Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/11/16	DMG & Partners	Singapore Medical	0.27	0.45	Buy	DCF
01/03/17	DMG & Partners	Singapore Medical	0.44	0.63	Buy	DCF, PER27x FY17
01/23/17	Kim Eng	Singapore Medical	0.465	0.59	Buy	PER27x FY17
02/17/17	DMG & Partners	Singapore Medical	0.56	0.59	Buy
03/01/17	DMG & Partners	Singapore Medical	0.585	0.65	Buy	DCF, PER27x FY18
03/01/17	Kim Eng	Singapore Medical	0.585	0.67	Buy	PER27x FY18
04/05/17	Kim Eng	Singapore Medical	0.565	0.67	Buy	PER27x FY18
04/21/17	Kim Eng	Singapore Medical	0.55	0.78	Buy	PER27x FY18
04/24/17	DMG & Partners	Singapore Medical	0.615	0.79	Buy	DCF, PER28x FY18
06/05/17	Kim Eng	Singapore Medical	0.605	0.78	Buy	PER27x FY18
08/16/17	Kim Eng	Singapore Medical	0.615	0.78	Buy	PER27x FY18
08/16/17	DMG & Partners	Singapore Medical	0.615	0.79	Buy	DCF, PER27x FY18
10/19/17	DMG & Partners	Singapore Medical	0.625	0.79	Buy	DCF, PER26.5x FY18
10/20/17	Kim Eng	Singapore Medical	0.615	0.78	Buy	PER27x FY18
11/13/17	DBS Vickers	Singapore Medical	0.6	0.75	Buy	PER25x FY18/19, PEG0.3x
11/30/17	Kim Eng	Singapore Medical	0.57	0.78	Buy
01/24/18	DMG & Partners	Singapore Medical	0.605	0.79	Buy
01/26/18	UOB Kay Hian	Singapore Medical	0.63	0.83	Buy	PER26.8x FY18, PEG0.3x
02/06/18	DMG & Partners	Singapore Medical	0.58	0.79	Buy	DCF, PER27x FY18
03/01/18	UOB Kay Hian	Singapore Medical	0.56	0.83	Buy	PER26.8x FY18
03/02/18	DBS Vickers	Singapore Medical	0.56	0.73
03/02/18	Kim Eng	Singapore Medical	0.56	0.7	Buy	PER27x FY18
03/02/18	DMG & Partners	Singapore Medical	0.56	0.68	Buy	DCF, PER26x FY18

Sing Investments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/24/17	phillip	Sing Investments	1.475	1.67	Accumulate	GGM, PB0.8x
08/04/17	phillip	Sing Investments	1.51	1.67	Accumulate	PB0.8x
10/26/17	phillip	Sing Investments	1.58	1.725	Accumulate	GGM, PB0.8x FY18

Stock calls for 8 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/08/18	CIMB	China Jinjiang	0.59	0.85	Add	DCF
03/08/18	CIMB	CSE Global	0.37	0.39	Hold	PER12x CY19
03/08/18	OCBC	Golden Agri	0.36	0.37	Hold
03/08/18	UOB Kay Hian	OCBC	13.21	14.95	Buy	GGM, PB1.54x FY18
03/08/18	Kim Eng	SGX	7.44	8.73	Buy	PER23x FY19
03/08/18	OCBC	Wilmar	3.18	3.51	Buy

Cryptocurrency is very environmental-unfriendly.

https://www.telegraph.co.uk/news/2018/02/12/iceland-set-use-energy-mining-bitcoin-powering-homes/

Iceland's crypto miners will consume more electricity than the residents and Iceland's government is considering taxing crypto miners to keep the electricity's demand and cost low.

Cryptocurrency's technology, the blockchain, profligates a lot of electricity which can otherwise be put to a more productive use.  In a nutshell, a computer instance is replicated across many servers in the crypto network whenever a transaction occurs but only one server is able to verify and process the transaction successfully within a specific time period, thereby, causing huge electricity wastages in other unsuccessful servers.  This kind of methodology will cause electricity shortages for normal usages and electricity costs will start to increase over time for ordinary residents.

This is the primary reason for a crypto miner to house the mining servers or rigs in a low-cost energy country but the local residents will pay more for electricity because of crypto mining.

Sing Holdings - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/30/17	Amfrasers	Sing Holdings	0.39	0.54	Buy	RNAV (30% discount), PB0.83x FY16

Sinarmas Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/15/16	DMG & Partners	Sinarmas Land	0.435	0.95	Buy	Sum of parts (10% discount)
04/25/16	phillip	Sinarmas Land	0.5	0.79	Buy	Sum of parts
05/17/16	phillip	Sinarmas Land	0.43	0.74	Buy	Sum of parts
06/27/16	phillip	Sinarmas Land	0.455	0.74	Accumulate	Sum of parts
08/17/16	phillip	Sinarmas Land	0.48	0.72	Buy	RNAV (35% discount)
09/15/16	DMG & Partners	Sinarmas Land	0.485	0.91	Buy
11/17/16	phillip	Sinarmas Land	0.455	0.72	Buy	RNAV (35% discount)
03/03/17	phillip	Sinarmas Land	0.465	0.73	Buy	RNAV (35% discount)
05/17/17	phillip	Sinarmas Land	0.455	0.73	Buy	RNAV (35% discount)

Stock calls for 7 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/07/18	UOB Kay Hian	Bumitama	0.71	0.96	Buy
03/07/18	NRA	CNMC	0.27	0.375	Overweight	FCFE
03/07/18	UOB Kay Hian	First Resources	1.76	1.95	Hold
03/07/18	Amfrasers	Frencken	0.63	0.72	Buy	PER12x FY18
03/07/18	UOB Kay Hian	Golden Agri	0.345	0.31	Hold
03/07/18	CIMB	Jadason	0.07	0.08	Add	PER12.34x FY19
03/07/18	CIMB	Memtech	1.54	1.76	Add	PER12x FY19
03/07/18	DBS Vickers	Sembcorp Industries	3.08	4.4	Buy	RNAV (10% discount), PB1.1x
03/07/18	UOB Kay Hian	Wilmar	3.16	4.1	Buy
03/07/18	OCBC	Yoma	0.42	0.51	Buy	Sum of parts
03/07/18	DBS Vickers	Yoma	0.42	0.75	Buy

Bitcoin is only worth $100, not $100,000 in the next decade!

https://sg.finance.yahoo.com/news/ex-imf-economist-bitcoin-could-033030879.html

Ex-IMF economist and Harvard professor put his reputation on the line by making a prediction that bitcoin would be worth only $100 in the next decade, not $100,000 as some had proclaimed.

We've also stated that bitcoin was a big financial scam in our previous postings.

OMG! Singapore transport fare is going up again!

https://sg.news.yahoo.com/cheap-public-transport-fares-popular-not-sustainable-khaw-boon-wan-023456207.html

This is definitely a tell-sign or precursory warning.

"Cheap public transport fare is popular but not sustainable" means that the government is going to increase the transport fare in the future.

Therefore, our GST and transport fare will increase under the helm of PAP.

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/16	Deloitte	Silverlake	0.6	0.66	Hold	DCF
01/07/16	DMG & Partners	Silverlake	0.6	0.75	Buy	PER17x FY16
01/22/16	UOB Kay Hian	Silverlake	0.535	0.66	Hold	DCF, Buy @ $0.53
02/15/16	CIMB	Silverlake	0.56	0.6	Hold	DCF
02/15/16	DMG & Partners	Silverlake	0.56	0.75	Buy	DCF, PER17x FY16
02/15/16	UOB Kay Hian	Silverlake	0.56	0.64	Hold	Sum of parts, Buy @ $0.51
03/31/16	UOB Kay Hian	Silverlake	0.62	0.64	Hold
05/13/16	CIMB	Silverlake	0.545	0.6	Add	DCF
05/13/16	DMG & Partners	Silverlake	0.545	0.68	Buy	DCF
06/03/16	DMG & Partners	Silverlake	0.51	0.68	Buy	DCF
07/05/16	DMG & Partners	Silverlake	0.525	0.68	Buy
08/29/16	CIMB	Silverlake	0.585	0.68	Add	DCF
08/29/16	DMG & Partners	Silverlake	0.585	0.77	Buy
11/14/16	CIMB	Silverlake	0.625	0.67	Add	DCF
11/14/16	DMG & Partners	Silverlake	0.625	0.77	Buy	DCF
02/16/17	CIMB	Silverlake	0.58	0.65	Add	DCF
02/16/17	DMG & Partners	Silverlake	0.58	0.7	Buy	DCF
05/17/17	CIMB	Silverlake	0.53	0.65	Add	DCF
05/17/17	DMG & Partners	Silverlake	0.53	0.65	Buy	DCF
06/02/17	CIMB	Silverlake	0.535	0.65	Add	DCF

SIIC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/26/16	Deutsche	SIIC	0.635	1.4	Buy
02/25/16	Credit Suisse	SIIC	0.68	1.5	Outperform
02/25/16	DMG & Partners	SIIC	0.68	1.26	Buy
03/03/16	Credit Suisse	SIIC	0.68	1.1	Outperform
04/28/16	DBS Vickers	SIIC	0.7	0.69	Hold
06/01/16	Credit Suisse	SIIC	0.65	0.9	Outperform
08/15/16	DMG & Partners	SIIC	0.595	1.26	Buy
08/16/16	DBS Vickers	SIIC	0.605	0.69	Buy	PER25x FY17
09/02/16	DBS Vickers	SIIC	0.59	0.69	Buy
10/19/16	DBS Vickers	SIIC	0.58	0.78	Buy
11/09/16	DMG & Partners	SIIC	0.635	1.13	Buy
12/07/16	Deutsche	SIIC	0.62	0.91	Buy
01/03/17	DMG & Partners	SIIC	0.59	1.13	Buy	DCF
01/17/17	DBS Vickers	SIIC	0.565	0.68	Buy	PER25x FY17
02/17/17	DMG & Partners	SIIC	0.58	0.96	Buy	DCF, PER20x FY17
04/26/17	DMG & Partners	SIIC	0.53	0.96	Buy
08/14/17	DMG & Partners	SIIC	0.465	0.82	Buy	DCF
08/15/17	DBS Vickers	SIIC	0.46	0.53	Hold	PER22x
10/11/17	DBS Vickers	SIIC	0.52	0.53	Hold	PER22x FY17
11/10/17	DMG & Partners	SIIC	0.515	0.54	Neutral	DCF
12/27/17	DBS Vickers	SIIC	0.515	0.53	Hold

SIA Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	SIA Engineering	3.7	3.3	Sell
02/02/16	CIMB	SIA Engineering	3.41	3.62	Hold	DCF
02/02/16	DBS Vickers	SIA Engineering	3.41	3.84	Buy
02/02/16	Kim Eng	SIA Engineering	3.41	3.61	Hold	PER20x FY17
02/02/16	Lim & Tan	SIA Engineering	3.41	0	Hold
02/02/16	OCBC	SIA Engineering	3.41	3.7	Hold
02/02/16	phillip	SIA Engineering	3.41	3.35	Neutral	DCF
02/02/16	UOB Kay Hian	SIA Engineering	3.41	3.36	Sell
02/25/16	UOB Kay Hian	SIA Engineering	3.46	3.19	Sell	DCF
03/28/16	UOB Kay Hian	SIA Engineering	3.56	3.19	Sell
04/01/16	UOB Kay Hian	SIA Engineering	3.6	3.19	Sell
05/11/16	Lim & Tan	SIA Engineering	3.79	0	Buy
05/11/16	UOB Kay Hian	SIA Engineering	3.79	3.4	Sell	DCF
05/12/16	CIMB	SIA Engineering	3.8	4.16	Add	DCF
05/12/16	DBS Vickers	SIA Engineering	3.8	3.84	Hold
05/12/16	Kim Eng	SIA Engineering	3.8	3.7	Hold
05/12/16	OCBC	SIA Engineering	3.8	3.7	Hold
05/12/16	phillip	SIA Engineering	3.8	3.51	Neutral	DCF
06/07/16	UOB Kay Hian	SIA Engineering	3.88	3.4	Sell
07/14/16	UOB Kay Hian	SIA Engineering	3.75	3.4	Sell
07/27/16	CIMB	SIA Engineering	3.75	4.16	Add	DCF
07/27/16	DBS Vickers	SIA Engineering	3.75	3.81	Hold
07/27/16	Kim Eng	SIA Engineering	3.75	3.7	Hold	PER20x FY18
07/27/16	Lim & Tan	SIA Engineering	3.75	0	Hold
07/27/16	OCBC	SIA Engineering	3.75	3.63	Hold
07/27/16	phillip	SIA Engineering	3.75	3.39	Reduce	DCF
09/16/16	UOB Kay Hian	SIA Engineering	3.85	3.4	Sell
10/06/16	OCBC	SIA Engineering	3.79	3.63	Hold
11/02/16	CIMB	SIA Engineering	3.7	4.16	Add	DCF
11/02/16	Kim Eng	SIA Engineering	3.7	3.7	Hold	PER20x FY18
11/02/16	Lim & Tan	SIA Engineering	3.7	0	Hold
11/02/16	UOB Kay Hian	SIA Engineering	3.7	3.4	Sell
11/03/16	CIMB	SIA Engineering	3.68	3.77	Hold	DCF
11/03/16	phillip	SIA Engineering	3.68	3.28	Reduce	DCF
11/03/16	UOB Kay Hian	SIA Engineering	3.68	3.3	Sell	DCF, PER24x FY18
11/04/16	DBS Vickers	SIA Engineering	3.66	3.53	Hold
01/03/17	UOB Kay Hian	SIA Engineering	3.37	3.3	Sell
02/06/17	CIMB	SIA Engineering	3.52	3.77	Hold	DCF
02/06/17	DBS Vickers	SIA Engineering	3.52	3.58	Hold	Sum of parts
02/06/17	Kim Eng	SIA Engineering	3.52	3.7	Hold	PER20x FY18
02/06/17	OCBC	SIA Engineering	3.52	3.58	Hold	DCF
02/06/17	phillip	SIA Engineering	3.52	3.38	Neutral	DCF
02/06/17	UOB Kay Hian	SIA Engineering	3.52	3.3	Sell	DCF
03/02/17	UOB Kay Hian	SIA Engineering	3.67	3.3	Sell
04/05/17	UOB Kay Hian	SIA Engineering	3.7	3.3	Sell
04/06/17	Lim & Tan	SIA Engineering	3.7	0	Hold	PER24x FY17/18
05/16/17	CIMB	SIA Engineering	3.98	3.98	Hold	DCF
05/16/17	DBS Vickers	SIA Engineering	3.98	3.84	Hold	Sum of parts
05/16/17	OCBC	SIA Engineering	3.98	3.75	Hold	DDM
05/16/17	phillip	SIA Engineering	3.98	3.7	Neutral	DCF, PER23.4x FY18
05/16/17	UOB Kay Hian	SIA Engineering	3.98	3.5	Sell	DCF, PER26x FY18
06/06/17	UOB Kay Hian	SIA Engineering	3.94	3.5	Sell
06/07/17	OCBC	SIA Engineering	3.97	3.75	Hold
06/22/17	Lim & Tan	SIA Engineering	4.16	0	Hold
06/28/17	CIMB	SIA Engineering	4.17	3.86	Reduce	DCF
07/03/17	OCBC	SIA Engineering	4.08	3.75	Hold
07/10/17	UOB Kay Hian	SIA Engineering	4.06	3.6	Sell	DCF, PER23x FY18
07/26/17	phillip	SIA Engineering	3.87	3.7	Reduce	DCF, PER24.9x FY18
07/26/17	CIMB	SIA Engineering	3.87	3.86	Reduce	DCF
07/26/17	OCBC	SIA Engineering	3.87	3.7	Hold
07/26/17	DBS Vickers	SIA Engineering	3.87	3.84	Hold	Sum of parts
08/02/17	DIR	SIA Engineering	3.54	4.1	Outperform	DCF
08/17/17	UOB Kay Hian	SIA Engineering	3.49	3.6	Sell	DCF, PER23.7x FY18
10/12/17	Crucial Perspective	SIA Engineering	3.18	4.5	Outperform
11/07/17	UOB Kay Hian	SIA Engineering	3.3	3.5	Hold	DCF, Buy @ $3.10-3.15
11/07/17	phillip	SIA Engineering	3.3	3.35	Neutral	DCF, PER24.6x FY18
11/07/17	OCBC	SIA Engineering	3.3	3.35	Hold
11/07/17	Kim Eng	SIA Engineering	3.3	3.5	Hold	PER21x FY19
11/07/17	CIMB	SIA Engineering	3.3	3.7	Reduce
12/18/17	DIR	SIA Engineering	3.11	3.56	Outperform
01/30/18	UOB Kay Hian	SIA Engineering	3.26	4	Buy	DCF, PER24.9x FY18
02/05/18	UOB Kay Hian	SIA Engineering	3.33	4	Buy	DCF
02/05/18	phillip	SIA Engineering	3.33	3.51	Accumulate	DCF
02/05/18	Kim Eng	SIA Engineering	3.33	3.5	Hold	PER21x FY19
02/05/18	CIMB	SIA Engineering	3.33	3.13	Reduce	DCF
02/05/18	Lim & Tan	SIA Engineering	3.33	0	Hold
02/05/18	OCBC	SIA Engineering	3.33	3.7	Buy	DCF
02/05/18	DBS Vickers	SIA Engineering	3.33	3.86	Buy

Stock calls for 6 March 2018

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/18	UOB Kay Hian	A-Reit	2.58	2.76	Buy
03/06/18	UOB Kay Hian	CapitaCommercial	1.7	1.91	Buy
03/06/18	UOB Kay Hian	CDL Hospitality	1.65	1.82	Buy
03/06/18	OCBC	Frasers Centrepoint Trust	2.18	2.49	Buy
03/06/18	OCBC	Frasers Logistics	1.07	1.25	Buy
03/06/18	DMG & Partners	GSS Energy	0.16	0.25	Buy	Sum of parts
03/06/18	DBS Vickers	Keppel Corp	7.63	10.2	Buy
03/06/18	OCBC	Mapletree Logistics	1.2	1.48	Buy
03/06/18	CIMB	Powermatic	1.39	2.58	Add	Sum of parts, PER12.8x FY19
03/06/18	DBS Vickers	Sembcorp Marine	1.9	2.9	Buy
03/06/18	DBS Vickers	Singapore Post	1.33	1.61	Buy
03/06/18	DBS Vickers	UOL	8.38	10.23	Buy	RNAV (15% discount)

Singapore Airline (SIA) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/16	UOB Kay Hian	SIA	11.12	12	Hold
01/12/16	CIMB	SIA	10.96	12.83	Add
01/13/16	UOB Kay Hian	SIA	10.98	14	Buy	PB1x
01/26/16	Deutsche	SIA	10.86	10.7	Hold
02/01/16	UOB Kay Hian	SIA	11.03	14	Buy	PB1x FY17
02/05/16	CIMB	SIA	10.82	13	Add	PB1.1x FY16
02/05/16	Lim & Tan	SIA	10.82	0	Buy
02/10/16	Credit Suisse	SIA	11.24	14	Outperform
02/10/16	OCBC	SIA	11.24	11.7	Hold	PB1x FY17
02/10/16	UOB Kay Hian	SIA	11.24	13.9	Buy	PB1x FY17
03/03/16	CIMB	SIA	11.38	13	Add
03/03/16	Lim & Tan	SIA	11.38	12.52	Buy	Bloomberg consensus
03/04/16	OCBC	SIA	11.55	11.7	Hold
03/16/16	UOB Kay Hian	SIA	11.41	13.9	Buy	PB1x FY17
03/18/16	OCBC	SIA	11.45	12.5	Buy	PB1.1x FY17
04/01/16	UOB Kay Hian	SIA	11.42	13.9	Buy	PB1x FY17
04/11/16	OCBC	SIA	11.32	12.5	Buy
04/19/16	DBS Vickers	SIA	11.46	13.3	Buy	PB1.1x FY17
04/21/16	Kim Eng	SIA	11.6	11.8	Hold	PB1x FY17
04/28/16	Credit Suisse	SIA	11.47	14	Outperform
04/28/16	Deutsche	SIA	11.47	10.85	Hold
05/11/16	Credit Suisse	SIA	11.34	14.6	Outperform	EV/CFMV 121%, EV/Ebitda5.1x FY17
05/13/16	CIMB	SIA	11.63	12.42	Hold	PB1.1x
05/13/16	Lim & Tan	SIA	11.63	0	Buy
05/13/16	UOB Kay Hian	SIA	11.63	13.9	Buy
05/16/16	Credit Suisse	SIA	11	14.1	Outperform
05/16/16	DBS Vickers	SIA	11	12.5	Buy
05/16/16	Kim Eng	SIA	11	11.5	Hold	PB1x FY17
05/16/16	OCBC	SIA	11	12	Buy
05/16/16	UOB Kay Hian	SIA	11	11.6	Hold	PB0.9x FY17, Buy @ $10.20
06/02/16	HSBC	SIA	10.68	11.2	Neutral	Cut from $12
06/10/16	DBS Vickers	SIA	10.6	12.5	Buy
06/13/16	Credit Suisse	SIA	10.57	14.1	Outperform
06/16/16	UOB Kay Hian	SIA	10.52	11.6	Buy	PB0.9x FY17
06/20/16	Deutsche	SIA	10.56	10.85	Hold
06/20/16	OCBC	SIA	10.56	12	Buy
06/28/16	Kim Eng	SIA	10.4	10	Hold	PB0.87x
07/15/16	Credit Suisse	SIA	10.99	14.1	Outperform
07/15/16	Deutsche	SIA	10.99	9.8	Hold
07/19/16	UOB Kay Hian	SIA	11.08	11.5	Hold	PB0.9x FY17 Ex-SIAEC, Buy @ $10.30
07/29/16	Credit Suisse	SIA	11.2	13.3	Outperform
08/01/16	CIMB	SIA	10.98	12.67	Hold	PB1.1x CY16
08/02/16	OCBC	SIA	11.01	11.56	Hold	PB1x FY17
08/02/16	UOB Kay Hian	SIA	11.01	10.2	Hold	PB0.73x, Buy @ $9.50
08/03/16	DBS Vickers	SIA	10.61	12.6	Buy
09/01/16	OCBC	SIA	10.5	11.56	Hold
09/02/16	UOB Kay Hian	SIA	10.62	10.2	Hold
09/16/16	UOB Kay Hian	SIA	10.49	10	Hold	Buy @ $9
09/23/16	OCBC	SIA	10.57	10.8	Hold	PB0.9x FY17
10/18/16	Credit Suisse	SIA	10.24	10.1	Neutral	PB0.9x
10/18/16	UOB Kay Hian	SIA	10.24	10	Hold	PB0.73x FY17 ex-SIAEC, Buy @ $9
10/31/16	Kim Eng	SIA	10.14	9.7	Hold	PB0.86x FY17
11/04/16	CIMB	SIA	10.11	10.47	Hold	PB0.9x
11/04/16	Lim & Tan	SIA	10.11	0	Hold
11/04/16	UOB Kay Hian	SIA	10.11	10	Hold	PB0.73x FY17 ex-SIAEC, Buy @ $9
11/07/16	Credit Suisse	SIA	9.95	10.1	Neutral
11/07/16	DBS Vickers	SIA	9.95	10.2	Hold	PB0.9x
11/07/16	Deutsche	SIA	9.95	8.9	Hold
11/07/16	Kim Eng	SIA	9.95	9.7	Hold	PB0.86x
11/07/16	OCBC	SIA	9.95	10.22	Hold	PB0.9x FY17
11/07/16	UOB Kay Hian	SIA	9.95	10.1	Hold	PB0.7x FY17 ex-SIAEC, Buy @ $9.50
12/06/16	CIMB	SIA	9.8	10.47	Hold	PB0.9x CY17
12/07/16	Deutsche	SIA	9.73	8.9	Hold
12/14/16	Lim & Tan	SIA	9.8	0	Hold
12/16/16	UOB Kay Hian	SIA	9.74	10.1	Hold	PB0.7x FY17, Buy @ $8.90
01/10/17	DIR	SIA	9.83	8.62	Underperform	PB0.8x FY17
01/11/17	UOB Kay Hian	SIA	9.86	10.1	Hold
02/08/17	CIMB	SIA	9.72	10.5	Hold	PB0.9x CY17
02/08/17	DBS Vickers	SIA	9.72	10.1	Hold	PB0.9x FY17
02/08/17	DIR	SIA	9.72	8.62	Underperform	PB0.8x FY17
02/08/17	Kim Eng	SIA	9.72	9.7	Hold	PB0.86x FY17
02/08/17	Lim & Tan	SIA	9.72	0	Sell
02/08/17	UOB Kay Hian	SIA	9.72	10.1	Hold	PB0.7x FY17 ex-SIAEC
02/09/17	Credit Suisse	SIA	9.8	10.2	Neutral
02/09/17	OCBC	SIA	9.8	10.36	Hold
02/09/17	UOB Kay Hian	SIA	9.8	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.60
03/08/17	UOB Kay Hian	SIA	9.95	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.90
03/17/17	Lim & Tan	SIA	9.97	0	Hold
03/22/17	OCBC	SIA	10.04	10.36	Hold
04/05/17	UOB Kay Hian	SIA	10.27	10.4	Hold	PB0.7x FY18 ex-SIAEC, Buy @ $9.90
05/05/17	UOB Kay Hian	SIA	10.35	10.4	Hold	PB0.7x FY17 ex-SIAEC
05/19/17	DIR	SIA	10.76	9.06	Underperform	PB0.8x FY18
05/19/17	Lim & Tan	SIA	10.76	0	Sell
05/19/17	UOB Kay Hian	SIA	10.76	10.1	Hold	PB0.7x FY17 ex-SIAEC
05/22/17	CIMB	SIA	9.98	10	Reduce	PB0.9x
05/22/17	Credit Suisse	SIA	9.98	10	Neutral	PB0.9x FY18
05/22/17	DBS Vickers	SIA	9.98	10.1	Hold	PB0.9x
05/22/17	OCBC	SIA	9.98	10.03	Hold	PB0.9x FY18
05/22/17	UOB Kay Hian	SIA	9.98	10	Hold	PB0.7x FY17 ex-SIAEC, Buy @ $9
06/06/17	UOB Kay Hian	SIA	10.03	10	Hold	Buy @ $9
06/12/17	Credit Suisse	SIA	10.08	10	Neutral
06/23/17	OCBC	SIA	9.94	10.03	Hold
06/29/17	DIR	SIA	10.08	9.06	Underperform	PB0.8x FY18
07/03/17	UOB Kay Hian	SIA	10.12	10	Hold
07/27/17	Kim Eng	SIA	10.13	10.85	Hold	PB0.93x FY18
07/28/17	DIR	SIA	10.15	9.06	Underperform
07/31/17	CIMB	SIA	10.28	10	Reduce	PB0.9x
08/01/17	UOB Kay Hian	SIA	10.39	10.1	Hold	Sum of parts, Buy @ $9.10
08/01/17	OCBC	SIA	10.39	10.1	Hold	PB0.9x FY18
08/14/17	CIMB	SIA	10.59	10.42	Hold	PB0.9x
08/30/17	DIR	SIA	10.29	9.06	Underperform	PB0.8x FY18
09/05/17	OCBC	SIA	10.25	10.1	Hold
09/19/17	UOB Kay Hian	SIA	10.2	10.1	Hold	PB0.7x FY18, Buy @ $9.50 or lower
09/19/17	DIR	SIA	10.2	9.06	Underperform	PB0.8x FY18
10/12/17	Crucial Perspective	SIA	10.16	11.1	Outperform
10/27/17	UOB Kay Hian	SIA	10.22	10.1	Hold
11/08/17	UOB Kay Hian	SIA	10.32	11.1	Hold	PB0.8x, Buy @ $10.3
11/09/17	OCBC	SIA	10.75	10.5	Hold	PB0.9x FY18
11/09/17	Credit Suisse	SIA	10.75	10.25	Neutral	PB0.9x
11/09/17	CIMB	SIA	10.75	10.82	Hold
11/09/17	DBS Vickers	SIA	10.75	10.3	Hold	PB0.9x FY18
11/09/17	Kim Eng	SIA	10.75	10.95	Hold	PB0.93x FY18
12/20/17	CIMB	SIA	10.65	10.82	Hold
01/03/18	UOB Kay Hian	SIA	10.67	11.9	Buy	PB0.9x FY18
01/03/18	OCBC	SIA	10.67	10.5	Hold
01/31/18	DBS Vickers	SIA	11.31	10.55	Hold
02/09/18	Kim Eng	SIA	10.86	10.95	Hold	PB0.93x FY18
02/14/18	CIMB	SIA	10.62	12.05	Add	PB1x CY18
02/14/18	UOB Kay Hian	SIA	10.62	11.9	Buy	PB0.9x FY18
02/14/18	DBS Vickers	SIA	10.62	12	Buy	PB1x FY19
02/15/18	OCBC	SIA	11.15	10.85	Hold	PB0.9x FY18
02/15/18	Credit Suisse	SIA	11.15	10.7	Neutral