Hock Lian Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/16	phillip	Hock Lian Seng	0.345	0.31	Reduce	Sum of parts
08/12/16	phillip	Hock Lian Seng	0.345	0.31	Reduce	Sum of parts
08/18/16	phillip	Hock Lian Seng	0.375	0.34	Reduce	Sum of parts
11/03/16	CIMB	Hock Lian Seng	0.365	0.34	Not Rated	Bloomberg consensus target
11/08/16	phillip	Hock Lian Seng	0.37	0.38	Neutral	Sum of parts
02/16/17	UOB Kay Hian	Hock Lian Seng	0.515	0.69	Buy	PER7.6x FY17, Ex-Cash
03/02/17	phillip	Hock Lian Seng	0.585	0.57	Neutral	Sum of parts
03/02/17	UOB Kay Hian	Hock Lian Seng	0.585	0.69	Buy
05/11/17	phillip	Hock Lian Seng	0.475	0.57	Accumulate	Sum of parts
05/11/17	UOB Kay Hian	Hock Lian Seng	0.475	0.585	Buy	PER7.6x FY17, Ex-Cash
12/06/17	DBS Vickers	Hock Lian Seng	0.455	0.58	Not Rated	PER11x FY18

Ho Bee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/16	Kim Eng	Ho Bee	1.96	2.84	Buy	RNAV (34% discount), PB0.7x
02/26/16	Kim Eng	Ho Bee	1.91	2.33	Buy	RNAV (38% discount)
03/10/16	Kim Eng	Ho Bee	1.955	2.33	Buy	RNAV (38% discount)
03/10/16	Lim & Tan	Ho Bee	1.955	0	Buy
03/14/16	phillip	Ho Bee	2	2.27	Accumulate	RNAV (40% discount)
03/28/16	DMG & Partners	Ho Bee	2.13	2.6	Buy
04/04/16	Kim Eng	Ho Bee	2.19	2.33	Buy
04/20/16	Kim Eng	Ho Bee	2.19	2.47	Buy	RNAV (40% discount)
04/29/16	phillip	Ho Bee	2.17	2.27	Accumulate	RNAV (40% discount)
05/04/16	CIMB	Ho Bee	2.19	2.8	Add	RNAV (30% discount)
05/24/16	UOB Kay Hian	Ho Bee	2.23	2.86	Buy
06/08/16	UOB Kay Hian	Ho Bee	2.27	2.82	Buy
06/09/16	Kim Eng	Ho Bee	2.24	2.47	Buy
06/27/16	DMG & Partners	Ho Bee	2.17	2.75	Buy
06/27/16	phillip	Ho Bee	2.17	2.2	Accumulate	RNAV (40% discount)
06/30/16	Kim Eng	Ho Bee	2.13	2.28	Hold	RNAV (39% discount)
07/07/16	UOB Kay Hian	Ho Bee	2.11	2.82	Buy
08/16/16	CIMB	Ho Bee	2.23	2.78	Add	RNAV (30% discount)
08/17/16	phillip	Ho Bee	2.2	2.2	Accumulate	RNAV (40% discount)
09/09/16	Kim Eng	Ho Bee	2.16	2.28	Hold
10/05/16	Kim Eng	Ho Bee	2.16	2.28	Hold
10/06/16	DMG & Partners	Ho Bee	2.16	2.68	Buy
11/09/16	UOB Kay Hian	Ho Bee	2.12	2.82	Buy
11/11/16	Lim & Tan	Ho Bee	2.11	0	Buy
11/11/16	phillip	Ho Bee	2.11	2.2	Accumulate	RNAV (40% discount)
12/06/16	Kim Eng	Ho Bee	2.09	2.13	Hold
12/13/16	UOB Kay Hian	Ho Bee	2.08	2.82	Buy
01/11/17	Kim Eng	Ho Bee	2.06	2.13	Hold
02/06/17	phillip	Ho Bee	2.29	2	Accumulate
02/09/17	Lim & Tan	Ho Bee	2.3	0	Buy
02/28/17	Kim Eng	Ho Bee	2.3	2.47	Hold
03/02/17	phillip	Ho Bee	2.26	2.64	Accumulate	RNAV (30% discount)
03/08/17	UOB Kay Hian	Ho Bee	2.32	2.82	Buy
03/13/17	Kim Eng	Ho Bee	2.35	2.47	Hold
03/13/17	UOB Kay Hian	Ho Bee	2.35	3.02	Buy
03/16/17	Kim Eng	Ho Bee	2.3	2.6	Hold
04/26/17	Kim Eng	Ho Bee	2.31	2.6	Hold	RNAV (36% discount)
04/27/17	phillip	Ho Bee	2.37	2.64	Accumulate	RNAV (30% discount)
05/29/17	Kim Eng	Ho Bee	2.36	3	Buy	RNAV (29% discount)
06/16/17	Kim Eng	Ho Bee	2.37	3	Buy
07/11/17	Kim Eng	Ho Bee	2.35	3	Buy
08/14/17	phillip	Ho Bee	2.32	2.98	Accumulate	RNAV (30% discount)
08/22/17	CIMB	Ho Bee	2.35	3.39	Add	RNAV (35% discount)
08/28/17	Kim Eng	Ho Bee	2.39	3	Buy
09/18/17	UOB Kay Hian	Ho Bee	2.32	3.02	Buy
09/25/17	Kim Eng	Ho Bee	2.36	3	Buy
11/10/17	phillip	Ho Bee	2.57	2.98	Accumulate	RNAV (30% discount)
11/17/17	Kim Eng	Ho Bee	2.53	3	Buy
12/01/17	UOB Kay Hian	Ho Bee	2.48	3.02	Buy
12/18/17	Kim Eng	Ho Bee	2.41	3	Buy

Stock calls for 5 January 2018

Date	Analyst	Company	Last	Target	Call	Percent	Valuation
01/05/18	DMG & Partners	A-Reit	2.79	2.9	Buy	3.94
01/05/18	DMG & Partners	Cache Logistics	0.875	0.84	Neutral	-4.00
01/05/18	DMG & Partners	CapitaCommercial	2.03	1.6	Take Profit	-21.18
01/05/18	OCBC	Capitaland	3.66	4.13	Buy	12.84
01/05/18	Lim & Tan	Capitaland	3.66	0	Buy	-100.00
01/05/18	DMG & Partners	Capitamall Trust	2.11	2.08	Neutral	-1.42
01/05/18	DMG & Partners	CDL Hospitality	1.72	1.7	Buy	-1.16
01/05/18	Jefferies	City Developments	12.86	14.8	Buy	15.09
01/05/18	DBS Vickers	Cityneon	0.97	1.45	Buy	49.48
01/05/18	UOB Kay Hian	DBS	26.5	29.5	Buy	11.32
01/05/18	DMG & Partners	Frasers Centrepoint Trust	2.29	2.24	Neutral	-2.18
01/05/18	DMG & Partners	Frasers Commercial Trust	1.53	1.39	Neutral	-9.15
01/05/18	DBS Vickers	Genting	1.34	1.51	Buy	12.69
01/05/18	DBS Vickers	Hong Leong Finance	2.77	3.2	Buy	15.52
01/05/18	DMG & Partners	Keppel Reit	1.27	1.05	Neutral	-17.32
01/05/18	DMG & Partners	Manulife US Reit	0.935	0.98	Buy	4.81
01/05/18	DBS Vickers	MM2 Asia	0.545	0.73	Buy	33.94
01/05/18	DBS Vickers	OCBC	12.95	14	Buy	8.11	GGM, PB1.4x FY18
01/05/18	UOB Kay Hian	OCBC	12.95	14.88	Buy	14.90
01/05/18	OCBC	OUE Hospitality	0.875	0.83	Hold	-5.14
01/05/18	Amfrasers	Sembcorp Marine	1.83	2.05	Hold	12.02
01/05/18	DBS Vickers	ST Engineering	3.3	3.7	Hold	12.12
01/05/18	DMG & Partners	Starhill	0.775	0.81	Neutral	4.52
01/05/18	DMG & Partners	Suntec Reit	2.17	1.75	Neutral	-19.35
01/05/18	DBS Vickers	UOB	27.02	29.5	Buy	9.18	GGM, PB1.4x FY18
01/05/18	DBS Vickers	Venture	21.97	26	Buy	18.34
01/05/18	CIMB	Yongnam	0.335	0.53	Add	58.21	PB0.8x FY18

Paris security is getting from bad to worse.

A Paris policewoman got attacked by mob recently.

If a policewoman could get attacked, what about ordinary people?  When the bad guys are not afraid of the police anymore, the security situation is really bad in Paris.

SIA top management doesn't know how to run an airline anymore.

https://www.channelnewsasia.com/news/singapore/singapore-airlines-sia-cancels-credit-card-fees-9831474

Can you believe this?  The top management wanted to impose the credit card fee on 3 Jan 2018 and then retracted the imposition the next day.

The credit card fee imposition was a major decision that would affect all consumers and could irk the customers.  Therefore, this decision was not something to be taken lightly and must be done through thorough analysis and planning.  However, the top management just went ahead with this decision and retracted it the next day.

This farce shows that the top management doesn't know how to run an airline anymore by making a major decision lightly without much consideration.

Taiwanese boss knew that the oil shipment on the detained HK ship would be sold in international waters.

https://sg.finance.yahoo.com/news/taiwan-investigates-man-over-illegal-085215008.html

We've stated previously that Taiwan was responsible for the illegal oil shipment to NK.  Trump and the western media were just embarking on a smearing campaign against China.

We've been proven right now.  The Taiwan fishery boss admitted that he knew that the oil shipment would be sold in international waters.  He chartered the HK ship to sell oil in international waters.

http://sg-stock.blogspot.sg/2018/01/hot-news-latest-update-on-detained-hk.html

HMI - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/14/16	Amfraserss	HMI	0.53	0.6	Buy	DCF, PER42x FY17
11/15/16	Amfraserss	HMI	0.755	0.84	Buy	DCF, PER33x FY18
02/10/17	Amfraserss	HMI	0.645	0.84	Buy
02/13/17	Amfraserss	HMI	0.645	0.86	Buy	DCF, PER36x FY18
03/10/17	phillip	HMI	0.61	0.83	Buy	DCF
03/13/17	CIMB	HMI	0.635	0.81	Add	DCF
03/24/17	OCBC	HMI	0.64	0.8	Buy	DCF
04/20/17	OCBC	HMI	0.625	0.8	Buy
04/20/17	UOB Kay Hian	HMI	0.625	0.83	Buy	DCF
05/09/17	CIMB	HMI	0.615	0.81	Add	DCF
05/12/17	OCBC	HMI	0.605	0.8	Buy	DCF
05/15/17	Amfrasers	HMI	0.6	0.86	Buy	DCF, PER38x FY18
05/15/17	CIMB	HMI	0.6	0.83	Add	DCF
05/15/17	phillip	HMI	0.6	0.83	Buy	DCF, PER35x FY18
06/05/17	Kim Eng	HMI	0.63	0.84	Buy	DCF, PER35x FY18
06/08/17	OCBC	HMI	0.69	0.8	Buy
06/19/17	UOB Kay Hian	HMI	0.685	0.83	Buy	DCF
08/01/17	UOB Kay Hian	HMI	0.665	0.83	Buy	DCF
08/24/17	OCBC	HMI	0.65	0.8	Buy	DCF
08/25/17	Kim Eng	HMI	0.645	0.8	Buy	DCF
08/25/17	CIMB	HMI	0.645	0.83	Add	DCF
08/29/17	phillip	HMI	0.645	0.83	Buy	DCF
09/11/17	UOB Kay Hian	HMI	0.635	0.83	Buy	DCF
11/15/17	CIMB	HMI	0.715	0.83	Add	DCF
11/15/17	phillip	HMI	0.715	0.83	Buy	DCF
11/15/17	UOB Kay Hian	HMI	0.715	0.83	Buy	DCF
11/15/17	Kim Eng	HMI	0.715	0.8	Buy	DCF

Hi-P - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/06/16	Lim & Tan	Hi-P	0.425	0	Hold
05/23/17	DBS Vickers	Hi-P	0.88	1.07	Buy	PER12x FY18
06/16/17	DBS Vickers	Hi-P	0.935	1.07	Buy
08/07/17	DBS Vickers	Hi-P	1.19	1.45	Buy	PER13x
10/03/17	DBS Vickers	Hi-P	1.405	1.67	Buy	PER13.2x FY18
11/08/17	DBS Vickers	Hi-P	1.93	2.3	Buy	PER15.4x FY18
12/06/17	DBS Vickers	Hi-P	1.61	2.3	Buy
12/21/17	Kim Eng	Hi-P	1.75	2.11	Buy	PB3.4x FY17, PER13.6x FY18, PEG0.7x

Stock calls for 4 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	Deutsche	A-Reit	2.74	2.75	Hold
01/04/18	Deutsche	CapitaCommercial	1.99	1.85
01/04/18	Deutsche	Capitaland	3.61	4.3	Buy
01/04/18	Deutsche	Capitamall Trust	2.12	2.3	Buy
01/04/18	UOB Kay Hian	CDL Hospitality	1.69	1.88	Buy
01/04/18	CIMB	CDL Hospitality	1.69	1.77	Add
01/04/18	UOB Kay Hian	Citic Envirotech	0.75	1.1	Buy
01/04/18	UOB Kay Hian	City Developments	12.84	14.03	Buy
01/04/18	phillip	Comfortdelgro	2.02	2.63	Buy	DCF
01/04/18	OCBC	Comfortdelgro	2.02	2.05	Hold
01/04/18	DMG & Partners	Dairy Farm	7.9	9.53	Buy	DCF
01/04/18	CIMB	Far East Hospitality	0.725	0.84	Add
01/04/18	CIMB	First Resources	1.88	2.13	Add
01/04/18	DMG & Partners	Food Empire	0.705	1	Buy	PER12x FY18
01/04/18	UOB Kay Hian	GL	0.865	1.19	Buy
01/04/18	Kim Eng	Jumbo	0.59	0.7	Buy	DCF, PER26x FY18
01/04/18	Deutsche	Keppel Reit	1.27	1.25	Hold
01/04/18	Deutsche	Manulife US Reit	0.94	1	Buy
01/04/18	Deutsche	Mapletree Commercial	1.67	1.7	Buy
01/04/18	Deutsche	OUE Hospitality	0.87	0.65	Sell
01/04/18	CIMB	OUE Hospitality	0.87	0.89	Add
01/04/18	DBS Vickers	Perennial Reit	0.88	1.05	Buy
01/04/18	UOB Kay Hian	Singtel	3.59	4.53	Buy	DCF
01/04/18	Deutsche	Suntec Reit	2.14	2.05	Hold
01/04/18	UOB Kay Hian	Thai Beverage	0.915	1.11	Buy	Sum of parts
01/04/18	Deutsche	UOL	9.08	10	Buy
01/04/18	CIMB	Wilmar	3.16	4.27	Add
01/04/18	UOB Kay Hian	Wing Tai	2.29	2.78	Buy	RNAV (20% discount)
01/04/18	Deutsche	Wing Tai	2.29	2.6	Buy

Bloomberg is reporting a more neutral viewpoint over the detained HK ship.

https://www.bloomberg.com/news/articles/2018-01-03/shadowy-oil-trades-at-sea-outfox-efforts-to-rein-in-kim-jong-un

Bloomberg has done a complete investigation by listing Taiwan's close trading relationship with North Korea but we've reported this much earlier than Bloomberg.

The prima facie evidence showed that Taiwan was primarily involved in this illegal oil shipment to NK and Taiwan had dealt with NK for coals as well.

We hope that Bloomberg can continue to report the truth and don't throw in the towel.

The USA is working hard on smearing China to bail out Taiwan.

http://freebeacon.com/national-security/secret-document-reveals-china-covertly-offering-missiles-increased-aid-north-korea/

The news published by The Washington Beacon has been denounced as FAKE NEWS by China and the so-called top secret document was fabricated.

The USA just wants to pinpoint China as the source of illegal oil shipments to North Korea.  This was the same modus operandi used on Iraq.  The USA fabricated intelligence and information to accuse, smear and discredit Iraq and this tactic gave the USA the excuse to attack Iraq.

The truth is Taiwan is the country behind the illegal oil shipments to North Korea and the USA is trying to bail out Taiwan by diverting the attention to China.  The USA is working together with western media to achieve this mission.

http://sg-stock.blogspot.sg/2018/01/hot-news-latest-update-on-detained-hk.html

Hatten Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/17	NRA	Hatten Land	0.27	0.44	Overweight
03/14/17	UOB Kay Hian	Hatten Land	0.285	0.43	Buy	Sum of parts
05/16/17	UOB Kay Hian	Hatten Land	0.196	0.43	Buy	Sum of parts
06/21/17	CIMB	Hatten Land	0.181	0.38	Add	RNAV (45% discount)
07/05/17	UOB Kay Hian	Hatten Land	0.225	0.43	Buy
08/18/17	CIMB	Hatten Land	0.2	0.38	Add	RNAV (45% discount)
08/21/17	NRA	Hatten Land	0.205	0.46	Overweight	DCF, PER20.2x FY18

Guocoland - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/22/16	CIMB	Guocoland	1.89	2.74	Add	RNAV (25% discount)
05/24/16	UOB Kay Hian	Guocoland	1.78	2.55	Buy
09/02/16	CIMB	Guocoland	1.905	2.59	Add	RNAV (25% discount)
10/26/16	CIMB	Guocoland	1.99	2.59	Add	RNAV (25% discount)
11/09/16	UOB Kay Hian	Guocoland	1.91	2.55	Buy
01/24/17	CIMB	Guocoland	1.845	2.59	Add	RNAV (25% discount)
03/08/17	UOB Kay Hian	Guocoland	1.85	2.55	Buy
08/17/17	Kim Eng	Guocoland	2.04	2.75	Buy	RNAV (22% discount)
08/25/17	UOB Kay Hian	Guocoland	2.28	2.8	Buy	RNAV (23.5% discount)
08/29/17	CIMB	Guocoland	2.32	2.77	Add	RNAV (25% discount)
09/18/17	UOB Kay Hian	Guocoland	2.29	2.8	Buy
09/25/17	Kim Eng	Guocoland	2.29	2.75	Buy	RNAV (23.5% discount)
10/09/17	Kim Eng	Guocoland	2.31	2.9	Buy	RNAV (20% discount)
10/20/17	CIMB	Guocoland	2.41	2.28	Add	RNAV (25% discount)
11/17/17	Kim Eng	Guocoland	2.19	2.9	Buy
12/01/17	UOB Kay Hian	Guocoland	2.08	2.8	Buy
12/07/17	Kim Eng	Guocoland	2.09	2.95	Buy	RNAV (20% discount)

Stock calls for 3 January 2018

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/18	Deutsche	Capitaland	3.55	4.6	Buy
01/03/18	Amfrasers	Comfortdelgro	2.01	2.24	Buy	PER16x FY18
01/03/18	DBS Vickers	HRnetGroup	0.79	0.96	Buy	DCF & PER15x FY18 (ex-cash)
01/03/18	Lim & Tan	Manulife US Reit	0.93	1	Buy
01/03/18	Lim & Tan	MIT	0.26	0	Buy
01/03/18	DMG & Partners	OUE Hospitality	0.855	0.91	Buy	DDM
01/03/18	OCBC	Sembcorp Marine	1.87	1.78	Hold	PB1.85x
01/03/18	UOB Kay Hian	SIA	10.67	11.9	Buy	PB0.9x FY18
01/03/18	OCBC	SIA	10.67	10.5	Hold
01/03/18	UOB Kay Hian	Tianjin Zhongxin	0.945	1.52	Buy	PER14.1x FY18
01/03/18	Citibank	Yanlord	1.72	1.75	Neutral	RNAV (50% discount)

The world is silent on Rohingya because of the past historical events.

https://sg.news.yahoo.com/world-apos-awkward-silence-over-050006212.html

Only countries that don't understand the past history of Myanmar will continue to interfere and badmouth Myanmar over Rohingya.  Historical feuds are very difficult to resolve.

http://sg-stock.blogspot.sg/2017/12/the-truth-of-rohingya-and-main-culprit.html

This is the reason we don't see the world asking South Korea, China, Philippines not to mention the "comfort woman" issue again.  Instead, we see "Comfort Woman" statures being set up in these countries to remind Japan of its past atrocities.

What can we say about these ignorant countries? The famous adage "Empty vessels make the most noise" is still valid today.

Iran's instability has started and Trump is fanning the fire.

https://www.theguardian.com/world/2017/dec/31/protesters-who-spread-fear-and-violence-will-be-confronted-says-iran

Sigh! The USA is creating trouble again in the Middle East (Iran).

I'm not surprised if the USA is found to be behind this especially the CIA.  The USA is well-known to support the opposition to overthrow the ruling government when the local government is not supportive of the USA policies.

Hot news - Latest update on the detained HK ship which was chartered by Taiwan.

The truth is out finally!  It was Taiwan that was responsible for selling the oil at sea to North Korea.

This was not the first time that Taiwan was doing this.  In fact, Taiwan had been doing barter trades with North Korea for oil-and-weapon exchanges.  As NK has no money to buy oil, NK is buying oil by exchanging its weapons with Taiwan in this way.

http://sg-stock.blogspot.sg/2017/12/the-western-media-are-smearing-china.html

Taiwan had also been buying NK coals because it was facing an energy crisis locally since the ruling party didn't want to use nuclear energy.

https://www.taiwannews.com.tw/en/news/3316011

President Trump and the western media were all out to smear and discredit China for selling oil to NK but it was Taiwan that was doing the barter trades with NK.  Once the truth is revealed by trustworthy news media, it will make Trump and the western media look very bad.

We'll post the revelation link once we managed to find the news from trustworthy media.

Golden Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/17	Amfraserss	Golden Energy	0.475	0.95	Buy	DCF
02/21/17	Amfrasers	Golden Energy	0.54	0.95	Buy	DCF
03/02/17	Amfrasers	Golden Energy	0.545	0.96	Buy	DCF
05/17/17	Amfrasers	Golden Energy	0.435	0.78	Buy	DCF
05/18/17	DMG & Partners	Golden Energy	0.415	0.71	Buy	DCF, PER14.7x FY17, PER12.4x FY18
08/16/17	DMG & Partners	Golden Energy	0.39	0.71	Buy	DCF, PER12.4x FY18
08/17/17	Amfrasers	Golden Energy	0.395	0.78	Buy	DCF
08/28/17	phillip	Golden Energy	0.445	0.59	Buy	PER10x
11/21/17	phillip	Golden Energy	0.42	0.59	Buy	PER10x, PB1.36x
12/01/17	Amfrasers	Golden Energy	0.4	0.78	Buy
12/01/17	phillip	Golden Energy	0.4	0.59	Buy

Global Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	Deutsche	Golden Agri	0.33	0.42	Buy	PER20x FY16
02/05/16	UOB Kay Hian	Golden Agri	0.375	0.44	Buy
03/01/16	CIMB	Golden Agri	0.37	0.35	Reduce	PER15x CY17
03/01/16	DMG & Partners	Golden Agri	0.37	0.47	Buy	PER17x FY16
03/01/16	UOB Kay Hian	Golden Agri	0.37	0.44	Buy	PER15x FY16
03/02/16	DBS Vickers	Golden Agri	0.37	0.38	Not Rated	DCF
03/02/16	Nomura	Golden Agri	0.37	0.3	Reduce
03/02/16	OCBC	Golden Agri	0.37	0.34	Hold
03/31/16	UOB Kay Hian	Golden Agri	0.425	0.48	Buy
04/12/16	DBS Vickers	Golden Agri	0.405	0.38	Not Rated
04/12/16	Deutsche	Golden Agri	0.405	0.6	Buy
05/04/16	Credit Suisse	Golden Agri	0.39	0.4	Neutral
05/16/16	CIMB	Golden Agri	0.37	0.35	Reduce	PER15x
05/16/16	DBS Vickers	Golden Agri	0.37	0.35	Not Rated
05/16/16	OCBC	Golden Agri	0.37	0.34	Hold	PER12.5x FY15/16
05/18/16	UOB Kay Hian	Golden Agri	0.37	0.44	Buy
07/21/16	DBS Vickers	Golden Agri	0.35	0.33	Not Rated
07/21/16	UOB Kay Hian	Golden Agri	0.35	0.44	Buy
08/08/16	DMG & Partners	Golden Agri	0.365	0.42	Buy
08/15/16	CIMB	Golden Agri	0.37	0.35	Reduce	PER15x FY17
08/15/16	Credit Suisse	Golden Agri	0.37	0.34	Underperform
08/15/16	DMG & Partners	Golden Agri	0.37	0.44	Buy	PER18x FY17
08/15/16	OCBC	Golden Agri	0.37	0.34	Hold	PER12.5x FY17, Buy @ $0.33 or lower
08/15/16	UOB Kay Hian	Golden Agri	0.37	0.42	Buy	PER15x FY17
08/16/16	DBS Vickers	Golden Agri	0.37	0.34	Not Rated	DCF
10/25/16	DBS Vickers	Golden Agri	0.38	0.37	Not Rated
11/15/16	CIMB	Golden Agri	0.39	0.38	Reduce	PER15x FY17
11/15/16	Credit Suisse	Golden Agri	0.39	0.34	Underperform
11/15/16	DMG & Partners	Golden Agri	0.39	0.46	Buy	PER18x FY17
11/15/16	OCBC	Golden Agri	0.39	0.37	Hold	PER13.5x FY17
11/15/16	UOB Kay Hian	Golden Agri	0.39	0.42	Buy	PER15x FY17
11/16/16	DBS Vickers	Golden Agri	0.385	0.39	Not Rated	DCF
12/02/16	DMG & Partners	Golden Agri	0.435	0.46	Buy	PER18x FY17
12/06/16	CIMB	Golden Agri	0.44	0.38	Reduce	PER15x FY17
12/07/16	Deutsche	Golden Agri	0.43	0.6	Buy
12/08/16	UOB Kay Hian	Golden Agri	0.44	0.42	Hold
12/12/16	OCBC	Golden Agri	0.425	0.37	Hold
01/10/17	DMG & Partners	Golden Agri	0.43	0.5	Buy	PER19x FY17
01/11/17	DBS Vickers	Golden Agri	0.425	0.39	Not Rated
02/13/17	DBS Vickers	Golden Agri	0.425	0.39	Not Rated
02/27/17	CIMB	Golden Agri	0.4	0.37	Reduce	PER15x
02/27/17	Credit Suisse	Golden Agri	0.4	0.38	Underperform
02/27/17	DMG & Partners	Golden Agri	0.4	0.45	Buy	PER19x FY17
02/27/17	OCBC	Golden Agri	0.4	0.38	Hold
02/27/17	UOB Kay Hian	Golden Agri	0.4	0.45	Hold	PER15x FY17, Buy @ $0.38
03/13/17	DBS Vickers	Golden Agri	0.375	0.42	Not Rated
04/06/17	Macquarie	Golden Agri	0.375	0.4	Neutral
04/11/17	DMG & Partners	Golden Agri	0.37	0.39	Neutral
04/13/17	Credit Suisse	Golden Agri	0.365	0.33	Underperform
05/08/17	UOB Kay Hian	Golden Agri	0.36	0.45	Hold
05/16/17	CIMB	Golden Agri	0.375	0.37	Reduce	PER15x FY17
05/16/17	Credit Suisse	Golden Agri	0.375	0.33	Underperform
05/16/17	DMG & Partners	Golden Agri	0.375	0.39	Neutral	PER17x F17
05/16/17	OCBC	Golden Agri	0.375	0.38	Hold
06/20/17	OCBC	Golden Agri	0.37	0.38	Hold
06/29/17	UOB Kay Hian	Golden Agri	0.375	0.34	Hold
08/15/17	Credit Suisse	Golden Agri	0.375	0.33	Underperform
08/15/17	OCBC	Golden Agri	0.375	0.36	Hold	PER16x FY18
08/15/17	UOB Kay Hian	Golden Agri	0.375	0.34	Hold	PER13x FY18, Buy @ $0.30
08/15/17	CIMB	Golden Agri	0.375	0.37	Reduce	PER15x FY17
08/28/17	DIR	Golden Agri	0.385	0.32	Underperform	PER18x FY17/18
09/12/17	OCBC	Golden Agri	0.375	0.36	Hold
09/12/17	UOB Kay Hian	Golden Agri	0.375	0.34	Hold	PER13x FY18
09/13/17	DBS Vickers	Golden Agri	0.38	0.39	Not Rated
10/05/17	OCBC	Golden Agri	0.38	0.35	Hold
11/15/17	UOB Kay Hian	Golden Agri	0.39	0.34	Hold	PER13x FY18, Buy @ $0.3
11/15/17	OCBC	Golden Agri	0.39	0.37	Hold
11/15/17	Credit Suisse	Golden Agri	0.39	0.35	Underperform
11/15/17	CIMB	Golden Agri	0.39	0.36	Reduce	PER15x FY19
12/20/17	CIMB	Golden Agri	0.375	0.36	Reduce