US pulls out of UN human rights council to have a free rein in immigration treatment.

https://www.bbc.com/news/44537372

https://edition.cnn.com/2018/06/18/us/texas-deputy-child-sex-assault-charge-trnd/index.html

The US government separates parents and kids and leave the kids to fend for themselves.  The kids are subjected to abuses and not given proper blankets.

If the US is still in the UN human rights council, it will have to abide by the human rights council rules.  What a perfect timing to pull out of the council!

Keppel T&T - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	UOB Kay Hian	Keppel T&T	1.715	2.53	Buy
01/26/17	CIMB	Keppel T&T	1.765	1.7	Hold	Sum of parts (20% discount)
01/26/17	UOB Kay Hian	Keppel T&T	1.765	2.51	Buy	Sum of parts
03/21/17	UOB Kay Hian	Keppel T&T	1.75	2.51	Buy
04/07/17	Lim & Tan	Keppel T&T	1.765	0	Buy
04/19/17	CIMB	Keppel T&T	1.755	1.73	Hold	Sum of parts (20% discount)
04/19/17	UOB Kay Hian	Keppel T&T	1.755	2.51	Buy	Sum of parts
05/17/17	UOB Kay Hian	Keppel T&T	1.745	2.51	Buy	Sum of parts
09/08/17	UOB Kay Hian	Keppel T&T	1.5	1.9	Buy	Sum of parts
10/02/17	UOB Kay Hian	Keppel T&T	1.49	1.9	Buy	Sum of parts
01/25/18	UOB Kay Hian	Keppel T&T	1.7	1.9	Buy	Sum of parts
04/18/18	UOB Kay Hian	Keppel T&T	1.57	1.75	Buy	PER30.1x FY19

Keppel Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	DBS Vickers	Keppel Reit	1.05	1.23	Buy	DCF
01/09/17	Morgan Stanley	Keppel Reit	1.05	0.9	Underweight
01/11/17	Kim Eng	Keppel Reit	1.055	1.21	Buy
01/25/17	CIMB	Keppel Reit	1.045	1.03	Hold	DDM
01/25/17	Credit Suisse	Keppel Reit	1.045	0.97	Neutral
01/25/17	DIR	Keppel Reit	1.045	0.95	Underperform	DDM
01/25/17	DMG & Partners	Keppel Reit	1.045	0.99	Neutral	DDM
01/25/17	Kim Eng	Keppel Reit	1.045	1.18	Buy
01/25/17	Religare	Keppel Reit	1.045	1.02	Hold
01/25/17	UOB Kay Hian	Keppel Reit	1.045	1.21	Buy	DDM
02/07/17	DIR	Keppel Reit	1.19	0.92	Underperform	DDM
02/09/17	Credit Suisse	Keppel Reit	1.02	1	Neutral
02/17/17	JP Morgan	Keppel Reit	1.015	1.15	Overweight
02/28/17	Deutsche	Keppel Reit	1.025	1	Hold
03/07/17	UOB Kay Hian	Keppel Reit	1.02	1.21	Buy
03/10/17	DMG & Partners	Keppel Reit	1.01	0.99	Neutral
03/17/17	DBS Vickers	Keppel Reit	1.015	1.23	Buy
04/07/17	DMG & Partners	Keppel Reit	1.055	0.99	Neutral	DDM
04/11/17	UOB Kay Hian	Keppel Reit	1.055	1.21	Buy
04/18/17	DIR	Keppel Reit	1.055	0.92	Underperform	DDM
04/18/17	Kim Eng	Keppel Reit	1.055	1.18	Buy	Yield 5.25%
04/20/17	CIMB	Keppel Reit	1.07	1.09	Hold	DDM
04/21/17	DIR	Keppel Reit	1.05	0.94	Underperform	DDM
05/18/17	DBS Vickers	Keppel Reit	1.065	1.23	Buy
05/18/17	Deutsche	Keppel Reit	1.065	1.1	Hold
05/25/17	UOB Kay Hian	Keppel Reit	1.095	1.3	Buy
06/12/17	DBS Vickers	Keppel Reit	1.14	1.23	Buy
06/22/17	Deutsche	Keppel Reit	1.145	1.1	Hold
06/22/17	OCBC	Keppel Reit	1.145	1.23	Buy
07/03/17	DIR	Keppel Reit	1.145	0.98	Underperform	DDM
07/11/17	Kim Eng	Keppel Reit	1.15	1.18	Buy
07/12/17	DMG & Partners	Keppel Reit	1.16	0.99	Neutral
07/19/17	UOB Kay Hian	Keppel Reit	1.17	1.3	Buy	DDM
07/19/17	DMG & Partners	Keppel Reit	1.17	1.05	Neutral	DDM
07/19/17	Credit Suisse	Keppel Reit	1.17	0.97	Underperform
07/19/17	CIMB	Keppel Reit	1.17	1.16	Hold	DDM
07/19/17	Kim Eng	Keppel Reit	1.17	1.18	Hold
07/19/17	DBS Vickers	Keppel Reit	1.17	1.23	Buy	DCF
08/01/17	DBS Vickers	Keppel Reit	1.16	1.23	Buy
09/21/17	DMG & Partners	Keppel Reit	1.175	1.05	Neutral
09/25/17	Kim Eng	Keppel Reit	1.165	1.18	Hold
10/19/17	DMG & Partners	Keppel Reit	1.195	1.05	Neutral
10/19/17	DBS Vickers	Keppel Reit	1.195	1.28	Buy	DCF
10/19/17	DIR	Keppel Reit	1.195	0.98	Underperform	DDM
10/19/17	UOB Kay Hian	Keppel Reit	1.195	1.3	Buy	DDM
10/19/17	CIMB	Keppel Reit	1.195	1.2	Hold	DDM
11/03/17	Morgan Stanley	Keppel Reit	1.175	0.95	Underweight	Target Yield 6.5%
11/28/17	Macquarie	Keppel Reit	1.25	1.3	Outperform
12/01/17	UOB Kay Hian	Keppel Reit	1.26	1.43	Buy
12/18/17	DBS Vickers	Keppel Reit	1.25	1.39	Buy
12/18/17	Kim Eng	Keppel Reit	1.25	1.19	Hold	Target yield 5.25%, Up from $1.16
01/04/18	Deutsche	Keppel Reit	1.27	1.25	Hold
01/05/18	DMG & Partners	Keppel Reit	1.27	1.05	Neutral
01/24/18	Kim Eng	Keppel Reit	1.32	1.19	Hold
01/24/18	UOB Kay Hian	Keppel Reit	1.32	1.43	Buy	DDM
01/24/18	Credit Suisse	Keppel Reit	1.32	0.97	Underperform
01/24/18	CIMB	Keppel Reit	1.32	1.34	Hold	DDM
01/24/18	DBS Vickers	Keppel Reit	1.32	1.41	Buy	DCF
01/24/18	DMG & Partners	Keppel Reit	1.32	1.06	Sell	DDM
02/14/18	Deutsche	Keppel Reit	1.18	1.3	Buy
03/19/18	DBS Vickers	Keppel Reit	1.21	1.41	Buy
04/19/18	UOB Kay Hian	Keppel Reit	1.2	1.43	Buy	DDM
04/19/18	DBS Vickers	Keppel Reit	1.2	1.41	Buy
04/19/18	Lim & Tan	Keppel Reit	1.2	0	Hold
05/17/18	DMG & Partners	Keppel Reit	1.18	1.06	Sell

Stock calls for 20 June 2018

Date	Analyst	Company	Last	Target	Call	Valuation
06/20/18	Kim Eng	Bukit Sembawang	6.04	8.55	Buy
06/20/18	Kim Eng	Capitaland	3.31	4.1	Buy
06/20/18	CIMB	China Aviation Oil	1.52	2.03	Add	PER12.5x CY19
06/20/18	UOB Kay Hian	Citic Envirotech	0.56	1.06	Buy	DCF, PER11.6x FY19
06/20/18	DMG & Partners	Delfi	1.32	1.47	Buy	DCF
06/20/18	Kim Eng	Ho Bee	2.36	3.3	Buy
06/20/18	DBS Vickers	Parkway Life	2.58	3.15	Buy
06/20/18	Citi Research	Sasseur	0.76	0.92	Buy
06/20/18	DMG & Partners	Silverlake	0.52	0.65	Buy	DCF, PERf21x FY19
06/20/18	OCBC	Singtel	3.18	4.1	Buy	PER18.3x FY19
06/20/18	Lim & Tan	Top Glove	3.88	0	Hold
06/20/18	Kim Eng	UOL	7.5	10.85	Buy

Singapore casinos will face stiffer competitions in Asia now.

https://www.channelnewsasia.com/news/asia/japan-dreams-of-jackpot-with-legal-casinos-10450528

Asia countries are getting on with the gambling industry and are opening new casinos in their own countries.  This will definitely impact Singapore casinos because we're all going after the same pool of gamblers.

Bloomberg doesn't dare to calculate the cost of economic tariffs for USA.

https://www.bloombergquint.com/global-economics/2018/06/20/trump-s-tariffs-could-deliver-a-sizable-hit-to-china-s-economy

The bloomberg article doesn't mention anything about the US damages from the US-China trade war.  This is a one-sided article which seeks to extol the US economic clout.  In actual fact, the US suffers the same economic damages as China.  However, shaving a 0.5% from 6.8% (China) is different from shaving a 0.5% from 3% economic growth (US).

This is the reason for not reporting this differential in the bloomberg article.

Noble shares spike because of Goldilocks.

https://sg.finance.yahoo.com/news/noble-group-says-shareholders-receive-20-percent-equity-004521027--sector.html

Goldilocks agreed to the new restructuring and withdrew its lawsuit against Noble.  This is a great news for Noble.

North Korean Kim is back in China again!

https://sg.news.yahoo.com/china-says-north-korean-leader-kim-jong-un-022856010.html

This Kim visit is neither about returning the plane to China nor thanking China.  It is about getting support from China again.

Keppel KBS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/18	DBS Vickers	Keppel KBS	0.905	0.95	Buy	DCF
04/19/18	DBS Vickers	Keppel KBS	0.885	0.95	Buy

Keppel Infrastructure - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/17	DBS Vickers	Keppel Infrastructure	0.495	0.56	Buy	DCF
01/24/17	UOB Kay Hian	Keppel Infrastructure	0.495	0.54	Hold	Buy below $0.475
04/07/17	Credit Suisse	Keppel Infrastructure	0.525	0.57	Outperform
04/18/17	DBS Vickers	Keppel Infrastructure	0.53	0.56	Buy	DCF
07/19/17	Credit Suisse	Keppel Infrastructure	0.565	0.57	Neutral
07/19/17	DBS Vickers	Keppel Infrastructure	0.565	0.6	Buy	DDM
10/17/17	DBS Vickers	Keppel Infrastructure	0.55	0.6	Buy	DDM
01/23/18	UOB Kay Hian	Keppel Infrastructure	0.585	0.61	Buy
01/24/18	DBS Vickers	Keppel Infrastructure	0.58	0.6	Buy	DDM
04/18/18	DBS Vickers	Keppel Infrastructure	0.545	0.6	Buy	DDM

Stock calls for 19 June 2018

Date	Analyst	Company	Last	Target	Call	Valuation
06/19/18	DBS Vickers	AIMS AMP Cap Ind Reit	1.38	1.55	Buy	DCF
06/19/18	Kim Eng	City Developments	11.22	14.2	Buy
06/19/18	CIMB	City Developments	11.22	13.41	Add
06/19/18	Kim Eng	Guocoland	2.07	3	Buy
06/19/18	UOB Kay Hian	SIA	11.2	11.9	Hold	PB0.95x, Buy @ $10.9
06/19/18	DBS Vickers	Singtel	3.19	3.7	Buy	Sum of parts
06/19/18	Kim Eng	Singtel	3.19	3.57	Hold
06/19/18	OCBC	Starhill	0.66	0.65	Hold

Anti-Singapore sentiment is brewing in Malaysia after Mahathir became PM.

https://www.thestar.com.my/business/business-news/2018/06/19/guan-eng-lets-give-singapore-some-competition/

When the head of a nation is anti-Singapore, the rest of the ministers will follow.

US-China trade war is back! - Part 2

Trump has decided to impose a further 10% tariffs against $200b of China imports after the first salvo of $50b.

China will not back down but retaliate against the additional tariffs.  Trump has underestimated China's strong resolution and capabilities and this trade war will end very badly for the USA.

http://sg-stock.blogspot.com/2018/06/us-china-trade-war-is-back.html

Foreigners are dumping US treasuries!

https://www.cnbc.com/2018/06/18/russia-cuts-treasury-holdings-in-half-as-foreigners-start-losing-appetite-for-us-debt.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo

If the trend of dumping US treasuries continues, the US interest rates will need to rise sharply to retain current investors and attract new investors.

The foreigners are losing faith and confidence in the USA's resiliency.

It is a fact that the USA is unable to repay its national debt of US$21T and this awakening is starting to unfold now.

The KL-SG HSR is terminated officially but the Malaysia government doesn't want to admit it.

https://www.thestar.com.my/business/business-news/2018/06/18/hsr-alternative-for-only-rm20bil/

The Malaysian government said that the KL-SG HSR was postponed but not terminated in its latest statement.  If the KL-SG HSR is not terminated or scrapped, the project specifications will still be the same if this is executed in the future.  However, the Malaysian government is trying to propose a different system on its existing railway.  This is definitely not the same HSR system.

The Malaysian government is trying to avoid paying the $500m ringgit termination fee to SG by tweaking the project specifications.  What's the point for SG to build a HSR for 15km in SG whilst the Malaysian government is using a different system for its 335km?

http://sg-stock.blogspot.com/2018/06/mahathir-is-so-sly-and-flip-flop-to.html

I already knew Mahathir won't go easy on SG and would continue to skin SG alive.

Singapore NODX increased 15.5% in May 2018

http://www.xinhuanet.com/english/2018-06/18/c_137261824.htm

Year on year changes (YOY):

May 2018: 15.5%

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.com/2018/05/singapore-nodx-increased-118-in-april.html

Keppel DC Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/17	CIMB	Keppel DC Reit	1.23	1.18	Hold	DDM
01/09/17	DBS Vickers	Keppel DC Reit	1.23	1.33	Buy	DCF
01/09/17	Deutsche	Keppel DC Reit	1.23	1.2	Hold
01/24/17	CIMB	Keppel DC Reit	1.215	1.21	Hold	DDM
01/24/17	Lim & Tan	Keppel DC Reit	1.215	0	Hold
01/24/17	OCBC	Keppel DC Reit	1.215	1.39	Buy
01/25/17	Credit Suisse	Keppel DC Reit	1.205	1.31	Outperform
01/25/17	DBS Vickers	Keppel DC Reit	1.205	1.3	Buy	DCF
01/25/17	Phillip	Keppel DC Reit	1.205	1.15	Hold	DDM, PB1.21x FY17
02/17/17	JP Morgan	Keppel DC Reit	1.165	1.25	Overweight
02/20/17	Phillip	Keppel DC Reit	1.175	1.15	Neutral
02/28/17	Deutsche	Keppel DC Reit	1.165	1.2	Hold
03/01/17	CIMB	Keppel DC Reit	1.18	1.21	Add	DDM
03/06/17	OCBC	Keppel DC Reit	1.165	1.39	Buy
03/17/17	DBS Vickers	Keppel DC Reit	1.195	1.3	Buy
04/03/17	OCBC	Keppel DC Reit	1.2	1.39	Buy
04/07/17	Lim & Tan	Keppel DC Reit	1.215	0	Buy
04/18/17	CIMB	Keppel DC Reit	1.225	1.26	Add	DDM
04/18/17	Credit Suisse	Keppel DC Reit	1.225	1.31	Outperform
04/18/17	Lim & Tan	Keppel DC Reit	1.225	0	Hold
04/18/17	Phillip	Keppel DC Reit	1.225	1.15	Neutral	DDM
05/08/17	Phillip	Keppel DC Reit	1.24	1.15	Neutral
05/18/17	DBS Vickers	Keppel DC Reit	1.23	1.3	Buy
05/29/17	OCBC	Keppel DC Reit	1.28	1.39	Buy
06/22/17	Deutsche	Keppel DC Reit	1.26	1.2	Hold
07/18/17	Phillip	Keppel DC Reit	1.32	1.28	Hold	DDM, PB1.35x FY17
07/18/17	Credit Suisse	Keppel DC Reit	1.32	1.47	Outperform
07/18/17	OCBC	Keppel DC Reit	1.32	1.39	Buy	DDM
07/18/17	CIMB	Keppel DC Reit	1.32	1.28	Hold	DDM
07/19/17	DBS Vickers	Keppel DC Reit	1.33	1.4	Buy
08/18/17	Phillip	Keppel DC Reit	1.275	1.28	Neutral	DDM, PB1.35x FY17
08/22/17	OCBC	Keppel DC Reit	1.285	1.39	Buy
09/04/17	CIMB	Keppel DC Reit	1.285	1.28	Hold
09/13/17	DBS Vickers	Keppel DC Reit	1.295	1.44	Buy
09/14/17	Phillip	Keppel DC Reit	1.29	1.31	Neutral	DDM, PB1.37x FY17
09/14/17	Lim & Tan	Keppel DC Reit	1.29	0	Hold
09/26/17	CIMB	Keppel DC Reit	1.305	1.36	Add
10/17/17	Phillip	Keppel DC Reit	1.35	1.36	Neutral	DDM, PB1.42x FY17
10/17/17	OCBC	Keppel DC Reit	1.35	1.39	Buy
10/17/17	Lim & Tan	Keppel DC Reit	1.35	0	Hold
10/17/17	CIMB	Keppel DC Reit	1.35	1.37	Hold
10/19/17	DBS Vickers	Keppel DC Reit	1.345	1.44	Buy	DCF
11/20/17	OCBC	Keppel DC Reit	1.4	1.5	Buy	PB1.47x FY18
01/23/18	OCBC	Keppel DC Reit	1.47	1.51	Hold
01/23/18	Lim & Tan	Keppel DC Reit	1.47	0	Hold
01/23/18	CIMB	Keppel DC Reit	1.47	1.44	Hold
01/23/18	DBS Vickers	Keppel DC Reit	1.47	1.6	Buy	DCF
01/24/18	Phillip	Keppel DC Reit	1.46	1.47	Neutral	DDM
02/12/18	Phillip	Keppel DC Reit	1.34	1.47	Neutral	DDM
03/19/18	DBS Vickers	Keppel DC Reit	1.4	1.6	Buy
04/03/18	CIMB	Keppel DC Reit	1.43	1.52	Add	DDM
04/17/18	Phillip	Keppel DC Reit	1.46	1.47	Neutral	DDM
04/17/18	CIMB	Keppel DC Reit	1.46	1.47	Add	DDM
04/17/18	OCBC	Keppel DC Reit	1.46	1.5	Hold
04/17/18	DBS Vickers	Keppel DC Reit	1.46	1.6	Buy
04/17/18	Credit Suisse	Keppel DC Reit	1.46	1.56	Outperform
05/08/18	Phillip	Keppel DC Reit	1.43	1.51	Accumulate	DDM
05/08/18	Deutsche	Keppel DC Reit	1.43	1.3	Hold
05/08/18	Credit Suisse	Keppel DC Reit	1.43	1.56	Outperform
05/08/18	CIMB	Keppel DC Reit	1.43	1.49	Add	DDM
05/08/18	OCBC	Keppel DC Reit	1.43	1.54	Buy
05/21/18	Phillip	Keppel DC Reit	1.36	1.51	Accumulate

Keppel Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	DMG & Partners	Keppel Corp	5.79	6.52	Buy	Sum of parts
01/05/17	Deutsche	Keppel Corp	5.82	5.9	Hold	Sum of parts (15% discount)
01/16/17	DIR	Keppel Corp	6.12	5.72	Hold
01/25/17	Credit Suisse	Keppel Corp	6.36	5	Underperform
01/27/17	CIMB	Keppel Corp	6.38	5.21	Reduce	RNAV
01/27/17	DIR	Keppel Corp	6.38	5.93	Hold	Sum of parts (10% discount)
01/27/17	DMG & Partners	Keppel Corp	6.38	7.39	Buy	Sum of parts, PER10x FY17
01/27/17	Lim & Tan	Keppel Corp	6.38	0	Sell	Bloomberg consensus $5.79
01/27/17	OCBC	Keppel Corp	6.38	6.26	Hold
01/27/17	UOB Kay Hian	Keppel Corp	6.38	6.45	Hold	Sum of parts, Buy @ $5.90
01/31/17	Amfrasers	Keppel Corp	6.27	6.5	Hold	Sum of parts
01/31/17	DBS Vickers	Keppel Corp	6.27	6	Hold	Sum of parts
02/17/17	CLSA	Keppel Corp	6.53	7.6	Buy
02/22/17	OCBC	Keppel Corp	6.57	7.4	Buy
03/01/17	Credit Suisse	Keppel Corp	6.81	8.7	Outperform	Sum of parts
03/14/17	DIR	Keppel Corp	6.75	6.44	Hold	Sum of parts
03/14/17	Deutsche	Keppel Corp	6.75	6.4	Hold
03/20/17	DBS Vickers	Keppel Corp	6.87	6	Hold	Sum of parts, PB0.9x FY17
03/20/17	UOB Kay Hian	Keppel Corp	6.87	6.45	Hold	Sum of parts, Buy @ $6.10
03/21/17	CIMB	Keppel Corp	6.85	7.24	Hold	Sum of parts
03/22/17	DMG & Partners	Keppel Corp	6.83	7.77	Buy	Sum of parts, PER10.6x FY17
03/22/17	OCBC	Keppel Corp	6.83	7.4	Buy
03/22/17	UOB Kay Hian	Keppel Corp	6.83	6.98	Hold	Sum of parts, Buy @ $6.25
04/07/17	Credit Suisse	Keppel Corp	6.84	8.7	Outperform
04/11/17	Lim & Tan	Keppel Corp	6.96	0	Hold
04/21/17	CIMB	Keppel Corp	6.55	7.24	Hold	Sum of parts
04/21/17	DIR	Keppel Corp	6.55	6.44	Hold	Sum of parts (10% discount)
04/21/17	OCBC	Keppel Corp	6.55	7.36	Buy	PB1.1x
04/21/17	UOB Kay Hian	Keppel Corp	6.55	6.55	Hold	Sum of parts, Buy @ $5.90
04/24/17	DBS Vickers	Keppel Corp	6.56	6	Hold	Sum of parts, PB0.9x FY17
04/24/17	DMG & Partners	Keppel Corp	6.56	7.56	Buy	Sum of parts
04/25/17	Amfrasers	Keppel Corp	6.51	7.02	Buy	Sum of parts
04/28/17	Macquarie	Keppel Corp	6.57	5.8	Neutral
05/24/17	UOB Kay Hian	Keppel Corp	6.55	6.55	Hold
05/30/17	DMG & Partners	Keppel Corp	6.48	7.55	Buy	Sum of parts
06/02/17	OCBC	Keppel Corp	6.46	7.36	Buy	Sum of parts (10% discount)
06/20/17	UOB Kay Hian	Keppel Corp	6.31	6.55	Hold
06/30/17	DMG & Partners	Keppel Corp	6.36	7.34	Buy	Sum of parts
07/04/17	Credit Suisse	Keppel Corp	6.32	8.7	Outperform
07/05/17	DIR	Keppel Corp	6.34	6.44	Hold	Sum of parts
07/05/17	OCBC	Keppel Corp	6.34	7.36	Buy
07/07/17	UOB Kay Hian	Keppel Corp	6.4	6.55	Hold	Sum of parts, Buy @ $5.90
07/21/17	UOB Kay Hian	Keppel Corp	6.53	6.86	Hold	Sum of parts, Buy @ $6.20
07/21/17	CIMB	Keppel Corp	6.53	7.24	Hold	Sum of parts
07/21/17	DIR	Keppel Corp	6.53	6.39	Hold	Sum of parts
07/21/17	DBS Vickers	Keppel Corp	6.53	7.6	Buy	Sum of parts, PB1.1x FY17
07/21/17	Lim & Tan	Keppel Corp	6.53	0	Hold
07/24/17	Macquarie	Keppel Corp	6.58	5.8	Neutral
07/24/17	Amfrasers	Keppel Corp	6.58	7.61	Buy	Sum of parts
08/01/17	Credit Suisse	Keppel Corp	6.41	8.7	Outperform	PER12.1x FY17, PB0.9x
08/18/17	Lim & Tan	Keppel Corp	6.33	0	Hold
08/18/17	DBS Vickers	Keppel Corp	6.33	7.6	Buy	Sum of parts
08/25/17	CIMB	Keppel Corp	6.36	7.24	Hold	Sum of parts
08/25/17	Morgan Stanley	Keppel Corp	6.36	6.18	Equal Weight	Sum of parts
08/29/17	DMG & Partners	Keppel Corp	6.39	7.34	Buy	Sum of parts
09/13/17	OCBC	Keppel Corp	6.27	7.36	Buy
09/15/17	UOB Kay Hian	Keppel Corp	6.29	6.86	Hold
09/20/17	DBS Vickers	Keppel Corp	6.38	7.6	Buy	Sum of parts
09/20/17	Deutsche	Keppel Corp	6.38	7.5	Buy
09/27/17	Credit Suisse	Keppel Corp	6.46	8.7	Outperform
10/02/17	UOB Kay Hian	Keppel Corp	6.49	6.71	Hold
10/05/17	Lim & Tan	Keppel Corp	6.52	0	Buy
10/06/17	OCBC	Keppel Corp	6.59	7.36	Buy
10/09/17	DBS Vickers	Keppel Corp	6.68	7.6	Buy
10/11/17	Credit Suisse	Keppel Corp	6.77	8.7	Outperform	Sum of parts
10/13/17	CIMB	Keppel Corp	6.79	8.58	Add	Sum of parts
10/20/17	OCBC	Keppel Corp	7.02	7.73	Buy
10/20/17	Amfrasers	Keppel Corp	7.02	7.61	Buy	Sum of parts
10/20/17	UOB Kay Hian	Keppel Corp	7.02	8.35	Buy	Sum of parts
10/20/17	Lim & Tan	Keppel Corp	7.02	0	Buy
10/23/17	DMG & Partners	Keppel Corp	7.3	7.92	Buy	Sum of parts
10/27/17	OCBC	Keppel Corp	7.4	8.31	Buy	Sum of parts
11/03/17	Morgan Stanley	Keppel Corp	7.66	6.18	Equal Weight	Sum of parts
11/09/17	UOB Kay Hian	Keppel Corp	7.57	8.35	Buy
11/09/17	Deutsche	Keppel Corp	7.57	8.6	Buy
11/17/17	CIMB	Keppel Corp	7.28	8.58	Add
11/24/17	Lim & Tan	Keppel Corp	7.59	0	Buy
11/29/17	OCBC	Keppel Corp	7.74	8.41	Buy
12/04/17	Lim & Tan	Keppel Corp	7.76	0	Buy
12/08/17	UOB Kay Hian	Keppel Corp	7.49	8.98	Buy	Sum of parts
12/18/17	Amfrasers	Keppel Corp	7.53	8.67	Buy	Sum of parts
12/20/17	CIMB	Keppel Corp	7.5	8.58	Add	Sum of parts
12/26/17	Amfrasers	Keppel Corp	7.47	8.04	Buy	Sum of parts
12/26/17	OCBC	Keppel Corp	7.47	8.12	Buy	Sum of parts (10% discount)
12/26/17	Lim & Tan	Keppel Corp	7.47	0	Hold
12/27/17	Deutsche	Keppel Corp	7.29	8.1	Buy	Sum of parts (20% discount)
01/02/18	UOB Kay Hian	Keppel Corp	7.35	8.75	Buy	Sum of parts
01/02/18	CIMB	Keppel Corp	7.35	8.58	Add	Sum of parts
01/09/18	DBS Vickers	Keppel Corp	7.77	9.8	Buy	Sum of parts, PB1.3x FY18
01/10/18	Amfrasers	Keppel Corp	7.85	8.04	Buy
01/10/18	Deutsche	Keppel Corp	7.85	8.5	Buy
01/22/18	OCBC	Keppel Corp	8.25	9.32	Buy
01/23/18	DBS Vickers	Keppel Corp	8.29	10.3	Buy	Sum of parts, PB1.3x 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
02/02/18	Deutsche	Keppel Corp	8.7	8.4	Hold
02/07/18	CIMB	Keppel Corp	8.19	10	Add
02/13/18	UOB Kay Hian	Keppel Corp	7.8	9.3	Buy
02/13/18	DBS Vickers	Keppel Corp	7.8	10.2	Buy
03/02/18	UOB Kay Hian	Keppel Corp	8.01	9.3	Buy
03/05/18	Credit Suisse	Keppel Corp	7.87	10	Outperform
03/05/18	CIMB	Keppel Corp	7.87	10	Add	Sum of parts
03/05/18	OCBC	Keppel Corp	7.87	9.45	Buy
03/06/18	DBS Vickers	Keppel Corp	7.63	10.2	Buy	Sum of parts
03/12/18	Lim & Tan	Keppel Corp	7.73	0	Buy
03/12/18	Amfrasers	Keppel Corp	7.73	8.04	Buy
03/21/18	UOB Kay Hian	Keppel Corp	7.77	9.1	Buy	Sum of parts
03/26/18	Morgan Stanley	Keppel Corp	7.72	9.45	Overweight	Sum of parts, Up from $9.01
04/03/18	CIMB	Keppel Corp	7.8	10	Add	Sum of parts
04/03/18	UOB Kay Hian	Keppel Corp	7.8	9.1	Buy
04/03/18	DBS Vickers	Keppel Corp	7.8	10.2	Buy
04/11/18	OCBC	Keppel Corp	7.81	9.45	Buy	Sum of parts
04/20/18	UOB Kay Hian	Keppel Corp	8.07	9	Buy	Sum of parts
04/20/18	Lim & Tan	Keppel Corp	8.07	0	Hold
04/23/18	Amfrasers	Keppel Corp	8.21	9.43	Buy	Sum of parts
05/03/18	UOB Kay Hian	Keppel Corp	8.15	9	Buy	Sum of parts
05/03/18	OCBC	Keppel Corp	8.15	9.4	Buy
05/08/18	Credit Suisse	Keppel Corp	8.13	10	Outperform
05/22/18	CIMB	Keppel Corp	8.19	10	Add	Sum of parts
06/04/18	UOB Kay Hian	Keppel Corp	7.65	9	Buy
06/05/18	DBS Vickers	Keppel Corp	7.75	10.2	Buy