Innotek - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/04/24	Lim & Tan	Innotek	0.44	0	Accumulate on weakness
01/13/25	Lim & Tan	Innotek	0.445	0	Accumulate on weakness
02/03/25	Lim & Tan	Innotek	0.43	0	Accumulate on weakness
03/03/25	Lim & Tan	Innotek	0.43	0	Accumulate
04/15/25	Lim & Tan	Innotek	0.36	0	Accumulate
08/14/25	Lim & Tan	Innotek	0.395	0	Hold
10/13/25	Lim & Tan	Innotek	0.55	0	Accumulate on weakness
11/20/25	Lim & Tan	Innotek	0.72	0	Accumulate
01/27/26	Lim & Tan	Innotek	0.92	1	Hold
12/09/25	Lim & Tan	Innotek	0.655	0	Accumulate

Info-Tech System - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/25	CIMB	Info-Tech System	0.83	1.1	Add	PER
08/29/25	OCBC	Info-Tech System	0.86	1	Buy
08/29/25	Aletheia Capital	Info-Tech System	0.86	1.17	Buy	DCF
01/22/26	CIMB	Info-Tech System	0.86	1.1	Add	PER

IHH Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/24	DBS Vickers	IHH Healthcare	2.19	2.58	Buy	Ringgit $8.50 target price, Sum of parts
12/02/24	Lim & Tan	IHH Healthcare	2.19	2.4	Hold
12/30/24	Kim Eng	IHH Healthcare	2.19	2.43	Buy	Ringgit $7.97, Sum of parts
01/22/25	DBS Vickers	IHH Healthcare	2.15	2.58	Buy	Ringgit $8.50 target price, Sum of parts
02/28/25	DBS Vickers	IHH Healthcare	2.15	2.58	Buy	Ringgit $8.50 target price, Sum of parts
03/21/25	DBS Vickers	IHH Healthcare	2.04	2.48	Buy	Ringgit $8.20 target price, Sum of parts
06/02/25	DBS Vickers	IHH Healthcare	2.1	2.48	Buy	Ringgit $8.20 target price, Sum of parts
09/02/25	DBS Vickers	IHH Healthcare	2.08	2.61	Buy	Ringgit $8.60 target price, Sum of parts
11/27/25	DBS Vickers	IHH Healthcare	2.51	2.61	Buy	Ringgit $8.60 target price, Sum of parts
11/28/25	DBS Vickers	IHH Healthcare	2.6	2.88	Buy	Ringgit $9.20 target price, Sum of parts

Stock calls for 4 February 2026

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/26	DBS Vickers	ESR-Reit	2.71	3.2	Buy	DCF
02/04/26	DBS Vickers	Frasers Logistics	1.01	1.05	Buy	DCF
02/04/26	DBS Vickers	Hongkong Land	8.67	10.13	Buy	RNAV (15% disc)
02/04/26	DBS Vickers	Keppel Infrastructure	0.52	0.52	Hold	DDM
02/04/26	CIMB	Keppel Infrastructure	0.52	0.6	Add	DDM
02/04/26	Lim & Tan	Keppel Infrastructure	0.52	0.58	Accumulate on weakness
02/04/26	DMG & Partners	Keppel Infrastructure	0.52	0.58	Buy
02/04/26	DMG & Partners	Keppel Pacific	0.23	0.3	Buy
02/04/26	DBS Vickers	Keppel Reit	0.98	1.1	Buy
02/04/26	Lim & Tan	OKP	0.81	0.93	Buy	PER11x FY26
02/04/26	UOB Kay Hian	Parkway Life	4.1	5.45	Buy	DDM
02/04/26	CIMB	Parkway Life	4.1	4.97	Add	DDM
02/04/26	DBS Vickers	Singtel	4.86	5.71	Buy	Sum of parts (10% disc)

The latest ISM PMI spiked in January 2026.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = 9.7 - 3.4 = 6.3

Estimated Local Material: Inventories - Imports = 1.9 - 5.4 = -3.5

The ISM PMI increased to 52.6 (+4.7) because of significant increases in new orders, new export orders and local new orders.

The increases in demands caused the production and employment to spike simultaneously.  The backlog of orders also increased because the production couldn't fulfil the new orders and resulted in the depletion of customers' inventories.  What was surprising was the price only increased marginally.

Overall, this latest PMI report was good compared to its previous reports.  We will need to look at the next 2 PMI reports to determine whether this PMI is just an aberration or this is the beginning of something better.

Ifast Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/25	DBS Vickers	Ifast Corp	7.65	10.23	Buy	DCF
02/13/25	Lim & Tan	Ifast Corp	7.65	0	Hold
02/14/25	UOB Kay Hian	Ifast Corp	7.87	8.3	Hold	PER25x FY25
03/12/25	DBS Vickers	Ifast Corp	7.75	10.88	Buy	DCF
04/10/25	DBS Vickers	Ifast Corp	6.2	10.88	Buy	DCF
04/28/25	Lim & Tan	Ifast Corp	7.19	9.42	Hold
04/29/25	UOB Kay Hian	Ifast Corp	6.35	7.28	Buy	PER25x FY25
04/29/25	DBS Vickers	Ifast Corp	6.35	9.22	Buy	DCF
05/05/25	Lim & Tan	Ifast Corp	6.3	7	Hold
06/30/25	UOB Kay Hian	Ifast Corp	6.6	7.28	Buy	PER25x FY25
07/28/25	DBS Vickers	Ifast Corp	7.42	9.22	Buy	Sum of parts & DCF
07/29/25	UOB Kay Hian	Ifast Corp	8.17	9.92	Buy	PER29x FY26
07/29/25	DBS Vickers	Ifast Corp	8.17	10	Buy	Sum of parts & DCF
10/27/25	DBS Vickers	Ifast Corp	9.23	10	Buy	Sum of parts & DCF
10/27/25	Lim & Tan	Ifast Corp	9.23	10	Hold
10/28/25	UOB Kay Hian	Ifast Corp	9.81	11.12	Buy	PER32x FY26
10/28/25	DBS Vickers	Ifast Corp	9.81	12	Buy	Sum of parts & DCF
10/28/25	CIMB	Ifast Corp	9.81	11.7	Add	Sum of parts
10/28/25	Aletheia Capital	Ifast Corp	9.81	11.5	Buy	Up from $10.50
10/31/25	Kim Eng	Ifast Corp	9.72	11.95	Buy	PER29.5x FY26
01/06/26	DBS Vickers	Ifast Corp	9.57	12	Buy	Sum of parts & DCF
01/15/26	Aletheia Capital	Ifast Corp	9.72	13.5	Buy

Hyphens Pharma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/25	Phillip	Hyphens Pharma	0.28	0.35	Buy	DCF
03/12/25	SAC Capital	Hyphens Pharma	0.28	0.46	Buy
07/18/25	Lim & Tan	Hyphens Pharma	0.33	0.35	Accumulate on weakness
08/21/25	CIMB	Hyphens Pharma	0.29	0.43	Add	DCF
08/25/25	Phillip	Hyphens Pharma	0.315	0.4	Buy	DCF

Hutchison Port (HPH) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/31/24	DBS Vickers	Hutchison Port	0.164	0.32	Buy	DCF
02/03/25	DBS Vickers	Hutchison Port	0.16	0.2	Buy	DCF
05/02/25	DBS Vickers	Hutchison Port	0.149	0.18	Buy	DCF
05/13/25	DBS Vickers	Hutchison Port	0.148	0.18	Buy	DCF
06/16/25	DBS Vickers	Hutchison Port	0.16	0.18	Buy	DCF
07/23/25	Lim & Tan	Hutchison Port	0.184	0	Hold
07/24/25	DBS Vickers	Hutchison Port	0.192	0.22	Buy	DCF
08/14/25	DBS Vickers	Hutchison Port	0.21	0.22	Buy	DCF

Stock calls for 3 February 2026

Date	Analyst	Company	Last	Target	Call	Valuation
02/03/26	UOB Kay Hian	ART	0.98	1.42	Buy	DDM
02/03/26	DBS Vickers	Ascendas India Trust	1.27	1.5	Buy	DDM
02/03/26	OCBC	Ascendas India Trust	1.27	1.38	Buy	DDM
02/03/26	Lim & Tan	CDL Hospitality	0.875	0.88	Hold
02/03/26	DBS Vickers	Food Empire	2.7	3.4	Buy	Sum of parts
02/03/26	UOB Kay Hian	Frasers Logistics	1.01	1.22	Buy	DDM
02/03/26	DBS Vickers	Keppel Pacific	0.24	0.4	Buy	DCF
02/03/26	UOB Kay Hian	NTT DC Reit	1.04	1.42	Buy	DDM
02/03/26	phillip	OUE Commercial	0.36	0.4	Buy	DDM
02/03/26	DBS Vickers	Parkway Life	4.07	4.75	Buy	DCF
02/03/26	Lim & Tan	Parkway Life	4.07	4.8	Accumulate on weakness
02/03/26	UOB Kay Hian	SIA	6.36	6.16	Hold	PB1.18x FY27
02/03/26	OCBC	Starhill	0.59	0.525	Hold
02/03/26	DMG & Partners	Starhill	0.59	0.66	Buy
02/03/26	UOB Kay Hian	Wilmar	3.4	7.9	Buy

HRnetGroup - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/25	Phillip	HRnetGroup	0.695	0.78	Accumulate
08/15/25	CIMB	HRnetGroup	0.715	0.71	Hold	PER
08/19/25	Phillip	HRnetGroup	0.715	0.78	Accumulate
10/28/25	DMG & Partners	HRnetGroup	0.745	0.85	Buy
12/12/25	DMG & Partners	HRnetGroup	0.715	0.85	Buy
01/30/26	DMG & Partners	HRnetGroup	0.745	0.85	Buy

Hotel Properties (HPL) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/29/25	DBS Vickers	Hotel Properties	5.21	5	Hold	RNAV (50% disc)