Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/18/24	DBS Vickers	Thai Beverage	0.48	0.69	Buy	Sum of parts, PER16x
06/24/24	UOB Kay Hian	Thai Beverage	0.47	0.57	Buy	Sum of parts
06/24/24	CIMB	Thai Beverage	0.47	0.63	Add
07/01/24	Phillip	Thai Beverage	0.45	0.63	Buy	PER16x FY24
07/01/24	DBS Vickers	Thai Beverage	0.45	0.69	Buy	Sum of parts, PER16x
07/09/24	DMG & Partners	Thai Beverage	0.44	0.71	Buy	Sum of parts
07/18/24	Lim & Tan	Thai Beverage	0.495	0.64	Accumulate
07/19/24	UOB Kay Hian	Thai Beverage	0.5	0.6	Buy
07/26/24	Kiatnakin	Thai Beverage	0.5	0.81	Buy
07/26/24	JPM	Thai Beverage	0.5	0.64	Overweight
07/26/24	HSBC	Thai Beverage	0.5	0.59	Buy
08/12/24	Phillip	Thai Beverage	0.5	0.63	Buy	PER16x FY24
08/16/24	DMG & Partners	Thai Beverage	0.475	0.71	Buy	Sum of parts
10/02/24	DBS Vickers	Thai Beverage	0.525	0.69	Buy	Sum of parts, PER16x
10/15/24	UOB Kay Hian	Thai Beverage	0.53	0.56	Buy
10/15/24	Goldman Sachs	Thai Beverage	0.53	0.61	Neutral
11/13/24	DBS Vickers	Thai Beverage	0.51	0.77	Buy	PER16x FY25
11/22/24	UOB Kay Hian	Thai Beverage	0.515	0.56	Buy	Sum of parts
11/22/24	Lim & Tan	Thai Beverage	0.515	0.67	Accumulate
11/25/24	Phillip	Thai Beverage	0.525	0.64	Buy	PER14x FY25
11/26/24	DMG & Partners	Thai Beverage	0.53	0.71	Buy	Sum of parts
01/03/25	Goldman Sachs	Thai Beverage	0.56	0.72	Buy
01/07/25	DBS Vickers	Thai Beverage	0.565	0.77	Buy	PER16x FY25
02/04/25	DBS Vickers	Thai Beverage	0.54	0.77	Buy	PER16x FY25
02/17/25	UOB Kay Hian	Thai Beverage	0.5	0.56	Buy	Sum of parts
02/17/25	Phillip	Thai Beverage	0.5	0.56	Accumulate	PER12x FY25
03/24/25	CIMB	Thai Beverage	0.52	0.58	Add
05/13/25	DBS Vickers	Thai Beverage	0.515	0.63	Buy	PER16x FY25
05/13/25	Phillip	Thai Beverage	0.515	0.56	Accumulate	PER12x FY25
05/13/25	UOB Kay Hian	Thai Beverage	0.515	0.51	Hold	Sum of parts
06/16/25	UOB Kay Hian	Thai Beverage	0.46	0.45	Hold	Sum of parts
06/23/25	DBS Vickers	Thai Beverage	0.445	0.63	Buy	PER16x FY25
06/23/25	Phillip	Thai Beverage	0.445	0.56	Buy	PER12x FY25

Stock calls for 9 July 2025

Date	Analyst	Company	Last	Target	Call	Valuation
07/09/25	DMG & Partners	Bumitama	0.76	0.8	Neutral	PER9x FY26
07/09/25	DMG & Partners	First Resources	1.48	1.7	Buy
07/09/25	CIMB	Food Empire	1.86	2.28	Add
07/09/25	DMG & Partners	Golden Agri	0.25	0.25	Neutral	Sum of parts, cut from $0.26 target price
07/09/25	UOB Kay Hian	Keppel DC Reit	2.22	2.69	Buy	DDM
07/09/25	CIMB	LHN	0.76	1	Add
07/09/25	UOB Kay Hian	NTT DC Reit	1	0	Subscribe	USD
07/09/25	Lim & Tan	Stoneweg Reit SGD	2.28	2.75	Accumulate	SGD
07/09/25	Lim & Tan	Valuetronics	0.74	0.81	Accumulate on weakness
07/09/25	DMG & Partners	Wilmar	2.94	2.8	Neutral

Suntec Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/24	DMG & Partners	Suntec Reit	1.06	1.35	Buy
07/09/24	DBS Vickers	Suntec Reit	1.08	1.15	Hold
07/22/24	Phillip	Suntec Reit	1.07	1.41	Buy	DDM
07/29/24	Kim Eng	Suntec Reit	1.18	1.1	Hold
07/29/24	CIMB	Suntec Reit	1.18	1.22	Hold
08/30/24	DMG & Partners	Suntec Reit	1.23	1.35	Buy
09/23/24	OCBC	Suntec Reit	1.33	1.19	Sell
10/08/24	Lim & Tan	Suntec Reit	1.31	0	Accumulate
10/15/24	DMG & Partners	Suntec Reit	1.27	1.35	Buy	DDM
10/28/24	Phillip	Suntec Reit	1.23	1.36	Accumulate	DDM
10/29/24	CIMB	Suntec Reit	1.23	1.38	Hold
10/29/24	OCBC	Suntec Reit	1.23	1.19	Hold
10/30/24	UOB Kay Hian	Suntec Reit	1.21	1.18	Hold	DDM
11/25/24	Phillip	Suntec Reit	1.14	1.36	Accumulate	DDM
11/29/24	Kim Eng	Suntec Reit	1.15	1.15	Hold
12/06/24	Lim & Tan	Suntec Reit	1.17	1.24	Reject Offer	Offer @ $1.16
12/06/24	DMG & Partners	Suntec Reit	1.17	1.35	Reject Offer	Offer @ $1.16
12/09/24	MorningStar	Suntec Reit	1.23	1.38	Reject Offer	Offer @ $1.16
01/02/25	UOB Kay Hian	Suntec Reit	1.17	1.18	Hold	DDM
01/09/25	Lim & Tan	Suntec Reit	1.19	1.24	Hold	NAV $2.07
01/10/25	DMG & Partners	Suntec Reit	1.21	1.35	Buy	Reject Offer
01/10/25	MorningStar	Suntec Reit	1.21	1.39	Reject Offer	Offer @ $1.19
01/24/25	Lim & Tan	Suntec Reit	1.21	1.19	Hold	NAV $2.05
01/28/25	CIMB	Suntec Reit	1.2	1.33	Hold
02/10/25	Phillip	Suntec Reit	1.17	1.33	Accumulate	DDM
02/12/25	OCBC	Suntec Reit	1.14	1.14	Hold
03/06/25	UOB Kay Hian	Suntec Reit	1.12	1.18	Hold	DDM
04/01/25	UOB Kay Hian	Suntec Reit	1.18	1.18	Hold	DDM
04/25/25	DBS Vickers	Suntec Reit	1.16	1.15	Hold
04/25/25	Lim & Tan	Suntec Reit	1.16	1.25	Hold
04/28/25	Phillip	Suntec Reit	1.15	1.33	Buy	DDM
04/29/25	CIMB	Suntec Reit	1.14	1.26	Hold
04/29/25	CIMB	Suntec Reit	1.14	1.17	Hold
05/21/25	UOB Kay Hian	Suntec Reit	1.13	1.18	Hold	DDM
06/16/25	DMG & Partners	Suntec Reit	1.14	1.35	Buy
06/23/25	Phillip	Suntec Reit	1.12	1.33	Buy	DDM
06/27/25	UOB Kay Hian	Suntec Reit	1.13	1.3	Hold	DDM

Stoneweg Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/25	Phillip	Stoneweg Reit	1.57	1.95	Buy
01/10/25	DMG & Partners	Stoneweg Reit	1.59	1.9	Buy
02/17/25	Phillip	Stoneweg Reit	1.57	1.95	Buy
02/18/25	DBS Vickers	Stoneweg Reit	1.57	1.85	Buy	DCF
03/13/25	Phillip	Stoneweg Reit	1.38	1.86	Buy	DDM
04/21/25	Phillip	Stoneweg Reit	1.42	1.86	Buy	DDM
05/02/25	Phillip	Stoneweg Reit	1.5	1.86	Buy	DDM
06/23/25	Phillip	Stoneweg Reit	1.52	1.86	Buy	DDM
06/25/25	CIMB	Stoneweg Reit	1.55	1.93	Add
06/26/25	DMG & Partners	Stoneweg Reit	1.56	1.9	Buy
03/24/25	Lim & Tan	Stoneweg Reit SGD	2.12	2.64	Accumulate	SGD

Starhub - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/15/24	DBS Vickers	Starhub	1.29	1.54	Buy	DCF
08/15/24	UOB Kay Hian	Starhub	1.29	1.41	Buy	DCF
08/15/24	DMG & Partners	Starhub	1.29	1.18	Neutral	DCF
08/19/24	Phillip	Starhub	1.28	1.29	Neutral	EV/Ebitda6.5x FY24
10/11/24	CIMB	Starhub	1.2	1.4	Add	DCF
10/16/24	DBS Vickers	Starhub	1.2	1.54	Buy	DCF
10/29/24	Kim Eng	Starhub	1.21	1.3	Hold
11/07/24	Macquarie	Starhub	1.2	1.3	Outperform
11/14/24	UOB Kay Hian	Starhub	1.19	1.41	Buy	DCF
11/14/24	DBS Vickers	Starhub	1.19	1.54	Buy
11/14/24	DMG & Partners	Starhub	1.19	1.18	Neutral	DCF
11/15/24	Phillip	Starhub	1.2	1.29	Accumulate	EV/Ebitda6.5x FY24
12/03/24	DMG & Partners	Starhub	1.23	1.18	Neutral	DCF
01/07/25	DMG & Partners	Starhub	1.23	1.18	Neutral	DCF
02/24/25	DBS Vickers	Starhub	1.24	1.46	Buy	DCF
02/24/25	Citi Research	Starhub	1.24	1.43	Buy	EV/Ebitda7.2x FY25
02/24/25	DMG & Partners	Starhub	1.24	1.14	Neutral	DCF
02/25/25	UOB Kay Hian	Starhub	1.23	1.26	Hold	DCF
02/25/25	CIMB	Starhub	1.23	1.3	Hold	DCF
03/28/25	UOB Kay Hian	Starhub	1.18	1.26	Buy	DCF
05/13/25	DBS Vickers	Starhub	1.17	1.38	Buy	DCF
05/13/25	Phillip	Starhub	1.17	1.08	Neutral	EV/Ebitda6x FY25
05/13/25	UOB Kay Hian	Starhub	1.17	1.26	Buy	DCF
05/13/25	Citi Research	Starhub	1.17	1.43	Buy	EV/Ebitda7.2x FY25
07/08/25	Kim Eng	Starhub	1.18	1.17	Hold
07/08/25	DMG & Partners	Starhub	1.18	1.14	Neutral	DCF

Stock calls for 8 July 2025

Date	Analyst	Company	Last	Target	Call	Valuation
07/08/25	Lim & Tan	China Aviation Oil	0.915	0	Accumulate
07/08/25	Lim & Tan	NTT DC Reit	1.276	0	Subscribe
07/08/25	UOB Kay Hian	Raffles Medical	1	1.18	Buy	PER31x FY25
07/08/25	CIMB	SGX	15.16	18.3	Add
07/08/25	Kim Eng	Starhub	1.18	1.17	Hold
07/08/25	DMG & Partners	Starhub	1.18	1.14	Neutral	DCF