Stock calls for 23 July 2025

Date	Analyst	Company	Last	Target	Call	Valuation
07/23/25	DMG & Partners	AIMS AMP Cap Ind Reit	1.4	1.52	Buy	DDM
07/23/25	DBS Vickers	Aztech	0.605	0.66	Hold	PER14x FY25
07/23/25	CIMB	Aztech	0.605	0.6	Hold
07/23/25	DBS Vickers	Dairy Farm	3.16	3.6	Buy	PER16.7x FY26
07/23/25	Lim & Tan	Hutchison Port	0.184	0	Hold
07/23/25	DBS Vickers	Nam Cheong	0.555	1.05	Unrated
07/23/25	UOB Kay Hian	SIA Engineering	3.35	3.41	Hold	PER20.9x FY27
07/23/25	DBS Vickers	SIA Engineering	3.35	3.5	Buy	PER21x FY26
07/23/25	Lim & Tan	Singapore Post	0.64	0.7	Hold

Aztech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/31/24	CIMB	Aztech	1.02	1.21	Add
07/31/24	DBS Vickers	Aztech	1.02	1.27	Buy
07/31/24	Kim Eng	Aztech	1.02	1.14	Buy
10/07/24	CIMB	Aztech	1.02	1.21	Add	DDM
10/30/24	UOB Kay Hian	Aztech	1.03	0.9	Hold	PER9x FY25
10/30/24	DBS Vickers	Aztech	1.03	0.63	Fully Valued	PER10x
10/30/24	CIMB	Aztech	1.03	0.78	Reduce
11/04/24	Kim Eng	Aztech	0.75	0.78	Hold
02/18/25	CIMB	Aztech	0.69	0.82	Add
02/26/25	UOB Kay Hian	Aztech	0.725	0.65	Hold	PER9x FY25
02/26/25	DBS Vickers	Aztech	0.725	0.52	Fully Valued	PER10x
02/26/25	Kim Eng	Aztech	0.725	0.82	Buy
04/14/25	Kim Eng	Aztech	0.73	0.63	Hold
04/16/25	UOB Kay Hian	Aztech	0.73	0.46	Sell	PB1.1x FY25
04/16/25	DBS Vickers	Aztech	0.73	0.52	Fully Valued	PER10x
04/16/25	Kim Eng	Aztech	0.73	0.56	Hold
05/06/25	Kim Eng	Aztech	0.515	0.45	Hold
06/17/25	CIMB	Aztech	0.58	0.41	Reduce
06/27/25	DBS Vickers	Aztech	0.6	0.38	Fully Valued	PER15x FY25

Ascendas India Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/22/24	Lim & Tan	Ascendas India Trust	1.03	1.28	Accumulate
07/31/24	DBS Vickers	Ascendas India Trust	1.09	1.3	Buy	DDM
10/25/24	DBS Vickers	Ascendas India Trust	1.1	1.4	Buy	DDM
10/25/24	OCBC	Ascendas India Trust	1.1	1.28	Buy	DDM
01/15/25	DBS Vickers	Ascendas India Trust	1.06	1.4	Buy	DDM
01/16/25	Lim & Tan	Ascendas India Trust	1.05	1.28	Accumulate
01/31/25	Lim & Tan	Ascendas India Trust	1.03	1.31	Accumulate
02/05/25	DBS Vickers	Ascendas India Trust	1.02	1.45	Buy	DDM
04/16/25	DBS Vickers	Ascendas India Trust	0.92	1.45	Buy	DDM

Ascott Residence Reit (ART) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/24	Lim & Tan	ART	0.895	1.18	Accumulate
07/05/24	DBS Vickers	ART	0.87	1.3	Buy	DCF
07/22/24	Phillip	ART	0.9	1.04	Accumulate	DDM
07/26/24	Lim & Tan	ART	0.9	1.21	Accumulate
07/29/24	DBS Vickers	ART	0.9	1.15	Buy	DCF
07/29/24	Kim Eng	ART	0.9	1.1	Buy	DDM
07/29/24	Citi Research	ART	0.9	1.12	Buy	DDM & RNAV
08/22/24	UOB Kay Hian	ART	0.885	1.3	Buy
08/26/24	Phillip	ART	0.895	1.04	Buy	DDM
08/26/24	DBS Vickers	ART	0.895	1.15	Buy	DCF
08/26/24	OCBC	ART	0.895	1.08	Buy
09/23/24	Phillip	ART	0.955	1.04	Buy	DDM
10/01/24	DBS Vickers	ART	0.975	1.15	Buy	DCF
10/02/24	CIMB	ART	0.975	1.18	Add	DDM
10/02/24	OCBC	ART	0.975	1.08	Buy
10/02/24	Citi Research	ART	0.975	1.12	Buy	DDM & RNAV
10/04/24	UOB Kay Hian	ART	0.975	1.38	Buy	DDM
10/09/24	Lim & Tan	ART	0.955	1.46	Accumulate
10/18/24	Phillip	ART	0.95	1.04	Buy	DDM
11/01/24	UOB Kay Hian	ART	0.905	1.38	Buy	DDM
11/01/24	Phillip	ART	0.905	1.04	Buy	DDM
11/04/24	Kim Eng	ART	0.905	1.15	Buy	DDM
12/17/24	DBS Vickers	ART	0.875	1.15	Buy	DCF
12/19/24	OCBC	ART	0.875	1.06	Buy
01/02/25	UOB Kay Hian	ART	0.87	1.38	Buy	DDM
01/03/25	Phillip	ART	0.89	1.03	Buy	DDM
01/09/25	Kim Eng	ART	0.895	1.15	Buy
01/27/25	Lim & Tan	ART	0.88	1.08	Accumulate
01/28/25	Phillip	ART	0.89	1.05	Buy	DDM
01/28/25	Citi Research	ART	0.89	1.12	Buy	DDM & RNAV
02/04/25	OCBC	ART	0.895	0.99	Buy
02/17/25	Phillip	ART	0.875	1.05	Buy	DDM
03/06/25	UOB Kay Hian	ART	0.86	1.38	Buy	DDM
03/13/25	CIMB	ART	0.88	1.13	Add	DDM
03/24/25	Phillip	ART	0.87	1.05	Buy	DDM
04/01/25	UOB Kay Hian	ART	0.87	1.38	Buy	DDM
04/21/25	Phillip	ART	0.845	1.05	Buy	DDM
04/28/25	DBS Vickers	ART	0.855	1.15	Buy	DCF
05/21/25	UOB Kay Hian	ART	0.86	1.38	Buy	DDM
05/28/25	Kim Eng	ART	0.86	1.1	Buy
06/27/25	UOB Kay Hian	ART	0.875	1.56	Buy	DDM
07/03/25	Phillip	ART	0.885	1.05	Buy	DDM

Stock calls for 22 July 2025

Date	Analyst	Company	Last	Target	Call	Valuation
07/22/25	CIMB	Centurion	1.61	2.05	Add
07/22/25	DBS Vickers	F&N	1.38	1.93	Unrated	Sum of parts
07/22/25	Kim Eng	Food Empire	2.24	2.62	Buy
07/22/25	UOB Kay Hian	Oiltek	0.75	0.86	Buy	PER29x FY26, PB0.95x
07/22/25	DMG & Partners	Singtel	4.15	4.7	Buy
07/22/25	Kim Eng	Thai Beverage	0.475	0.45	Hold
07/22/25	Kim Eng	UMS	1.46	1.59	Buy
07/22/25	CIMB	Wilmar	3.02	2.7	Reduce

What's the biggest threat to the stock market now?

According to the global fund manager survey, the biggest threat to investment is the trade war because Trump's tariffs can cause a global recession.

Not only will the trade war cause a global recession, it can also cause US inflation that will ensue a US STAGFLATION.

ARA Hospitality (Acrophyte) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/11/24	DBS Vickers	ARA Hospitality (Acrophyte)	0.215	0.25	Buy	DCF
03/03/25	DBS Vickers	ARA Hospitality (Acrophyte)	0.215	0.25	Buy	DCF

Apac Realty - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/10/24	DBS Vickers	APAC Realty	0.4	0.48	Hold	PER11x
07/05/24	DMG & Partners	APAC Realty	0.4	0.42	Neutral	DCF
08/13/24	CIMB	APAC Realty	0.37	0.45	Add
08/19/24	DBS Vickers	APAC Realty	0.385	0.48	Hold
09/19/24	DMG & Partners	APAC Realty	0.375	0.42	Buy	DCF
10/15/24	DMG & Partners	APAC Realty	0.39	0.42	Buy	DCF
12/09/24	DBS Vickers	APAC Realty	0.395	0.48	Hold	PER11x
12/16/24	DMG & Partners	APAC Realty	0.39	0.42	Buy	DCF
01/07/25	DBS Vickers	APAC Realty	0.385	0.5	Buy	PER13x
01/17/25	DMG & Partners	APAC Realty	0.405	0.42	Buy	DCF
02/19/25	DMG & Partners	APAC Realty	0.455	0.42	Buy	DCF
03/03/25	DBS Vickers	APAC Realty	0.415	0.5	Buy	PER13x
03/17/25	DMG & Partners	APAC Realty	0.42	0.48	Buy	DCF
03/18/25	Lim & Tan	APAC Realty	0.415	0.49	Accumulate
07/02/25	DMG & Partners	APAC Realty	0.48	0.54	Buy	DCF