBS Vickers Keppel Land 3.83 4.13 Buy
07/16/10 DBS Vickers Keppel Land 4.05 4.14 Buy
07/21/10 DBS Vickers Keppel Land 4.21 4.53 Buy RNAV (10% discount)
08/17/10 DBS Vickers Keppel Land 3.9 4.53 Buy
08/31/10 DBS Vickers Keppel Land 3.85 4.53 Buy
10/18/10 DBS Vickers Keppel Land 4.28 4.75 Buy
10/21/10 DBS Vickers Keppel Land 4.5 4.89 Buy RNAV (10% discount)
10/28/10 DBS Vickers Keppel Land 4.41 4.91 Buy
12/16/10 DBS Vickers Keppel Land 4.7 4.89 Buy
12/20/10 DBS Vickers Keppel Land 4.54 4.96 Buy
01/25/11 DBS Vickers Keppel Land 4.57 5.09 Buy RNAV (10% discount)

03/15/10 DMG & Partners Keppel Land 3.64 3.84 Neutral
04/06/10 DMG & Partners Keppel Land 3.72 3.84 Buy RNAV
04/16/10 DMG & Partners Keppel Land 3.83 3.84 Neutral
04/21/10 DMG & Partners Keppel Land 3.66 3.84 Neutral RNAV
05/05/10 DMG & Partners Keppel Land 3.7 3.86 Neutral RNAV
07/21/10 DMG & Partners Keppel Land 4.21 4.6 Buy RNAV
07/22/10 DMG & Partners Keppel Land 4.21 4.6 Buy
07/29/10 DMG & Partners Keppel Land 4.07 4.6 Buy
08/12/10 DMG & Partners Keppel Land 3.88 4.6 Buy
09/24/10 DMG & Partners Keppel Land 3.98 4.6 Buy
10/12/10 DMG & Partners Keppel Land 4.11 4.8 Buy RNAV
10/20/10 DMG & Partners Keppel Land 4.5 5 Buy RNAV
10/22/10 DMG & Partners Keppel Land 4.59 5 Buy RNAV
01/25/11 DMG & Partners Keppel Land 4.57 5 Neutral

03/24/10 Kim Eng Keppel Land 3.6 4.68 Buy RNAV (10% premium)
04/21/10 Kim Eng Keppel Land 3.66 4.68 Buy
05/27/10 Kim Eng Keppel Land 3.48 4.71 Buy RNAV (10% premium)
07/12/10 Kim Eng Keppel Land 4 4.71 Buy RNAV (10% premium)
07/21/10 Kim Eng Keppel Land 4.21 4.85 Buy RNAV (10% premium)
09/01/10 Kim Eng Keppel Land 3.88 4.82 Buy PB1.1x
10/21/10 Kim Eng Keppel Land 4.5 5.6 Buy RNAV (10% premium)
12/02/10 Kim Eng Keppel Land 4.84 5.6 Buy RNAV (10% premium)
01/25/11 Kim Eng Keppel Land 4.57 5.82 Buy RNAV (10% premium)

10/12/10 Lim & Tan Keppel Land 4.11 0 Buy
11/09/10 Lim & Tan Keppel Land 5.05 0 Buy

11/24/10 Nomura Keppel Land 4.57 5.5 Buy PB2x

03/03/10 OCBC Keppel Land 3.41 3.82 Hold
03/12/10 OCBC Keppel Land 3.61 3.82 Buy
03/26/10 OCBC Keppel Land 3.67 4.16 Buy RNAV
04/05/10 OCBC Keppel Land 3.71 4.16 Buy
04/21/10 OCBC Keppel Land 3.66 4.18 Buy RNAV
06/03/10 OCBC Keppel Land 3.46 4.18 Buy RNAV
06/07/10 OCBC Keppel Land 3.71 4.18 Buy RNAV
06/16/10 OCBC Keppel Land 3.83 4.18 Buy
07/05/10 OCBC Keppel Land 3.95 4.18 Buy
07/12/10 OCBC Keppel Land 4 4.5 Buy RNAV
07/16/10 OCBC Keppel Land 4.05 4.5 Buy
11/02/10 OCBC Keppel Land 4.61 4.5 Buy Under Review
11/16/10 OCBC Keppel Land 4.94 4.96 Buy
11/25/10 OCBC Keppel Land 4.57 4.5 Under Review RNAV
12/08/10 OCBC Keppel Land 4.84 4.5 Buy Under Review

11/19/10 phillip Keppel Land 4.76 5.04 Hold RNAV
12/16/10 phillip Keppel Land 4.62 5.04 Hold
01/26/11 phillip Keppel Land 4.61 4.99 Hold RNAV

10/18/10 UBS Keppel Land 4.33 5.08 Buy

07/21/10 UOB Kay Hian Keppel Land 4.21 4.9 Buy

Keppel Corporation - Buy calls from all analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

04/15/10 AmFraser Keppel Corp 9.45 10.65 Buy Sum of parts

02/02/10 CIMB Keppel Corp 8.54 10.9 Outperform Sum of parts
03/19/10 CIMB Keppel Corp 9.16 11.4 Outperform RNAV
03/22/10 CIMB Keppel Corp 9.02 11.4 Outperform Sum of parts
04/23/10 CIMB Keppel Corp 9.97 11.4 Outperform Sum of parts
05/18/10 CIMB Keppel Corp 9.15 12 Outperform
05/31/10 CIMB Keppel Corp 8.72 12 Outperform Sum of parts
06/03/10 CIMB Keppel Corp 8.52 12 Outperform
07/23/10 CIMB Keppel Corp 8.85 10.7 Outperform Sum of parts
09/20/10 CIMB Keppel Corp 9.1 10.7 Outperform Sum of parts
10/22/10 CIMB Keppel Corp 9.71 11.3 Outperform Sum of parts
11/26/10 CIMB Keppel Corp 10.78 13 Outperform Sum of parts
01/04/11 CIMB Keppel Corp 11.5 13 Outperform
01/26/11 CIMB Keppel Corp 11.34 13.9 Outperform Sum of parts
01/28/11 CIMB Keppel Corp 12.12 14.1 Outperform Sum of parts

11/19/10 Citigroup Keppel Corp 10.88 12.8 Buy

07/22/10 Credit Suisse Keppel Corp 8.75 10.4 Overweight
01/17/11 Credit Suisse Keppel Corp 11.58 13.5 Overweight

02/02/10 DBS Vickers Keppel Corp 8.54 8.43 Hold RNAV (10% discount), PER13.4x
04/23/10 DBS Vickers Keppel Corp 9.97 11.5 Buy Sum of parts
06/28/10 DBS Vickers Keppel Corp 8.76 11.5 Buy
07/23/10 DBS Vickers Keppel Corp 8.85 11.05 Buy Sum of parts
10/22/10 DBS Vickers Keppel Corp 9.71 11.3 Buy
11/22/10 DBS Vickers Keppel Corp 10.88 11.3 Buy
11/26/10 DBS Vickers Keppel Corp 10.78 11.3 Buy
11/29/10 DBS Vickers Keppel Corp 10.8 12.2 Buy Sum of parts (10% discount)
12/03/10 DBS Vickers Keppel Corp 10.82 12.2 Buy
12/13/10 DBS Vickers Keppel Corp 3.67 4.95 Buy
01/03/11 DBS Vickers Keppel Corp 10.8 12.5 Buy Sum of parts (10% discount)
01/04/11 DBS Vickers Keppel Corp 11.5 12.5 Buy
01/24/11 DBS Vickers Keppel Corp 11.36 12.5 Under Review
01/26/11 DBS Vickers Keppel Corp 11.34 13.55 Buy Sum of parts
01/27/11 DBS Vickers Keppel Corp 11.92 13.55 Buy

11/22/10 Deutsche Keppel Corp 11.04 12.5 Buy

03/02/10 DMG & Partners Keppel Corp 8.44 9.9 Buy Sum of parts, PER14.6x
03/22/10 DMG & Partners Keppel Corp 9.02 9.9 Buy Sum of parts
04/01/10 DMG & Partners Keppel Corp 9.02 9.9 Buy
04/23/10 DMG & Partners Keppel Corp 9.97 9.9 Neutral Sum of parts, PER16.2x, PB2.7x
05/06/10 DMG & Partners Keppel Corp 9.19 9.9 Buy
06/17/10 DMG & Partners Keppel Corp 8.7 9.9 Neutral
06/30/10 DMG & Partners Keppel Corp 8.6 9.9 Buy Sum of parts
07/23/10 DMG & Partners Keppel Corp 8.85 10.22 Buy
07/30/10 DMG & Partners Keppel Corp 9.26 10.22 Buy Sum of parts
08/10/10 DMG & Partners Keppel Corp 9.08 10.22 Buy Sum of parts
09/13/10 DMG & Partners Keppel Corp 8.99 10.22 Buy Sum of parts
09/30/10 DMG & Partners Keppel Corp 8.98 10.22 Buy PER14x
10/13/10 DMG & Partners Keppel Corp 9.63 10.32 Buy Sum of parts
11/26/10 DMG & Partners Keppel Corp 10.8 11 Buy
12/03/10 DMG & Partners Keppel Corp 10.82 12 Buy PER17.3x
12/15/10 DMG & Partners Keppel Corp 10.88 12 Buy
01/03/11 DMG & Partners Keppel Corp 11.32 12 Buy
01/24/11 DMG & Partners Keppel Corp 11.36 12 Buy
01/25/11 DMG & Partners Keppel Corp 11.36 12 Buy
01/26/11 DMG & Partners Keppel Corp 11.34 13 Buy Sum of parts
01/28/11 DMG & Partners Keppel Corp 11.92 13 Buy Sum of parts

01/06/11 Goldman Sachs Keppel Corp 11.5 13 Buy

04/01/10 Kim Eng Keppel Corp 9.02 11.07 Buy Sum of parts
04/06/10 Kim Eng Keppel Corp 9.56 11.07 Buy Sum of parts
04/15/10 Kim Eng Keppel Corp 9.45 11.7 Buy Sum of parts
04/23/10 Kim Eng Keppel Corp 9.97 11.07 Buy RNAV (10% discount)
06/03/10 Kim Eng Keppel Corp 8.52 11.07 Buy Sum of parts
07/22/10 Kim Eng Keppel Corp 8.75 11.07 Buy
07/23/10 Kim Eng Keppel Corp 8.85 11.07 Buy Sum of parts
09/23/10 Kim Eng Keppel Corp 9 11.07 Buy Sum of parts
10/22/10 Kim Eng Keppel Corp 9.71 11.7 Buy sum of parts
11/26/10 Kim Eng Keppel Corp 10.78 11.7 Buy
12/02/10 Kim Eng Keppel Corp 10.96 12.3 Buy Sum of parts (5% discount)
12/03/10 Kim Eng Keppel Corp 10.82 12.3 Buy Sum of parts (5% discount)
12/09/10 Kim Eng Keppel Corp 10.92 12.3 Buy
01/24/11 Kim Eng Keppel Corp 11.36 12.3 Buy
01/26/11 Kim Eng Keppel Corp 11.36 13.05 Buy Sum of parts

02/02/10 Lim & Tan Keppel Corp 8.54 0 Buy
04/15/10 Lim & Tan Keppel Corp 9.45 0 Buy
04/23/10 Lim & Tan Keppel Corp 9.97 0 Buy
05/31/10 Lim & Tan Keppel Corp 8.72 0 Buy
11/26/10 Lim & Tan Keppel Corp 10.78 0 Buy
12/13/10 Lim & Tan Keppel Corp 10.86 0 Buy
01/26/11 Lim & Tan Keppel Corp 11.34 0 Buy

10/19/10 Nomura Keppel Corp 9.59 11 Buy
12/03/10 Nomura Keppel Corp 10.82 13.1 Buy
01/04/11 Nomura Keppel Corp 11.5 13.1 Buy
01/31/11 Nomura Keppel Corp 12.02 15 Buy

03/05/10 OCBC Keppel Corp 8.47 9.93 Buy
03/11/10 OCBC Keppel Corp 8.59 9.93 Buy
03/29/10 OCBC Keppel Corp 9.15 10.2 Buy Sum of parts
04/05/10 OCBC Keppel Corp 9.44 10.2 Buy
04/23/10 OCBC Keppel Corp 9.97 11.22 Buy
05/06/10 OCBC Keppel Corp 9.19 11.22 Buy
05/20/10 OCBC Keppel Corp 8.9 11.22 Buy
06/02/10 OCBC Keppel Corp 8.56 11.22 Buy
06/09/10 OCBC Keppel Corp 8.5 11.22 Buy
07/08/10 OCBC Keppel Corp 8.45 11.22 Buy
07/15/10 OCBC Keppel Corp 8.9 11.22 Buy
09/02/10 OCBC Keppel Corp 8.95 11.22 Buy
09/08/10 OCBC Keppel Corp 9.15 11.22 Buy
09/13/10 OCBC Keppel Corp 8.99 11.22 Buy
09/27/10 OCBC Keppel Corp 9.04 11.22 Buy
10/04/10 OCBC Keppel Corp 9.11 11.22 Buy
10/25/10 OCBC Keppel Corp 9.89 11.22 Buy
11/26/10 OCBC Keppel Corp 10.78 12.5 Buy Sum of parts
12/02/10 OCBC Keppel Corp 10.96 12.5 Buy
12/03/10 OCBC Keppel Corp 10.82 12.5 Buy
12/06/10 OCBC Keppel Corp 10.82 12.2 Buy
01/24/11 OCBC Keppel Corp 11.36 12.5 Buy
01/26/11 OCBC Keppel Corp 11.34 13.24 Buy Sum of parts

12/06/10 phillip Keppel Corp 10.82 12.52 Buy
12/15/10 phillip Keppel Corp 10.88 12.52 Buy
01/17/11 phillip Keppel Corp 11.58 13.5 Outperform Sum of parts
01/26/11 phillip Keppel Corp 11.34 13.4 Buy

12/22/10 RBS Keppel Corp 10.72 13 Buy

Karin - Buy call from OCBC.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/26/10 OCBC Karin 0.215 0.28 Buy PER8x
09/02/10 OCBC Karin 0.22 0.28 Buy
11/24/10 OCBC Karin 0.215 0.28 Buy PER8x
12/07/10 OCBC Karin 0.21 0.28 Buy PER8x

JES - DBS Vickers likes ships builder.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

11/09/10 DBS Vickers JES 0.36 0.46 Buy PB1.5x
12/16/10 DBS Vickers JES 0.35 0.5 Buy PB1.5x
01/04/11 DBS Vickers JES 0.38 0.5 Buy
01/31/11 DBS Vickers JES 0.34 0.5 Buy PB1.5x

Jaya - Buy calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

10/14/10 DBS Vickers Jaya 0.68 1.15 Buy RNAV
11/09/10 DBS Vickers Jaya 0.73 1.15 Buy RNAV
01/03/11 DBS Vickers Jaya 0.72 1.15 Buy

11/09/10 DnB Nor Jaya 0.73 1 Buy NAV 1.09

Innotek - Lim & Tan withdrew buy call for this stock.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

11/30/10 Lim & Tan Innotek 0.545 0 Withdraw Buy call

Indofood Agri - Mixed calls by analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/03/10 AmFraser Indofood Agri 2.42 2.3 Hold

04/30/10 CIMB Indofood Agri 2.42 2.86 Trading Buy PER18x
08/12/10 CIMB Indofood Agri 2.45 2.25 Underperform PER15x
08/12/10 CIMB Indofood Agri 2.45 2.25 Underperform PER15x
09/13/10 CIMB Indofood Agri 2.35 2.25 Underperform
12/09/10 CIMB Indofood Agri 2.89 3.24 Neutral PER18x

02/26/10 DBS Vickers Indofood Agri 2.15 2.3 Hold
05/03/10 DBS Vickers Indofood Agri 2.4 2.75 Buy
05/17/10 DBS Vickers Indofood Agri 2.22 2.75 Buy
08/13/10 DBS Vickers Indofood Agri 2.34 2.4 Hold DCF
11/01/10 DBS Vickers Indofood Agri 2.6 3.05 Buy
11/22/10 DBS Vickers Indofood Agri 2.66 3.05 Buy
12/13/10 DBS Vickers Indofood Agri 2.84 3.05 Buy

03/03/10 DMG & Partners Indofood Agri 2.09 2.02 Neutral PER15x
05/03/10 DMG & Partners Indofood Agri 2.39 2.19 Neutral PER15x
08/16/10 DMG & Partners Indofood Agri 2.34 2.33 Neutral PER15x
12/09/10 DMG & Partners Indofood Agri 2.89 2.92 Buy Under Review

02/26/10 Kim Eng Indofood Agri 2.11 2.61 Buy PER18x
05/03/10 Kim Eng Indofood Agri 2.4 2.79 Buy PER17x
08/13/10 Kim Eng Indofood Agri 2.34 2.34 Hold PER17x
11/01/10 Kim Eng Indofood Agri 2.6 2.34 Hold

01/04/11 Nomura Indofood Agri 2.89 3.2 Buy

12/06/10 OCBC Indofood Agri 2.84 3.05 Buy

03/25/10 phillip Indofood Agri 2.15 2.51 Buy DCF
05/03/10 phillip Indofood Agri 2.4 2.83 Buy DCF
08/13/10 phillip Indofood Agri 2.34 2.67 Hold DCF
10/18/10 phillip Indofood Agri 2.65 2.78 Hold RNAV
11/01/10 phillip Indofood Agri 2.6 2.78 Hold DCF
01/20/11 phillip Indofood Agri 2.81 2.91 Hold DCF

Hyflux Water Trust - Just accept the offer and move on.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/03/10 DBS Vickers Hyflux Water Trust 0.685 0.78 Accept Offer

Hyflux - Downgraded by analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

10/08/10 CIMB Hyflux 3.17 4.52 Outperform Sum of parts (5% discount)
11/08/10 CIMB Hyflux 3.18 4.06 Outperform Sum of parts

11/08/10 DBS Vickers Hyflux 3.18 3.2 Hold Sum of parts

11/08/10 Kim Eng Hyflux 3.18 2.81 Hold Sum of parts

09/07/10 OCBC Hyflux 3.03 3.89 Buy
11/08/10 OCBC Hyflux 3.18 3.66 Buy PER25x
11/23/10 OCBC Hyflux 3.28 3.66 Buy PER25x
01/13/11 OCBC Hyflux 2.38 2.7 Buy PER25x

Huan Hsin - Buy call from CIMB.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/24/10 CIMB Huan Hsin 0.26 0.37 Outperform PB0.5x
03/11/10 CIMB Huan Hsin 0.23 0.37 Outperform
04/26/10 CIMB Huan Hsin 0.38 0.53 Outperform PB0.7x

Baltic Dry Index (BDI) - 1137

Quote:

The index, which gauges the cost of shipping commodities including iron ore, cement, grain, coal and fertiliser, fell 4.13 per cent, or 49 points, to 1,137 points and was at its lowest since Feb 2, 2009.

End Quote.

Hu An Cable - Buy calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/11/11 CIMB Hu An Cable 0.4 0.64 Outperform

10/08/10 phillip Hu An Cable 0.415 0.53 Buy
11/10/10 phillip Hu An Cable 0.365 0.53 Buy PER5.5x

HTL - Furniture making is no longer a good business.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/05/10 CIMB HTL 0.79 1.1 Outperform PER8x
05/12/10 CIMB HTL 0.72 1.1 Outperform PER8x
05/18/10 CIMB HTL 0.66 1.1 Outperform
07/08/10 CIMB HTL 0.6 0.73 Outperform PER6x
08/12/10 CIMB HTL 0.73 0.85 Outperform PER7x

03/22/10 DBS Vickers HTL 0.68 1.09 Buy PER7x
03/26/10 DBS Vickers HTL 0.79 1.09 Buy PER7x
05/10/10 DBS Vickers HTL 0.76 0.8 Hold PER7x
05/13/10 DBS Vickers HTL 0.72 0.8 Hold PER7x
08/13/10 DBS Vickers HTL 0.725 0.8 Hold PER7x

04/08/10 DMG & Partners HTL 0.84 1.1 Buy PER8x
04/12/10 DMG & Partners HTL 0.89 1.1 Buy PER8x
05/13/10 DMG & Partners HTL 0.72 1.1 Buy
05/14/10 DMG & Partners HTL 0.675 0.99 Buy PER8x
05/17/10 DMG & Partners HTL 0.675 0.99 Buy PER8x
07/12/10 DMG & Partners HTL 0.615 0.7 Buy PER8x
08/16/10 DMG & Partners HTL 0.75 0.73 Neutral PER8x
11/11/10 DMG & Partners HTL 0.67 0.65 Neutral PER8x

Hour Glass - Do you like watches?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/11/10 Kim Eng Hour Glass 0.71 0.87 Buy BV
05/26/10 Kim Eng Hour Glass 0.8 0.92 Hold DCF
08/06/10 Kim Eng Hour Glass 0.84 0.92 Hold

Hotel Properties - Buy call from Kim Eng.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/23/10 DBS Vickers Hotel Properties 2.03 2.17 Hold RNAV (20% discount)
05/14/10 DBS Vickers Hotel Properties 2.22 2.3 Hold RNAV (20% discount)

02/23/10 Kim Eng Hotel Properties 2.03 2.4 Buy RNAV (20% discount)
06/02/10 Kim Eng Hotel Properties 2.05 3.33 Buy RNAV (20% discount)
01/05/11 Kim Eng Hotel Properties 2.83 3.38 Buy RNAV (20% discount)

Hong Leong Finance - Mixed calls by analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

04/26/10 DMG & Partners Hong Leong Finance 3.16 3.5 Buy NTA
11/11/10 DMG & Partners Hong Leong Finance 3.09 3.61 Buy PB1x

11/11/10 Lim & Tan Hong Leong Finance 3.09 0 Hold Buy @ $2.70-2.80
01/25/11 Lim & Tan Hong Leong Finance 3.04 0 Hold

Baltic Dry Index (BDI) - 1292.

Quote:

The Baltic Exchange's main sea freight index , which tracks rates to ship dry commodities, slid to a near two-year low of 1,292 points on Tuesday, as a glut of ships and slow business took their toll.

End Quote.

Hong Leong Asia - Downgraded by some analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/02/10 CIMB Hong Leong Asia 3.52 6.33 Outperform
02/05/10 CIMB Hong Leong Asia 3.35 6.33 Outperform Sum of parts
02/10/10 CIMB Hong Leong Asia 3.4 6.33 Outperform Sum of parts
03/01/10 CIMB Hong Leong Asia 3.68 6.4 Outperform Sum of parts
03/17/10 CIMB Hong Leong Asia 4.01 6 Outperform Sum of parts
04/01/10 CIMB Hong Leong Asia 4.54 6 Outperform Sum of parts
04/19/10 CIMB Hong Leong Asia 4.94 6 Outperform
04/27/10 CIMB Hong Leong Asia 4.85 6 Outperform Sum of parts
05/17/10 CIMB Hong Leong Asia 4.24 5.78 Outperform Sum of parts
05/18/10 CIMB Hong Leong Asia 4 5.78 Outperform
05/31/10 CIMB Hong Leong Asia 3.2 4.88 Outperform Sum of parts
07/14/10 CIMB Hong Leong Asia 3.45 4.86 Outperform Sum of parts
08/16/10 CIMB Hong Leong Asia 3.71 3.21 Underperform Sum of parts
11/15/10 CIMB Hong Leong Asia 3.43 3.23 Underperform Sum of parts

03/01/10 DBS Vickers Hong Leong Asia 3.68 4.36 Buy Sum of parts
03/08/10 DBS Vickers Hong Leong Asia 3.85 4.36 Buy
04/14/10 DBS Vickers Hong Leong Asia 4.7 5.67 Buy Sum of parts
08/12/10 DBS Vickers Hong Leong Asia 3.73 4.54 Hold Under Review

04/01/10 DMG & Partners Hong Leong Asia 4.54 6 Buy Sum of parts
04/06/10 DMG & Partners Hong Leong Asia 4.7 6 Buy Sum of parts
05/14/10 DMG & Partners Hong Leong Asia 4.24 5.48 Buy Sum of parts
05/17/10 DMG & Partners Hong Leong Asia 4.24 5.48 Buy
08/16/10 DMG & Partners Hong Leong Asia 3.71 4.88 Buy Sum of parts
10/22/10 DMG & Partners Hong Leong Asia 3.48 4.88 Buy Sum of parts
11/15/10 DMG & Partners Hong Leong Asia 3.43 4.18 Buy Sum of parts (10% discount)

11/22/10 phillip Hong Leong Asia 3.32 3.62 Hold Sum of parts, PER10x

Ho Bee - Mixed calls by analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

11/12/10 CIMB Ho Bee 1.68 2.07 Outperform RNAV (25% discount)

08/17/10 DBS Vickers Ho Bee 1.61 2.15 Buy
10/18/10 DBS Vickers Ho Bee 1.67 2.24 Buy
12/16/10 DBS Vickers Ho Bee 1.56 2.2 Buy
12/20/10 DBS Vickers Ho Bee 1.56 2.2 Buy

12/23/10 DIR Ho Bee 1.57 1.92 Hold

09/08/10 Kim Eng Ho Bee 1.51 1.91 Buy RNAV (30% discount)
11/12/10 Kim Eng Ho Bee 1.68 1.91 Buy

11/16/10 OCBC Ho Bee 1.66 2.2 Buy

10/04/10 phillip Ho Bee 1.65 1.91 Buy RNAV (20% discount), PER5.6x
11/12/10 phillip Ho Bee 1.68 1.91 Hold
12/16/10 phillip Ho Bee 1.56 1.91 Hold

Hi-P - Upgraded by analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/04/10 Credit Suisse Hi-P 0.815 0.75 Neutral

02/24/10 DBS Vickers Hi-P 0.71 0.53 Fully Valued PER9x
05/06/10 DBS Vickers Hi-P 0.64 0.49 Fully Valued PER9x
06/21/10 DBS Vickers Hi-P 0.54 0.51 Fully Valued PER9x
08/03/10 DBS Vickers Hi-P 0.75 0.94 Buy PER9x
09/22/10 DBS Vickers Hi-P 0.875 1.26 Buy PER11x + 1SD
09/27/10 DBS Vickers Hi-P 0.98 1.26 Buy
09/28/10 DBS Vickers Hi-P 0.98 1.26 Buy
10/22/10 DBS Vickers Hi-P 1.06 1.26 Buy
11/02/10 DBS Vickers Hi-P 1.07 1.3 Buy PER11x
01/17/11 DBS Vickers Hi-P 1.08 1.43 Buy

02/22/10 DMG & Partners Hi-P 0.71 0.725 Neutral PER10.5x
02/26/10 DMG & Partners Hi-P 0.67 0.66 Neutral PER10.4x
05/05/10 DMG & Partners Hi-P 0.67 0.66 Neutral
05/06/10 DMG & Partners Hi-P 0.64 0.595 Neutral PER11.3x
06/21/10 DMG & Partners Hi-P 0.51 0.595 Neutral
08/06/10 DMG & Partners Hi-P 0.78 0.97 Buy PER11.3x
11/03/10 DMG & Partners Hi-P 0.97 1.25 Buy PER12.9x
11/04/10 DMG & Partners Hi-P 1.11 1.25 Buy PER12.9x

02/24/10 Lim & Tan Hi-P 0.71 0 Sell
05/05/10 Lim & Tan Hi-P 0.67 0 Sell
06/21/10 Lim & Tan Hi-P 0.54 0 Hold
09/17/10 Lim & Tan Hi-P 0.9 0 Neutral
09/22/10 Lim & Tan Hi-P 0.875 0 Buy
09/30/10 Lim & Tan Hi-P 1.01 0 Buy
10/01/10 Lim & Tan Hi-P 1.02 0 Buy
10/04/10 Lim & Tan Hi-P 1.08 0 Buy
10/11/10 Lim & Tan Hi-P 1.05 0 Buy
11/02/10 Lim & Tan Hi-P 1.07 0 Buy
01/17/11 Lim & Tan Hi-P 1.08 0 Buy
01/18/11 Lim & Tan Hi-P 1.18 0 Buy

Hiap Seng - Downgraded by CIMB.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

04/26/10 CIMB Hiap Seng 0.66 1.15 Outperform PER11x
05/18/10 CIMB Hiap Seng 0.68 1.15 Outperform
08/10/10 CIMB Hiap Seng 0.64 0.89 Outperform PER8.5x
11/10/10 CIMB Hiap Seng 0.7 0.92 Outperform PER8.5x
01/20/11 CIMB Hiap Seng 0.655 0.75 Neutral PER7.5x

02/11/10 DBS Vickers Hiap Seng 0.62 0.94 Buy PER12x
05/25/10 DBS Vickers Hiap Seng 0.64 0.94 Buy PER12x
08/10/10 DBS Vickers Hiap Seng 0.635 0.94 Buy Blended PER10.5x
09/23/10 DBS Vickers Hiap Seng 0.65 0.94 Buy PER12x

Hersing - Buy call from Phillip.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

09/23/10 phillip Hersing 0.3 0.355 Buy FCFE Model
11/18/10 phillip Hersing 0.28 0.355 Buy FCFE Model

Healthway Medical - Target price was downgraded by DMG despite a buy call.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/26/10 DMG & Partners Healthway Medical 0.14 0.3 Buy
08/23/10 DMG & Partners Healthway Medical 0.18 0.23 Buy DCF

Celestial Nutrifood - Another S-chip goes up in smoke!

Celestial Nutrifood is winding up finally after being suspended for so long.

Beware when you invest in China stock or you will end up losing all your money.

Guocoland - Hold calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

07/16/10 DBS Vickers Guocoland 2.16 2.08 Hold

11/16/10 OCBC Guocoland 2.25 2.08 Hold

Guangzhao - Don't buy this stock as its shares were placed out so cheaply to 2 investors.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

09/30/10 Lim & Tan Guangzhao 0.14 0 Sell Shares placed out to 2 investors @$0.04

Goodpack - Downgraded by some analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/24/10 AmFraser Goodpack 1.44 1.5 Accumulate PER15.7x

05/27/10 CIMB Goodpack 1.43 1.89 Outperform PER19x
08/06/10 CIMB Goodpack 1.74 1.89 Outperform
08/30/10 CIMB Goodpack 1.89 1.94 Neutral PER19x
09/08/10 CIMB Goodpack 1.86 2.05 Outperform PER19x
11/12/10 CIMB Goodpack 2.09 2.2 Neutral PER19x

02/10/10 DMG & Partners Goodpack 1.36 1.85 Buy DCF (25% discount)
05/17/10 DMG & Partners Goodpack 1.56 1.85 Buy
05/24/10 DMG & Partners Goodpack 1.44 1.85 Buy PER16.1x
06/21/10 DMG & Partners Goodpack 1.65 1.85 Buy
08/30/10 DMG & Partners Goodpack 1.89 1.82 Neutral DCF
11/12/10 DMG & Partners Goodpack 2.09 1.99 Neutral DCF

02/04/10 Kim Eng Goodpack 1.26 1.98 Buy PER20x
02/11/10 Kim Eng Goodpack 1.33 2.1 Buy PER20x
03/19/10 Kim Eng Goodpack 1.62 2.18 Buy PER20x
05/17/10 Kim Eng Goodpack 1.56 2.18 Buy PER20x
06/04/10 Kim Eng Goodpack 1.64 2.18 Buy PER20x
06/22/10 Kim Eng Goodpack 1.7 2.18 Buy PER20x
08/30/10 Kim Eng Goodpack 1.89 2.4 Buy PER22x
11/12/10 Kim Eng Goodpack 2.09 2.48 Buy PER25x

02/10/10 OCBC Goodpack 1.36 1.51 Buy DCF
05/18/10 OCBC Goodpack 1.54 1.77 Buy DCF
09/02/10 OCBC Goodpack 1.93 2.13 Buy
11/12/10 OCBC Goodpack 2.09 2.28 Buy DDM, PER18.5x

Market analyses for US (Dow Jones Industrial Average Index), Japan (Nikkei 225 Index), Hong Kong (Hang Seng Index) & Singapore (Straits Times Index)

All the charts above are dated 21/01/11.

The 100-day simple moving averages for the daily transacted volumes are usually harbingers of what's to come in the future for the stock market indices.