Sabana Reit - Buy call by DIR.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

03/16/11 DIR Sabana Reit 0.935 1.05 Outperform

Ryobi Kiso - Buy call from NRA.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/15/11 NRA Ryobi Kiso 0.17 0.22 Buy PER10x

Roxy-Pacific - Buy calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

11/23/10 DBS Vickers Roxy-Pacific 0.405 0.55 Buy

03/09/11 OCBC Roxy-Pacific 0.445 0.55 Buy RNAV (25% discount)
03/16/11 OCBC Roxy-Pacific 0.43 0.55 Buy
03/30/11 OCBC Roxy-Pacific 0.45 0.55 Buy
04/26/11 OCBC Roxy-Pacific 0.46 0.55 Buy

Rotary Engineering - Buy calls from all analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/10/10 CIMB Rotary Engineering 0.97 1.17 Outperform PER8.5x
09/30/10 CIMB Rotary Engineering 0.94 0.95 Neutral PER8.5x
10/28/10 CIMB Rotary Engineering 0.995 1.15 Outperform PER8.5x
11/08/10 CIMB Rotary Engineering 1.02 1.15 Outperform PER8.5x
01/20/11 CIMB Rotary Engineering 1.04 1.28 Outperform PER9x
02/24/11 CIMB Rotary Engineering 0.88 1.29 Outperform PER9x
02/25/11 CIMB Rotary Engineering 0.895 1.29 Outperform PER9x
03/31/11 CIMB Rotary Engineering 0.945 1.29 Outperform PER9x
04/01/11 CIMB Rotary Engineering 0.95 1.29 Outperform

08/19/10 OCBC Rotary Engineering 0.93 1.16 Buy
09/02/10 OCBC Rotary Engineering 0.91 1.16 Buy
09/03/10 OCBC Rotary Engineering 0.92 1.16 Buy
10/29/10 OCBC Rotary Engineering 1 1.22 Buy
02/24/11 OCBC Rotary Engineering 0.88 1.22 Under Review
02/25/11 OCBC Rotary Engineering 0.895 1.02 Buy PER8.5x
04/01/11 OCBC Rotary Engineering 0.95 1.02 Buy

10/05/10 phillip Rotary Engineering 0.94 1.35 Buy PER12x & PB2.5x
10/28/10 phillip Rotary Engineering 0.995 1.36 Buy PER12.5x & PB2.5x
11/08/10 phillip Rotary Engineering 1.02 1.36 Buy PB2.5x & PER12.5x
02/25/11 phillip Rotary Engineering 0.895 1.32 Buy

Rokko - Buy call from Lim & Tan.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

07/23/10 Lim & Tan Rokko 0.145 0 Buy

Riverstone - Buy call from NRA.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

02/23/11 NRA Riverstone 0.495 0.58 Buy PEG 0.52x, PER9.2x

05/21/10 phillip Riverstone 0.63 0.88 Buy PER15x
08/06/10 phillip Riverstone 0.6 0.88 Buy PER15x
11/03/10 phillip Riverstone 0.52 0.8 Buy PER15x
02/23/11 phillip Riverstone 0.49 0 Cease Coverage

Rickmers - Hold call by DBS Vickers.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/17/10 DBS Vickers Rickmers 0.365 0.36 Hold Yield 9%
04/19/11 DBS Vickers Rickmers 0.415 0.37 Hold 8% Target Yield

05/19/10 OCBC Rickmers 0.345 0.3 Not Rated

RH Petrogas - Buy call from Kim Eng.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/06/11 Kim Eng RH Petrogas 0.745 1.35 Buy Sum of parts
01/27/11 Kim Eng RH Petrogas 0.875 1.35 Buy Sum of parts
02/28/11 Kim Eng RH Petrogas 0.82 1.35 Buy RNAV
03/07/11 Kim Eng RH Petrogas 0.815 1.8 Buy Sum of partts

Renewable Energy - 3 buy calls.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/06/10 DMG & Partners Renewable Energy 0.35 0.46 Buy Sum of parts
10/08/10 DMG & Partners Renewable Energy 0.25 0.42 Buy Sum of parts
11/16/10 DMG & Partners Renewable Energy 0.225 0.385 Buy Sum of parts
11/22/10 DMG & Partners Renewable Energy 0.225 0.385 Buy
11/23/10 DMG & Partners Renewable Energy 0.215 0.385 Buy
11/25/10 DMG & Partners Renewable Energy 0.195 0.385 Buy
01/04/11 DMG & Partners Renewable Energy 0.2 0.36 Buy Sum of parts
01/14/11 DMG & Partners Renewable Energy 0.22 0.36 Buy
03/29/11 DMG & Partners Renewable Energy 0.195 0.36 Buy

09/02/10 Kim Eng Renewable Energy 0.34 0.5 Buy PER12x
10/27/10 Kim Eng Renewable Energy 0.225 0.4 Buy PER12x
01/18/11 Kim Eng Renewable Energy 0.255 0.35 Buy PER11x

08/10/10 phillip Renewable Energy 0.34 0.49 Buy Sum of parts
11/15/10 phillip Renewable Energy 0.21 0.45 Buy DCF, PER11x
12/15/10 phillip Renewable Energy 0.205 0.45 Buy
01/04/11 phillip Renewable Energy 0.215 0.41 Buy Sum of parts (PER9x & DCF)

Market analyses for US (Dow Jones Industrial Average Index), Japan (Nikkei 225 Index), Hong Kong (Hang Seng Index) and Singapore (Straits Times Index)

The charts dated 29/04/11 above showed the fund flows for US, Japan, Hong Kong and Singapore stock markets.  From the charts, we can tell that funds are flowing out of US, HK & SG with daily average trading volumes declining.  The reason for the decline is that fewer and fewer investors are buying at current levels which can mean the markets are overpriced.

Raffles Medical - 4 buy calls & 2 hold calls.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/18/10 CIMB Raffles Medical 1.68 2.07 Outperform
07/26/10 CIMB Raffles Medical 1.83 2.07 Outperform PER20x
08/18/10 CIMB Raffles Medical 1.94 2.07 Outperform PER20x
10/25/10 CIMB Raffles Medical 2.19 2.64 Outperform PER23x
02/21/11 CIMB Raffles Medical 2.14 2.64 Outperform PER23x
02/22/11 CIMB Raffles Medical 2.17 2.64 Outperform PER23x
04/28/11 CIMB Raffles Medical 2.21 2.64 Outperform PER23x
04/29/11 CIMB Raffles Medical 2.24 2.64 Outperform PER23x

10/27/10 Credit Suisse Raffles Medical 2.18 2.1 Neutral

06/04/10 DBS Vickers Raffles Medical 1.77 1.91 Buy
07/27/10 DBS Vickers Raffles Medical 1.87 2.1 Buy PER20x
04/29/11 DBS Vickers Raffles Medical 2.24 2.32 Hold PER24x

07/20/10 DMG & Partners Raffles Medical 1.79 2.09 Buy DCF
07/27/10 DMG & Partners Raffles Medical 1.85 2.09 Buy DCF
10/27/10 DMG & Partners Raffles Medical 2.21 2.4 Buy DCF, PER27x

07/27/10 Kim Eng Raffles Medical 1.87 2.24 Buy DCF
10/26/10 Kim Eng Raffles Medical 2.24 2.55 Buy DCF, PER28x
02/22/11 Kim Eng Raffles Medical 2.17 2.8 Buy DCF, PER30x
04/29/11 Kim Eng Raffles Medical 2.24 2.8 Buy DCF

10/06/10 OCBC Raffles Medical 2.32 2.32 Hold Buy below $2.10
10/26/10 OCBC Raffles Medical 2.21 2.35 Hold PER24x
11/04/10 OCBC Raffles Medical 2.25 2.35 Hold
12/06/10 OCBC Raffles Medical 2.32 2.35 Hold PER24x
01/03/11 OCBC Raffles Medical 2.39 2.35 Hold
02/21/11 OCBC Raffles Medical 2.14 2.35 Hold Under Review
02/22/11 OCBC Raffles Medical 2.16 2.45 Buy PER24x
03/14/11 OCBC Raffles Medical 2.22 2.45 Buy
04/05/11 OCBC Raffles Medical 2.22 2.45 Buy

Raffles Education - Only Kim Eng likes education.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/25/10 DBS Vickers Raffles Education 0.29 0.29 Hold PER18x
11/08/10 DBS Vickers Raffles Education 0.28 0.25 Fully Valued PER18x
02/11/11 DBS Vickers Raffles Education 0.295 0.25 Fully Valued PER18x

08/25/10 Kim Eng Raffles Education 0.29 0.3 Hold PER20x
11/08/10 Kim Eng Raffles Education 0.28 0.28 Hold
02/07/11 Kim Eng Raffles Education 0.315 0.4 Buy Sum of parts
02/11/11 Kim Eng Raffles Education 0.295 0.4 Buy Sum of parts
03/23/11 Kim Eng Raffles Education 0.26 0.4 Buy Sum of parts

06/08/10 OCBC Raffles Education 0.305 0.37 Hold PER20x
07/14/10 OCBC Raffles Education 0.315 0.33 Hold PER18x
11/08/10 OCBC Raffles Education 0.28 0.285 Hold PER18x
11/24/10 OCBC Raffles Education 0.265 0.285 Hold PER18x
01/12/11 OCBC Raffles Education 0.295 0.285 Hold PER18x
01/17/11 OCBC Raffles Education 0.29 0.28 Hold PER18x
02/11/11 OCBC Raffles Education 0.295 0.27 Hold PER18x
03/25/11 OCBC Raffles Education 0.27 0.27 Hold $0.815 after shares consolidation

Qian Hu - NRA loves arowana!

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/18/11 NRA Qian Hu 0.125 0.17 Buy PER12x
04/19/11 NRA Qian Hu 0.12 0.17 Overweight PER14x

07/21/10 phillip Qian Hu 0.13 0.17 Buy BV
10/20/10 phillip Qian Hu 0.135 0.14 Hold

Q&M Dental - Best dentist in Singapore?

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/24/11 CIMB Q&M Dental 0.535 0.83 Buy Sum of parts, PER15x
03/25/11 CIMB Q&M Dental 0.63 0.83 Outperform

Petra Foods - 2 buy calls & 1 hold call.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/12/10 CIMB Petra Foods 1.58 1.5 Neutral PER13.5x
10/11/10 CIMB Petra Foods 1.48 1.7 Outperform PER13.5x
11/11/10 CIMB Petra Foods 1.63 1.85 Outperform PER14.5x
11/12/10 CIMB Petra Foods 1.61 1.88 Outperform PER14.5x

08/13/10 DBS Vickers Petra Foods 1.58 1.5 Hold PER15x
03/25/11 DBS Vickers Petra Foods 1.6 1.64 Hold

03/03/11 NRA Petra Foods 1.6 1.74 Long-term Buy Sum of parts

PEC - Buy calls from all analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

08/10/10 CIMB PEC 0.89 1.22 Outperform
08/27/10 CIMB PEC 0.89 1.22 Outperform PER8.5x
11/11/10 CIMB PEC 1.18 1.41 Outperform PER8.5x
01/20/11 CIMB PEC 1.37 1.54 Neutral PER9x
02/11/11 CIMB PEC 1.22 1.54 Outperform
04/01/11 CIMB PEC 1.16 1.54 Outperform

08/27/10 DBS Vickers PEC 0.89 1.31 Buy Sum of parts
09/27/10 DBS Vickers PEC 1.06 1.31 Buy
12/13/10 DBS Vickers PEC 1.1 1.58 Buy
02/11/11 DBS Vickers PEC 1.22 1.62 Buy

12/06/10 OCBC PEC 1.1 1.58 Buy

10/05/10 phillip PEC 1.05 1.5 Buy PER8.75x & PB1.75x
11/12/10 phillip PEC 1.18 1.41 Buy PB1.75x & PER8.75x
01/20/11 phillip PEC 1.37 1.44 Hold PER8.75x & PB1.75x
02/14/11 phillip PEC 1.23 1.5 Buy PER8.75x & PB1.75x

Parkway Life - 5 buy calls & 2 hold calls.

05/18/10 CIMB Parkway Life 1.36 1.57 Outperform
07/15/10 CIMB Parkway Life 1.39 1.57 Outperform
08/10/10 CIMB Parkway Life 1.44 1.57 Outperform DDM
09/07/10 CIMB Parkway Life 1.54 1.91 Outperform DDM
10/01/10 CIMB Parkway Life 1.6 1.91 Outperform DDM
11/08/10 CIMB Parkway Life 1.69 1.96 Outperform DDM
11/09/10 CIMB Parkway Life 1.7 1.96 Outperform DDM
11/18/10 CIMB Parkway Life 1.64 1.96 Outperform DDM
01/05/11 CIMB Parkway Life 1.69 1.96 Outperform DDM
03/14/11 CIMB Parkway Life 1.7 1.98 Outperform DDM
03/15/11 CIMB Parkway Life 1.68 1.98 Outperform

05/07/10 DBS Vickers Parkway Life 1.32 1.51 Buy DCF
06/04/10 DBS Vickers Parkway Life 1.35 1.51 Buy
07/14/10 DBS Vickers Parkway Life 1.38 1.59 Buy DCF
08/06/10 DBS Vickers Parkway Life 1.44 1.59 Buy DCF
11/08/10 DBS Vickers Parkway Life 1.69 1.84 Buy
12/17/10 DBS Vickers Parkway Life 1.63 1.84 Buy
01/21/11 DBS Vickers Parkway Life 1.77 1.9 Buy DCF
02/22/11 DBS Vickers Parkway Life 1.72 1.9 Buy
03/09/11 DBS Vickers Parkway Life 1.72 1.9 Buy
03/14/11 DBS Vickers Parkway Life 1.7 1.9 Buy
04/13/11 DBS Vickers Parkway Life 1.66 1.84 Buy

05/07/10 DMG & Partners Parkway Life 1.32 1.52 Buy 5.7% yield
06/11/10 DMG & Partners Parkway Life 1.35 1.62 Buy
07/16/10 DMG & Partners Parkway Life 1.37 1.66 Buy
07/20/10 DMG & Partners Parkway Life 1.37 1.66 Buy DDM
08/10/10 DMG & Partners Parkway Life 1.44 1.66 Buy DDM
11/12/10 DMG & Partners Parkway Life 1.7 1.66 Neutral

06/14/10 Kim Eng Parkway Life 1.35 1.59 Buy DDM
07/14/10 Kim Eng Parkway Life 1.38 1.59 Buy
08/10/10 Kim Eng Parkway Life 1.44 1.64 Buy DDM
10/05/10 Kim Eng Parkway Life 1.64 1.94 Buy DDM
11/09/10 Kim Eng Parkway Life 1.7 1.94 Buy DDM

07/14/10 Lim & Tan Parkway Life 1.38 0 Buy
08/06/10 Lim & Tan Parkway Life 1.44 0 Buy
08/16/10 Lim & Tan Parkway Life 1.42 0 Buy
10/01/10 Lim & Tan Parkway Life 1.6 0 Buy
11/08/10 Lim & Tan Parkway Life 1.69 0 Buy
12/03/10 Lim & Tan Parkway Life 1.63 0 Buy
01/24/11 Lim & Tan Parkway Life 1.78 0 Buy

10/06/10 OCBC Parkway Life 1.65 1.84 Buy DCF

05/07/10 phillip Parkway Life 1.32 1.57 Buy
06/15/10 phillip Parkway Life 1.36 1.63 Buy
07/14/10 phillip Parkway Life 1.38 1.66 Buy
08/10/10 phillip Parkway Life 1.44 1.66 Buy
11/09/10 phillip Parkway Life 1.7 1.78 Hold DDM
01/25/11 phillip Parkway Life 1.8 1.82 Hold
04/15/11 phillip Parkway Life 1.76 1.81 Hold DDM

Pan-United - Buy call from DBS Vickers.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

03/01/11 DBS Vickers Pan-United 0.49 0.62 Buy
03/25/11 DBS Vickers Pan-United 0.515 0.62 Buy

Pacific Shipping Trust - Buy call from DBS Vickers.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

04/19/11 DBS Vickers Pacific Shipping Trust 0.37 0.4 Buy

Pacific Andes - Buy calls from DBS Vickers.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

03/25/11 DBS Vickers Pacific Andes 0.335 0.48 Buy
03/28/11 DBS Vickers Pacific Andes 0.34 0.48 Buy