Frasers Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/18	OCBC	Frasers Logistics	1.19	1.25	Buy
01/29/18	CIMB	Frasers Logistics	1.15	1.24	Add	DDM
01/29/18	DBS Vickers	Frasers Logistics	1.15	1.24	Buy
03/06/18	OCBC	Frasers Logistics	1.07	1.25	Buy
04/13/18	DBS Vickers	Frasers Logistics	1.07	1.24	Buy
04/23/18	CIMB	Frasers Logistics	1.08	1.24	Add	DDM
04/23/18	OCBC	Frasers Logistics	1.08	1.25	Buy
05/08/18	OCBC	Frasers Logistics	1.02	1.25	Buy
05/09/18	CIMB	Frasers Logistics	1.03	1.24	Add	DDM
05/09/18	OCBC	Frasers Logistics	1.03	1.21	Buy
06/26/18	DBS Vickers	Frasers Logistics	1.03	1.2	Buy	DCF
07/05/18	DBS Vickers	Frasers Logistics	1.04	1.2	Buy	DCF
07/31/18	OCBC	Frasers Logistics	1.05	1.21	Buy
08/03/18	CIMB	Frasers Logistics	1.05	1.24	Add	DDM
09/03/18	OCBC	Frasers Logistics	1.1	1.18	Buy
09/03/18	DBS Vickers	Frasers Logistics	1.1	1.2	Buy
09/03/18	Lim & Tan	Frasers Logistics	1.1	0	Hold
09/07/18	OCBC	Frasers Logistics	1.08	1.19	Buy
10/25/18	UOB Kay Hian	Frasers Logistics	1.03	1.16	Buy
11/05/18	DBS Vickers	Frasers Logistics	1.04	1.2	Buy	DCF
11/08/18	CIMB	Frasers Logistics	1.05	1.19	Add	DDM
11/08/18	OCBC	Frasers Logistics	1.05	1.19	Buy
12/03/18	OCBC	Frasers Logistics	1.06	1.19	Buy
01/28/19	DBS Vickers	Frasers Logistics	1.06	1.2	Buy	DCF
01/28/19	OCBC	Frasers Logistics	1.06	1.19	Buy
01/28/19	CIMB	Frasers Logistics	1.06	1.19	Add

Frasers Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/26/18	UOB Kay Hian	Frasers Hospitality Trust	0.81	0.9	Buy	DDM
02/20/18	DBS Vickers	Frasers Hospitality Trust	0.79	0.89	Buy
03/15/18	UOB Kay Hian	Frasers Hospitality Trust	0.78	0.9	Buy
04/13/18	DBS Vickers	Frasers Hospitality Trust	0.75	0.89	Buy
04/27/18	UOB Kay Hian	Frasers Hospitality Trust	0.745	0.9	Buy
04/27/18	DBS Vickers	Frasers Hospitality Trust	0.745	0.83	Buy	DCF
07/06/18	DBS Vickers	Frasers Hospitality Trust	0.675	0.83	Buy
07/30/18	DBS Vickers	Frasers Hospitality Trust	0.7	0.8	Buy	DCF
07/30/18	UOB Kay Hian	Frasers Hospitality Trust	0.7	0.82	Buy	DDM
09/17/18	Kim Eng	Frasers Hospitality Trust	0.69	0.8	Buy	DDM
10/25/18	UOB Kay Hian	Frasers Hospitality Trust	0.7	0.82	Buy
10/29/18	Kim Eng	Frasers Hospitality Trust	0.7	0.8	Buy	DDM
10/29/18	DBS Vickers	Frasers Hospitality Trust	0.7	0.78	Buy	DCF

Stock calls for 31 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/31/19	Phillip	A-Reit	2.72	2.88	Accumulate	DDM, PB1.34x FY19
01/31/19	CIMB	A-Reit	2.72	2.83	Add	DDM
01/31/19	OCBC	A-Reit	2.72	2.64	Hold
01/31/19	DBS Vickers	A-Reit	2.72	2.95	Buy
01/31/19	CIMB	CDL Hospitality	1.63	1.64	Add	DDM
01/31/19	Kim Eng	CDL Hospitality	1.63	1.8	Buy	DDM
01/31/19	OCBC	CDL Hospitality	1.63	1.56	Hold
01/31/19	DBS Vickers	CDL Hospitality	1.63	1.85	Buy	DCF
01/31/19	Kim Eng	DBS	23.94	30.18	Buy	DDM
01/31/19	Kim Eng	OCBC	11.39	10.95	Hold	DDM
01/31/19	OCBC	OUE Commercial	0.49	0.5	Hold
01/31/19	DBS Vickers	OUE Commercial	0.49	0.6	Buy	DCF
01/31/19	OCBC	OUE Hospitality	0.725	0.82	Buy
01/31/19	UOB Kay Hian	ST Engineering	3.66	4.06	Buy
01/31/19	CIMB	Starhill	0.72	0.75	Add	DDM
01/31/19	DBS Vickers	Starhill	0.72	0.75	Buy
01/31/19	Kim Eng	UOB	25.3	30.5	Buy	DDM

Renminbi (RMB) is appreciating abnormally! - Part 2

https://www.thestreet.com/markets/fed-chair-powell-faces-task-of-saying-something-about-nothing-14850526?puc=yahoo&cm_ven=YAHOO&yptr=yahoo

The US FED is confirmed being dovish now!

What has changed so far?

The "gradual increases" in US interest rates path has been removed and replaced with a "wait-and-see" approach.  This may mean a rate hike or reduction in the future depending on the economic data.

The economic repercussion is a depreciating USD versus an appreciating RMB.

We hit the head of the nail when we took cognizant of an appreciating RMB recently and attributed it to the US FED previously.  Our analysis has become more pronounced now with a further appreciation in RMB after the US FED statement.

https://sg-stock.blogspot.com/2019/01/reminbi-rmb-is-appreciating-abnormally.html

An appreciating RMB means that there is an influx of foreign capital and this will disrupt China's economic developments.

Frasers Commercial Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/18	DMG & Partners	Frasers Commercial Trust	1.53	1.39	Neutral
01/19/18	DBS Vickers	Frasers Commercial Trust	1.51	1.71	Buy	DCF
01/23/18	OCBC	Frasers Commercial Trust	1.55	1.51	Hold
01/23/18	DMG & Partners	Frasers Commercial Trust	1.55	1.55	Neutral	DDM
01/24/18	CIMB	Frasers Commercial Trust	1.52	1.55	Hold	DDM
02/20/18	DBS Vickers	Frasers Commercial Trust	1.44	1.71	Buy
04/05/18	OCBC	Frasers Commercial Trust	1.41	1.51	Buy
04/13/18	DBS Vickers	Frasers Commercial Trust	1.46	1.71	Buy	DCF
04/23/18	CIMB	Frasers Commercial Trust	1.46	1.5	Hold	DDM
04/23/18	OCBC	Frasers Commercial Trust	1.46	1.54	Buy
04/23/18	DMG & Partners	Frasers Commercial Trust	1.46	1.49	Neutral	DDM
04/23/18	DBS Vickers	Frasers Commercial Trust	1.46	1.65	Buy	DCF
04/23/18	Kim Eng	Frasers Commercial Trust	1.46	2.55	Buy
05/17/18	DMG & Partners	Frasers Commercial Trust	1.36	1.49	Neutral
05/31/18	DBS Vickers	Frasers Commercial Trust	1.36	1.65	Buy
07/02/18	OCBC	Frasers Commercial Trust	1.38	1.53	Buy
07/11/18	DBS Vickers	Frasers Commercial Trust	1.39	1.65	Buy
07/26/18	CIMB	Frasers Commercial Trust	1.46	1.5	Hold	DDM
08/02/18	DBS Vickers	Frasers Commercial Trust	1.42	1.65	Buy
09/25/18	DBS Vickers	Frasers Commercial Trust	1.43	1.65	Buy	DCF
09/27/18	OCBC	Frasers Commercial Trust	1.45	1.53	Buy
10/16/18	DMG & Partners	Frasers Commercial Trust	1.4	1.5	Neutral	DDM
10/19/18	Lim & Tan	Frasers Commercial Trust	1.41	0	Hold
10/22/18	DBS Vickers	Frasers Commercial Trust	1.43	1.7	Buy	DCF
10/22/18	OCBC	Frasers Commercial Trust	1.43	1.56	Buy
10/22/18	CIMB	Frasers Commercial Trust	1.43	1.5	Hold	DDM
12/11/18	DMG & Partners	Frasers Commercial Trust	1.39	1.43	Neutral
01/18/19	DBS Vickers	Frasers Commercial Trust	1.47	1.7	Buy
01/21/19	OCBC	Frasers Commercial Trust	1.45	1.56	Buy
01/21/19	CIMB	Frasers Commercial Trust	1.45	1.5	Hold	DDM
01/21/19	Lim & Tan	Frasers Commercial Trust	1.45	0	Hold

Frasers Centrepoint Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	Kim Eng	Frasers Centrepoint Trust	2.24	2.45	Buy	DDM
01/05/18	DMG & Partners	Frasers Centrepoint Trust	2.29	2.24	Neutral
01/15/18	OCBC	Frasers Centrepoint Trust	2.26	2.4	Buy
01/24/18	Phillip	Frasers Centrepoint Trust	2.3	2.14	Neutral	DDM, PB1.06x
01/24/18	UOB Kay Hian	Frasers Centrepoint Trust	2.3	2.43	Buy	DDM
01/24/18	Credit Suisse	Frasers Centrepoint Trust	2.3	2.26	Neutral
01/24/18	OCBC	Frasers Centrepoint Trust	2.3	2.49	Buy
01/24/18	CIMB	Frasers Centrepoint Trust	2.3	2.41	Add	DDM
01/24/18	Lim & Tan	Frasers Centrepoint Trust	2.3	0	Buy
01/24/18	DBS Vickers	Frasers Centrepoint Trust	2.3	2.48	Buy
02/20/18	DBS Vickers	Frasers Centrepoint Trust	2.15	2.48	Buy
03/06/18	OCBC	Frasers Centrepoint Trust	2.18	2.49	Buy
04/12/18	Kim Eng	Frasers Centrepoint Trust	2.25	2.55	Buy
04/13/18	DBS Vickers	Frasers Centrepoint Trust	2.24	2.48	Buy
04/25/18	OCBC	Frasers Centrepoint Trust	2.22	2.49	Buy
04/26/18	Phillip	Frasers Centrepoint Trust	2.21	2.14	Neutral	DDM, PB1.06x
04/26/18	UOB Kay Hian	Frasers Centrepoint Trust	2.21	2.43	Buy	DDM
04/26/18	DBS Vickers	Frasers Centrepoint Trust	2.21	2.45	Buy
04/26/18	CIMB	Frasers Centrepoint Trust	2.21	2.41	Add	DDM
05/08/18	DBS Vickers	Frasers Centrepoint Trust	2.21	2.45	Buy
05/17/18	DMG & Partners	Frasers Centrepoint Trust	2.16	2.24	Neutral
05/23/18	OCBC	Frasers Centrepoint Trust	2.2	2.49	Buy
06/26/18	DBS Vickers	Frasers Centrepoint Trust	2.17	2.45	Buy
07/06/18	DBS Vickers	Frasers Centrepoint Trust	2.2	2.45	Buy
07/25/18	Kim Eng	Frasers Centrepoint Trust	2.27	2.55	Buy	DDM
07/25/18	UOB Kay Hian	Frasers Centrepoint Trust	2.27	2.32	Buy	DDM
07/25/18	OCBC	Frasers Centrepoint Trust	2.27	2.49	Buy
07/25/18	CIMB	Frasers Centrepoint Trust	2.27	2.41	Add	DDM
07/25/18	Lim & Tan	Frasers Centrepoint Trust	2.27	0	Hold
07/27/18	Phillip	Frasers Centrepoint Trust	2.24	2.15	Neutral	DDM, PB1.11x FY18
08/24/18	DBS Vickers	Frasers Centrepoint Trust	2.28	2.45	Buy
09/04/18	OCBC	Frasers Centrepoint Trust	2.27	2.49	Buy
09/05/18	CIMB	Frasers Centrepoint Trust	2.29	2.49	Add	DDM
10/10/18	CIMB	Frasers Centrepoint Trust	2.23	2.49	Add
10/16/18	DMG & Partners	Frasers Centrepoint Trust	2.23	2.24	Neutral	DDM
10/17/18	Phillip	Frasers Centrepoint Trust	2.23	2.15	Neutral
10/25/18	OCBC	Frasers Centrepoint Trust	2.23	2.5	Buy
10/25/18	UOB Kay Hian	Frasers Centrepoint Trust	2.23	2.32	Buy	DDM
10/25/18	DBS Vickers	Frasers Centrepoint Trust	2.23	2.35	Buy
10/25/18	CIMB	Frasers Centrepoint Trust	2.23	2.4	Add	DDM
10/25/18	Lim & Tan	Frasers Centrepoint Trust	2.23	0	Hold
10/26/18	DMG & Partners	Frasers Centrepoint Trust	2.22	2.19	Neutral
11/16/18	CIMB	Frasers Centrepoint Trust	2.15	2.35	Add	DDM
11/21/18	Phillip	Frasers Centrepoint Trust	2.15	2.21	Neutral
11/29/18	Kim Eng	Frasers Centrepoint Trust	2.17	2.55	Buy
12/03/18	OCBC	Frasers Centrepoint Trust	2.16	2.5	Buy
12/11/18	DMG & Partners	Frasers Centrepoint Trust	2.17	2.19	Neutral
01/17/19	Kim Eng	Frasers Centrepoint Trust	2.27	2.55	Buy	DDM
01/22/19	Lim & Tan	Frasers Centrepoint Trust	2.26	0	Hold
01/22/19	OCBC	Frasers Centrepoint Trust	2.26	2.5	Buy
01/23/19	Phillip	Frasers Centrepoint Trust	2.27	2.21	Neutral	DDM, PB1.09x FY19
01/23/19	DBS Vickers	Frasers Centrepoint Trust	2.27	2.4	Buy
01/28/19	UOB Kay Hian	Frasers Centrepoint Trust	2.29	2.32	Buy
01/28/19	CIMB	Frasers Centrepoint Trust	2.29	2.35	Add	DDM

Fortune Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/19	DBS Vickers	Fortune Reit	9.7	10.68	Buy

Stock calls for 30 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/30/19	Kim Eng	AEM	0.905	1.21	Buy	PB2.9x FY19/20, EV/Ebitda5.2x FY20
01/30/19	OCBC	ART	1.19	1.25	Buy
01/30/19	DBS Vickers	ART	1.19	1.35	buy	DCF
01/30/19	DBS Vickers	Ascendas Hospitality Trust	0.835	0.98	Buy	DCF
01/30/19	Kim Eng	Japfa	0.81	0.99	Buy
01/30/19	Phillip	Micro-Mechanics	1.67	1.7	Accumulate	PER15x FY19
01/30/19	DBS Vickers	OUE Hospitality	0.695	0.85	Buy	DCF
01/30/19	DBS Vickers	Parkway Life	2.8	3.1	Buy

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	DMG & Partners	Food Empire	0.705	1	Buy	PER12x FY18
02/20/18	DMG & Partners	Food Empire	0.67	1	Buy
03/02/18	DMG & Partners	Food Empire	0.7	1.07	Buy	PER18x FY18
05/14/18	DMG & Partners	Food Empire	0.67	1.07	Buy	PER18x FY18
06/22/18	DMG & Partners	Food Empire	0.65	1.07	Buy
08/15/18	DMG & Partners	Food Empire	0.56	0.6	Neutral	PER14x FY18
11/19/18	DMG & Partners	Food Empire	0.54	0.66	Buy	PER13x FY19

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/09/18	Lim & Tan	First Sponsor	1.41	0	Buy
07/24/18	DBS Vickers	First Sponsor	1.25	1.62	Buy
11/01/18	DBS Vickers	First Sponsor	1.27	1.62	Buy	RNAV (35% discount)

First Ship Lease Trust (FSLT) - Stock calls

Date	Analyst	Code	Company	Last	Target	Call	Percent	Valuation
01/17/18	Amfrasers	D8DU	First Ship Lease Trust	0.093	0.15	Buy	61.29

Stock calls for 29 January 2019

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/19	CIMB	DBS	24.22	29	Add	GGM, PB1.4x CY19
01/29/19	DBS Vickers	Fortune Reit	9.7	10.68	Buy
01/29/19	CIMB	Japfa	0.82	0.9	Add	Sum of parts
01/29/19	Amfrasers	Keppel Corp	6.14	7.5	Hold
01/29/19	Macquarie	Keppel Corp	6.14	8.2	Outperform	Sum of parts
01/29/19	CIMB	M1	2.06	2.06	Hold	Offer $2.06
01/29/19	OCBC	Mapletree North Asia	1.25	1.35	Buy
01/29/19	DBS Vickers	Mapletree North Asia	1.25	1.45	Buy
01/29/19	phillip	SHS	0.197	0.24	Accumulate	PER10x FY19
01/29/19	Amfrasers	Tuan Sing	0.395	0.46	Not Rated	RNAV (50% discount)
01/29/19	DMG & Partners	UOB	25.83	29.8	Buy
01/29/19	CIMB	UOB	25.83	32	Add	GGM, PB1.4x CY19

The US earnings season has started but it will be bleak.

https://finance.yahoo.com/news/us-stocks-caterpillar-nvidia-warnings-194256045.html

The US chips sector is not doing well because of the chips slowdown.  We warned about the western chips slowdown in October 2018. 

http://sg-stock.blogspot.com/2018/10/the-global-semiconductor-slowdown-is.html

The US stock markets were at lofty valuations in 2018 because of their burgeoning China exposures.  However, the recent US's assaults against China brought these companies' stock prices down.  Without China's sales, these companies stock prices will crash fast and furious.

Micron, Qualcomm, Intel, Apple, Nvidia, Caterpillar, etc are all blaming the China slowdown for their poor business performances. 

http://sg-stock.blogspot.com/2018/11/the-more-us-tries-to-hurt-china-more-it.html

China's economic growth is important to the world GDP because it constitutes 39% and any China slowdown will impact many companies.

http://sg-stock.blogspot.com/2018/10/china-gdp-was-growing-at-65-in-q3-2018.html

US charges Huawei formally!

https://finance.yahoo.com/news/u-charges-chinas-huawei-bank-010518918.html

This is not surprising and unexpected because the US cannot compete with Huawei without transgressing on Huawei's patents.  Therefore, it can only continue on its assault against Huawei by banning it.

http://sg-stock.blogspot.com/2019/01/the-real-reason-behind-ban-of-huaweis-5g.html

Furthermore, the US commerce secretary had indicated that there would not be any US-China trade deal as the 2 countries were miles apart.

http://sg-stock.blogspot.com/2019/01/us-commerce-secretary-no-us-china-trade.html

Therefore, the US justice department went ahead to charge Huawei by imposing its own US laws internationally.  The charge is a violation of US sanction, not a UN sanction.

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	CIMB	First Resources	1.88	2.13	Add
01/15/18	DBS Vickers	First Resources	1.87	2.18	Buy
02/08/18	UOB Kay Hian	First Resources	1.84	1.95	Hold	PER16x FY18x, Buy @ $1.75
02/13/18	Kim Eng	First Resources	1.75	2.04	Hold
02/27/18	Kim Eng	First Resources	1.76	2.2	Buy	PER17x FY18
02/27/18	DMG & Partners	First Resources	1.76	1.75	Neutral	PER12x FY18
02/28/18	DBS Vickers	First Resources	1.79	2.18	Buy	DCF, PER15.8x FY18
02/28/18	CIMB	First Resources	1.79	2.03	Add	PER15x CY19
02/28/18	Credit Suisse	First Resources	1.79	2.3	Neutral
03/05/18	Kim Eng	First Resources	1.76	2.2	Buy
03/07/18	UOB Kay Hian	First Resources	1.76	1.95	Hold	PER16x FY18
03/14/18	DBS Vickers	First Resources	1.75	2.18	Buy
04/03/18	DBS Vickers	First Resources	1.68	2.18	Buy
05/07/18	UOB Kay Hian	First Resources	1.69	1.6	Hold	PER13x FY18, Buy @ $1.40
05/15/18	CIMB	First Resources	1.61	2.03	Add	PER15x CY19
05/15/18	DMG & Partners	First Resources	1.61	1.75	Neutral	PER12x FY18
05/16/18	DMG & Partners	First Resources	1.56	1.6	Neutral	PER12x FY18
05/16/18	DBS Vickers	First Resources	1.56	2.18	Buy
06/21/18	UOB Kay Hian	First Resources	1.55	1.6	Hold
07/03/18	DBS Vickers	First Resources	1.55	2	Buy	DCF
07/11/18	Kim Eng	First Resources	1.55	2	Buy
08/02/18	UOB Kay Hian	First Resources	1.62	1.6	Hold	PER13x FY18, Buy @ $1.40
08/14/18	Kim Eng	First Resources	1.56	2	Buy
08/14/18	DMG & Partners	First Resources	1.56	1.6	Neutral	PER11x FY19
08/14/18	CIMB	First Resources	1.56	2.03	Add	PER15x CY19
08/16/18	DBS Vickers	First Resources	1.59	2	Buy	DCF
09/13/18	Kim Eng	First Resources	1.67	2	Buy
09/13/18	DBS Vickers	First Resources	1.67	2	Buy
10/08/18	UOB Kay Hian	First Resources	1.67	1.6	Hold
10/11/18	DBS Vickers	First Resources	1.68	1.97	Buy	DCF
10/11/18	Kim Eng	First Resources	1.68	2	Buy
11/12/18	UOB Kay Hian	First Resources	1.6	1.6	Hold	PER13x FY18, Buy @ $1.40
11/12/18	DMG & Partners	First Resources	1.6	1.6	Neutral	PER11x FY19
11/12/18	Kim Eng	First Resources	1.6	2	Buy	PER17x FY18
11/13/18	DBS Vickers	First Resources	1.56	1.97	Buy	DCF
11/13/18	CIMB	First Resources	1.56	2.08	Add	PER15x FY19
01/03/19	UOB Kay Hian	First Resources	1.56	1.6	Hold

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/18	Lim & Tan	First Reit	1.4	0	Hold
01/19/18	CIMB	First Reit	1.41	1.44	Hold	DDM
01/19/18	OCBC	First Reit	1.41	1.48	Buy
01/23/18	phillip	First Reit	1.42	1.32	Neutral	DDM
04/18/18	CIMB	First Reit	1.37	1.44	Hold	DDM
04/19/18	phillip	First Reit	1.37	1.31	Neutral	PB1.19x FY18
04/19/18	OCBC	First Reit	1.37	1.48	Buy
05/25/18	OCBC	First Reit	1.35	1.48	Buy
07/19/18	phillip	First Reit	1.32	1.31	Neutral	DDM, PB1.21x
07/19/18	OCBC	First Reit	1.32	1.34	Hold
07/19/18	CIMB	First Reit	1.32	1.41	Hold	DDM
09/19/18	phillip	First Reit	1.24	1.31	Neutral	DDM, PB1.2x FY18
10/17/18	phillip	First Reit	1.18	1.3	Neutral	DDM, PB1.2x FY18
10/17/18	CIMB	First Reit	1.18	1.36	Add	DDM
11/21/18	phillip	First Reit	0.975	1.3	Neutral
12/13/18	OCBC	First Reit	1.04	1.05	Buy
01/16/19	phillip	First Reit	1.04	0.88	Neutral	DDM
01/17/19	Lim & Tan	First Reit	1.03	0	Neutral
01/18/19	OCBC	First Reit	1.01	0.97	Hold
01/18/19	CIMB	First Reit	1.01	1.2	Add	DDM

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/18	CIMB	Far East Hospitality	0.725	0.84	Add
01/15/18	CIMB	Far East Hospitality	0.72	0.82	Add	DDM
02/19/18	OCBC	Far East Hospitality	0.715	0.75	Buy
03/09/18	OCBC	Far East Hospitality	0.72	0.75	Buy
04/10/18	CIMB	Far East Hospitality	0.68	0.79	Add	DDM
04/17/18	DBS Vickers	Far East Hospitality	0.68	0.76	Buy	DCF
04/27/18	OCBC	Far East Hospitality	0.675	0.735	Buy
06/08/18	CIMB	Far East Hospitality	0.66	0.79	Add
06/18/18	OCBC	Far East Hospitality	0.67	0.735	Buy
07/06/18	DBS Vickers	Far East Hospitality	0.625	0.76	Buy
07/10/18	OCBC	Far East Hospitality	0.62	0.735	Buy
07/30/18	OCBC	Far East Hospitality	0.68	0.675	Hold
08/01/18	CIMB	Far East Hospitality	0.69	0.79	Add	DDM
08/01/18	OCBC	Far East Hospitality	0.69	0.69	Hold
08/01/18	Lim & Tan	Far East Hospitality	0.69	0	Hold
08/01/18	DBS Vickers	Far East Hospitality	0.69	0.74	Buy	DCF
08/13/18	OCBC	Far East Hospitality	0.62	0.69	Buy
09/17/18	Kim Eng	Far East Hospitality	0.635	0.75	Buy	DDM
10/04/18	CIMB	Far East Hospitality	0.635	0.69	Add	DDM
10/31/18	Kim Eng	Far East Hospitality	0.59	0.75	Buy	DDM
10/31/18	OCBC	Far East Hospitality	0.59	0.675	Buy
10/31/18	Lim & Tan	Far East Hospitality	0.59	0	Buy
10/31/18	DBS Vickers	Far East Hospitality	0.59	0.7	Buy	DCF
11/30/18	OCBC	Far East Hospitality	0.61	0.675	Buy
01/02/18	CIMB	Far East Hospitality	0.605	0.68	Add
01/16/19	OCBC	Far East Hospitality	0.625	0.675	Buy