Spindex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/16	DBS Vickers	Spindex	0.745	0.99	Not Rated	PER6x FY16
07/28/17	Lim & Tan	Spindex	0.985	0	Buy
08/22/17	Lim & Tan	Spindex	1.165	0	Buy
09/22/17	SI Research	Spindex	1.11	1.46	Buy	PER12x

Stock calls for 14 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/14/18	DBS Vickers	Bumitama	0.715	0.94	Buy
03/14/18	Lim & Tan	CapitaCommercial	1.77	0	Buy
03/14/18	DBS Vickers	First Resources	1.75	2.18	Buy
03/14/18	Kim Eng	M1	1.78	1.63	Sell	DCF
03/14/18	OCBC	Netlink	0.82	0.91	Buy	DDM
03/14/18	UOB Kay Hian	Oxley	0.56	0.74	Buy
03/14/18	DBS Vickers	Perennial Reit	0.875	1.05	Buy
03/14/18	Kim Eng	Singtel	3.41	3.69	Hold	Sum of parts
03/14/18	UOB Kay Hian	SPH	2.56	2.39	Sell	Sum of parts
03/14/18	Kim Eng	Starhub	2.44	2.27	Sell	DCF
03/14/18	DBS Vickers	Wilmar	3.23	3.65	Buy

A brilliant scientist, Stephen Hawking, has just passed away.

https://sg.news.yahoo.com/physicist-stephen-hawking-conquered-stars-dies-76-042537452.html

The world has just lost a brilliant man but Stephen may have just found his freedom in another world as he is no longer confined to a wheelchair.

Goodbye, Stephen! You will always be remembered.

US-China trade war is rising!

https://finance.yahoo.com/news/trump-could-hit-china-tariffs-195214971.html

The USA will impose intellectual properties tariffs on China and China will definitely retaliate.

There will be collateral damages for other countries that trade with US and China and Singapore won't be spared.

Libor-OIS spread is at a 6-year high. Is the financial crisis coming back again?

http://westdollar.com/sbdm/forex/news/1130,20180312842335989.html

Both the TED spread and Libor-OIS spread will indicate stresses in the banking and financial sectors because both spreads show the bank borrowing rates for each other.  When the spreads are high, it means that the banks don't trust each other and are unwilling to lend to each other at low rates.

The Libor-OIS spread is at a 6-year high now which is a warning sign that other interest rates will increase dramatically.  Therefore, analysts have to watch out for such spreads for any impending financial crisis.

SPH Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/16	CIMB	SPH Reit	0.955	1.05	Hold	DDM
01/06/16	Lim & Tan	SPH Reit	0.955	0	Hold
01/06/16	OCBC	SPH Reit	0.955	0.99	Hold
01/07/16	Credit Suisse	SPH Reit	0.955	1.02	Neutral
01/07/16	DBS Vickers	SPH Reit	0.955	0.99	Hold	DCF
04/05/16	CIMB	SPH Reit	0.97	1.05	Hold	DDM
04/05/16	DBS Vickers	SPH Reit	0.97	0.99	Hold
04/05/16	Lim & Tan	SPH Reit	0.97	0	Hold
04/05/16	OCBC	SPH Reit	0.97	0.99	Hold
04/13/16	Kim Eng	SPH Reit	0.945	1.01	Not Rated
07/08/16	CIMB	SPH Reit	0.94	1.03	Hold	DDM
07/08/16	DBS Vickers	SPH Reit	0.94	0.99	Hold
07/08/16	Lim & Tan	SPH Reit	0.94	0	Hold
07/08/16	OCBC	SPH Reit	0.94	0.99	Hold
07/12/16	Credit Suisse	SPH Reit	0.95	1.02	Neutral
07/19/16	Credit Suisse	SPH Reit	0.95	1.04	Neutral
08/03/16	OCBC	SPH Reit	0.945	1.05	Buy
08/16/16	DBS Vickers	SPH Reit	0.96	0.99	Hold
08/31/16	Credit Suisse	SPH Reit	0.965	1.04	Neutral
10/07/16	DBS Vickers	SPH Reit	1	1	Hold	DCF
10/07/16	Lim & Tan	SPH Reit	1	0	Hold
10/07/16	OCBC	SPH Reit	1	1.05	Buy
10/10/16	CIMB	SPH Reit	0.995	1.05	Hold	DDM
11/08/16	OCBC	SPH Reit	0.965	1.05	Buy
12/05/16	Lim & Tan	SPH Reit	0.95	0	Buy on weakness
12/05/16	OCBC	SPH Reit	0.95	1.06	Buy
01/09/17	DBS Vickers	SPH Reit	0.965	1	Hold	DCF
01/12/17	CIMB	SPH Reit	0.97	0.95	Hold	DDM
01/12/17	Lim & Tan	SPH Reit	0.97	0	Hold
01/12/17	OCBC	SPH Reit	0.97	1.04	Buy
01/13/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
02/09/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
03/16/17	DBS Vickers	SPH Reit	0.965	1.03	Buy
04/04/17	DBS Vickers	SPH Reit	0.98	1.03	Buy
04/11/17	CIMB	SPH Reit	0.975	1.01	Hold	DDM
04/11/17	Credit Suisse	SPH Reit	0.975	1.04	Neutral
04/11/17	DBS Vickers	SPH Reit	0.975	1.04	Buy	DCF
04/11/17	Lim & Tan	SPH Reit	0.975	0	Buy on weakness
04/11/17	OCBC	SPH Reit	0.975	1.08	Buy	DDM
06/14/17	DBS Vickers	SPH Reit	0.995	1.04	Buy
07/13/17	OCBC	SPH Reit	0.995	1.08	Buy
07/13/17	Credit Suisse	SPH Reit	0.995	1.01	Neutral
07/13/17	CIMB	SPH Reit	0.995	1.04	Hold	DDM
07/13/17	Lim & Tan	SPH Reit	0.995	0	Hold
07/14/17	DBS Vickers	SPH Reit	0.995	1.04	Buy	DCF
10/10/17	OCBC	SPH Reit	1.005	1.08	Buy	DDM
10/10/17	CIMB	SPH Reit	1.005	1.06	Hold	DDM
10/10/17	DBS Vickers	SPH Reit	1.005	1.07	Buy	DCF
12/01/17	Lim & Tan	SPH Reit	1.05	0	Hold
12/13/17	DBS Vickers	SPH Reit	1.04	1.07	Hold	DCF
01/02/18	Kim Eng	SPH Reit	1.05	1	Hold	DDM
01/08/18	CIMB	SPH Reit	1.07	1.06	Hold	DDM
01/08/18	Lim & Tan	SPH Reit	1.07	0	Hold
01/08/18	OCBC	SPH Reit	1.07	1.08	Hold
01/09/18	DBS Vickers	SPH Reit	1.07	1.07	Hold	DCF

SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/16	CIMB	SPH	3.67	3.61	Reduce	Sum of parts
01/13/16	DBS Vickers	SPH	3.67	3.51	Fully Valued
01/13/16	Lim & Tan	SPH	3.67	0	Hold	Buy @ $3.60 or lower
01/13/16	OCBC	SPH	3.67	3.78	Hold
01/13/16	UOB Kay Hian	SPH	3.67	3.85	Hold	Sum of parts, Buy @ $3.40 or lower
01/29/16	DBS Vickers	SPH	3.51	3.51	Hold	Sum of parts
03/22/16	UOB Kay Hian	SPH	4.04	3.9	Hold	Sum of parts, Buy @ $3.60 or lower
04/13/16	CIMB	SPH	3.99	3.71	Reduce	Sum of parts
04/13/16	DBS Vickers	SPH	3.99	3.51	Hold
04/13/16	Lim & Tan	SPH	3.99	0	Hold
04/13/16	OCBC	SPH	3.99	3.78	Hold
04/13/16	UOB Kay Hian	SPH	3.99	3.9	Hold	Sum of parts, Buy @ $3.60 or lower
04/14/16	DBS Vickers	SPH	4.04	3.5	Fully Valued	Sum of parts
06/09/16	UOB Kay Hian	SPH	3.93	3.9	Hold	Buy @ $3.60
07/18/16	CIMB	SPH	4.07	3.58	Reduce	Sum of parts
07/18/16	DBS Vickers	SPH	4.07	3.5	Fully Valued
07/18/16	OCBC	SPH	4.07	3.41	Sell
07/18/16	UOB Kay Hian	SPH	4.07	3.8	Hold	Sum of parts, Buy @ $3.60
09/01/16	UOB Kay Hian	SPH	3.77	3.8	Hold	Sum of parts
10/10/16	UBS	SPH	3.82	3.46	Sell	Cut from $3.55
10/17/16	CIMB	SPH	3.76	3.35	Reduce	Sum of parts
10/17/16	DBS Vickers	SPH	3.76	3.44	Fully Valued	Sum of parts
10/17/16	Lim & Tan	SPH	3.76	0	Hold
10/17/16	OCBC	SPH	3.76	3.41	Sell
10/17/16	UOB Kay Hian	SPH	3.76	3.29	Sell	DCF
12/01/16	Morgan Stanley	SPH	3.75	3.5	Underweight
12/06/16	CIMB	SPH	3.76	3.35	Reduce	Sum of parts
01/16/17	CIMB	SPH	3.69	3.31	Reduce	Sum of parts
01/16/17	Lim & Tan	SPH	3.69	0	Avoid
01/16/17	OCBC	SPH	3.69	3.41	Sell
01/16/17	UOB Kay Hian	SPH	3.69	3.29	Sell	Sum of parts
01/17/17	DBS Vickers	SPH	3.56	3.32	Fully Valued	Sum of parts
03/20/17	CIMB	SPH	3.53	3.36	Hold	Sum of parts
03/20/17	DBS Vickers	SPH	3.53	3.39	Hold	Sum of parts
03/20/17	UOB Kay Hian	SPH	3.53	3.29	Sell
04/13/17	CIMB	SPH	3.52	3.36	Hold	Sum of parts
04/13/17	Lim & Tan	SPH	3.52	0	Hold
04/13/17	OCBC	SPH	3.52	3.41	Sell
04/13/17	UOB Kay Hian	SPH	3.52	3.29	Sell	Sum of parts
04/18/17	DBS Vickers	SPH	3.41	3.39	Hold	Sum of parts
04/26/17	CIMB	SPH	3.45	3.36	Hold	Sum of parts
04/26/17	OCBC	SPH	3.45	3.41	Hold
05/17/17	UOB Kay Hian	SPH	3.37	3.29	Sell
06/05/17	Lim & Tan	SPH	3.24	0	Hold
06/09/17	UOB Kay Hian	SPH	3.24	2.9	Sell	Sum of parts
06/14/17	DBS Vickers	SPH	3.17	3.39	Hold
06/14/17	UOB Kay Hian	SPH	3.17	3.39	Hold
06/15/17	CIMB	SPH	3.16	3.36	Hold	Sum of parts
06/15/17	Lim & Tan	SPH	3.16	0	Hold
06/22/17	OCBC	SPH	3.22	3.34	Hold
07/17/17	UOB Kay Hian	SPH	3.11	2.9	Hold	Sum of parts, Buy @ $2.75
07/17/17	OCBC	SPH	3.11	3.25	Hold
07/17/17	CIMB	SPH	3.11	3.22	Hold	Sum of parts
07/17/17	DBS Vickers	SPH	3.11	2.79	Fully Valued	Sum of parts
07/18/17	Lim & Tan	SPH	3.03	0	Hold
08/23/17	UOB Kay Hian	SPH	2.78	2.85	Hold	Sum of parts, Buy @ $2.60
09/11/17	CIMB	SPH	2.74	2.38	Reduce	Sum of parts (15% discount)
09/21/17	OCBC	SPH	2.63	3.25	Buy
10/12/17	CIMB	SPH	2.69	2.38	Reduce	Sum of parts (15% discount)
10/12/17	UOB Kay Hian	SPH	2.69	2.38	Sell	Sum of parts (10% discount)
10/12/17	Lim & Tan	SPH	2.69	0	Hold
10/13/17	OCBC	SPH	2.72	2.93	Hold
10/13/17	DBS Vickers	SPH	2.72	2.79	Hold	Sum of parts
11/09/17	UOB Kay Hian	SPH	2.68	2.38	Sell
12/05/17	UOB Kay Hian	SPH	2.79	2.42	Sell	Sum of parts
12/05/17	Lim & Tan	SPH	2.79	0	Hold
12/20/17	CIMB	SPH	2.61	2.38	Reduce
01/15/18	CIMB	SPH	2.63	2.49	Hold	Sum of parts, PER18.6x FY19
01/15/18	UOB Kay Hian	SPH	2.63	2.42	Sell	Sum of parts
01/15/18	Lim & Tan	SPH	2.63	0	Hold
01/16/18	DBS Vickers	SPH	2.71	2.78	Hold	Sum of parts
01/17/18	OCBC	SPH	2.71	2.51	Hold	Sum of parts (10% discount)
03/05/18	UOB Kay Hian	SPH	2.55	2.42	Sell

Spackman - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/13/16	DMG & Partners	Spackman	0.113	0.22	Buy	PER15x FY17
12/27/16	DMG & Partners	Spackman	0.19	0.32	Buy
01/03/17	DMG & Partners	Spackman	0.19	0.32	Buy	PER18x FY17
04/06/17	DMG & Partners	Spackman	0.161	0.27	Buy	PER18x FY17
05/16/17	DMG & Partners	Spackman	0.149	0.27	Buy	DCF, PER18x FY17
08/16/17	DMG & Partners	Spackman	0.102	0.23	Buy	DCF, PER18x FY17
10/12/17	DMG & Partners	Spackman	0.121	0.2	Buy	DCF, PER16x FY17
11/16/17	DMG & Partners	Spackman	0.112	0.2	Buy	DCF, PER15x FY18

Stock calls for 13 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/13/18	DBS Vickers	Dairy Farm	8.09	9.54	Buy	Sum of parts
03/13/18	CIMB	Hongkong Land	7	9.5	Add	RNAV (30% discount)
03/13/18	DBS Vickers	Mermaid Maritime	0.15	0.14	Hold	Sum of parts
03/13/18	CIMB	Perennial Reit	0.855	1.18	Add	RNAV (40% discount)
03/13/18	UOB Kay Hian	Raffles Medical	1.17	1.32	Buy	DCF
03/13/18	Amfrasers	SGX	7.58	8.14	Buy
03/13/18	Amfrasers	ST Engineering	3.43	3.88	Buy
03/13/18	Credit Suisse	ST Engineering	3.43	4	Outperform

Soilbuild Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/16	DBS Vickers	Soilbuild Reit	0.765	0.88	Buy	DCF
01/22/16	Amfrasers	Soilbuild Reit	0.72	0.775	Buy	DDM
01/22/16	DBS Vickers	Soilbuild Reit	0.72	0.84	Buy
01/22/16	OCBC	Soilbuild Reit	0.72	0.85	Buy
01/25/16	phillip	Soilbuild Reit	0.725	0.86	Accumulate	DDM
04/13/16	Kim Eng	Soilbuild Reit	0.74	0.84	Not Rated
04/15/16	Amfrasers	Soilbuild Reit	0.75	0.755	Hold	DDM
04/15/16	DBS Vickers	Soilbuild Reit	0.75	0.84	Buy	DCF
04/15/16	OCBC	Soilbuild Reit	0.75	0.82	Buy	DDM
04/18/16	phillip	Soilbuild Reit	0.745	0.83	Accumulate	DDM
05/19/16	OCBC	Soilbuild Reit	0.705	0.82	Buy
05/20/16	DBS Vickers	Soilbuild Reit	0.7	0.84	Buy
06/06/16	OCBC	Soilbuild Reit	0.7	0.82	Buy
06/15/16	Religare	Soilbuild Reit	0.69	0.88	Buy
06/16/16	DBS Vickers	Soilbuild Reit	0.685	0.84	Buy
06/16/16	phillip	Soilbuild Reit	0.685	0.83	Accumulate	DDM
06/28/16	OCBC	Soilbuild Reit	0.66	0.76	Buy
07/14/16	Lim & Tan	Soilbuild Reit	0.7	0	Buy
07/14/16	OCBC	Soilbuild Reit	0.7	0.76	Buy
07/14/16	phillip	Soilbuild Reit	0.7	0.79	Accumulate	DDM
07/15/16	DBS Vickers	Soilbuild Reit	0.705	0.79	Buy
08/16/16	DBS Vickers	Soilbuild Reit	0.675	0.79	Buy
08/19/16	OCBC	Soilbuild Reit	0.68	0.76	Buy
08/22/16	Lim & Tan	Soilbuild Reit	0.68	0	Hold
08/22/16	OCBC	Soilbuild Reit	0.68	0.78	Buy
08/25/16	phillip	Soilbuild Reit	0.685	0.79	Accumulate	DDM
10/11/16	phillip	Soilbuild Reit	0.72	0.69	Neutral	DDM
10/13/16	DBS Vickers	Soilbuild Reit	0.71	0.75	Buy	DCF
10/13/16	OCBC	Soilbuild Reit	0.71	0.77	Buy
10/13/16	phillip	Soilbuild Reit	0.71	0.72	Neutral	DDM
10/14/16	Lim & Tan	Soilbuild Reit	0.705	0	Buy on weakness
11/11/16	phillip	Soilbuild Reit	0.665	0.72	Neutral
12/12/16	phillip	Soilbuild Reit	0.65	0.67	Neutral	DDM
01/09/17	DBS Vickers	Soilbuild Reit	0.66	0.75	Buy	DCF
01/25/17	DBS Vickers	Soilbuild Reit	0.655	0.7	Buy	DCF
01/25/17	OCBC	Soilbuild Reit	0.655	0.64	Hold
01/26/17	phillip	Soilbuild Reit	0.65	0.68	Neutral	DDM
02/20/17	phillip	Soilbuild Reit	0.65	0.68	Neutral
04/13/17	OCBC	Soilbuild Reit	0.685	0.64	Hold
04/17/17	DBS Vickers	Soilbuild Reit	0.685	0.73	Buy	DCF
04/17/17	phillip	Soilbuild Reit	0.685	0.66	Neutral	DDM, PB0.93x FY17
05/08/17	phillip	Soilbuild Reit	0.68	0.66	Neutral
06/14/17	Amfrasers	Soilbuild Reit	0.71	0.68	Hold	Consensus target
07/17/17	OCBC	Soilbuild Reit	0.74	0.67	Hold	DDM
07/17/17	phillip	Soilbuild Reit	0.74	0.73	Neutral	DDM, PB1.05x FY17
07/18/17	DBS Vickers	Soilbuild Reit	0.74	0.73	Hold	DCF
07/21/17	Lim & Tan	Soilbuild Reit	0.705	0	Hold
09/20/17	OCBC	Soilbuild Reit	0.7	0.66	Hold
10/16/17	phillip	Soilbuild Reit	0.705	0.64	Reduce	DDM, PB0.9x FY17
10/17/17	DBS Vickers	Soilbuild Reit	0.705	0.62	Hold	DCF
11/09/17	OCBC	Soilbuild Reit	0.66	0.66	Hold
11/09/17	phillip	Soilbuild Reit	0.66	0.61	Reduce	DDM, PB0.86x FY17
01/18/18	OCBC	Soilbuild Reit	0.695	0.68	Hold
01/19/18	DBS Vickers	Soilbuild Reit	0.7	0.62	Hold	DCF
01/19/18	Lim & Tan	Soilbuild Reit	0.7	0	Hold

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/15/16	DMG & Partners	SingHaiyi	0.104	0.14	Buy	RNAV
01/04/16	UOB Kay Hian	Singtel	3.67	4.56	Buy
01/07/16	UOB Kay Hian	Singtel	3.53	4.42	Buy	DCF
01/18/16	Citigroup	Singtel	3.56	4.18	Buy
01/18/16	Credit Suisse	Singtel	3.56	4.2	Outperform
01/18/16	DMG & Partners	Singtel	3.56	3.9	Neutral
01/18/16	OCBC	Singtel	3.56	4.17	Buy
01/26/16	Deutsche	Singtel	3.47	4.6	Buy
02/12/16	CIMB	Singtel	3.54	4.5	Add	Sum of parts
02/12/16	Citigroup	Singtel	3.54	4	Buy
02/12/16	Lim & Tan	Singtel	3.54	0	Hold
02/12/16	UBS	Singtel	3.54	4.25	Buy
02/15/16	Deutsche	Singtel	3.58	4.6	Buy
02/15/16	DMG & Partners	Singtel	3.58	3.7	Neutral	Sum of parts
02/15/16	Kim Eng	Singtel	3.58	4.4	Buy	Sum of parts
02/15/16	OCBC	Singtel	3.58	3.96	Buy	Sum of parts
02/15/16	UOB Kay Hian	Singtel	3.58	4.42	Buy	DCF
02/19/16	Credit Suisse	Singtel	3.76	4.2	Outperform
03/01/16	UOB Kay Hian	Singtel	3.73	4.42	Buy
03/04/16	Deutsche	Singtel	3.8	4.6	Buy
03/15/16	CIMB	Singtel	3.8	4.5	Add
03/16/16	OCBC	Singtel	3.82	3.96	Buy
03/21/16	Credit Suisse	Singtel	3.89	4.2	Outperform
03/28/16	UOB Kay Hian	Singtel	3.82	4.41	Buy	Probability weighted
03/29/16	Nomura	Singtel	3.82	4.25	Buy
04/06/16	OCBC	Singtel	3.74	3.96	Buy
04/07/16	Credit Suisse	Singtel	3.77	4.2	Outperform	Sum of parts
04/13/16	Credit Suisse	Singtel	3.69	4.35	Outperform
04/22/16	UOB Kay Hian	Singtel	3.97	4.41	Buy
05/10/16	UOB Kay Hian	Singtel	3.89	4.41	Buy	Probability weighted
05/12/16	Citigroup	Singtel	3.84	4.25	Buy
05/12/16	UOB Kay Hian	Singtel	3.84	4.35	Buy
05/13/16	BNP Paribas	Singtel	3.89	4.36	Buy
05/13/16	CIMB	Singtel	3.89	4.5	Add	Sum of parts
05/13/16	DIR	Singtel	3.89	3.9	Hold	Sum of parts
05/13/16	UBS	Singtel	3.89	4.5	Buy
05/13/16	UOB Kay Hian	Singtel	3.89	4.38	Buy	DCF
05/26/16	OCBC	Singtel	3.82	4.09	Buy	Sum of parts
06/01/16	Credit Suisse	Singtel	3.87	4.4	Outperform
06/01/16	DIR	Singtel	3.87	3.9	Hold	Sum of parts
06/03/16	Nomura	Singtel	3.89	4.25	Buy
06/10/16	Deutsche	Singtel	3.95	4.6	Buy
06/13/16	Kim Eng	Singtel	3.9	4.5	Buy
06/15/16	UOB Kay Hian	Singtel	3.8	4.38	Buy
06/20/16	Credit Suisse	Singtel	3.79	4.45	Outperform
06/20/16	UOB Kay Hian	Singtel	3.79	4.35	Buy
06/21/16	CIMB	Singtel	3.85	4.5	Add	Sum of parts
07/04/16	BNP Paribas	Singtel	4.14	4.55	Buy
07/07/16	Credit Suisse	Singtel	4.15	4.45	Outperform
07/12/16	OCBC	Singtel	4.23	4.29	Hold	Sum of parts
07/13/16	Macquarie	Singtel	4.31	4.42	Outperform
07/14/16	UOB Kay Hian	Singtel	4.26	4.38	Buy
07/18/16	Kim Eng	Singtel	4.28	4.5	Buy
08/12/16	CIMB	Singtel	4.27	4.5	Add	Sum of parts
08/12/16	Citigroup	Singtel	4.27	4.75	Buy
08/12/16	Credit Suisse	Singtel	4.27	4.75	Outperform
08/12/16	OCBC	Singtel	4.27	4.26	Hold	Buy @ $4
08/12/16	UOB Kay Hian	Singtel	4.27	4.7	Buy	Probability weighted
08/15/16	DMG & Partners	Singtel	4.25	4	Neutral
08/17/16	CIMB	Singtel	4.27	4.5	Add	Sum of parts
08/18/16	BNP Paribas	Singtel	4.21	4.55	Buy
08/18/16	Lim & Tan	Singtel	4.21	0	Hold
08/19/16	Deutsche	Singtel	4.2	4.45	Buy
08/19/16	Kim Eng	Singtel	4.2	4.41	Hold	DCF
08/19/16	Macquarie	Singtel	4.2	4.42	Outperform
09/01/16	Citigroup	Singtel	4.02	4.66	Buy
09/01/16	Credit Suisse	Singtel	4.02	4.75	Outperform
09/02/16	CIMB	Singtel	3.97	4.5	Add	Sum of parts
09/02/16	Macquarie	Singtel	3.97	4.42	Outperform
09/02/16	OCBC	Singtel	3.97	4.26	Hold
09/02/16	UOB Kay Hian	Singtel	3.97	4.61	Buy
09/05/16	Credit Suisse	Singtel	3.87	4.65	Outperform
09/05/16	Kim Eng	Singtel	3.87	3.7	Hold	DCF
09/05/16	UOB Kay Hian	Singtel	3.87	4.53	Buy	DCF
09/06/16	Citigroup	Singtel	3.95	4.55	Buy
10/04/16	Credit Suisse	Singtel	3.86	4.55	Outperform
10/04/16	DIR	Singtel	4.01	3.8	Hold	Sum of parts
10/04/16	Macquarie	Singtel	4.01	4.42	Outperform
10/27/16	OCBC	Singtel	3.9	4.26	Hold
11/11/16	CIMB	Singtel	3.84	4.5	Add	Sum of parts
11/11/16	Credit Suisse	Singtel	3.84	4.5	Outperform
11/11/16	DMG & Partners	Singtel	3.84	4	Neutral
11/11/16	Kim Eng	Singtel	3.84	3.68	Hold	DCF
11/11/16	OCBC	Singtel	3.84	4.4	Buy	Sum of parts
11/11/16	UOB Kay Hian	Singtel	3.84	4.53	Buy	DCF
11/17/16	OCBC	Singtel	3.66	4.51	Buy
11/25/16	OCBC	Singtel	3.73	4.27	Buy	Sum of parts
11/29/16	UBS	Singtel	3.76	4.7	Buy
12/06/16	CIMB	Singtel	3.77	4.5	Add
12/07/16	Deutsche	Singtel	3.74	4.45	Buy
12/09/16	OCBC	Singtel	3.79	4.27	Buy
12/15/16	Credit Suisse	Singtel	3.76	4.5	Outperform
12/15/16	Lim & Tan	Singtel	3.76	0	Buy
12/15/16	UOB Kay Hian	Singtel	3.76	4.53	Buy
01/03/17	DMG & Partners	Singtel	3.65	4	Neutral	Sum of parts, EV/Ebita13x
01/03/17	UOB Kay Hian	Singtel	3.65	4.53	Buy
01/05/17	Credit Suisse	Singtel	3.67	4.5	Outperform
01/12/17	Deutsche	Singtel	3.79	4.45	Buy
01/17/17	DIR	Singtel	3.81	3.8	Hold	Sum of parts
01/23/17	DBS Vickers	Singtel	3.81	4.46	Buy	Sum of parts
02/01/17	UOB Kay Hian	Singtel	3.87	4.53	Buy	DCF
02/09/17	Deutsche	Singtel	3.84	4.6	Buy
02/09/17	Lim & Tan	Singtel	3.84	0	Buy
02/09/17	OCBC	Singtel	3.84	4.27	Buy
02/10/17	CIMB	Singtel	3.88	4.1	Add	Sum of parts
02/10/17	Credit Suisse	Singtel	3.88	4.6	Outperform
02/10/17	DIR	Singtel	3.88	3.8	Hold	Sum of parts
02/10/17	DMG & Partners	Singtel	3.88	4	Neutral	Sum of parts, EV/Ebitda12.4x FY18
02/10/17	Kim Eng	Singtel	3.88	3.7	Hold	DCF
03/02/17	UOB Kay Hian	Singtel	3.95	4.53	Buy
03/13/17	Credit Suisse	Singtel	3.94	4.6	Outperform
03/17/17	OCBC	Singtel	3.95	4.25	Buy
03/20/17	DMG & Partners	Singtel	3.99	4	Buy
04/05/17	CIMB	Singtel	3.92	4.1	Add
04/05/17	Credit Suisse	Singtel	3.92	4.6	Outperform
04/05/17	DMG & Partners	Singtel	3.92	4	Neutral
04/05/17	Kim Eng	Singtel	3.92	3.72	Hold	DCF
04/05/17	OCBC	Singtel	3.92	4.25	Buy
04/13/17	Credit Suisse	Singtel	3.82	4.5	Outperform
04/13/17	Macquarie	Singtel	3.82	4.37	Outperform
05/19/17	CIMB	Singtel	3.76	4.1	Add	Sum of parts
05/19/17	Credit Suisse	Singtel	3.76	4.5	Outperform
05/19/17	DIR	Singtel	3.76	3.8	Hold	Sum of parts
05/19/17	DMG & Partners	Singtel	3.76	3.9	Neutral	Sum of parts
05/19/17	Kim Eng	Singtel	3.76	3.7	Hold	DCF
05/19/17	Macquarie	Singtel	3.76	4.32	Outperform
05/22/17	Lim & Tan	Singtel	3.73	0	Buy
06/05/17	Lim & Tan	Singtel	3.81	0	Buy
06/09/17	Credit Suisse	Singtel	3.76	4.5	Outperform
06/09/17	Deutsche	Singtel	3.76	4.6	Buy	Sum of parts
06/22/17	Macquarie	Singtel	3.77	4.3	Outperform
06/30/17	DMG & Partners	Singtel	3.88	3.9	Neutral
07/11/17	Lim & Tan	Singtel	3.9	0	Buy
07/14/17	Macquarie	Singtel	3.86	4.32	Outperform
07/28/17	Credit Suisse	Singtel	3.97	4.6	Outperform
08/02/17	DIR	Singtel	3.86	3.94	Hold	Sum of parts
08/11/17	CIMB	Singtel	3.76	4.1	Add	Sum of parts
08/11/17	Lim & Tan	Singtel	3.76	0	Buy
08/14/17	Credit Suisse	Singtel	3.75	4.6	Outperform
08/14/17	DMG & Partners	Singtel	3.75	3.9	Neutral	Sum of parts, EV/Ebita13.6x FY18
08/15/17	Macquarie	Singtel	3.77	4.32	Outperform
09/11/17	OCBC	Singtel	3.68	4.19	Buy
09/14/17	UOB Kay Hian	Singtel	3.67	4.53	Buy	DCF
09/14/17	Kim Eng	Singtel	3.67	3.83	Hold	Sum of parts
09/18/17	Credit Suisse	Singtel	3.67	4.6	Outperform
09/20/17	Deutsche	Singtel	3.68	4.4	Buy
09/25/17	CIMB	Singtel	3.68	4.1	Add
09/28/17	DIR	Singtel	3.71	3.94	Hold	Sum of parts
10/02/17	DBS Vickers	Singtel	3.68	4.3	Buy	Sum of parts
10/04/17	UOB Kay Hian	Singtel	3.68	4.53	Buy	DCF
10/26/17	Credit Suisse	Singtel	3.73	4.7	Outperform	Sum of parts
11/02/17	UOB Kay Hian	Singtel	3.75	4.53	Buy	DCF
11/09/17	Kim Eng	Singtel	3.78	3.87	Hold	Sum of parts
11/10/17	CIMB	Singtel	3.76	4.1	Add	Sum of parts
11/10/17	Credit Suisse	Singtel	3.76	4.7	Outperform
11/10/17	DMG & Partners	Singtel	3.76	4.1	Neutral	Sum of parts, PER16.6x FY18, EV/Ebitda15.1x FY18
11/10/17	OCBC	Singtel	3.76	4.19	Buy
11/10/17	DBS Vickers	Singtel	3.76	4.3	Buy	Sum of parts
11/16/17	Lim & Tan	Singtel	3.69	0	Buy
11/22/17	Macquarie	Singtel	3.69	4.32	Outperform
12/06/17	UOB Kay Hian	Singtel	3.75	4.53	Buy
12/20/17	CIMB	Singtel	3.61	4.1	Add
01/04/18	UOB Kay Hian	Singtel	3.59	4.53	Buy	DCF
01/10/18	DMG & Partners	Singtel	3.63	4.1	Neutral
01/26/18	DBS Vickers	Singtel	3.62	4.3	Buy	Sum of parts
02/07/18	OCBC	Singtel	3.42	4.19	Buy
02/08/18	DMG & Partners	Singtel	3.44	4.1	Buy	Sum of parts
02/08/18	DBS Vickers	Singtel	3.44	4.3	Buy
02/08/18	Lim & Tan	Singtel	3.44	0	Buy on weakness
02/09/18	OCBC	Singtel	3.4	4.15	Buy
02/09/18	UOB Kay Hian	Singtel	3.4	4.4	Buy	DCF
02/09/18	CIMB	Singtel	3.4	4	Add
03/02/18	UOB Kay Hian	Singtel	3.36	4.4	Buy