Stock calls for 21 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/21/18	Phillip	A-Reit	2.65	2.91	Accumulate
05/21/18	Lim & Tan	Boustead Projects	0.81	0	Hold
05/21/18	phillip	Cache Logistics	0.805	0.91	Accumulate
05/21/18	DMG & Partners	Dairy Farm	8.6	9.66	Buy	DCF
05/21/18	CIMB	ESR-Reit	0.525	0.6	Add	DDM
05/21/18	DBS Vickers	ESR-Reit	0.525	0.63	Buy
05/21/18	Phillip	Keppel DC Reit	1.36	1.51	Accumulate
05/21/18	Phillip	Mapletree Industrial	1.95	2.09	Neutral
05/21/18	DMG & Partners	Sheng Siong	1	1.18	Buy	DCF & PER
05/21/18	UOB Kay Hian	SIA	11.56	12.6	Buy	Sum of parts, PB1x FY19
05/21/18	OCBC	SIA	11.56	11.3	Hold
05/21/18	DBS Vickers	SIA	11.56	13.7	Buy	PB1.2x FY19
05/21/18	UOB Kay Hian	Tianjin Zhongxin	1.2	1.72	Buy	PER14.1x FY18
05/21/18	Kim Eng	Viva Industrial	0.89	1.05	Hold
05/21/18	OCBC	Viva Industrial	0.89	0.942	Accept Offer	$0.096 cash & 1.6 ESR-Reit share (New value $0.53)
05/21/18	DBS Vickers	Yanlord	1.67	2.27	Buy	PER6x FY18

Baltic dry index - 1273

Today, Friday, May 18 2018, the Baltic Dry Index decreased by 32 points, reaching 1273 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 - 1046

HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. increased by one this week to 1,046. At this time a year ago there were 901 active rigs. Houston oilfield services company Baker Hughes reported Friday that 844 rigs drilled for oil this week and 200 for gas. Two were listed as miscellaneous. Among major oil- and gas-producing states, New Mexico added three rigs and Texas tacked on two. Kansas gained one. Alaska, Colorado, Louisiana, North Dakota and Ohio each shed one rig. Arkansas, California, Oklahoma, Pennsylvania, Utah, West Virginia and Wyoming saw their rig levels unchanged this week.  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

Frasers Commercial Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/17	CIMB	Frasers Commercial Trust	1.28	1.26	Hold	DDM
01/24/17	DBS Vickers	Frasers Commercial Trust	1.28	1.46	Buy	DCF
01/24/17	DIR	Frasers Commercial Trust	1.28	1.36	Hold	DDM
01/24/17	DMG & Partners	Frasers Commercial Trust	1.28	1.4	Neutral	DDM
01/24/17	OCBC	Frasers Commercial Trust	1.28	1.48	Buy
02/28/17	DIR	Frasers Commercial Trust	1.27	1.42	Outperform	DDM
03/10/17	DMG & Partners	Frasers Commercial Trust	1.255	1.4	Neutral
03/14/17	OCBC	Frasers Commercial Trust	1.25	1.39	Buy
04/07/17	DMG & Partners	Frasers Commercial Trust	1.315	1.4	Neutral	DDM
04/18/17	DIR	Frasers Commercial Trust	1.325	1.42	Outperform
04/21/17	OCBC	Frasers Commercial Trust	1.325	1.39	Buy
04/24/17	CIMB	Frasers Commercial Trust	1.335	1.35	Hold	DDM
04/24/17	DIR	Frasers Commercial Trust	1.335	1.45	Outperform	DDM
04/25/17	DBS Vickers	Frasers Commercial Trust	1.35	1.52	Buy	DCF
05/30/17	DBS Vickers	Frasers Commercial Trust	1.38	1.52	Buy	DCF
07/12/17	DMG & Partners	Frasers Commercial Trust	1.41	1.4	Neutral
07/25/17	CIMB	Frasers Commercial Trust	1.425	1.45	Hold	DDM
07/25/17	DBS Vickers	Frasers Commercial Trust	1.425	1.61	Buy	DCF
07/26/17	OCBC	Frasers Commercial Trust	1.44	1.42	Hold
07/26/17	DIR	Frasers Commercial Trust	1.44	1.45	Hold	DDM
09/04/17	OCBC	Frasers Commercial Trust	1.395	1.42	Hold
09/21/17	DMG & Partners	Frasers Commercial Trust	1.41	1.4	Neutral
09/25/17	Lim & Tan	Frasers Commercial Trust	1.395	0	Hold
09/26/17	DIR	Frasers Commercial Trust	1.38	1.43	Hold	DDM
10/23/17	OCBC	Frasers Commercial Trust	1.41	1.42	Hold	DDM
10/23/17	DMG & Partners	Frasers Commercial Trust	1.41	1.39	Neutral	DDM
10/23/17	CIMB	Frasers Commercial Trust	1.41	1.46	Hold	DDM
10/23/17	DBS Vickers	Frasers Commercial Trust	1.41	1.55	Buy	DCF
11/06/17	OCBC	Frasers Commercial Trust	1.39	1.42	Hold
11/07/17	DBS Vickers	Frasers Commercial Trust	1.395	1.55	Buy	DCF
12/15/17	OCBC	Frasers Commercial Trust	1.44	1.42	Hold
12/18/17	OCBC	Frasers Commercial Trust	1.42	1.51	Buy	DDM
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

Fortune Centrepoint Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Frasers Centrepoint Trust	1.9	2.22	Buy	DDM
01/09/17	DBS Vickers	Frasers Centrepoint Trust	1.97	2.29	Buy	DCF
01/12/17	HSBC	Frasers Centrepoint Trust	1.995	2.3	Buy
01/18/17	DIR	Frasers Centrepoint Trust	1.99	2.28	Outperform	DDM
01/23/17	CIMB	Frasers Centrepoint Trust	1.965	2.01	Add	DDM
01/23/17	DBS Vickers	Frasers Centrepoint Trust	1.965	2.2	Buy	DCF
01/23/17	Lim & Tan	Frasers Centrepoint Trust	1.965	0	Hold
01/23/17	OCBC	Frasers Centrepoint Trust	1.965	2.28	Buy
01/23/17	Phillip	Frasers Centrepoint Trust	1.965	2	Neutral	DDM
01/31/17	Credit Suisse	Frasers Centrepoint Trust	1.995	2.23	Outperform
03/06/17	OCBC	Frasers Centrepoint Trust	2.01	2.28	Buy
03/07/17	UOB Kay Hian	Frasers Centrepoint Trust	2.01	2.15	Hold
03/10/17	DMG & Partners	Frasers Centrepoint Trust	1.965	2.22	Buy
03/27/17	DIR	Frasers Centrepoint Trust	2.06	2.28	Outperform	DDM
04/07/17	DMG & Partners	Frasers Centrepoint Trust	2.06	2.22	Buy	DDM
04/11/17	UOB Kay Hian	Frasers Centrepoint Trust	2.07	2.15	Hold	DDM, Buy @ $1.90
04/18/17	DIR	Frasers Centrepoint Trust	2.09	2.28	Outperform
04/25/17	OCBC	Frasers Centrepoint Trust	2.12	2.28	Buy
04/26/17	CIMB	Frasers Centrepoint Trust	2.11	2.2	Add	DDM
04/26/17	DBS Vickers	Frasers Centrepoint Trust	2.11	2.2	Buy	DCF
04/26/17	DIR	Frasers Centrepoint Trust	2.11	2.31	Outperform	DDM
04/27/17	Lim & Tan	Frasers Centrepoint Trust	2.15	0	Hold
04/27/17	Phillip	Frasers Centrepoint Trust	2.15	2.04	Neutral	DDM
05/11/17	Amfrasers	Frasers Centrepoint Trust	2.01	2.1	Buy	DDM
05/25/17	UOB Kay Hian	Frasers Centrepoint Trust	2.08	2.26	Buy
05/30/17	DBS Vickers	Frasers Centrepoint Trust	2.08	2.2	Buy	DCF
06/05/17	OCBC	Frasers Centrepoint Trust	2.1	2.28	Buy
06/06/17	DIR	Frasers Centrepoint Trust	2.09	2.31	Outperform
06/14/17	Amfrasers	Frasers Centrepoint Trust	2.13	2.1	Hold
07/04/17	DMG & Partners	Frasers Centrepoint Trust	2.14	2.22	Buy
07/25/17	Lim & Tan	Frasers Centrepoint Trust	2.14	0	Buy
07/25/17	Phillip	Frasers Centrepoint Trust	2.14	2.14	Neutral	DDM, PB1.11x FY17
07/25/17	DIR	Frasers Centrepoint Trust	2.14	2.36	Outperform	DDM
07/25/17	Amfrasers	Frasers Centrepoint Trust	2.14	2.11	Hold	DDM
07/25/17	UOB Kay Hian	Frasers Centrepoint Trust	2.14	2.26	Buy	DDM
07/25/17	Credit Suisse	Frasers Centrepoint Trust	2.14	2.24	Outperform
07/25/17	CIMB	Frasers Centrepoint Trust	2.14	2.34	Add	DDM
07/25/17	OCBC	Frasers Centrepoint Trust	2.14	2.28	Buy
07/26/17	DBS Vickers	Frasers Centrepoint Trust	2.14	2.26	Buy
08/22/17	OCBC	Frasers Centrepoint Trust	2.11	2.28	Buy
09/13/17	Credit Suisse	Frasers Centrepoint Trust	2.15	2.27	Outperform
09/21/17	DMG & Partners	Frasers Centrepoint Trust	2.13	2.22	Buy
10/23/17	UOB Kay Hian	Frasers Centrepoint Trust	2.19	2.26	buy
10/25/17	Lim & Tan	Frasers Centrepoint Trust	2.24	0	Buy
10/26/17	OCBC	Frasers Centrepoint Trust	2.21	2.4	Buy	DDM
10/26/17	Phillip	Frasers Centrepoint Trust	2.21	2.14	Neutral	DDM
10/26/17	DMG & Partners	Frasers Centrepoint Trust	2.21	2.24	Neutral	DDM
10/26/17	UOB Kay Hian	Frasers Centrepoint Trust	2.21	2.43	Buy	DDM
10/26/17	CIMB	Frasers Centrepoint Trust	2.21	2.38	Add	DDM
10/26/17	DBS Vickers	Frasers Centrepoint Trust	2.21	2.37	Buy
10/26/17	Credit Suisse	Frasers Centrepoint Trust	2.21	2.26	Buy
11/30/17	OCBC	Frasers Centrepoint Trust	2.21	2.4	Buy
12/01/17	UOB Kay Hian	Frasers Centrepoint Trust	2.22	2.43	Buy
12/14/17	CIMB	Frasers Centrepoint Trust	2.21	2.38	Add	DDM
12/14/17	OCBC	Frasers Centrepoint Trust	2.21	2.4	Buy
12/18/17	DBS Vickers	Frasers Centrepoint Trust	2.2	2.37	Buy
12/19/17	DMG & Partners	Frasers Centrepoint Trust	2.2	2.24	Neutral
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

Fortune Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/01/17	DIR	Fortune Reit	9.02	10.9	Buy	DDM
08/01/17	DIR	Fortune Reit	9.72	10.9	Outperform

Stock calls for 18 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/18/18	DMG & Partners	CapitaCommercial	1.72	1.65	Neutral	DDM
05/18/18	CIMB	CapitaCommercial	1.72	1.94	Add	DDM
05/18/18	Amfrasers	Cityneon	1	154	Buy	PER14x FY18
05/18/18	phillip	Golden Energy	0.365	0.48	Buy	PER10x FY18
05/18/18	DMG & Partners	GSS Energy	0.151	0.25	Buy	Sum of parts
05/18/18	DMG & Partners	Jadason	0.05	0.05	Neutral	DCF
05/18/18	DBS Vickers	Mermaid Maritime	0.138	0.13	Hold	PB0.6x
05/18/18	Lim & Tan	SIA	11.14	0	Hold
05/18/18	CIMB	SIA	11.14	11.75	Add
05/18/18	UOB Kay Hian	Singtel	3.44	4.22	Buy	DCF
05/18/18	DMG & Partners	Singtel	3.44	3.9	Buy	Sum of parts
05/18/18	CIMB	Singtel	3.44	3.9	Add	Sum of parts
05/18/18	OCBC	Singtel	3.44	4.1	Buy
05/18/18	Kim Eng	Singtel	3.44	3.57	Hold	Sum of parts

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/17	UOB Kay Hian	Food Empire	0.565	0.78	Buy	PER19x FY17
03/02/17	UOB Kay Hian	Food Empire	0.57	0.78	Buy	PER19x FY17
04/03/17	UOB Kay Hian	Food Empire	0.58	0.78	Buy
04/11/17	DMG & Partners	Food Empire	0.575	0.76	Buy	PER18x FY17
05/03/17	UOB Kay Hian	Food Empire	0.54	0.78	Buy
05/12/17	DMG & Partners	Food Empire	0.58	0.85	Buy
05/16/17	DMG & Partners	Food Empire	0.655	0.95	Buy	PER18x FY17
05/16/17	UOB Kay Hian	Food Empire	0.655	0.9	Buy	PER19x FY17
08/14/17	UOB Kay Hian	Food Empire	0.67	0.87	Buy	PER19x FY17
08/14/17	DMG & Partners	Food Empire	0.67	0.95	Buy	PER18x FY17
11/10/17	DMG & Partners	Food Empire	0.66	1	Buy	PER18x FY18
12/19/17	DMG & Partners	Food Empire	0.655	1	Buy
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

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/31/17	Amfrasers	First Sponsor	1.37	1.62	Not Rated	RNAV (25% discount)
02/09/18	Lim & Tan	First Sponsor	1.41	0	Buy

First Ship Lease Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/17	Amfrasers	First Ship Lease Trust	0.08	0.13	Buy	DCF
12/13/17	Amfrasers	First Ship Lease Trust	0.082	0.15	Buy	DCF
01/17/18	Amfrasers	First Ship Lease Trust	0.093	0.15	Buy

Stock calls for 17 May 2018

Date	Analyst	Company	Last	Target	Call	Valuation
05/17/18	DMG & Partners	A-Reit	2.64	2.95	Buy
05/17/18	Phillip	APTV	0.465	0.52	Buy
05/17/18	phillip	Banyan Tree	0.575	0.73	Accumulate	Sum of parts, PB0.94x FY18
05/17/18	DMG & Partners	Cache Logistics	0.795	0.98	Buy
05/17/18	DMG & Partners	CapitaCommercial	1.72	1.63	Sell
05/17/18	OCBC	CapitaCommercial	1.72	1.84	Hold
05/17/18	DMG & Partners	Capitamall Trust	2.08	2.1	Neutral
05/17/18	DBS Vickers	Chip Eng Seng	0.945	1.18	Buy
05/17/18	DBS Vickers	City Developments	11.97	15.4	Buy
05/17/18	phillip	CNMC	0.275	0.42	Buy	DCF
05/17/18	DMG & Partners	Frasers Centrepoint Trust	2.16	2.24	Neutral
05/17/18	DMG & Partners	Frasers Commercial Trust	1.36	1.49	Neutral
05/17/18	DMG & Partners	ISOTeam	0.35	0.42	Buy
05/17/18	DMG & Partners	Keppel Reit	1.18	1.06	Sell
05/17/18	phillip	SIA Engineering	3.31	3.57	Accumulate	DCF
05/17/18	DBS Vickers	SIA Engineering	3.31	3.92	Buy	Sum of parts
05/17/18	UOB Kay Hian	SIA Engineering	3.31	3.8	Buy	PER19.6x ex-cash
05/17/18	OCBC	SIA Engineering	3.31	3.7	Buy
05/17/18	Lim & Tan	Singtel	3.42	0	Buy
05/17/18	DMG & Partners	Starhill	0.685	0.81	Neutral
05/17/18	DMG & Partners	Suntec Reit	1.83	1.75	Neutral
05/17/18	Phillip	Thai Beverage	0.795	1.05	Buy	Sum of parts
05/17/18	CIMB	Thai Beverage	0.795	0.98	Add	Sum of parts
05/17/18	OCBC	Thai Beverage	0.795	0.95	Buy
05/17/18	OCBC	Viva Industrial	0.89	0.9	Hold

Singapore NODX increased 11.8% in April 2018

https://sg.finance.yahoo.com/news/singapore-april-exports-blow-past-expectations-stronger-pharma-040119407--business.html

Year on year changes (YOY):

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%

http://sg-stock.blogspot.sg/2018/04/singapore-nodx-fell-27-in-march-2018.html

Microsoft bans Crypto ads now!

https://sg.finance.yahoo.com/news/crypto-prices-plunge-microsoft-bing-070100228.html

This is not unexpected as Bill Gates announced recently that he would short crypto if he were a crypto investor.

Trump partners with China to develop a theme park in Indonesia.

https://sg.finance.yahoo.com/news/trump-indonesia-project-gets-chinese-041659051.html

LOL! Trump is truly a businessman and not a president.  No wonder he is trying to save China ZTE now.

Trump-Kim summit in Singapore is in jeopardy now.

https://sg.news.yahoo.com/skorea-news-agency-nkorea-threatens-192035374.html

http://sg-stock.blogspot.sg/2018/05/hot-news-trump-and-kim-will-meet-in.html

Continual military exercises with South Korea are definitely unfriendly gestures against North Korea especially prior to the Trump-Kim summit in Singapore.  This is a common sense thing but Trump doesn't get it.  No wonder Kim visited China before the summit to get some support and hoped that President Xi would be present during the summit.

Let's see how this will pan out.

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	First Resources	1.9	1.8	Neutral
01/11/17	CIMB	First Resources	1.915	2.32	Add
01/11/17	DBS Vickers	First Resources	1.915	1.9	Hold
01/11/17	Kim Eng	First Resources	1.915	1.97	Hold
01/31/17	UOB Kay Hian	First Resources	1.955	1.98	Buy
02/01/17	Kim Eng	First Resources	1.93	1.97	Hold
02/03/17	UOB Kay Hian	First Resources	1.935	2.15	Buy	PER17x FY17
02/06/17	DMG & Partners	First Resources	1.965	2	Hold	PER19x FY17
02/13/17	DBS Vickers	First Resources	1.97	1.9	Hold
02/17/17	DBS Vickers	First Resources	1.96	2.19	Buy
02/28/17	CIMB	First Resources	1.87	2.32	Add	PER13x FY18
03/01/17	DBS Vickers	First Resources	1.885	2.15	Buy	DCF
03/01/17	Kim Eng	First Resources	1.885	1.97	Hold	PER17x FY17
03/01/17	UOB Kay Hian	First Resources	1.885	2.15	Buy	PER17x FY17
03/09/17	DMG & Partners	First Resources	1.94	1.9	Neutral
04/11/17	DMG & Partners	First Resources	1.915	1.8	Neutral
05/02/17	UOB Kay Hian	First Resources	1.875	2.15	Buy	PER17x FY17
05/12/17	CIMB	First Resources	1.96	2.32	Add	PER13x FY18
05/12/17	Kim Eng	First Resources	1.96	1.97	Hold	PER17x FY17
05/15/17	DMG & Partners	First Resources	1.955	2.05	Neutral	PER17x FY17
05/16/17	DBS Vickers	First Resources	2	2.15	Buy	DCF
06/29/17	UOB Kay Hian	First Resources	1.915	1.95	Hold
07/11/17	DBS Vickers	First Resources	1.89	2.15	Buy
07/20/17	UOB Kay Hian	First Resources	1.885	1.95	Hold	PER16x FY18, Buy @ $1.75
08/14/17	Kim Eng	First Resources	1.84	1.97	Hold	PER17x FY17
08/14/17	DMG & Partners	First Resources	1.84	2.05	Neutral	PER17x FY17
08/15/17	CIMB	First Resources	1.84	2.32	Add	PER13x FY18
08/15/17	DBS Vickers	First Resources	1.84	2.13	Buy	DCF
08/21/17	UOB Kay Hian	First Resources	1.8	1.95	Hold
08/28/17	DIR	First Resources	1.905	2.11	Outperform	PER13x FY17/18
09/11/17	Kim Eng	First Resources	1.88	1.97	Hold
09/13/17	DBS Vickers	First Resources	1.885	2.13	Buy
10/09/17	UOB Kay Hian	First Resources	1.925	1.95	Hold	PER16x FY18, Buy @ $1.75
10/11/17	Kim Eng	First Resources	1.93	2.04	Hold	PER17x FY17
10/11/17	CIMB	First Resources	1.93	2.32	Add
11/02/17	Credit Suisse	First Resources	1.98	2.3	Neutral	PER16x FY18
11/03/17	CIMB	First Resources	1.96	2.32	Add
11/13/17	Kim Eng	First Resources	1.94	2.04	Hold	PER17x FY17
11/13/17	DBS Vickers	First Resources	1.94	2.13	Buy
11/14/17	Kim Eng	First Resources	1.95	2.04	Hold	PER17x FY17
11/14/17	DMG & Partners	First Resources	1.95	2.13	Neutral	PER13x FY18
11/14/17	CIMB	First Resources	1.95	2.13	Add	PER13x FY19
11/15/17	DBS Vickers	First Resources	1.93	2.18	Buy	DCF, PER14.5x FY18
11/15/17	UOB Kay Hian	First Resources	1.93	1.95	Hold	PER16x FY18, Buy @ $1.75
11/15/17	Credit Suisse	First Resources	1.93	2.3	Neutral
12/04/17	CIMB	First Resources	1.88	2.13	Add
12/13/17	Kim Eng	First Resources	1.88	2.04	Hold
12/13/17	DMG & Partners	First Resources	1.88	2.03	Neutral	PER12x FY18
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