Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/03/24	Lim & Tan	Sembcorp Industries	5.09	7.16	Accumulate
06/03/24	OCBC	Sembcorp Industries	5.09	6.73	Buy
06/07/24	Lim & Tan	Sembcorp Industries	5.06	7	Accumulate
06/07/24	Citi Research	Sembcorp Industries	5.06	6.68	Buy
07/04/24	UOB Kay Hian	Sembcorp Industries	4.65	7.49	Buy	PER13.6x
07/12/24	CIMB	Sembcorp Industries	4.77	7.49	Add
08/07/24	DBS Vickers	Sembcorp Industries	4.45	7.35	Buy	PER14x FY24
08/07/24	CIMB	Sembcorp Industries	4.45	7.32	Add
08/12/24	phillip	Sembcorp Industries	4.75	6.27	Buy	EV/Ebitda8x FY24
08/12/24	Kim Eng	Sembcorp Industries	4.75	5.5	Buy
08/22/24	Lim & Tan	Sembcorp Industries	4.76	4.8	Accumulate
09/02/24	DBS Vickers	Sembcorp Industries	4.93	7.35	Buy	PER14x FY24
09/02/24	Lim & Tan	Sembcorp Industries	4.93	6.75	Accumulate
09/18/24	CIMB	Sembcorp Industries	5.19	7.32	Add	PER
09/19/24	Kim Eng	Sembcorp Industries	5.3	6	Buy
10/08/24	UOB Kay Hian	Sembcorp Industries	5.56	7.47	Buy
11/01/24	UOB Kay Hian	Sembcorp Industries	5.04	7.47	Buy	PER12.8x FY24
11/12/24	Kim Eng	Sembcorp Industries	5.02	6	Buy
11/15/24	CIMB	Sembcorp Industries	5.02	7.32	Add
11/15/24	Kim Eng	Sembcorp Industries	5.02	6	Buy
11/26/24	Lim & Tan	Sembcorp Industries	5.23	6.82	Accumulate
12/03/24	DBS Vickers	Sembcorp Industries	5.28	7.35	Buy	PER14x FY25
12/03/24	Lim & Tan	Sembcorp Industries	5.28	6.82	Accumulate
12/11/24	Kim Eng	Sembcorp Industries	5.67	6.2	Buy	Sum of parts
12/18/24	Lim & Tan	Sembcorp Industries	5.4	6.84	Accumulate
01/02/25	UOB Kay Hian	Sembcorp Industries	5.52	7.47	Buy	PER12.8x FY25
01/20/25	Lim & Tan	Sembcorp Industries	5.63	6.8	Accumulate
02/03/25	UOB Kay Hian	Sembcorp Industries	5.58	7.47	Buy	PER12.8x FY25
02/03/25	Lim & Tan	Sembcorp Industries	5.58	6.8	Accumulate
02/03/25	Citi Research	Sembcorp Industries	5.58	6.68	Buy	Sum of parts
02/21/25	DBS Vickers	Sembcorp Industries	5.54	7.38	Buy	PER12x FY25
02/28/25	UOB Kay Hian	Sembcorp Industries	6.03	8	Buy	PER12.6x FY25
03/03/25	DBS Vickers	Sembcorp Industries	6.09	8	Buy	PER13x FY25
03/04/25	Kim Eng	Sembcorp Industries	6.32	7.1	Buy	Sum of parts
03/06/25	phillip	Sembcorp Industries	6.35	7.1	Accumulate	EV/Ebitda8x FY25
03/13/25	Lim & Tan	Sembcorp Industries	6.05	7.25	Accumulate
03/17/25	UOB Kay Hian	Sembcorp Industries	5.96	8	Buy	PER12.6x FY25
03/17/25	CIMB	Sembcorp Industries	5.96	7.81	Add
03/19/25	Lim & Tan	Sembcorp Industries	6.2	7.3	Accumulate
04/02/25	DBS Vickers	Sembcorp Industries	6.42	8	Buy	PER13x FY25
04/02/25	Lim & Tan	Sembcorp Industries	6.42	7.3	Accumulate
04/03/25	CIMB	Sembcorp Industries	6.58	8.14	Add	PER
05/26/25	Lim & Tan	Sembcorp Industries	6.56	7.46	Accumulate on weakness
06/06/25	UOB Kay Hian	Sembcorp Industries	6.65	8	Buy	PER12.6x FY25
06/16/25	Lim & Tan	Sembcorp Industries	6.89	7.79	Accumulate on weakness
06/30/25	phillip	Sembcorp Industries	6.83	8.1	Buy	EV/Ebitda9x FY25

Seatrium - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/05/24	DBS Vickers	Seatrium	1.78	3	Buy
06/06/24	CIMB	Seatrium	1.72	2.62	Add
06/10/24	Lim & Tan	Seatrium	1.7	2.83	Accumulate
06/18/24	Citi Research	Seatrium	1.67	1.96	Buy
06/26/24	UOB Kay Hian	Seatrium	1.49	2.35	Buy	PB
07/15/24	DBS Vickers	Seatrium	1.48	3	Buy	PB1.5x FY24
07/23/24	Lim & Tan	Seatrium	1.45	2.71	Accumulate
08/05/24	DBS Vickers	Seatrium	1.49	3	Buy
08/05/24	UOB Kay Hian	Seatrium	1.49	2.31	Buy
08/05/24	Lim & Tan	Seatrium	1.49	2.66	Accumulate
09/04/24	CIMB	Seatrium	1.57	2.69	Add
09/09/24	UOB Kay Hian	Seatrium	1.56	2.31	Buy	PB
09/24/24	DBS Vickers	Seatrium	1.72	3	Buy
10/04/24	Lim & Tan	Seatrium	1.77	2.57	Overweight
10/08/24	DBS Vickers	Seatrium	2.1	3	Buy
10/22/24	Lim & Tan	Seatrium	1.97	0	Hold
11/01/24	UOB Kay Hian	Seatrium	1.9	2.8	Buy	PB1.4x
11/11/24	Lim & Tan	Seatrium	2	0	Hold
11/19/24	CIMB	Seatrium	1.84	2.69	Add
11/25/24	DBS Vickers	Seatrium	1.91	3	Buy
12/24/24	Lim & Tan	Seatrium	1.93	0	Hold
12/24/24	DBS Vickers	Seatrium	1.93	3	Buy
01/02/25	UOB Kay Hian	Seatrium	2.07	2.8	Buy	PB1.4x
01/02/25	OCBC	Seatrium	2.07	2.64	Buy
01/21/25	CIMB	Seatrium	2.23	2.9	Add
01/28/25	DBS Vickers	Seatrium	2.22	3	Buy
01/28/25	Lim & Tan	Seatrium	2.22	0	Hold
02/03/25	UOB Kay Hian	Seatrium	2.23	2.8	Buy	PB1.4x
02/14/25	Lim & Tan	Seatrium	2.55	0	Hold
02/14/25	CIMB	Seatrium	2.55	2.9	Add
02/18/25	OCBC	Seatrium	2.57	2.82	Buy
02/20/25	DBS Vickers	Seatrium	2.55	3	Buy
02/21/25	Lim & Tan	Seatrium	2.5	0	Sell
02/24/25	UOB Kay Hian	Seatrium	2.38	2.96	Buy	PB1.5x
02/24/25	CIMB	Seatrium	2.38	2.8	Add	PB
03/04/25	UOB Kay Hian	Seatrium	2.15	2.96	Buy	PB1.5x
04/10/25	DBS Vickers	Seatrium	1.68	3	Buy
05/07/25	UOB Kay Hian	Seatrium	1.92	2.96	Buy	PB1.5x
05/29/25	DBS Vickers	Seatrium	2.06	3	Buy
05/29/25	Lim & Tan	Seatrium	2.06	2.72	Accumulate on weakness
05/29/25	OCBC	Seatrium	2.06	2.76	Buy
05/30/25	CIMB	Seatrium	2.07	2.8	Add
06/02/25	UOB Kay Hian	Seatrium	2.05	2.96	Buy	PB1.5x
06/02/25	MorningStar	Seatrium	2.05	2.92	4-Star

SATS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/24	DBS Vickers	SATS	2.84	3.6	Buy	EV/Ebitda8.3x FY25
06/04/24	Citi Research	SATS	2.84	3.01	Buy
06/04/24	UOB Kay Hian	SATS	2.84	3.22	Buy
06/04/24	OCBC	SATS	2.84	3.31	Buy
06/04/24	phillip	SATS	2.84	2.66	Reduce
07/08/24	DBS Vickers	SATS	2.95	3.6	Buy	EV/Ebitda8.3x FY25
07/18/24	Lim & Tan	SATS	3.27	3.41	Hold
07/18/24	Citi Research	SATS	3.27	3.76	Buy	PER20x FY25/26
07/19/24	Lim & Tan	SATS	3.26	3.4	Hold	PER20x FY25/26
07/31/24	CIMB	SATS	3.17	4.1	Add	DCF
08/21/24	DBS Vickers	SATS	3.22	3.6	Buy	EV/Ebitda8.3x FY25
08/21/24	Citi Research	SATS	3.22	3.76	Buy
08/22/24	UOB Kay Hian	SATS	3.59	4	Buy
08/23/24	phillip	SATS	3.5	3.45	Neutral	DCF
08/23/24	DBS Vickers	SATS	3.5	4.1	Buy	EV/Ebitda8.4x FY25/26
09/05/24	phillip	SATS	3.61	4.37	Buy	DCF
10/25/24	Citi Research	SATS	3.74	4.25	Buy
11/08/24	DBS Vickers	SATS	3.98	4.1	Buy
11/11/24	UOB Kay Hian	SATS	3.85	4.3	Buy	PER18.4x FY27
11/11/24	phillip	SATS	3.85	4.62	Buy	DCF
11/11/24	DBS Vickers	SATS	3.85	4.4	Buy	EV/Ebitda8.3x FY25/26
11/26/24	Lim & Tan	SATS	3.86	0	Hold
12/03/24	DBS Vickers	SATS	3.75	4.4	Buy	EV/Ebitda8.3x FY25/26
12/03/24	OCBC	SATS	3.75	4.38	Buy
01/02/25	UOB Kay Hian	SATS	3.64	4.3	Buy	PER18.4x FY27
01/03/25	phillip	SATS	3.64	4.62	Buy	DCF
01/10/25	DBS Vickers	SATS	3.62	4.4	Buy	EV/Ebitda8.3x FY25/26
01/10/25	Lim & Tan	SATS	3.62	4.38	Hold
02/04/25	UOB Kay Hian	SATS	3.35	4	Buy	PER18.4x FY27
02/19/25	phillip	SATS	3.35	4.62	Buy	DCF
02/24/25	UOB Kay Hian	SATS	3.3	3.86	Buy	PER18.4x FY27
02/24/25	phillip	SATS	3.3	4.34	Buy	DCF
02/24/25	DBS Vickers	SATS	3.3	4	Buy	EV/Ebitda8.3x FY25/26
02/24/25	OCBC	SATS	3.3	4.11	Buy
03/19/25	phillip	SATS	3.07	4.34	Buy	DCF
03/19/25	OCBC	SATS	3.07	3.93	Buy
03/21/25	DBS Vickers	SATS	3.04	4	Buy	EV/Ebitda8.3x FY25/26
04/09/25	UOB Kay Hian	SATS	2.65	2.89	Hold	PER16.8x FY27
04/10/25	DBS Vickers	SATS	2.46	4	Buy	EV/Ebitda8.3x FY25/26
04/10/25	CIMB	SATS	2.46	3.05	Add	DCF
04/16/25	phillip	SATS	2.67	4.34	Buy	DCF
04/16/25	Lim & Tan	SATS	2.67	3.85	Accumulate
05/19/25	phillip	SATS	2.99	4.34	Buy	DCF
05/26/25	UOB Kay Hian	SATS	2.98	3.22	Buy	PER16.8x FY27
05/26/25	phillip	SATS	2.98	3.58	Buy	DCF
05/26/25	DBS Vickers	SATS	2.98	4	Buy

Stock calls for 30 June 2025

Date	Analyst	Company	Last	Target	Call	Valuation
06/30/25	Kim Eng	CSE Global	0.55	0.7	Buy
06/30/25	DMG & Partners	Dairy Farm	3.73	3.09	Buy	Sum of parts
06/30/25	UOB Kay Hian	First Resources	1.49	1.65	Buy
06/30/25	UOB Kay Hian	Ifast Corp	6.6	7.28	Buy	PER25x FY25
06/30/25	CIMB	Keppel Infrastructure	0.395	0.45	Add
06/30/25	UOB Kay Hian	Netlink	0.875	0.98	Buy	DCF
06/30/25	UOB Kay Hian	Raffles Medical	0.965	1.06	Buy	PER28x FY25
06/30/25	phillip	Sembcorp Industries	6.83	8.1	Buy	EV/Ebitda9x FY25
06/30/25	UOB Kay Hian	Singapore Post	0.62	0.66	Buy	Sum of parts
06/30/25	Lim & Tan	Stamford Tyres	0.215	0	Hold

US core inflation has started to rise!

The latest core PCE index has started to rise and this means that all the future inflation indicators will reflect the rising inflation which is caused by Trump's tariffs because the sellers have depleted their frontloaded stockpiles.

Baltic dry index - 1521

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US oil rig (weekly) - 547

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