Baltic Dry Index (BDI) - 1538

Quote:

The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, rose to a two-month high on Thursday as buoyant cargo demand bolstered sentiment. The index rose by 4.48 per cent or 66 points to 1,538 points in a tenth session of gains to reach its highest since Jan 6.

End Quote.

Xinren Aluminum - Buy call from DBS Vickers.

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

12/16/10 DBS Vickers Xinren Aluminum 0.46 0.7 Buy PER7.9x
03/01/11 DBS Vickers Xinren Aluminum 0.43 0.7 Buy PER8.8x

Wing Tai - DBS Vickers doesn't like this developer.

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

01/06/11 CIMB Wing Tai 1.72 2.19 Outperform RNAV (15% discount)

12/20/10 DBS Vickers Wing Tai 1.67 2.05 Hold
02/01/11 DBS Vickers Wing Tai 1.64 2.05 Hold RNAV (15% discount)

12/16/10 DMG & Partners Wing Tai 1.69 2.2 Buy
01/05/11 DMG & Partners Wing Tai 1.65 2.2 Buy
02/01/11 DMG & Partners Wing Tai 1.64 2.2 Buy RNAV

02/01/11 Kim Eng Wing Tai 1.64 2.26 Buy RNAV (20% discount)

Wilmar - 4 buy calls, 8 neutral calls & 2 sell calls.

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

12/30/10 Amfraser Wilmar 5.69 7.6 Buy

01/10/11 CIMB Wilmar 5.7 5.6 Neutral PER14.2x
02/02/11 CIMB Wilmar 5.3 5.8 Neutral PER14.2x
02/24/11 CIMB Wilmar 5.2 5.8 Neutral PER14.5x

02/24/11 Citigroup Wilmar 5.2 5.4 Neutral

01/11/11 CLSA Wilmar 5.7 4.95 Sell

12/30/10 DBS Vickers Wilmar 5.69 6.6 Buy
01/10/11 DBS Vickers Wilmar 5.7 6.15 Hold DCF

12/22/10 DIR Wilmar 5.62 6.73 Outperform PER14.4x
02/22/11 DIR Wilmar 5.47 6.73 Buy
03/01/11 DIR Wilmar 5.09 5.2 Hold

01/10/11 DMG & Partners Wilmar 5.7 7.88 Buy
02/25/11 DMG & Partners Wilmar 5.2 6.15 Buy

02/24/11 HSBC Wilmar 5.2 6.44 Overweight

01/05/11 JP Morgan Wilmar 5.5 4.6 Underweight PER14x
03/07/11 JP Morgan Wilmar 5.19 5.4 Neutral

12/16/10 Kim Eng Wilmar 5.92 6.24 Hold PER15x
01/13/11 Kim Eng Wilmar 5.72 5.85 Hold PER15x
02/24/11 Kim Eng Wilmar 5.2 5.31 Hold PER15x

02/23/11 Lim & Tan Wilmar 5.41 0 Sell

12/14/10 OCBC Wilmar 5.96 6.48 Hold PER18x
01/10/11 OCBC Wilmar 5.7 6.48 Buy
02/23/11 OCBC Wilmar 5.41 6.48 Under Review Downgrade

12/22/10 phillip Wilmar 5.92 7.08 Buy DCF
02/24/11 phillip Wilmar 5.2 6.42 Buy DCF

01/06/11 UBS Wilmar 5.56 7 Buy
02/23/11 UBS Wilmar 5.41 5.7 Neutral

02/24/11 UOB Kay Hian Wilmar 5.2 5.8 Hold

SGX - Things don't look so good.

The average trading volume for Singapore market is dropping significantly as shown in my most recent market analyses posting and SGX stock will not outperform the market.

Wheelock Properties - Amfraser doesn't like this developer.

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

02/23/11 Amfraser Wheelock Properties 1.86 2.08 Hold RNAV

02/22/11 CIMB Wheelock Properties 1.84 2.37 Outperform RNAV (10% discount)
02/25/11 CIMB Wheelock Properties 1.89 2.41 Outperform RNAV (10% discount)

12/20/10 DBS Vickers Wheelock Properties 1.96 2.32 Buy
02/22/11 DBS Vickers Wheelock Properties 1.84 2.27 Buy RNAV

11/16/10 OCBC Wheelock Properties 2 2.32 Buy

Wee Hur - This stock is still a buy by phillip after ex-bonus.

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

12/09/10 phillip Wee Hur 0.475 0.62 Buy PER5.5x, Ex-bonus $0.31
02/28/11 phillip Wee Hur 0.29 0.35 Buy PER5.5x

Viking Offshore & Marine - Buy call from OCBC.

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

01/07/11 OCBC Viking Offshore & Marine 0.2 0.32 Buy Sum of parts
02/16/11 OCBC Viking Offshore & Marine 0.21 0.32 Under Review
02/17/11 OCBC Viking Offshore & Marine 0.21 0.32 Buy Sum of parts
03/04/11 OCBC Viking Offshore & Marine 0.195 0.32 Buy

Venture - Buy calls from analysts.

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

01/04/11 CIMB Venture 9.3 11.98 Outperform
01/28/11 CIMB Venture 9.69 11.98 Outperform
02/24/11 CIMB Venture 9.23 12 Outperform PER14x

02/24/11 DBS Vickers Venture 9.23 11.4 Buy PER15x

01/07/11 Kim Eng Venture 9.48 11.8 Buy PER15x
02/18/11 Kim Eng Venture 9.45 11.8 Buy PER15x

02/24/11 Lim & Tan Venture 9.23 0 Buy Div Yield 6%

02/24/11 OCBC Venture 9.23 12.1 Buy PER15x

Valuetronics - Buy call from OCBC.

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

12/07/10 OCBC Valuetronics 0.235 0.44 Buy PER8x
01/27/11 OCBC Valuetronics 0.245 0.47 Buy

UOL - Buy calls from all analysts.

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

02/23/11 CIMB UOL 4.28 5.55 Outperform RNAV (15% discount)

12/16/10 DBS Vickers UOL 4.68 5.17 Buy
12/20/10 DBS Vickers UOL 4.72 5.23 Buy
02/23/11 DBS Vickers UOL 4.28 5.31 Buy RNAV (10% discount)

01/19/11 Lim & Tan UOL 5.07 0 Hold
02/23/11 Lim & Tan UOL 4.28 0 Buy

12/08/10 OCBC UOL 4.64 5.42 Buy RNAV (10% discount)
01/14/11 OCBC UOL 5.04 5.42 Buy
01/19/11 OCBC UOL 5.07 5.61 Buy RNAV (15% discount)
02/07/11 OCBC UOL 4.99 5.61 Buy RNAV (15% discount)
02/23/11 OCBC UOL 4.28 5.24 Buy RNAV (20% discount)

UOB - CIMB doesn't like this bank.

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

02/10/11 CIMB UOB 19.24 20.83 Underperform PB1.55x & GGM
02/28/11 CIMB UOB 18.28 20.38 Underperform PB1.5x & GGM
03/03/11 CIMB UOB 18.36 20.38 Underperform PB1.5x & GGM

01/28/11 DBS Vickers UOB 19.86 21.5 Buy
02/28/11 DBS Vickers UOB 18.28 21.7 Buy
03/03/11 DBS Vickers UOB 18.4 21.7 Buy PB1.8x & GGM

01/04/11 DMG & Partners UOB 18.2 22 Buy PB1.5x
01/05/11 DMG & Partners UOB 17.8 22 Buy
02/01/11 DMG & Partners UOB 19.84 22 Buy
02/28/11 DMG & Partners UOB 18.24 22 Buy PB1.65x
03/02/11 DMG & Partners UOB 18.4 22 Buy PB1.65x

02/28/11 Kim Eng UOB 18.24 21.5 Buy PB1.65x & GGM

02/28/11 OCBC UOB 18.28 19.7 Buy

02/28/11 phillip UOB 18.28 20.12 Hold

01/21/11 RBS UOB 19.34 23 Buy

United Envirotech - Buy calls from analysts.

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

02/10/11 DMG & Partners United Envirotech 0.45 0.61 Buy PER10.8x

02/01/11 OCBC United Envirotech 0.455 0.69 Buy DCF, Under Review
02/02/11 OCBC United Envirotech 0.435 0.65 Buy DCF

United Engineers - Target price was being downgraded by CIMB.

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

02/16/11 CIMB United Engineers 2.44 3.27 Outperform RNAV (10% discount)
03/02/11 CIMB United Engineers 2.43 3.21 Outperform RNAV (15% discount)

UIC - Fully valued.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
 
12/20/10 DBS Vickers UIC 2.4 2.21 Hold
02/21/11 DBS Vickers UIC 2.78 2.38 Fully Valued RNAV (5% discount)

Tiong Seng - Target price was downgraded by DBS Vickers but retained buy call.

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

12/01/10 DBS Vickers Tiong Seng 0.25 0.36 Buy Sum of parts (30% discount)
02/24/11 DBS Vickers Tiong Seng 0.24 0.31 Buy Sum of parts (35% discount)

Tiger Airways - Look like Tiger really cannot fly.

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

01/12/11 CIMB Tiger Airways 1.8 1.59 Underperform PER8x
01/28/11 CIMB Tiger Airways 1.78 1.59 Underperform
01/31/11 CIMB Tiger Airways 1.77 1.59 Underperform PER8x
02/11/11 CIMB Tiger Airways 1.66 1.64 Underperform PER8x
02/17/11 CIMB Tiger Airways 1.58 1.64 Underperform PER8x
02/25/11 CIMB Tiger Airways 1.35 1.64 Underperform PER8x

02/16/11 Citigroup Tiger Airways 1.65 2.15 Buy

02/11/11 Credit Suisse Tiger Airways 1.72 1.9 Underperform
02/18/11 Credit Suisse Tiger Airways 1.59 1.9 Underperform
03/02/11 Credit Suisse Tiger Airways 1.39 1.65 Neutral

02/01/11 DBS Vickers Tiger Airways 1.74 1.9 Hold PER15x

12/10/10 DMG & Partners Tiger Airways 1.85 2 Neutral PER16.5x
01/11/11 DMG & Partners Tiger Airways 1.8 2.24 Buy PER12x
02/01/11 DMG & Partners Tiger Airways 1.77 2.24 Buy PER12x
02/18/11 DMG & Partners Tiger Airways 1.59 2.24 Buy
02/25/11 DMG & Partners Tiger Airways 1.35 2.24 Buy
03/01/11 DMG & Partners Tiger Airways 1.36 1.65 Buy PER12x
03/03/11 DMG & Partners Tiger Airways 1.39 1.65 Buy PER12x

01/21/11 Macquarie Tiger Airways 1.79 1.5 Underperform

12/09/10 phillip Tiger Airways 1.86 1.65 Sell
01/12/11 phillip Tiger Airways 1.8 1.65 Sell DCF & PER
02/01/11 phillip Tiger Airways 1.74 1.64 Hold PER12x & DCF

12/03/10 StanChart Tiger Airways 1.84 2.5 Buy EV/Ebitda 15x

02/17/11 UOB Kay Hian Tiger Airways 1.58 1.54 sell Under Review
02/18/11 UOB Kay Hian Tiger Airways 1.59 1.59 Hold EV/Ebitda 8x

Think Environment - Buy or Sell?

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

12/17/10 DMG & Partners Think Environment 0.66 0.135 Sell PATMI 14x

12/29/10 SIAS Think Environment 0.72 0.9 Increase

Tee International - Buy call from NetResearch.

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

01/05/11 NRA Tee International 0.25 0.38 Buy Sum of parts
01/10/11 NRA Tee International 0.31 0.38 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 dated 04/03/11 above showed the the 100-day moving average for trading volume (Blue line) and market index (Pink line) for US, HK, JP & SG. From the charts, we can see the movements of fund flows of each market and predict the trajectory of the index in the market as fund inflow or outflow will definitely affect the market.  Generally speaking, the decline in the blue line is not good for the index.

Tat Hong - Crane operator falls out of favour?

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

02/15/11 CIMB Tat Hong 0.915 1.02 Neutral PER10x

02/16/11 Credit Suisse Tat Hong 0.875 0.85 Underperform

12/01/10 DBS Vickers Tat Hong 0.94 1.08 Hold PER12x
02/15/11 DBS Vickers Tat Hong 0.915 0.83 Fully Valued PER12x

01/18/11 OCBC Tat Hong 0.95 0.99 Hold
01/19/11 OCBC Tat Hong 0.945 0.99 Hold
02/15/11 OCBC Tat Hong 0.915 0.85 Hold

TAC (Baht) - Neutral call by CIMB.

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

02/08/11 CIMB TAC 41 46 Neutral DCF

Swiber - Downgraded by analysts.

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

03/02/11 CIMB Swiber 0.805 1.01 Outperform PER12x
03/04/11 CIMB Swiber 0.81 1.01 Outperform

01/03/11 DBS Vickers Swiber 1 1.28 Buy
03/03/11 DBS Vickers Swiber 0.79 0.83 Hold PER10x

03/02/11 DMG & Partners Swiber 0.805 1.25 Under Review PER10x
03/03/11 DMG & Partners Swiber 0.79 0.85 Neutral PER10x

12/02/10 OCBC Swiber 0.985 1.33 Buy
03/02/11 OCBC Swiber 0.805 1.33 Under Review
03/03/11 OCBC Swiber 0.79 0.94 Buy PER11x
03/04/11 OCBC Swiber 0.81 0.94 Buy

Baltic Dry Index (BDI) - 1281

Quote:

The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, rose for a fourth session on Wednesday as modest cargo activity boosted sentiment. The index rose 1.51 per cent, or 19 points, to 1,281 points.

End Quote.

Super Group - DMG doesn't like coffee but UOB & Kim Eng love coffee.

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

11/16/10 DMG & Partners Super Group / Coffeemix 1.31 1.24 Neutral PER14.6x
02/07/11 DMG & Partners Super Group / Coffeemix 1.47 1.24 Neutral
02/24/11 DMG & Partners Super Group / Coffeemix 1.4 1.28 Neutral PER15x

01/27/11 Kim Eng Super Group / Coffeemix 1.47 1.8 Buy DCF & PER14.5x
02/24/11 Kim Eng Super Group / Coffeemix 1.4 1.72 Buy

12/20/10 UOB Kay Hian Super Group / Coffeemix 1.43 1.66 Buy PEG1x

Sunvic Chemical - Wanna buy a chemical company?

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

01/04/11 Amfraser Sunvic Chemical 0.66 1.02 Buy PER6x
03/02/11 Amfraser Sunvic Chemical 0.745 1.05 Buy PER6

12/15/10 phillip Sunvic Chemical 0.605 0.95 Buy
01/17/11 phillip Sunvic Chemical 0.71 1.07 Buy PER6x
03/03/11 phillip Sunvic Chemical 0.74 1.2 Buy PER6x

Suntec Reit - Mixed calls by analysts.

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

11/30/10 CIMB Suntec Reit 1.43 1.63 Outperform DDM
01/05/11 CIMB Suntec Reit 1.51 1.63 Outperform DDM

01/24/11 DBS Vickers Suntec Reit 1.58 1.69 Buy

01/06/11 DMG & Partners Suntec Reit 1.53 1.71 Buy
01/24/11 DMG & Partners Suntec Reit 1.58 1.76 Buy

01/13/11 JP Morgan Suntec Reit 1.57 1.6 Neutral

12/10/10 OCBC Suntec Reit 1.49 1.5 Hold DCF
01/06/11 OCBC Suntec Reit 1.53 1.55 Neutral
01/24/11 OCBC Suntec Reit 1.58 1.6 Hold
02/10/11 OCBC Suntec Reit 1.58 1.6 Hold

12/01/10 phillip Suntec Reit 1.42 1.37 Hold

Sunpower - Buy call from phillip.

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

12/03/10 phillip Sunpower 0.31 0.57 Buy PB2.04x
12/15/10 phillip Sunpower 0.37 0.57 Buy
02/25/11 phillip Sunpower 0.395 0.79 Buy PATMI, PER6.5x

Sunmart - Buy calls from analysts.

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

12/08/10 Asiaons Sunmart 0.21 0.33 Buy FCFE Model

01/19/11 NRA Sunmart 0.23 0.29 Buy PER11.2x

STX Pan Ocean - Nobody likes this shipper.

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

11/15/10 CIMB STX Pan Ocean 14.62 13.85 Underperform
01/25/11 CIMB STX Pan Ocean 13 13.2 Underperform
02/21/11 CIMB STX Pan Ocean 12 11.9 Underperform

12/21/10 Goldman Sachs STX Pan Ocean 13.16 11.3 Neutral

12/08/10 HSBC STX Pan Ocean 13.28 14.9 Neutral

Baltic Dry Index (BDI) - 1251

Quote:

The index rose six points to 1,251 points in a second session of modest gains, after falling in the four previous sessions.

End Quote.

STX OSV - Mostly buy calls from analysts.

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

01/11/11 CIMB STX OSV 1.15 1.6 Outperform PER11x
02/16/11 CIMB STX OSV 1.19 1.6 Outperform PER11x

01/14/11 Credit Suisse STX OSV 1.23 1.55 Outperform

01/10/11 DMG & Partners STX OSV 1.2 1.56 Buy PER12x
01/11/11 DMG & Partners STX OSV 1.15 1.56 Outperform
02/15/11 DMG & Partners STX OSV 1.19 1.75 Buy PER12x
02/16/11 DMG & Partners STX OSV 1.19 1.75 Buy PER12x

12/15/10 Goldman Sachs STX OSV 1.1 1.54 Buy PB2.9x

12/02/10 Lim & Tan STX OSV 0.81 0 Neutral

Straits Asia - Mixed calls for this commodity (coal) company.

08/16/10 CIMB Straits Asia 2.08 1.95 Underperform DCF
11/03/10 CIMB Straits Asia 2.32 2.01 Underperform DCF
12/10/10 CIMB Straits Asia 2.52 2.27 Underperform DCF
01/28/11 CIMB Straits Asia 2.66 2.27 Underperform DCF
02/22/11 CIMB Straits Asia 2.42 2.7 Outperform DCF (15% premium)

11/23/10 Credit Suisse Straits Asia 2.53 3.1 Outperform

10/08/10 DBS Vickers Straits Asia 2.34 2.3 Hold DCF
11/04/10 DBS Vickers Straits Asia 2.33 2.3 Hold DCF

06/17/10 DMG & Partners Straits Asia 2.04 2.08 Neutral DCF, PER11.4x
08/16/10 DMG & Partners Straits Asia 2.08 2.08 Neutral DCF
08/23/10 DMG & Partners Straits Asia 2.13 2.1 Neutral DCF, PER11.5x
11/03/10 DMG & Partners Straits Asia 2.32 2.1 Neutral DCF, PER11.5x
11/08/10 DMG & Partners Straits Asia 2.35 2.1 Neutral DCF, PER11.5x
12/08/10 DMG & Partners Straits Asia 2.69 2.49 Neutral PER16.3x
01/13/11 DMG & Partners Straits Asia 2.88 2.49 Sell DCF, PER15.4x
02/22/11 DMG & Partners Straits Asia 2.42 2.49 Neutral DCF, PER15.4x

08/02/10 Merrill Lynch Straits Asia 2.14 2.87 Buy DCF

11/04/10 Nomura Straits Asia 2.33 2.8 Buy
12/06/10 Nomura Straits Asia 2.69 2.8 Reduce

06/03/10 OCBC Straits Asia 1.85 1.82 Hold DCF
06/15/10 OCBC Straits Asia 2.01 1.82 Hold
07/09/10 OCBC Straits Asia 1.95 1.85 Hold DCF
08/18/10 OCBC Straits Asia 2.04 2.08 Hold
09/08/10 OCBC Straits Asia 2.1 2.08 Hold
10/06/10 OCBC Straits Asia 2.33 2.24 Hold
11/30/10 OCBC Straits Asia 2.64 3.13 Buy
12/14/10 OCBC Straits Asia 2.5 3.13 Buy
01/11/11 OCBC Straits Asia 2.59 2.89 Buy
02/22/11 OCBC Straits Asia 2.42 2.74 Buy

Stats Chippac - Downgraded by Lim & Tan.

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

08/02/10 Lim & Tan STATS Chippac 1.15 0 Buy
08/05/10 Lim & Tan STATS Chippac 1.23 0 Buy
10/29/10 Lim & Tan STATS Chippac 0.985 0 Sell
01/28/11 Lim & Tan STATS Chippac 0.885 0 Sell

Starhub - Mixed calls by analysts for telecommunication sector.

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

08/06/10 AmFraser Starhub 2.33 1.88 Sell

08/06/10 CIMB Starhub 2.33 2.14 Underperform DCF
08/30/10 CIMB Starhub 2.38 2.14 Underperform
09/03/10 CIMB Starhub 2.52 2.14 Underperform DCF
09/13/10 CIMB Starhub 2.47 2.14 Underperform
10/18/10 CIMB Starhub 2.62 2.24 Underperform DCF
11/10/10 CIMB Starhub 2.8 2.5 Underperform DCF

07/28/10 DBS Vickers Starhub 2.31 2.2 Fully Valued DCF
07/30/10 DBS Vickers Starhub 2.35 2.2 Fully Valued
08/06/10 DBS Vickers Starhub 2.33 2.2 Fully Valued DCF
08/18/10 DBS Vickers Starhub 2.38 2.2 Fully Valued
09/01/10 DBS Vickers Starhub 2.46 2.2 Fully Valued
09/03/10 DBS Vickers Starhub 2.52 2.2 Fully Valued
09/07/10 DBS Vickers Starhub 2.49 2.2 Fully Valued
11/04/10 DBS Vickers Starhub 2.76 2.2 Sell DCF
01/03/11 DBS Vickers Starhub 2.63 2.2 Sell

07/22/10 DMG & Partners Starhub 2.32 2.15 Neutral
08/06/10 DMG & Partners Starhub 2.32 2.15 Neutral
09/01/10 DMG & Partners Starhub 2.46 2.15 Neutral
09/02/10 DMG & Partners Starhub 2.46 2.15 Neutral
09/07/10 DMG & Partners Starhub 2.49 2.15 Neutral
11/10/10 DMG & Partners Starhub 2.8 2.85 Neutral DCF
01/17/11 DMG & Partners Starhub 2.57 2.85 Neutral
01/26/11 DMG & Partners Starhub 2.53 2.85 Neutral
02/14/11 DMG & Partners Starhub 2.61 2.88 Neutral DCF

08/06/10 Kim Eng Starhub 2.33 2.78 Buy PER15x
10/06/10 Kim Eng Starhub 2.6 2.78 Buy
11/10/10 Kim Eng Starhub 2.8 3.27 Buy Yield 5.5%
02/14/11 Kim Eng Starhub 2.61 3.08 Buy Div Yield 7.7%

02/14/11 Morgan Stanley Starhub 2.61 2.7 Equalweight

06/16/10 OCBC Starhub 2.24 2.32 Buy Div Yield 8.8%
07/06/10 OCBC Starhub 2.29 2.32 Buy
07/28/10 OCBC Starhub 2.31 2.32 Buy Div Yield 8.8%
09/01/10 OCBC Starhub 2.46 2.41 Buy Div Yield 7.3%
10/11/10 OCBC Starhub 2.57 2.58 Buy Div Yield 7%
11/29/10 OCBC Starhub 2.69 3.02 Buy DCF
01/04/11 OCBC Starhub 2.63 3.02 Buy Div Yield 7.6%
02/01/11 OCBC Starhub 2.55 3.02 Buy DCF
02/14/11 OCBC Starhub 2.61 3.02 Buy DCF

08/06/10 phillip Starhub 2.33 2.16 Hold DCF
09/03/10 phillip Starhub 2.52 2.41 Hold
11/10/10 phillip Starhub 2.8 2.63 Hold

02/14/11 UOB Kay Hian Starhub 2.61 3.1 Buy

Starhill - Twinkle twinkle little stars, how I wonder what you are......

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

04/19/10 DBS Vickers Starhill 0.595 0.73 Buy
07/27/10 DBS Vickers Starhill 0.59 0.73 Buy
10/27/10 DBS Vickers Starhill 0.61 0.76 Buy
01/27/11 DBS Vickers Starhill 0.65 0.78 Buy

11/25/10 Kim Eng Starhill 0.615 0.8 Buy DDM
01/11/11 Kim Eng Starhill 0.63 0.8 Buy DDM, Div Yield 6.7%
01/27/11 Kim Eng Starhill 0.635 0.8 Buy DDM

07/02/10 OCBC Starhill 0.545 0.65 Buy DDM
07/12/10 OCBC Starhill 0.57 0.65 Buy
07/27/10 OCBC Starhill 0.59 0.65 Buy DDM
09/02/10 OCBC Starhill 0.575 0.65 Buy
09/15/10 OCBC Starhill 0.585 0.65 Buy DDM
09/30/10 OCBC Starhill 0.585 0.65 Buy
10/08/10 OCBC Starhill 0.595 0.65 Buy
11/09/10 OCBC Starhill 0.62 0.66 Buy Under Review
12/10/10 OCBC Starhill 0.62 0.66 Buy
01/27/11 OCBC Starhill 0.65 0.74 Buy

Stamford Land - Buy call from Lim & Tan.

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

07/08/10 Lim & Tan Stamford Land 0.495 0 Buy
09/14/10 Lim & Tan Stamford Land 0.48 0 Buy
09/21/10 Lim & Tan Stamford Land 0.49 0 Buy
09/30/10 Lim & Tan Stamford Land 0.525 0 Buy
02/17/11 Lim & Tan Stamford Land 0.625 0 Buy

Baltic Dry Index (BDI) - 1245

Quote:

The index rose 0.24 per cent or three points to 1,245 points, after falling in the four previous sessions. That slump followed 10 days of gains.


End Quote.

ST Engineering - 5 buy calls & 1 hold call.

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

08/04/10 CIMB ST Engineering 3.26 3.62 Outperform
11/10/10 CIMB ST Engineering 3.47 3.88 Outperform DCF & PER
01/26/11 CIMB ST Engineering 3.29 3.88 Outperform
02/16/11 CIMB ST Engineering 3.15 3.88 Outperform DCF & PER & Div Yield

08/04/10 DBS Vickers ST Engineering 3.26 3.55 Buy
08/20/10 DBS Vickers ST Engineering 3.15 3.55 Buy
11/10/10 DBS Vickers ST Engineering 3.47 3.85 Buy Sum of parts

08/04/10 Kim Eng ST Engineering 3.26 3.15 Hold PER20x
09/30/10 Kim Eng ST Engineering 3.37 3.15 Hold
11/10/10 Kim Eng ST Engineering 3.47 3.15 Hold
02/16/11 Kim Eng ST Engineering 3.15 3.15 Hold PER17.1x

08/04/10 Macquarie ST Engineering 3.26 3.8 Outperform

09/20/10 OCBC ST Engineering 3.32 3.66 Buy PER20x
11/09/10 OCBC ST Engineering 3.4 3.66 Buy
02/16/11 OCBC ST Engineering 3.15 3.71 Buy PER21x

07/15/10 phillip ST Engineering 3.28 3.64 Buy FCFE Model
08/04/10 phillip ST Engineering 3.26 3.64 Buy
09/21/10 phillip ST Engineering 3.29 3.69 Buy FCFE Model
11/10/10 phillip ST Engineering 3.47 3.88 Buy
02/16/11 phillip ST Engineering 3.15 3.8 Buy DCF & PER20x

Singapore Press Holdings (SPH) - Does monopoly pay well in the business strategy?

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

03/15/10 CIMB SPH 3.8 4.5 Outperform Sum of parts
04/14/10 CIMB SPH 3.93 4.5 Outperform Sum of parts
05/18/10 CIMB SPH 3.84 4.5 Outperform
06/02/10 CIMB SPH 3.69 4.43 Outperform Sum of parts
07/13/10 CIMB SPH 3.93 4.47 Outperform Sum of parts
09/03/10 CIMB SPH 4.15 4.47 Outperform Sum of parts
10/13/10 CIMB SPH 4.22 4.51 Neutral Sum of parts
01/17/11 CIMB SPH 3.98 4.51 Neutral Sum of parts

03/05/10 DBS Vickers SPH 3.77 4.32 Buy Sum of parts
03/08/10 DBS Vickers SPH 3.8 4.32 Buy
04/14/10 DBS Vickers SPH 3.93 4.32 Buy
04/15/10 DBS Vickers SPH 3.97 4.42 Buy Sum of parts
05/27/10 DBS Vickers SPH 3.73 4.42 Buy Sum of parts
06/04/10 DBS Vickers SPH 3.79 4.42 Buy
07/13/10 DBS Vickers SPH 3.93 4.42 Buy Sum of parts
08/23/10 DBS Vickers SPH 3.98 4.42 Buy
09/08/10 DBS Vickers SPH 4.18 4.52 Buy Sum of parts
10/13/10 DBS Vickers SPH 4.22 4.37 Hold Sum of parts
01/17/11 DBS Vickers SPH 3.98 4.37 Hold

04/14/10 DMG & Partners SPH 3.93 3.95 Neutral Sum of parts
07/13/10 DMG & Partners SPH 3.93 4.31 Neutral Sum of parts
10/13/10 DMG & Partners SPH 4.22 4.11 Neutral
01/17/11 DMG & Partners SPH 3.98 4.11 Neutral Sum of parts

04/14/10 Kim Eng SPH 3.93 4.61 Buy
07/13/10 Kim Eng SPH 3.93 4.62 Buy Sum of parts
09/07/10 Kim Eng SPH 4.17 4.62 Buy Sum of parts
10/13/10 Kim Eng SPH 4.22 4.7 Buy Sum of parts
01/17/11 Kim Eng SPH 3.98 4.75 Buy

07/13/10 Lim & Tan SPH 3.93 0 Buy
09/03/10 Lim & Tan SPH 4.15 0 Buy
10/04/10 Lim & Tan SPH 4.24 0 Buy
10/13/10 Lim & Tan SPH 4.22 0 Buy Div Yield 6.4%

04/14/10 OCBC SPH 3.97 4.31 Buy Sum of parts
07/13/10 OCBC SPH 3.93 4.63 Buy Sum of parts
09/02/10 OCBC SPH 4.08 4.63 Buy
01/17/11 OCBC SPH 3.98 4.59 Buy

10/14/10 UOB Kay Hian SPH 4.25 4.35 Hold

Sound Global (Epure) - Mixed calls by analysts.

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

08/10/10 CIMB Sound Global 0.78 1.08 Outperform PER14x

07/07/10 Citigroup Sound Global 0.75 0.7 Sell PER13x

08/11/10 DBS Vickers Sound Global 0.765 0.84 Hold PER12x
08/26/10 DBS Vickers Sound Global 0.72 0.84 Hold
09/29/10 DBS Vickers Sound Global 0.81 0.96 Buy PER13.2x
11/15/10 DBS Vickers Sound Global 0.87 0.94 Hold PER14.3x
02/22/11 DBS Vickers Sound Global 0.71 0.8 Hold
06/11/10 DMG & Partners Sound Global 0.85 1.04 Buy
08/11/10 DMG & Partners Sound Global 0.765 0.93 Buy PER14x
11/16/10 DMG & Partners Sound Global 0.84 1.05 Buy PER14x
02/07/11 DMG & Partners Sound Global 0.75 1.05 Buy

06/29/10 phillip Sound Global 0.78 1.1 Buy DCF
07/06/10 phillip Sound Global 0.77 1.04 Buy
08/11/10 phillip Sound Global 0.77 1.06 Buy DCF
09/06/10 phillip Sound Global 0.71 0.82 Hold DCF
11/16/10 phillip Sound Global 0.84 0.82 Hold DCF

Soilbuild - Accept the offer!

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

06/16/10 OCBC Soilbuild 0.64 0.88 Buy
07/05/10 OCBC Soilbuild 0.59 0.88 Buy
07/16/10 OCBC Soilbuild 0.615 0.88 Buy
08/13/10 OCBC Soilbuild 0.62 1.76 Under Review
09/22/10 OCBC Soilbuild 0.705 0.8 Accept Offer
10/11/10 OCBC Soilbuild 0.795 0 Accept Offer
11/02/10 OCBC Soilbuild 0.79 0 Accept Offer

SMRT - Public transports company is no longer favoured by analysts.

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

08/03/10 AmFraser SMRT 2.1 1.99 Hold

05/18/10 CIMB SMRT 2.11 2.35 Neutral
08/02/10 CIMB SMRT 2.22 2.31 Buy DCF
09/17/10 CIMB SMRT 2.09 1.95 Underperform DCF
01/31/11 CIMB SMRT 2.05 2.1 Underperform DCF

07/30/10 Citigroup SMRT 2.1 1.9 Sell

12/15/10 CLSA SMRT 2.04 2.05 Underperform

08/02/10 DBS Vickers SMRT 2.22 1.88 Fully Valued DCF & PER15x
08/17/10 DBS Vickers SMRT 2.1 1.88 Fully Valued
11/01/10 DBS Vickers SMRT 2.05 1.88 Fully Valued PER15x & DCF
01/31/11 DBS Vickers SMRT 2.05 2.15 Hold PER, DCF
02/22/11 DBS Vickers SMRT 2 2.15 Hold

05/17/10 DMG & Partners SMRT 2.11 2 Sell
06/07/10 DMG & Partners SMRT 2.14 2 Sell
06/21/10 DMG & Partners SMRT 2.22 2 Sell
08/02/10 DMG & Partners SMRT 2.22 2 Sell PER20x
08/17/10 DMG & Partners SMRT 2.1 2 Sell
09/03/10 DMG & Partners SMRT 2.06 2 Sell
10/21/10 DMG & Partners SMRT 2.04 2.08 Neutral
01/12/11 DMG & Partners SMRT 2.05 2.08 Neutral PATMI 18x
01/13/11 DMG & Partners SMRT 2.06 2.08 Neutral
01/18/11 DMG & Partners SMRT 2.07 2.08 Neutral PATMI 18x
01/31/11 DMG & Partners SMRT 2.05 2.02 Neutral DCF
02/25/11 DMG & Partners SMRT 1.95 2.02 Neutral

08/02/10 Kim Eng SMRT 2.22 1.57 Sell PER17x
09/28/10 Kim Eng SMRT 2.07 1.71 Sell
11/01/10 Kim Eng SMRT 2.05 1.71 Sell
01/31/11 Kim Eng SMRT 2.05 1.97 Hold PER17x

08/02/10 Lim & Tan SMRT 2.22 2 Buy Buy when hit $2, Div Yield 4.4%
08/10/10 Lim & Tan SMRT 2.04 0 Buy

01/03/11 Macquarie SMRT 2.03 1.75 Underperform

05/27/10 OCBC SMRT 2.11 2.33 Buy
08/02/10 OCBC SMRT 2.22 2.16 Hold DDM
10/18/10 OCBC SMRT 2.06 2.16 Hold
01/14/11 OCBC SMRT 2.06 2.16 Hold DDM

05/21/10 phillip SMRT 2.1 2.36 Hold
07/20/10 phillip SMRT 2.3 2.36 Hold
08/02/10 phillip SMRT 2.22 2.18 Hold
10/25/10 phillip SMRT 2.06 2.18 Hold PER19.6x
11/01/10 phillip SMRT 2.05 2.18 Hold
02/01/11 phillip SMRT 2.04 2.18 Hold

Sinotel - Hold calls by analysts.

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

03/02/10 AmFraser Sinotel 0.505 0.89 Accumulate PER8.9x
05/03/10 AmFraser Sinotel 0.455 0.53 Hold

04/14/10 DBS Vickers Sinotel 0.56 0.61 Hold PER7x

05/05/10 DMG & Partners Sinotel 0.44 0.49 Neutral PER6.5x

Sinopipe - Increase your holdings for this stock.

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

01/19/11 SIAS Sinopipe 0.26 0.4 Increase

Sinomem - CIMB loved this stock!

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

03/02/10 CIMB Sinomem 0.51 1.2 Outperform Sum of parts
04/14/10 CIMB Sinomem 0.61 1.2 Outperform Sum of parts
05/17/10 CIMB Sinomem 0.53 1.2 Outperform Sum of parts
08/16/10 CIMB Sinomem 0.485 1.2 Outperform Sum of parts

Sino Grandness Food - Mostly buy calls from analysts for this food company.

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

10/26/10 AmFraser Sino Grandness Food 0.415 0.58 Buy PER7.5x
11/03/10 AmFraser Sino Grandness Food 0.42 0.63 Buy PER7.5x
02/17/11 Amfraser Sino Grandness Food 0.58 0.63 Buy
02/24/11 Amfraser Sino Grandness Food 0.51 0.73 Buy PER7.5x

06/29/10 DMG & Partners Sino Grandness Food 0.285 0.4 Buy
07/16/10 DMG & Partners Sino Grandness Food 0.33 0.4 Buy
08/10/10 DMG & Partners Sino Grandness Food 0.355 0.4 Buy
08/16/10 DMG & Partners Sino Grandness Food 0.345 0.5 Buy PER6x
08/17/10 DMG & Partners Sino Grandness Food 0.345 0.5 Buy Sum of parts
08/23/10 DMG & Partners Sino Grandness Food 0.36 0.5 Buy
09/13/10 DMG & Partners Sino Grandness Food 0.355 0.5 Buy
10/06/10 DMG & Partners Sino Grandness Food 0.37 0.46 Buy
10/22/10 DMG & Partners Sino Grandness Food 0.38 0.5 Buy
11/03/10 DMG & Partners Sino Grandness Food 0.42 0.56 Buy PER6x
01/12/11 DMG & Partners Sino Grandness Food 0.475 0.68 Buy PER6x
02/17/11 DMG & Partners Sino Grandness Food 0.58 0.68 Buy PER6x
02/23/11 DMG & Partners Sino Grandness Food 0.53 0.68 Buy PER6x

10/04/10 Lim & Tan Sino Grandness Food 0.37 0 Buy
10/06/10 Lim & Tan Sino Grandness Food 0.37 0 Buy
10/07/10 Lim & Tan Sino Grandness Food 0.415 0 Buy
01/07/11 Lim & Tan Sino Grandness Food 0.455 0 Buy
01/24/11 Lim & Tan Sino Grandness Food 0.515 0 Buy
02/17/11 Lim & Tan Sino Grandness Food 0.58 0 Buy
02/23/11 Lim & Tan Sino Grandness Food 0.53 0 Neutral

07/09/10 phillip Sino Grandness Food 0.31 0.53 Buy PER7x
08/10/10 phillip Sino Grandness Food 0.355 0.58 Buy PER7x
08/16/10 phillip Sino Grandness Food 0.345 0.58 Buy
10/07/10 phillip Sino Grandness Food 0.415 0.57 Buy PER7x
10/27/10 phillip Sino Grandness Food 0.415 0.57 Buy
12/07/10 phillip Sino Grandness Food 0.375 0.59 Buy
12/15/10 phillip Sino Grandness Food 0.405 0.57 Buy
02/24/11 phillip Sino Grandness Food 0.51 0.67 Buy

Singtel - Analysts have reservations for this telecommunication company.

08/13/10 AmFraser Singtel 2.99 2.82 Hold

05/18/10 CIMB Singtel 2.96 3 Underperform
06/21/10 CIMB Singtel 3.1 3 Underperform Sum of parts
06/25/10 CIMB Singtel 3.04 3 Underperform Sum of parts
08/12/10 CIMB Singtel 3.06 3 Underperform Sum of parts
08/30/10 CIMB Singtel 3 3.09 Underperform Sum of parts
09/07/10 CIMB Singtel 3.11 3.09 Underperform Sum of parts
09/13/10 CIMB Singtel 3.08 3.09 Underperform
09/23/10 CIMB Singtel 3.13 3.09 Underperform Sum of parts
10/18/10 CIMB Singtel 3.07 3.09 Underperform Sum of parts
11/09/10 CIMB Singtel 3.28 3.09 Underperform Sum of parts
11/11/10 CIMB Singtel 3.25 3.09 Underperform Sum of parts
11/12/10 CIMB Singtel 3.31 3.29 Underperform Sum of parts
12/03/10 CIMB Singtel 3.13 3.29 Underperform Sum of parts
01/21/11 CIMB Singtel 3.04 3.29 Underperform Sum of parts
02/10/11 CIMB Singtel 3.09 3.29 Underperform Sum of parts

02/25/11 Citigroup Singtel 2.86 3.36 Buy

09/17/10 Credit Suisse Singtel 3.09 3.84 Outperform

07/12/10 DBS Vickers Singtel 3.12 3.45 Buy Sum of parts
07/15/10 DBS Vickers Singtel 3.15 3.45 Buy
07/30/10 DBS Vickers Singtel 3.11 3.45 Buy
08/18/10 DBS Vickers Singtel 2.95 3.45 Buy
09/01/10 DBS Vickers Singtel 3.08 3.45 Buy
09/07/10 DBS Vickers Singtel 3.11 3.45 Buy PER12.1x
12/08/10 DBS Vickers Singtel 3.13 3.55 Buy
01/03/11 DBS Vickers Singtel 3.07 3.5 Buy

05/17/10 DMG & Partners Singtel 2.97 3.01 Neutral
06/09/10 DMG & Partners Singtel 2.88 3.01 Neutral
06/11/10 DMG & Partners Singtel 2.95 3.01 Neutral
07/12/10 DMG & Partners Singtel 3.09 3.01 Neutral Sum of parts
07/22/10 DMG & Partners Singtel 3.06 3.01 Neutral
08/12/10 DMG & Partners Singtel 3.06 3.01 Neutral
08/13/10 DMG & Partners Singtel 3.01 2.98 Neutral Sum of parts
09/01/10 DMG & Partners Singtel 3.08 2.98 Neutral
09/07/10 DMG & Partners Singtel 3.11 2.98 Neutral
11/11/10 DMG & Partners Singtel 3.25 2.98 Under Review
11/15/10 DMG & Partners Singtel 3.31 3.05 Neutral
11/26/10 DMG & Partners Singtel 3.09 3.05 Neutral Sum of parts
12/08/10 DMG & Partners Singtel 3.13 3.05 Neutral
01/03/11 DMG & Partners Singtel 3.05 3.05 Neutral
01/26/11 DMG & Partners Singtel 3.07 3.05 Neutral
02/10/11 DMG & Partners Singtel 3.09 3.05 Neutral

11/09/10 Goldman Sachs Singtel 3.28 3.47 Buy Sum of parts

08/12/10 Kim Eng Singtel 3.06 3.13 Hold
10/06/10 Kim Eng Singtel 3.15 2.88 Hold
11/11/10 Kim Eng Singtel 3.25 0 Under Review
11/12/10 Kim Eng Singtel 3.31 3.11 Hold
02/11/11 Kim Eng Singtel 3.05 3.11 Hold PER12x

11/11/10 Lim & Tan Singtel 3.25 0 Hold
02/10/11 Lim & Tan Singtel 3.09 0 Hold

05/19/10 OCBC Singtel 2.97 3.4 Buy 5.4% Div Yield
06/16/10 OCBC Singtel 2.98 3.4 Buy Div Yield 4.8%
07/28/10 OCBC Singtel 3.1 3.4 Buy Div Yield 4.8%
08/12/10 OCBC Singtel 3.06 3.34 Buy Sum of parts
09/01/10 OCBC Singtel 3.08 3.34 Buy Div Yield 4.2%
10/11/10 OCBC Singtel 3.09 3.34 Buy Div Yield 4.2%
11/11/10 OCBC Singtel 3.25 3.34 Buy Under Review
11/29/10 OCBC Singtel 3.1 3.51 Buy Sum of parts
01/04/11 OCBC Singtel 3.07 3.59 Buy Div Yield 4.3%

08/13/10 phillip Singtel 2.99 3.43 Hold
11/12/10 phillip Singtel 3.31 3.52 Hold
01/18/11 phillip Singtel 3.09 3.32 Hold Sum of parts
02/11/11 phillip Singtel 3.05 3.32 Hold DCF

01/13/11 UBS Singtel 3.09 3.53 Buy

02/11/11 UOB Kay Hian Singtel 3.05 3.07 Sell

Singapore Shipping - Lim & Tan loved this stock.

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

03/11/10 Lim & Tan Singapore Shipping 0.265 0 Buy

Singapore Post - Nobody likes to post mail anymore.

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

07/29/10 CIMB Singapore Post 1.14 1.13 Neutral DDM

10/07/10 CLSA Singapore Post 1.22 0 Underperform

07/29/10 DBS Vickers Singapore Post 1.13 1.17 Hold DDM
11/01/10 DBS Vickers Singapore Post 1.18 1.17 Hold DDM
01/31/11 DBS Vickers Singapore Post 1.17 1.17 Hold DDM

07/29/10 Kim Eng Singapore Post 1.13 1.25 Hold PER15x
11/01/10 Kim Eng Singapore Post 1.18 1.25 Hold PER15x
01/31/11 Kim Eng Singapore Post 1.17 1.29 Hold PER15x

08/13/10 Lim & Tan Singapore Post 1.15 0 Buy
09/08/10 Lim & Tan Singapore Post 1.23 0 Sell

06/25/10 OCBC Singapore Post 1.12 1.16 Hold
07/29/10 OCBC Singapore Post 1.13 1.16 Hold
01/31/11 OCBC Singapore Post 1.17 1.16 Hold DCF

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