DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/16/24	OCBC	DBS	43.74	45.2	Hold
12/16/24	Jefferies	DBS	43.74	49	Buy
01/06/25	UOB Kay Hian	DBS	43.62	46.5	Buy	GGM, PER1.97x FY25
01/06/25	Citi Research	DBS	43.62	49.3	Buy
01/13/25	MorningStar	DBS	44.13	46	Buy	Up from $44
01/14/25	CIMB	DBS	44.07	43	Hold
01/15/25	Lim & Tan	DBS	43.9	45.8	Hold
01/28/25	Jefferies	DBS	43.6	49	Buy
01/28/25	MorningStar	DBS	43.6	46	Buy	Up from $44
02/10/25	Lim & Tan	DBS	44.68	46	Accumulate
02/10/25	OCBC	DBS	44.68	50	Buy
02/10/25	MorningStar	DBS	44.68	47	Buy	GGM, PB2x FY25
02/11/25	UOB Kay Hian	DBS	45.38	49.8	Buy	GGM, PB2.07x FY25
02/11/25	DMG & Partners	DBS	45.38	51.2	Buy	GGM, PB2.06x FY25
02/11/25	Kim Eng	DBS	45.38	51.37	Buy
02/12/25	phillip	DBS	44.85	46.9	Accumulate	GGM, PB1.88x FY25
02/19/25	Lim & Tan	DBS	45.8	48.25	Accumulate
02/19/25	Citi Research	DBS	45.8	50.2	Buy
03/07/25	Lim & Tan	DBS	45.96	49	Accumulate
03/07/25	Jefferies	DBS	45.96	52	Buy
03/07/25	Jefferies	DBS	45.96	52	Buy
03/12/25	Citi Research	DBS	44.23	49.3	Buy	GGM, PB2x FY25
03/21/25	phillip	DBS	45.4	46.9	Accumulate	GGM, PB1.88x FY25
03/25/25	Lim & Tan	DBS	45.49	48.63	Accumulate
04/01/25	Jefferies	DBS	46.47	52	Buy
04/07/25	UOB Kay Hian	DBS	43.3	40	Sell	GGM, PB1.68x FY25
04/07/25	Lim & Tan	DBS	43.3	0	Hold
04/07/25	Citi Research	DBS	43.3	47	Buy
04/10/25	Kim Eng	DBS	37.16	38.48	Hold
04/14/25	UOB Kay Hian	DBS	38.13	40	Hold	GGM, PB1.68x FY25
04/22/25	DMG & Partners	DBS	41.42	47	Buy
04/28/25	Lim & Tan	DBS	42.35	45.3	Accumulate
05/08/25	Lim & Tan	DBS	42.76	45	Accumulate
05/08/25	MorningStar	DBS	42.76	48	Buy	GGM, PB1.9x FY25
05/09/25	UOB Kay Hian	DBS	43.09	40.9	Hold	GGM, PB1.78x FY25
05/09/25	phillip	DBS	43.09	44.5	Accumulate	GGM, PB1.79x FY25
05/09/25	Citi Research	DBS	43.09	48.1	Buy
05/13/25	UOB Kay Hian	DBS	43.71	45.45	Hold	GGM, PB1.92x FY26
05/19/25	Jefferies	DBS	44.6	50	Buy
06/06/25	Citi Research	DBS	45.02	48.1	Buy	GGM, PB2x
06/10/25	CIMB	DBS	45.49	47.9	Add
06/12/25	phillip	DBS	44.87	46.9	Accumulate
06/19/25	Lim & Tan	DBS	44.23	46.77	Accumulate
07/07/25	phillip	DBS	45.21	46.9	Accumulate
07/15/25	CIMB	DBS	46.29	47.9	Add
07/18/25	UOB Kay Hian	DBS	46.68	47	Hold	GGM, PB1.96x FY26
08/05/25	MorningStar	DBS	47.89	48	Neutral
08/06/25	DMG & Partners	DBS	48.24	47	Buy
08/07/25	Lim & Tan	DBS	48.85	50	Accumulate
08/07/25	Citi Research	DBS	48.85	56.5	Buy
08/08/25	UOB Kay Hian	DBS	49.75	52.8	Hold	GGM, PB2.14x FY26
08/08/25	CIMB	DBS	49.75	54.9	Add	GGM
08/11/25	phillip	DBS	50.75	52	Accumulate	GGM, PB2.09x FY25
08/11/25	Lim & Tan	DBS	50.75	55	Accumulate
08/19/25	DMG & Partners	DBS	49.6	52.8	Buy	GGM, PB2x FY25
09/10/25	UOB Kay Hian	DBS	50.88	54.4	Hold	GGM, PB2.21x FY26
10/10/25	DMG & Partners	DBS	53.91	57.1	Buy	GGM, PB2.2x FY26
10/13/25	OCBC	DBS	53.85	54	Hold
10/17/25	CIMB	DBS	52.51	54.9	Add	GGM
10/21/25	UOB Kay Hian	DBS	52	55.25	Hold	GGM, PB2.25x FY26
10/21/25	Citi Research	DBS	52	57.1	Buy
11/06/25	Lim & Tan	DBS	53.5	57	Accumulate
11/07/25	phillip	DBS	55.54	58	Accumulate	GGM, PB2.34x FY25
11/07/25	UOB Kay Hian	DBS	55.54	55.5	Hold	GGM, PB2.26x FY26
11/07/25	CIMB	DBS	55.54	60.5	Add	GGM
11/10/25	Kim Eng	DBS	54.98	62.79	Buy	Up from $56.15
11/10/25	Citi Research	DBS	54.98	61.1	Buy	GGM, PB2.5x
11/10/25	DMG & Partners	DBS	54.98	59	Buy
11/28/25	JPM	DBS	54	70	Overweight
01/06/26	Macquarie	DBS	56.65	46	Underperform
01/06/26	JPM	DBS	56.65	70	Overweight
01/07/26	UOB Kay Hian	DBS	57.93	68.95	Buy	GGM, PB2.81x FY26
01/19/26	CIMB	DBS	59.12	60.5	Hold	GGM

Stock calls for 19 January 2026

Date	Analyst	Company	Last	Target	Call	Valuation
01/19/26	DBS Vickers	A-Reit	2.86	3.2	Buy	DCF
01/19/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.42	2.56	Accumulate
01/19/26	DBS Vickers	Cenurion Accommodation	1.12	1.3	Buy	DCF
01/19/26	phillip	CNMC	1.16	1.47	Buy	PER11.2x
01/19/26	DBS Vickers	Comfortdelgro	1.47	1.8	Buy	PB1.3x & EV/Ebitda5.4x
01/19/26	UOB Kay Hian	Dairy Farm	3.94	5.3	Buy	PER25.1x
01/19/26	CIMB	DBS	59.12	60.5	Hold	GGM
01/19/26	Macquarie	Frencken	1.59	1.76	outperform
01/19/26	DBS Vickers	Mapletree Logistics	1.36	1.55	Buy	DCF
01/19/26	DMG & Partners	Marco Polo	0.152	0.177	Buy
01/19/26	Macquarie	UOB Kay Hian	2.68	3.12	Outperform

Baltic dry index - 1567

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 543

Related stock: Seatrium & Cosco.

Will China intervene in an Iran-US war? - Part 2

Our macro analysis has proven to be correct and our article has given those so called "EXPERTS" a tight slap because their analyses are wrong.

https://sg-stock.blogspot.com/2026/01/will-china-intervene-in-iran-us-war.html

China used its yun-20 to deliver HQ-9 defence system to Iran to help it to defend itself.  This will definitely deter the US from launching airstrikes on Iran using its bombers.

We've stated very clearly that China would intervene in the Iran-US war because China won't allow Iran to become a chokepoint.

Singapore NODX grew by 6.1% in December 2025 and 4.8% in 2025.

https://www.theedgesingapore.com/news/singapore-economy/nodx-grew-61-y-o-y-december-2025-nodx-48-year

Year-on-year changes:

December 2025: 6.1%

November 2025: 11.5%

October 2025: 22.2%

September 2025: 6.9%

August 2025: -11.3%

July 2025: -4.6%

June 2025: 13%

May 2025: -3.5%

April 2025:12.4%

March 2025: 5.4%

February 2025: 7.6%

January 2025: -2.1%

December 2024: 9%

November 2024: 3.4%

October 2024: -4.6%

September 2024: 2.7%

August 2024: 10.7%

July 2024: 15.7%

June 2024: -8.7%

May 2024: -0.1%

April 2024: -9.6%

March 2024: -20.7%

February 2024: -0.1%

January 2024: +16.8%

Daiwa House - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/03/25	DBS Vickers	Daiwa House	0.585	0.65	Buy	DCF
03/25/25	Lim & Tan	Daiwa House	0.56	0.65	Accumulate
05/09/25	DBS Vickers	Daiwa House	0.575	0.65	Buy	DCF
08/08/25	DBS Vickers	Daiwa House	0.575	0.65	Buy	DCF
08/11/25	DBS Vickers	Daiwa House	0.58	0.63	Buy	DCF

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/25	DBS Vickers	Dairy Farm	2.33	3	Buy
01/16/25	DMG & Partners	Dairy Farm	2.23	2.7	Buy	Sum of parts
03/12/25	UOB Kay Hian	Dairy Farm	2.1	2.8	Buy	PER16.3x
03/12/25	CIMB	Dairy Farm	2.1	2.71	Add
03/14/25	DBS Vickers	Dairy Farm	2.25	3	Buy
03/14/25	DMG & Partners	Dairy Farm	2.25	2.79	Buy	Sum of parts
04/02/25	DMG & Partners	Dairy Farm	2.33	3.03	Buy	Sum of parts
04/08/25	UOB Kay Hian	Dairy Farm	2.11	2.8	Buy	PER16.3x
05/20/25	DBS Vickers	Dairy Farm	2.69	3	Buy
05/20/25	Lim & Tan	Dairy Farm	2.69	2.9	Hold
06/02/25	DBS Vickers	Dairy Farm	2.76	3	Buy
06/02/25	CIMB	Dairy Farm	2.76	3	Add	PER
06/04/25	UOB Kay Hian	Dairy Farm	2.65	3.5	Buy	PER20.3x
06/09/25	DBS Vickers	Dairy Farm	2.66	3.6	Buy	PER16.7x FY26
06/30/25	DMG & Partners	Dairy Farm	3.73	3.09	Buy	Sum of parts
07/23/25	DBS Vickers	Dairy Farm	3.16	3.6	Buy	PER16.7x FY26
07/24/25	UOB Kay Hian	Dairy Farm	3.45	4.3	Buy	PER22.7x
07/24/25	DBS Vickers	Dairy Farm	3.45	4.3	Buy	PER18x
07/24/25	CIMB	Dairy Farm	3.45	3.86	Add
08/07/25	DMG & Partners	Dairy Farm	3.49	4.05	Buy	Sum of parts
08/22/25	DBS Vickers	Dairy Farm	3.16	3.9	Buy	PER18x FY26
08/25/25	UOB Kay Hian	Dairy Farm	3.12	4.3	Buy	PER22.7x
09/23/25	DBS Vickers	Dairy Farm	3.22	3.9	Buy	PER18x FY26
10/30/25	DMG & Partners	Dairy Farm	3.41	4.05	Buy	Sum of parts
10/31/25	DBS Vickers	Dairy Farm	3.39	3.9	Buy	PER18x FY26
10/31/25	CIMB	Dairy Farm	3.39	4	Add	PER
11/26/25	DMG & Partners	Dairy Farm	3.41	4.05	Buy	Sum of parts
12/04/25	DBS Vickers	Dairy Farm	3.67	4.5	Buy	PER21x FY26
01/05/26	UOB Kay Hian	Dairy Farm	3.93	4.3	Buy	PER22.7x

CSOP iEdge SREIT ETF - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/05/25	phillip	CSOP iEdge SREIT ETF	0.704	0.805	Accumulate
11/21/25	phillip	CSOP iEdge SREIT ETF	0.785	0.815	Accumulate

Stock calls for 16 January 2026

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/26	Lim & Tan	Centurion	1.43	1.78	Accumulate
01/16/26	DBS Vickers	City Developments	8.95	11.8	Buy	RNAV (35% disc)
01/16/26	UOB Kay Hian	First Resources	1.97	2.5	Buy	PER10x FY26
01/16/26	UOB Kay Hian	Marco Polo	0.153	0.188	Buy	PER20.5x FY26
01/16/26	OCBC	Nordic Group	0.43	0.59	Buy	PER
01/16/26	UOB Kay Hian	Riverstone	0.9	1.05	Buy	PER22x FY26
01/16/26	CIMB	Soilbuild Construction	0.88	1.2	Add	Stock split 1 for 4
01/16/26	CIMB	Tiong Woon	0.865	1.23	Add
01/16/26	UOB Kay Hian	Ultragreen	1.65	2	Buy	PER24x FY26

Will China intervene in an Iran-US war?

Many experts have expressed their views that China won't intervene in the Iran-US war because it doesn't want to offend the US.  However, we beg to differ on this common view because Iran is a chokepoint for China.

Let's start our analysis now.

The US has a grandeur plan to contain China by trying to cut off the link between Europe and China.  How does the US intend to do that?  The US can achieve its objective by cutting off the BRI routes in Afghan, Iraq and Iran.  China can't use Iraq and Afghan routes for its BRI already and Iran is the only option left.

The above BRI will be destroyed if Iran is under the US control and China economic growth will be contained.  Thus, Iran has a strategic importance to China because of the BRI and Iranian oil exports (about 90% oil exports to China).

Furthermore, Iran is a member in BRICS and SCO.  If China doesn't protect its member in BRICS and SCO, there is no strategic benefit in joining these 2 groups and BRICS and SCO will lose their political powers.

In conclusion, China has more to lose if China doesn't intervene in the Iran-US war.