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
05/26/25	DMG & Partners	Singtel	3.88	4.5	Buy
05/26/25	OCBC	Singtel	3.88	4.51	Buy	Up from $4
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
06/20/25	HSBC	Singtel	3.91	4.45	Buy
07/01/25	Lim & Tan	Singtel	3.82	4.4	Accumulate
07/11/25	UOB Kay Hian	Singtel	4.01	4.58	Buy	Sum of parts
07/22/25	DMG & Partners	Singtel	4.15	4.7	Buy
08/06/25	DMG & Partners	Singtel	4	4.7	Buy
08/07/25	Kim Eng	Singtel	4.01	4.3	Buy
08/14/25	UOB Kay Hian	Singtel	4.06	4.56	Buy	Sum of parts
08/14/25	Phillip	Singtel	4.06	4.4	Accumulate	Ev/Ebitda7x
08/14/25	DBS Vickers	Singtel	4.06	4.58	Buy	Sum of parts (15% disc)
08/15/25	Lim & Tan	Singtel	4.07	4.4	Accumulate
08/15/25	DMG & Partners	Singtel	4.07	4.7	Buy
08/22/25	DBS Vickers	Singtel	4.11	5.04	Buy	Sum of parts (10% disc)
09/01/25	Phillip	Singtel	4.31	4.86	Accumulate	Ev/Ebitda8x
09/02/25	CIMB	Singtel	4.33	4.8	Add
09/02/25	HSBC	Singtel	4.33	4.75	Buy
09/08/25	DMG & Partners	Singtel	4.39	4.9	Buy
09/10/25	Kim Eng	Singtel	4.31	4.75	Buy
09/19/25	OCBC	Singtel	4.35	5.1	Buy

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

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
03/10/25	OCBC	Singapore Post	0.56	0.62	Hold	DCF
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
05/15/25	OCBC	Singapore Post	0.635	0.605	Hold	Sum of parts
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
07/23/25	Lim & Tan	Singapore Post	0.64	0.7	Hold
07/24/25	Kim Eng	Singapore Post	0.655	0.74	Buy
08/11/25	OCBC	Singapore Post	0.505	0.59	Buy
08/11/25	Kim Eng	Singapore Post	0.505	0.63	Buy
08/22/25	Lim & Tan	Singapore Post	0.5	0.725	Accumulate
08/22/25	OCBC	Singapore Post	0.5	0.495	Hold
08/25/25	Kim Eng	Singapore Post	0.5	0.51	Hold
09/15/25	OCBC	Singapore Post	0.435	0.44	Hold
09/17/25	Lim & Tan	Singapore Post	0.43	0.725	Accumulate

Stock calls for 19 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/19/25	DBS Vickers	AEM	1.57	2.1	Buy	PER25x FY26
09/19/25	OCBC	Boustead	1.76	2	Buy	Sum of parts
09/19/25	Lim & Tan	Cenurion Accommodation	0.88	0	Subscribe
09/19/25	UOB Kay Hian	Elite ComReit	0.35	0.39	Buy	DDM
09/19/25	CIMB	Food Empire	2.66	3.09	Add
09/19/25	Lim & Tan	Hongkong Land	6.65	6.97	Buy
09/19/25	OCBC	Singtel	4.35	5.1	Buy

Singapore Land - Stock calls

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

Sinarmas - 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

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

Stock calls for 19 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/18/25	OCBC	Golden Agri	0.3	0.3	Hold

The US Fed has reduced its rate under the coercion of Trump.

The latest summary of economic projection has shown virtually no change from its June's projection.

However, the dot plot chart has shown significant changes.  Let's take a look now.

A significant number of Fed members had voted for 3.75 interest rate by the end of the year.  This means that the Fed will continue to lower its rates if there is no further spike in inflation.  However, we think that it is impossible not to have a continual inflation spike because of the higher tariffs.  This really puts the Fed in a dilemma and we view this rate reduction as a political decision under Trump's duress instead of a sound monetary policy stance.