SGX - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/17	Credit Suisse	SGX	7.24	7.6	Neutral
01/11/17	Goldman Sachs	SGX	7.24	7.3	Neutral
01/11/17	Deutsche	SGX	7.24	7	Hold
01/16/17	DBS Vickers	SGX	7.39	8.3	Buy	DDM
01/16/17	DMG & Partners	SGX	7.39	9.1	Buy	PER25x FY18
01/16/17	UBS	SGX	7.39	8	Buy
01/20/17	CIMB	SGX	7.48	7.23	Hold	DDM
01/20/17	Lim & Tan	SGX	7.48	0	Buy
01/20/17	OCBC	SGX	7.48	7.64	Hold	PER22x, Buy @ $7.20 or lower
02/09/17	Credit Suisse	SGX	7.55	7.6	Neutral
02/14/17	Macquarie	SGX	7.62	8.25	Outperform
03/09/17	Credit Suisse	SGX	7.57	7.6	Neutral
03/09/17	phillip	SGX	7.57	7.75	Accumulate
03/14/17	DMG & Partners	SGX	7.58	9.1	Buy	PER25x FY18
03/17/17	DBS Vickers	SGX	7.63	8.3	Buy
03/28/17	CIMB	SGX	7.56	8.09	Add	PER24x FY18
03/28/17	JP Morgan	SGX	7.56	8.5	Overweight	Up from $7.90
03/28/17	Goldman Sachs	SGX	7.56	7.95	Neutral
04/10/17	Credit Suisse	SGX	7.66	7.6	Neutral
04/12/17	CIMB	SGX	7.58	8.09	Add	PER24x FY18
04/12/17	UBS	SGX	7.58	8.4	Buy
04/21/17	CIMB	SGX	7.45	8.16	Add	PER24x FY18
04/21/17	DMG & Partners	SGX	7.45	9.1	Buy	PER25x FY18
04/21/17	Lim & Tan	SGX	7.45	0	Buy
04/21/17	Macquarie	SGX	7.45	7.5	Neutral	DDM, PER22.3x
04/21/17	OCBC	SGX	7.45	7.53	Hold	Buy @ $7.1 or lower
04/21/17	phillip	SGX	7.45	7.45	Neutral	PER23.9x
04/21/17	Goldman Sachs	SGX	7.45	7.8	Neutral
05/08/17	Credit Suisse	SGX	7.43	7.6	Neutral
05/24/17	DMG & Partners	SGX	7.41	9.1	Buy	PER25x FY18
05/24/17	Goldman Sachs	SGX	7.41	7.9	Neutral
06/20/17	DMG & Partners	SGX	7.34	9	Buy	PER24x FY18
06/20/17	Lim & Tan	SGX	7.34	0	Buy
07/28/17	CIMB	SGX	7.54	8.04	Add	PER24x FY18
07/28/17	Credit Suisse	SGX	7.54	7.6	Neutral
07/28/17	DMG & Partners	SGX	7.54	9	Buy	PER24x FY18
07/28/17	OCBC	SGX	7.54	7.83	Hold	PER23x
07/28/17	JP Morgan	SGX	7.54	8.4	Overweight
07/31/17	phillip	SGX	7.59	7.63	Accumulate	PER23.9x
07/31/17	DBS Vickers	SGX	7.59	8.2	Buy	PER24x FY18
09/08/17	Credit Suisse	SGX	7.46	7.6	Neutral
09/18/17	DMG & Partners	SGX	7.42	9	Buy	PER24x FY19
09/27/17	Goldman Sachs	SGX	7.44	8.5	Buy
10/11/17	Credit Suisse	SGX	7.64	7.6	Neutral
10/11/17	JP Morgan	SGX	7.64	8.3	Overweight
10/17/17	phillip	SGX	7.66	8.39	Accumulate	PER23.9x
10/19/17	Lim & Tan	SGX	7.63	0	Buy
10/26/17	CIMB	SGX	7.57	8.21	Add	PER24x FY19
10/26/17	DMG & Partners	SGX	7.57	9	Buy	PER24x FY19
10/26/17	OCBC	SGX	7.57	7.87	Hold
10/26/17	DBS Vickers	SGX	7.57	8.4	Buy	DDM, PER24x FY18
10/27/17	phillip	SGX	7.61	8.31	Accumulate	PER23.9x
11/21/17	phillip	SGX	7.52	8.31	Accumulate	PER23.9x
11/21/17	JP Morgan	SGX	7.52	8.4	Overweight
11/21/17	Goldman Sachs	SGX	7.52	8.6	Buy
12/04/17	DMG & Partners	SGX	7.55	9	Buy	PER24x FY19
12/20/17	CIMB	SGX	7.43	8.21	Add
12/20/17	Kim Eng	SGX	7.43	8.3	Buy
01/22/18	DMG & Partners	SGX	7.98	9	Buy	PER24x FY19
01/22/18	Kim Eng	SGX	7.98	8.82	Buy	PER23x FY19
01/22/18	DBS Vickers	SGX	7.98	8.9	Buy	DDM, PER21x FY19
01/22/18	OCBC	SGX	7.98	8.16	Hold	PER24x FY18
01/22/18	CIMB	SGX	7.98	8.5	Add	PER24x FY19
01/22/18	phillip	SGX	7.98	9	Accumulate	DCF
01/22/18	UBS	SGX	7.98	8.7	Buy
02/07/18	CIMB	SGX	7.88	8.5	Add	PER24x FY19
02/07/18	DMG & Partners	SGX	7.88	9	Buy	PER24x FY19
02/07/18	OCBC	SGX	7.88	8.16	Hold
02/07/18	Kim Eng	SGX	7.88	8.82	Buy	PER23x FY19
02/07/18	DBS Vickers	SGX	7.88	8.9	Buy	DDM, PER21x FY19
02/13/18	JP Morgan	SGX	7.31	9	Overweight
02/13/18	Jefferies	SGX	7.31	8	Buy
02/13/18	UBS	SGX	7.31	8.7	Buy
02/13/18	CIMB	SGX	7.31	7.85	Hold	PER24x FY19
02/13/18	Goldman Sachs	SGX	7.31	6.6	Sell
02/14/18	phillip	SGX	7.3	8.89	Buy	DCF
02/19/18	Jefferies	SGX	7.37	8	Buy
02/20/18	DBS Vickers	SGX	7.71	8.9	Buy	DDM, PER21x FY19
03/08/18	Kim Eng	SGX	7.44	8.73	Buy	PER23x FY19
03/13/18	Amfrasers	SGX	7.58	8.14	Buy
04/23/18	phillip	SGX	7.56	9.2	Buy	DCF
04/23/18	CIMB	SGX	7.56	8.2	Add	PER24x FY19
04/23/18	Lim & Tan	SGX	7.56	0	Buy
04/23/18	OCBC	SGX	7.56	8.22	Buy
04/23/18	DMG & Partners	SGX	7.56	9	Buy	PER24x FY19
05/23/18	Lim & Tan	SGX	7.48	0	Buy on weakness
06/01/18	OCBC	SGX	7.24	7.89	Buy	PER23x
06/22/18	DMG & Partners	SGX	7.25	9	Buy	PER24x FY19
07/03/18	UOB Kay Hian	SGX	7.14	8.14	Not Rated
07/18/18	Macquarie	SGX	7.45	7.7	Neutral
07/25/18	DMG & Partners	SGX	7.5	9	Buy	PER24x FY19
07/30/18	OCBC	SGX	7.58	8.32	Buy	PER23x FY19
07/30/18	CIMB	SGX	7.58	8.02	Add	PER24x FY20
07/30/18	Lim & Tan	SGX	7.58	0	Buy
07/31/18	phillip	SGX	7.41	8.93	Buy	DCF
09/04/18	DMG & Partners	SGX	7.42	8.4	Buy	PER23.4x FY19
10/22/18	phillip	SGX	6.93	9.01	Buy	PER25.2x
10/22/18	DMG & Partners	SGX	6.93	8.4	Buy	PER23x FY19
10/22/18	OCBC	SGX	6.93	7.96	Buy	PER22x F19/20
10/22/18	CIMB	SGX	6.93	7.6	Add	PER22.1x FY20
10/24/18	Macquarie	SGX	7.05	7.7	Neutral
11/22/18	DMG & Partners	SGX	7.21	8.4	Buy
11/27/18	DMG & Partners	SGX	7.24	8.2	Buy	PER22x FY20

Serial System - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/23/17	NRA	Serial System	0.178	0.24	Overweight	PER11.3x FY17
05/22/18	NRA	Serial System	0.1666	0.24	Overweight	DCF
08/17/18	NRA	Serial System	0.146	0.24	Overweight	Sum of parts, PER11.2x FY18

Stock calls for 27 November 2018

Date	Analyst	Company	Last	Target	Call	Valuation
11/27/18	UOB Kay Hian	Fu Yu	0.189	0.27	Buy	EV/Ebitda5.3x FY19
11/27/18	UOB Kay Hian	Memtech	0.79	0.91	Hold
11/27/18	DMG & Partners	SGX	7.24	8.2	Buy	PER22x FY20
11/27/18	CIMB	Thai Beverage	0.67	0.88	Add	Sum of parts
11/27/18	DBS Vickers	Thai Beverage	0.67	0.87	Buy	Sum of parts
11/27/18	OCBC	Thai Beverage	0.67	0.85	Buy

Death knell for virtual currency is bellowing! - Part 2

https://finance.yahoo.com/news/bitcoin-apos-deepening-crash-now-153058288.html

Analysts are saying that the end of bitcoin and other cryptocurrencies are nearing if mainstream fund managers don't invest in them.

Any fund manager, with a finance discipline, won't invest in them because of the investment risks conceived by the flawed structural design and bad economics as explained in our recent posting.

http://sg-stock.blogspot.com/2018/11/a-financial-analysis-on-initial-coin.html

We had also stipulated much earlier that the crypto splitting would upend the bitcoin.

http://sg-stock.blogspot.com/2017/08/death-knell-for-virtual-currency-is.html

Trump has indicated that he will proceed with the China's tariffs.

https://www.channelnewsasia.com/news/business/asia-mood-to-be-tested-by-trump-warning-on-china-10971608

We expected this and warned about this in our previous posts.

https://sg-stock.blogspot.com/2018/11/poll-do-you-think-that-trump-and-xi.html

https://sg-stock.blogspot.com/2018/11/no-more-trade-talk-between-trump-and-xi.html

The stock markets are too overly optimistic and have not factored this trade talk breakdown.

Sembcorp Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/17	Deutsche	Sembcorp Marine	1.42	1.9	Buy	PB1.5x FY17
01/05/17	Morgan Stanley	Sembcorp Marine	1.42	1	Underweight
01/06/17	CIMB	Sembcorp Marine	1.455	1.7	Add	PB1.3x CY17
01/13/17	DBS Vickers	Sembcorp Marine	1.51	1.55	Hold	PB1.3x FY17
01/16/17	DIR	Sembcorp Marine	1.515	0.94	Sell	PB0.9x FY16/17
01/16/17	UOB Kay Hian	Sembcorp Marine	1.515	1.61	Hold	PB1.3x FY17, Buy @ $1.45
01/17/17	OCBC	Sembcorp Marine	1.49	1.43	Hold
01/25/17	Credit Suisse	Sembcorp Marine	1.545	1.2	Neutral
02/07/17	CIMB	Sembcorp Marine	1.475	1.7	Add	PB1.3x FY17
02/17/17	CLSA	Sembcorp Marine	1.545	2	Buy
02/23/17	CIMB	Sembcorp Marine	1.535	1.88	Add	PB1.5x
02/23/17	DBS Vickers	Sembcorp Marine	1.535	1.78	Buy	PB1.5x FY17
02/23/17	DMG & Partners	Sembcorp Marine	1.535	1.46	Neutral	PER16x FY17
02/23/17	Lim & Tan	Sembcorp Marine	1.535	0	Buy
02/23/17	OCBC	Sembcorp Marine	1.535	1.76	Buy	PB1.4x FY17
02/23/17	UOB Kay Hian	Sembcorp Marine	1.535	1.61	Hold	PB1.2x, FY17, Buy @ $1.45
02/24/17	phillip	Sembcorp Marine	1.815	1.58	Reduce	PER25.4x
02/28/17	Amfrasers	Sembcorp Marine	1.73	1.63	Hold
03/01/17	Credit Suisse	Sembcorp Marine	1.78	2.4	Outperform
03/06/17	Deutsche	Sembcorp Marine	2.03	2.1	Buy
03/06/17	UOB Kay Hian	Sembcorp Marine	2.03	1.61	Hold	PB1.2x FY17
03/14/17	DIR	Sembcorp Marine	1.86	1.22	Sell	PB1x FY17
04/03/17	UOB Kay Hian	Sembcorp Marine	1.92	1.61	Hold	PB1.3x FY17, Buy @ $1.45
04/10/17	Credit Suisse	Sembcorp Marine	1.875	2.4	Outperform
04/28/17	CIMB	Sembcorp Marine	1.73	1.88	Add	PB1.5x CY17
04/28/17	DIR	Sembcorp Marine	1.73	1.22	Sell	PB1x FY17
04/28/17	Lim & Tan	Sembcorp Marine	1.73	0	Hold
04/28/17	OCBC	Sembcorp Marine	1.73	2.01	Buy	PB1.6x FY17
04/28/17	UOB Kay Hian	Sembcorp Marine	1.73	1.43	Sell	PB1.1x FY17
04/28/17	UBS	Sembcorp Marine	1.73	1.75	Neutral
05/02/17	DBS Vickers	Sembcorp Marine	1.63	1.78	Buy	PB1.5x FY17
05/02/17	DMG & Partners	Sembcorp Marine	1.63	1.65	Neutral	PB1.3x
05/02/17	phillip	Sembcorp Marine	1.63	1.58	Neutral	PER23.9x
06/06/17	Credit Suisse	Sembcorp Marine	1.665	2.4	Outperform
06/09/17	Deutsche	Sembcorp Marine	1.64	2.1	Buy	PB1.7x FY17
06/12/17	OCBC	Sembcorp Marine	1.635	2.01	Buy
06/20/17	UOB Kay Hian	Sembcorp Marine	1.595	1.43	Sell	PB1.1x FY17
07/11/17	CIMB	Sembcorp Marine	1.68	1.88	Add	PB1.5x FY17
07/18/17	Credit Suisse	Sembcorp Marine	1.65	2.4	Outperform
07/21/17	DBS Vickers	Sembcorp Marine	1.74	2.3	Buy	PB1.8x FY17
07/28/17	DIR	Sembcorp Marine	1.74	1.22	Sell	PB1x FY17/18
07/28/17	UOB Kay Hian	Sembcorp Marine	1.74	1.8	Hold	PB1.4x FY18, Buy @ $1.60
07/28/17	OCBC	Sembcorp Marine	1.74	1.98	Buy	PB1.6x FY17
07/28/17	CIMB	Sembcorp Marine	1.74	1.87	Add	PB1.5x FY17
07/28/17	Lim & Tan	Sembcorp Marine	1.74	0	Hold
07/28/17	DMG & Partners	Sembcorp Marine	1.74	1.65	Neutral	PB1.3x FY17
07/31/17	phillip	Sembcorp Marine	1.695	1.55	Reduce	PER28.5x
07/31/17	Amfrasers	Sembcorp Marine	1.695	2.05	Buy	PB1.8x FY17
08/01/17	Credit Suisse	Sembcorp Marine	1.685	2.4	Outperform	PER43.4x FY17, PB1.4x
08/25/17	Morgan Stanley	Sembcorp Marine	1.605	1.05	Underweight
09/12/17	CIMB	Sembcorp Marine	1.575	1.87	Add	PB1.5x FY17
09/12/17	DMG & Partners	Sembcorp Marine	1.575	1.65	Neutral	PB1.3x FY17
09/15/17	UOB Kay Hian	Sembcorp Marine	1.59	1.8	Hold
09/19/17	OCBC	Sembcorp Marine	1.63	1.98	Buy
09/19/17	Lim & Tan	Sembcorp Marine	1.63	0	Buy
09/19/17	UBS	Sembcorp Marine	1.63	1.67	Neutral
09/20/17	DBS Vickers	Sembcorp Marine	1.67	2.3	Buy	PB1.8x FY17
09/27/17	Credit Suisse	Sembcorp Marine	1.68	2.4	Outperform
10/02/17	UOB Kay Hian	Sembcorp Marine	1.745	1.77	Hold	PB1.3x, Buy @ $1.60
10/05/17	CIMB	Sembcorp Marine	1.745	1.87	Add	PB1.5x FY17
10/09/17	CIMB	Sembcorp Marine	1.735	2.51	Add	PB2x
10/09/17	UOB Kay Hian	Sembcorp Marine	1.735	1.9	Buy	PB1.5x FY18
10/09/17	OCBC	Sembcorp Marine	1.735	1.98	Buy
10/09/17	DBS Vickers	Sembcorp Marine	1.735	2.3	Buy
10/09/17	phillip	Sembcorp Marine	1.735	1.82	Neutral	PER33.6x FY18
10/09/17	Lim & Tan	Sembcorp Marine	1.735	0	Buy
10/09/17	UBS	Sembcorp Marine	1.735	1.82	Neutral
10/10/17	DIR	Sembcorp Marine	1.815	1.22	Sell	PB1x FY17/18
10/10/17	DMG & Partners	Sembcorp Marine	1.815	1.65	Neutral
10/24/17	Credit Suisse	Sembcorp Marine	1.86	2.4	Outperform
10/24/17	Deutsche	Sembcorp Marine	1.86	2.6	Buy
11/01/17	CIMB	Sembcorp Marine	1.93	2.49	Add	PB2x FY18
11/01/17	Credit Suisse	Sembcorp Marine	1.93	2.4	Outperform
11/01/17	OCBC	Sembcorp Marine	1.93	2.26	Buy	PB1.8x
11/01/17	UOB Kay Hian	Sembcorp Marine	1.93	2.1	Buy
11/01/17	Lim & Tan	Sembcorp Marine	1.93	0	Buy
11/02/17	phillip	Sembcorp Marine	2.01	1.91	Neutral	PER38.2x FY18
11/02/17	DBS Vickers	Sembcorp Marine	2.01	2.3	Buy	PB1.8x FY17
11/02/17	Amfrasers	Sembcorp Marine	2.01	2.05	Hold
11/03/17	Morgan Stanley	Sembcorp Marine	2.01	1.18	Underweight	PB1x
11/03/17	UBS	Sembcorp Marine	2.01	1.85	Neutral
12/04/17	UOB Kay Hian	Sembcorp Marine	1.87	2.1	Buy	PB1.6x FY19
12/04/17	Amfrasers	Sembcorp Marine	1.87	2.05	Hold
12/20/17	CIMB	Sembcorp Marine	1.93	2.49	Add	PB2x FY18
12/26/17	OCBC	Sembcorp Marine	1.94	1.74	Sell	PB1.8x
12/27/17	Lim & Tan	Sembcorp Marine	1.87	0	Hold	Bribery alert!
12/27/17	Deutsche	Sembcorp Marine	1.87	2.4	Buy	PB1.8x
01/02/18	UOB Kay Hian	Sembcorp Marine	1.84	2.1	Buy
01/02/18	CIMB	Sembcorp Marine	1.84	2.49	Add	PB2x FY18
01/03/18	OCBC	Sembcorp Marine	1.87	1.78	Hold	PB1.85x
01/05/18	Amfrasers	Sembcorp Marine	1.83	2.05	Hold
01/22/18	OCBC	Sembcorp Marine	2.3	2.37	Hold	PB2x FY18
01/23/18	UBS	Sembcorp Marine	2.39	3.06	Buy
01/23/18	DBS Vickers	Sembcorp Marine	2.39	3.1	Buy	PB2.4x FY18
02/02/18	Deutsche	Sembcorp Marine	2.57	2.9	Buy
02/02/18	Credit Suisse	Sembcorp Marine	2.57	3	Outperform
02/07/18	CIMB	Sembcorp Marine	2.71	2.49	Neutral	Buy @ $2
02/13/18	DBS Vickers	Sembcorp Marine	2.37	3.1	Buy
02/22/18	OCBC	Sembcorp Marine	2.63	2.43	Hold
02/22/18	UOB Kay Hian	Sembcorp Marine	2.63	1.9	Hold	PB1.6x FY19, Buy @ $1.80
02/22/18	DBS Vickers	Sembcorp Marine	2.63	2.9	Buy	PB2.4x FY18
02/22/18	CIMB	Sembcorp Marine	2.63	3.01	Add	PB2.5x FY18
02/26/18	phillip	Sembcorp Marine	2.23	1.91	Reduce	PER43.4x FY18
02/27/18	Amfrasers	Sembcorp Marine	2.18	2.06	Hold
03/05/18	CIMB	Sembcorp Marine	2.02	3.01	Add	PB2.5x FY18
03/05/18	OCBC	Sembcorp Marine	2.02	2.07	Hold	PB1.7x FY18/19
03/06/18	DBS Vickers	Sembcorp Marine	1.9	2.9	Buy	PB2.4x FY18
03/26/18	Morgan Stanley	Sembcorp Marine	2.09	2.45	Overweight	PB2.2x FY18, Up from $1.48 ({PB1.2x)
03/28/18	UOB Kay Hian	Sembcorp Marine	2.21	2.78	Buy
04/03/18	DBS Vickers	Sembcorp Marine	2.22	2.9	Buy
04/06/18	CIMB	Sembcorp Marine	2.17	3.01	Add	PB2.5x FY18
04/11/18	OCBC	Sembcorp Marine	2.23	2.07	Hold
04/23/18	Macquarie	Sembcorp Marine	2.32	1.8	Underperform	PB1.5x
04/26/18	CIMB	Sembcorp Marine	2.23	2.52	Add	PB
04/26/18	UOB Kay Hian	Sembcorp Marine	2.23	2.05	Hold	PB1.7x FY19, Buy @ $1.90
04/26/18	OCBC	Sembcorp Marine	2.23	2.1	Hold	PB1.75x FY18/19
04/26/18	CIMB	Sembcorp Marine	2.23	2.52	Add	PB2.2x CY18
04/26/18	Lim & Tan	Sembcorp Marine	2.23	0	Hold
04/27/18	phillip	Sembcorp Marine	2.11	1.85	Reduce	PER51.4x
04/27/18	DBS Vickers	Sembcorp Marine	2.11	2.9	Buy	PB2.4x FY18
05/08/18	Amfrasers	Sembcorp Marine	2.1	2.64	Buy	PB2.4x FY18
05/08/18	OCBC	Sembcorp Marine	2.1	2.1	Hold
05/22/18	CIMB	Sembcorp Marine	2.27	2.52	Add	PB2.2x CY18
06/05/18	DBS Vickers	Sembcorp Marine	2.11	2.9	Buy
06/25/18	UOB Kay Hian	Sembcorp Marine	1.96	2.05	Hold
07/11/18	CIMB	Sembcorp Marine	1.97	2.52	Add	PB2.2x CY18
07/13/18	DBS Vickers	Sembcorp Marine	1.95	2.9	Buy
07/23/18	UOB Kay Hian	Sembcorp Marine	1.96	1.83	Hold	PB1.7x FY19, Buy @ $1.73
07/23/18	Credit Suisse	Sembcorp Marine	1.96	2.4	Outperform
07/23/18	OCBC	Sembcorp Marine	1.96	2.1	Hold
07/23/18	phillip	Sembcorp Marine	1.96	1.78	Reduce	PB1.6x FY19
07/24/18	DBS Vickers	Sembcorp Marine	1.83	2.5	Buy
07/24/18	Lim & Tan	Sembcorp Marine	1.83	0	Hold
08/20/18	OCBC	Sembcorp Marine	1.67	1.74	Hold	PB1.75x FY19
08/30/18	CIMB	Sembcorp Marine	1.69	2.52	Add	PB2.2x CY18
09/06/18	DBS Vickers	Sembcorp Marine	1.68	2.5	Buy
10/18/18	CIMB	Sembcorp Marine	1.87	2.52	Add	PB2.2x CY18
10/26/18	CIMB	Sembcorp Marine	1.72	2.46	Add	PB2.2x CY18
10/26/18	UOB Kay Hian	Sembcorp Marine	1.72	1.83	Hold	PB1.7x FY18, Buy @ $1.65
10/26/18	OCBC	Sembcorp Marine	1.72	1.73	Hold
10/29/18	phillip	Sembcorp Marine	1.61	1.65	Neutral	PB1.6x FY19
10/29/18	DBS Vickers	Sembcorp Marine	1.61	2.4	Buy	PB2.1x FY18
10/29/18	Lim & Tan	Sembcorp Marine	1.61	0	Hold

Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/17	Lim & Tan	Sembcorp Industries	2.85	0	Buy
01/03/17	UOB Kay Hian	Sembcorp Industries	2.85	3.2	Buy
01/05/17	Deutsche	Sembcorp Industries	2.93	3.45	Buy	Sum of parts (15% discount)
01/11/17	OCBC	Sembcorp Industries	3.06	3.36	Buy	Sum of parts (5% discount)
01/25/17	Credit Suisse	Sembcorp Industries	3.27	2.7	Neutral
02/03/17	OCBC	Sembcorp Industries	3.18	3.36	Buy
02/24/17	CIMB	Sembcorp Industries	3.36	3.51	Hold	Sum of parts, PB0.6x CY17
02/24/17	DMG & Partners	Sembcorp Industries	3.36	4.17	Buy	Sum of parts
02/24/17	OCBC	Sembcorp Industries	3.36	3.69	Buy
02/24/17	UOB Kay Hian	Sembcorp Industries	3.36	3.95	Buy	Sum of parts
02/27/17	DBS Vickers	Sembcorp Industries	3.27	3.8	Buy	Sum of parts (10% discount), PB1.1x, PER17.2X FY17
02/27/17	Lim & Tan	Sembcorp Industries	3.27	0	Buy
03/01/17	Credit Suisse	Sembcorp Industries	3.2	3.6	Neutral
03/02/17	UOB Kay Hian	Sembcorp Industries	3.27	3.95	Buy
03/24/17	UOB Kay Hian	Sembcorp Industries	3.13	3.78	Buy	Sum of parts
04/04/17	UOB Kay Hian	Sembcorp Industries	3.2	3.78	Buy	PER9.8x FY18
04/07/17	Credit Suisse	Sembcorp Industries	3.15	3.6	Neutral
04/10/17	Lim & Tan	Sembcorp Industries	3.15	0	Buy
04/11/17	CIMB	Sembcorp Industries	3.14	3.51	Hold	Sum of parts
05/04/17	CIMB	Sembcorp Industries	3	3.51	Add	Sum of parts
05/04/17	Credit Suisse	Sembcorp Industries	3	3.6	Neutral
05/04/17	DBS Vickers	Sembcorp Industries	3	3.8	Buy	RNAV (10% discount), PB1x
05/04/17	DIR	Sembcorp Industries	3	2.67	Underperform	Sum of parts
05/04/17	Lim & Tan	Sembcorp Industries	3	0	Hold
05/04/17	OCBC	Sembcorp Industries	3	3.48	Buy
05/04/17	UOB Kay Hian	Sembcorp Industries	3	3.66	Buy	Sum of parts
05/05/17	DMG & Partners	Sembcorp Industries	3.15	3.2	Neutral	Sum of parts
05/11/17	DIR	Sembcorp Industries	3.14	3.14	Hold
05/29/17	phillip	Sembcorp Industries	3.15	3.5	Accumulate	Sum of parts (10% discount)
06/02/17	OCBC	Sembcorp Industries	3.19	3.48	Buy
06/06/17	Credit Suisse	Sembcorp Industries	3.16	3.6	Neutral	Sum of parts
06/20/17	UOB Kay Hian	Sembcorp Industries	3.1	3.66	Buy
07/12/17	OCBC	Sembcorp Industries	3.13	3.48	Buy
07/13/17	UOB Kay Hian	Sembcorp Industries	3.09	3.66	Buy	Sum of parts
07/18/17	Credit Suisse	Sembcorp Industries	3.15	3.6	Neutral
07/21/17	DBS Vickers	Sembcorp Industries	3.24	4.1	Buy	Sum of parts, PB1.1x FY17
07/24/17	CIMB	Sembcorp Industries	3.29	3.52	Add	Sum of parts
08/01/17	Credit Suisse	Sembcorp Industries	3.23	3.6	Neutral	PER13.9x FY17, PB0.8x
08/04/17	DIR	Sembcorp Industries	3.22	3.14	Hold	Probability weighted
08/04/17	UOB Kay Hian	Sembcorp Industries	3.22	3.57	Buy	Sum of parts
08/04/17	DMG & Partners	Sembcorp Industries	3.22	3.2	Neutral	Sum of parts
08/04/17	OCBC	Sembcorp Industries	3.22	3.43	Hold
08/04/17	CIMB	Sembcorp Industries	3.22	3.47	Add	Sum of parts
08/04/17	DBS Vickers	Sembcorp Industries	3.22	4	Buy	RNAV (10% discount), PB1.1x
08/07/17	phillip	Sembcorp Industries	3.18	3.5	Accumulate	Sum of parts
08/07/17	Lim & Tan	Sembcorp Industries	3.18	0	Hold
08/23/17	OCBC	Sembcorp Industries	2.99	3.43	Buy
08/25/17	Morgan Stanley	Sembcorp Industries	3.03	2.39	Underweight
09/04/17	CIMB	Sembcorp Industries	2.98	3.47	Add	Sum of parts
09/04/17	UOB Kay Hian	Sembcorp Industries	2.98	3.59	Buy	Sum of parts, PER10.1x FY18
09/05/17	Lim & Tan	Sembcorp Industries	2.93	0	Buy
09/20/17	DBS Vickers	Sembcorp Industries	2.96	4	Buy	RNAV (10% discount), PB1.1x
09/27/17	Credit Suisse	Sembcorp Industries	2.95	3.6	Neutral
10/02/17	UOB Kay Hian	Sembcorp Industries	2.96	3.57	Buy	Sum of parts
10/09/17	DBS Vickers	Sembcorp Industries	3.02	4	Buy
10/24/17	Credit Suisse	Sembcorp Industries	3.24	3.6	Neutral
11/03/17	CIMB	Sembcorp Industries	3.38	3.87	Add	Sum of parts, PER8.1x FY18, PB0.59x FY17
11/03/17	UOB Kay Hian	Sembcorp Industries	3.38	3.87	Buy	Sum of parts
11/03/17	Credit Suisse	Sembcorp Industries	3.38	3.6	Neutral
11/03/17	OCBC	Sembcorp Industries	3.38	3.59	Hold
11/03/17	Lim & Tan	Sembcorp Industries	3.38	0	Buy
11/06/17	phillip	Sembcorp Industries	3.3	3.7	Accumulate	Sum of parts (10% discount)
11/06/17	DBS Vickers	Sembcorp Industries	3.3	4.2	Buy	Sum of parts, PB1.1x
11/21/17	OCBC	Sembcorp Industries	3.05	3.59	Buy
12/12/17	UOB Kay Hian	Sembcorp Industries	3.04	3.87	Buy	Sum of parts
12/20/17	CIMB	Sembcorp Industries	3.02	3.87	Add
01/02/18	UOB Kay Hian	Sembcorp Industries	3.03	3.87	Buy
01/23/18	DBS Vickers	Sembcorp Industries	3.38	4.5	Buy	Sum of parts (10% discount), PB1.1x
02/05/18	OCBC	Sembcorp Industries	3.57	3.95	Buy	Sum of parts
02/13/18	DBS Vickers	Sembcorp Industries	3.21	4.5	Buy
02/19/18	Lim & Tan	Sembcorp Industries	3.22	0	Buy
02/20/18	UOB Kay Hian	Sembcorp Industries	3.3	3.87	Buy
02/21/18	CIMB	Sembcorp Industries	3.28	3.87	Add	Sum of parts
02/26/18	OCBC	Sembcorp Industries	3.24	3.84	Buy
02/26/18	phillip	Sembcorp Industries	3.24	3.86	Accumulate	Sum of parts
02/26/18	UOB Kay Hian	Sembcorp Industries	3.24	3.28	Hold	Sum of parts, Buy @ $2.90
02/26/18	CIMB	Sembcorp Industries	3.24	4.13	Add	Sum of parts, PER8x FY18, PB0.63x FY18
02/27/18	DBS Vickers	Sembcorp Industries	3.2	4.4	Buy	Sum of parts (10% discount), PB1.1x
03/05/18	OCBC	Sembcorp Industries	3.12	3.59	Buy
03/07/18	DBS Vickers	Sembcorp Industries	3.08	4.4	Buy	RNAV (10% discount), PB1.1x
03/26/18	Morgan Stanley	Sembcorp Industries	3.04	2.77	Underweight	Sum of parts, Up from $2.39
04/03/18	DBS Vickers	Sembcorp Industries	3.11	4.4	Buy
04/04/18	UOB Kay Hian	Sembcorp Industries	3.06	3.28	Hold	Sum of parts, Buy @ $3
04/12/18	CIMB	Sembcorp Industries	3.11	4.13	Add	Sum of parts
04/23/18	Macquarie	Sembcorp Industries	3.24	3.6	Outperform
05/04/18	OCBC	Sembcorp Industries	3.06	3.59	Buy
05/04/18	UOB Kay Hian	Sembcorp Industries	3.06	3.6	Hold	Sum of parts, Buy @ $2.90
05/04/18	CIMB	Sembcorp Industries	3.06	3.49	Add	Sum of parts
05/07/18	DBS Vickers	Sembcorp Industries	3.04	4.4	Buy	Sum of parts (10% discount), PB1.1x
05/09/18	phillip	Sembcorp Industries	3.06	3.83	Buy	Sum of parts (10% discount)
06/04/18	CIMB	Sembcorp Industries	2.93	3.49	Add
06/04/18	DBS Vickers	Sembcorp Industries	2.93	4.5	Buy
06/25/18	UOB Kay Hian	Sembcorp Industries	2.76	3.6	Hold	PER8.5x FY19
06/25/18	Lim & Tan	Sembcorp Industries	2.76	0	Accumulate
07/03/18	UOB Kay Hian	Sembcorp Industries	2.72	3.6	Buy
07/11/18	CIMB	Sembcorp Industries	2.67	3.49	Add
08/06/18	DBS Vickers	Sembcorp Industries	2.63	3.9	Buy	RNAV (10% discount), PB1x
08/06/18	UOB Kay Hian	Sembcorp Industries	2.63	3.41	Buy
08/06/18	CIMB	Sembcorp Industries	2.63	3.49	Add	Sum of parts
08/07/18	phillip	Sembcorp Industries	2.7	3.7	Buy	Sum of parts
08/07/18	Lim & Tan	Sembcorp Industries	2.7	0	Buy
09/06/18	DBS Vickers	Sembcorp Industries	2.75	3.9	Buy
09/19/18	CIMB	Sembcorp Industries	2.9	3.49	Add	Sum of parts
09/24/18	phillip	Sembcorp Industries	3.03	3.7	Buy
09/24/18	OCBC	Sembcorp Industries	3.03	3.53	Buy
10/02/18	DBS Vickers	Sembcorp Industries	3.07	3.9	Buy	Sum of parts (10% discount), PER19.2x FY18, PB1x FY18
10/02/18	CIMB	Sembcorp Industries	3.07	3.49	Add	Sum of parts
10/09/18	UOB Kay Hian	Sembcorp Industries	2.96	3.41	Buy
10/11/18	Lim & Tan	Sembcorp Industries	2.95	0	Buy
11/01/18	Macquarie	Sembcorp Industries	2.82	3.6	Buy
11/05/18	OCBC	Sembcorp Industries	2.84	3.3	Buy	Sum of parts
11/05/18	UOB Kay Hian	Sembcorp Industries	2.84	3.41	Buy	Sum of parts
11/05/18	CIMB	Sembcorp Industries	2.84	3.49	Add	Sum of parts
11/05/18	DBS Vickers	Sembcorp Industries	2.84	3.7	Buy	RNAV (10% discount), PB1x
11/08/18	phillip	Sembcorp Industries	2.67	3.6	Buy	Sum of parts
11/08/18	Lim & Tan	Sembcorp Industries	2.67	0	Hold