SPH Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/16	CIMB	SPH Reit	0.955	1.05	Hold	DDM
01/06/16	Lim & Tan	SPH Reit	0.955	0	Hold
01/06/16	OCBC	SPH Reit	0.955	0.99	Hold
01/07/16	Credit Suisse	SPH Reit	0.955	1.02	Neutral
01/07/16	DBS Vickers	SPH Reit	0.955	0.99	Hold	DCF
04/05/16	CIMB	SPH Reit	0.97	1.05	Hold	DDM
04/05/16	DBS Vickers	SPH Reit	0.97	0.99	Hold
04/05/16	Lim & Tan	SPH Reit	0.97	0	Hold
04/05/16	OCBC	SPH Reit	0.97	0.99	Hold
04/13/16	Kim Eng	SPH Reit	0.945	1.01	Not Rated
07/08/16	CIMB	SPH Reit	0.94	1.03	Hold	DDM
07/08/16	DBS Vickers	SPH Reit	0.94	0.99	Hold
07/08/16	Lim & Tan	SPH Reit	0.94	0	Hold
07/08/16	OCBC	SPH Reit	0.94	0.99	Hold
07/12/16	Credit Suisse	SPH Reit	0.95	1.02	Neutral
07/19/16	Credit Suisse	SPH Reit	0.95	1.04	Neutral
08/03/16	OCBC	SPH Reit	0.945	1.05	Buy
08/16/16	DBS Vickers	SPH Reit	0.96	0.99	Hold
08/31/16	Credit Suisse	SPH Reit	0.965	1.04	Neutral
10/07/16	DBS Vickers	SPH Reit	1	1	Hold	DCF
10/07/16	Lim & Tan	SPH Reit	1	0	Hold
10/07/16	OCBC	SPH Reit	1	1.05	Buy
10/10/16	CIMB	SPH Reit	0.995	1.05	Hold	DDM
11/08/16	OCBC	SPH Reit	0.965	1.05	Buy
12/05/16	Lim & Tan	SPH Reit	0.95	0	Buy on weakness
12/05/16	OCBC	SPH Reit	0.95	1.06	Buy
01/09/17	DBS Vickers	SPH Reit	0.965	1	Hold	DCF
01/12/17	CIMB	SPH Reit	0.97	0.95	Hold	DDM
01/12/17	Lim & Tan	SPH Reit	0.97	0	Hold
01/12/17	OCBC	SPH Reit	0.97	1.04	Buy
01/13/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
02/09/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
03/16/17	DBS Vickers	SPH Reit	0.965	1.03	Buy
04/04/17	DBS Vickers	SPH Reit	0.98	1.03	Buy
04/11/17	CIMB	SPH Reit	0.975	1.01	Hold	DDM
04/11/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
04/11/17	DBS Vickers	SPH Reit	0.975	1.04	Buy	DCF
04/11/17	Lim & Tan	SPH Reit	0.975	0	Buy on weakness
04/11/17	OCBC	SPH Reit	0.975	1.08	Buy	DDM
06/14/17	DBS Vickers	SPH Reit	0.995	1.04	Buy
07/13/17	OCBC	SPH Reit	0.995	1.08	Buy
07/13/17	Credit Suisse	SPH Reit	0.995	1.01	Neutral
07/13/17	CIMB	SPH Reit	0.995	1.04	Hold	DDM
07/13/17	Lim & Tan	SPH Reit	0.995	0	Hold
07/14/17	DBS Vickers	SPH Reit	0.995	1.04	Buy	DCF
10/10/17	OCBC	SPH Reit	1.005	1.08	Buy	DDM
10/10/17	CIMB	SPH Reit	1.005	1.06	Hold	DDM
10/10/17	DBS Vickers	SPH Reit	1.005	1.07	Buy	DCF
12/01/17	Lim & Tan	SPH Reit	1.05	0	Hold
12/13/17	DBS Vickers	SPH Reit	1.04	1.07	Hold	DCF
01/02/18	Kim Eng	SPH Reit	1.05	1	Hold	DDM
01/08/18	CIMB	SPH Reit	1.07	1.06	Hold	DDM
01/08/18	Lim & Tan	SPH Reit	1.07	0	Hold
01/08/18	OCBC	SPH Reit	1.07	1.08	Hold
01/09/18	DBS Vickers	SPH Reit	1.07	1.07	Hold	DCF

SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/16	CIMB	SPH	3.67	3.61	Reduce	Sum of parts
01/13/16	DBS Vickers	SPH	3.67	3.51	Fully Valued
01/13/16	Lim & Tan	SPH	3.67	0	Hold	Buy @ $3.60 or lower
01/13/16	OCBC	SPH	3.67	3.78	Hold
01/13/16	UOB Kay Hian	SPH	3.67	3.85	Hold	Sum of parts, Buy @ $3.40 or lower
01/29/16	DBS Vickers	SPH	3.51	3.51	Hold	Sum of parts
03/22/16	UOB Kay Hian	SPH	4.04	3.9	Hold	Sum of parts, Buy @ $3.60 or lower
04/13/16	CIMB	SPH	3.99	3.71	Reduce	Sum of parts
04/13/16	DBS Vickers	SPH	3.99	3.51	Hold
04/13/16	Lim & Tan	SPH	3.99	0	Hold
04/13/16	OCBC	SPH	3.99	3.78	Hold
04/13/16	UOB Kay Hian	SPH	3.99	3.9	Hold	Sum of parts, Buy @ $3.60 or lower
04/14/16	DBS Vickers	SPH	4.04	3.5	Fully Valued	Sum of parts
06/09/16	UOB Kay Hian	SPH	3.93	3.9	Hold	Buy @ $3.60
07/18/16	CIMB	SPH	4.07	3.58	Reduce	Sum of parts
07/18/16	DBS Vickers	SPH	4.07	3.5	Fully Valued
07/18/16	OCBC	SPH	4.07	3.41	Sell
07/18/16	UOB Kay Hian	SPH	4.07	3.8	Hold	Sum of parts, Buy @ $3.60
09/01/16	UOB Kay Hian	SPH	3.77	3.8	Hold	Sum of parts
10/10/16	UBS	SPH	3.82	3.46	Sell	Cut from $3.55
10/17/16	CIMB	SPH	3.76	3.35	Reduce	Sum of parts
10/17/16	DBS Vickers	SPH	3.76	3.44	Fully Valued	Sum of parts
10/17/16	Lim & Tan	SPH	3.76	0	Hold
10/17/16	OCBC	SPH	3.76	3.41	Sell
10/17/16	UOB Kay Hian	SPH	3.76	3.29	Sell	DCF
12/01/16	Morgan Stanley	SPH	3.75	3.5	Underweight
12/06/16	CIMB	SPH	3.76	3.35	Reduce	Sum of parts
01/16/17	CIMB	SPH	3.69	3.31	Reduce	Sum of parts
01/16/17	Lim & Tan	SPH	3.69	0	Avoid
01/16/17	OCBC	SPH	3.69	3.41	Sell
01/16/17	UOB Kay Hian	SPH	3.69	3.29	Sell	Sum of parts
01/17/17	DBS Vickers	SPH	3.56	3.32	Fully Valued	Sum of parts
03/20/17	CIMB	SPH	3.53	3.36	Hold	Sum of parts
03/20/17	DBS Vickers	SPH	3.53	3.39	Hold	Sum of parts
03/20/17	UOB Kay Hian	SPH	3.53	3.29	Sell
04/13/17	CIMB	SPH	3.52	3.36	Hold	Sum of parts
04/13/17	Lim & Tan	SPH	3.52	0	Hold
04/13/17	OCBC	SPH	3.52	3.41	Sell
04/13/17	UOB Kay Hian	SPH	3.52	3.29	Sell	Sum of parts
04/18/17	DBS Vickers	SPH	3.41	3.39	Hold	Sum of parts
04/26/17	CIMB	SPH	3.45	3.36	Hold	Sum of parts
04/26/17	OCBC	SPH	3.45	3.41	Hold
05/17/17	UOB Kay Hian	SPH	3.37	3.29	Sell
06/05/17	Lim & Tan	SPH	3.24	0	Hold
06/09/17	UOB Kay Hian	SPH	3.24	2.9	Sell	Sum of parts
06/14/17	DBS Vickers	SPH	3.17	3.39	Hold
06/14/17	UOB Kay Hian	SPH	3.17	3.39	Hold
06/15/17	CIMB	SPH	3.16	3.36	Hold	Sum of parts
06/15/17	Lim & Tan	SPH	3.16	0	Hold
06/22/17	OCBC	SPH	3.22	3.34	Hold
07/17/17	UOB Kay Hian	SPH	3.11	2.9	Hold	Sum of parts, Buy @ $2.75
07/17/17	OCBC	SPH	3.11	3.25	Hold
07/17/17	CIMB	SPH	3.11	3.22	Hold	Sum of parts
07/17/17	DBS Vickers	SPH	3.11	2.79	Fully Valued	Sum of parts
07/18/17	Lim & Tan	SPH	3.03	0	Hold
08/23/17	UOB Kay Hian	SPH	2.78	2.85	Hold	Sum of parts, Buy @ $2.60
09/11/17	CIMB	SPH	2.74	2.38	Reduce	Sum of parts (15% discount)
09/21/17	OCBC	SPH	2.63	3.25	Buy
10/12/17	CIMB	SPH	2.69	2.38	Reduce	Sum of parts (15% discount)
10/12/17	UOB Kay Hian	SPH	2.69	2.38	Sell	Sum of parts (10% discount)
10/12/17	Lim & Tan	SPH	2.69	0	Hold
10/13/17	OCBC	SPH	2.72	2.93	Hold
10/13/17	DBS Vickers	SPH	2.72	2.79	Hold	Sum of parts
11/09/17	UOB Kay Hian	SPH	2.68	2.38	Sell
12/05/17	UOB Kay Hian	SPH	2.79	2.42	Sell	Sum of parts
12/05/17	Lim & Tan	SPH	2.79	0	Hold
12/20/17	CIMB	SPH	2.61	2.38	Reduce
01/15/18	CIMB	SPH	2.63	2.49	Hold	Sum of parts, PER18.6x FY19
01/15/18	UOB Kay Hian	SPH	2.63	2.42	Sell	Sum of parts
01/15/18	Lim & Tan	SPH	2.63	0	Hold
01/16/18	DBS Vickers	SPH	2.71	2.78	Hold	Sum of parts
01/17/18	OCBC	SPH	2.71	2.51	Hold	Sum of parts (10% discount)
03/05/18	UOB Kay Hian	SPH	2.55	2.42	Sell

Spackman - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/13/16	DMG & Partners	Spackman	0.113	0.22	Buy	PER15x FY17
12/27/16	DMG & Partners	Spackman	0.19	0.32	Buy
01/03/17	DMG & Partners	Spackman	0.19	0.32	Buy	PER18x FY17
04/06/17	DMG & Partners	Spackman	0.161	0.27	Buy	PER18x FY17
05/16/17	DMG & Partners	Spackman	0.149	0.27	Buy	DCF, PER18x FY17
08/16/17	DMG & Partners	Spackman	0.102	0.23	Buy	DCF, PER18x FY17
10/12/17	DMG & Partners	Spackman	0.121	0.2	Buy	DCF, PER16x FY17
11/16/17	DMG & Partners	Spackman	0.112	0.2	Buy	DCF, PER15x FY18

Stock calls for 13 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/13/18	DBS Vickers	Dairy Farm	8.09	9.54	Buy	Sum of parts
03/13/18	CIMB	Hongkong Land	7	9.5	Add	RNAV (30% discount)
03/13/18	DBS Vickers	Mermaid Maritime	0.15	0.14	Hold	Sum of parts
03/13/18	CIMB	Perennial Reit	0.855	1.18	Add	RNAV (40% discount)
03/13/18	UOB Kay Hian	Raffles Medical	1.17	1.32	Buy	DCF
03/13/18	Amfrasers	SGX	7.58	8.14	Buy
03/13/18	Amfrasers	ST Engineering	3.43	3.88	Buy
03/13/18	Credit Suisse	ST Engineering	3.43	4	Outperform

Soilbuild Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Soilbuild Reit	0.765	0.88	Buy	DCF
01/22/16	Amfrasers	Soilbuild Reit	0.72	0.775	Buy	DDM
01/22/16	DBS Vickers	Soilbuild Reit	0.72	0.84	Buy
01/22/16	OCBC	Soilbuild Reit	0.72	0.85	Buy
01/25/16	phillip	Soilbuild Reit	0.725	0.86	Accumulate	DDM
04/13/16	Kim Eng	Soilbuild Reit	0.74	0.84	Not Rated
04/15/16	Amfrasers	Soilbuild Reit	0.75	0.755	Hold	DDM
04/15/16	DBS Vickers	Soilbuild Reit	0.75	0.84	Buy	DCF
04/15/16	OCBC	Soilbuild Reit	0.75	0.82	Buy	DDM
04/18/16	phillip	Soilbuild Reit	0.745	0.83	Accumulate	DDM
05/19/16	OCBC	Soilbuild Reit	0.705	0.82	Buy
05/20/16	DBS Vickers	Soilbuild Reit	0.7	0.84	Buy
06/06/16	OCBC	Soilbuild Reit	0.7	0.82	Buy
06/15/16	Religare	Soilbuild Reit	0.69	0.88	Buy
06/16/16	DBS Vickers	Soilbuild Reit	0.685	0.84	Buy
06/16/16	phillip	Soilbuild Reit	0.685	0.83	Accumulate	DDM
06/28/16	OCBC	Soilbuild Reit	0.66	0.76	Buy
07/14/16	Lim & Tan	Soilbuild Reit	0.7	0	Buy
07/14/16	OCBC	Soilbuild Reit	0.7	0.76	Buy
07/14/16	phillip	Soilbuild Reit	0.7	0.79	Accumulate	DDM
07/15/16	DBS Vickers	Soilbuild Reit	0.705	0.79	Buy
08/16/16	DBS Vickers	Soilbuild Reit	0.675	0.79	Buy
08/19/16	OCBC	Soilbuild Reit	0.68	0.76	Buy
08/22/16	Lim & Tan	Soilbuild Reit	0.68	0	Hold
08/22/16	OCBC	Soilbuild Reit	0.68	0.78	Buy
08/25/16	phillip	Soilbuild Reit	0.685	0.79	Accumulate	DDM
10/11/16	phillip	Soilbuild Reit	0.72	0.69	Neutral	DDM
10/13/16	DBS Vickers	Soilbuild Reit	0.71	0.75	Buy	DCF
10/13/16	OCBC	Soilbuild Reit	0.71	0.77	Buy
10/13/16	phillip	Soilbuild Reit	0.71	0.72	Neutral	DDM
10/14/16	Lim & Tan	Soilbuild Reit	0.705	0	Buy on weakness
11/11/16	phillip	Soilbuild Reit	0.665	0.72	Neutral
12/12/16	phillip	Soilbuild Reit	0.65	0.67	Neutral	DDM
01/09/17	DBS Vickers	Soilbuild Reit	0.66	0.75	Buy	DCF
01/25/17	DBS Vickers	Soilbuild Reit	0.655	0.7	Buy	DCF
01/25/17	OCBC	Soilbuild Reit	0.655	0.64	Hold
01/26/17	phillip	Soilbuild Reit	0.65	0.68	Neutral	DDM
02/20/17	phillip	Soilbuild Reit	0.65	0.68	Neutral
04/13/17	OCBC	Soilbuild Reit	0.685	0.64	Hold
04/17/17	DBS Vickers	Soilbuild Reit	0.685	0.73	Buy	DCF
04/17/17	phillip	Soilbuild Reit	0.685	0.66	Neutral	DDM, PB0.93x FY17
05/08/17	phillip	Soilbuild Reit	0.68	0.66	Neutral
06/14/17	Amfrasers	Soilbuild Reit	0.71	0.68	Hold	Consensus target
07/17/17	OCBC	Soilbuild Reit	0.74	0.67	Hold	DDM
07/17/17	phillip	Soilbuild Reit	0.74	0.73	Neutral	DDM, PB1.05x FY17
07/18/17	DBS Vickers	Soilbuild Reit	0.74	0.73	Hold	DCF
07/21/17	Lim & Tan	Soilbuild Reit	0.705	0	Hold
09/20/17	OCBC	Soilbuild Reit	0.7	0.66	Hold
10/16/17	phillip	Soilbuild Reit	0.705	0.64	Reduce	DDM, PB0.9x FY17
10/17/17	DBS Vickers	Soilbuild Reit	0.705	0.62	Hold	DCF
11/09/17	OCBC	Soilbuild Reit	0.66	0.66	Hold
11/09/17	phillip	Soilbuild Reit	0.66	0.61	Reduce	DDM, PB0.86x FY17
01/18/18	OCBC	Soilbuild Reit	0.695	0.68	Hold
01/19/18	DBS Vickers	Soilbuild Reit	0.7	0.62	Hold	DCF
01/19/18	Lim & Tan	Soilbuild Reit	0.7	0	Hold

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/16	DMG & Partners	SingHaiyi	0.104	0.14	Buy	RNAV
01/04/16	UOB Kay Hian	Singtel	3.67	4.56	Buy
01/07/16	UOB Kay Hian	Singtel	3.53	4.42	Buy	DCF
01/18/16	Citigroup	Singtel	3.56	4.18	Buy
01/18/16	Credit Suisse	Singtel	3.56	4.2	Outperform
01/18/16	DMG & Partners	Singtel	3.56	3.9	Neutral
01/18/16	OCBC	Singtel	3.56	4.17	Buy
01/26/16	Deutsche	Singtel	3.47	4.6	Buy
02/12/16	CIMB	Singtel	3.54	4.5	Add	Sum of parts
02/12/16	Citigroup	Singtel	3.54	4	Buy
02/12/16	Lim & Tan	Singtel	3.54	0	Hold
02/12/16	UBS	Singtel	3.54	4.25	Buy
02/15/16	Deutsche	Singtel	3.58	4.6	Buy
02/15/16	DMG & Partners	Singtel	3.58	3.7	Neutral	Sum of parts
02/15/16	Kim Eng	Singtel	3.58	4.4	Buy	Sum of parts
02/15/16	OCBC	Singtel	3.58	3.96	Buy	Sum of parts
02/15/16	UOB Kay Hian	Singtel	3.58	4.42	Buy	DCF
02/19/16	Credit Suisse	Singtel	3.76	4.2	Outperform
03/01/16	UOB Kay Hian	Singtel	3.73	4.42	Buy
03/04/16	Deutsche	Singtel	3.8	4.6	Buy
03/15/16	CIMB	Singtel	3.8	4.5	Add
03/16/16	OCBC	Singtel	3.82	3.96	Buy
03/21/16	Credit Suisse	Singtel	3.89	4.2	Outperform
03/28/16	UOB Kay Hian	Singtel	3.82	4.41	Buy	Probability weighted
03/29/16	Nomura	Singtel	3.82	4.25	Buy
04/06/16	OCBC	Singtel	3.74	3.96	Buy
04/07/16	Credit Suisse	Singtel	3.77	4.2	Outperform	Sum of parts
04/13/16	Credit Suisse	Singtel	3.69	4.35	Outperform
04/22/16	UOB Kay Hian	Singtel	3.97	4.41	Buy
05/10/16	UOB Kay Hian	Singtel	3.89	4.41	Buy	Probability weighted
05/12/16	Citigroup	Singtel	3.84	4.25	Buy
05/12/16	UOB Kay Hian	Singtel	3.84	4.35	Buy
05/13/16	BNP Paribas	Singtel	3.89	4.36	Buy
05/13/16	CIMB	Singtel	3.89	4.5	Add	Sum of parts
05/13/16	DIR	Singtel	3.89	3.9	Hold	Sum of parts
05/13/16	UBS	Singtel	3.89	4.5	Buy
05/13/16	UOB Kay Hian	Singtel	3.89	4.38	Buy	DCF
05/26/16	OCBC	Singtel	3.82	4.09	Buy	Sum of parts
06/01/16	Credit Suisse	Singtel	3.87	4.4	Outperform
06/01/16	DIR	Singtel	3.87	3.9	Hold	Sum of parts
06/03/16	Nomura	Singtel	3.89	4.25	Buy
06/10/16	Deutsche	Singtel	3.95	4.6	Buy
06/13/16	Kim Eng	Singtel	3.9	4.5	Buy
06/15/16	UOB Kay Hian	Singtel	3.8	4.38	Buy
06/20/16	Credit Suisse	Singtel	3.79	4.45	Outperform
06/20/16	UOB Kay Hian	Singtel	3.79	4.35	Buy
06/21/16	CIMB	Singtel	3.85	4.5	Add	Sum of parts
07/04/16	BNP Paribas	Singtel	4.14	4.55	Buy
07/07/16	Credit Suisse	Singtel	4.15	4.45	Outperform
07/12/16	OCBC	Singtel	4.23	4.29	Hold	Sum of parts
07/13/16	Macquarie	Singtel	4.31	4.42	Outperform
07/14/16	UOB Kay Hian	Singtel	4.26	4.38	Buy
07/18/16	Kim Eng	Singtel	4.28	4.5	Buy
08/12/16	CIMB	Singtel	4.27	4.5	Add	Sum of parts
08/12/16	Citigroup	Singtel	4.27	4.75	Buy
08/12/16	Credit Suisse	Singtel	4.27	4.75	Outperform
08/12/16	OCBC	Singtel	4.27	4.26	Hold	Buy @ $4
08/12/16	UOB Kay Hian	Singtel	4.27	4.7	Buy	Probability weighted
08/15/16	DMG & Partners	Singtel	4.25	4	Neutral
08/17/16	CIMB	Singtel	4.27	4.5	Add	Sum of parts
08/18/16	BNP Paribas	Singtel	4.21	4.55	Buy
08/18/16	Lim & Tan	Singtel	4.21	0	Hold
08/19/16	Deutsche	Singtel	4.2	4.45	Buy
08/19/16	Kim Eng	Singtel	4.2	4.41	Hold	DCF
08/19/16	Macquarie	Singtel	4.2	4.42	Outperform
09/01/16	Citigroup	Singtel	4.02	4.66	Buy
09/01/16	Credit Suisse	Singtel	4.02	4.75	Outperform
09/02/16	CIMB	Singtel	3.97	4.5	Add	Sum of parts
09/02/16	Macquarie	Singtel	3.97	4.42	Outperform
09/02/16	OCBC	Singtel	3.97	4.26	Hold
09/02/16	UOB Kay Hian	Singtel	3.97	4.61	Buy
09/05/16	Credit Suisse	Singtel	3.87	4.65	Outperform
09/05/16	Kim Eng	Singtel	3.87	3.7	Hold	DCF
09/05/16	UOB Kay Hian	Singtel	3.87	4.53	Buy	DCF
09/06/16	Citigroup	Singtel	3.95	4.55	Buy
10/04/16	Credit Suisse	Singtel	3.86	4.55	Outperform
10/04/16	DIR	Singtel	4.01	3.8	Hold	Sum of parts
10/04/16	Macquarie	Singtel	4.01	4.42	Outperform
10/27/16	OCBC	Singtel	3.9	4.26	Hold
11/11/16	CIMB	Singtel	3.84	4.5	Add	Sum of parts
11/11/16	Credit Suisse	Singtel	3.84	4.5	Outperform
11/11/16	DMG & Partners	Singtel	3.84	4	Neutral
11/11/16	Kim Eng	Singtel	3.84	3.68	Hold	DCF
11/11/16	OCBC	Singtel	3.84	4.4	Buy	Sum of parts
11/11/16	UOB Kay Hian	Singtel	3.84	4.53	Buy	DCF
11/17/16	OCBC	Singtel	3.66	4.51	Buy
11/25/16	OCBC	Singtel	3.73	4.27	Buy	Sum of parts
11/29/16	UBS	Singtel	3.76	4.7	Buy
12/06/16	CIMB	Singtel	3.77	4.5	Add
12/07/16	Deutsche	Singtel	3.74	4.45	Buy
12/09/16	OCBC	Singtel	3.79	4.27	Buy
12/15/16	Credit Suisse	Singtel	3.76	4.5	Outperform
12/15/16	Lim & Tan	Singtel	3.76	0	Buy
12/15/16	UOB Kay Hian	Singtel	3.76	4.53	Buy
01/03/17	DMG & Partners	Singtel	3.65	4	Neutral	Sum of parts, EV/Ebita13x
01/03/17	UOB Kay Hian	Singtel	3.65	4.53	Buy
01/05/17	Credit Suisse	Singtel	3.67	4.5	Outperform
01/12/17	Deutsche	Singtel	3.79	4.45	Buy
01/17/17	DIR	Singtel	3.81	3.8	Hold	Sum of parts
01/23/17	DBS Vickers	Singtel	3.81	4.46	Buy	Sum of parts
02/01/17	UOB Kay Hian	Singtel	3.87	4.53	Buy	DCF
02/09/17	Deutsche	Singtel	3.84	4.6	Buy
02/09/17	Lim & Tan	Singtel	3.84	0	Buy
02/09/17	OCBC	Singtel	3.84	4.27	Buy
02/10/17	CIMB	Singtel	3.88	4.1	Add	Sum of parts
02/10/17	Credit Suisse	Singtel	3.88	4.6	Outperform
02/10/17	DIR	Singtel	3.88	3.8	Hold	Sum of parts
02/10/17	DMG & Partners	Singtel	3.88	4	Neutral	Sum of parts, EV/Ebitda12.4x FY18
02/10/17	Kim Eng	Singtel	3.88	3.7	Hold	DCF
03/02/17	UOB Kay Hian	Singtel	3.95	4.53	Buy
03/13/17	Credit Suisse	Singtel	3.94	4.6	Outperform
03/17/17	OCBC	Singtel	3.95	4.25	Buy
03/20/17	DMG & Partners	Singtel	3.99	4	Buy
04/05/17	CIMB	Singtel	3.92	4.1	Add
04/05/17	Credit Suisse	Singtel	3.92	4.6	Outperform
04/05/17	DMG & Partners	Singtel	3.92	4	Neutral
04/05/17	Kim Eng	Singtel	3.92	3.72	Hold	DCF
04/05/17	OCBC	Singtel	3.92	4.25	Buy
04/13/17	Credit Suisse	Singtel	3.82	4.5	Outperform
04/13/17	Macquarie	Singtel	3.82	4.37	Outperform
05/19/17	CIMB	Singtel	3.76	4.1	Add	Sum of parts
05/19/17	Credit Suisse	Singtel	3.76	4.5	Outperform
05/19/17	DIR	Singtel	3.76	3.8	Hold	Sum of parts
05/19/17	DMG & Partners	Singtel	3.76	3.9	Neutral	Sum of parts
05/19/17	Kim Eng	Singtel	3.76	3.7	Hold	DCF
05/19/17	Macquarie	Singtel	3.76	4.32	Outperform
05/22/17	Lim & Tan	Singtel	3.73	0	Buy
06/05/17	Lim & Tan	Singtel	3.81	0	Buy
06/09/17	Credit Suisse	Singtel	3.76	4.5	Outperform
06/09/17	Deutsche	Singtel	3.76	4.6	Buy	Sum of parts
06/22/17	Macquarie	Singtel	3.77	4.3	Outperform
06/30/17	DMG & Partners	Singtel	3.88	3.9	Neutral
07/11/17	Lim & Tan	Singtel	3.9	0	Buy
07/14/17	Macquarie	Singtel	3.86	4.32	Outperform
07/28/17	Credit Suisse	Singtel	3.97	4.6	Outperform
08/02/17	DIR	Singtel	3.86	3.94	Hold	Sum of parts
08/11/17	CIMB	Singtel	3.76	4.1	Add	Sum of parts
08/11/17	Lim & Tan	Singtel	3.76	0	Buy
08/14/17	Credit Suisse	Singtel	3.75	4.6	Outperform
08/14/17	DMG & Partners	Singtel	3.75	3.9	Neutral	Sum of parts, EV/Ebita13.6x FY18
08/15/17	Macquarie	Singtel	3.77	4.32	Outperform
09/11/17	OCBC	Singtel	3.68	4.19	Buy
09/14/17	UOB Kay Hian	Singtel	3.67	4.53	Buy	DCF
09/14/17	Kim Eng	Singtel	3.67	3.83	Hold	Sum of parts
09/18/17	Credit Suisse	Singtel	3.67	4.6	Outperform
09/20/17	Deutsche	Singtel	3.68	4.4	Buy
09/25/17	CIMB	Singtel	3.68	4.1	Add
09/28/17	DIR	Singtel	3.71	3.94	Hold	Sum of parts
10/02/17	DBS Vickers	Singtel	3.68	4.3	Buy	Sum of parts
10/04/17	UOB Kay Hian	Singtel	3.68	4.53	Buy	DCF
10/26/17	Credit Suisse	Singtel	3.73	4.7	Outperform	Sum of parts
11/02/17	UOB Kay Hian	Singtel	3.75	4.53	Buy	DCF
11/09/17	Kim Eng	Singtel	3.78	3.87	Hold	Sum of parts
11/10/17	CIMB	Singtel	3.76	4.1	Add	Sum of parts
11/10/17	Credit Suisse	Singtel	3.76	4.7	Outperform
11/10/17	DMG & Partners	Singtel	3.76	4.1	Neutral	Sum of parts, PER16.6x FY18, EV/Ebitda15.1x FY18
11/10/17	OCBC	Singtel	3.76	4.19	Buy
11/10/17	DBS Vickers	Singtel	3.76	4.3	Buy	Sum of parts
11/16/17	Lim & Tan	Singtel	3.69	0	Buy
11/22/17	Macquarie	Singtel	3.69	4.32	Outperform
12/06/17	UOB Kay Hian	Singtel	3.75	4.53	Buy
12/20/17	CIMB	Singtel	3.61	4.1	Add
01/04/18	UOB Kay Hian	Singtel	3.59	4.53	Buy	DCF
01/10/18	DMG & Partners	Singtel	3.63	4.1	Neutral
01/26/18	DBS Vickers	Singtel	3.62	4.3	Buy	Sum of parts
02/07/18	OCBC	Singtel	3.42	4.19	Buy
02/08/18	DMG & Partners	Singtel	3.44	4.1	Buy	Sum of parts
02/08/18	DBS Vickers	Singtel	3.44	4.3	Buy
02/08/18	Lim & Tan	Singtel	3.44	0	Buy on weakness
02/09/18	OCBC	Singtel	3.4	4.15	Buy
02/09/18	UOB Kay Hian	Singtel	3.4	4.4	Buy	DCF
02/09/18	CIMB	Singtel	3.4	4	Add
03/02/18	UOB Kay Hian	Singtel	3.36	4.4	Buy