Mapletree Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Mapletree Commercial	1.45	1.62	Buy	DCF
01/12/17	HSBC	Mapletree Commercial	1.47	1.75	Buy
01/24/17	Deutsche	Mapletree Commercial	1.47	1.6	Buy
01/26/17	CIMB	Mapletree Commercial	1.48	1.45	Hold	DDM
01/26/17	Credit Suisse	Mapletree Commercial	1.48	1.73	Outperform
01/26/17	Lim & Tan	Mapletree Commercial	1.48	0	Hold
02/09/17	Credit Suisse	Mapletree Commercial	1.52	1.73	Outperform
02/28/17	Deutsche	Mapletree Commercial	1.495	1.6	Buy
03/17/17	DBS Vickers	Mapletree Commercial	1.49	1.62	Buy	DCF
04/26/17	DBS Vickers	Mapletree Commercial	1.57	1.62	Buy
04/27/17	CIMB	Mapletree Commercial	1.585	1.7	Add	DDM
06/22/17	Deutsche	Mapletree Commercial	1.555	1.6	Buy
06/23/17	CIMB	Mapletree Commercial	1.56	1.7	Add
07/28/17	DBS Vickers	Mapletree Commercial	1.63	1.62	Hold
07/28/17	Credit Suisse	Mapletree Commercial	1.63	1.73	Outperform
07/28/17	CIMB	Mapletree Commercial	1.63	1.79	Add	DDM
09/13/17	Credit Suisse	Mapletree Commercial	1.55	1.73	Outperform
10/27/17	DBS Vickers	Mapletree Commercial	1.58	1.62	Hold
10/27/17	CIMB	Mapletree Commercial	1.58	1.75	Add	DDM
12/11/17	DBS Vickers	Mapletree Commercial	1.58	1.75	Buy
01/02/18	Kim Eng	Mapletree Commercial	1.62	1.45	Sell	DDM
01/04/18	Deutsche	Mapletree Commercial	1.67	1.7	Buy
01/25/18	Lim & Tan	Mapletree Commercial	1.67	0	Hold
01/26/18	CIMB	Mapletree Commercial	1.68	1.75	Add	DDM
04/25/18	Kim Eng	Mapletree Commercial	1.6	1.5	Hold	DDM
04/25/18	CIMB	Mapletree Commercial	1.6	1.75	Add	DDM
04/25/18	DBS Vickers	Mapletree Commercial	1.6	1.8	Buy	DCF, PB1.2x

Manulife US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Manulife US Reit	0.83	0.96	Buy	DDM
01/05/17	Lim & Tan	Manulife US Reit	0.835	0	Buy
01/09/17	DBS Vickers	Manulife US Reit	0.84	0.93	Buy	DCF
02/14/17	DBS Vickers	Manulife US Reit	0.86	0.95	Buy	DCF
02/14/17	DMG & Partners	Manulife US Reit	0.86	0.96	Buy	DDM
02/28/17	Deutsche	Manulife US Reit	0.84	0.95	Buy
03/10/17	DMG & Partners	Manulife US Reit	0.84	0.96	Buy
04/07/17	DMG & Partners	Manulife US Reit	0.835	0.96	Buy
05/03/17	DBS Vickers	Manulife US Reit	0.84	1.01	Buy	DCF
05/04/17	DMG & Partners	Manulife US Reit	0.85	0.96	Buy
05/08/17	Lim & Tan	Manulife US Reit	0.865	0	Buy
06/21/17	DMG & Partners	Manulife US Reit	0.885	0.99	Buy	DDM
06/21/17	Lim & Tan	Manulife US Reit	0.885	0	Buy on weakness
06/22/17	Deutsche	Manulife US Reit	0.89	0.95	Buy
07/12/17	DMG & Partners	Manulife US Reit	0.915	0.99	Buy
08/10/17	DMG & Partners	Manulife US Reit	0.925	1	Buy	DDM
08/10/17	DBS Vickers	Manulife US Reit	0.925	1.07	Buy	DCF
08/10/17	Lim & Tan	Manulife US Reit	0.925	1	Buy
08/10/17	Deutsche	Manulife US Reit	0.925	1	Buy
09/04/17	Lim & Tan	Manulife US Reit	0.965	0	Buy
09/05/17	DMG & Partners	Manulife US Reit	0.94	0.98	Buy	DDM, Ex-Rights 41-for-100 @ $0.695
11/06/17	DMG & Partners	Manulife US Reit	0.905	0.98	Buy	DDM
11/29/17	DBS Vickers	Manulife US Reit	0.865	0.99	Buy	DCF
12/19/17	DMG & Partners	Manulife US Reit	0.93	0.98	Buy
01/03/18	Lim & Tan	Manulife US Reit	0.93	1	Buy
01/04/18	Deutsche	Manulife US Reit	0.94	1	Buy
01/05/18	DMG & Partners	Manulife US Reit	0.935	0.98	Buy
02/06/18	UOB Kay Hian	Manulife US Reit	0.92	1.12	Buy	DDM
02/06/18	Lim & Tan	Manulife US Reit	0.92	1	Hold
02/06/18	DMG & Partners	Manulife US Reit	0.92	0.98	Buy	DDM
02/07/18	DBS Vickers	Manulife US Reit	0.91	1	Buy	DCF
02/21/18	Amfrasers	Manulife US Reit	0.91	1.008	Buy	DDM
04/13/18	Lim & Tan	Manulife US Reit	0.925	1	Hold
04/16/18	DMG & Partners	Manulife US Reit	0.82	1	Buy	DDM
04/16/18	DBS Vickers	Manulife US Reit	0.82	1	Buy
04/17/18	Amfrasers	Manulife US Reit	0.925	1.01	Buy
05/02/18	DMG & Partners	Manulife US Reit	0.95	1	Buy	DDM
05/02/18	UOB Kay Hian	Manulife US Reit	0.95	1.12	Buy
05/08/18	Amfrasers	Manulife US Reit	0.945	1.02	Buy
06/26/18	DBS Vickers	Manulife US Reit	0.86	0.97	Buy	DCF

Mandarin Oriental - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/03/17	Nomura	Mandarin Oriental	1.275	1.06	Reduce
06/06/17	Nomura	Mandarin Oriental	1.71	1.73	Neutral

Stock calls for 26 June 2018

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/18	DBS Vickers	A-Reit	2.58	3	Buy
06/26/18	DBS Vickers	Ascendas Hospitality Trust	0.775	0.98	Buy	DCF
06/26/18	DBS Vickers	Ascendas India Trust	1.02	1.25	Buy	DDM
06/26/18	CIMB	Cache Logistics	0.76	0.8	Hold
06/26/18	DBS Vickers	CapitaCommercial	1.64	2.12	Buy	DCF
06/26/18	Lim & Tan	CapitaCommercial	1.64	0	Buy
06/26/18	OCBC	Capitaland	3.18	4.26	Buy
06/26/18	DBS Vickers	CDL Hospitality	1.61	2	Buy
06/26/18	OCBC	City Developments	11	15.78	Buy
06/26/18	UOB Kay Hian	DBS	26.66	30.15	Buy	GGM, PB1.65x FY18
06/26/18	DBS Vickers	Frasers Centrepoint Trust	2.17	2.45	Buy
06/26/18	DBS Vickers	Frasers Logistics	1.03	1.2	Buy	DCF
06/26/18	DBS Vickers	Keppel DC Reit	1.35	1.52	Buy	DCF
06/26/18	DBS Vickers	Manulife US Reit	0.86	0.97	Buy	DCF
06/26/18	DBS Vickers	Mapletree North Asia	1.13	1.45	Buy	DCF
06/26/18	DBS Vickers	Mapletree Logistics	1.22	1.48	Buy
06/26/18	SAC	Megachem	0.32	0.5	Buy	PER14.9x FY19
06/26/18	CIMB	Memtech	1.13	1.47	Add
06/26/18	UOB Kay Hian	OCBC	11.6	14.28	Buy	GGM, PER1.46x FY18
06/26/18	OCBC	UOL	7.45	10.63	Buy

M1 - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	UOB Kay Hian	M1	1.96	1.76	Sell
01/12/17	CIMB	M1	2.06	1.9	Hold	DCF, Buy below $1.56
01/12/17	Deutsche	M1	2.06	2.6	Buy
01/13/17	Credit Suisse	M1	2.08	1.65	Underperform
01/13/17	DBS Vickers	M1	2.08	2.09	Hold	DCF
01/13/17	DMG & Partners	M1	2.08	2.05	Neutral	DCF
01/17/17	DIR	M1	2.08	2.02	Hold	DDM
01/18/17	UOB Kay Hian	M1	2.09	2.5	Buy	DCF
01/25/17	Credit Suisse	M1	2.17	1.55	Underperform
01/25/17	DBS Vickers	M1	2.17	1.97	Hold	DCF
01/25/17	Kim Eng	M1	2.17	1.85	Sell	DCF
01/25/17	Lim & Tan	M1	2.17	0	Sell
01/25/17	OCBC	M1	2.17	2.03	Hold
01/25/17	UOB Kay Hian	M1	2.17	2.48	Buy	DCF
01/26/17	CIMB	M1	2.05	1.8	Reduce	DCF
02/24/17	UOB Kay Hian	M1	2.03	2.52	Buy	DCF
02/24/17	Deutsche	M1	2.03	2.5	Buy
03/13/17	DIR	M1	2.11	1.93	Hold	DDM
03/17/17	OCBC	M1	2.03	1.75	Sell
03/20/17	Credit Suisse	M1	2.19	1.5	Underperform
03/20/17	DBS Vickers	M1	2.19	1.97	Hold
03/20/17	DMG & Partners	M1	2.19	2.05	Neutral	DCF
03/21/17	OCBC	M1	2.17	1.96	Hold	EV/EBitda8.5x FY17/18
04/05/17	CIMB	M1	2.16	1.8	Reduce
04/05/17	Credit Suisse	M1	2.16	1.5	Underperform
04/05/17	DMG & Partners	M1	2.16	2.05	Neutral
04/05/17	Kim Eng	M1	2.16	1.75	Sell	DCF
04/05/17	OCBC	M1	2.16	1.96	Hold
04/06/17	DBS Vickers	M1	2.12	1.97	Hold	DCF
04/18/17	CIMB	M1	2.14	1.7	Reduce	DCF
04/18/17	Credit Suisse	M1	2.14	1.45	Underperform
04/18/17	DIR	M1	2.14	1.93	Hold	DDM
04/18/17	Lim & Tan	M1	2.14	0	Hold
04/18/17	Deutsche	M1	2.14	2.3	Buy
05/02/17	DBS Vickers	M1	2.17	2.54	Buy	EV/Ebitda8.4x FY17
06/02/17	DMG & Partners	M1	2.27	2.05	Neutral	DCF
07/07/17	OCBC	M1	2.11	1.96	Hold
07/14/17	DMG & Partners	M1	2.07	2.05	Neutral
07/19/17	OCBC	M1	2.1	1.75	Sell
07/19/17	DIR	M1	2.1	1.93	Hold	DDM
07/19/17	Credit Suisse	M1	2.1	1.45	Underperform
07/19/17	DMG & Partners	M1	2.1	1.9	Neutral	DCF
07/19/17	CIMB	M1	2.1	1.7	Reduce	DCF
07/19/17	DBS Vickers	M1	2.1	1.78	Fully Valued	DCF
08/18/17	UOB Kay Hian	M1	1.77	1.98	Buy	DCF
08/23/17	DMG & Partners	M1	1.785	1.9	Neutral
09/11/17	OCBC	M1	1.78	1.65	Hold
09/14/17	Kim Eng	M1	1.79	1.59	Sell	DCF
09/18/17	Credit Suisse	M1	1.795	1.45	Underperform
09/20/17	Deutsche	M1	1.79	2.3	Buy
09/25/17	UOB Kay Hian	M1	1.78	1.98	Buy
09/25/17	CIMB	M1	1.78	1.8	Hold
09/28/17	DIR	M1	1.785	1.74	Hold	DDM
10/16/17	DBS Vickers	M1	1.815	1.49	Fully Valued	DCF
10/17/17	UOB Kay Hian	M1	1.805	1.95	Buy	DCF
10/17/17	OCBC	M1	1.805	1.65	Hold
10/17/17	DMG & Partners	M1	1.805	1.9	Neutral
10/17/17	Kim Eng	M1	1.805	1.59	Sell
10/17/17	CIMB	M1	1.805	1.8	Hold
11/23/17	OCBC	M1	1.77	1.65	Hold
11/28/17	Kim Eng	M1	1.77	1.59	Sell
01/10/18	DMG & Partners	M1	1.79	1.9	Neutral
01/12/18	UOB Kay Hian	M1	1.79	1.95	Hold
01/24/18	UOB Kay Hian	M1	1.87	1.84	Hold	DCF, Buy @ $1.7
01/24/18	DMG & Partners	M1	1.87	1.95	Neutral	DCF
01/24/18	OCBC	M1	1.87	1.7	Hold
01/24/18	DBS Vickers	M1	1.87	1.49	Fully Valued	DCF
01/25/18	CIMB	M1	1.87	1.85	Hold	DCF
02/21/18	OCBC	M1	1.8	1.7	Hold
03/12/18	UOB Kay Hian	M1	1.79	1.84	Hold
03/14/18	Kim Eng	M1	1.78	1.63	Sell	DCF
03/15/18	CIMB	M1	1.78	1.85	Hold
03/15/18	DMG & Partners	M1	1.78	1.95	Neutral
03/20/18	UOB Kay Hian	M1	1.79	1.6	Sell	DCF
03/27/18	Deutsche	M1	1.77	2.3	Buy
04/03/18	Kim Eng	M1	1.75	1.63	Hold	DCF
04/11/18	DBS Vickers	M1	1.72	1.76	Hold	DCF
04/17/18	UOB Kay Hian	M1	1.79	1.6	Sell	DCF
04/17/18	DMG & Partners	M1	1.79	1.95	Neutral	DCF
04/17/18	OCBC	M1	1.79	1.7	Hold
04/17/18	CIMB	M1	1.79	1.85	Hold
05/23/18	UOB Kay Hian	M1	1.76	1.6	Sell
06/04/18	UOB Kay Hian	M1	1.71	1.6	Sell	DCF

Lippo-Malls Indo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/17/17	CIMB	Lippo-Malls Indo	0.385	0.39	Hold	DDM
02/17/17	OCBC	Lippo-Malls Indo	0.385	0.43	Buy	DDM
04/04/17	OCBC	Lippo-Malls Indo	0.395	0.43	Buy
06/01/17	OCBC	Lippo-Malls Indo	0.415	0.435	Buy
06/22/17	CIMB	Lippo-Malls Indo	0.43	0.41	Hold	DDM
06/28/17	OCBC	Lippo-Malls Indo	0.44	0.475	Buy	DDM
08/07/17	OCBC	Lippo-Malls Indo	0.455	0.45	Hold	DDM
08/08/17	CIMB	Lippo-Malls Indo	0.455	0.43	Hold	DDM
08/30/17	OCBC	Lippo-Malls Indo	0.43	0.455	Buy
11/06/17	OCBC	Lippo-Malls Indo	0.44	0.46	Buy	DDM
12/13/17	OCBC	Lippo-Malls Indo	0.415	0.46	Buy
02/15/18	OCBC	Lippo-Malls Indo	0.4	0.405	Hold
04/13/18	CIMB	Lippo-Malls Indo	0.365	0.33	Reduce	DDM
04/13/18	OCBC	Lippo-Malls Indo	0.365	0.31	Sell
05/07/18	CIMB	Lippo-Malls Indo	0.32	0.33	Reduce	DDM

Stock calls for 25 June 2018

Date	Analyst	Company	Last	Target	Call	Valuation
06/25/18	Amfrasers	DISA	0.008	0.02	Buy	DCF, PER23.9x FY21
06/25/18	UOB Kay Hian	Ezion	0.09	0.12	Hold
06/25/18	CIMB	Jumbo	0.5	0.62	Add	PER23x CY19
06/25/18	UOB Kay Hian	Sembcorp Industries	2.76	3.6	Hold
06/25/18	Lim & Tan	Sembcorp Industries	2.76	0	Accumulate
06/25/18	UOB Kay Hian	Sembcorp Marine	1.96	2.05	Hold
06/25/18	UOB Kay Hian	Yangzijiang	0.96	1.3	Buy

Here we go again! Mahathir is skinning Singapore further.

Mahathir has been very anti-Singapore after becoming PM again.  He is trying to review our water pact now.

https://www.theedgesingapore.com/mahathir-revives-singapore-water-dispute-takes-swipe-trump?utm_source=Singapore+Market+Report&utm_campaign=c37bfa0f29-EMAIL_CAMPAIGN_2018_06_24_09_20&utm_medium=email&utm_term=0_46b7beec93-c37bfa0f29-90900869

Let's do a checklist on his anti-Singapore antes.

Dr M has decided to build a maritime base on the middle rocks which is only 44km away from SG.  This will affect SG's security.

Dr M has decided to terminate the KL-SG HSR.  This will affect SG's connection to the BRI.

Dr M has decided to review the CPTTP.  This will affect SG's free trade.

Dr M has decided to use the land acquisition to delay the JB-SG MRT.  This will affect the traffic flow between JB & SG.

Dr M has decided to review the water pact now.  This will affect SG's survival.

See!  Everything he does will harm SG.

Mahathir may delay the JB-SG MRT after the KL-SG HSR termination.

https://www.aseanbreakingnews.com/2018/06/jb-spore-rail-link-johor-needs-to-acquire-more-land/

Oh great! Malaysia has come up with a reason to delay the JB-SG MRT.  Land acquisition usually takes time and Malaysia is using this excuse to delay the JB-SG MRT construction.

Look like Mahathir has upped his ante against SG.

http://sg-stock.blogspot.com/2018/06/mahathir-is-trying-to-skin-singapore.html

Baltic dry index - 1341

Today, Friday, June 22 2018, the Baltic Dry Index decreased by 6 points, reaching 1341 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 - 1052

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. decreased by seven this week to 1,052.

At this time a year ago there were 941 active rigs.

Houston oilfield services company Baker Hughes reported Friday that 862 rigs drilled for oil this week and 188 for gas. Two were listed as miscellaneous.

Among major oil- and gas-producing states, Alaska gained two rigs and Wyoming added one.

Louisiana lost four rigs and Oklahoma decreased by two. Colorado, North Dakota, Pennsylvania and Texas each lost one.

Arkansas, California, New Mexico, Ohio, Utah and West Virginia 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.

Lian Beng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/23/17	NRA	Lian Beng	0.705	1.08	Not Rated	RNAV (11.6% discount)
12/06/17	DBS Vickers	Lian Beng	0.715	0.85	Not Rated	RNAV (50% discount)
04/24/18	DBS Vickers	Lian Beng	0.625	0.85	Not Rated	Sum of parts

KSH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/17	UOB Kay Hian	KSH	0.54	0.69	Buy	PB0.93x
02/13/17	OCBC	KSH	0.54	0.61	Buy
03/08/17	UOB Kay Hian	KSH	0.54	0.69	Buy
04/11/17	UOB Kay Hian	KSH	0.775	1.18	Buy	RNAV (50% discount)
04/12/17	Lim & Tan	KSH	0.78	0	Buy
05/30/17	OCBC	KSH	0.935	0.86	Hold
05/31/17	UOB Kay Hian	KSH	0.915	1.12	Buy	Sum of parts
08/14/17	Lim & Tan	KSH	0.73	0	Hold
09/27/17	OCBC	KSH	0.74	0.69	Hold
10/06/17	Lim & Tan	KSH	0.785	0	Buy
11/06/17	UOB Kay Hian	KSH	0.89	0.87	Hold	Sum of parts
11/13/17	Lim & Tan	KSH	0.86	0	Hold
11/15/17	OCBC	KSH	0.865	0.79	Hold
02/12/18	Lim & Tan	KSH	0.705	0	Hold
02/13/18	OCBC	KSH	0.695	0.79	Hold
02/22/18	UOB Kay Hian	KSH	0.76	1.08	Buy	Sum of parts
06/01/18	Lim & Tan	KSH	0.645	0	Hold
06/04/18	OCBC	KSH	0.635	0.98	Buy
06/07/18	UOB Kay Hian	KSH	0.65	1.04	Buy	Sum of parts

Stock calls for 22 June 2018

Date	Analyst	Company	Last	Target	Call	Valuation
06/22/18	DMG & Partners	Breadtalk	1	0.93	Neutral
06/22/18	UOB Kay Hian	CapitaCommercial	1.64	2.11	Buy	DDM
06/22/18	DMG & Partners	Dairy Farm	8.83	9.66	Buy
06/22/18	DMG & Partners	Food Empire	0.65	1.07	Buy
06/22/18	DMG & Partners	Japan Foods	0.5	0.63	Buy
06/22/18	Kim Eng	Japfa	0.625	0.86	Buy	Sum of parts, PER14x FY18
06/22/18	DMG & Partners	Kimly	0.345	0.43	Buy
06/22/18	DMG & Partners	SGX	7.25	9	Buy	PER24x FY19
06/22/18	DMG & Partners	Sheng Siong	1	1.18	Buy
06/22/18	DMG & Partners	Thai Beverage	0.77	1.06	Buy
06/22/18	Kim Eng	Top Glove	3.81	4.4	Buy

Lee Hsien Yang has left CAAS!

https://www.channelnewsasia.com/news/singapore/edmund-cheng-to-replace-lee-hsien-yang-as-caas-chairman-10455184

I believe the deceased LKY wouldn't expect that his elder son LHL would go after his younger son LHY and his grandson.  He also wouldn't expect that his Lee family would break up like this.

Kimly - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/17	Lim & Tan	Kimly	0.25	0	Subscribe	IPO
03/13/17	Amfrasers	Kimly	0.25	0	Do not subscribe	No competitive advantage
05/17/17	UOB Kay Hian	Kimly	0.44	0.48	Hold	DCF
08/08/17	UOB Kay Hian	Kimly	0.375	0.46	Buy	DCF
12/07/17	UOB Kay Hian	Kimly	0.355	0.45	Buy	DCF, PER22.8x FY18
04/16/18	DMG & Partners	Kimly	0.34	0.43	Buy	DCF, PER22.8x FY18
05/09/18	DMG & Partners	Kimly	0.345	0.43	Buy	DCF, PER22.8x FY18

Kim Heng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/03/17	OCBC	Kim Heng	0.075	0.089	Hold	PB0.8x FY17

Stock calls for 21 June 2018

Date	Analyst	Company	Last	Target	Call	Valuation
06/21/18	UOB Kay Hian	Bumitama	0.65	0.8	Buy
06/21/18	UOB Kay Hian	First Resources	1.55	1.6	Hold
06/21/18	UOB Kay Hian	Golden Agri	0.33	0.26	Sell
06/21/18	OCBC	Mapletree Logistics	1.22	1.34	Buy
06/21/18	UOB Kay Hian	Wilmar	3.12	3.9	Buy

US pulls out of UN human rights council to have a free rein in immigration treatment.

https://www.bbc.com/news/44537372

https://edition.cnn.com/2018/06/18/us/texas-deputy-child-sex-assault-charge-trnd/index.html

The US government separates parents and kids and leave the kids to fend for themselves.  The kids are subjected to abuses and not given proper blankets.

If the US is still in the UN human rights council, it will have to abide by the human rights council rules.  What a perfect timing to pull out of the council!

Keppel T&T - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	UOB Kay Hian	Keppel T&T	1.715	2.53	Buy
01/26/17	CIMB	Keppel T&T	1.765	1.7	Hold	Sum of parts (20% discount)
01/26/17	UOB Kay Hian	Keppel T&T	1.765	2.51	Buy	Sum of parts
03/21/17	UOB Kay Hian	Keppel T&T	1.75	2.51	Buy
04/07/17	Lim & Tan	Keppel T&T	1.765	0	Buy
04/19/17	CIMB	Keppel T&T	1.755	1.73	Hold	Sum of parts (20% discount)
04/19/17	UOB Kay Hian	Keppel T&T	1.755	2.51	Buy	Sum of parts
05/17/17	UOB Kay Hian	Keppel T&T	1.745	2.51	Buy	Sum of parts
09/08/17	UOB Kay Hian	Keppel T&T	1.5	1.9	Buy	Sum of parts
10/02/17	UOB Kay Hian	Keppel T&T	1.49	1.9	Buy	Sum of parts
01/25/18	UOB Kay Hian	Keppel T&T	1.7	1.9	Buy	Sum of parts
04/18/18	UOB Kay Hian	Keppel T&T	1.57	1.75	Buy	PER30.1x FY19