Hong Leong Finance - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/17	DBS Vickers	Hong Leong Finance	2.7	3.2	Buy	GGM, PB0.8x FY17
08/10/17	DBS Vickers	Hong Leong Finance	2.63	3.2	Buy	GGM, PB0.8x FY17
11/13/17	DBS Vickers	Hong Leong Finance	2.72	3.2	Buy	GGM, PB0.8x FY17
01/05/18	DBS Vickers	Hong Leong Finance	2.77	3.2	Buy
02/28/18	DBS Vickers	Hong Leong Finance	2.68	3.2	Buy	GGM, PB0.8x FY17
05/03/18	DBS Vickers	Hong Leong Finance	2.8	3.2	Buy	GGM

Stock calls for 1 June 2018

Date	Analyst	Company	Last	Target	Call	Valuation
06/01/18	Amfrasers	Accordia Golf Trust	0.605	0.7	Buy	DDM
06/01/18	Phillip	Aoxin Q&M	0.22	0.29	Not Rated	PER35x FY19
06/01/18	OCBC	Hutchison Port	0.275	0.43	Buy
06/01/18	CIMB	Jubilee	0.039	0.051	Add	Sum of parts
06/01/18	Lim & Tan	KSH	0.645	0	Hold
06/01/18	UOB Kay Hian	OCBC	12.54	16.5	Buy	GGM, PB1.68 FY18
06/01/18	OCBC	SGX	7.24	7.89	Buy	PER23x
06/01/18	SAC Advisors	SLB Dev	0.215	0.28	Buy

Singapore ministers do not dare to comment on Mahathir's intention to build an island on the middle rocks.

https://www.channelnewsasia.com/news/singapore/pedra-branca-singapore-malaysia-icj-to-drop-challenge-10291432

https://www.todayonline.com/content/full-singapore-ministry-foreign-affairs-statement-malaysias-decision-withdraw-icj-challenge

2 Singapore ministers (current & ex) commented on Pedra Branca but both didn't comment on the middle rocks' island that Malaysia was constructing.

It is definitely a security concern to Singapore that Malaysia is building an island for maritime purpose so near to Singapore (just 44km away) but SG doesn't dare to make any remark.

Mahathir is embarking on his anti-Singapore barrage by trying to contain Singapore.  First, it was the HSR cancellation and followed immediately by the island construction remark on the middle rocks.  This won't be the end but a beginning as he loves to skin SG alive.

Hock Lian Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/16/17	UOB Kay Hian	Hock Lian Seng	0.515	0.69	Buy	PER7.6x FY17, Ex-Cash
03/02/17	phillip	Hock Lian Seng	0.585	0.57	Neutral	Sum of parts
03/02/17	UOB Kay Hian	Hock Lian Seng	0.585	0.69	Buy
05/11/17	phillip	Hock Lian Seng	0.475	0.57	Accumulate	Sum of parts
05/11/17	UOB Kay Hian	Hock Lian Seng	0.475	0.585	Buy	PER7.6x FY17, Ex-Cash
12/06/17	DBS Vickers	Hock Lian Seng	0.455	0.58	Not Rated	PER11x FY18
02/20/18	UOB Kay Hian	Hock Lian Seng	0.495	0.63	Buy
02/27/18	UOB Kay Hian	Hock Lian Seng	0.51	0.65	Buy

Ho Bee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/17	Kim Eng	Ho Bee	2.06	2.13	Hold
02/06/17	phillip	Ho Bee	2.29	2	Accumulate
02/09/17	Lim & Tan	Ho Bee	2.3	0	Buy
02/28/17	Kim Eng	Ho Bee	2.3	2.47	Hold
03/02/17	phillip	Ho Bee	2.26	2.64	Accumulate	RNAV (30% discount)
03/08/17	UOB Kay Hian	Ho Bee	2.32	2.82	Buy
03/13/17	Kim Eng	Ho Bee	2.35	2.47	Hold
03/13/17	UOB Kay Hian	Ho Bee	2.35	3.02	Buy
03/16/17	Kim Eng	Ho Bee	2.3	2.6	Hold
04/26/17	Kim Eng	Ho Bee	2.31	2.6	Hold	RNAV (36% discount)
04/27/17	phillip	Ho Bee	2.37	2.64	Accumulate	RNAV (30% discount)
05/29/17	Kim Eng	Ho Bee	2.36	3	Buy	RNAV (29% discount)
06/16/17	Kim Eng	Ho Bee	2.37	3	Buy
07/11/17	Kim Eng	Ho Bee	2.35	3	Buy
08/14/17	phillip	Ho Bee	2.32	2.98	Accumulate	RNAV (30% discount)
08/22/17	CIMB	Ho Bee	2.35	3.39	Add	RNAV (35% discount)
08/28/17	Kim Eng	Ho Bee	2.39	3	Buy
09/18/17	UOB Kay Hian	Ho Bee	2.32	3.02	Buy
09/25/17	Kim Eng	Ho Bee	2.36	3	Buy
11/10/17	phillip	Ho Bee	2.57	2.98	Accumulate	RNAV (30% discount)
11/17/17	Kim Eng	Ho Bee	2.53	3	Buy
12/01/17	UOB Kay Hian	Ho Bee	2.48	3.02	Buy
12/18/17	Kim Eng	Ho Bee	2.41	3	Buy
03/01/18	Kim Eng	Ho Bee	2.48	3.15	Buy	RNAV (30% discount)
03/02/18	phillip	Ho Bee	2.51	2.98	Accumulate	RNAV (30% discount)
04/11/18	Kim Eng	Ho Bee	2.54	3.15	Buy
04/27/18	Kim Eng	Ho Bee	2.54	3.3	Buy	RNAV
04/27/18	Lim & Tan	Ho Bee	2.54	0	Buy
04/30/18	phillip	Ho Bee	2.56	2.98	Accumulate	RNAV (30% discount)

Stock calls for 31 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/31/18	Lim & Tan	Accordia Golf Trust	0.595	0	Hold
05/31/18	NRA	Accrelist	0.006	0.012	Overweight
05/31/18	CIMB	Dairy Farm	8.95	9.55	Add
05/31/18	DBS Vickers	Frasers Commercial Trust	1.36	1.65	Buy
05/31/18	phillip	Old Chang Kee	0.755	0.98	Buy	DCF, PER22.6x FY19
05/31/18	phillip	SATS	5.28	5.58	Accumulate	DCF
05/31/18	UOB Kay Hian	SATS	5.28	5.7	Buy	DCF, PER24.3x FY19
05/31/18	DBS Vickers	SATS	5.28	5.64	Buy
05/31/18	OCBC	SATS	5.28	5.5	Hold
05/31/18	DBS Vickers	Yoma	0.4	0.58	Buy

HMI - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/17	Amfraserss	HMI	0.645	0.84	Buy
02/13/17	Amfraserss	HMI	0.645	0.86	Buy	DCF, PER36x FY18
03/10/17	phillip	HMI	0.61	0.83	Buy	DCF
03/13/17	CIMB	HMI	0.635	0.81	Add	DCF
03/24/17	OCBC	HMI	0.64	0.8	Buy	DCF
04/20/17	OCBC	HMI	0.625	0.8	Buy
04/20/17	UOB Kay Hian	HMI	0.625	0.83	Buy	DCF
05/09/17	CIMB	HMI	0.615	0.81	Add	DCF
05/12/17	OCBC	HMI	0.605	0.8	Buy	DCF
05/15/17	Amfrasers	HMI	0.6	0.86	Buy	DCF, PER38x FY18
05/15/17	CIMB	HMI	0.6	0.83	Add	DCF
05/15/17	phillip	HMI	0.6	0.83	Buy	DCF, PER35x FY18
06/05/17	Kim Eng	HMI	0.63	0.84	Buy	DCF, PER35x FY18
06/08/17	OCBC	HMI	0.69	0.8	Buy
06/19/17	UOB Kay Hian	HMI	0.685	0.83	Buy	DCF
08/01/17	UOB Kay Hian	HMI	0.665	0.83	Buy	DCF
08/24/17	OCBC	HMI	0.65	0.8	Buy	DCF
08/25/17	Kim Eng	HMI	0.645	0.8	Buy	DCF
08/25/17	CIMB	HMI	0.645	0.83	Add	DCF
08/29/17	phillip	HMI	0.645	0.83	Buy	DCF
09/11/17	UOB Kay Hian	HMI	0.635	0.83	Buy	DCF
11/15/17	CIMB	HMI	0.715	0.83	Add	DCF
11/15/17	phillip	HMI	0.715	0.83	Buy	DCF
11/15/17	UOB Kay Hian	HMI	0.715	0.83	Buy	DCF
11/15/17	Kim Eng	HMI	0.715	0.8	Buy	DCF
01/08/18	CIMB	HMI	0.665	0.83	Add	DCF
02/14/18	phillip	HMI	0.63	0.83	Buy	DCF
02/14/18	UOB Kay Hian	HMI	0.63	0.83	Buy	DCF
02/14/18	Kim Eng	HMI	0.63	0.8	Buy	DCF
05/11/18	phillip	HMI	0.645	0.83	Buy	DCF
05/11/18	UOB Kay Hian	HMI	0.645	0.83	Buy	DCF
05/16/18	Kim Eng	HMI	0.665	0.8	Buy

Hi-P - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/17	DBS Vickers	Hi-P	0.88	1.07	Buy	PER12x FY18
06/16/17	DBS Vickers	Hi-P	0.935	1.07	Buy
08/07/17	DBS Vickers	Hi-P	1.19	1.45	Buy	PER13x
10/03/17	DBS Vickers	Hi-P	1.405	1.67	Buy	PER13.2x FY18
11/08/17	DBS Vickers	Hi-P	1.93	2.3	Buy	PER15.4x FY18
12/06/17	DBS Vickers	Hi-P	1.61	2.3	Buy
12/21/17	Kim Eng	Hi-P	1.75	2.11	Buy	PB3.4x FY17, PER13.6x FY18, PEG0.7x
02/15/18	Kim Eng	Hi-P	1.92	2.43	Buy	PB3.2x FY18
02/15/18	DBS Vickers	Hi-P	1.92	2.48	Buy	PER14.4x FY18
04/03/18	DBS Vickers	Hi-P	2.17	2.48	Buy
04/27/18	DBS Vickers	Hi-P	1.8	1.88	Hold	PER13.3x FY18
05/03/18	DBS Vickers	Hi-P	1.69	1.8	Hold	PER13.3x FY18
05/03/18	Lim & Tan	Hi-P	1.69	0	Sell
05/04/18	Kim Eng	Hi-P	1.57	1.45	Hold	PB2x

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

Stock calls for 30 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/30/18	DMG & Partners	APAC Realty	0.905	1.35	Buy	DCF
05/30/18	DBS Vickers	MM2 Asia	0.495	0.7	Buy	Sum of parts
05/30/18	Lim & Tan	SATS	5.35	0	Hold
05/30/18	CIMB	Valuetronics	0.795	0.95	Add	PER10x CY19
05/30/18	UOB Kay Hian	Valuetronics	0.795	0.96	Buy	PER11.3x FY19
05/30/18	DMG & Partners	Valuetronics	0.795	0.92	Buy	PER9.5x FY19
05/30/18	Kim Eng	Valuetronics	0.795	1.15	Buy

Mahathir wants to terminate KL-SG HSR.

https://sg.finance.yahoo.com/news/malaysia-pm-drop-high-speed-rail-project-singapore-091027991.html

This old man doesn't like Singapore at all.  He didn't get a chance to skin Singapore in the past.  Therefore, he is doing it now by trying to stop our progress.  He doesn't want SG to be linked to the OBR initiative.

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)

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

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

Stock calls for 28 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/28/18	DMG & Partners	IHH Healthcare	2.08	2.36	Buy	DCF & Sum of parts & EV/Ebitda 18x FY19,  Ringgit $7 target price
05/28/18	Lim & Tan	Valuetronics	0.825	0	Hold
05/28/18	CIMB	Y Venture	0.48	0.62	Add

Baltic dry index - 1077

Today, Friday, May 25 2018, the Baltic Dry Index decreased by 32 points, reaching 1077 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 - 1059

The US drilling rig count was up 13 units to 1,059 the week ended May 25, according to Baker Hughes data. The count is up 151 units from this time a year ago when the count stood at 908.

Offshore units were unchanged from last week with 19 rigs working. A total of 1,036 rigs were drilling on land, up 13 from last week. The number of rigs drilling in inland waters was unchanged at 4 units.

US oil-directed rigs were up 15 units this week to 859 and also up from the 722 rigs drilling for oil this week a year ago. Gas-directed rigs shed 2 units and now total 198. This time a year ago, 185 units were drilling for gas.

Among the major oil and gas-producing states, Texas bound past the rest with a gain of 9 units to hit 534 rigs running. Oklahoma, Colorado, and Alaska each had a 2-unit gain to reach 140, 31, and 9 units, respectively. North Dakota gained 1 rig to reach 56, as did West Virginia to reach 18.

Six states remained unchanged this week: Pennsylvania, 39; Wyoming, 26; Ohio, 23; California, 15; Utah, 8; and Arkansas, 1.

Three states dropped a single rig each: New Mexico, 91; Louisiana, 60; and Kansas, 0.

Canada lost 2 rigs to 81 working from a week ago. There are 12 fewer rigs working than this week a year ago. Oil-directed rigs decreased 3 units this week to 35, while those targeting gas gained 1 unit to 46.

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

Related stocks: Keppel Corp, SembCorp Marine, Cosco

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

Global Premium Hotel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/17	OCBC	Global Premium Hotel	0.31	0.34	Hold	Buy @ $0.29 or lower

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
01/06/17	Lim & Tan	Global Logistics	2.400	0	Buy
01/09/17	DBS Vickers	Global Logistics	2.460	2.47	Buy	RNAV (30% discount)
01/13/17	Lim & Tan	Global Logistics	2.610	0	Hold
01/31/17	Credit Suisse	Global Logistics	2.620	2.55	Underperform
02/06/17	Lim & Tan	Global Logistics	2.620	0	Hold
02/10/17	CIMB	Global Logistics	2.780	2.79	Hold	Sum of parts
02/10/17	Credit Suisse	Global Logistics	2.780	2.75	Neutral
02/10/17	OCBC	Global Logistics	2.780	2.87	Hold
02/10/17	UOB Kay Hian	Global Logistics	2.780	2.5	Hold	RNAV (20% discount)
02/13/17	DBS Vickers	Global Logistics	2.760	3	Buy	RNAV (15% discount)
02/13/17	phillip	Global Logistics	2.760	2.6	Neutral	RNAV (10% discount)
03/09/17	Lim & Tan	Global Logistics	2.730	0	Hold
03/13/17	UOB Kay Hian	Global Logistics	2.720	2.5	Hold
04/03/17	OCBC	Global Logistics	2.780	2.87	Hold
04/27/17	phillip	Global Logistics	2.880	2.6	Neutral
05/17/17	DBS Vickers	Global Logistics	2.910	3	Hold	RNAV (15% discount), PB1.2x
05/19/17	Lim & Tan	Global Logistics	2.900	0	Hold
05/19/17	OCBC	Global Logistics	2.900	2.87	Hold
05/22/17	CIMB	Global Logistics	2.930	3.05	Hold	RNAV
05/22/17	Credit Suisse	Global Logistics	2.930	2.78	Neutral	PB1.07x
05/22/17	UOB Kay Hian	Global Logistics	2.930	2.75	Hold	RNAV (19% discount), Buy @ $2.55
05/23/17	phillip	Global Logistics	2.900	2.87	Neutral	RNAV (10% discount)
06/09/17	Lim & Tan	Global Logistics	2.940	0	Hold
06/22/17	Deutsche	Global Logistics	2.990	2.6	Hold
07/17/17	phillip	Global Logistics	3.290	3.38	Accept Offer	Offer price $3.38
07/17/17	UOB Kay Hian	Global Logistics	3.290	3.38	Accept Offer	Offer price $3.38
07/17/17	Credit Suisse	Global Logistics	3.290	3.38	Accept Offer	Offer price $3.38 (PB1.3x)
07/17/17	Lim & Tan	Global Logistics	3.290	3.38	Accept Offer	Offer price $3.38
08/10/17	CIMB	Global Logistics	3.250	3.38	Hold	Offer price $3.38
09/18/17	UOB Kay Hian	Global Logistics	3.280	2.75	Hold
10/02/17	OCBC	Global Logistics	3.300	2.87	Accept Offer	Offer price $3.38
12/20/17	CIMB	Global Logistics	3.360	3.38	Hold