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
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	2.82	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)
01/16/18	Kim Eng	Guocoland	2.26	2.95	Buy	RNAV (38% discount), PB0.68x
02/02/18	CIMB	Guocoland	2.25	2.88	Add	RNAV (25% discount)
02/05/18	Kim Eng	Guocoland	2.22	2.95	Buy	RNAV (20% discount)
03/20/18	CIMB	Guocoland	2.11	2.88	Add	RNAV (25% discount)
03/20/18	Kim Eng	Guocoland	2.11	3	Buy	RNAV (20% discount)
04/02/18	Kim Eng	Guocoland	2.08	3	Buy	RNAV (20% discount)
06/19/18	Kim Eng	Guocoland	2.07	3	Buy
07/09/18	Kim Eng	Guocoland	1.83	2	Hold
08/28/18	Kim Eng	Guocoland	1.93	1.9	Hold	RNAV (45% discount)
09/06/18	Kim Eng	Guocoland	1.88	1.9	Hold

Stock calls for 10 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/10/18	CIMB	Frasers Centrepoint Trust	2.23	2.49	Add
10/10/18	DBS Vickers	IHH Healthcare	1.81	2.11	Buy	Ringgit $6.35 target price
10/10/18	OCBC	OUE Hospitality	0.695	0.79	Buy
10/10/18	CIMB	Suntec Reit	1.84	2.08	Add

GSS Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/04/17	NRA	GSS Energy	0.154	0.23	Not Rated
03/06/18	DMG & Partners	GSS Energy	0.16	0.25	Buy	Sum of parts
05/18/18	DMG & Partners	GSS Energy	0.151	0.25	Buy	Sum of parts
06/27/18	DMG & Partners	GSS Energy	0.139	0.25	Buy	Sum of parts
08/16/18	DMG & Partners	GSS Energy	0.133	0.22	Buy	Sum of parts
09/18/18	DMG & Partners	GSS Energy	0.13	0.22	Buy	Sum of parts

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
01/26/18	DMG & Partners	Golden Energy	0.475	0.68	Buy	DCF & PER13.1x FY18
03/16/18	phillip	Golden Energy	0.37	0.48	Buy	PER10x
05/18/18	phillip	Golden Energy	0.365	0.48	Buy	PER10x FY18
06/07/18	phillip	Golden Energy	0.375	0.48	Buy
07/06/18	phillip	Golden Energy	0.335	0.48	Buy
08/20/18	phillip	Golden Energy	0.305	0.42	Buy	PER10x
09/07/18	phillip	Golden Energy	0.255	0.41	Buy

Golden Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
01/16/18	OCBC	Golden Agri	0.39	0.37	Hold
02/28/18	CIMB	Golden Agri	0.36	0.31	Reduce	PER15x FY19
02/28/18	OCBC	Golden Agri	0.36	0.37	Hold
02/28/18	Credit Suisse	Golden Agri	0.36	0.35	Underperform
03/07/18	UOB Kay Hian	Golden Agri	0.345	0.31	Hold
03/08/18	OCBC	Golden Agri	0.36	0.37	Hold
04/06/18	CIMB	Golden Agri	0.345	0.31	Reduce	PER15x
04/13/18	DBS Vickers	Golden Agri	0.34	0.39	Not Rated
05/16/18	UOB Kay Hian	Golden Agri	0.35	0.26	Sell	PER14x FY18
05/16/18	CIMB	Golden Agri	0.35	0.31	Reduce	Sum of parts (10% discount)
05/16/18	OCBC	Golden Agri	0.35	0.34	Hold
06/21/18	UOB Kay Hian	Golden Agri	0.33	0.26	Sell
06/27/18	OCBC	Golden Agri	0.315	0.34	Hold
07/03/18	UOB Kay Hian	Golden Agri	0.305	0.26	Sell
07/11/18	OCBC	Golden Agri	0.29	0.3	Hold	PER17x FY19
08/15/18	OCBC	Golden Agri	0.28	0.26	Hold	PER17.5x FY19
08/16/18	UOB Kay Hian	Golden Agri	0.28	0.16	Sell
08/16/18	CIMB	Golden Agri	0.28	0.25	Reduce	Sum of parts (20% discount)
09/26/18	OCBC	Golden Agri	0.24	0.24	Hold	PER16x FY19
10/08/18	UOB Kay Hian	Golden Agri	0.265	0.16	Sell

Stock calls for 9 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/09/18	DMG & Partners	Comfortdelgro	2.36	2.35	Neutral
10/09/18	OCBC	Mapletree Logistics	1.22	1.37	Buy
10/09/18	UOB Kay Hian	Sembcorp Industries	2.96	3.41	Buy

The IMF has cut world economic growth by a small margin.

https://sg.news.yahoo.com/imf-cuts-world-economic-growth-forecasts-import-tariffs-031129747--business.html

Well, this IMF cut is a non-event because it's a small margin cut.  However, the real impact of the US-China tariffs will be felt next year and this is the most significant message out of the IMF announcement.

Everyone has to tighten the belt next year!

The US has hardened its anti-china stance.

https://www.reuters.com/article/us-usa-trade-ross-exclusive/exclusive-u-s-commerces-ross-eyes-anti-china-poison-pill-for-new-trade-deals-idUSKCN1MF2HJ

The US is forcing its trading partners to take side now.  Everyone has to choose between China or US in the new trade agreement.

We've stated previously that the US would continue to force China to submit.

http://sg-stock.blogspot.com/2018/10/jp-morgan-sees-all-out-trade-war.html

Social unrest is happening in China Shandong.

https://www.rfa.org/english/news/china/soldiers-protest-10082018123809.html

Ex-PLAs are fighting the Police!

Both sides are equally well-trained.

This shows that economic and social strains are surfacing in China now.

China property industry is lurking with great dangers now.

https://www.scmp.com/business/companies/article/2167365/chinese-homebuyers-vent-rage-country-garden-slashing-prices-two

This kind of proclaimed promotional activity in the property market is a harbinger of risk.

Some developers are even offering discounts of 50%.  This shows that the developers are facing severe cashflow problems in China now and they don't have confidence in the market due to the trade war with the USA.

Many citizens are saddled with property debts because the Chinese believe in property ownership for a family life, especially marriage.

When the property market collapses, China economy will be in dire straits.

Global Invacom - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/17	DMG & Partners	Global Invacom	0.156	0.25	Buy
02/24/17	DMG & Partners	Global Invacom	0.144	0.26	Buy	PER12x FY17
05/11/17	DMG & Partners	Global Invacom	0.166	0.26	Buy

GL Ltd - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/17	CIMB	GL Ltd	0.78	0.84	Hold	RNAV (40% discount) CY17
04/24/17	Lim & Tan	GL Ltd	0.775	0	Buy
04/27/17	CIMB	GL Ltd	0.77	0.87	Add	RNAV (40% discount) CY17
08/28/17	Lim & Tan	GL Ltd	0.75	0	Buy
10/16/17	Lim & Tan	GL Ltd	0.855	0	Buy
10/31/17	UOB Kay Hian	GL Ltd	0.905	1.185	Buy	Sum of parts
11/09/17	UOB Kay Hian	GL Ltd	0.885	1.185	Buy
12/06/17	UOB Kay Hian	GL Ltd	0.87	1.185	Buy
01/04/18	UOB Kay Hian	GL Ltd	0.865	1.19	Buy
08/27/18	Lim & Tan	GL Ltd	0.77	0	Buy
10/08/18	Lim & Tan	GL Ltd	0.775	0	Buy

Geo Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/22/17	phillip	Geo Energy	0.27	0.45	Buy	PER11x
03/08/17	phillip	Geo Energy	0.28	0.45	Buy	PER11x
05/25/17	phillip	Geo Energy	0.26	0.45	Buy	PER11x
08/28/17	phillip	Geo Energy	0.27	0.44	Buy	PER10x
09/11/17	Amfrasers	Geo Energy	0.25	0.36	Buy	DCF, PER5x FY18
11/28/17	phillip	Geo Energy	0.255	0.44	Buy	PER10x
12/06/17	phillip	Geo Energy	0.26	0.44	Buy	PER10x
12/27/17	Amfrasers	Geo Energy	0.255	0.36	Buy
03/19/18	phillip	Geo Energy	0.225	0.47	Buy	PER10x
06/04/18	Amfrasers	Geo Energy	0.225	0.3	Buy	DCF, PER6x FY18
06/05/18	phillip	Geo Energy	0.225	0.41	Buy	PER10x
07/06/18	phillip	Geo Energy	0.225	0.41	Buy
08/28/18	phillip	Geo Energy	0.22	0.34	Buy	PER10x
09/07/18	phillip	Geo Energy	0.22	0.34	Buy

Stock calls for 8 October 2018

Date	Analyst	Company	Last	Target	Call	Valuation
10/08/18	UOB Kay Hian	Bumitama	0.68	0.93	Buy
10/08/18	Amfrasers	CSE Global	0.48	0.57	Buy	PER12.5x FY19 & PB2.1x FY19
10/08/18	DMG & Partners	Dairy Farm	9.15	9.6	Neutral
10/08/18	UOB Kay Hian	First Resources	1.67	1.6	Hold
10/08/18	Lim & Tan	GL Ltd	0.775	0	Buy
10/08/18	UOB Kay Hian	Golden Agri	0.265	0.16	Sell
10/08/18	CIMB	Keppel Corp	7.1	8.82	Add
10/08/18	CIMB	ST Engineering	3.53	3.8	Add
10/08/18	UOB Kay Hian	Wilmar	3.19	3.9	Buy

Windows 10 alert!

https://sg.news.yahoo.com/windows-10-october-wiping-off-user-data-report-053803551.html

Thank god that I've dumped windows OS since windows 8!

I'm comfortable in using ubuntu and mac OS now and I don't have to face such hair pulling problems.

Danger is lurking in Hong Kong property market.

https://finance.yahoo.com/news/early-warning-sign-world-apos-033120042.html

We had stated this before.  The HSI has a high composition of property stocks.  Therefore, HSI is highly sensitive to interest rate movements.

http://sg-stock.blogspot.com/2018/09/hong-kong-has-increased-its-interest.html

The US interest rates have gone up and will continue its upward trajectory.

We had stated on numerous postings that the US interest rates would move up and investors were in denial but the economic logic would prevail in the end.  Look like we have been vindicated.

https://sg-stock.blogspot.com/2018/09/a-roundup-of-us-economic-situation.html

https://sg-stock.blogspot.com/2018/09/us-risk-free-rate-is-set-to-go-much.html

https://sg-stock.blogspot.com/2018/02/us-bond-yields-will-continue-to-rise-in.html

Baltic dry index - 1536

Today, Friday, October 05 2018, the Baltic Dry Index decreased by 18 points, reaching 1536 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

The US drilling rig count is down 2 units to 1,052 rigs working for the week ended Oct. 5, according to Baker Hughes data. The count is up 116 units from the 936 rigs working this time a year ago.

Rigs drilling on land fell 3 units to 1,026 for the week. Offshore units gained 3 units to 23 rigs working, while those drilling in inland waters dropped by 2 to reach to total of three rigs working for the week.

US oil-directed rigs were down 2 units from last week to 861 units working, and up from the 748 rigs drilling for oil this week a year ago. Gas-directed rigs remained unchanged at 189, up from the 187 units drilling for gas one year ago.

Among the major oil and gas-producing states, Oklahoma and New Mexico saw the largest increase in rigs for the week, each with a 2-unit gain to reach 143 and 99, respectively.

Pennsylvania and Kansas each gained a single rig with 45 and 1 rig running, respectively.

Six states were unchanged this week: Louisiana, 62; Wyoming, 29; Ohio, 18; West Virginia, 13; California, 13; and Utah, 6.

Texas dropped the most rigs, ending the week down 5 units to 524. North Dakota, 52; Colorado, 32; and Alaska, 5; each dropped a single unit.

Canada gained 4 rigs for the week. With 182 rigs running, the count falls short of the 209 units drilling this week a year ago. Canada dropped 3 oil-directed rigs to reach 119 units for the week, but gained 7 gas-directed rigs to reach 63 units.

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

Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Genting - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Genting	0.905	0.82	Neutral
01/03/17	OCBC	Genting	0.905	0.88	Hold
01/05/17	Credit Suisse	Genting	0.91	1.18	Outperform
01/12/17	CIMB	Genting	0.935	0.93	Hold	DCF
01/31/17	UOB Kay Hian	Genting	0.96	0.91	Hold	Buy @ $0.85
02/23/17	DBS Vickers	Genting	0.98	1.2	Buy	DCF
02/23/17	Deutsche	Genting	0.98	1.35	Buy
02/23/17	DMG & Partners	Genting	0.98	0.93	Neutral	DCF
02/23/17	Kim Eng	Genting	0.98	1.1	Buy
02/23/17	OCBC	Genting	0.98	1.17	Buy
02/23/17	UOB Kay Hian	Genting	0.98	1.01	Hold	EV/Ebitda11.6x FY17, Buy @ $0.95 or below
02/23/17	Nomura	Genting	0.98	1.16	Buy
02/24/17	CIMB	Genting	1.03	1.11	Add	EV/Ebitda 9x FY18
03/13/17	Credit Suisse	Genting	1	1.2	Outperform
03/17/17	DBS Vickers	Genting	1	1.2	Buy
04/07/17	Credit Suisse	Genting	1.025	1.2	Outperform
05/04/17	Kim Eng	Genting	1.11	1.25	Buy	EV/Ebitda12x FY17
05/15/17	CIMB	Genting	1.08	1.24	Add	EV/Ebitda12x FY18
05/15/17	Credit Suisse	Genting	1.08	1.35	Outperform	Ev/Ebitda13.1x FY18
05/15/17	DMG & Partners	Genting	1.08	1.04	Neutral	DCF
05/15/17	OCBC	Genting	1.08	1.17	Buy
05/15/17	UOB Kay Hian	Genting	1.08	1.15	Hold	EV/Ebitda11.8x FY17, Buy @ $1.05
05/15/17	Nomura	Genting	1.08	1.38	Buy
05/16/17	DBS Vickers	Genting	1.15	1.35	Buy	DCF
06/16/17	DBS Vickers	Genting	1.155	1.35	Buy
06/22/17	Deutsche	Genting	1.145	1.2	Hold	EV/Ebitda12x FY17
07/13/17	UOB Kay Hian	Genting	1.055	1.12	Hold
07/28/17	Credit Suisse	Genting	1.15	1.35	Outperform
08/03/17	CIMB	Genting	1.18	1.35	Add	EV/Ebitda 12x FY18
08/03/17	UOB Kay Hian	Genting	1.18	1.15	Hold	EV/Ebitda10.5x FY18, Buy @ $1.05
08/03/17	DMG & Partners	Genting	1.18	1.19	Neutral	DCF
08/03/17	Kim Eng	Genting	1.18	1.35	Buy	EV/Ebitda 12x
08/03/17	OCBC	Genting	1.18	1.32	Buy	FCFE
08/03/17	DBS Vickers	Genting	1.18	1.45	Buy	EV/Ebitda13x
08/03/17	Credit Suisse	Genting	1.18	1.48	Outperform
08/03/17	Nomura	Genting	1.18	1.42	Buy
09/26/17	Kim Eng	Genting	1.15	1.35	Buy
10/11/17	Deutsche	Genting	1.21	1.2	Hold	EV/Ebitda12x FY17
10/26/17	CIMB	Genting	1.2	1.35	Add	EV/Ebitda12x FY18
10/27/17	UOB Kay Hian	Genting	1.25	1.15	Hold
11/07/17	CIMB	Genting	1.235	1.45	Add
11/07/17	UOB Kay Hian	Genting	1.235	1.3	Hold	EV/Ebitda11.2x FY18, Buy @ $1.15
11/07/17	Credit Suisse	Genting	1.235	1.6	Outperform
11/07/17	DMG & Partners	Genting	1.235	1.21	Neutral	DCF
11/07/17	OCBC	Genting	1.235	1.35	Buy	FCFE
11/07/17	Kim Eng	Genting	1.235	1.42	Buy	EV/Ebitda12x FY18
11/07/17	DBS Vickers	Genting	1.235	1.51	Buy	DCF
11/07/17	Nomura	Genting	1.235	1.53	Buy
12/06/17	DBS Vickers	Genting	1.35	1.51	Buy
12/14/17	Kim Eng	Genting	1.34	1.42	Buy
12/20/17	CIMB	Genting	1.34	1.45	Add
01/05/18	DBS Vickers	Genting	1.34	1.51	Buy
02/07/18	CIMB	Genting	1.27	1.45	Add
02/26/18	Kim Eng	Genting	1.3	1.46	Buy	EV/Ebitda 12x FY18
02/26/18	UOB Kay Hian	Genting	1.3	1.3	Hold	EV/Ebitda10.4x FY18, Buy @ $1.15
02/26/18	DBS Vickers	Genting	1.3	1.49	Buy	DCF
02/26/18	DMG & Partners	Genting	1.3	1.34	Neutral	DCF
02/26/18	OCBC	Genting	1.3	1.45	Buy	FCFE
02/26/18	CIMB	Genting	1.3	1.49	Add	EV/Ebitda12x FY19
02/26/18	Nomura	Genting	1.3	1.52	Buy
03/05/18	CIMB	Genting	1.15	1.49	Add	EV/Ebitda12x FY19
04/05/18	UOB Kay Hian	Genting	1.03	1.3	Buy	EV/Ebitda10.4x FY18
04/06/18	CIMB	Genting	1.08	1.4	Add	EV/Ebitda11.5x FY19
04/10/18	Kim Eng	Genting	1.14	1.46	Buy	EV/Ebitda 12x FY18
05/11/18	CIMB	Genting	1.16	1.4	Add	EV/Ebitda11.5x FY19
05/11/18	UOB Kay Hian	Genting	1.16	1.38	Buy	Sum of parts, EV/Ebitda10.3x FY18
05/11/18	DBS Vickers	Genting	1.16	1.49	Buy	DCF
05/11/18	OCBC	Genting	1.16	1.45	Buy	FCFE
05/11/18	Nomura	Genting	1.16	1.52	Buy
05/14/18	DMG & Partners	Genting	1.28	1.42	Buy	DCF
06/05/18	DBS Vickers	Genting	1.26	1.49	Buy
06/08/18	CIMB	Genting	1.25	1.4	Add
07/03/18	UOB Kay Hian	Genting	1.21	1.38	Buy
07/03/18	DBS Vickers	Genting	1.21	1.49	Buy
07/23/18	Kim Eng	Genting	1.28	1.46	Buy	EV/Ebitda 12x FY18
07/26/18	CIMB	Genting	1.29	1.44	Add	EV/Ebitda11.5x FY19
08/06/18	UOB Kay Hian	Genting	1.23	1.38	Buy	EV/Ebitda10.5x FY18
08/06/18	OCBC	Genting	1.23	1.39	Buy	FCFE
08/06/18	CIMB	Genting	1.23	1.44	Add	EV/Ebitda15.5x FY19
08/07/18	DBS Vickers	Genting	1.13	1.55	Buy	DCF

Fu Yu - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/17	DMG & Partners	Fu Yu	0.194	0.29	Buy
02/24/17	DMG & Partners	Fu Yu	0.21	0.27	Buy	DCF
03/03/17	DBS Vickers	Fu Yu	0.205	0.25	Not Rated	PER6x FY7, Ex-Cash
05/11/17	DMG & Partners	Fu Yu	0.225	0.23	Neutral
05/16/18	DMG & Partners	Fu Yu	0.186	0.2	Neutral	DCF
06/27/18	DMG & Partners	Fu Yu	0.171	0.2	Neutral
08/15/18	DMG & Partners	Fu Yu	0.174	0.22	Buy	DCF
09/28/18	CIMB	Fu Yu	0.176	0.17	Hold	PB0.8x