Yongnam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/18	CIMB	Yongnam	0.335	0.53	Add	PB0.8x FY18
02/02/18	CIMB	Yongnam	0.35	0.53	Add	PB0.8x FY18
03/02/18	CIMB	Yongnam	0.3	0.57	Add	PB0.8x FY19
04/10/18	CIMB	Yongnam	0.29	0.57	Add	PB0.8x FY19
05/16/18	CIMB	Yongnam	0.31	0.56	Add	PB0.8x FY19
08/15/18	CIMB	Yongnam	0.255	0.45	Add	PB0.8x FY19
11/05/18	CIMB	Yongnam	0.186	0.45	Add	PB0.8x FY19
01/04/19	CIMB	Yongnam	0.183	0.4	Add	PB0.8x FY19
01/07/19	CIMB	Yongnam	0.183	0.41	Add	PB0.8x FY19
03/01/19	CIMB	Yongnam	0.173	0.33	Add	PB0.7x FY19
04/05/19	CIMB	Yongnam	0.186	0.33	Add	PB0.7x FY19

Yoma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	OCBC	Yoma	0.54	0.55	Hold
02/07/18	OCBC	Yoma	0.48	0.55	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
05/03/18	DMG & Partners	Yoma	0.43	0.66	Buy	Sum of parts (15% discount)
05/31/18	DBS Vickers	Yoma	0.4	0.58	Buy	RNAV (40% discount)
06/29/18	CIMB	Yoma	0.365	0.62	Not Rated	Bloomberg consensus
11/14/18	DBS Vickers	Yoma	0.35	0.4	Buy	RNAV (60% discount)
12/27/18	DMG & Partners	Yoma	0.33	0.57	Buy	Sum of parts (20% discount)
02/12/19	DBS Vickers	Yoma	0.345	0.4	Buy
04/11/19	DMG & Partners	Yoma	0.32	0.57	Add	Sum of parts (20% discount)

Stock calls for 15 April 2019

Date	Analyst	Company	Last	Target	Call	Valuation
04/15/19	OCBC	ART	1.2	1.25	Hold
04/15/19	OCBC	Far East Hospitality	0.685	0.68	Hold
04/15/19	DBS Vickers	Frencken	0.6	0.75	Buy	PER8.5x FY19/20
04/15/19	UOB Kay Hian	Fu Yu	0.205	0.285	Buy	EV/Ebitda5.5x
04/15/19	CIMB	Keppel Corp	6.62	8.41	Add	Sum of parts
04/15/19	Kim Eng	SATS	5.31	5.8	Buy
04/15/19	Kim Eng	SIA Engineering	2.49	2.85	Buy
04/15/19	Kim Eng	ST Engineering	3.82	4.25	Buy

World economic outlook growth projection by IMF.

2019 will be a bad year for the global economies as projected by IMF.

EU has drafted EU$20B tariffs for the US!

https://sg.finance.yahoo.com/news/exclusive-eu-draws-list-20-150936044.html

In a tit-for-tat move, the EU has drafted EU$20B tariffs for the US.

How can the global economies be good when the US is starting trade wars against China and the EU?

Many countries are fearful of the upcoming US-China trade deal.

Why are many countries fearful of the upcoming US-China trade deal?

Well, many countries are worried that the upcoming US-China trade deal will give preferential access to US companies and undercut other non-US MNCs.  These other countries are also worried that China will cut back on their exports since China is compelled to buy more US goods.  If China is committed to the new US-China trade deal, it will have to replace other imports with US imports.  Who will be badly affected then?  It will be those US allies that stupidly supported the US.  Australia, New Zealand, Canada, etc will be badly affected by the new US-China trade deal because China will replace theirs with US imports.

Therefore, we must not think that the US-China trade war doesn't affect us.  It will affect us either directly or indirectly.

Baltic dry index - 726

Today, Friday, April 12 2019, the Baltic Dry Index decreased by 2 points, reaching 726 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 - 1022

Related stocks: Keppel Corp, Sembcorp Marine & Cosco.

The slowdown in China's imports will affect global economies.

https://www.reuters.com/article/us-china-economy-trade/china-march-exports-rebound-to-five-month-high-but-imports-fall-more-than-expected-idUSKCN1RO0Q7

China's exports are growing but imports are shrinking very sharply.  This doesn't bode well for the global economies particularly for export-oriented countries like Singapore.

China's consumption constitutes close to 80% of its GDP and China is no longer an export-oriented country.

http://en.people.cn/n3/2018/0919/c90000-9501725.html

http://sg-stock.blogspot.com/2017/05/china-slowdown-is-bane-for-world.html

Therefore, any reduction in local consumption has a significant impact on China and the world as China contributes 1/3 of global growth.

Yanlord - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/18	Citibank	Yanlord	1.72	1.75	Neutral	RNAV (50% discount)
05/21/18	DBS Vickers	Yanlord	1.67	2.27	Buy	PER6x FY18
06/06/18	OCBC	Yanlord	1.7	2.24	Buy	PER6x
08/16/18	OCBC	Yanlord	1.51	2.13	Buy	PER5.5x
08/20/18	DBS Vickers	Yanlord	1.48	2.17	Buy	PER5.5x FY18/19
11/14/18	OCBC	Yanlord	1.28	2.13	Buy
11/21/18	OCBC	Yanlord	1.26	2.04	Buy	PEG
11/30/18	DBS Vickers	Yanlord	1.3	1.62	Buy	PER4.7x FY19
03/01/19	OCBC	Yanlord	1.39	1.75	Buy	PER5x
04/12/19	OCBC	Yanlord	1.47	1.75	Buy

Yangzijiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/18	OCBC	Yangzijiang	1.45	1.49	Hold	Sum of parts
03/02/18	CIMB	Yangzijiang	1.45	1.51	Hold	Sum of parts
03/05/18	DBS Vickers	Yangzijiang	1.41	1.82	Buy	Sum of parts, PB1.3x
03/16/18	OCBC	Yangzijiang	1.3	1.34	Hold	Sum of parts
04/30/18	DBS Vickers	Yangzijiang	1.16	1.82	Buy
04/30/18	CIMB	Yangzijiang	1.16	1.27	Hold	Sum of parts
04/30/18	OCBC	Yangzijiang	1.16	1.22	Hold
05/02/18	DBS Vickers	Yangzijiang	1.17	1.82	Buy	Sum of parts
06/06/18	CIMB	Yangzijiang	1.02	1.27	Add	Sum of parts
06/12/18	OCBC	Yangzijiang	0.995	1.18	Buy	Sum of parts
06/25/18	UOB Kay Hian	Yangzijiang	0.96	1.3	Buy
07/03/18	DBS Vickers	Yangzijiang	0.885	1.82	Buy	Sum of parts, PB1.25x
07/03/18	UOB Kay Hian	Yangzijiang	0.885	1.3	Buy
07/11/18	CIMB	Yangzijiang	0.91	1.27	Add	Sum of parts
08/08/18	CIMB	Yangzijiang	0.91	1.29	Add	Sum of parts
08/08/18	OCBC	Yangzijiang	0.91	1.23	Buy
08/10/18	DBS Vickers	Yangzijiang	0.99	1.82	Buy	Sum of parts
09/26/18	JP Morgan	Yangzijiang	1.17	1.4	Overweight
10/03/18	OCBC	Yangzijiang	1.26	1.32	Hold
10/15/18	DBS Vickers	Yangzijiang	1.27	1.82	Buy	Sum of parts, PB1.3x
10/19/18	JP Morgan	Yangzijiang	1.37	1.4	Neutral
10/30/18	UOB Kay Hian	Yangzijiang	1.21	1.25	Buy
11/08/18	OCBC	Yangzijiang	1.29	1.41	Buy
11/08/18	CIMB	Yangzijiang	1.29	1.37	Add	Sum of parts
11/09/18	UOB Kay Hian	Yangzijiang	1.32	1.36	Hold	PB0.9x FY19
11/12/18	DBS Vickers	Yangzijiang	1.3	1.82	Buy	Sum of parts
12/21/18	DBS Vickers	Yangzijiang	1.21	1.82	Buy
02/04/19	DBS Vickers	Yangzijiang	1.42	1.82	Buy
03/01/19	CIMB	Yangzijiang	1.43	1.61	Add	Sum of parts
03/04/19	OCBC	Yangzijiang	1.44	1.44	Hold
03/04/19	UOB Kay Hian	Yangzijiang	1.44	1.39	Hold	PB0.9x FY19, Buy @ $1.25
03/04/19	DBS Vickers	Yangzijiang	1.44	1.82	buy	Sum of parts, PB1.1x

Y Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/18	Phillip	Y Venture	0.44	0.7	Buy	PER30x FY18
03/05/18	Phillip	Y Venture	0.68	0.7	Neutral	PER30x FY18
03/05/18	UOB Kay Hian	Y Venture	0.68	0.8	Buy	Up from $0.65
03/28/18	DBS Vickers	Y Venture	0.535	0.77	Buy	EV/Ebitda20x FY19
04/09/18	UOB Kay Hian	Y Venture	0.53	0.8	Buy	PEG0.86x, Price-To-Sales2.6x FY19
05/28/18	CIMB	Y Venture	0.48	0.62	Add
06/28/18	CIMB	Y Venture	0.445	0.62	Add	PER30x CY19
08/02/18	CIMB	Y Venture	0.5	0.62	Add	PER30x FY19
08/02/18	DBS Vickers	Y Venture	0.5	0.77	Buy	EV/Ebitda20x FY19
08/03/18	Phillip	Y Venture	0.5	0.7	Buy
08/16/18	CIMB	Y Venture	0.445	0.56	Add	PER30x FY19
08/17/18	Phillip	Y Venture	0.44	0.61	Buy	PER30x FY18
08/28/18	DBS Vickers	Y Venture	0.4	0.48	Hold	EV/Ebitda19x FY19
09/14/18	CIMB	Y Venture	0.275	0.56	Add
10/30/18	DBS Vickers	Y Venture	0.24	0.34	Hold	EV/Ebitda14x FY19
10/30/18	UOB Kay Hian	Y Venture	0.24	0.57	Buy	PB2.1x FY19
11/30/18	CIMB	Y Venture	0.28	0.56	Add	PER30x FY19
01/28/19	DBS Vickers	Y Venture	0.13	0.11	Cease Coverage	EV/Ebitda14x FY19
01/28/19	CIMB	Y Venture	0.13	0.1	Reduce	PB1.7x FY20
03/08/19	Phillip	Y Venture	0.078	0.16	Buy	PER30x
03/25/19	CIMB	Y Venture	0.06	0.15	Add

Stock calls for 12 April 2019

Date	Analyst	Company	Last	Target	Call	Valuation
04/12/19	UOB Kay Hian	ART	1.2	1.46	Buy	DDM
04/12/19	DBS Vickers	Indofood Agri	0.28	0.19	Accept offer	offer price $0.28
04/12/19	Kim Eng	UOB	26.53	29.71	Buy
04/12/19	OCBC	Yanlord	1.47	1.75	Buy

South Korea has put food safety as its top priority.

https://sg.finance.yahoo.com/news/wto-upholds-south-korean-ban-020923061.html

South Korea will continue to ban Japan's nuclear food.

I hope SG will do the same because the US FDA has a Japan food detention order due to nuclear radiation.  Please see below for more information.

http://sg-stock.blogspot.com/2019/01/is-japan-food-safe-for-consumption-part.html

Mahathir is deceiving his Malaysians.

https://sg.finance.yahoo.com/news/malaysia-revives-china-backed-rail-061019953.html

The ECRL is being revived and the construction is lowered. True but it is only half the story.

The ECRL rail distance is being cut by 40KM and the land acquisition cost is also lowered because the acquisition land area is reduced.  Therefore, it is not China that acceded to Mahathir's demand but rather a rework of the existing rail plan that cuts the construction cost.  The major cost-cutting factor comes from the reduction in land acquisition area.  However, this is not explained to the Malaysians.

Why is the US starting a trade war with EU?

https://www.reuters.com/article/us-usa-trade-eu-tariffs-trump/trump-vows-to-put-tariffs-on-11-billion-of-eu-products-idUSKCN1RL1CX

WTO is just a playground for the big nations.  Why?

In March 2019, WTO ruled that the US was subsidizing Boeing through taxes.  Then in April 2019, WTO ruled that EU was subsidizing Airbus.  What a joke!  Both aircraft manufacturers are being subsidized by their own countries and they ought to stop this childish display of affront and odium.

https://www.reuters.com/article/us-usa-trade-eu-tariffs-trump/trump-vows-to-put-tariffs-on-11-billion-of-eu-products-idUSKCN1RL1CX

https://www.ft.com/content/e60abfbc-5179-11e9-b401-8d9ef1626294

Sorry for the digress and I will get back to the main topic now.

Trump is starting a trade war with the EU because he can't get a good deal in the US-China trade talk in spite of his proclamation that the US-China progress is good.  His election is coming and he has to submit a good election score to secure a win but it looks like he can only get it from the EU now.

Despite the US being the current biggest economy in the world, it is incapable to start 2 big trade wars concurrently with China and the EU.  Since China is not bulging to his expectations, Trump has to look elsewhere for his election score.  Therefore, this is likely the reason he is starting a trade war with the EU before his election.

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Valuation
01/04/18	UOB Kay Hian	Wing Tai	2.29	2.78	RNAV (20% discount)
01/04/18	Deutsche	Wing Tai	2.29	2.6
01/19/18	UOB Kay Hian	Wing Tai	2.34	2.78
02/13/18	OCBC	Wing Tai	2.13	2.64	RNAV (10% discount)
02/13/18	UOB Kay Hian	Wing Tai	2.13	2.78
03/02/18	UOB Kay Hian	Wing Tai	2.2	2.78
04/03/18	UOB Kay Hian	Wing Tai	2.06	2.78
04/03/18	CIMB	Wing Tai	2.06	1.96
05/03/18	UOB Kay Hian	Wing Tai	2.05	2.78	RNAV (20% discount)
06/05/18	UOB Kay Hian	Wing Tai	2.05	2.78	RNAV (20% discount)
07/04/18	UOB Kay Hian	Wing Tai	1.99	2.78	RNAV (20% discount)
07/24/18	Jefferies	Wing Tai	2.11	2.4
08/29/18	CIMB	Wing Tai	2	1.97	RNAV (45% discount)
08/29/18	OCBC	Wing Tai	2	2.41	RNAV (15% discount)
08/29/18	Lim & Tan	Wing Tai	2	0
10/29/18	OCBC	Wing Tai	1.94	2.41
12/07/18	UOB Kay Hian	Wing Tai	1.96	2.45
02/14/19	OCBC	Wing Tai	2.03	2.41

Wilmar - Stock calls

Date	Analyst	Company	Last	Target	Valuation
01/04/18	CIMB	Wilmar	3.16	4.27
01/15/18	DBS Vickers	Wilmar	3.16	3.5
01/16/18	UOB Kay Hian	Wilmar	3.19	4.1	Sum of parts, PER14x FY18
02/23/18	CIMB	Wilmar	3.04	4.1	Sum of parts
02/23/18	UOB Kay Hian	Wilmar	3.04	4.1	Sum of parts, PER14x FY18
02/23/18	OCBC	Wilmar	3.04	3.51	PER13.5x FY18/19
02/26/18	DBS Vickers	Wilmar	3.13	3.65	DCF
02/26/18	DMG & Partners	Wilmar	3.13	3.45	Sum of parts
03/05/18	CIMB	Wilmar	3.18	4.1	Sum of parts
03/07/18	UOB Kay Hian	Wilmar	3.16	4.1	Sum of parts
03/08/18	OCBC	Wilmar	3.18	3.51
03/14/18	DBS Vickers	Wilmar	3.23	3.65
04/03/18	DBS Vickers	Wilmar	3.21	3.65
04/05/18	DMG & Partners	Wilmar	3.08	3.45
04/06/18	CIMB	Wilmar	3.1	4.1
04/30/18	UOB Kay Hian	Wilmar	3.26	4.1	Sum of parts, PER14x FY18
05/11/18	CIMB	Wilmar	3.21	4.1	Sum of parts
05/11/18	UOB Kay Hian	Wilmar	3.21	4.1	Sum of parts, PER14x FY18
05/11/18	DMG & Partners	Wilmar	3.21	3.45
05/14/18	UOB Kay Hian	Wilmar	3.16	3.9	Sum of parts, PER14.5x FY18
05/14/18	DBS Vickers	Wilmar	3.16	3.65	DCF, PER14.4x FY18
05/14/18	OCBC	Wilmar	3.16	3.51
05/14/18	DMG & Partners	Wilmar	3.16	3.59	Sum of parts
06/05/18	DBS Vickers	Wilmar	3.28	3.65
06/21/18	UOB Kay Hian	Wilmar	3.12	3.9
06/27/18	OCBC	Wilmar	3.06	3.51	PER13x
07/03/18	UOB Kay Hian	Wilmar	3.04	3.9	PER14.5x FY18
07/03/18	DBS Vickers	Wilmar	3.04	3.5	DCF
07/04/18	DMG & Partners	Wilmar	3.07	3.59	Sum of parts
08/02/18	DMG & Partners	Wilmar	3.15	3.51	Sum of parts
08/14/18	UOB Kay Hian	Wilmar	3.13	3.9	PER14.5x FY18
08/14/18	CIMB	Wilmar	3.13	4.1	Sum of parts
08/15/18	DBS Vickers	Wilmar	3.25	3.61	DCF
08/15/18	DMG & Partners	Wilmar	3.25	3.69	Sum of parts
09/13/18	DBS Vickers	Wilmar	3.15	3.61
10/08/18	UOB Kay Hian	Wilmar	3.19	3.9	PER13.7x FY19
10/11/18	DBS Vickers	Wilmar	3.14	3.59	DCF
11/12/18	DMG & Partners	Wilmar	3.15	3.69	Sum of parts
11/13/18	CIMB	Wilmar	3.18	4.1	Sum of parts
11/13/18	UOB Kay Hian	Wilmar	3.18	3.9	Sum of parts, PER13.7x FY19
11/15/18	DMG & Partners	Wilmar	3.19	3.59
11/16/18	OCBC	Wilmar	3.22	3.42	PER12.5x
11/16/18	DBS Vickers	Wilmar	3.22	3.59	DCF
11/16/18	DMG & Partners	Wilmar	3.22	3.69
11/28/18	Exotix Capital	Wilmar	3.16	2.29	PER10x
12/10/18	DMG & Partners	Wilmar	3.15	3.58	Sum of parts
01/02/19	DMG & Partners	Wilmar	3.16	3.58
01/03/19	UOB Kay Hian	Wilmar	3.13	3.9
02/20/19	OCBC	Wilmar	3.37	3.42
02/22/19	DMG & Partners	Wilmar	3.39	3.58
02/22/19	CIMB	Wilmar	3.39	3.96	Sum of parts
02/22/19	UOB Kay Hian	Wilmar	3.39	3.9
02/25/19	DMG & Partners	Wilmar	3.26	3.63	Sum of parts
02/25/19	DBS Vickers	Wilmar	3.26	3.6	DCF, PER15.4x FY19
03/12/19	CIMB	Wilmar	3.2	3.96	Sum of parts
03/12/19	DBS Vickers	Wilmar	3.2	3.6
03/13/19	DMG & Partners	Wilmar	3.24	3.63
03/20/19	UOB Kay Hian	Wilmar	3.3	3.9
04/08/19	UOB Kay Hian	Wilmar	3.48	3.9
04/09/19	OCBC	Wilmar	3.49	3.44	PB0.9x
04/09/19	CIMB	Wilmar	3.49	3.96

Venture - Stock calls

Date	Analyst	Company	Last	Target	Percent	Valuation
01/05/18	DBS Vickers	Venture	21.97	26	18.34
01/10/18	Kim Eng	Venture	21.57	27.5	27.49	PER18.8x FY18
01/15/18	UOB Kay Hian	Venture	22.65	23.5	3.75
01/19/18	Lim & Tan	Venture	23.15	0	-100.00
01/24/18	DMG & Partners	Venture	23.9	24.1	0.84
01/24/18	Credit Suisse	Venture	23.9	27.2	13.81
02/07/18	CIMB	Venture	22.48	24.74	10.05
02/08/18	CIMB	Venture	22.29	29.13	30.69
02/13/18	UOB Kay Hian	Venture	21.92	23.5	7.21
02/20/18	DMG & Partners	Venture	23.53	24.1	2.42
02/23/18	UOB Kay Hian	Venture	25.03	31.88	27.37	PER19x FY18
02/23/18	Citibank	Venture	25.03	31.74	26.81
03/01/18	OCBC	Venture	27.56	34	23.37
03/01/18	UOB Kay Hian	Venture	27.56	31.88	15.67	PER19x FY18
03/01/18	DMG & Partners	Venture	27.56	30.5	10.67	DCF, PER19x FY18
03/01/18	Kim Eng	Venture	27.56	31.2	13.21	PB3.7x FY18
03/01/18	CIMB	Venture	27.56	30.81	11.79	PER17.7x FY19
03/01/18	Lim & Tan	Venture	27.56	0	-100.00
03/01/18	DBS Vickers	Venture	27.56	32.2	16.84	PER19.5x FY18/19
03/05/18	Credit Suisse	Venture	26.84	32	19.23
04/03/18	DBS Vickers	Venture	28.14	32.2	14.43
04/06/18	CIMB	Venture	27.73	30.81	11.11	PER17.7x FY19
04/20/18	Lim & Tan	Venture	28.82	0	-100.00
04/23/18	UOB Kay Hian	Venture	25.29	30.6	21.00	PER19x FY18
04/26/18	UOB Kay Hian	Venture	22.57	25	10.77	PER16.1x FY18
04/26/18	Credit Suisse	Venture	22.57	24	6.34
04/26/18	OCBC	Venture	22.57	30	32.92	DCF
04/26/18	CIMB	Venture	22.57	25.64	13.60	PER15.4x
04/26/18	Lim & Tan	Venture	22.57	23.4	3.68	PER16x FY18
04/26/18	DMG & Partners	Venture	22.57	26	15.20	DCF, PER17.2x FY18
04/26/18	Kim Eng	Venture	22.57	28.83	27.74
04/26/18	DBS Vickers	Venture	22.57	27.2	20.51	PER17.5x FY18/19
05/08/18	Lim & Tan	Venture	20.65	0	-100.00
05/08/18	Citibank	Venture	20.65	31.74	53.70
05/25/18	CIMB	Venture	20.55	25.64	24.77
06/06/18	Kim Eng	Venture	21.63	28.83	33.29	PB3.4x
06/11/18	CIMB	Venture	21.13	25.64	21.34	PER15.4x
06/13/18	Lim & Tan	Venture	20.65	0	-100.00
07/03/18	UOB Kay Hian	Venture	17.66	25	41.56
07/05/18	UOB Kay Hian	Venture	17.5	18.2	4.00	PER14x FY18, Buy @ $14
07/12/18	CIMB	Venture	16.67	17.83	6.96	PER12.3x
07/19/18	Credit Suisse	Venture	16.89	14.5	-14.15	PER11x
08/06/18	UOB Kay Hian	Venture	16.85	18.2	8.01	PER14x FY18, Buy @ $16
08/06/18	DMG & Partners	Venture	16.85	22.2	31.75	PER15.5x FY18
08/06/18	OCBC	Venture	16.85	23.23	37.86	PER15x
08/06/18	CIMB	Venture	16.85	17.83	5.82	PER12.3x
08/06/18	Lim & Tan	Venture	16.85	0	-100.00
08/07/18	DBS Vickers	Venture	18.6	22.9	23.12	PER15.8x FY18/19
09/14/18	Lim & Tan	Venture	15.9	0	-100.00
10/02/18	UOB Kay Hian	Venture	18.52	18.2	-1.73	PER14x FY18, Buy @ $15.50
11/05/18	DMG & Partners	Venture	16.26	19	16.85	PER14x FY19
11/05/18	UOB Kay Hian	Venture	16.26	12.9	-20.66	PER11x FY19
11/05/18	OCBC	Venture	16.26	20.13	23.80	PER15x FY19
11/05/18	DBS Vickers	Venture	16.26	21.3	31.00	PER15.8x FY18/19
11/05/18	CIMB	Venture	16.26	17.44	7.26	PER12.3x FY20
11/05/18	Lim & Tan	Venture	16.26	0	-100.00
11/05/18	Kim Eng	Venture	16.26	22.23	36.72	PB2.5x FY19
11/26/18	CIMB	Venture	14.72	17.44	18.48	PER12.3x FY20
12/06/18	UOB Kay Hian	Venture	15.33	12.9	-15.85
12/14/18	DMG & Partners	Venture	14.89	19	27.60
01/02/19	DMG & Partners	Venture	13.85	19	37.18	PER14x FY19
01/07/19	UOB Kay Hian	Venture	13.71	12.9	-5.91
01/07/19	Lim & Tan	Venture	13.71	0	-100.00
01/08/19	Kim Eng	Venture	14.44	17.48	21.05	PB2x FY19, PER14.4x FY19
02/11/19	UOB Kay Hian	Venture	15.72	12.9	-17.94	PER11x FY19, Buy @ $12.40
02/12/19	CIMB	Venture	15.97	17.44	9.20	PER12.56x FY20
02/25/19	CIMB	Venture	16.12	17.88	10.92	PER12.56x FY20
02/25/19	Kim Eng	Venture	16.12	19.23	19.29	Roe-g/Coe-g, PB2.2x FY19
02/25/19	DMG & Partners	Venture	16.12	19	17.87
02/25/19	DBS Vickers	Venture	16.12	21.7	34.62	PER15.8x FY19
02/25/19	Lim & Tan	Venture	16.12	0	-100.00
02/25/19	OCBC	Venture	16.12	20.89	29.59	PER15x
03/19/19	DMG & Partners	Venture	18	19	5.56
03/29/19	DBS Vickers	Venture	17.8	21.7	21.91
04/03/19	Lim & Tan	Venture	18.6	0	-100.00

Stock calls for 11 April 2019

Date	Analyst	Company	Last	Target	Call	Valuation
04/11/19	CIMB	DBS	26.97	29	Add
04/11/19	CIMB	First Reit	0.99	1.2	Add	DDM
04/11/19	CIMB	OCBC	11.72	12	Hold
04/11/19	Lim & Tan	Sunningdale	1.39	0	Hold
04/11/19	CIMB	UOB	26.56	29	Add
04/11/19	DMG & Partners	Yoma	0.32	0.57	Add	Sum of parts (20% discount)