China Fishery - Mixed calls from analysts.

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

02/07/11	CIMB	China Fishery	2.18	2.55	Outperform	PER12.5x
02/07/11	DBS Vickers	China Fishery	2.18	2.38	Hold	PER13x
03/25/11	DBS Vickers	China Fishery	2.01	2.38	Hold
03/28/11	DBS Vickers	China Fishery	2.07	2.38	Hold
02/07/11	DMG & Partners	China Fishery	2.14	2.18	Neutral	PER10x
02/28/11	DMG & Partners	China Fishery	1.91	2.18	Neutral
03/25/11	DMG & Partners	China Fishery	2.01	2.18	Neutral
04/07/11	DMG & Partners	China Fishery	2	2.18	Neutral
04/12/11	DMG & Partners	China Fishery	1.8	2.18	Neutral
05/13/11	DMG & Partners	China Fishery	1.78	1.77	Neutral	PER12x
05/25/11	DMG & Partners	China Fishery	1.66	1.77	Neutral	PER12x
06/02/11	DMG & Partners	China Fishery	1.55	1.77	Buy	PER12x
04/28/11	UOB Kay Hian	China Fishery	1.78	2.48	Buy

Baltic Dry Index (BDI) - 1434

Quote:


The Baltic Exchange's main sea freight index fell to a two-week low of 1,434 points on Wednesday, down 1.15 per cent or 22 points from the previous session.


End Quote.

China Farm - Buy call from DMG.

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

02/08/11	DMG & Partners	China Farm	0.26	0.43	Buy	PER11x
03/03/11	DMG & Partners	China Farm	0.27	0.43	Buy	PER11x
05/04/11	DMG & Partners	China Farm	0.26	0.43	Buy	PER11x
05/24/11	DMG & Partners	China Farm	0.26	0.43	Buy	PER11x

China Environment - Buy call from DMG.

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

02/17/11	DMG & Partners	China Environment	0.215	0.29	Under Review
02/18/11	DMG & Partners	China Environment	0.21	0.31	Buy	PATMI 9x
05/04/11	DMG & Partners	China Environment	0.2	0.28	Buy	PER9x
05/25/11	DMG & Partners	China Environment	0.175	0.28	Buy	PER9x
05/31/11	DMG & Partners	China Environment	0.2	0.28	Buy

China Animal - Buy calls for this animal feeds company.

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

02/14/11	Amfraser	China Animal	0.355	0.47	Buy	PER14x
02/09/11	DBS Vickers	China Animal	0.36	0.45	Buy	PER13x
02/09/11	DBS Vickers	China Animal	0.36	0.45	Buy
02/24/11	DBS Vickers	China Animal	0.32	0.45	Buy	PER13x
04/25/11	DBS Vickers	China Animal	0.31	0.45	Buy	PER13x
05/26/11	DBS Vickers	China Animal	0.26	0.45	Buy	PER13x
06/02/11	DBS Vickers	China Animal	0.27	0.45	Buy
01/05/11	DMG & Partners	China Animal	0.4	0.48	Buy
02/07/11	DMG & Partners	China Animal	0.35	0.48	Buy
02/09/11	DMG & Partners	China Animal	0.36	0.48	Buy
02/24/11	DMG & Partners	China Animal	0.315	0.48	Buy
02/25/11	DMG & Partners	China Animal	0.31	0.48	Buy	EV/Ebitda 7x, PER15x
02/28/11	DMG & Partners	China Animal	0.31	0.48	Buy
03/21/11	DMG & Partners	China Animal	0.29	0.48	Buy
03/25/11	DMG & Partners	China Animal	0.31	0.48	Buy
04/25/11	DMG & Partners	China Animal	0.31	0.42	Buy	EV/Ebitda 7x, PER14x
05/24/11	DMG & Partners	China Animal	0.265	0.42	Buy	EV/Ebitda 7x, PER14x
01/27/11	Kim Eng	China Animal	0.335	0.48	Buy	PER15x
02/24/11	Kim Eng	China Animal	0.315	0.48	Buy
06/09/11	Kim Eng	China Animal	0.255	0.46	Buy	PER15x

WWW.STOCKBANK.COM.SG will be down for a few days due to server problem.

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www.stockbank.com.sg will be down for the next few days due to server problem.  we'll try to get our website up by next week and we would like to apologize for any inconvenience caused.

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CH Offshore - Mixed calls by analysts.

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

11/04/10	DBS Vickers	CH offshore	0.535	0.6	Hold	PER9x
01/03/11	DBS Vickers	CH Offshore	0.48	0.6	Hold
01/31/11	DBS Vickers	CH Offshore	0.49	0.6	Hold	PER9x
04/19/11	DBS Vickers	CH Offshore	0.46	0.6	Hold
11/09/10	DnB Nor	CH offshore	0.54	0.7	Buy	NAV 0.66, PER7.6x, EV/Ebitda6x
03/10/11	DnB Nor	CH Offshore	0.46	0.7	Buy	NAV
05/05/11	DnB Nor	CH Offshore	0.45	0.7	Buy	NAV

Cerebos - Buy call from CIMB.

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

08/16/10	CIMB	Cerebos	4.15	5.98	Outperform	Sum of parts
11/15/10	CIMB	Cerebos	4.97	6.91	Outperform	Sum of parts
02/02/11	CIMB	Cerebos	4.87	7.3	Outperform	Sum of parts