| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/29/18 | UOB Kay Hian | ART | 1.26 | 1.23 | Hold | |
| 01/29/18 | OCBC | ART | 1.26 | 1.16 | Hold | |
| 01/29/18 | DBS Vickers | ART | 1.26 | 1.34 | Buy | |
| 01/29/18 | Phillip | CapitaCommercial | 1.92 | 1.8 | Neutral | DDM |
| 01/29/18 | CIMB | CDL Hospitality | 1.82 | 1.92 | Add | DDM |
| 01/29/18 | DMG & Partners | CDL Hospitality | 1.82 | 1.95 | Buy | DDM |
| 01/29/18 | UOB Kay Hian | CDL Hospitality | 1.82 | 1.95 | Buy | DDM |
| 01/29/18 | OCBC | CDL Hospitality | 1.82 | 1.6 | Sell | |
| 01/29/18 | DBS Vickers | CDL Hospitality | 1.82 | 2 | Buy | |
| 01/29/18 | phillip | China Sunsine | 1.11 | 1.6 | Buy | FCFE, PER10x FY18 |
| 01/29/18 | Amfrasers | China Sunsine | 1.11 | 1.39 | Buy | PER10x FY18 |
| 01/29/18 | CIMB | Frasers Logistics | 1.15 | 1.24 | Add | DDM |
| 01/29/18 | DBS Vickers | Frasers Logistics | 1.15 | 1.24 | Buy | |
| 01/29/18 | OCBC | Mapletree Greater China | 1.27 | 1.39 | Buy | |
| 01/29/18 | CIMB | Mapletree Greater China | 1.27 | 1.26 | Hold | DDM |
| 01/29/18 | DBS Vickers | Mapletree Greater China | 1.27 | 1.4 | Buy | |
| 01/29/18 | CIMB | Parkway Life | 2.97 | 3.07 | Hold | DDM |
| 01/29/18 | Lim & Tan | Parkway Life | 2.97 | 0 | Hold | |
| 01/29/18 | DBS Vickers | Parkway Life | 2.97 | 3.15 | Buy | |
| 01/29/18 | UOB Kay Hian | Tuan Sing | 0.48 | 0.71 | Buy | Sum of parts |
| 01/29/18 | Kim Eng | Viva Industrial | 0.94 | 1.05 | Buy | DDM |
| 01/29/18 | OCBC | Viva Industrial | 0.94 | 0.93 | Hold | |
| 01/29/18 | Phillip | Y Venture | 0.44 | 0.7 | Buy | PER30x FY18 |
Monday, January 29, 2018
Stock calls for 29 January 2018
Iceberg research came out to attack Noble again!
https://sg.finance.yahoo.com/news/iceberg-research-slams-noble-debt-023100836.html
Iceberg is urging creditors to reject the restructuring deal because investors have to take a massive haircut. If nobody is willing to take a heavy haircut, there is no possibility that Noble can continue to operate with a heavy debt load.
If investors are rejecting this restructuring deal, Noble will be bankrupt soon unless another white knight is willing to takeover Noble at a massive discount.
Is Iceberg trying to bankrupt Noble by asking investors to reject the deal?
Iceberg is urging creditors to reject the restructuring deal because investors have to take a massive haircut. If nobody is willing to take a heavy haircut, there is no possibility that Noble can continue to operate with a heavy debt load.
If investors are rejecting this restructuring deal, Noble will be bankrupt soon unless another white knight is willing to takeover Noble at a massive discount.
Is Iceberg trying to bankrupt Noble by asking investors to reject the deal?
Sunday, January 28, 2018
The USA aircraft carrier will visit Vietnam in 2018 after losing the Vietnam war.
https://www.nytimes.com/2018/01/25/world/asia/vietnam-us-aircraft-carrier.html
Let's recall the shameful evacuation of the USA from Vietnam after losing the war. The USA aircraft carrier had to push over more than 45 helicopters to accommodate its overwhelming evacuees. A picture tells a thousand words and a video portrays a thousand pictures.
China & Russia helped Vietnam to defeat the USA in the past. If the USA starts another war in Asia again, China & Russia will be able to defeat the USA because the military gaps amongst the three are much closer now than before.
Let's recall the shameful evacuation of the USA from Vietnam after losing the war. The USA aircraft carrier had to push over more than 45 helicopters to accommodate its overwhelming evacuees. A picture tells a thousand words and a video portrays a thousand pictures.
Saturday, January 27, 2018
Many bitcoin investors are losing money!
https://www.thestreet.com/video/14464100/bitcoin-investors-will-eventually-get-wiped-out-peter-schiff.html
This phenomenon is similar to a pyramid scam whereby the late entrants will suffer the most while the early adopters will make the most money.
Japanese and South Korean investors will suffer the most from a bitcoin fallout.
This phenomenon is similar to a pyramid scam whereby the late entrants will suffer the most while the early adopters will make the most money.
Japanese and South Korean investors will suffer the most from a bitcoin fallout.
Baltic dry index - 1219
Today, Friday, January 26 2018, the Baltic Dry Index climbed by 2 points, reaching 1219 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 - 947
The number of rigs exploring for oil and natural gas in the U.S. rose by 11 this week to 947.
That exceeds the 712 rigs that were active this time a year ago.
Houston oilfield services company Baker Hughes reported Friday that 759 rigs drilled for oil this week and 188 for gas.
Among major oil- and gas-producing states, Texas added 13 rigs, West Virginia increased by four, and New Mexico increased by three.
Oklahoma lost four rigs, Louisiana lost three rigs, and Ohio and Utah each lost a single rig.
Alaska, California, Colorado, North Dakota, Pennsylvania and Wyoming were unchanged.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.
=====================
Related stocks: Keppel Corp, Sembcorp Marine & Cosco
Japanese crypto exchange lost more than 500m to hackers!
https://www.cnbc.com/2018/01/26/japanese-cryptocurrency-exchange-loses-more-than-500-million-to-hackers.html?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=104970707&yptr=yahoo
Coincheck customers who had their crypto stolen had no recourse. This is the 2nd incident after Mt. Gox in Japan.
When you have no regulations, you have no recourse. This is the rule of the game when you don't want to have any regulation for private crypto exchange. This won't be the last incident for sure.
Coincheck customers who had their crypto stolen had no recourse. This is the 2nd incident after Mt. Gox in Japan.
When you have no regulations, you have no recourse. This is the rule of the game when you don't want to have any regulation for private crypto exchange. This won't be the last incident for sure.
Friday, January 26, 2018
Noble Group falls after denial of a restructuring deal.
http://www.businesstimes.com.sg/stocks/singapore-shares-end-flat-noble-resumes-trading-lower
It is really not easy to restructure $3.5b debt. Without a debt restructuring deal, Noble Group's on-going concern will always be in the minds of investors.
It is really not easy to restructure $3.5b debt. Without a debt restructuring deal, Noble Group's on-going concern will always be in the minds of investors.
Mapletree Commercial - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/08/16 | DBS Vickers | Mapletree Commercial | 1.295 | 1.4 | Buy | DCF |
| 01/26/16 | Deutsche | Mapletree Commercial | 1.3 | 1.45 | Buy | |
| 01/28/16 | DBS Vickers | Mapletree Commercial | 1.315 | 1.38 | Buy | |
| 01/28/16 | Lim & Tan | Mapletree Commercial | 1.315 | 0 | Hold | |
| 01/29/16 | Kim Eng | Mapletree Commercial | 1.3 | 1.18 | Sell | Yield 7% |
| 02/04/16 | DBS Vickers | Mapletree Commercial | 1.33 | 1.38 | Buy | |
| 02/25/16 | Deutsche | Mapletree Commercial | 1.41 | 1.45 | Hold | |
| 03/24/16 | Deutsche | Mapletree Commercial | 1.425 | 1.45 | Hold | |
| 04/05/16 | Deutsche | Mapletree Commercial | 1.395 | 1.45 | Hold | |
| 04/13/16 | Kim Eng | Mapletree Commercial | 1.44 | 1.37 | Hold | Yield 6.1% |
| 04/25/16 | Credit Suisse | Mapletree Commercial | 1.5 | 1.62 | Outperform | |
| 04/27/16 | CIMB | Mapletree Commercial | 1.465 | 1.48 | Hold | DDM |
| 04/27/16 | Lim & Tan | Mapletree Commercial | 1.465 | 0 | Hold | |
| 04/28/16 | DBS Vickers | Mapletree Commercial | 1.485 | 1.58 | Buy | |
| 04/28/16 | Kim Eng | Mapletree Commercial | 1.485 | 1.35 | Sell | Yield 6.1% |
| 05/17/16 | Deutsche | Mapletree Commercial | 1.45 | 1.5 | Hold | |
| 05/17/16 | Kim Eng | Mapletree Commercial | 1.45 | 1.35 | Sell | |
| 07/07/16 | CIMB | Mapletree Commercial | 1.46 | 1.62 | Add | DDM |
| 07/07/16 | Credit Suisse | Mapletree Commercial | 1.46 | 1.64 | Outperform | |
| 07/07/16 | Kim Eng | Mapletree Commercial | 1.46 | 1.56 | Hold | Yield 5.5% |
| 07/07/16 | Lim & Tan | Mapletree Commercial | 1.46 | 0 | Hold | |
| 07/19/16 | Credit Suisse | Mapletree Commercial | 1.515 | 1.73 | Outperform | |
| 07/26/16 | Deutsche | Mapletree Commercial | 1.49 | 1.55 | Hold | |
| 08/16/16 | CIMB | Mapletree Commercial | 1.52 | 1.62 | Add | |
| 08/16/16 | Deutsche | Mapletree Commercial | 1.52 | 1.6 | Hold | |
| 08/31/16 | Credit Suisse | Mapletree Commercial | 1.54 | 1.73 | Outperform | |
| 09/06/16 | CIMB | Mapletree Commercial | 1.6 | 1.62 | Add | |
| 10/04/16 | Credit Suisse | Mapletree Commercial | 1.605 | 1.73 | Outperform | |
| 10/27/16 | CIMB | Mapletree Commercial | 1.545 | 1.62 | Add | DDM |
| 10/27/16 | Religare | Mapletree Commercial | 1.545 | 1.7 | Buy | |
| 10/28/16 | DBS Vickers | Mapletree Commercial | 1.56 | 1.62 | Buy | DCF |
| 11/01/16 | Credit Suisse | Mapletree Commercial | 1.53 | 1.73 | Outperform | |
| 11/04/16 | CIMB | Mapletree Commercial | 1.5 | 1.62 | Add | |
| 11/08/16 | DBS Vickers | Mapletree Commercial | 1.48 | 1.62 | Buy | |
| 11/16/16 | Deutsche | Mapletree Commercial | 1.415 | 1.65 | Buy | |
| 12/06/16 | Kim Eng | Mapletree Commercial | 1.425 | 1.54 | Hold | |
| 12/07/16 | Deutsche | Mapletree Commercial | 1.43 | 1.65 | Buy | |
| 01/09/17 | DBS Vickers | Mapletree Commercial | 1.45 | 1.62 | Buy | DCF |
| 01/12/17 | HSBC | Mapletree Commercial | 1.47 | 1.75 | Buy | |
| 01/24/17 | Deutsche | Mapletree Commercial | 1.47 | 1.6 | Buy | |
| 01/26/17 | CIMB | Mapletree Commercial | 1.48 | 1.45 | Hold | DDM |
| 01/26/17 | Credit Suisse | Mapletree Commercial | 1.48 | 1.73 | Outperform | |
| 01/26/17 | Lim & Tan | Mapletree Commercial | 1.48 | 0 | Hold | |
| 02/09/17 | Credit Suisse | Mapletree Commercial | 1.52 | 1.73 | Outperform | |
| 02/28/17 | Deutsche | Mapletree Commercial | 1.495 | 1.6 | Buy | |
| 03/17/17 | DBS Vickers | Mapletree Commercial | 1.49 | 1.62 | Buy | DCF |
| 04/26/17 | DBS Vickers | Mapletree Commercial | 1.57 | 1.62 | Buy | |
| 04/27/17 | CIMB | Mapletree Commercial | 1.585 | 1.7 | Add | DDM |
| 06/22/17 | Deutsche | Mapletree Commercial | 1.555 | 1.6 | Buy | |
| 06/23/17 | CIMB | Mapletree Commercial | 1.56 | 1.7 | Add | |
| 07/28/17 | DBS Vickers | Mapletree Commercial | 1.63 | 1.62 | Hold | |
| 07/28/17 | Credit Suisse | Mapletree Commercial | 1.63 | 1.73 | Outperform | |
| 07/28/17 | CIMB | Mapletree Commercial | 1.63 | 1.79 | Add | DDM |
| 09/13/17 | Credit Suisse | Mapletree Commercial | 1.55 | 1.73 | Outperform | |
| 10/27/17 | DBS Vickers | Mapletree Commercial | 1.58 | 1.62 | Hold | |
| 10/27/17 | CIMB | Mapletree Commercial | 1.58 | 1.75 | Add | DDM |
| 12/11/17 | DBS Vickers | Mapletree Commercial | 1.58 | 1.75 | Buy | |
| 01/02/18 | Kim Eng | Mapletree Commercial | 1.62 | 1.45 | Sell | DDM |
| 01/04/18 | Deutsche | Mapletree Commercial | 1.67 | 1.7 | Buy | |
| 01/25/18 | Lim & Tan | Mapletree Commercial | 1.67 | 0 | Hold | |
| 01/26/18 | CIMB | Mapletree Commercial | 1.68 | 1.75 | Buy | DDM |
Manulife US Reit - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 06/22/16 | Deutsche | Manulife US Reit | 0.81 | 0.9 | Buy | |
| 07/05/16 | DBS Vickers | Manulife US Reit | 0.825 | 0.91 | Buy | DCF |
| 07/18/16 | DBS Vickers | Manulife US Reit | 0.86 | 0.93 | Buy | |
| 07/26/16 | Deutsche | Manulife US Reit | 0.86 | 0.9 | Buy | |
| 08/16/16 | DBS Vickers | Manulife US Reit | 0.845 | 0.93 | Buy | |
| 10/10/16 | DBS Vickers | Manulife US Reit | 0.82 | 0.93 | Buy | DCF |
| 11/04/16 | Lim & Tan | Manulife US Reit | 0.845 | 0.93 | Buy | |
| 11/08/16 | DBS Vickers | Manulife US Reit | 0.84 | 0.93 | Buy | DCF |
| 11/08/16 | Religare | Manulife US Reit | 0.84 | 0.95 | Buy | |
| 11/16/16 | Deutsche | Manulife US Reit | 0.815 | 0.95 | Buy | |
| 11/23/16 | DMG & Partners | Manulife US Reit | 0.8 | 0.96 | Buy | DDM |
| 12/07/16 | Deutsche | Manulife US Reit | 0.83 | 0.95 | Buy | |
| 01/03/17 | DMG & Partners | Manulife US Reit | 0.83 | 0.96 | Buy | DDM |
| 01/05/17 | Lim & Tan | Manulife US Reit | 0.835 | 0 | Buy | |
| 01/09/17 | DBS Vickers | Manulife US Reit | 0.84 | 0.93 | Buy | DCF |
| 02/14/17 | DBS Vickers | Manulife US Reit | 0.86 | 0.95 | Buy | DCF |
| 02/14/17 | DMG & Partners | Manulife US Reit | 0.86 | 0.96 | Buy | DDM |
| 02/28/17 | Deutsche | Manulife US Reit | 0.84 | 0.95 | Buy | |
| 03/10/17 | DMG & Partners | Manulife US Reit | 0.84 | 0.96 | Buy | |
| 04/07/17 | DMG & Partners | Manulife US Reit | 0.835 | 0.96 | Buy | |
| 05/03/17 | DBS Vickers | Manulife US Reit | 0.84 | 1.01 | Buy | DCF |
| 05/04/17 | DMG & Partners | Manulife US Reit | 0.85 | 0.96 | Buy | |
| 05/08/17 | Lim & Tan | Manulife US Reit | 0.865 | 0 | Buy | |
| 06/21/17 | DMG & Partners | Manulife US Reit | 0.885 | 0.99 | Buy | DDM |
| 06/21/17 | Lim & Tan | Manulife US Reit | 0.885 | 0 | Buy on weakness | |
| 06/22/17 | Deutsche | Manulife US Reit | 0.89 | 0.95 | Buy | |
| 07/12/17 | DMG & Partners | Manulife US Reit | 0.915 | 0.99 | Buy | |
| 08/10/17 | DMG & Partners | Manulife US Reit | 0.925 | 1 | Buy | DDM |
| 08/10/17 | DBS Vickers | Manulife US Reit | 0.925 | 1.07 | Buy | DCF |
| 08/10/17 | Lim & Tan | Manulife US Reit | 0.925 | 1 | Buy | |
| 08/10/17 | Deutsche | Manulife US Reit | 0.925 | 1 | Buy | |
| 09/04/17 | Lim & Tan | Manulife US Reit | 0.965 | 0 | Buy | |
| 09/05/17 | DMG & Partners | Manulife US Reit | 0.94 | 0.98 | Buy | DDM, Ex-Rights 41-for-100 @ $0.695 |
| 11/06/17 | DMG & Partners | Manulife US Reit | 0.905 | 0.98 | Buy | DDM |
| 11/29/17 | DBS Vickers | Manulife US Reit | 0.865 | 0.99 | Buy | DCF |
| 12/19/17 | DMG & Partners | Manulife US Reit | 0.93 | 0.98 | Buy | |
| 01/03/18 | Lim & Tan | Manulife US Reit | 0.93 | 1 | Buy | |
| 01/04/18 | Deutsche | Manulife US Reit | 0.94 | 1 | Buy | |
| 01/05/18 | DMG & Partners | Manulife US Reit | 0.935 | 0.98 | Buy |
Mandarin Oriental - Stock calls
| Date | Analyst | Code | Company | Last | Target | Call | Percent | Valuation |
| 03/03/17 | Nomura | M04 | Mandarin Oriental | 1.275 | 1.06 | Reduce | -16.86 | |
| 06/06/17 | Nomura | M04 | Mandarin Oriental | 1.71 | 1.73 | Neutral | 1.17 |
Stock calls for 26 January 2018
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/26/18 | Phillip | A-Reit | 2.75 | 2.89 | Accumulate | DDM, PB1.36x FY18 |
| 01/26/18 | OCBC | A-Reit | 2.75 | 2.69 | Hold | |
| 01/26/18 | DBS Vickers | A-Reit | 2.75 | 2.85 | Buy | |
| 01/26/18 | CIMB | A-Reit | 2.75 | 2.88 | Add | |
| 01/26/18 | DMG & Partners | Breadtalk | 1.72 | 2.09 | Buy | Sum of parts |
| 01/26/18 | Kim Eng | CapitaCommercial | 1.9 | 1.8 | Hold | |
| 01/26/18 | DMG & Partners | CapitaCommercial | 1.9 | 1.63 | Sell | DDM |
| 01/26/18 | OCBC | CapitaCommercial | 1.9 | 1.84 | Hold | |
| 01/26/18 | DBS Vickers | CapitaCommercial | 1.9 | 2.1 | Buy | DCF |
| 01/26/18 | CIMB | CapitaCommercial | 1.9 | 1.84 | Hold | |
| 01/26/18 | Phillip | Capitamall Trust | 2.1 | 2.03 | Neutral | DDM, PB1.02x |
| 01/26/18 | UOB Kay Hian | Capitamall Trust | 2.1 | 2.04 | Hold | DDM |
| 01/26/18 | DBS Vickers | Capitamall Trust | 2.1 | 2.19 | Buy | |
| 01/26/18 | UOB Kay Hian | Frasers Hospitality Trust | 0.81 | 0.9 | Buy | DDM |
| 01/26/18 | DMG & Partners | Golden Energy | 0.475 | 0.68 | Buy | DCF & PER13.1x FY18 |
| 01/26/18 | OCBC | Keppel Corp | 8.58 | 9.45 | Buy | |
| 01/26/18 | UOB Kay Hian | Keppel Corp | 8.58 | 9.3 | Buy | Sum of parts |
| 01/26/18 | DBS Vickers | Keppel Corp | 8.58 | 10.2 | Buy | |
| 01/26/18 | Lim & Tan | Keppel Corp | 8.58 | 0 | Buy on weakness | |
| 01/26/18 | CIMB | Keppel Corp | 8.58 | 10 | Add | Sum of parts |
| 01/26/18 | CIMB | Mapletree Commercial | 1.68 | 1.75 | Buy | DDM |
| 01/26/18 | DBS Vickers | Netlink | 0.83 | 0.95 | Buy | DCF |
| 01/26/18 | UOB Kay Hian | Singapore Medical | 0.63 | 0.83 | Buy | PER26.8x FY18, PEG0.3x |
| 01/26/18 | DBS Vickers | Singtel | 3.62 | 4.3 | Buy | Sum of parts |
| 01/26/18 | DBS Vickers | Starhub | 2.97 | 2.2 | Fully Valued | DCF |
| 01/26/18 | UOB Kay Hian | Suntec Reit | 2.14 | 2.13 | Hold | DDM |
| 01/26/18 | OCBC | UOB | 27.98 | 30.1 | Buy | PB1.3x FY18 |
Thursday, January 25, 2018
Noble reacted to the restructuring news after our posting.
We posted the restructuring news at 1:04pm and nobody knew about the news since the price was falling based on the hourly price charts (Yahoo Finance). Thereafter, people caught hold of the news and bought Noble Group resulting in the price moving higher before the halt.
M1 - Stock calls
| Date | Analyst | Company | Last | Target | Call | Valuation |
| 01/14/16 | DIR | M1 | 2.68 | 2.87 | Outperform | DDM, PER13.4x FY16 |
| 01/18/16 | Citigroup | M1 | 2.6 | 2.56 | Hold | |
| 01/18/16 | DMG & Partners | M1 | 2.6 | 3.2 | Buy | DCF |
| 01/18/16 | OCBC | M1 | 2.6 | 2.95 | Buy | DCF |
| 01/19/16 | CIMB | M1 | 2.61 | 3.1 | Hold | DCF |
| 01/19/16 | Credit Suisse | M1 | 2.61 | 2.15 | Underperform | |
| 01/19/16 | DBS Vickers | M1 | 2.61 | 2.6 | Hold | DCF |
| 01/19/16 | DIR | M1 | 2.61 | 2.94 | Outperform | DDM |
| 01/19/16 | Kim Eng | M1 | 2.61 | 3.09 | Hold | DCF |
| 01/19/16 | Lim & Tan | M1 | 2.61 | 0 | Buy | |
| 01/19/16 | Nomura | M1 | 2.61 | 2.95 | Neutral | |
| 01/19/16 | UOB Kay Hian | M1 | 2.61 | 3.34 | Buy | DCF |
| 01/26/16 | Deutsche | M1 | 2.24 | 3.9 | Buy | |
| 01/26/16 | DIR | M1 | 2.24 | 2.94 | Buy | DDM |
| 02/19/16 | Credit Suisse | M1 | 2.52 | 2.15 | Underperform | |
| 02/19/16 | DBS Vickers | M1 | 2.52 | 2.6 | Hold | |
| 02/19/16 | DMG & Partners | M1 | 2.52 | 3.2 | Buy | |
| 02/19/16 | UOB Kay Hian | M1 | 2.52 | 3.34 | Buy | |
| 02/22/16 | CIMB | M1 | 2.54 | 3.1 | Hold | |
| 02/22/16 | Nomura | M1 | 2.54 | 3.3 | Buy | |
| 03/04/16 | Citigroup | M1 | 2.54 | 2.82 | Buy | |
| 03/04/16 | Deutsche | M1 | 2.54 | 3.9 | Buy | |
| 03/15/16 | CIMB | M1 | 2.57 | 3.1 | Hold | |
| 03/16/16 | OCBC | M1 | 2.59 | 2.95 | Buy | |
| 03/17/16 | UOB Kay Hian | M1 | 2.58 | 3.34 | Buy | |
| 03/21/16 | Credit Suisse | M1 | 2.59 | 2.15 | Underperform | |
| 03/28/16 | UOB Kay Hian | M1 | 2.7 | 3.02 | Buy | Probability weighted target |
| 03/29/16 | Nomura | M1 | 2.6 | 3.3 | Buy | |
| 04/13/16 | CIMB | M1 | 2.47 | 2.4 | Hold | DCF |
| 04/13/16 | Credit Suisse | M1 | 2.47 | 2.15 | Underperform | |
| 04/14/16 | Credit Suisse | M1 | 2.48 | 2.05 | Underperform | |
| 04/14/16 | DBS Vickers | M1 | 2.48 | 2.56 | Hold | DCF |
| 04/14/16 | DMG & Partners | M1 | 2.48 | 3.2 | Buy | |
| 04/14/16 | Lim & Tan | M1 | 2.48 | 0 | Hold | |
| 04/14/16 | OCBC | M1 | 2.48 | 2.9 | Buy | DCF |
| 04/14/16 | UOB Kay Hian | M1 | 2.48 | 3.02 | Buy | Probability weighted target |
| 05/10/16 | UOB Kay Hian | M1 | 2.41 | 3.02 | Buy | Probability weighted target |
| 05/12/16 | UOB Kay Hian | M1 | 2.37 | 2.14 | Sell | |
| 05/26/16 | DIR | M1 | 2.35 | 2.94 | Buy | DDM |
| 06/06/16 | DBS Vickers | M1 | 2.42 | 2.6 | Buy | |
| 06/13/16 | Kim Eng | M1 | 2.55 | 3.09 | Hold | |
| 06/15/16 | UOB Kay Hian | M1 | 2.52 | 2.14 | Sell | |
| 06/21/16 | DIR | M1 | 2.43 | 2.94 | Buy | DDM |
| 07/07/16 | Credit Suisse | M1 | 2.74 | 2.05 | Underperform | |
| 07/11/16 | DBS Vickers | M1 | 2.78 | 3.3 | Buy | |
| 07/14/16 | UOB Kay Hian | M1 | 2.89 | 2.14 | Sell | |
| 07/18/16 | CIMB | M1 | 2.78 | 2.8 | Hold | DCF |
| 07/18/16 | Citigroup | M1 | 2.78 | 2.98 | Hold | |
| 07/18/16 | DBS Vickers | M1 | 2.78 | 3.3 | Buy | |
| 07/18/16 | DIR | M1 | 2.78 | 3.38 | Buy | DDM |
| 07/18/16 | DMG & Partners | M1 | 2.78 | 3.02 | Neutral | DCF |
| 07/18/16 | Kim Eng | M1 | 2.78 | 2.94 | Hold | DCF |
| 07/18/16 | Nomura | M1 | 2.78 | 3.25 | Buy | |
| 07/18/16 | OCBC | M1 | 2.78 | 2.79 | Hold | DCF |
| 07/18/16 | UOB Kay Hian | M1 | 2.78 | 2 | Sell | |
| 08/05/16 | DIR | M1 | 2.8 | 3.38 | Buy | DDM |
| 08/22/16 | DBS Vickers | M1 | 2.72 | 2.85 | Hold | |
| 08/22/16 | UOB Kay Hian | M1 | 2.72 | 2.39 | Sell | |
| 08/26/16 | Credit Suisse | M1 | 2.73 | 2.05 | Underperform | |
| 09/02/16 | CIMB | M1 | 2.66 | 2.8 | Hold | DCF |
| 09/02/16 | Credit Suisse | M1 | 2.66 | 2 | Underperform | |
| 09/02/16 | OCBC | M1 | 2.66 | 2.79 | Hold | |
| 09/02/16 | UOB Kay Hian | M1 | 2.66 | 2 | Sell | |
| 09/05/16 | Kim Eng | M1 | 2.61 | 2.04 | Sell | DCF |
| 09/06/16 | Citigroup | M1 | 2.53 | 2.4 | Sell | |
| 09/22/16 | DBS Vickers | M1 | 2.39 | 2.15 | Fully Valued | DCF |
| 09/22/16 | Deutsche | M1 | 2.39 | 3.1 | Buy | |
| 10/04/16 | DIR | M1 | 2.44 | 2.41 | Hold | DDM |
| 10/19/16 | CIMB | M1 | 2.33 | 2.55 | Hold | DCF |
| 10/19/16 | DBS Vickers | M1 | 2.33 | 1.97 | Fully Valued | DCF |
| 10/19/16 | Deutsche | M1 | 2.33 | 2.9 | Buy | |
| 10/19/16 | DIR | M1 | 2.33 | 2.23 | Hold | DDM |
| 10/19/16 | Kim Eng | M1 | 2.33 | 1.9 | Sell | DCF |
| 10/19/16 | Lim & Tan | M1 | 2.33 | 0 | Sell | |
| 10/19/16 | Nomura | M1 | 2.33 | 2 | Reduce | |
| 10/19/16 | OCBC | M1 | 2.33 | 2.25 | Hold | DCF |
| 10/19/16 | UOB Kay Hian | M1 | 2.33 | 1.76 | Sell | DCF |
| 11/14/16 | DIR | M1 | 2.06 | 2.23 | Hold | DDM |
| 11/17/16 | OCBC | M1 | 2.04 | 2.25 | Hold | |
| 11/18/16 | DBS Vickers | M1 | 1.995 | 1.97 | Fully Valued | |
| 11/18/16 | Nomura | M1 | 1.995 | 1.75 | Reduce | |
| 11/21/16 | CIMB | M1 | 1.935 | 2.1 | Hold | DCF |
| 11/21/16 | UOB Kay Hian | M1 | 1.935 | 1.76 | Sell | |
| 12/06/16 | CIMB | M1 | 2 | 2.1 | Hold | DCF |
| 12/07/16 | Deutsche | M1 | 1.985 | 2.9 | Buy | |
| 12/09/16 | OCBC | M1 | 2.02 | 2.08 | Hold | |
| 12/13/16 | Kim Eng | M1 | 2.03 | 1.9 | Sell | DCF |
| 12/15/16 | Credit Suisse | M1 | 2.02 | 1.65 | Underperform | |
| 12/15/16 | DBS Vickers | M1 | 2.02 | 1.78 | Fully Valued | DCF |
| 12/15/16 | UOB Kay Hian | M1 | 2.02 | 1.76 | Sell | |
| 12/27/16 | DMG & Partners | M1 | 1.915 | 2.05 | Neutral | |
| 01/03/17 | UOB Kay Hian | M1 | 1.96 | 1.76 | Sell | |
| 01/12/17 | CIMB | M1 | 2.06 | 1.9 | Hold | DCF, Buy below $1.56 |
| 01/12/17 | Deutsche | M1 | 2.06 | 2.6 | Buy | |
| 01/13/17 | Credit Suisse | M1 | 2.08 | 1.65 | Underperform | |
| 01/13/17 | DBS Vickers | M1 | 2.08 | 2.09 | Hold | DCF |
| 01/13/17 | DMG & Partners | M1 | 2.08 | 2.05 | Neutral | DCF |
| 01/17/17 | DIR | M1 | 2.08 | 2.02 | Hold | DDM |
| 01/18/17 | UOB Kay Hian | M1 | 2.09 | 2.5 | Buy | DCF |
| 01/25/17 | Credit Suisse | M1 | 2.17 | 1.55 | Underperform | |
| 01/25/17 | DBS Vickers | M1 | 2.17 | 1.97 | Hold | DCF |
| 01/25/17 | Kim Eng | M1 | 2.17 | 1.85 | Sell | DCF |
| 01/25/17 | Lim & Tan | M1 | 2.17 | 0 | Sell | |
| 01/25/17 | OCBC | M1 | 2.17 | 2.03 | Hold | |
| 01/25/17 | UOB Kay Hian | M1 | 2.17 | 2.48 | Buy | DCF |
| 01/26/17 | CIMB | M1 | 2.05 | 1.8 | Reduce | DCF |
| 02/24/17 | UOB Kay Hian | M1 | 2.03 | 2.52 | Buy | DCF |
| 02/24/17 | Deutsche | M1 | 2.03 | 2.5 | Buy | |
| 03/13/17 | DIR | M1 | 2.11 | 1.93 | Hold | DDM |
| 03/17/17 | OCBC | M1 | 2.03 | 1.75 | Sell | |
| 03/20/17 | Credit Suisse | M1 | 2.19 | 1.5 | Underperform | |
| 03/20/17 | DBS Vickers | M1 | 2.19 | 1.97 | Hold | |
| 03/20/17 | DMG & Partners | M1 | 2.19 | 2.05 | Neutral | DCF |
| 03/21/17 | OCBC | M1 | 2.17 | 1.96 | Hold | EV/EBitda8.5x FY17/18 |
| 04/05/17 | CIMB | M1 | 2.16 | 1.8 | Reduce | |
| 04/05/17 | Credit Suisse | M1 | 2.16 | 1.5 | Underperform | |
| 04/05/17 | DMG & Partners | M1 | 2.16 | 2.05 | Neutral | |
| 04/05/17 | Kim Eng | M1 | 2.16 | 1.75 | Sell | DCF |
| 04/05/17 | OCBC | M1 | 2.16 | 1.96 | Hold | |
| 04/06/17 | DBS Vickers | M1 | 2.12 | 1.97 | Hold | DCF |
| 04/18/17 | CIMB | M1 | 2.14 | 1.7 | Reduce | DCF |
| 04/18/17 | Credit Suisse | M1 | 2.14 | 1.45 | Underperform | |
| 04/18/17 | DIR | M1 | 2.14 | 1.93 | Hold | DDM |
| 04/18/17 | Lim & Tan | M1 | 2.14 | 0 | Hold | |
| 04/18/17 | Deutsche | M1 | 2.14 | 2.3 | Buy | |
| 05/02/17 | DBS Vickers | M1 | 2.17 | 2.54 | Buy | EV/Ebitda8.4x FY17 |
| 06/02/17 | DMG & Partners | M1 | 2.27 | 2.05 | Neutral | DCF |
| 07/07/17 | OCBC | M1 | 2.11 | 1.96 | Hold | |
| 07/14/17 | DMG & Partners | M1 | 2.07 | 2.05 | Neutral | |
| 07/19/17 | OCBC | M1 | 2.1 | 1.75 | Sell | |
| 07/19/17 | DIR | M1 | 2.1 | 1.93 | Hold | DDM |
| 07/19/17 | Credit Suisse | M1 | 2.1 | 1.45 | Underperform | |
| 07/19/17 | DMG & Partners | M1 | 2.1 | 1.9 | Neutral | DCF |
| 07/19/17 | CIMB | M1 | 2.1 | 1.7 | Reduce | DCF |
| 07/19/17 | DBS Vickers | M1 | 2.1 | 1.78 | Fully Valued | DCF |
| 08/18/17 | UOB Kay Hian | M1 | 1.77 | 1.98 | Buy | DCF |
| 08/23/17 | DMG & Partners | M1 | 1.785 | 1.9 | Neutral | |
| 09/11/17 | OCBC | M1 | 1.78 | 1.65 | Hold | |
| 09/14/17 | Kim Eng | M1 | 1.79 | 1.59 | Sell | DCF |
| 09/18/17 | Credit Suisse | M1 | 1.795 | 1.45 | Underperform | |
| 09/20/17 | Deutsche | M1 | 1.79 | 2.3 | Buy | |
| 09/25/17 | UOB Kay Hian | M1 | 1.78 | 1.98 | Buy | |
| 09/25/17 | CIMB | M1 | 1.78 | 1.8 | Hold | |
| 09/28/17 | DIR | M1 | 1.785 | 1.74 | Hold | DDM |
| 10/16/17 | DBS Vickers | M1 | 1.815 | 1.49 | Fully Valued | DCF |
| 10/17/17 | UOB Kay Hian | M1 | 1.805 | 1.95 | Buy | DCF |
| 10/17/17 | OCBC | M1 | 1.805 | 1.65 | Hold | |
| 10/17/17 | DMG & Partners | M1 | 1.805 | 1.9 | Neutral | |
| 10/17/17 | Kim Eng | M1 | 1.805 | 1.59 | Sell | |
| 10/17/17 | CIMB | M1 | 1.805 | 1.8 | Hold | |
| 11/23/17 | OCBC | M1 | 1.77 | 1.65 | Hold | |
| 11/28/17 | Kim Eng | M1 | 1.77 | 1.59 | Sell | |
| 01/10/18 | DMG & Partners | M1 | 1.79 | 1.9 | Neutral | |
| 01/12/18 | UOB Kay Hian | M1 | 1.79 | 1.95 | Hold | |
| 01/24/18 | UOB Kay Hian | M1 | 1.87 | 1.84 | Hold | DCF, Buy @ $1.7 |
| 01/24/18 | DMG & Partners | M1 | 1.87 | 1.95 | Neutral | DCF |
| 01/24/18 | OCBC | M1 | 1.87 | 1.7 | Hold | |
| 01/24/18 | DBS Vickers | M1 | 1.87 | 1.49 | Fully Valued | DCF |
| 01/25/18 | CIMB | M1 | 1.87 | 1.85 | Hold | DCF |
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