Broker Research Reports (as of 2015-07-03) Part 1 of 3

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Summary on past 2 weeks broker research reports as of 2015-07-03 - Part 1 of 3 (A ~ D)

ASCENDAS REAL ESTATE INV TRUST (A17U.SI)

• Maybank Kim Eng Research 2015-07-01 Real Estate Sector (Part 4): Industrial REITs - BUY Cache Logistics (TP $1.37), Mapletree Industrial Trust (TP $1.77), SELL Ascendas REIT (TP $2.27)
• DBS Group Research 2015-06-26: Ascott Residence Trust - Maintain BUY, TP S$1.34
• OCBC Investment Research 2015-06-25: BUY Ascott Residence Trust, CapitaLand Limited, HOLD Ascendas REIT, OSIM International

ASCOTT RESIDENCE TRUST (A68U.SI)

• DBS Group Research 2015-06-29: Reiterate BUY call and TP of S$1.34 on Ascott Residence Trust
• UOB Kay Hian Research 2015-06-26 (REIT): Downgrade ART to HOLD, CCT, Starhill, CDREIT and Sabana are the Top Picks
• CIMB Research 2015-06-25: Ascott Residence Trust - Maintain HOLD rating with a trimmed target price of S$1.26.
• UOB Kay Hian Research 2015-06-26: Downgrade Ascott Residence Trust to HOLD with unchanged TP S$1.42
• OCBC Investment Research 2015-06-25: BUY Ascott Residence Trust, CapitaLand Limited, HOLD Ascendas REIT, OSIM International

BIOSENSORS INT'L GROUP LTD. (B20.SI)

• OCBC Investment Research 2015-06-22 (Healthcare): HOLD Raffles Medical Group, SELL Biosensors International Group

CACHE LOGISTICS TRUST (K2LU.SI)

• Maybank Kim Eng Research 2015-07-03 (REIT): MAS Proposals No Negatives. Remain UnderWeight on SREITs. BUY SGREIT, MINT, CACHE, KREIT.
• Maybank Kim Eng Research 2015-07-01 Real Estate Sector (Part 4): Industrial REITs - BUY Cache Logistics (TP $1.37), Mapletree Industrial Trust (TP $1.77), SELL Ascendas REIT (TP $2.27)
• Maybank Kim Eng Research 2015-06-25: Cache Logistics Trust - Maintain BUY with TP lifted to SGD1.37

CAPITALAND COMMERCIAL TRUST (C61U.SI)

• UOB Kay Hian Research 2015-07-03 (REIT): MAS Measures Much Awaited. Top Picks are CCT, CDREIT, Starhill and Sabana REIT.
• Maybank Kim Eng Research 2015-07-01 Real Estate Sector (Part 5): Office REITs - BUY Keppel REIT (TP 1.32), HOLD CapitaCommercial Trust (TP $1.77), Suntec REIT (TP $1.89)
• RHB Research 2015-06-30 (REIT): Neutral on Sector, BUY CapitaLand Commercial Trust, CapitaLand Mall Trust, Frasers Centrepoint Trust, Starhill Global REIT
• UOB Kay Hian Research 2015-06-26 (REIT): Downgrade ART to HOLD, CCT, Starhill, CDREIT and Sabana are the Top Picks

CAPITALAND LIMITED (C31.SI)

• Maybank Kim Eng Research 2015-07-01 Real Estate Sector (Part 2): Developers - BUY Wing Tai (TP 2.37), Ho Bee Land (TP 2.75), City Developments (TP 11.40), HOLD CapitaLand (TP3.85), OUE (TP2.35)
• OCBC Investment Research 2015-06-29: CapitaLand Limited Maintain BUY with unchanged FV S$4.07 with Danga Bay Acquisition
• DBS Group Research 2015-06-25: CapitaLand - Maintain BUY, TP S$4.11, with the selling of stake in PWC Building
• OCBC Investment Research 2015-06-25: BUY Ascott Residence Trust, CapitaLand Limited, HOLD Ascendas REIT, OSIM International
• RHB Research 2015-06-23: Maintain BUY on CapitaLand with the sale of PWC Building stake
• OCBC Investment Research 2015-06-23: BUY CapitaLand Ltd

CAPITALAND MALL TRUST (C38U.SI)

• RHB Research 2015-07-03 (REIT): No Major Re-Rating Catalyst. Top Picks are Frasers Centrepoint Trust, Starhill Global REIT and CapitaLand Mall Trust.
• Maybank Kim Eng Research 2015-07-01 Real Estate Sector (Part 3): Retail REITs - BUY Starhill Global REIT (TP $0.97), HOLD Mapletree Commercial Trust (TP $1.43), Frasers Centrepoint Trust (TP $2.03), SELL CapitaLand Mall Trust (TP $1.87)
• RHB Research 2015-06-30 (REIT): Neutral on Sector, BUY CapitaLand Commercial Trust, CapitaLand Mall Trust, Frasers Centrepoint Trust, Starhill Global REIT

CDL HOSPITALITY TRUSTS (J85.SI)

• CIMB Research 2015-06-29 (Hospitality REIT): Continue to favour CDL Hospitality Trust (ADD; TP: S$1.89)
• UOB Kay Hian Research 2015-06-26 (REIT): Downgrade ART to HOLD, CCT, Starhill, CDREIT and Sabana are the Top Picks

CHINA EVERBRIGHT WATER LIMITED (U9E.SI)

• Maybank Kim Eng Research 2015-07-02: Hyflux - Partially divesting China assets. Maintain HOLD with TP $0.96. Prefer China Everbright Water (BUY, TP$ 1.17).

CHINA MERCHANTS HLDGS(PACIFIC) (C22.SI)

• CIMB Research 2015-06-24: Upgrade China Merchants Holdings from Hold to ADD with TP S$1.18
• DBS Group Research 2015-06-25: China Merchants Hldgs (Pacific) - Maintain BUY with raised TP of S$1.54

CITY DEVELOPMENTS LIMITED (C09.SI)

• UOB Kay Hian Research 2015-07-03 (REIT): MAS Measures Much Awaited. Top Picks are CCT, CDREIT, Starhill and Sabana REIT.
• Maybank Kim Eng Research 2015-07-01 Real Estate Sector (Part 2): Developers - BUY Wing Tai (TP 2.37), Ho Bee Land (TP 2.75), City Developments (TP 11.40), HOLD CapitaLand (TP3.85), OUE (TP2.35)

COMFORTDELGRO CORPORATION LTD (C52.SI)

• OCBC Investment Research 2015-07-02: ComfortDelgro - Riding smoothly into 2H15. Maintain HOLD with FV of S$3.07
• Maybank Kim Eng Research 2015-07-02: ComfortDelgro - Shortlisted for London Overground, Limited Upside to FY17 EPS, Maintain SELL with SGD2.70 TP
• DBS Group Research 2015-07-01: Subsidiary Shortlisted for London Overground. Maintain HOLD call for ComfortDelGro (TP 3.00)
• Maybank Kim Eng Research 2015-06-29 (Land Transport Sector) - Aggressive marketing by GrabTaxi - SELL ComfortDelGro, HOLD SMRT
• Maybank KimEng Research 2015-06-23: SELL ComfortDelGro

CROESUS RETAIL TRUST (S6NU.SI)

• RHB Research 2015-06-22 (Strategy on Rising Interest Rates): BUY Croesus Retail Trust, Ezra Holdings. Neutral on Maxi-Cash Financial Services, Midas Holdings

DBS GROUP HOLDINGS LTD (D05.SI)

• UOB Kay Hian Research 2015-06-24: Maintain BUY on DBS Group Holdings

DEL MONTE PACIFIC LIMITED (D03.SI)

• DBS Group Research 2015-07-02: Del Monte Pacific - At earnings inflexion point, Upgrade to BUY with 31% upside to TP of S$0.50

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• Summary on Broker Research Reports (as of 2015-07-03) Part 2 of 3
• Summary on Broker Research Reports (as of 2015-07-03) Part 3 of 3

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