UOB (Bank) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/24	DBS Vickers	UOB	36.36	37.9	Buy	GGM, PB1.3x
12/02/24	CIMB	UOB	36.36	39.5	Add
12/02/24	Jefferies	UOB	36.36	42	Buy
12/16/24	DMG & Partners	UOB	37.35	40.2	Buy	GGM, PB1.31x FY25
12/19/24	OCBC	UOB	36.45	37.5	Hold
01/03/25	phillip	UOB	36.55	39.7	Accumulate
01/03/25	Citi Research	UOB	36.55	40.4	Buy
01/06/25	CIMB	UOB	36.58	39.5	Add
01/10/25	OCBC	UOB	37.58	37.5	Hold
01/13/25	MorningStar	UOB	36.82	40	Buy	Up from $39
01/28/25	Jefferies	UOB	37.02	42	Buy
02/03/25	Kim Eng	UOB	37.51	38.75	Buy
02/05/25	IG	UOB	37.27	39.9	Buy
02/19/25	DBS Vickers	UOB	38.65	37.9	Buy	GGM, PB1.3x
02/19/25	DMG & Partners	UOB	38.65	40.2	Buy	GGM, PB1.31x FY25
02/19/25	Lim & Tan	UOB	38.65	40.63	Accumulate
02/19/25	Citi Research	UOB	38.65	42.3	Buy
02/20/25	DBS Vickers	UOB	38.58	43	Buy	GGM, PB1.3x FY26
02/20/25	Kim Eng	UOB	38.58	44.32	Buy	DDM
02/21/25	phillip	UOB	38.43	41.8	Accumulate	GGM, PB1.49x FY25
02/21/25	DMG & Partners	UOB	38.43	41.6	Buy	GGM, PB1.38x FY25
02/21/25	CIMB	UOB	38.43	43	Add
02/21/25	MorningStar	UOB	38.43	41	Buy
03/12/25	Citi Research	UOB	37.35	36.9	Hold	GGM, PB1.3x FY25
03/12/25	Jefferies	UOB	37.35	43	Buy
03/12/25	DBS Vickers	UOB	37.35	38.5	Hold
03/21/25	phillip	UOB	37.8	41.8	Accumulate	GGM, PB1.49x FY25
03/24/25	Lim & Tan	UOB	37.95	42.5	Accumulate
03/24/25	MorningStar	UOB	37.95	37.6	Hold
04/03/25	DMG & Partners	UOB	36.17	41.6	Buy	GGM, PB1.38x FY25
04/07/25	Lim & Tan	UOB	35.46	0	Hold
04/07/25	Citi Research	UOB	35.46	34.8	Hold
04/08/25	DBS Vickers	UOB	33.23	32.7	Hold	GGM, PB1x FY26
04/10/25	Kim Eng	UOB	30.99	32.02	Hold
04/21/25	CIMB	UOB	34.8	38.8	Add
04/22/25	DMG & Partners	UOB	35.3	37.6	Neutral
05/07/25	DBS Vickers	UOB	34.98	32.7	Hold	GGM, PB1x FY26
05/07/25	CIMB	UOB	34.98	38.6	Add	GGM
05/07/25	Lim & Tan	UOB	34.98	38.8	Hold
05/07/25	MorningStar	UOB	34.98	39	Buy	GGM, PB1.3x FY25
05/09/25	phillip	UOB	34.55	35.5	Accumulate	GGM, PB1.26x FY25
05/09/25	MorningStar	UOB	34.55	37.5	Hold
05/19/25	Jefferies	UOB	35.5	40	Buy
06/06/25	Citi Research	UOB	35.21	34.7	Hold	GGM, PB1.2x FY25/26
06/10/25	CIMB	UOB	35.33	38.6	Add	GGM
06/12/25	phillip	UOB	35.12	36.3	Accumulate
06/19/25	Lim & Tan	UOB	34.83	37.99	Accumulate
07/07/25	phillip	UOB	36.12	36.3	Accumulate
07/15/25	CIMB	UOB	36.88	38.6	Add	GGM
08/07/25	DBS Vickers	UOB	36.45	32.7	Hold	GGM, PB1x FY26
08/07/25	Lim & Tan	UOB	36.45	38.27	Hold
08/08/25	DBS Vickers	UOB	35.81	33.9	Hold	GGM, PB1x FY26
08/08/25	Kim Eng	UOB	35.81	38.36	Hold	DDM
08/08/25	CIMB	UOB	35.81	38.3	Hold	GGM
08/08/25	OCBC	UOB	35.81	38.2	Hold	Cut from $41.50
08/11/25	phillip	UOB	35.7	34.6	Neutral	GGM, PB1.23x FY25
08/11/25	Lim & Tan	UOB	35.7	0	Hold
10/17/25	DBS Vickers	UOB	34.58	33.9	Hold	GGM, PB1x FY26
10/21/25	phillip	UOB	34.3	34.6	Accumulate	GGM, PB1.23x FY25
11/06/25	Lim & Tan	UOB	34.87	37.24	Accumulate on weakness
11/07/25	phillip	UOB	33.9	30.4	Neutral	GGM, PB1.08x FY25
11/07/25	DBS Vickers	UOB	33.9	33.9	Hold	GGM, PB1x FY26
11/10/25	DMG & Partners	UOB	33.86	36.1	Buy	Cut from $38.80

United Hampshire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/25	Lim & Tan	United Hampshire	0.475	0.64	Buy
01/15/25	UOB Kay Hian	United Hampshire	0.475	0.57	Buy	DDM
03/06/25	Amfrasers	United Hampshire	0.49	0.6	Outperform	DDM
08/14/25	UOB Kay Hian	United Hampshire	0.485	0.7	Buy	DDM

Stock calls for 22 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/22/25	DMG & Partners	A-Reit	2.79	3.2	Buy	DDM
12/22/25	DMG & Partners	Capitaland Integrated Commercial Trust	2.34	2.69	Buy	DDM
12/22/25	DMG & Partners	City Developments	7.98	8.5	Buy
12/22/25	DMG & Partners	Comfortdelgro	1.44	1.75	Buy	DCF
12/22/25	DMG & Partners	Raffles Medical	1.02	1.15	Buy	Sum of parts
12/22/25	Citi Research	Seatrium	2.07	2.65	Buy	PB1.2x FY26
12/22/25	DMG & Partners	Singtel	4.54	5.2	Buy
12/22/25	DMG & Partners	ST Engineering	8.18	9.4	Buy
12/22/25	Lim & Tan	Stoneweg Reit SGD	2.43	2.82	Accumulate
12/22/25	DMG & Partners	Thai Beverage	0.46	0.62	Buy	Sum of parts

Latest BOA global fund manager survey.

All the above charts are showing ebullience in the financial market.  However, the chart below is showing a contradictory signal.

There is supposed to be a high correlation between the stock market and ISM PMI but there is a disconnection now. Either the PMI has to move up or the stock market has to come down to sync with each other.  As we are not expecting the PMI to move up tremendously, the only outcome will be for the stock market to fall to sync with the PMI.  In other words, there is extreme bullishness in the stock market because of the AI hype.

The US inflation expectation is still at an elevated high.

The 1year inflation expectation (above 4%) and 5-year inflation expectation (above 3%) are still at an elevated high.  If the US Fed continues to ease it rates, the inflation expectations won't decline any further and consumer spendings will decline further.

Baltic dry index - 2023

 Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 542

Related stock: Seatrium & Cosco.

UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/25	UOB Kay Hian	UMS	1.07	1.21	Buy	PER17.6x FY25
03/04/25	DBS Vickers	UMS	1.07	1.31	Buy	PER18x FY25
03/04/25	Lim & Tan	UMS	1.07	1.16	Hold
03/04/25	Kim Eng	UMS	1.07	1.16	Buy	PER14x FY25/26
04/10/25	DBS Vickers	UMS	0.93	1.31	Buy	PER18x FY25
04/22/25	UOB Kay Hian	UMS	1.02	1.21	Buy	PER17.6x FY25
05/13/25	DBS Vickers	UMS	1.05	1.31	Buy	PER18x FY25
05/13/25	Lim & Tan	UMS	1.05	1.23	Accumulate
05/14/25	UOB Kay Hian	UMS	1.12	1.32	Buy	PER17.5x FY26
05/14/25	DBS Vickers	UMS	1.12	1.38	Buy	PER18.8x FY25/26
05/16/25	Kim Eng	UMS	1.15	1.19	Buy
06/12/25	UOB Kay Hian	UMS	1.21	1.32	Buy	PER17.5x FY26
07/16/25	UOB Kay Hian	UMS	1.39	1.73	Buy	PER23x FY26
07/22/25	Kim Eng	UMS	1.46	1.59	Buy
07/25/25	DBS Vickers	UMS	1.48	1.84	Buy	PER25x FY25/26
08/05/25	UOB Kay Hian	UMS	1.54	1.73	Buy	PER23x FY26
08/14/25	DBS Vickers	UMS	1.48	1.84	Buy	PER25x FY25/26
08/14/25	Kim Eng	UMS	1.48	1.59	Buy
08/25/25	CIMB	UMS	1.38	1.87	Add	Up from $1.06
10/03/25	Lim & Tan	UMS	1.45	0	Sell/Avoid
10/17/25	DBS Vickers	UMS	1.36	1.84	Buy	PER25x FY25/26
10/29/25	UOB Kay Hian	UMS	1.45	1.73	Buy	PER23x FY26
11/03/25	DMG & Partners	UMS	1.48	1.85	Buy
11/10/25	DBS Vickers	UMS	1.51	1.85	Buy	PER25x FY26
11/11/25	UOB Kay Hian	UMS	1.52	1.66	Buy	PER23x FY26
11/11/25	CIMB	UMS	1.52	1.77	Add	PER
11/12/25	DMG & Partners	UMS	1.44	1.86	Buy
11/12/25	Kim Eng	UMS	1.44	1.59	Buy

Ultragreen - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/03/25	UOB Kay Hian	Ultragreen	1.45	2	Buy	PER24x FY26

Tiong Woon - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/14/25	UOB Kay Hian	Tiong Woon	0.575	0.87	Buy
06/23/25	UOB Kay Hian	Tiong Woon	0.58	0.64	Buy	PB0.45X FY25
07/10/25	UOB Kay Hian	Tiong Woon	0.695	0.64	Buy	PB0.45X FY25
08/29/25	Lim & Tan	Tiong Woon	0.775	0	Buy
09/02/25	UOB Kay Hian	Tiong Woon	0.785	0.73	Hold	PB0.5x FY26

Stock calls for 19 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/19/25	Lim & Tan	Coliwoo	0.55	0.8	Accumulate
12/19/25	uSMART	Jumbo	0.28	0.34	Buy
12/19/25	phillip	SATS	3.75	3.84	Neutral	DCF
12/19/25	Macquarie	Sembcorp Industries	5.88	7.04	Outperform	Up from $6.64
12/19/25	Lim & Tan	Singtel	4.53	5.18	Accumulate on weakness

The latest core CPI data are not a true reflection of the inflation situation. Why?

We have to take this core inflation report with a pinch of salt because it is skewed by the US government shutdown and festive season discounts.

Therefore, we won't comment much on this as it is meaningless.  Let's wait for the next report then.

Thomson Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/16/24	Kim Eng	Thomson Medical	0.05	0.06	Buy
01/20/25	Kim Eng	Thomson Medical	0.048	0.06	Buy
02/13/25	Kim Eng	Thomson Medical	0.044	0.05	Hold	EV/Ebitda
02/18/25	Phillip	Thomson Medical	0.046	0.048	Neutral	Sum of parts
08/27/25	Lim & Tan	Thomson Medical	0.06	0.049	Hold
09/03/25	Phillip	Thomson Medical	0.06	0.074	Buy	Sum of parts

Thakral - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/25	Phillip	Thakral	1.52	2.04	Buy	PER8.4x FY25
06/18/25	Lim & Tan	Thakral	1.44	2.04	Accumulate
08/25/25	Phillip	Thakral	1.43	2.12	Buy	Sum of parts
11/24/25	Phillip	Thakral	1.67	2.12	Buy	Sum of parts