Singapore Stock Exchange - Equity Investments

Friday, May 29, 2020

OCBC Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/02/19	phillip	OCBC	11.21	13.7	Buy
04/02/19	DBS Vickers	OCBC	11.21	12.9	Buy
04/11/19	CIMB	OCBC	11.72	12	Hold
04/22/19	DMG & Partners	OCBC	11.77	12.2	Neutral	PB1.12x FY20, Up from $10.96
04/23/19	Kim Eng	OCBC	11.78	10.73	Hold
04/24/19	UOB Kay Hian	OCBC	11.83	14.12	Buy	GGM, PB1.39x FY19
05/03/19	phillip	OCBC	12.04	13.7	Buy
05/10/19	DMG & Partners	OCBC	11.31	12.2	Neutral	PB1.12x FY20
05/10/19	CIMB	OCBC	11.31	12	Hold
05/13/19	Macquarie	OCBC	11.39	13	Outperform
05/13/19	phillip	OCBC	11.39	12.68	Accumulate	GGM, PB1.3x FY19
05/13/19	UOB Kay Hian	OCBC	11.39	14.62	Buy	GGM, PB1.42x FY19
05/13/19	CIMB	OCBC	11.39	12.59	Hold	GGM, PB1.26x
05/22/19	Kim Eng	OCBC	11.09	11.07	Hold
06/03/19	CIMB	OCBC	10.57	12.59	Hold
06/06/19	phillip	OCBC	10.63	12.7	Accumulate
06/13/19	UOB Kay Hian	OCBC	10.8	14.62	Buy
06/17/19	Kim Eng	OCBC	10.78	11.07	Hold
06/25/19	DBS Vickers	OCBC	11.28	11.5	Hold	GGM, PB1.1x FY20
07/01/19	UOB Kay Hian	OCBC	11.4	14.62	Buy
07/02/19	Kim Eng	OCBC	11.59	11.07	Hold
07/03/19	phillip	OCBC	11.54	12.7	Accumulate
07/08/19	DMG & Partners	OCBC	11.39	12.2	Neutral	GGM, PB1.12x FY20
07/23/19	DBS Vickers	OCBC	11.64	11.5	Hold
08/02/19	Lim & Tan	OCBC	11.42	0	Buy on weakness
08/02/19	Citibank	OCBC	11.42	12.3	Hold
08/05/19	phillip	OCBC	11.21	12.5	Accumulate	GGM, PB1.3x
08/05/19	DMG & Partners	OCBC	11.21	11.8	Neutral	GGM, PB1.1x FY20
08/05/19	UOB Kay Hian	OCBC	11.21	14.48	Buy	GGM, PB1.4x FY19
08/05/19	DBS Vickers	OCBC	11.21	11.5	Hold	GGM, PB1.1x FY20
08/06/19	CIMB	OCBC	11.08	12.59	Hold	GGM, PB1.3x
08/06/19	Kim Eng	OCBC	11.08	11.05	Hold	DDM
08/20/19	DMG & Partners	OCBC	10.71	11.5	Neutral	GGM, PB1.07x FY20
08/21/19	CIMB	OCBC	10.69	12.53	Hold
09/02/19	phillip	OCBC	10.65	12.32	Accumulate	GGM
09/05/19	UOB Kay Hian	OCBC	10.71	14.48	Buy	GGM, PB1.4x FY19
09/26/19	Kim Eng	OCBC	10.77	11.05	Neutral
09/26/19	DMG & Partners	OCBC	10.77	11.5	Neutral	GGM, PB1.07x FY20
09/27/19	CIMB	OCBC	10.82	12.53	Hold
10/04/19	phillip	OCBC	10.71	12.32	Accumulate
10/17/19	UOB Kay Hian	OCBC	10.86	14.45	Buy	GGM, PB1.4x FY19
10/23/19	DBS Vickers	OCBC	10.71	11.5	Hold
11/05/19	phillip	OCBC	11.07	12.32	Accumulate
11/05/19	DMG & Partners	OCBC	11.07	11.5	Neutral	GGM, PB1.08x FY20
11/05/19	Lim & Tan	OCBC	11.07	0	Buy
11/05/19	Citibank	OCBC	11.07	11	Hold
11/05/19	Jefferies	OCBC	11.07	11.5	Hold
11/06/19	Macquarie	OCBC	11.08	12.4	Outperform	PB
11/06/19	Kim Eng	OCBC	11.08	11.26	Hold	DDM
11/06/19	UOB Kay Hian	OCBC	11.08	14.45	Buy	GGM, PB1.4x FY19
11/06/19	DBS Vickers	OCBC	11.08	11.5	Hold	GGM, PB1.1x FY20
11/07/19	phillip	OCBC	11.1	11.7	Accumulate	GGM, PB1.1x
12/02/19	CIMB	OCBC	10.78	11.94	Hold
12/02/19	Kim Eng	OCBC	10.78	11.26	Hold
12/03/19	DMG & Partners	OCBC	10.75	11.5	Neutral
12/03/19	DBS Vickers	OCBC	10.75	11.5	Hold
12/04/19	phillip	OCBC	10.68	11.7	Accumulate
01/03/20	UOB Kay Hian	OCBC	11.03	14.45	Buy
01/08/20	CIMB	OCBC	11	11.94	Hold
02/03/20	DBS Vickers	OCBC	10.83	11.5	Hold	GGM, PB1x FY20
02/10/20	UOB Kay Hian	OCBC	10.86	12.8	Buy
02/19/20	Macquarie	OCBC	10.97	12.4	Outperform
02/24/20	phillip	OCBC	11.02	12.1	Accumulate	GGM, PB1.11x FY20
02/24/20	DMG & Partners	OCBC	11.02	11.2	Neutral	GGM, PB1.03x FY20
02/24/20	UOB Kay Hian	OCBC	11.02	12.68	Buy
02/24/20	Citibank	OCBC	11.02	11.6	Hold
02/24/20	Jefferies	OCBC	11.02	11	Hold
02/25/20	Kim Eng	OCBC	10.92	11.57	Hold
03/02/20	DBS Vickers	OCBC	10.6	11.5	Hold
03/04/20	Citibank	OCBC	10.65	11	Hold
03/05/20	Macquarie	OCBC	10.55	12.4	Outperform
03/05/20	DBS Vickers	OCBC	10.55	11	Hold	GGM, PB1x FY20
03/05/20	CIMB	OCBC	10.55	11.05	Hold
03/09/20	Citibank	OCBC	10.21	8.85	Sell
03/10/20	phillip	OCBC	9.52	12.1	Accumulate
03/11/20	Jefferies	OCBC	9.72	11	Buy
03/17/20	DMG & Partners	OCBC	8.7	9.6	Buy	GGM, PB0.89x FY20
03/17/20	DBS Vickers	OCBC	8.7	8.6	Hold	GGM, PB0.8x FY20
03/17/20	Jefferies	OCBC	8.7	10	Buy
03/19/20	Macquarie	OCBC	8.49	10.5	Outperform
03/20/20	CIMB	OCBC	8.08	9.04	Add
03/31/20	DMG & Partners	OCBC	8.52	9.6	Neutral
04/01/20	DBS Vickers	OCBC	8.54	8.6	Hold
04/01/20	Jefferies	OCBC	8.54	10	Buy
04/01/20	Citibank	OCBC	8.54	8.85	Sell
04/08/20	Kim Eng	OCBC	8.93	10.32	Buy	DDM
04/13/20	phillip	OCBC	8.95	12.1	Accumulate
04/22/20	UOB Kay Hian	OCBC	8.7	9.78	Buy
04/22/20	DMG & Partners	OCBC	8.7	9	Neutral	GGM, PB0.84x FY20
04/23/20	DBS Vickers	OCBC	8.62	7.9	Hold	GGM, PB0.7x FY21
04/24/20	Macquarie	OCBC	8.65	10	Outperform
05/11/20	phillip	OCBC	8.88	9.14	Accumlate	GGM, PB0.85x
05/11/20	DMG & Partners	OCBC	8.88	8.7	Hold	GGM, PB0.81x FY20
05/11/20	Kim Eng	OCBC	8.88	9.46	Hold	DDM
05/11/20	DBS Vickers	OCBC	8.88	7.9	Hold	GGM, PB0.7x FY21
05/11/20	Lim & Tan	OCBC	8.88	0	Accumlate
05/11/20	CIMB	OCBC	8.88	8.37	Hold
05/11/20	UOB Kay Hian	OCBC	8.88	9.78	Buy	PB0.8x FY20
05/13/20	Macquarie	OCBC	8.89	9.67	Outperform	PB

Netlink - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/19	UOB Kay Hian	Netlink	0.83	0.92	Buy
04/01/19	Kim Eng	Netlink	0.83	0.93	Buy
05/07/19	UOB Kay Hian	Netlink	0.825	0.92	Buy	DCF
05/09/19	DBS Vickers	Netlink	0.82	0.87	Buy
05/15/19	OCBC	Netlink	0.835	0.95	Buy
05/15/19	DBS Vickers	Netlink	0.835	0.9	Buy	DCF
05/15/19	Phillip	Netlink	0.835	0.93	Accumulate	DCF
05/15/19	Kim Eng	Netlink	0.835	0.94	Buy	DDM
06/03/19	Phillip	Netlink	0.83	0.93	Buy	DCF
06/06/19	DBS Vickers	Netlink	0.825	0.9	Buy
06/12/19	UOB Kay Hian	Netlink	0.835	0.97	Buy
06/27/19	Kim Eng	Netlink	0.89	0.94	Buy
07/15/19	Phillip	Netlink	0.88	0.93	Accumulate	DCF
07/17/19	Kim Eng	Netlink	0.885	0.94	Buy
08/06/19	UOB Kay Hian	Netlink	0.88	0.92	Buy	DCF
08/06/19	Phillip	Netlink	0.88	0.93	Accumulate	DCF
08/07/19	Kim Eng	Netlink	0.865	0.94	Buy	DDM
08/07/19	DBS Vickers	Netlink	0.865	0.95	Buy	DCF
10/07/19	UOB Kay Hian	Netlink	0.9	1.01	Buy	DCF
10/11/19	Phillip	Netlink	0.91	0.93	Accumulate
10/17/19	Kim Eng	Netlink	0.9	1.03	Buy	DDM
10/18/19	DBS Vickers	Netlink	0.91	0.95	Buy
11/04/19	UOB Kay Hian	Netlink	0.935	1.01	Buy	DCF
11/04/19	Phillip	Netlink	0.935	0.99	Accumulate	DCF
11/05/19	OCBC	Netlink	0.955	1.03	Buy
11/05/19	DBS Vickers	Netlink	0.955	1.04	Buy	DCF
11/05/19	Kim Eng	Netlink	0.955	1.06	Buy
01/03/20	DBS Vickers	Netlink	0.94	1.04	Buy	DCF
01/30/20	UOB Kay Hian	Netlink	1	1.05	Buy	DCF
02/10/20	DBS Vickers	Netlink	1.01	1.04	Buy	DCF
02/11/20	UOB Kay Hian	Netlink	1	1.05	Buy	DCF
02/12/20	DBS Vickers	Netlink	1	1.05	Buy	DCF
02/14/20	Phillip	Netlink	1.01	0.99	Neutral	DCF
03/02/20	DBS Vickers	Netlink	0.98	1.05	Buy
03/23/20	DBS Vickers	Netlink	0.9	0.95	Buy	DCF
05/08/20	DBS Vickers	Netlink	1	1.02	Hold	DCF
05/11/20	phillip	Netlink	0.985	1.03	Accumlate	DCF
05/11/20	UOB Kay Hian	Netlink	0.985	1.08	Buy

Moya Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/19	DMG & Partners	Moya Asia	0.081	0.095	Buy
06/06/19	DMG & Partners	Moya Asia	0.076	0.1	Buy
08/20/19	DMG & Partners	Moya Asia	0.068	0.083	Buy	DCF
10/15/19	DMG & Partners	Moya Asia	0.065	0.08	Buy
01/09/20	DMG & Partners	Moya Asia	0.08	0.093	Buy	DCF
03/02/20	DMG & Partners	Moya Asia	0.073	0.082	Buy	DCF

Stock calls for 29 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/29/20	DMG & Partners	APAC Realty	0.35	0.6	Buy
05/29/20	DBS Vickers	Capitamall Trust	1.93	2.15	Buy	PB1x
05/29/20	DBS Vickers	China Everbright	0.199	0.49	Buy	PER7x
05/29/20	DMG & Partners	City Developments	7.67	9.5	Buy	RNAV (45% discount)
05/29/20	DBS Vickers	Keppel Corp	5.97	6.8	Buy
05/29/20	CIMB	Keppel Corp	5.97	7.48	Add	Sum of parts
05/29/20	DMG & Partners	Keppel Corp	5.97	7.3	Buy
05/29/20	DBS Vickers	Mapletree Commercial	1.66	2.25	Buy
05/29/20	DMG & Partners	Sheng Siong	1.52	1.72	Buy	DCF
05/29/20	DBS Vickers	Singtel	2.51	3.09	Buy
05/29/20	UOB Kay Hian	Singtel	2.51	2.8	Buy	DCF
05/29/20	DMG & Partners	Singtel	2.51	3.4	Buy	Sum of parts
05/29/20	Lim & Tan	Singtel	2.51	2.45	Hold
05/29/20	OCBC	Singtel	2.51	3.24	Buy
05/29/20	DBS Vickers	SPH Reit	0.825	0.8	Hold
05/29/20	DBS Vickers	Starhill	0.46	0.5	Hold
05/29/20	Kim Eng	Top Glove	4.62	6.52	Buy	Ringgit target $20, PER23x CY21

Thursday, May 28, 2020

MM2 Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/31/19	DBS Vickers	MM2 Asia	0.24	0.34	Buy	Sum of parts, PER16x FY20
06/04/19	Kim Eng	MM2 Asia	0.245	0.26	Hold
07/19/19	DBS Vickers	MM2 Asia	0.23	0.34	Buy	PER16x FY20
08/15/19	DBS Vickers	MM2 Asia	0.197	0.29	Buy	Sum of parts
08/20/19	Kim Eng	MM2 Asia	0.186	0.2	Hold	PEG1x
10/09/19	CIMB	MM2 Asia	0.215	0.32	Add	Sum of parts
11/15/19	DBS Vickers	MM2 Asia	0.285	0.3	Hold	Sum of parts, PER12.8x FY20
03/25/20	DBS Vickers	MM2 Asia	0.124	0.107	Fully Valued

Mindchamps - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/19	DMG & Partners	Mindchamps	0.655	0.87	Buy
05/17/19	DMG & Partners	Mindchamps	0.66	0.83	Buy	DCF
08/27/19	DMG & Partners	Mindchamps	0.525	0.83	Buy
12/11/19	DMG & Partners	Mindchamps	0.46	0.87	Buy
03/02/20	DMG & Partners	Mindchamps	0.395	0.37	Neutral	DCF

Micro-Mechanics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/19	Phillip	Micro-Mechanics	1.63	1.63	Neutral	PER15x FY20
09/03/19	Phillip	Micro-Mechanics	1.59	1.6	Neutral	PER15x FY20
11/05/19	Phillip	Micro-Mechanics	1.9	1.6	Reduce
02/12/20	Phillip	Micro-Mechanics	1.88	1.6	Reduce	PER15x FY20
04/27/20	Phillip	Micro-Mechanics	1.64	1.6	Neutral
04/29/20	UOB Kay Hian	Micro-Mechanics	1.7	1.82	Hold	Buy @ $1.55

Stock calls for 28 May 2020

Date	Analyst	Company	Last	Target	Call	Valuation
05/28/20	Macquarie	AIMS AMP Cap Ind Reit	1.22	1.45	Outperform
05/28/20	Lim & Tan	City Developments	7.68	11.2	Buy
05/28/20	Macquarie	Dairy Farm	4.26	5.8	Outperform
05/28/20	Macquarie	Keppel Corp	6.03	7	Outperform
05/28/20	Macquarie	SGX	8.75	11	Outperform
05/28/20	DMG & Partners	SGX	8.75	8.6	Hold	PER24x FY21
05/28/20	DBS Vickers	SGX	8.75	7.4	Fully Valued	DDM
05/28/20	CIMB	SGX	8.75	8	Reduce
05/28/20	OCBC	SGX	8.75	8	Sell	PER21.6x FY21
05/28/20	Jefferies	SGX	8.75	8.5	Hold	PER23.5x
05/28/20	Lim & Tan	SGX	8.75	0	Buy on weakness
05/28/20	UOB Kay Hian	Unusual	0.135	0.123	Hold	Buy @ $0.111
05/28/20	Macquarie	UOL	6.71	10.15	Outperform

Wednesday, May 27, 2020

Memtech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/26/19	UOB Kay Hian	Memtech	0.96	1.33	Buy
05/15/19	CIMB	Memtech	1.09	1.35	Accept offer	offer $1.35
05/15/19	Lim & Tan	Memtech	1.09	1.35	Accept offer	offer $1.35
06/17/19	Lim & Tan	Memtech	1.33	1.35	Accept offer	offer $1.35

Mapletree North Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/03/19	DBS Vickers	Mapletree North Asia	1.31	1.45	Buy
05/02/19	OCBC	Mapletree North Asia	1.36	1.4	Hold
05/02/19	DBS Vickers	Mapletree North Asia	1.36	1.6	Buy	DCF
07/19/19	DBS Vickers	Mapletree North Asia	1.45	1.65	Buy	DCF
07/30/19	OCBC	Mapletree North Asia	1.38	1.43	Hold
07/31/19	CIMB	Mapletree North Asia	1.42	1.5	Add	DDM
08/14/19	OCBC	Mapletree North Asia	1.28	1.43	Buy
09/30/19	DBS Vickers	Mapletree North Asia	1.33	1.65	Buy	DCF
10/29/19	Lim & Tan	Mapletree North Asia	1.26	0	Hold
10/30/19	DBS Vickers	Mapletree North Asia	1.27	1.6	Buy	DCF
10/31/19	OCBC	Mapletree North Asia	1.27	1.43	Buy
11/12/19	DBS Vickers	Mapletree North Asia	1.23	1.6	Buy
12/05/19	OCBC	Mapletree North Asia	1.16	1.41	Buy
12/06/19	DBS Vickers	Mapletree North Asia	1.15	1.3	Buy	DCF
12/09/19	OCBC	Mapletree North Asia	1.18	1.36	Buy
01/20/20	OCBC	Mapletree North Asia	1.24	1.37	Buy
01/20/20	Lim & Tan	Mapletree North Asia	1.24	0	Hold
01/22/20	CIMB	Mapletree North Asia	1.24	1.31	Add	DDM
01/22/20	DBS Vickers	Mapletree North Asia	1.24	1.35	Buy	DCF
04/03/20	DBS Vickers	Mapletree North Asia	0.78	1.05	Buy	DCF
04/03/20	CIMB	Mapletree North Asia	0.78	1.3	Add
05/04/20	CIMB	Mapletree North Asia	0.945	1.26	Add
05/04/20	DBS Vickers	Mapletree North Asia	0.945	1.05	Buy	DCF