Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/03/24	CIMB	Singtel	2.48	2.9	Add	Sum of parts
06/12/24	Kim Eng	Singtel	2.56	3.24	Buy
06/19/24	DBS Vickers	Singtel	2.58	3.5	Buy
06/19/24	DMG & Partners	Singtel	2.58	3.25	Buy	Sum of parts
06/19/24	Lim & Tan	Singtel	2.58	3.11	Accumulate
07/01/24	DBS Vickers	Singtel	2.75	3.5	Buy
07/01/24	Kim Eng	Singtel	2.75	3.4	Buy
07/03/24	Citi Research	Singtel	2.78	3.7	Buy
07/10/24	CIMB	Singtel	2.9	3.3	Add	Sum of parts
07/10/24	UOB Kay Hian	Singtel	2.9	3.05	Buy
07/16/24	OCBC	Singtel	3.01	3.5	Buy
07/17/24	Lim & Tan	Singtel	3.05	3.3	Accumulate
07/18/24	Phillip	Singtel	3.02	3.44	Accumulate	Sum of parts
07/19/24	DMG & Partners	Singtel	3.06	3.5	Buy	Sum of parts
08/13/24	Kim Eng	Singtel	2.84	3.4	Buy	Sum of parts
08/15/24	DBS Vickers	Singtel	2.91	3.5	Buy
08/16/24	UOB Kay Hian	Singtel	3.02	3.58	Buy	DCF
08/16/24	DMG & Partners	Singtel	3.02	3.5	Buy	Sum of parts
08/16/24	Lim & Tan	Singtel	3.02	0	Accumulate
08/19/24	Phillip	Singtel	2.98	3.44	Accumulate	Sum of parts
08/19/24	CIMB	Singtel	3.02	3.4	Add	Sum of parts
09/02/24	Phillip	Singtel	3.13	3.44	Accumulate	Sum of parts
09/05/24	DMG & Partners	Singtel	3.15	3.5	Buy	Sum of parts
09/20/24	Kim Eng	Singtel	3.38	3.45	Buy	Sum of parts
10/11/24	CIMB	Singtel	3.16	3.4	Add	Sum of parts
10/15/24	DMG & Partners	Singtel	3.15	3.5	Buy	Sum of parts
10/16/24	DBS Vickers	Singtel	3.17	3.82	Buy	Sum of parts
10/24/24	CIMB	Singtel	3.18	3.7	Add
10/30/24	Kim Eng	Singtel	3.18	3.7	Buy
11/04/24	Citi Research	Singtel	3.1	3.6	Buy
11/11/24	DBS Vickers	Singtel	3.25	3.82	Buy	Sum of parts
11/12/24	Kim Eng	Singtel	3.2	3.7	Buy
11/13/24	Lim & Tan	Singtel	3.16	3.7	Accumulate
11/14/24	UOB Kay Hian	Singtel	3.19	3.58	Buy	DCF
11/14/24	DMG & Partners	Singtel	3.19	3.6	Buy	Sum of parts
11/14/24	HSBC	Singtel	3.19	3.65	Overweight
11/14/24	CIMB	Singtel	3.19	3.7	Add
11/18/24	Phillip	Singtel	3.16	3.44	Accumulate
11/21/24	Lim & Tan	Singtel	3.13	3.8	Accumulate
12/03/24	Kim Eng	Singtel	3.13	3.65	Buy
12/03/24	DMG & Partners	Singtel	3.13	3.6	Buy
12/04/24	MorningStar	Singtel	3.13	3.46	4-Star	Up from $3.37
01/07/25	DMG & Partners	Singtel	3.08	3.6	Buy
01/10/25	Kim Eng	Singtel	3.08	3.65	Buy
01/20/25	CIMB	Singtel	3.14	3.7	Add
01/21/25	UOB Kay Hian	Singtel	3.15	3.58	Buy	DCF
01/22/25	HSBC	Singtel	3.13	3.7	Buy	Up from $3.65
02/05/25	CIMB	Singtel	3.24	3.7	Add
02/19/25	DBS Vickers	Singtel	3.33	3.82	Buy	Sum of parts
02/19/25	DMG & Partners	Singtel	3.33	3.6	Buy
02/20/25	UOB Kay Hian	Singtel	3.37	3.6	Buy	DCF
02/20/25	Phillip	Singtel	3.37	3.77	Accumulate	EV/Ebitda6x FY25
02/20/25	DBS Vickers	Singtel	3.37	3.93	Buy	Sum of parts
02/20/25	DMG & Partners	Singtel	3.37	3.8	Buy	Sum of parts
02/20/25	Lim & Tan	Singtel	3.37	3.75	Accumulate
02/20/25	Kim Eng	Singtel	3.37	3.72	Buy	Sum of parts
03/28/25	UOB Kay Hian	Singtel	3.4	3.6	Buy	DCF
04/21/25	Kim Eng	Singtel	3.75	3.96	Buy	Sum of parts
04/24/25	DMG & Partners	Singtel	3.76	3.8	Buy	Sum of parts
05/05/25	DBS Vickers	Singtel	3.8	3.93	Buy	Sum of parts (20% disc)
05/14/25	CIMB	Singtel	3.71	4	Hold
05/20/25	DBS Vickers	Singtel	3.79	4.27	Buy	Sum of parts (15% disc)
05/22/25	Lim & Tan	Singtel	3.85	4	Accumulate on weakness
05/23/25	UOB Kay Hian	Singtel	3.95	4.58	Buy	Sum of parts
05/23/25	DBS Vickers	Singtel	3.95	4.4	Buy	Sum of parts
05/26/25	Phillip	Singtel	3.88	4.4	Accumulate	EV/Ebitda7x
06/17/25	CIMB	Singtel	3.95	4.1	Hold
06/19/25	DBS Vickers	Singtel	3.97	4.3	Buy	Sum of parts
06/19/25	Kim Eng	Singtel	3.97	4.3	Buy
06/20/25	DBS Vickers	Singtel	3.91	4.58	Buy	EV/Ebitda18.5x
07/01/25	Lim & Tan	Singtel	3.82	4.4	Accumulate

Singapore Paincare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/05/25	SIAS	Singapore Paincare	0.157	0.365	Hold	Offer @ $0.16

Stock calls for 4 July 2025

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/25	Lim & Tan	Bukit Sembawang	4.08	0	Accumulate

Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/24	Lim & Tan	Singapore Post	0.445	0.62	Accumulate
06/26/24	CIMB	Singapore Post	0.445	0.63	Add
08/19/24	UOB Kay Hian	Singapore Post	0.44	0.61	Buy	Sum of parts
08/19/24	Lim & Tan	Singapore Post	0.44	0.62	Accumulate
08/20/24	CIMB	Singapore Post	0.43	0.6	Add
09/03/24	UOB Kay Hian	Singapore Post	0.435	0.61	Buy	Sum of parts
10/10/24	UOB Kay Hian	Singapore Post	0.515	0.61	Buy	Sum of parts
11/01/24	UOB Kay Hian	Singapore Post	0.545	0.61	Buy	Sum of parts
11/07/24	Lim & Tan	Singapore Post	0.52	0.6	Accumulate on weakness
11/07/24	CIMB	Singapore Post	0.52	0.58	Add
11/25/24	Kim Eng	Singapore Post	0.535	0.74	Buy	Sum of parts
12/02/24	Lim & Tan	Singapore Post	0.58	0.64	Accumulate on weakness
12/02/24	OCBC	Singapore Post	0.58	0.58	Hold
12/03/24	UOB Kay Hian	Singapore Post	0.585	0.72	Buy	Sum of parts, PB1x FY26
12/03/24	Kim Eng	Singapore Post	0.585	0.77	Buy
12/03/24	CIMB	Singapore Post	0.585	0.74	Add
12/09/24	Lim & Tan	Singapore Post	0.575	0.64	Accumulate on weakness
12/23/24	OCBC	Singapore Post	0.56	0.54	Hold
01/03/25	Kim Eng	Singapore Post	0.54	0.77	Buy
01/06/25	Lim & Tan	Singapore Post	0.555	0.74	Accumulate on weakness
01/09/25	UOB Kay Hian	Singapore Post	0.545	0.72	Buy	Sum of parts, PB1x FY26
02/14/25	Kim Eng	Singapore Post	0.555	0.77	Buy
02/20/25	Lim & Tan	Singapore Post	0.56	0.74	Accumulate
03/10/25	UOB Kay Hian	Singapore Post	0.56	0.72	Buy	Sum of parts, PB1x FY26
03/14/25	Lim & Tan	Singapore Post	0.56	0.75	Buy
04/02/25	Lim & Tan	Singapore Post	0.615	0.75	Buy
05/07/25	Kim Eng	Singapore Post	0.6	0.77	Buy
05/15/25	Lim & Tan	Singapore Post	0.635	0.75	Neutral
05/16/25	UOB Kay Hian	Singapore Post	0.56	0.66	Buy	Sum of parts
06/20/25	Lim & Tan	Singapore Post	0.57	0.7	Hold
06/30/25	UOB Kay Hian	Singapore Post	0.62	0.66	Buy	Sum of parts

Singapore Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/25	DBS Vickers	Singapore Land	2.12	2.6	Buy

Sinamas - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/28/25	Lim & Tan	Sinarmas	0.275	0.31	Reject Offer	Cash offer $0.31

Stock calls for 3 July 2025

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/25	Phillip	ART	0.885	1.05	Buy	DDM
07/03/25	Phillip	Capitaland Investment	2.65	3.65	Buy	Sum of parts
07/03/25	CIMB	Isoteam	0.077	0.1	Add
07/03/25	UOB Kay Hian	Lendlease Reit	0.53	0.76	Buy	DDM
07/03/25	Lim & Tan	Oiltek	0.56	0	Accumulate on weakness
07/03/25	DMG & Partners	Sheng Siong	1.93	2.12	Buy
07/03/25	Lim & Tan	Soilbuild Construction	0.865	0.97	Accumulate
07/03/25	phillip	Wee Hur	0.475	0.55	Buy	Sum of parts

Sin Heng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/21/25	SIAS	Sin Heng	0.58	0	Reject Offer	Offer @ $0.58

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/27/24	CIMB	Silverlake	0.37	0.25	Hold	Cut from $0.30
08/29/24	Phillip	Silverlake	0.37	0.36	Accept Offer	Cash offer $0.36

SIA Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/20/24	Lim & Tan	SIA Engineering	2.33	2.71	Accumulate
06/25/24	DBS Vickers	SIA Engineering	2.32	2.8	Buy
07/29/24	UOB Kay Hian	SIA Engineering	2.29	2.7	Buy	DCF
07/29/24	CIMB	SIA Engineering	2.29	2.65	Add
07/29/24	OCBC	SIA Engineering	2.29	2.69	Buy
09/26/24	Lim & Tan	SIA Engineering	2.38	2.68	Accumulate
10/16/24	UOB Kay Hian	SIA Engineering	2.39	2.7	Buy	DCF
11/06/24	DBS Vickers	SIA Engineering	2.49	2.8	Buy
11/06/24	Lim & Tan	SIA Engineering	2.49	2.68	Accumulate on weakness
11/07/24	UOB Kay Hian	SIA Engineering	2.45	2.7	Buy	DCF
11/07/24	CIMB	SIA Engineering	2.45	2.65	Add
11/07/24	OCBC	SIA Engineering	2.45	2.76	Buy
11/12/24	DBS Vickers	SIA Engineering	2.42	2.5	Hold
11/14/24	Amfrasers	SIA Engineering	2.36	2.59	Outperform	DCF
02/17/25	UOB Kay Hian	SIA Engineering	2.35	2.7	Buy	DCF
02/17/25	Lim & Tan	SIA Engineering	2.35	2.6	Hold
04/08/25	UOB Kay Hian	SIA Engineering	1.96	2.7	Buy	DCF
05/13/25	DBS Vickers	SIA Engineering	2.28	2.5	Hold
05/13/25	Lim & Tan	SIA Engineering	2.28	2.6	Accumulate
05/14/25	UOB Kay Hian	SIA Engineering	2.32	2.7	Buy	DCF
05/14/25	CIMB	SIA Engineering	2.32	2.7	Add	PER
05/15/25	DBS Vickers	SIA Engineering	2.35	2.8	Buy	DCF & PER19x FY26
05/22/25	CIMB	SIA Engineering	2.55	3.1	Add	PER
05/23/25	Amfrasers	SIA Engineering	2.57	2.83	Outperform	DCF
05/30/25	OCBC	SIA Engineering	2.72	3	Buy
06/13/25	DBS Vickers	SIA Engineering	3.07	3.5	Buy	PER21x FY26
06/16/25	OCBC	SIA Engineering	3.08	3.5	Buy

Stock calls for 2 July 2025

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/25	DMG & Partners	APAC Realty	0.48	0.54	Buy	DCF
07/02/25	CIMB	Capitaland Investment	2.65	4.3	Add	RNAV
07/02/25	UOB Kay Hian	China Sunsine	0.55	0.63	Buy	PER7.5x FY25
07/02/25	CIMB	City Developments	5.24	8.97	Add	RNAV
07/02/25	Lim & Tan	Civmec	0.905	0.96	Accumulate on weakness
07/02/25	CIMB	UOL	6.56	8.2	Add	RNAV
07/02/25	UOB Kay Hian	Valuetronics	0.735	0.83	Buy	PER11x FY26
07/02/25	DBS Vickers	Valuetronics	0.735	0.95	Not Rated	PER13x FY27

Latest US labour market situation.

The chart above shows that strains are starting to appear in the US labour market because the job openings and hires are beginning to widen.

The US PMI was still in a contraction zone (49) in June 2025.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = -1.2 - (6.2) = -7.4

Estimated Local Material: Inventories - Imports = 2.5 - (7.5) = -5

From the table above, the prices had increased further (69.7, +0.3) because of Trump's tariff.  Although the new export orders (46.3, +6.2) had increased significantly, the local new orders (est'd -7.4) had declined significantly simultaneously and caused new orders (46.4, -1.2) to decline.  This showed that the US consumer spending had weakened massively.

Thus, the producers increased their production just to deplete their backlog of orders (44.3, -2.8) and the overall PMI (49) still remained in the contraction zone (below 50) in June.  This latest PMI report doesn't bode well for the US economy because it shows that the US consumption is going to crash soon.