United Engineers - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/16	Lim & Tan	United Engineers	1.97	0	Buy
05/12/16	Lim & Tan	United Engineers	2.15	0	Buy
08/15/16	Lim & Tan	United Engineers	2.33	0	Buy
09/27/16	Lim & Tan	United Engineers	2.41	0	Buy
10/12/16	DBS Vickers	United Engineers	2.54	2.75	Not Rated	PB1x
10/27/16	UOB Kay Hian	United Engineers	2.57	2.96	Buy	PB1.04x
11/14/16	Lim & Tan	United Engineers	2.64	0	Buy
11/14/16	UOB Kay Hian	United Engineers	2.64	3.06	Buy	NAV1x
11/29/16	UOB Kay Hian	United Engineers	2.75	2.75	Hold	PB0.9x FY17, Buy @ $2.50
01/06/17	Lim & Tan	United Engineers	2.66	0	Buy
02/13/17	Lim & Tan	United Engineers	2.91	0	Buy
03/02/17	Lim & Tan	United Engineers	2.94	0	Hold
03/08/17	UOB Kay Hian	United Engineers	2.93	2.75	Hold
03/13/17	DBS Vickers	United Engineers	2.9	2.89	Not Rated
06/01/17	Lim & Tan	United Engineers	2.63	0	Buy
07/14/17	Lim & Tan	United Engineers	2.71	0	Hold	Offer price of $2.60 is too low.
08/16/17	Lim & Tan	United Engineers	2.69	0	Hold
09/21/17	Lim & Tan	United Engineers	2.68	0	Hold

Uni-Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/16	NRA	Uni-Asia	1.12	1.495	Overweight	PB0.353x FY15
03/08/16	NRA	Uni-Asia	1.165	1.495	Overweight	PB0.36x FY16
07/01/16	NRA	Uni-Asia	1.16	1.615	Overweight	PB0.4x
06/19/17	Amfrasers	Uni-Asia	1.165	1.92	Buy	Sum of parts, PB0.5x FY17, PER8.2x FY17
06/21/17	NRA	Uni-Asia	1.35	1.85	Overweight	PB0.5x
08/15/17	NRA	Uni-Asia	1355	1.86	Overweight	PB0.5x
08/22/17	Amfrasers	Uni-Asia	1.37	1.92	Buy	Sum of parts, PB0.5x FY17, PER8.2x FY17
12/18/17	Amfrasers	Uni-Asia	1.23	1.85	Buy	Sum of parts, PB0.5x FY17, PER8.2x FY17
03/16/18	Amfrasers	Uni-Asia	1.45	1.81	Buy	Sum of parts, PB0.5x FY18, PER10x FY18

Stock calls for 27 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/27/18	Phillip	A-Reit	2.6	2.89	Accumulate
03/27/18	phillip	Cache Logistics	0.825	0.93	Accumulate
03/27/18	CIMB	Comfortdelgro	2.04	2.16	Hold	DCF
03/27/18	DMG & Partners	Dairy Farm	9.1	9.16	Buy	DCF
03/27/18	Deutsche	M1	1.77	2.3	Buy

Why do crypto ads bans cause crypto to fall heavily?

https://sg.news.yahoo.com/twitter-bans-crytocurrency-ads-fraud-fears-015139918.html

If the ads bans can cause crypto to fall heavily, there can only be 1 reason behind the fall.  The crypto is a highly speculative commodity and it needs advertisements to hype up its price ascents.  Without advertisements to hype up its price ascents, the crypto will fall because it is a useless and worthless commodity.

Twitter is the latest to add to the salvo after FB and Google.

The USA will issue close to $300b bonds this week.

https://www.bloombergquint.com/onweb/2018/03/26/vulnerable-stocks-and-record-u-s-debt-sales-dominate-the-week

This upcoming bond sale is worth watching because it will reveal foreign investors' confidence in the USA treasury market.  If the sale is underwhelming, the USA will have a big problem financing its economic growth, especially for Trump's fiscal policies.

The Libor-OIS spread is also worth monitoring as stated in our previous posting.

http://sg-stock.blogspot.sg/2018/03/libor-ois-spread-is-at-6-year-high-is.html

The USA only wants to pollute other countries but not itself.

https://www.reuters.com/article/us-china-environment-usa/u-s-asks-china-not-to-implement-ban-on-foreign-garbage-idUSKBN1GZ2WI

The USA has requested China to halt its foreign trash ban.  This is ridiculously and it shows how selfish the USA is.

There is nothing wrong for China to protect its own environment and China is not a trash land for other countries to dump theirs.

UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/16	CIMB	UMS	0.53	0.63	Add	PB1.38x FY16
04/11/16	DBS Vickers	UMS	0.595	0.7	Not Rated	DCF
04/15/16	DBS Vickers	UMS	0.615	0.73	Buy	DCF
05/11/16	CIMB	UMS	0.63	0.63	Hold	PB1.38x FY16
05/12/16	DBS Vickers	UMS	0.595	0.61	Hold
08/15/16	CIMB	UMS	0.585	0.63	Add	PB1.38x FY16
08/16/16	DBS Vickers	UMS	0.595	0.61	Hold	DCF
11/11/16	Lim & Tan	UMS	0.61	0	Buy
11/14/16	CIMB	UMS	0.62	0.64	Add	PB1.38x CY17
11/14/16	DBS Vickers	UMS	0.62	0.61	Hold	DCF
03/01/17	CIMB	UMS	0.675	0.82	Add	GGM, PB1.85x FY17
03/02/17	DBS Vickers	UMS	0.68	0.73	Buy	DCF
05/15/17	CIMB	UMS	0.87	1.15	Add	GGM, PB2.41x
05/16/17	DBS Vickers	UMS	0.98	1.07	Buy	DCF, PER7.4x FY18 ex-cash
05/23/17	DBS Vickers	UMS	1.07	1.33	Buy	PER11x FY18 ex-cash
06/16/17	DBS Vickers	UMS	1.08	1.33	Buy
07/05/17	CIMB	UMS	0.995	1.15	Add	GGM, PB2.41x
08/14/17	CIMB	UMS	1.08	1.12	Hold	GGM, PB2.41x
08/14/17	DBS Vickers	UMS	1.08	1.13	Hold	PER11x FY18 ex-cash
10/25/17	CIMB	UMS	0.925	1.13	Add	GGM, PB2,8x FY18, PER13.3x FY19, Ex-rights 1 for 4
11/13/17	DBS Vickers	UMS	1.02	1.21	Buy	PER12x FY18
11/13/17	CIMB	UMS	1.02	1.21	Add	GGM, PB2.88x
03/01/18	DBS Vickers	UMS	1.16	1.37	Buy	PER12x FY18
03/01/18	CIMB	UMS	1.16	1.31	Add	PB2.95x

UG Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/27/16	Kim Eng	UG Healthcare	0.28	0.41	Buy	PER14x FY16
02/05/16	Kim Eng	UG Healthcare	0.33	0.52	Buy	PER14x FY17
03/23/16	Kim Eng	UG Healthcare	0.345	0.52	Buy	PER14x
06/15/16	DBS Vickers	UG Healthcare	0.305	0.33	Not Rated	PER16x FY17
07/05/16	DBS Vickers	UG Healthcare	0.29	0.33	Not Rated	PER16x FY17
08/25/16	Lim & Tan	UG Healthcare	0.305	0	Buy
08/26/16	Kim Eng	UG Healthcare	0.335	0.37	Hold	PER12x FY17
02/09/17	Lim & Tan	UG Healthcare	0.295	0	Hold
02/09/17	Kim Eng	UG Healthcare	0.295	0.25	Sell
08/31/17	Kim Eng	UG Healthcare	0.24	0.21	Sell	PER12x FY18

Stock calls for 26 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/26/18	DBS Vickers	Comfortdelgro	1.99	2.12	Hold
03/26/18	Morgan Stanley	Keppel Corp	7.72	9.45	Overweight	Sum of parts, Up from $9.01
03/26/18	Morgan Stanley	Sembcorp Industries	3.04	2.77	Underweight	Sum of parts, Up from $2.39
03/26/18	Morgan Stanley	Sembcorp Marine	2.09	2.45	Overweight	PB2.2x FY18, Up from $1.48 ({PB1.2x)
03/26/18	DBS Vickers	Thai Beverage	0.805	1.02	Buy

Noble Group is playing punk now!

https://sg.finance.yahoo.com/news/noble-group-says-board-seek-insolvency-protection-restructuring-031804752--finance.html

We did warn about Noble's bankruptcy previously.  Noble is forcing shareholders to accept the restructuring which will benefit the management the most or else it will declare bankruptcy.

http://sg-stock.blogspot.sg/2018/03/noble-groups-bankruptcy-is-real-and.html

Baltic dry index - 1122

Today, Friday, March 23 2018, the Baltic Dry Index climbed by 5 points, reaching 1122 points.

Baltic Dry Index is compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore. The index is based on a daily survey of agents all over the world. Baltic Dry hit a temporary peak on May 20, 2008, when the index hit 11,793. The lowest level ever reached was on Wednesday the 10th of February 2016, when the index dropped to 290 points.

====================

Related stocks: Sembcorp Marine, Cosco & Pan Ocean.

US rig count - 995

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. increased by five this week to 995.

That exceeds the 809 rigs that were active this time a year ago.

Houston oilfield services company Baker Hughes reported Friday that 804 rigs drilled for oil this week and 190 for gas. One was listed as miscellaneous.

Among major oil- and gas-producing states, Texas increased by seven rigs and Alaska and Colorado each gained two.

Oklahoma lost four rigs, Utah decreased by two and Ohio lost one.

Arkansas, California, Louisiana, New Mexico, North Dakota, Pennsylvania, West Virginia and Wyoming were unchanged.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.

==================

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Tuan Sing - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/29/17	UOB Kay Hian	Tuan Sing	0.415	0.71	Buy	Sum of parts
01/15/18	UOB Kay Hian	Tuan Sing	0.49	0.71	Buy
01/29/18	UOB Kay Hian	Tuan Sing	0.48	0.71	Buy	Sum of parts

Triyards - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	DMG & Partners	Triyards	0.445	0.94	Buy	PB1.05x
01/04/16	OCBC	Triyards	0.445	0.61	Buy	PER5x FY16
01/04/16	UOB Kay Hian	Triyards	0.445	0.88	Buy	PB0.75x
01/11/16	Amfrasers	Triyards	0.49	0.55	Buy	PER6x FY16
01/15/16	UOB Kay Hian	Triyards	0.435	0.69	Buy
03/03/16	Amfrasers	Triyards	0.405	0.55	Buy	PER6x FY16
03/07/16	UOB Kay Hian	Triyards	0.425	0.69	Buy
03/09/16	OCBC	Triyards	0.42	0.61	Buy	PER5x FY16
04/01/16	UOB Kay Hian	Triyards	0.4	0.47	Hold	PB0.4x FY17, Buy @ $0.38 or lower
04/08/16	Amfrasers	Triyards	0.395	0.55	Buy	PER6x FY16
04/08/16	OCBC	Triyards	0.395	0.61	Buy	PER5x FY16/17
05/17/16	Amfrasers	Triyards	0.385	0.55	Buy
05/20/16	UOB Kay Hian	Triyards	0.39	0.47	Hold
07/11/16	OCBC	Triyards	0.38	0.51	Buy	PER5x
07/11/16	UOB Kay Hian	Triyards	0.38	0.44	Hold	PB0.4x FY17, Buy @ $0.35
07/12/16	Amfrasers	Triyards	0.39	0.52	Buy	PER6x, PB0.6x
09/13/16	UOB Kay Hian	Triyards	0.29	0.44	Buy	PB0.4x FY17
10/24/16	UOB Kay Hian	Triyards	0.28	0.41	Buy	PB0.4x FY17
11/30/16	OCBC	Triyards	0.275	0.35	Hold
12/02/16	UOB Kay Hian	Triyards	0.285	0.5	Buy
01/09/17	Amfrasers	Triyards	0.315	0.43	Buy	PB0.5x FY17
01/09/17	OCBC	Triyards	0.315	0.47	Buy	PB0.55x FY17
01/09/17	UOB Kay Hian	Triyards	0.315	0.46	Buy	PB0.46x FY17
03/10/17	UOB Kay Hian	Triyards	0.395	0.27	Hold
03/15/17	OCBC	Triyards	0.295	0.345	Hold	PB
04/10/17	OCBC	Triyards	0.25	0.33	Hold	PB0.35x FY17/18
07/24/17	OCBC	Triyards	0.149	0.19	Hold	PB0.3x FY18

Stock calls for 23 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/23/18	MIDF	IHH Healthcare	2.01	2.32	Buy	Ringgit $6.91 target price
03/23/18	CIMB	OUE Commercial	0.72	0.75	Hold	DDM
03/23/18	UOB Kay Hian	ST Engineering	3.47	4.1	Buy	EV/Invested capital basis, PER23x FY19
03/23/18	DBS Vickers	ST Engineering	3.47	4.1	Buy	DCF & PER22x
03/23/18	Kim Eng	Valuetronics	0.955	1.25	Buy	ROE-g/COE-g, PB2.8x FY19
03/23/18	OCBC	Viva Industrial	0.75	0.93	Buy

Another lawsuit for Noble Group.

https://www.bloombergquint.com/markets/2018/03/22/noble-group-s-week-from-hell-gets-worse-as-another-lawsuit-hits

More and more bad news!

Another company is suing Noble Group for $260m.

US has imposed tariffs on $60b China imports.

https://www.cnbc.com/2018/03/22/trump-moves-to-slap-china-with-50-billion-in-tariffs-over-intellectual-property-theft.html

https://finance.yahoo.com/news/china-hits-back-trump-planned-232227157.html

The USA has imposed tariffs on $60b China goods but China has retaliated with very restrained effort targeting at Trump's supporters' businesses.

This trade war is real because the USA wants to cripple China's economy now.  Trump has replaced all his key personnel with anti-China characteristics.  They are advising Trump to wage an economic war against China because China will become the world leader in the future.  If the USA doesn't attack China economically now, the USA won't stand a chance in the future.

The USA has just passed a US$1.3T spending bill.

https://finance.yahoo.com/news/u-house-passes-1-3-170134662.html

Here we go again!  The USA will issue more government bonds to fund this newly passed $1.3T spending bill but it won't be easy to attract foreign central banks and investors to buy US treasuries this time.  Why?

This is because the USA has rankled many countries with its upcoming global trade war.  This global trade war will affect many economies and induce slower economic growth.  When other government coffers and investors are badly affected, they won't purchase more US treasuries.

The USA really has a warped logic!

Trendlines - Stock calls

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Date	Analyst	Company	Last	Target	Call	Valuation
02/12/16	DBS Vickers	Trendlines	0.161	0.28	Buy	PB1.1x FY16
03/17/16	DBS Vickers	Trendlines	0.192	0.28	Buy	PB1.1x FY16
04/25/16	DBS Vickers	Trendlines	0.225	0.24	Hold
11/27/17	NRA	Trendlines	0.143	0.225	Overweight	RNAV (20% discount)

Top Glove - Stock calls

12/16/16	Kim Eng	Top Glove	1.63	1.71	Hold	Ringgit target $5.30
10/19/17	Aminvestment	Top Glove	1.98	2.05	Hold	Ringgit target $6.36, up from $6.22

Tianjin Zhongxin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/16	CIMB	Tianjin Zhongxin	0.895	1.42	Add	DCF
04/25/16	CIMB	Tianjin Zhongxin	0.845	1.3	Add	DCF CY16
11/02/16	CIMB	Tianjin Zhongxin	0.765	1.3	Add	DCF CY17
12/06/16	CIMB	Tianjin Zhongxin	0.805	1.3	Add	DCF CY17
04/05/17	CIMB	Tianjin Zhongxin	0.975	1.3	Add	DCF FY17
08/02/17	UOB Kay Hian	Tianjin Zhongxin	1.05	1.66	Buy	PER15.5x FY18
09/05/17	UOB Kay Hian	Tianjin Zhongxin	1.13	1.66	Buy	PER15.5x FY18
10/04/17	UOB Kay Hian	Tianjin Zhongxin	1.055	1.66	Buy	PER15.5x FY18
11/02/17	UOB Kay Hian	Tianjin Zhongxin	1.03	1.5	Buy	PER14.6x FY18
01/03/18	UOB Kay Hian	Tianjin Zhongxin	0.945	1.52	Buy	PER14.1x FY18

Stock calls for 22 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/22/18	phillip	Comfortdelgro	2	2.5	Buy
03/22/18	Lim & Tan	DBS	28.4	0	Buy
03/22/18	CIMB	Dyna-Mac	0.13	0.18	Add	PB1.8x CY18
03/22/18	Lim & Tan	OCBC	13.42	0	Buy
03/22/18	Lim & Tan	UOB	28.58	0	Buy

Huge fireball in Thailand sky.

Some people say it is a sunset warped by the vapour in the air.

Some people say it is a falling asteroid.

Some people say it is a warning from God.

What say you?

Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	OCBC	Thai Beverage	0.695	0.83	Buy
01/08/16	Religare	Thai Beverage	0.695	0.76	Buy
02/29/16	DBS Vickers	Thai Beverage	0.69	0.82	Buy	Sum of parts, PER21x FY16
02/29/16	OCBC	Thai Beverage	0.69	0.83	Buy
03/01/16	CIMB	Thai Beverage	0.7	0.83	Add
03/15/16	UBS	Thai Beverage	0.74	0.76	Neutral
03/24/16	DBS Vickers	Thai Beverage	0.725	0.82	Buy
04/15/16	DBS Vickers	Thai Beverage	0.715	0.82	Buy
05/13/16	Credit Suisse	Thai Beverage	0.75	0.85	Outperform	Sum of parts
05/16/16	CIMB	Thai Beverage	0.75	0.92	Add	Sum of parts
05/16/16	DBS Vickers	Thai Beverage	0.75	0.92	Buy
05/16/16	OCBC	Thai Beverage	0.75	0.83	Buy	DCF
05/25/16	Religare	Thai Beverage	0.89	1.1	Buy	Up from $0.76
06/16/16	OCBC	Thai Beverage	0.91	0.89	Hold	Sum of parts, Buy @ $0.85 or below
07/19/16	OCBC	Thai Beverage	0.96	0.89	Hold
08/12/16	Credit Suisse	Thai Beverage	1.03	1.08	Neutral
08/12/16	OCBC	Thai Beverage	1.03	1.01	Hold	Sum of parts
08/15/16	DBS Vickers	Thai Beverage	1.025	1.13	Buy	Sum of parts, PER23.5x FY17
09/05/16	CIMB	Thai Beverage	0.995	1.14	Add	Sum of parts, PER24.7x CY17
09/21/16	OCBC	Thai Beverage	0.95	1.01	Hold
10/04/16	DBS Vickers	Thai Beverage	0.975	1.13	Buy
10/11/16	OCBC	Thai Beverage	0.975	1.01	Hold
10/17/16	Credit Suisse	Thai Beverage	0.95	1.08	Outperform	DCF
10/18/16	DBS Vickers	Thai Beverage	0.945	1.13	Buy
11/10/16	Credit Suisse	Thai Beverage	0.92	1.08	Outperform
11/21/16	CIMB	Thai Beverage	0.895	1.14	Add	Sum of parts
11/21/16	DBS Vickers	Thai Beverage	0.895	1.09	Buy	Sum of parts
11/21/16	OCBC	Thai Beverage	0.895	1.01	Hold
11/22/16	OCBC	Thai Beverage	0.88	1.01	Buy
12/06/16	CIMB	Thai Beverage	0.845	1.07	Add
12/07/16	OCBC	Thai Beverage	0.845	1.01	Buy
12/09/16	DBS Vickers	Thai Beverage	0.865	1.09	Buy	Sum of parts
01/04/17	CIMB	Thai Beverage	0.855	1.07	Add	Sum of parts, PER19.6x CY17
01/10/17	OCBC	Thai Beverage	0.845	1.01	Buy
02/02/17	OCBC	Thai Beverage	0.87	1.01	Buy
02/15/17	CIMB	Thai Beverage	0.88	1.07	Add	Sum of parts
02/16/17	DBS Vickers	Thai Beverage	0.94	1.01	Buy
03/06/17	OCBC	Thai Beverage	0.935	1.01	Buy
03/23/17	CIMB	Thai Beverage	0.925	1.07	Add	Sum of parts
03/31/17	UOB Kay Hian	Thai Beverage	0.935	1.09	Buy	Sum of parts
04/10/17	DBS Vickers	Thai Beverage	0.94	1.09	Buy	Sum of parts
04/10/17	DMG & Partners	Thai Beverage	0.94	1.1	Buy	Sum of parts
05/08/17	CIMB	Thai Beverage	0.91	1.07	Add	Sum of parts
05/12/17	DBS Vickers	Thai Beverage	0.915	1.09	Buy	Sum of parts
05/12/17	OCBC	Thai Beverage	0.915	1.01	Buy
05/15/17	DMG & Partners	Thai Beverage	0.885	1.1	Buy	Sum of parts
05/15/17	UOB Kay Hian	Thai Beverage	0.885	1.09	Buy	Sum of parts
06/13/17	OCBC	Thai Beverage	0.88	1.01	Buy
06/14/17	UOB Kay Hian	Thai Beverage	0.885	1.09	Buy
06/16/17	DBS Vickers	Thai Beverage	0.895	1.09	Buy
06/29/17	DBS Vickers	Thai Beverage	0.89	1.07	Buy	Sum of parts
07/03/17	DMG & Partners	Thai Beverage	0.9	1.1	Buy	Sum of parts, PER26x FY17
07/07/17	CIMB	Thai Beverage	0.91	1.07	Add	Sum of parts
07/10/17	Phillip	Thai Beverage	0.91	1.05	Accumulate	Sum of parts
07/11/17	UOB Kay Hian	Thai Beverage	0.915	1.09	Buy	Sum of parts
07/25/17	DBS Vickers	Thai Beverage	0.93	1.07	Buy	Sum of parts
08/08/17	UOB Kay Hian	Thai Beverage	0.96	1.09	Buy	Sum of parts
08/10/17	CIMB	Thai Beverage	0.955	1.07	Add	Sum of parts
08/10/17	DMG & Partners	Thai Beverage	0.955	1.1	Buy	Sum of parts
08/10/17	OCBC	Thai Beverage	0.955	1.01	Buy
08/11/17	DBS Vickers	Thai Beverage	0.945	1.07	Buy
08/14/17	Phillip	Thai Beverage	0.93	1.05	Accumulate	Sum of parts
08/14/17	UOB Kay Hian	Thai Beverage	0.93	1.09	Buy	Sum of parts
09/05/17	UOB Kay Hian	Thai Beverage	0.925	1.09	Buy	Sum of parts
09/18/17	OCBC	Thai Beverage	0.92	1.01	Buy
09/18/17	Credit Suisse	Thai Beverage	0.92	1.04	Outperform
09/19/17	DBS Vickers	Thai Beverage	0.915	1.07	Buy
09/20/17	DMG & Partners	Thai Beverage	0.91	1.1	Buy	Sum of parts
10/04/17	UOB Kay Hian	Thai Beverage	0.9	1.09	Buy	Sum of parts
10/13/17	DBS Vickers	Thai Beverage	0.945	1.07	Buy
10/16/17	DMG & Partners	Thai Beverage	0.94	1.12	Buy	Sum of parts
11/02/17	UOB Kay Hian	Thai Beverage	0.98	1.09	Buy	Sum of parts
11/24/17	DBS Vickers	Thai Beverage	0.94	1.07	Buy
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add	Sum of parts, PER24.8x FY18
11/27/17	Phillip	Thai Beverage	0.97	1.18	Buy	Sum of parts, PER24.2x FY18
11/27/17	UOB Kay Hian	Thai Beverage	0.97	1.11	Buy	Sum of parts
11/27/17	OCBC	Thai Beverage	0.97	1.07	Buy	Sum of parts
11/27/17	CIMB	Thai Beverage	0.97	1.15	Add
12/04/17	Phillip	Thai Beverage	0.96	1.18	Buy
12/06/17	UOB Kay Hian	Thai Beverage	0.955	1.11	Buy	Sum of parts
12/13/17	Phillip	Thai Beverage	0.955	1.18	Buy	Sum of parts
12/13/17	CIMB	Thai Beverage	0.955	1.15	Add	Sum of parts
12/19/17	DBS Vickers	Thai Beverage	0.97	1.07	Buy	Sum of parts
12/20/17	CIMB	Thai Beverage	0.95	1	Hold	Sum of parts, PER22.6x CY18
01/04/18	UOB Kay Hian	Thai Beverage	0.915	1.11	Buy	Sum of parts
01/11/18	OCBC	Thai Beverage	0.93	1.07	Buy
01/23/18	Nomura	Thai Beverage	0.92	1.13	Buy
01/23/18	DBS Vickers	Thai Beverage	0.92	1.07	Buy
01/23/18	CIMB	Thai Beverage	0.92	1	Hold
02/01/18	UOB Kay Hian	Thai Beverage	0.92	1.06	Buy	Sum of parts
02/15/18	UOB Kay Hian	Thai Beverage	0.91	0.99	Hold	Sum of parts, Buy @ $0.84
02/15/18	CIMB	Thai Beverage	0.91	0.98	Hold	Sum of parts, PER21.8x CY18
02/19/18	DBS Vickers	Thai Beverage	0.85	1.02	Buy	Sum of parts
02/22/18	Phillip	Thai Beverage	0.835	1.05	Buy	Sum of parts
03/05/18	OCBC	Thai Beverage	0.825	0.95	Buy
03/19/18	Phillip	Thai Beverage	0.815	1.05	Buy

Telechoice - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/16	NRA	Telechoice	0.255	0.223	Neutral	PER9.3x FY16
02/29/16	Lim & Tan	Telechoice	0.25	0	Buy
03/11/16	NRA	Telechoice	0.27	0.305	Overweight	PER13.3x FY15
07/12/16	NRA	Telechoice	0.28	0.34	Overweight	PER13.86x FY16
08/29/16	NRA	Telechoice	0.275	0.34	Overweight	PER16.2x FY17
11/14/16	Lim & Tan	Telechoice	0.27	0	Buy
12/14/16	NRA	Telechoice	0.26	0.34	Overweight
04/10/17	NRA	Telechoice	0.27	0.34	Overweight	PER15.56x FY17
08/15/17	NRA	Telechoice	0.25	0.34	Overweight