Comfortable - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	CIMB	Comfortdelgro	2.47	2.91	Add	DCF CY17
01/03/17	DMG & Partners	Comfortdelgro	2.47	3.24	Buy	DCF
01/04/17	OCBC	Comfortdelgro	2.5	2.95	Buy	DCF
01/05/17	Credit Suisse	Comfortdelgro	2.51	3.6	Outperform
01/06/17	UBS	Comfortdelgro	2.53	3.43	Buy
01/12/17	DIR	Comfortdelgro	2.53	3.67	Buy	DCF
02/06/17	Credit Suisse	Comfortdelgro	2.37	3.6	Outperform
02/13/17	CIMB	Comfortdelgro	2.51	2.91	Add	DCF
02/13/17	Credit Suisse	Comfortdelgro	2.51	3.35	Outperform
02/13/17	DBS Vickers	Comfortdelgro	2.51	2.94	Buy	DCF & PER
02/13/17	DIR	Comfortdelgro	2.51	3.51	Buy	DCF
02/13/17	DMG & Partners	Comfortdelgro	2.51	3	Buy	DCF
02/13/17	OCBC	Comfortdelgro	2.51	2.95	Buy
02/13/17	phillip	Comfortdelgro	2.51	2.94	Accumulate	DCF, PER19.8x FY17
02/13/17	UOB Kay Hian	Comfortdelgro	2.51	2.47	Hold	PER16.5x, Buy @ $2.20
03/06/17	Credit Suisse	Comfortdelgro	2.51	3.35	Outperform
03/06/17	Nomura	Comfortdelgro	2.51	2.56	Neutral
03/17/17	DBS Vickers	Comfortdelgro	2.53	2.94	Buy
03/27/17	OCBC	Comfortdelgro	2.52	2.95	Buy
03/30/17	UOB Kay Hian	Comfortdelgro	2.6	2.47	Hold	PER16.5x, Buy @ $2.35
04/04/17	OCBC	Comfortdelgro	2.58	2.95	Buy
04/07/17	Credit Suisse	Comfortdelgro	2.63	3.35	Outperform
04/12/17	DIR	Comfortdelgro	2.63	3.51	Buy	DCF
04/19/17	Deutsche	Comfortdelgro	2.66	2.9	Buy
04/20/17	DBS Vickers	Comfortdelgro	2.61	2.94	Buy
04/20/17	OCBC	Comfortdelgro	2.61	2.95	Buy
04/21/17	DIR	Comfortdelgro	2.66	3.54	Buy	DCF
05/12/17	DMG & Partners	Comfortdelgro	2.72	3	Buy	DCF
05/15/17	CIMB	Comfortdelgro	2.69	2.78	Hold	DCF FY17
05/15/17	Credit Suisse	Comfortdelgro	2.69	3.35	Outperform
05/15/17	DBS Vickers	Comfortdelgro	2.69	2.78	Hold	DCF & PER15x FY17/18
05/15/17	DIR	Comfortdelgro	2.69	3.49	Buy	DCF
05/15/17	OCBC	Comfortdelgro	2.69	2.88	Buy
05/15/17	phillip	Comfortdelgro	2.69	3.02	Accumulate	DCF, PER23.4x FY17
06/09/17	Deutsche	Comfortdelgro	2.4	2.9	Buy	DCF
06/09/17	Kim Eng	Comfortdelgro	2.4	2.64	Hold	PER17x FY17
06/27/17	UOB Kay Hian	Comfortdelgro	2.37	2.37	Hold	PER16.7x, Buy @ $2.20
07/04/17	DMG & Partners	Comfortdelgro	2.3	3	Buy
07/04/17	Nomura	Comfortdelgro	2.3	1.98	Reduce
07/13/17	DIR	Comfortdelgro	2.28	3.49	Buy	DCF
08/14/17	phillip	Comfortdelgro	2.31	2.78	Buy	DCF, PER20.6x FY17
08/14/17	DIR	Comfortdelgro	2.31	3.36	Buy	DCF
08/14/17	UOB Kay Hian	Comfortdelgro	2.31	2.37	Hold	PER16.6x, Buy @ $2.20
08/14/17	Credit Suisse	Comfortdelgro	2.31	3.2	Outperform
08/14/17	DMG & Partners	Comfortdelgro	2.31	2.6	Buy	DCF
08/14/17	OCBC	Comfortdelgro	2.31	2.7	Buy
08/14/17	CIMB	Comfortdelgro	2.31	2.46	Hold	DCF
08/14/17	Kim Eng	Comfortdelgro	2.31	2.25	Hold	PER16x FY17
08/15/17	DBS Vickers	Comfortdelgro	2.3	2.33	Hold	DCF, PER13x FY18
08/24/17	UOB Kay Hian	Comfortdelgro	2.36	2.37	Hold	PER16.6x, Buy @ $2.25
09/06/17	DIR	Comfortdelgro	2.21	3.19	Buy	DCF
09/15/17	Nomura	Comfortdelgro	2.18	1.98	Reduce	PER13x FY18
09/19/17	DBS Vickers	Comfortdelgro	2.07	2.33	Hold	DCF, PER13x FY18
09/20/17	DIR	Comfortdelgro	2.01	2.09	Hold	DCF
09/28/17	CIMB	Comfortdelgro	1.985	2.15	Hold	DCF
09/29/17	UOB Kay Hian	Comfortdelgro	2.04	2.34	Buy	PER16.6x
09/29/17	Kim Eng	Comfortdelgro	2.04	2.4	Buy	DCF, PER16.3x FY18
10/04/17	OCBC	Comfortdelgro	2.04	2.12	Hold	Buy @ $1.90
10/25/17	CIMB	Comfortdelgro	2.03	2.15	Hold	DCF
11/13/17	phillip	Comfortdelgro	2	2.69	Buy	DCF
11/13/17	UOB Kay Hian	Comfortdelgro	2	2.25	Buy	PER16.6x FY18
11/13/17	DBS Vickers	Comfortdelgro	2	2.18	Hold	DCF & PER15.3x FY17/18
11/13/17	Kim Eng	Comfortdelgro	2	2.4	Buy	DCF, PER16x FY18
11/13/17	OCBC	Comfortdelgro	2	2.05	Hold	Buy @ $1.90 or below
11/13/17	CIMB	Comfortdelgro	2	2.15	Hold	DCF
11/13/17	Lim & Tan	Comfortdelgro	2	0	Hold
11/13/17	Credit Suisse	Comfortdelgro	2	3.1	Outperform
11/14/17	DMG & Partners	Comfortdelgro	2.1	2	Neutral	DCF, PER14.5x FY18
12/11/17	CIMB	Comfortdelgro	1.91	2.15	Hold
12/11/17	Kim Eng	Comfortdelgro	1.91	2.4	Buy	DCF
12/11/17	phillip	Comfortdelgro	1.91	2.69	Buy	DCF
12/11/17	UOB Kay Hian	Comfortdelgro	1.91	2.25	Buy	PER16.6x
12/11/17	Lim & Tan	Comfortdelgro	1.91	0	Hold
12/12/17	DBS Vickers	Comfortdelgro	2.03	2.18	Hold
01/03/18	Amfrasers	Comfortdelgro	2.01	2.24	Buy	PER16x FY18
01/04/18	phillip	Comfortdelgro	2.02	2.63	Buy	DCF
01/04/18	OCBC	Comfortdelgro	2.02	2.05	Hold
01/11/18	Kim Eng	Comfortdelgro	1.99	2.4	Buy	DCF
01/18/18	UOB Kay Hian	Comfortdelgro	2.03	2.25	Buy	PER16.6x
01/19/18	CIMB	Comfortdelgro	2.01	2.15	Hold
02/02/18	OCBC	Comfortdelgro	2.15	2.12	Hold
02/13/18	UOB Kay Hian	Comfortdelgro	2.01	2.25	Buy	PER16.6x
02/14/18	DBS Vickers	Comfortdelgro	2.01	2.12	Hold	DCF & PER
02/14/18	Kim Eng	Comfortdelgro	2.01	2.35	Buy	DCF
02/14/18	OCBC	Comfortdelgro	2.01	2.25	Buy
02/14/18	CIMB	Comfortdelgro	2.01	2.16	Hold	DCF
02/14/18	Lim & Tan	Comfortdelgro	2.01	0	Buy on weakness
02/14/18	DMG & Partners	Comfortdelgro	2.01	2.05	Neutral	DCF
02/14/18	phillip	Comfortdelgro	2.01	2.5	Buy	DCF, PER17.4x FY18
02/15/18	DMG & Partners	Comfortdelgro	2.02	1.98	Neutral	DCF
03/09/18	Kim Eng	Comfortdelgro	2.06	2.35	Buy	DCF
03/21/18	OCBC	Comfortdelgro	2.02	2.25	Buy
03/22/18	phillip	Comfortdelgro	2	2.5	Buy
03/26/18	DBS Vickers	Comfortdelgro	1.99	2.12	Hold
03/27/18	CIMB	Comfortdelgro	2.04	2.16	Hold	DCF
03/29/18	UOB Kay Hian	Comfortdelgro	2	2.25	Buy	PER16.6x
04/06/18	OCBC	Comfortdelgro	2.07	2.25	Buy
05/02/18	Amfrasers	Comfortdelgro	2.25	2.72	Buy	PER19x FY18
05/10/18	phillip	Comfortdelgro	2.34	2.5	Buy
05/14/18	phillip	Comfortdelgro	2.33	2.48	Accumulate	DCF, PER17.8x FY18
05/14/18	UOB Kay Hian	Comfortdelgro	2.33	2.43	Buy	PER16.6x FY19
05/14/18	DBS Vickers	Comfortdelgro	2.33	2.12	Hold
05/14/18	OCBC	Comfortdelgro	2.33	2.5	Buy
05/14/18	CIMB	Comfortdelgro	2.33	2.37	Hold	DCF
05/14/18	DMG & Partners	Comfortdelgro	2.33	2.2	Neutral	DCF
05/15/18	Kim Eng	Comfortdelgro	2.34	2.65	Buy
06/07/18	DBS Vickers	Comfortdelgro	2.47	2.12	Hold
06/08/18	phillip	Comfortdelgro	2.46	2.69	Accumulate
06/08/18	OCBC	Comfortdelgro	2.46	2.5	Hold
07/03/18	UOB Kay Hian	Comfortdelgro	2.26	2.43	Buy
07/04/18	DBS Vickers	Comfortdelgro	2.3	2.59	Buy	DCF & PER18x FY18/19
07/10/18	phillip	Comfortdelgro	2.32	2.69	Accumulate
08/10/18	DBS Vickers	Comfortdelgro	2.37	2.59	Buy
08/13/18	phillip	Comfortdelgro	2.38	2.78	Accumulate	DCF, PER19.7x FY18
08/13/18	UOB Kay Hian	Comfortdelgro	2.38	2.59	Buy	PER16.8x FY19
08/13/18	DMG & Partners	Comfortdelgro	2.38	2.35	Neutral	DCF
08/13/18	OCBC	Comfortdelgro	2.38	2.5	Hold
08/13/18	CIMB	Comfortdelgro	2.38	2.75	Add	DCF, PER18.1x FY19
08/14/18	Amfrasers	Comfortdelgro	2.35	2.72	Buy	PER19x FY18
09/04/18	OCBC	Comfortdelgro	2.3	2.5	Hold
09/04/18	DBS Vickers	Comfortdelgro	2.3	2.59	Buy
09/11/18	phillip	Comfortdelgro	2.23	2.78	Accumulate

CNMC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/17	DBS Vickers	CNMC	0.45	0.65	Buy	DCF & PER14x FY17
02/24/17	phillip	CNMC	0.41	0.68	Buy	FCFE (DDM)
02/27/17	DBS Vickers	CNMC	0.415	0.6	Buy	DCF & PER14x FY17
05/17/17	phillip	CNMC	0.295	0.44	Buy	DCF
05/18/17	DBS Vickers	CNMC	0.32	0.31	Hold	DCF & PER14x FY17
06/28/17	NRA	CNMC	0.26	0.38	Overweight	FCFE
07/26/17	NRA	CNMC	0.295	0.38	Overweight
08/17/17	phillip	CNMC	0.27	0.29	Neutral	DCF
11/14/17	phillip	CNMC	0.28	0.3	Neutral	DCF
02/27/18	phillip	CNMC	0.26	0.3	Accumulate	DCF
03/07/18	NRA	CNMC	0.27	0.375	Overweight	FCFE
05/17/18	phillip	CNMC	0.275	0.42	Buy	DCF
07/03/18	Amfrasers	CNMC	0.27	0.38	Buy	PER10x FY19
08/20/18	phillip	CNMC	0.23	0.29	Buy	DCF

Cityneon - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/17	DBS Vickers	Cityneon	0.88	1.26	Buy
02/24/17	CIMB	Cityneon	0.825	1.27	Add	PER15x FY18
02/24/17	DBS Vickers	Cityneon	0.825	1.26	Buy	PER17x FY17
04/10/17	DBS Vickers	Cityneon	0.905	1.26	Buy
05/15/17	DBS Vickers	Cityneon	0.955	1.26	Buy
05/16/17	CIMB	Cityneon	0.9	1.27	Add	PER15x FY18
05/26/17	UOB Kay Hian	Cityneon	0.935	1.28	Buy	Sum of parts, PER14.7x FY18
05/30/17	DBS Vickers	Cityneon	0.935	1.23	Buy
06/01/17	CIMB	Cityneon	0.98	1.27	Add	PER15x FY18
08/11/17	UOB Kay Hian	Cityneon	0.935	1.28	Reject Offer	Sum of parts, offer price $0.90
08/16/17	UOB Kay Hian	Cityneon	0.935	1.28	Buy	Sum of parts
08/16/17	CIMB	Cityneon	0.935	1.27	Add	PER15x FY18
09/04/17	UOB Kay Hian	Cityneon	0.99	1.5	Buy	PER15.4x FY18
09/21/17	DBS Vickers	Cityneon	1.08	1.45	Buy	PER14.4x FY18
11/09/17	UOB Kay Hian	Cityneon	1.14	1.5	Buy
11/13/17	Amfrasers	Cityneon	1.095	1.38	Buy	PER15.1x FY18
11/27/17	DBS Vickers	Cityneon	1.04	1.45	Buy
01/05/18	DBS Vickers	Cityneon	0.97	1.45	Buy
01/09/18	UOB Kay Hian	Cityneon	0.97	1.55	Buy	PER15.4x FY18
02/20/18	UOB Kay Hian	Cityneon	1.02	1.55	Buy
02/28/18	Kim Eng	Cityneon	1.1	1.55	Buy
03/01/18	UOB Kay Hian	Cityneon	1.04	1.55	Buy	PER15.4x FY18
03/01/18	DBS Vickers	Cityneon	1.04	1.45	Buy	PER14.4x FY18
03/05/18	Amfrasers	Cityneon	1.06	1.54	Buy	PER14x FY18
03/15/18	CIMB	Cityneon	1.11	1.58	Add	PER14x FY19
05/03/18	DBS Vickers	Cityneon	1.05	1.6	Buy	PER14.4x FY18
05/03/18	CIMB	Cityneon	1.05	1.58	Add	PER14x CY19
05/15/18	UOB Kay Hian	Cityneon	1.06	1.55	Buy	PER15.4x FY18
05/15/18	CIMB	Cityneon	1.06	1.16	Hold	PER11x FY19
05/18/18	Amfrasers	Cityneon	1	1.54	Buy	PER14x FY18
05/23/18	UOB Kay Hian	Cityneon	0.99	1.55	Buy
06/04/18	UOB Kay Hian	Cityneon	0.98	1.55	Buy
08/06/18	DBS Vickers	Cityneon	1.02	1.57	Buy	PER14.4x
08/21/18	Amfrasers	Cityneon	1.13	1.51	Buy	PER14x FY18

Stock calls for 20 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/20/18	Lim & Tan	ART	1.09	0	Hold
09/20/18	OCBC	Mapletree Logistics	1.26	1.34	Buy
09/20/18	OCBC	OUE Hospitality	0.69	0.79	Buy
09/20/18	DBS Vickers	Thai Beverage	0.65	0.94	Buy

A peek inside Vostok 2018 - Russia & China

China sent its elite force of 3,200 men to participate in this Russian military exercise.

City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	City Developments	8.28	9.36	Buy	RNAV (30% discount)
01/04/17	UOB Kay Hian	City Developments	8.31	10.36	Buy
01/05/17	Credit Suisse	City Developments	8.39	11.3	Outperform
01/09/17	DBS Vickers	City Developments	8.47	9.9	Buy	RNAV (20% discount)
01/11/17	Kim Eng	City Developments	8.64	8.9	Hold
01/12/17	CIMB	City Developments	8.69	10.4	Add
01/13/17	DIR	City Developments	8.73	10.75	Buy	Sum of parts (20% discount)
01/17/17	DMG & Partners	City Developments	8.86	9.7	Buy	RNAV (30% discount)
01/17/17	Jefferies	City Developments	8.86	8.5	Hold
02/03/17	DMG & Partners	City Developments	9.26	9.7	Buy	RNAV (30% discount)
02/06/17	phillip	City Developments	9.42	9.98	Accumulate
02/08/17	Credit Suisse	City Developments	9.59	11.3	Outperform
02/17/17	DBS Vickers	City Developments	9.17	9.9	Buy
02/17/17	Deutsche	City Developments	9.17	10.8	Buy
02/24/17	CIMB	City Developments	9.66	10.51	Add	RNAV (25% discount)
02/24/17	Credit Suisse	City Developments	9.66	11.6	Outperform
02/24/17	DBS Vickers	City Developments	9.66	10.52	Buy	RNAV (20% discount)
02/24/17	Deutsche	City Developments	9.66	10.8	Buy
02/24/17	DIR	City Developments	9.66	10.9	Buy
02/24/17	DMG & Partners	City Developments	9.66	10.5	Buy	RNAV (25% discount)
02/24/17	Kim Eng	City Developments	9.66	9	Hold	RNAV (25% discount)
02/24/17	Lim & Tan	City Developments	9.66	0	Buy
02/24/17	OCBC	City Developments	9.66	10.5	Buy
02/24/17	phillip	City Developments	9.66	10.4	Accumulate	RNAV (20% discount)
02/24/17	UOB Kay Hian	City Developments	9.66	10.36	Hold	RNAV (20% discount), Buy @ $8.80
03/13/17	CIMB	City Developments	10.15	10.51	Add
03/13/17	Credit Suisse	City Developments	10.15	11.6	Outperform
03/13/17	Kim Eng	City Developments	10.15	9	Hold
03/13/17	UOB Kay Hian	City Developments	10.15	11.4	Buy
03/14/17	UBS	City Developments	10.5	11.5	Buy
03/16/17	Kim Eng	City Developments	10.23	9.8	Hold
03/23/17	DMG & Partners	City Developments	10.23	11.3	Buy	RNAV (20% discount)
04/27/17	phillip	City Developments	10.72	10.4	Accumulate
04/27/17	JP Morgan	City Developments	10.72	12.3	Overweight
05/12/17	CIMB	City Developments	10.85	11.63	Add	RNAV (20% discount)
05/12/17	Credit Suisse	City Developments	10.85	11.9	Outperform
05/12/17	Deutsche	City Developments	10.85	12.7	Buy
05/12/17	DIR	City Developments	10.85	11.43	Outperform	RNAV (20% discount)
05/12/17	DMG & Partners	City Developments	10.85	11.3	Take Profit
05/12/17	Kim Eng	City Developments	10.85	9.8	Hold	RNAV (18% discount)
05/12/17	UOB Kay Hian	City Developments	10.85	11.4	Hold	RNAV (12% discount)
05/15/17	DBS Vickers	City Developments	10.58	12.63	Buy	RNAV, PB1.2x
05/15/17	OCBC	City Developments	10.58	10.5	Hold
05/15/17	phillip	City Developments	10.58	11.07	Accumulate	RNAV (15% discount)
05/29/17	Kim Eng	City Developments	10.6	12.05	Buy	RNAV (11% discount)
06/09/17	Deutsche	City Developments	10.76	12.7	Buy	Sum of parts
06/09/17	Jefferies	City Developments	10.76	11.5	Hold
06/16/17	CIMB	City Developments	10.63	11.63	Add
06/16/17	Kim Eng	City Developments	10.63	12.05	Buy
07/11/17	Kim Eng	City Developments	10.82	12.05	Buy
07/18/17	JP Morgan	City Developments	10.97	12.3	Overweight
07/27/17	DBS Vickers	City Developments	11.26	12.63	Buy	RNAV (15% discount), PB1.2x
08/11/17	OCBC	City Developments	11.67	10.5	Hold
08/14/17	phillip	City Developments	11.14	12.1	Accumulate	RNAV (15% discount)
08/14/17	UOB Kay Hian	City Developments	11.14	11.4	Hold	RNAV (12% discount), Buy @ $9.7
08/14/17	OCBC	City Developments	11.14	12.39	Buy
08/14/17	CIMB	City Developments	11.14	12.54	Add	RNAV (20% discount)
08/14/17	Kim Eng	City Developments	11.14	12.05	Buy	RNAV (11% discount)
08/15/17	Credit Suisse	City Developments	11.53	12.7	Outperform
08/15/17	DBS Vickers	City Developments	11.53	12.63	Buy	RNAV, PB1.2x
09/05/17	CIMB	City Developments	11.65	12.54	Add
09/12/17	DBS Vickers	City Developments	11.58	12.63	Buy
09/18/17	UOB Kay Hian	City Developments	11.25	11.4	Hold
09/25/17	Kim Eng	City Developments	11.23	12.05	Buy
09/28/17	OCBC	City Developments	11.29	12.39	Buy
09/29/17	DIR	City Developments	11.19	12.82	Outperform	Sum of parts
10/03/17	CIMB	City Developments	11.48	12.54	Add
10/05/17	DIR	City Developments	11.42	12.85	Outperform	RNAV (10% discount)
10/06/17	Lim & Tan	City Developments	11.41	0	Buy
10/09/17	OCBC	City Developments	11.6	12.9	Buy
10/09/17	Kim Eng	City Developments	11.6	13.6	Buy	RNAV
10/10/17	phillip	City Developments	11.75	12.1	Accumulate	RNAV (15% discount)
10/11/17	DBS Vickers	City Developments	11.85	12.63	Buy	RNAV, PB1.2x
11/10/17	Kim Eng	City Developments	12.14	13.8	Buy	RNAV
11/10/17	UOB Kay Hian	City Developments	12.14	11.4	Hold	RNAV (12% discount), Buy @ $9.7
11/10/17	CIMB	City Developments	12.14	13.15	Add	RNAV (20% discount)
11/10/17	DBS Vickers	City Developments	12.14	14.03	Buy	RNAV, PB1.2x
11/10/17	Deutsche	City Developments	12.14	12.7	Buy
11/13/17	phillip	City Developments	12.2	12.1	Accumulate	RNAV (15% discount), Potential upside $13.50
11/13/17	OCBC	City Developments	12.2	13.5	Buy
11/20/17	Lim & Tan	City Developments	12.11	0	Buy
11/27/17	DBS Vickers	City Developments	12.24	14.03	Buy	RNAV, PB1.2x
11/27/17	Macquarie	City Developments	12.24	14.05	Outperform
12/01/17	UOB Kay Hian	City Developments	12.11	14.03	Buy	RNAV
12/07/17	Lim & Tan	City Developments	11.78	0	Buy
12/11/17	CIMB	City Developments	12.31	13.15	Add	RNAV (20% discount)
12/12/17	phillip	City Developments	12.57	12.1	Accumulate	RNAV (15% discount)
12/14/17	OCBC	City Developments	12.65	13.5	Buy	RNAV (20% discount)
12/18/17	DBS Vickers	City Developments	12.15	14.03	Buy
12/18/17	Kim Eng	City Developments	12.15	13.8	Buy
01/04/18	UOB Kay Hian	City Developments	12.84	14.03	Buy
01/05/18	Jefferies	City Developments	12.86	14.8	Buy
01/15/18	OCBC	City Developments	13.04	15.3	Buy	RNAV (10% discount)
01/16/18	CIMB	City Developments	13.46	13.15	Add
01/16/18	Kim Eng	City Developments	13.46	13.8	Buy	RNAV (6% discount), PB1.26x
01/16/18	Deutsche	City Developments	13.46	16	Buy
02/07/18	OCBC	City Developments	12.76	15.3	Buy
02/07/18	Credit Suisse	City Developments	12.76	16.3	Outperform
02/13/18	UOB Kay Hian	City Developments	12.31	14.03	Buy	RNAV
02/19/18	DBS Vickers	City Developments	12.72	14.03	Buy
03/01/18	Kim Eng	City Developments	12.76	14.2	Buy	RNAV
03/01/18	Jefferies	City Developments	12.76	15.2	Buy
03/01/18	UOB Kay Hian	City Developments	12.76	14.03	Buy	RNAV
03/01/18	OCBC	City Developments	12.76	15.91	Buy	RNAV
03/01/18	CIMB	City Developments	12.76	13.44	Add	RNAV (20% discount)
03/05/18	phillip	City Developments	12.69	13.4	Accumulate	RNAV (15% discount), PB1.29x FY18
03/05/18	Credit Suisse	City Developments	12.69	16.5	Outperform
03/09/18	DBS Vickers	City Developments	12.94	15.4	Buy	RNAV, PB1.2x
03/20/18	DMG & Partners	City Developments	13.25	15	Buy	RNAV (10% discount), Up froM $14.12 (RNAV 20% discount)
04/02/18	CIMB	City Developments	13	13.44	Add	RNAV (20% discount)
04/03/18	OCBC	City Developments	13.2	15.91	Buy
04/03/18	UOB Kay Hian	City Developments	13.2	14.03	Buy
04/03/18	DBS Vickers	City Developments	13.2	15.4	Buy
04/10/18	DMG & Partners	City Developments	12.87	15	Buy
04/11/18	Kim Eng	City Developments	12.73	14.2	Buy
04/13/18	Deutsche	City Developments	12.57	16	Buy
05/03/18	UOB Kay Hian	City Developments	12.55	14.03	Buy	RNAV
05/14/18	OCBC	City Developments	12.53	15.78	Buy
05/14/18	DBS Vickers	City Developments	12.53	15.4	Buy
05/14/18	CIMB	City Developments	12.53	13.41	Add	RNAV (20% discount)
05/14/18	DMG & Partners	City Developments	12.53	15	Buy	RNAV (10% discount)
05/14/18	Kim Eng	City Developments	12.53	14.2	Buy
05/15/18	phillip	City Developments	12.4	13.4	Accumulate	RNAV (15% discount), PB1.29x FY18
05/15/18	Lim & Tan	City Developments	12.4	15	Buy
05/17/18	DBS Vickers	City Developments	11.97	15.4	Buy
06/04/18	UOB Kay Hian	City Developments	11.25	14.03	Buy
06/06/18	Deutsche	City Developments	11.48	16	Buy	RNAV (12% discount) & PB1.8x FY18
06/13/18	DBS Vickers	City Developments	11.52	15.4	Buy
06/19/18	Kim Eng	City Developments	11.22	14.2	Buy
06/19/18	CIMB	City Developments	11.22	13.41	Add
06/26/18	OCBC	City Developments	11	15.78	Buy
07/03/18	UOB Kay Hian	City Developments	10.88	14.03	Buy
07/03/18	DMG & Partners	City Developments	10.88	15	Buy	RNAV (10% discount)
07/06/18	CIMB	City Developments	10.21	13.41	Add
07/06/18	Kim Eng	City Developments	10.21	14.2	Buy
07/09/18	phillip	City Developments	9.46	12.6	Accumulate	RNAV (20% discount)
07/09/18	DBS Vickers	City Developments	9.46	10	Fully Valued	RNAV (35% discount)
07/09/18	OCBC	City Developments	9.46	9.59	Hold
07/09/18	Kim Eng	City Developments	9.46	10.4	Hold
07/23/18	DMG & Partners	City Developments	10.06	10.4	Neutral	RNAV (35% discount)
07/23/18	Jefferies	City Developments	10.06	11	Hold	RNAV (22% discount)
08/08/18	OCBC	City Developments	9.88	9.59	Hold
08/10/18	UOB Kay Hian	City Developments	9.89	12	Buy	RNAV (15% discount)
08/10/18	CIMB	City Developments	9.89	10.89	Add	RNAV (35% discount)
08/10/18	OCBC	City Developments	9.89	9.81	Hold
08/10/18	Lim & Tan	City Developments	9.89	0	Hold
08/10/18	DBS Vickers	City Developments	9.89	10	Hold	RNAV (35% discount)
08/16/18	DMG & Partners	City Developments	9.55	10.4	Neutral
08/21/18	Jefferies	City Developments	9.49	11	Hold	RNAV (22% discount)
09/06/18	Kim Eng	City Developments	8.96	10.4	Hold
09/14/18	UOB Kay Hian	City Developments	8.63	12	Buy	RNAV (15% discount)
09/18/18	CIMB	City Developments	8.8	10.89	Add

Citic Envirotech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/17	DBS Vickers	Citic Envirotech	0.82	0.8	Hold	Sum of parts, Stock split 1 into 2
03/02/17	CIMB	Citic Envirotech	0.77	0.93	Add	DCF
03/02/17	DBS Vickers	Citic Envirotech	0.77	0.92	Buy	Sum of parts
03/29/17	UOB Kay Hian	Citic Envirotech	0.83	1.1	Buy	DCF
04/03/17	UOB Kay Hian	Citic Envirotech	0.83	1.1	Buy	DCF
04/27/17	CIMB	Citic Envirotech	0.785	0.93	Add	DCF
05/03/17	UOB Kay Hian	Citic Envirotech	0.77	1.1	Buy
07/03/17	UOB Kay Hian	Citic Envirotech	0.73	1.1	Buy	DCF
08/08/17	UOB Kay Hian	Citic Envirotech	0.715	1.1	Buy	DCF
09/05/17	UOB Kay Hian	Citic Envirotech	0.735	1.1	Buy	DCF
10/04/17	UOB Kay Hian	Citic Envirotech	0.745	1.1	Buy	DCF
10/11/17	DBS Vickers	Citic Envirotech	0.735	0.8	Hold	PER25x
11/02/17	UOB Kay Hian	Citic Envirotech	0.79	1.1	Buy	DCF
12/06/17	UOB Kay Hian	Citic Envirotech	0.725	1.1	Buy	DCF
12/29/17	DBS Vickers	Citic Envirotech	0.755	0.8	Hold
01/04/18	UOB Kay Hian	Citic Envirotech	0.75	1.1	Buy
01/09/18	UOB Kay Hian	Citic Envirotech	0.74	1.09	Buy	DCF
02/12/18	UOB Kay Hian	Citic Envirotech	0.705	1.11	Buy	DCF, PER11.1x FY19
02/28/18	UOB Kay Hian	Citic Envirotech	0.755	1.06	Buy	DCF, PER11.6x FY19
03/02/18	UOB Kay Hian	Citic Envirotech	0.735	1.06	Buy
04/03/18	UOB Kay Hian	Citic Envirotech	0.715	1.06	Buy	DCF, PER11.6x FY19
05/03/18	UOB Kay Hian	Citic Envirotech	0.705	1.06	Buy	DCF, PER11.6x FY19
06/20/18	UOB Kay Hian	Citic Envirotech	0.56	1.06	Buy	DCF, PER11.6x FY19
07/27/18	DBS Vickers	Citic Envirotech	0.59	0.95	Buy	PER20x FY19

Chip Eng Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/17	phillip	Chip Eng Seng	0.72	0.81	Accumulate	RNAV (50% discount)
03/07/17	phillip	Chip Eng Seng	0.725	0.87	Accumulate	RNAV (50% discount)
05/08/17	phillip	Chip Eng Seng	0.7	0.9	Buy	RNAV (50% discount)
08/10/17	phillip	Chip Eng Seng	0.73	0.9	Buy	RNAV (50% discount)
10/17/17	DBS Vickers	Chip Eng Seng	0.9	1.18	Buy	Sum of parts
11/03/17	DBS Vickers	Chip Eng Seng	0.97	1.18	Buy	Sum of parts
11/09/17	phillip	Chip Eng Seng	0.96	1.21	Buy	RNAV (40% discount)
12/06/17	DBS Vickers	Chip Eng Seng	0.885	1.18	Buy	Sum of parts, RNAV (45% discount)
02/01/18	DBS Vickers	Chip Eng Seng	1.01	1.18	Buy	Sum of parts
02/19/18	phillip	Chip Eng Seng	0.955	1.21	Buy	RNAV (40% discount)
03/20/18	UOB Kay Hian	Chip Eng Seng	0.94	1.38	Buy	Sum of parts
03/20/18	DBS Vickers	Chip Eng Seng	0.94	1.18	Buy	Sum of parts
05/07/18	phillip	Chip Eng Seng	0.93	1.21	Buy	RNAV (40% discount)
05/17/18	DBS Vickers	Chip Eng Seng	0.945	1.18	Buy
06/28/18	UOB Kay Hian	Chip Eng Seng	0.84	1.38	Buy
07/09/18	phillip	Chip Eng Seng	0.79	1.15	Buy
07/09/18	DBS Vickers	Chip Eng Seng	0.79	0.75	Fully Valued	Sum of parts
08/06/18	DBS Vickers	Chip Eng Seng	0.795	0.75	Fully Valued
09/17/18	DBS Vickers	Chip Eng Seng	0.845	0.75	Hold

Stock calls for 19 September 2018

Date	Analyst	Company	Last	Target	Call	Valuation
09/19/18	UOB Kay Hian	Capitaland	3.27	3.78	Buy	RNAV (20% discount)
09/19/18	DBS Vickers	Capitaland	3.27	3.62	Buy
09/19/18	CIMB	Capitaland	3.27	3.55	Add	RNAV (35% discount)
09/19/18	phillip	First Reit	1.24	1.31	Neutral
09/19/18	CIMB	Sembcorp Industries	2.9	3.49	Add	Sum of parts

China has retaliated against US tariffs with a muted response.

https://sg.finance.yahoo.com/news/china-trade-war-u-replace-imports-state-media-004332044--business.html

China will impose a 5% and 10% against $60b of US goods for an in-kind retaliation.  However, this is a much-muted response that I believe is just a face-saving grace because China doesn't want to be seen as meek.

Now that China has retaliated, Trump has no choice but to impose phase 3 tariffs as stipulated previously lest he will be deemed as breaking his promise.

After this muted response, I believe China is preparing for Trump's phase 3 tariffs with a much stronger response.