Stock calls for 16 November 2021

Date	Analyst	Company	Last	Target	Call	Valuation
11/16/21	DBS Vickers	A-Reit	3.1	4	Buy	DCF
11/16/21	Kim Eng	A-Reit	3.1	3.65	Buy	DDM
11/16/21	CIMB	APAC Realty	0.835	0.996	Add
11/16/21	Phillip	APTV	0.138	0.15	Accumulate	EV/Ebitda9x FY21
11/16/21	CIMB	Boustead	1.02	1.4	Add	Sum of parts (20% discount)
11/16/21	CIMB	Boustead Projects	0.99	1.4	Add
11/16/21	Lim & Tan	Bukit Sembawang	5.14	5.92	Accumulate
11/16/21	DMG & Partners	Bumitama	0.565	0.57	Neutral
11/16/21	CIMB	DBS	32.19	34.9	Add	PB1.5x FY22
11/16/21	UOB Kay Hian	First Resources	1.58	1.65	Hold	PER11x FY22
11/16/21	CIMB	First Resources	1.58	1.76	Add
11/16/21	DBS Vickers	Hongkong Land	5.73	6.55	Buy	RNAV (45% discount)
11/16/21	Amfrasers	Oxpay	0.29	0.42	Buy	PER25x FY22
11/16/21	Kim Eng	Sasseur	0.895	1.05	Buy	DDM
11/16/21	DBS Vickers	SATS	4.1	4.9	Buy	DCF
11/16/21	OCBC	Sembcorp Industries	2.04	2.5	Buy
11/16/21	UOB Kay Hian	SPH	2.33	2.4	Accept offer
11/16/21	Kim Eng	UMS	1.41	1.71	Buy
11/16/21	UOB Kay Hian	Uni-Asia	1.32	2.34	Buy	PER8x FY21

Uni-Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/24/21	Amfrasers	Uni-Asia	0.665	0.91	Outperform	Sum of parts
06/25/21	Amfrasers	Uni-Asia	0.85	0.91	Outperform	Sum of parts
07/07/21	Amfrasers	Uni-Asia	0.93	1.42	Outperform	Sum of parts
08/17/21	Amfrasers	Uni-Asia	1.09	1.56	Buy	Sum of parts, PB0.73x FY21
10/29/21	UOB Kay Hian	Uni-Asia	1.4	2.34	Buy	PER8x FY21

UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/12/20	Amfrasers	UMS	1.01	1.17	Outperform
10/13/20	DBS Vickers	UMS	1.03	1.37	Buy
11/16/20	DBS Vickers	UMS	0.995	1.36	Buy	PER14.9x FY21
11/17/20	CIMB	UMS	1.03	1.27	Add
11/17/20	Kim Eng	UMS	1.03	1.41	Buy	PB2.4x FY21
11/18/20	Lim & Tan	UMS	1	0	Buy
11/25/20	Amfrasers	UMS	1.06	1.22	Outperform	PER13x FY21
01/05/21	CIMB	UMS	1.15	1.27	Add	PB2.46x
01/06/21	DBS Vickers	UMS	1.14	1.36	Buy
01/13/21	Kim Eng	UMS	1.2	1.41	Buy
03/01/21	Kim Eng	UMS	1.15	1.34	Buy	PB2.5x FY21
03/01/21	DBS Vickers	UMS	1.15	1.36	Buy	PER14.9x FY21
03/10/21	DBS Vickers	UMS	1.1	1.57	Buy	PER17x
03/15/21	Kim Eng	UMS	1.16	1.57	Buy	PER15x FY21
03/16/21	UOB Kay Hian	UMS	1.2	1.65	Buy	PER14.9x FY21
03/19/21	Amfrasers	UMS	1.25	1.43	Outperform
03/26/21	CIMB	UMS	1.26	1.53	Add	GGM, PB2.9x
05/11/21	DBS Vickers	UMS	1.36	1.83	Buy	PER17x FY21
05/12/21	CIMB	UMS	1.28	1.58	Add	PB2.9x
05/12/21	Kim Eng	UMS	1.28	1.8	Buy	PER15x FY21
05/12/21	Amfrasers	UMS	1.28	1.51	Outperform	PER15x
06/15/21	DBS Vickers	UMS	1.41	1.83	Buy
06/30/21	UOB Kay Hian	UMS	1.47	1.92	Buy
07/05/21	Kim Eng	UMS	1.53	1.8	Buy
07/29/21	UOB Kay Hian	UMS	1.56	1.92	Buy
08/02/21	CIMB	UMS	1.61	1.97	Add
08/16/21	DBS Vickers	UMS	1.75	2.16	Buy	PER17x FY22
08/17/21	Kim Eng	UMS	1.73	2.1	Buy	PER15x FY22
09/06/21	CIMB	UMS	1.7	1.97	Add
09/17/21	Kim Eng	UMS	1.72	2.1	Buy
10/11/21	Kim Eng	UMS	1.58	2.1	Buy
11/15/21	UOB Kay Hian	UMS	1.38	2.08	Buy
11/15/21	DBS Vickers	UMS	1.38	1.8	Buy	PER17x FY22