SPH Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
04/09/18	CIMB	SPH Reit	1	1.06	Hold	DDM
04/09/18	OCBC	SPH Reit	1	1.02	Hold	DDM
04/09/18	DBS Vickers	SPH Reit	1	1.07	Buy	DCF
04/09/18	Lim & Tan	SPH Reit	1	1.06	Hold
04/09/18	Kim Eng	SPH Reit	1	1	Hold	DDM
05/02/18	DBS Vickers	SPH Reit	0.99	1.07	Buy
05/02/18	CIMB	SPH Reit	0.99	1.07	Hold	DDM
05/02/18	OCBC	SPH Reit	0.99	1.02	Hold
06/29/18	DBS Vickers	SPH Reit	0.99	1.07	Buy	DCF
07/06/18	DBS Vickers	SPH Reit	0.99	1.07	Buy
07/11/18	CIMB	SPH Reit	1	1.07	Hold	DDM
07/11/18	OCBC	SPH Reit	1	1.02	Hold
07/11/18	Lim & Tan	SPH Reit	1	0	Hold
07/13/18	Kim Eng	SPH Reit	1	1	Hold	DDM
10/12/18	CIMB	SPH Reit	0.985	1.03	Hold	DDM
10/12/18	DBS Vickers	SPH Reit	0.985	1.04	Buy	DCF
10/12/18	OCBC	SPH Reit	0.985	0.99	Hold
10/12/18	Lim & Tan	SPH Reit	0.985	0	Hold
11/16/18	CIMB	SPH Reit	1	1.01	Hold	DDM

Stock calls for 6 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/06/18	DBS Vickers	Keppel DC Reit	1.34	1.52	Buy	DCF
12/06/18	DMG & Partners	OUE Hospitality	0.68	0.77	Buy
12/06/18	Kim Eng	SIA Engineering	2.49	3	Buy	DCF
12/06/18	DMG & Partners	Singtel	3.08	3.22	Neutral
12/06/18	UOB Kay Hian	Venture	15.33	12.9	Sell

US futures are falling because of Huawei.

https://www.channelnewsasia.com/news/world/huawei-cfo-arrested-canada-extradite-us-iran-sanctions-11001504

Huawei CFO, also the daughter of the founder, was arrested by the USA in Canada.

This intensifies the trade war between US and China now.

No wonder the US futures are falling.

China should also arrest the CFO of Microsoft or Apple on cybersecurity reason.

Mahathir is skinning Singapore again.

https://www.channelnewsasia.com/news/singapore/survey-malaysia-singapore-border-mahathir-johor-port-limits-10999380

Mahathir is trying to stop our Seletar airport development now!

He is also trying to bully Singapore by encroaching into our territory.

Just look at what he had done so far in our previous post.

https://sg-stock.blogspot.com/2018/07/diplomatic-relationships-between.html

SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
03/14/18	UOB Kay Hian	SPH	2.56	2.39	Sell	Sum of parts
04/11/18	UOB Kay Hian	SPH	2.49	2.41	Hold	Sum of parts, Buy @ $2.30
04/11/18	Lim & Tan	SPH	2.49	0	Hold
04/12/18	OCBC	SPH	2.49	2.52	Hold
04/12/18	DBS Vickers	SPH	2.49	2.6	Hold	Sum of parts
06/13/18	UOB Kay Hian	SPH	2.69	2.46	Hold	Buy @ $2.40
07/03/18	UOB Kay Hian	SPH	2.59	2.46	Hold
07/05/18	CIMB	SPH	2.59	2.85	Add	Sum of parts
07/06/18	DBS Vickers	SPH	2.67	2.6	Hold
07/12/18	DBS Vickers	SPH	2.75	2.58	Hold	Sum of parts
07/12/18	UOB Kay Hian	SPH	2.75	2.58	Hold	Sum of parts, Buy @ $2.40
07/12/18	Lim & Tan	SPH	2.75	0	Hold
07/13/18	OCBC	SPH	2.76	2.52	Hold
07/13/18	CIMB	SPH	2.76	2.88	Add	Sum of parts
09/04/18	UOB Kay Hian	SPH	2.81	2.58	Hold	DCF, Buy @ $2.45
09/10/18	DBS Vickers	SPH	2.73	2.58	Hold
09/11/18	OCBC	SPH	2.79	2.52	Hold
09/11/18	Lim & Tan	SPH	2.79	0	Hold
09/13/18	CIMB	SPH	2.74	2.88	Add	Sum of parts
10/16/18	OCBC	SPH	2.62	2.55	Hold
10/16/18	UOB Kay Hian	SPH	2.62	2.75	Hold	Buy @ $2.50
10/16/18	CIMB	SPH	2.62	2.74	Hold	Sum of parts
10/16/18	Lim & Tan	SPH	2.62	0	Hold

Spackman - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
05/16/18	DMG & Partners	Spackman	0.073	0.1	Buy	DCF, PER14x FY18

Soilbuild Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
02/20/17	Jefferies	Soilbuild Reit	0.65	0.7	Buy
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
01/19/18	Jefferies	Soilbuild Reit	0.7	0.7	Buy
03/29/18	OCBC	Soilbuild Reit	0.645	0.7	Buy
04/17/18	OCBC	Soilbuild Reit	0.66	0.7	Buy
04/18/18	DBS Vickers	Soilbuild Reit	0.66	0.62	Hold
04/18/18	OCBC	Soilbuild Reit	0.66	0.71	Buy
04/18/18	Jefferies	Soilbuild Reit	0.66	0.7	Hold
05/24/18	OCBC	Soilbuild Reit	0.665	0.71	Buy
07/18/18	OCBC	Soilbuild Reit	0.65	0.69	Buy
07/18/18	DBS Vickers	Soilbuild Reit	0.65	0.62	Hold	DCF
09/10/18	DBS Vickers	Soilbuild Reit	0.625	0.62	Hold
09/10/18	OCBC	Soilbuild Reit	0.625	0.69	Buy
10/19/18	DBS Vickers	Soilbuild Reit	0.585	0.65	Buy	DCF
10/19/18	OCBC	Soilbuild Reit	0.585	0.665	Buy

Stock calls for 5 December 2018

Date	Analyst	Company	Last	Target	Call	Valuation
12/05/18	OCBC	Capitaland	3.22	3.96	Buy
12/05/18	DMG & Partners	Comfortdelgro	2.12	2.35	Neutral
12/05/18	UOB Kay Hian	Raffles Medical	1.2	1.3	Buy	DCF
12/05/18	Amfrasers	Thai Beverage	0.625	0.75	Buy	Sum of parts
12/05/18	OCBC	UOL	6.3	8.41	Buy

Australia is slowing down!

https://sg.finance.yahoo.com/news/australia-apos-economic-growth-slows-005821268.html

It is not surprising that Australia is not immune to external shocks because Asian is slowing down.  Furthermore, Australia-China trades are slowing down because of Australia's anti-china policies.  These anti-China policies have resulted in the slowdown of the property industry too.

The US markets fell heavily because of inverted yield curves.

The US treasury's situation is getting dire.

The 3-year yield is more than the 5-year yield.  This means the 3-5 year yield curve has inverted.

The 2-year yield is also more than the 5-year yield.  This means the 2-5 year yield curve has also inverted.

The short-term yield curves have inverted and these short-term yield curve inversions will lead to the 2-10 year yield curve to invert too.

The 2-10 yield curve is the pre-eminent recession indicator.

https://sg-stock.blogspot.com/2018/12/the-us-3-year-and-5-year-yield-curve.html

Will the US government shut down in December 2018?

https://www.washingtonpost.com/business/economy/congress-agrees-to-put-off-government-shutdown-deadline-to-dec-21/2018/12/03/4c306920-f727-11e8-863c-9e2f864d47e7_story.html?noredirect=on&utm_term=.3bad844465fd

The US government has no money to pay its government employees again and may shut down in late December which is bad for Christmas.

When a government doesn't have money to pay its employees, do you think it has money to repay its national debt?

Yellow vest protests in France.

https://edition.cnn.com/2018/12/03/europe/paris-yellow-vest-protests-intl/index.html

The French are protesting their own government for fuel hikes!

We cannot underestimate this protest because it has the potential to spread to other European countries especially when the EU economy is not doing well.  The PIGS are especially vulnerable in EU.  The PIGS are Portugal, Italy, Greece and Spain.

If Macron cannot resolve this crisis, he will be dethroned by its people.  Macron can only delay the fuel hikes to defuse the situation but this will not solve the fundamental problem since the OPEC has the intention to cut fuel supply to prop up the oil price.

SLB Dev - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/01/18	SAC Advisors	SLB Dev	0.215	0.28	Buy

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
03/14/18	Kim Eng	Singtel	3.41	3.69	Hold	Sum of parts
03/15/18	CIMB	Singtel	3.4	4	Add	Sum of parts
03/15/18	DMG & Partners	Singtel	3.4	4.1	Buy	Sum of parts
04/03/18	UOB Kay Hian	Singtel	3.39	4.4	Buy
04/03/18	Kim Eng	Singtel	3.39	3.69	Hold
04/16/18	UOB Kay Hian	Singtel	3.37	4.35	Buy
05/03/18	UOB Kay Hian	Singtel	3.5	4.35	Buy	DCF
05/04/18	Kim Eng	Singtel	3.52	3.69	Hold
05/07/18	DBS Vickers	Singtel	3.5	3.85	Buy	Sum of parts
05/17/18	Lim & Tan	Singtel	3.42	0	Buy
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
06/04/18	UOB Kay Hian	Singtel	3.25	4.22	Buy	DCF
06/05/18	DBS Vickers	Singtel	3.27	3.85	Buy
06/18/18	CIMB	Singtel	3.19	3.9	Add
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
06/20/18	OCBC	Singtel	3.18	4.1	Buy	PER18.3x FY19
06/27/18	DMG & Partners	Singtel	3.12	4.05	Buy
07/03/18	UOB Kay Hian	Singtel	3.05	4.22	Buy
08/10/18	OCBC	Singtel	3.2	4.08	Buy
08/10/18	UOB Kay Hian	Singtel	3.2	4.05	Buy	DCF
08/10/18	CIMB	Singtel	3.2	3.7	Add	Sum of parts
08/10/18	DBS Vickers	Singtel	3.2	3.7	Buy	Sum of parts
08/10/18	DMG & Partners	Singtel	3.2	3.7	Buy	Sum of parts
08/13/18	Lim & Tan	Singtel	3.14	0	Hold
08/20/18	UOB Kay Hian	Singtel	3.11	3.98	Buy	DCF
08/24/18	Kim Eng	Singtel	3.28	3.46	Hold	Sum of parts
09/03/18	DIR	Singtel	3.23	3.47	Outperform	Sum of parts
09/03/18	UOB Kay Hian	Singtel	3.23	3.98	Buy
09/25/18	UOB Kay Hian	Singtel	3.15	3.94	Buy	DCF
10/03/18	UOB Kay Hian	Singtel	3.23	3.94	Buy	DCF
10/11/18	DMG & Partners	Singtel	3.14	3.7	Buy
10/24/18	DBS Vickers	Singtel	3.13	3.64	Buy	Sum of parts
11/02/18	UOB Kay Hian	Singtel	3.18	3.94	Buy
11/02/18	DBS Vickers	Singtel	3.18	3.64	Buy	Sum of parts
11/07/18	CIMB	Singtel	3.17	3.7	Add	Sum of parts
11/09/18	DBS Vickers	Singtel	3.08	3.59	Buy	Sum of parts
11/09/18	UOB Kay Hian	Singtel	3.08	3.9	Buy	DCF
11/09/18	Kim Eng	Singtel	3.08	3.39	Hold	DCF
11/09/18	OCBC	Singtel	3.08	3.95	Buy
11/09/18	CIMB	Singtel	3.08	3.4	Add	Sum of parts
11/09/18	DMG & Partners	Singtel	3.08	3.22	Neutral
11/14/18	Macquarie	Singtel	3.03	3.14	Outperform
12/04/18	UOB Kay Hian	Singtel	3.09	3.9	Buy	DCF