CapitaCommercial - Mixed calls by analysts.

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

01/05/11 CIMB CapitaCommercial 1.54 1.41 Neutral DDM
01/20/11 CIMB CapitaCommercial 1.53 1.38 Underperform DDM
01/28/11 CIMB CapitaCommercial 1.46 1.38 Underperform

03/09/11 DBS Vickers CapitaCommercial 1.45 1.57 Hold

01/19/11 DMG & Partners CapitaCommercial 1.51 1.55 Neutral DDM

01/20/11 Kim Eng CapitaCommercial 1.53 1.25 Hold DDM

01/31/11 Lim & Tan CapitaCommercial 1.46 0 Buy

01/20/11 OCBC CapitaCommercial 1.53 1.61 Buy RNAV
02/10/11 OCBC CapitaCommercial 1.49 1.61 Buy
03/03/11 OCBC CapitaCommercial 1.43 1.61 Buy

Cambridge Industrial - Analysts likes this reit.

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

02/14/11 DBS Vickers Cambridge Industrial 0.515 0.58 Buy DCF
03/09/11 DBS Vickers Cambridge Industrial 0.505 0.58 Buy
03/14/11 DBS Vickers Cambridge Industrial 0.5 0.58 Buy

01/19/11 DMG & Partners Cambridge Industrial 0.52 0.61 Buy
03/11/11 DMG & Partners Cambridge Industrial 0.51 0.61 Buy DDM

02/14/11 phillip Cambridge Industrial 0.515 0.61 Buy Div Yield 9.4%

Cache Logistics - Well-loved by analysts.

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

01/04/11 CIMB Cache Logistics 0.97 1.3 Outperform
01/05/11 CIMB Cache Logistics 0.96 1.3 Outperform DDM
01/28/11 CIMB Cache Logistics 0.99 1.32 Outperform DDM
03/15/11 CIMB Cache Logistics 0.94 1.32 Outperform DDM

01/28/11 DBS Vickers Cache Logistics 0.99 1.11 Buy
03/09/11 DBS Vickers Cache Logistics 0.95 1.11 Buy

03/14/11 OCBC Cache Logistics 0.935 1.03 Buy RNAV
03/18/11 OCBC Cache Logistics 0.92 1.04 Buy RNAV

C&O Pharm - Buy call from Phillip.

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

02/14/11 phillip C&O Pharm 0.42 0.65 Buy PER13.7x

Bukit Sembawang - Mixed calls by analysts.

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

01/10/11 CIMB Bukit Sembawang 4.77 5.86 Outperform RNAV (30% discount)

03/16/11 DBS Vickers Bukit Sembawang 4.35 5.25 Hold

Broadway - Mixed calls by analysts.

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

02/17/11 CIMB Broadway 0.99 1.84 Outperform PER8x

02/17/11 DBS Vickers Broadway 0.99 0.91 Hold PER4.5x

02/21/11 DMG & Partners Broadway 1.06 1.27 Buy PER7.1x

02/17/11 Lim & Tan Broadway 0.99 0 Neutral

02/22/11 NRA Broadway 1 1.93 Buy PER8x

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 18/03/2011 show the inflows and outflows of funds in the stock markets by displaying the moving averages of 100-day volumes (blue line).  The flows of funds usually determine the future trajectories of a stock market.

Breadtalk - Do you still like pork floss bun?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method
 
02/25/11 Kim Eng Breadtalk 0.61 0 Under Review
 
03/10/11 OCBC Breadtalk 0.66 0.74 Buy DCF

Boustead - Mixed calls from analysts.

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

02/15/11 DBS Vickers Boustead 1.06 1.1 Hold Sum of parts
02/22/11 DBS Vickers Boustead 1.02 1.1 Hold

01/03/11 Kim Eng Boustead 1.1 1.39 Buy Sum of parts, PER10.9x
01/27/11 Kim Eng Boustead 1.11 1.39 Buy Sum of parts
02/15/11 Kim Eng Boustead 1.06 1.39 Buy
03/01/11 Kim Eng Boustead 0.935 1.39 Buy Under Review

Biosensors - Mixed calls from analysts.

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

01/31/11 DBS Vickers Biosensors 1.14 1.2 Hold
02/18/11 DBS Vickers Biosensors 1.04 1.13 Hold Sum of parts

01/31/11 OCBC Biosensors 1.14 1.36 Buy DCF
02/18/11 OCBC Biosensors 1.04 1.36 Under Review
02/21/11 OCBC Biosensors 1.01 1.36 Buy
03/14/11 OCBC Biosensors 1.18 1.36 Buy

Beyonics - No cure for this company.

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

03/07/11 Lim & Tan Beyonics 0.195 0 Sell
03/14/11 Lim & Tan Beyonics 0.17 0 Sell

Berlian Laju - CIMB downgraded this shipper due to change in government regulation.

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

03/11/11 CIMB Berlian Laju 0.05 0.05 Trading Sell

BBR - DMG upgraded the target price.

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

02/17/11 DMG & Partners BBR 0.27 0.33 Buy PER6.5x
02/28/11 DMG & Partners BBR 0.265 0.45 Buy PER6.5x
03/10/11 DMG & Partners BBR 0.19 0.45 Buy

Baltic Dry Index (BDI) - 1548

Quote:

The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, fell for a second day on Tuesday in slower activity with the market still assessing Japan's earthquake.


The index fell by 0.71 per cent or 11 points to 1,548 points. Prior to the move lower it had risen for 11 consecutive sessions.

End Quote.

Avi-Tech - Buy call from OCBC.

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

01/04/11 OCBC Avi-Tech 0.195 0.28 Buy NTA1.5x
02/11/11 OCBC Avi-Tech 0.195 0.28 Under Review
02/15/11 OCBC Avi-Tech 0.19 0.28 Buy NTA1x

Ausgroup - Downgraded by CIMB.

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

02/14/11 CIMB Ausgroup 0.4 0.42 Underperform PER7.5x

ASTI - Strong buy from NRA.

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

02/24/11 NRA ASTI 0.1 0.22 Buy PB1.2x, PER8x

ASL Marine - Mixed calls by analysts.

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

01/03/11 DBS Vickers ASL Marine 0.98 0.96 Hold

02/14/11 Kim Eng ASL Marine 0.69 0.85 Buy NTA1x

01/05/11 OCBC ASL Marine 0.75 0.67 Hold
02/14/11 OCBC ASL Marine 0.69 0.67 Neutral
03/09/11 OCBC ASL Marine 0.645 0.67 Hold
03/11/11 OCBC ASL Marine 0.625 0.67 Hold

02/14/11 UOB Kay Hian ASL Marine 0.69 0.84 Hold Sum of parts

Asia Travel - Cease coverage by Kim Eng.

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

11/30/10 DBS Vickers Asiatravel 0.42 0.4 Hold


01/27/11 Kim Eng Asiatravel 0.445 0.47 Hold Cease coverage as no positive catalyst

Ascendas India Trust - Buy calls from analysts.

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

02/02/11 Citigroup Ascendas India Trust 0.99 1.18 Buy DDM

01/27/11 DBS Vickers Ascendas India Trust 0.96 1.08 Buy
02/25/11 DBS Vickers Ascendas India Trust 0.935 1.13 Buy DDM
03/09/11 DBS Vickers Ascendas India Trust 0.94 1.13 Buy

Ascott Residences Trust (ART) - CIMB upgraded this reit.

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

01/05/11 CIMB ART 1.25 1.24 Underperform DDM
01/25/11 CIMB ART 1.22 1.32 Neutral

01/07/11 DBS Vickers ART 1.26 1.38 Buy
03/09/11 DBS Vickers ART 1.19 1.38 Buy

01/24/11 Kim Eng ART 1.22 1.38 Buy

01/21/11 Lim & Tan ART 1.22 0 Buy

01/24/11 OCBC ART 1.22 1.34 Buy
03/15/11 OCBC ART 1.19 1.34 Buy Under Review

Armstrong - Downgraded to hold by Lim & Tan.

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

02/28/11 CIMB Armstrong 0.395 0.575 Outperform PER9x

03/03/11 DMG & Partners Armstrong 0.395 0.545 Buy
03/04/11 DMG & Partners Armstrong 0.395 0.545 Buy

01/03/11 Kim Eng Armstrong 0.43 0.53 Buy

02/28/11 Lim & Tan Armstrong 0.395 0 Hold

Ascendas Reit (A-Reit) - No buy call for this reit.

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

01/05/11 CIMB A-Reit 2.12 2.13 Neutral DDM
01/18/11 CIMB A-Reit 2.16 2.09 Underperform DDM
01/28/11 CIMB A-Reit 2.12 2.09 Underperform

01/19/11 Credit Suisse A-Reit 2.15 2.33 Neutral

01/18/11 DBS Vickers A-Reit 2.16 2.19 Hold
02/14/11 DBS Vickers A-Reit 2.06 2.19 Hold DCF
03/09/11 DBS Vickers A-Reit 2.03 2.19 Hold

01/18/11 DMG & Partners A-Reit 2.16 2.2 Neutral
02/14/11 DMG & Partners A-Reit 2.06 2.2 Neutral

01/18/11 OCBC A-Reit 2.16 2.2 Hold RNAV
03/08/11 OCBC A-Reit 2 2.2 Hold

ARA Asset Management - Target price and call was upgraded by CIMB.

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

11/11/10 CIMB ARA Asset Management 1.56 1.58 Neutral Sum of parts
02/25/11 CIMB ARA Asset Management 1.63 1.98 Outperform Sum of parts

02/25/11 DBS Vickers ARA Asset Management 1.63 1.77 Buy Sum of parts

Amtek - Buy calls from CIMB & DBS Vickers.

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

01/03/11 CIMB Amtek 1.08 1.52 Outperform PER9x

01/11/11 DBS Vickers Amtek 1.29 1.65 Buy PER11x
01/25/11 DBS Vickers Amtek 1.33 1.65 Buy
02/14/11 DBS Vickers Amtek 1.24 1.65 Buy PER11x

Allied Tech - Buy call from NRA.

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

03/01/11 NRA Allied Tech 0.065 0.13 Buy PB1x

Allgreen - No longer a favoured developer.

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

02/25/11 CIMB Allgreen 1.02 1.17 Underperform RNAV (30% discount)

12/20/10 DBS Vickers Allgreen 1.17 1.34 Hold

Adampak - Hold call by Lim & Tan.

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

03/02/11 Lim & Tan Adampak 0.335 0 Hold PER7x

Ziwo - Well-liked by Phillip.

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

12/15/10 phillip Ziwo 0.375 0.47 Buy
02/25/11 phillip Ziwo 0.285 0.47 Buy PER5x

Yongnam - Buy calls from analysts.

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

03/01/11 CIMB Yongnam 0.25 0.4 Outperform PER8x

03/02/11 DMG & Partners Yongnam 1.85 2.3 Buy

Ying Li - Buy call from Kim Eng.

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

03/02/11 Kim Eng Ying Li 0.365 0.5 Buy RNAV (40% discount)

Yangzijiang - Analysts loves this shipyard.

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

12/14/10 CIMB Yangzijiang 1.94 2.57 Outperform PER14x
01/04/11 CIMB Yangzijiang 1.97 2.57 Outperform
01/13/11 CIMB Yangzijiang 2.01 2.69 Outperform PER14x
01/28/11 CIMB Yangzijiang 1.92 2.69 Outperform
02/21/11 CIMB Yangzijiang 1.9 2.69 Outperform PER14x
02/22/11 CIMB Yangzijiang 1.89 2.69 Outperform PER14x
02/23/11 CIMB Yangzijiang 1.89 2.69 Outperform PER14x
03/10/11 CIMB Yangzijiang 1.81 2.69 Outperform

12/16/10 DBS Vickers Yangzijiang 1.93 2.6 Buy Sum of parts, PB
12/17/10 DBS Vickers Yangzijiang 1.89 2.6 Buy PER14x
01/04/11 DBS Vickers Yangzijiang 1.97 2.6 Buy
01/13/11 DBS Vickers Yangzijiang 2.01 2.6 Buy PER14x
03/02/11 DBS Vickers Yangzijiang 1.85 2.6 Buy PER14x
03/10/11 DBS Vickers Yangzijiang 1.81 2.6 Buy PER14x

12/17/10 DMG & Partners Yangzijiang 1.89 2.2 Buy PER15x
01/13/11 DMG & Partners Yangzijiang 2.01 2.2 Buy
02/22/11 DMG & Partners Yangzijiang 1.89 2.2 Under Review
02/23/11 DMG & Partners Yangzijiang 1.89 2.3 Buy PER15x

02/24/11 Morgan Stanley Yangzijiang 1.85 2.11 Overweight

03/08/11 Nomura Yangzijiang 1.82 2.3 Buy Sum of parts

01/18/11 OCBC Yangzijiang 2.02 2.36 Buy PER15x
02/01/11 OCBC Yangzijiang 1.86 2.36 Buy
02/07/11 OCBC Yangzijiang 1.93 2.36 Buy
02/23/11 OCBC Yangzijiang 1.89 2.36 Buy
03/02/11 OCBC Yangzijiang 1.85 2.36 Buy
03/09/11 OCBC Yangzijiang 1.81 2.36 Buy

12/02/10 UOB Kay Hian Yangzijiang 1.88 2.37 Buy PER15x

Yamada Green - DMG likes mushrooms.

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

01/07/11 DMG & Partners Yamada Green 0.32 0.4 Buy
02/07/11 DMG & Partners Yamada Green 0.325 0.4 Buy
02/09/11 DMG & Partners Yamada Green 0.335 0.4 Buy
03/02/11 DMG & Partners Yamada Green 0.28 0.43 Buy PER6x
03/03/11 DMG & Partners Yamada Green 0.27 0.43 Buy PER6x

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