Mermaid Maritime - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	CIMB	Mermaid Maritime	0.15	0.24	Add	PB0.65x CY17
01/09/17	DBS Vickers	Mermaid Maritime	0.195	0.24	Buy	PB0.7x FY17
03/02/17	CIMB	Mermaid Maritime	0.2	0.28	Add	PB0.77x FY17
03/02/17	DBS Vickers	Mermaid Maritime	0.2	0.25	Buy	DCF & PER0.7x
05/17/17	CIMB	Mermaid Maritime	0.18	0.19	Hold	PB0.56x FY17
05/17/17	DBS Vickers	Mermaid Maritime	0.18	0.2	Hold	Sum of parts
08/18/17	CIMB	Mermaid Maritime	0.143	0.14	Reduce	PB0.4x FY17
08/18/17	DBS Vickers	Mermaid Maritime	0.143	0.14	Hold	PB0.6x
09/14/17	CIMB	Mermaid Maritime	0.126	0.14	Reduce
11/16/17	CIMB	Mermaid Maritime	0.138	0.14	Reduce	PB0.4x CY17
11/17/17	DBS Vickers	Mermaid Maritime	0.138	0.14	Hold	PB0.6x
01/12/18	CIMB	Mermaid Maritime	0.139	0.14	Hold	PB0.43x CY18
01/23/18	DBS Vickers	Mermaid Maritime	0.155	0.14	Hold
03/01/18	CIMB	Mermaid Maritime	0.152	0.16	Hold	PB0.48x CY18
03/13/18	DBS Vickers	Mermaid Maritime	0.15	0.14	Hold	Sum of parts
05/18/18	DBS Vickers	Mermaid Maritime	0.138	0.13	Hold	PB0.6x
08/17/18	DBS Vickers	Mermaid Maritime	0.106	0.13	Hold	Sum of parts
08/20/18	CIMB	Mermaid Maritime	0.106	0.13	Hold

Stock calls for 5 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/05/18	phillip	China Aviation Oil	1.34	1.76	Buy	PER11.5x FY19
11/05/18	DBS Vickers	City Developments	8.55	10	Hold
11/05/18	DBS Vickers	Comfortdelgro	2.32	2.59	Buy
11/05/18	Lim & Tan	DBS	24.66	0	Buy
11/05/18	DBS Vickers	Frasers Logistics	1.04	1.2	Buy
11/05/18	DBS Vickers	Genting	0.945	1.55	Buy
11/05/18	DBS Vickers	Koufu	0.63	0.84	Buy
11/05/18	CIMB	M1	2.11	2.06	Hold	Offer $2.06
11/05/18	DMG & Partners	Manulife US Reit	0.75	1.06	Buy	DDM
11/05/18	DBS Vickers	Mapletree Logistics	1.21	1.5	Buy
11/05/18	DMG & Partners	Moya Asia	0.07	0.11	Buy	DCF
11/05/18	DBS Vickers	Netlink	0.775	0.87	Buy
11/05/18	DBS Vickers	PACC Offshore	0.24	0.25	Hold
11/05/18	DBS Vickers	Riverstone	1.18	1.17	Hold	PER16x FY19
11/05/18	CIMB	Riverstone	1.18	1.3	Add	PER16.7x CY19
11/05/18	OCBC	Sembcorp Industries	2.84	3.3	Buy	Sum of parts
11/05/18	UOB Kay Hian	Sembcorp Industries	2.84	3.41	Buy	Sum of parts
11/05/18	CIMB	Sembcorp Industries	2.84	3.49	Add	Sum of parts
11/05/18	DBS Vickers	Sembcorp Industries	2.84	3.7	Buy
11/05/18	DBS Vickers	Sheng Siong	1.04	1.24	Buy
11/05/18	phillip	Sheng Siong	1.04	1.13	Accumulate	PER25x FY19
11/05/18	UOB Kay Hian	Singapore Post	1.03	1.04	Hold	Sum of parts, PER24x FY19, Buy @ $0.90
11/05/18	CIMB	Singapore Post	1.03	1.12	Hold	DCF, PER20.3x FY20
11/05/18	DBS Vickers	Singapore Post	1.03	1.04	Hold
11/05/18	DBS Vickers	ST Engineering	3.52	4.3	Buy
11/05/18	DBS Vickers	Thai Beverage	0.655	0.94	Buy
11/05/18	DBS Vickers	UOL	6.32	7.82	Hold
11/05/18	DMG & Partners	Venture	16.26	19	Buy	PER14x FY19
11/05/18	UOB Kay Hian	Venture	16.26	12.9	Sell	PER11x FY19
11/05/18	OCBC	Venture	16.26	20.13	Buy	PER15x FY19
11/05/18	DBS Vickers	Venture	16.26	21.3	Buy	PER15.8x FY18/19
11/05/18	CIMB	Venture	16.26	17.44	Hold	PER12.3x FY20
11/05/18	Lim & Tan	Venture	16.26	0	Hold
11/05/18	CIMB	Yongnam	0.186	0.45	Add	PB0.8x FY19

Self-flattery by the Australia trade minister.

https://sg.finance.yahoo.com/news/australia-trade-minister-visit-china-sign-thaw-024732600--finance.html

Any businessman can attend China International Import Export Expo (CIEE) and it is not a big deal.  Therefore, the Australian trade minister doesn't need to extol this commercial trip to China.

Since Australia bans China 5G technology, I don't see why the China government official should grant him an official meeting.

It's best that the Australian trade minister goes back to Australia empty-handed so that Australia can do some introspection on how to improve the Aus-Sino relationship.

UN human rights group is a big joke!

https://sg.news.yahoo.com/china-committing-ethnic-cleansing-xinjiang-000044679.html

Where was the UN human rights group when the US fabricated fake intelligence reports on Iraq and invaded Iraq illegally?

Till today, no WMDs are found in Iraq after many civilians are killed during the invasion.

Apple fell nearly 7% in a single day.

https://www.cnbc.com/2018/11/02/warren-buffett-loses-nearly-4-billion-in-single-day-on-his-apple-stake.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo

We did warn about Apple's sales a few days ago.

http://sg-stock.blogspot.com/2018/10/apples-iphone-xr-is-having-lukewarm.html

Therefore, this steep fall is not surprising to us.

Baltic dry index - 1457

Today, Friday, November 2 2018, the Baltic Dry Index decreased by 13 points, reaching 1457 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 - 1067

Highlights
The Baker Hughes North American rig count is down 3 rigs in the November 2 week to 1,265. The U.S. rig count is down 1 rig to 1,067 but is up 169 rigs from year at this time. The Canadian count is down 2 rigs from last week to 198 but, compared to last year, is up 6 rigs.

For the U.S. count, rigs classified as drilling for oil are down 1 at 874 and gas rigs remain unchanged at 193. For the Canadian count, oil rigs are down 3 at 121 and gas rigs are up 1 at 77. 

====================
Related stocks: Keppel Corp, Sembcorp Marine & Cosco

Memtech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/17	OCBC	Memtech	0.635	0.76	Buy
02/27/17	CIMB	Memtech	0.65	0.76	Add	PER8x FY18
02/27/17	OCBC	Memtech	0.65	0.77	Hold	PER11.1x FY17, Buy @ $0.60 or lower
04/25/17	Lim & Tan	Memtech	0.79	1	Buy	PER10.6x, PB0.9x
04/25/17	UOB Kay Hian	Memtech	0.79	1.05	Buy
04/28/17	CIMB	Memtech	0.875	1.09	Add	PER10x FY18
05/02/17	OCBC	Memtech	0.855	0.85	Hold
05/19/17	CIMB	Memtech	0.785	1.09	Add	PER10x FY18
05/29/17	Lim & Tan	Memtech	0.92	1.1	Buy	PER11x, PB1x
05/30/17	UOB Kay Hian	Memtech	0.97	1.15	Buy	PER12.5x FY17
07/03/17	UOB Kay Hian	Memtech	0.895	1.15	Buy	PER12.5x FY17
07/05/17	CIMB	Memtech	0.905	1.09	Add
07/06/17	OCBC	Memtech	0.91	0.85	Hold
07/28/17	Lim & Tan	Memtech	1.005	0	Buy
08/04/17	CIMB	Memtech	1.035	1.16	Add	PER10.4x FY18
08/08/17	UOB Kay Hian	Memtech	1.02	1.15	Buy	PER12.5x FY17
08/11/17	UOB Kay Hian	Memtech	1.04	1.18	Buy	PER10.3x FY18
08/11/17	Lim & Tan	Memtech	1.04	1.13	Buy	PB1x
09/05/17	UOB Kay Hian	Memtech	0.945	1.18	Buy	PER10.3x FY18
10/04/17	UOB Kay Hian	Memtech	1.01	1.18	Buy	PER10.3x FY18
10/11/17	UOB Kay Hian	Memtech	1.045	1.33	Buy	PER11.6x FY18
10/11/17	Lim & Tan	Memtech	1.045	1.3	Buy	PER13.7x
11/02/17	UOB Kay Hian	Memtech	1.175	1.33	Buy
11/13/17	CIMB	Memtech	1.14	1.33	Add	PER10x FY19
12/20/17	CIMB	Memtech	1.09	1.33	Add
01/10/18	CIMB	Memtech	1.15	1.33	Add	PER10x FY19
01/24/18	CLSA	Memtech	1.28	2	Buy	PEG0.45x, PER15x CY18
02/09/18	UOB Kay Hian	Memtech	1.29	1.43	Buy	PER11.6x FY18
03/05/18	Lim & Tan	Memtech	1.52	0	Buy
03/07/18	CIMB	Memtech	1.54	1.76	Add	PER12x FY19
04/06/18	UOB Kay Hian	Memtech	1.58	1.5	Hold	PER12x FY18, Buy @ $1.35
04/26/18	Lim & Tan	Memtech	1.37	0	Hold
04/27/18	CIMB	Memtech	1.29	1.47	Add	PER10x FY19
04/27/18	UOB Kay Hian	Memtech	1.29	1.32	Hold	PER10.6x FY18, Buy @ $1.18
06/26/18	CIMB	Memtech	1.13	1.47	Add
08/14/18	CIMB	Memtech	1.12	1.43	Add	PER10x FY19
08/14/18	UOB Kay Hian	Memtech	1.12	1.08	Hold
10/12/18	UOB Kay Hian	Memtech	0.85	0.95	Hold	PER9.8x FY18, Buy @ $0.75

Megachem - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/17	NRA	Megachem	0.44	0.485	Not Rated	DCF
09/04/17	NRA	Megachem	0.39	0.485	Not Rated
04/30/18	NRA	Megachem	0.385	0.51	Not Rated	DCF, PER14.7x FY18
06/26/18	SAC	Megachem	0.32	0.5	Buy	PER14.9x FY19
08/17/18	NRA	Megachem	0.32	0.51	Not Rated

MDR - Stock calls

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Date	Analyst	Company	Last	Target	Call	Valuation
04/24/18	NRA	MDR	0.003	0.474	Unrated	Mid-point of $0.366-0.582

Stock calls for 2 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/02/18	Kim Eng	ART	1.05	1.15	Hold	DDM
11/02/18	OCBC	ART	1.05	1.03	Hold
11/02/18	UOB Kay Hian	ART	1.05	1.15	Hold	DDM, Buy @ $1.05
11/02/18	CIMB	ART	1.05	1.12	Hold
11/02/18	Lim & Tan	ART	1.05	0	Buy
11/02/18	DBS Vickers	Ascendas Hospitality Trust	0.805	0.98	Buy	DCF
11/02/18	DBS Vickers	CDL Hospitality	1.44	1.85	Buy	DCF
11/02/18	UOB Kay Hian	China Aviation Oil	1.38	1.93	Buy	PER13.5x FY18
11/02/18	DMG & Partners	China Aviation Oil	1.38	1.5	Neutral	PER10x & PB1.2x & EV/Ebitda9x & DCF, PER7x FY19 (ex-cash), PEG1.3x FY19
11/02/18	DBS Vickers	China Aviation Oil	1.38	1.9	Buy
11/02/18	CIMB	China Aviation Oil	1.38	1.83	Add	PER12x FY19
11/02/18	UOB Kay Hian	CSE Global	0.45	0.59	Buy
11/02/18	Amfrasers	DBS	23.95	27.7	Buy
11/02/18	UOB Kay Hian	DBS	23.95	29.5	Buy
11/02/18	DBS Vickers	Japfa	0.68	0.89	Buy	Sum of parts (15% discount), PER12.6x FY19
11/02/18	DBS Vickers	Manulife US Reit	0.73	0.97	Buy
11/02/18	CIMB	OCBC	11.15	14	Add	GGM
11/02/18	DBS Vickers	OCBC	11.15	13.2	Buy	GGM, PB1.3x FY19
11/02/18	UOB Kay Hian	OCBC	11.15	14.05	Buy	GGM, PB1.37x FY19
11/02/18	UOB Kay Hian	Singtel	3.18	3.94	Buy
11/02/18	DBS Vickers	Singtel	3.18	3.64	Buy	Sum of parts
11/02/18	UOB Kay Hian	ST Engineering	3.54	4.06	Buy
11/02/18	DBS Vickers	Starhub	1.98	2.45	Buy
11/02/18	UOB Kay Hian	Suntec Reit	1.74	2.01	Hold
11/02/18	UOB Kay Hian	Thai Beverage	0.635	0.84	Buy
11/02/18	UOB Kay Hian	Valuetronics	0.635	0.96	Buy

The stock markets soar because Trump cannot take the heat from the trade war anymore.

https://sg.finance.yahoo.com/news/shares-soar-trump-hints-possible-061534970.html

Trump has relented in the US-China trade war because he cannot take the heat anymore since the mid-term November election is nearing.

We already knew this outcome and stated that the winner would be China in this trade war.

Apple iphone sales disappoint.

https://finance.yahoo.com/news/apple-iphone-sales-disappoint-selling-prices-way-203721425.html

As expected, Apple sales disappoint and we already warned about this in our previous post.

http://sg-stock.blogspot.com/2018/10/apples-iphone-xr-is-having-lukewarm.html

This slowdown will impact other technology stocks and also apple suppliers.

Mapletree Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Mapletree Logistics	1.04	1.15	Buy
01/24/17	DIR	Mapletree Logistics	1.06	1.04	Hold	DDM
01/24/17	UOB Kay Hian	Mapletree Logistics	1.06	1.2	Buy	DDM
01/25/17	CIMB	Mapletree Logistics	1.055	1.02	Hold	DDM
01/25/17	OCBC	Mapletree Logistics	1.055	1.06	Hold
01/31/17	Credit Suisse	Mapletree Logistics	1.055	1.12	Neutral
02/28/17	Deutsche	Mapletree Logistics	1.07	1.15	Buy
03/07/17	UOB Kay Hian	Mapletree Logistics	1.06	1.2	Buy
03/24/17	OCBC	Mapletree Logistics	1.08	1.06	Hold
03/30/17	DBS Vickers	Mapletree Logistics	1.09	1.28	Buy
03/30/17	DIR	Mapletree Logistics	1.09	1.09	Hold	DDM
04/11/17	UOB Kay Hian	Mapletree Logistics	1.11	1.2	Buy
04/18/17	DIR	Mapletree Logistics	1.105	1.09	Hold
04/18/17	Kim Eng	Mapletree Logistics	1.105	1.2	Hold	DDM
05/02/17	CIMB	Mapletree Logistics	1.13	1.1	Hold	DDM
05/02/17	DBS Vickers	Mapletree Logistics	1.13	1.28	Buy
05/02/17	DIR	Mapletree Logistics	1.13	1.1	Hold	DDM
05/02/17	Kim Eng	Mapletree Logistics	1.13	1.2	Buy	DDM
05/02/17	OCBC	Mapletree Logistics	1.13	1.14	Hold	DDM
05/25/17	Deutsche	Mapletree Logistics	1.155	1.2	Buy
05/25/17	UOB Kay Hian	Mapletree Logistics	1.155	1.29	Buy
06/12/17	DBS Vickers	Mapletree Logistics	1.2	1.28	Buy
06/22/17	Deutsche	Mapletree Logistics	1.18	1.2	Buy
06/22/17	Kim Eng	Mapletree Logistics	1.18	1.2	Hold
07/03/17	Kim Eng	Mapletree Logistics	1.2	1.2	Hold
07/05/17	Lim & Tan	Mapletree Logistics	1.195	0	Hold
07/11/17	DIR	Mapletree Logistics	1.19	1.07	Underperform	DDM
07/11/17	OCBC	Mapletree Logistics	1.19	1.15	Hold	DDM
07/25/17	UOB Kay Hian	Mapletree Logistics	1.22	1.29	Buy	DDM
07/25/17	Credit Suisse	Mapletree Logistics	1.22	1.15	Neutral
07/25/17	Deutsche	Mapletree Logistics	1.22	1.3	Buy
07/26/17	CIMB	Mapletree Logistics	1.235	1.12	Hold	DDM
07/26/17	DBS Vickers	Mapletree Logistics	1.235	1.28	Buy	DCF
08/14/17	OCBC	Mapletree Logistics	1.19	1.15	Hold
08/15/17	DBS Vickers	Mapletree Logistics	1.19	1.28	Buy
08/30/17	Kim Eng	Mapletree Logistics	1.21	1.19	Hold	DDM
08/30/17	CIMB	Mapletree Logistics	1.21	1.13	Hold	DDM
08/30/17	Lim & Tan	Mapletree Logistics	1.21	0	Hold
08/31/17	OCBC	Mapletree Logistics	1.23	1.35	Buy
09/22/17	OCBC	Mapletree Logistics	1.2	1.35	Buy
09/27/17	DIR	Mapletree Logistics	1.205	1.1	Underperform
10/05/17	OCBC	Mapletree Logistics	1.24	1.35	Buy
10/20/17	DBS Vickers	Mapletree Logistics	1.225	1.38	Buy
10/23/17	UOB Kay Hian	Mapletree Logistics	1.24	1.29	Buy
10/24/17	Lim & Tan	Mapletree Logistics	1.275	0	Hold
10/25/17	Credit Suisse	Mapletree Logistics	1.255	1.18	Neutral
10/25/17	Kim Eng	Mapletree Logistics	1.255	1.25	Hold	DDM
10/25/17	CIMB	Mapletree Logistics	1.255	1.21	Hold	DDM
10/25/17	Deutsche	Mapletree Logistics	1.255	1.35	Buy
11/30/17	OCBC	Mapletree Logistics	1.26	1.35	Buy
12/01/17	UOB Kay Hian	Mapletree Logistics	1.27	1.37	Buy
12/06/17	Lim & Tan	Mapletree Logistics	1.28	0	Hold
12/18/17	DBS Vickers	Mapletree Logistics	1.32	1.38	Buy
01/09/18	DBS Vickers	Mapletree Logistics	1.36	1.38	Buy
01/10/18	Lim & Tan	Mapletree Logistics	1.35	0	Hold
01/23/18	UOB Kay Hian	Mapletree Logistics	1.35	1.41	Hold	DDM
01/23/18	OCBC	Mapletree Logistics	1.35	1.35	Buy
01/23/18	Deutsche	Mapletree Logistics	1.35	1.4	Buy
01/24/18	CIMB	Mapletree Logistics	1.38	1.43	Add	DDM
01/24/18	Credit Suisse	Mapletree Logistics	1.38	1.18	Neutral
01/24/18	OCBC	Mapletree Logistics	1.38	1.48	Buy
01/24/18	DBS Vickers	Mapletree Logistics	1.38	1.45	Buy
02/14/18	Deutsche	Mapletree Logistics	1.23	1.35	Buy
02/20/18	DBS Vickers	Mapletree Logistics	1.25	1.45	Buy
03/06/18	OCBC	Mapletree Logistics	1.2	1.48	Buy
04/16/18	Kim Eng	Mapletree Logistics	1.27	1.25	Hold
04/27/18	UOB Kay Hian	Mapletree Logistics	1.26	1.41	Hold
04/27/18	OCBC	Mapletree Logistics	1.26	1.48	Buy
04/30/18	OCBC	Mapletree Logistics	1.27	1.44	Buy
04/30/18	Kim Eng	Mapletree Logistics	1.27	1.25	Hold	DDM
05/02/18	CIMB	Mapletree Logistics	1.27	1.39	Add	DDM
06/21/18	OCBC	Mapletree Logistics	1.22	1.34	Buy
06/26/18	DBS Vickers	Mapletree Logistics	1.22	1.48	Buy
07/06/18	Kim Eng	Mapletree Logistics	1.23	1.25	Hold
07/06/18	DBS Vickers	Mapletree Logistics	1.23	1.48	Buy
07/24/18	OCBC	Mapletree Logistics	1.28	1.34	Buy
07/25/18	CIMB	Mapletree Logistics	1.29	1.39	Add	DDM
07/25/18	UOB Kay Hian	Mapletree Logistics	1.29	1.36	Hold
07/25/18	DBS Vickers	Mapletree Logistics	1.29	1.53	Buy
08/24/18	DBS Vickers	Mapletree Logistics	1.25	1.53	Buy
09/20/18	OCBC	Mapletree Logistics	1.26	1.34	Buy
09/25/18	Deutsche	Mapletree Logistics	1.26	1.4	Buy
10/01/18	DBS Vickers	Mapletree Logistics	1.23	1.5	Buy
10/09/18	OCBC	Mapletree Logistics	1.22	1.37	Buy
10/23/18	Lim & Tan	Mapletree Logistics	1.23	0	Hold
10/24/18	CIMB	Mapletree Logistics	1.23	1.39	Add	DDM
10/24/18	Kim Eng	Mapletree Logistics	1.23	1.3	Hold	DDM
10/24/18	UOB Kay Hian	Mapletree Logistics	1.23	1.36	Hold	DDM, Buy @ $1.15

Mapletree Industrial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Mapletree Industrial	1.665	1.9	Buy
01/25/17	Deutsche	Mapletree Industrial	1.645	1.65	Hold
01/25/17	OCBC	Mapletree Industrial	1.645	1.79	Buy
01/25/17	UOB Kay Hian	Mapletree Industrial	1.645	1.6	Hold	DDM
01/26/17	CIMB	Mapletree Industrial	1.65	1.68	Add	DDM
01/26/17	Phillip	Mapletree Industrial	1.65	1.74	Accumulate	DDM
01/31/17	Credit Suisse	Mapletree Industrial	1.665	1.82	Outperform
02/14/17	CIMB	Mapletree Industrial	1.665	1.68	Add
02/17/17	JP Morgan	Mapletree Industrial	1.675	1.75	Overweight
02/20/17	Phillip	Mapletree Industrial	1.66	1.74	Accumulate
02/28/17	Deutsche	Mapletree Industrial	1.66	1.65	Hold
03/06/17	CIMB	Mapletree Industrial	1.67	1.68	Add	DDM
03/06/17	DBS Vickers	Mapletree Industrial	1.67	1.9	Buy
03/07/17	DIR	Mapletree Industrial	1.685	1.7	Hold	DDM
03/07/17	UOB Kay Hian	Mapletree Industrial	1.685	1.6	Hold
03/29/17	OCBC	Mapletree Industrial	1.76	1.88	Buy
03/30/17	DBS Vickers	Mapletree Industrial	176	1.94	Buy
04/11/17	UOB Kay Hian	Mapletree Industrial	1.77	1.6	Hold
04/18/17	DIR	Mapletree Industrial	1.785	1.7	Hold
04/18/17	Kim Eng	Mapletree Industrial	1.785	2	Buy	DDM
04/25/17	DBS Vickers	Mapletree Industrial	1.795	1.94	Buy	DCF
04/25/17	DIR	Mapletree Industrial	1.795	1.71	Hold	DDM
04/25/17	OCBC	Mapletree Industrial	1.795	1.93	Buy
04/26/17	CIMB	Mapletree Industrial	1.82	1.8	Hold	DDM
04/26/17	Kim Eng	Mapletree Industrial	1.82	2.05	Buy	DDM
04/26/17	Phillip	Mapletree Industrial	1.82	1.8	Neutral	DDM
04/26/17	UOB Kay Hian	Mapletree Industrial	1.82	1.69	Hold	DDM
05/08/17	Deutsche	Mapletree Industrial	1.81	1.7	Hold
05/08/17	Phillip	Mapletree Industrial	1.81	1.8	Neutral
05/25/17	UOB Kay Hian	Mapletree Industrial	1.815	1.78	Hold
06/09/17	Lim & Tan	Mapletree Industrial	1.84	0	Hold
06/12/17	DBS Vickers	Mapletree Industrial	1.825	1.94	Buy
06/20/17	OCBC	Mapletree Industrial	1.8	1.93	Buy
06/22/17	Deutsche	Mapletree Industrial	1.815	1.7	Hold
06/22/17	Kim Eng	Mapletree Industrial	1.815	2.05	Buy
07/03/17	Kim Eng	Mapletree Industrial	1.86	2.05	Buy	DDM
07/26/17	DIR	Mapletree Industrial	1.88	1.71	Hold	DDM
07/26/17	UOB Kay Hian	Mapletree Industrial	1.88	1.78	Hold	DDM
07/26/17	OCBC	Mapletree Industrial	1.88	1.92	Hold
07/26/17	DBS Vickers	Mapletree Industrial	1.88	1.94	Buy	DCF
07/26/17	Religare	Mapletree Industrial	1.88	1.9	Buy
07/26/17	Phillip	Mapletree Industrial	1.88	1.98	Accumulate	DDM, PB1.41x FY18
07/27/17	CIMB	Mapletree Industrial	1.905	1.91	Hold	DDM
08/03/17	Kim Eng	Mapletree Industrial	1.84	2.05	Buy
08/22/17	Phillip	Mapletree Industrial	1.855	1.98	Accumulate
09/27/17	DBS Vickers	Mapletree Industrial	1.84	1.94	Buy	DCF
09/28/17	Kim Eng	Mapletree Industrial	1.85	2.05	Buy
10/09/17	Phillip	Mapletree Industrial	1.875	1.98	Accumulate
10/23/17	UOB Kay Hian	Mapletree Industrial	1.9	1.78	Hold
10/25/17	OCBC	Mapletree Industrial	1.96	1.92	Hold
10/25/17	Kim Eng	Mapletree Industrial	1.96	2.05	Buy
10/25/17	UOB Kay Hian	Mapletree Industrial	1.97	1.88	Hold
10/25/17	Deutsche	Mapletree Industrial	1.97	1.75	Hold
10/26/17	CIMB	Mapletree Industrial	1.97	1.94	Hold	DDM
10/27/17	Phillip	Mapletree Industrial	1.97	1.99	Neutral	DDM, PB1.37x FY18
11/08/17	DBS Vickers	Mapletree Industrial	1.965	2.15	Buy	DCF
11/28/17	Kim Eng	Mapletree Industrial	1.99	2.1	Buy
12/01/17	UOB Kay Hian	Mapletree Industrial	1.97	1.88	Hold
12/04/17	Phillip	Mapletree Industrial	1.99	2.06	Hold
12/04/17	OCBC	Mapletree Industrial	1.99	2.06	Hold
01/19/18	Kim Eng	Mapletree Industrial	2.11	2.1	Buy
01/24/18	OCBC	Mapletree Industrial	2.07	2.06	Hold
01/24/18	UOB Kay Hian	Mapletree Industrial	2.07	1.88	Hold	DDM
01/24/18	DBS Vickers	Mapletree Industrial	2.07	2.15	Buy
01/24/18	Deutsche	Mapletree Industrial	2.07	1.85	Hold
01/25/18	Phillip	Mapletree Industrial	2.12	2.15	Neutral	DDM, PB1.48x FY18
01/25/18	CIMB	Mapletree Industrial	2.12	2.16	Add	DDM
02/12/18	Phillip	Mapletree Industrial	1.93	2.15	Neutral
04/16/18	Kim Eng	Mapletree Industrial	2.03	2.2	Buy
04/24/18	UOB Kay Hian	Mapletree Industrial	2.02	2	Hold	DDM
04/25/18	CIMB	Mapletree Industrial	2	2.12	Add	DDM
04/25/18	Phillip	Mapletree Industrial	2	2.09	Neutral	PB1.48x FY19
04/25/18	OCBC	Mapletree Industrial	2	2.06	Hold
04/25/18	Kim Eng	Mapletree Industrial	2	2.25	Buy	DDM
04/30/18	DBS Vickers	Mapletree Industrial	2.02	2.22	Buy
05/02/18	CIMB	Mapletree Industrial	2.03	2.12	Add
05/21/18	Phillip	Mapletree Industrial	1.95	2.09	Neutral
07/05/18	Kim Eng	Mapletree Industrial	1.96	2.25	Buy	DDM
07/06/18	DBS Vickers	Mapletree Industrial	1.96	2.22	Buy
07/25/18	OCBC	Mapletree Industrial	2.02	2.06	Hold
07/25/18	Phillip	Mapletree Industrial	2.02	2.09	Neutral	DDM, PB1.42x FY19
07/26/18	UOB Kay Hian	Mapletree Industrial	2.02	1.94	Hold	DDM, Buy @ $1.76
07/26/18	OCBC	Mapletree Industrial	2.02	2.08	Hold
07/26/18	CIMB	Mapletree Industrial	2.02	2.13	Add	DDM
09/25/18	Deutsche	Mapletree Industrial	1.96	1.75	Sell
10/01/18	DBS Vickers	Mapletree Industrial	1.98	2.22	Buy	DCF
10/17/18	Phillip	Mapletree Industrial	1.94	2.09	Neutral
10/24/18	OCBC	Mapletree Industrial	1.95	2.01	Hold	DDM
10/24/18	Lim & Tan	Mapletree Industrial	1.95	0	Hold
10/25/18	Phillip	Mapletree Industrial	1.95	1.99	Neutral	DDM, PB1.34x FY19
10/25/18	UOB Kay Hian	Mapletree Industrial	1.95	1.94	Hold	DDM
10/25/18	CIMB	Mapletree Industrial	1.95	2.08	Add	DDM
10/26/18	Kim Eng	Mapletree Industrial	1.96	2.25	Buy