SIA - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/05/24	Lim & Tan	SIA	6.8	6.88	Accumulate
06/05/24	Citi Research	SIA	6.8	6.76	Hold
07/02/24	Lim & Tan	SIA	6.88	0	Accumulate
07/15/24	Kim Eng	SIA	7.03	7.1	Hold	PB1.34x FY25
07/17/24	UOB Kay Hian	SIA	7.09	6.43	Hold
07/17/24	CIMB	SIA	7.09	6.78	Hold
07/24/24	DBS Vickers	SIA	7.06	6.5	Hold	EV/Ebitda5x FY24/25
08/01/24	Citi Research	SIA	6.97	6.76	Hold	PB1.25x FY25
08/01/24	CIMB	SIA	6.97	5.88	Hold
08/02/24	Kim Eng	SIA	6.24	6.55	Hold
08/02/24	Phillip	SIA	6.24	5.3	Reduce
08/05/24	DBS Vickers	SIA	6.11	6.4	Hold	EV/Ebitda5x FY25/26
08/16/24	UOB Kay Hian	SIA	6.12	5.71	Sell	PB
09/02/24	Kim Eng	SIA	6.28	6.55	Hold
09/17/24	DBS Vickers	SIA	6.5	6.4	Hold	EV/Ebitda5x FY25/26
09/17/24	UOB Kay Hian	SIA	6.5	5.83	Sell	PB
09/19/24	OCBC	SIA	6.6	6.84	Hold
10/16/24	DBS Vickers	SIA	6.39	6.4	Hold
10/22/24	CIMB	SIA	6.5	5.88	Reduce	PB
11/11/24	DBS Vickers	SIA	6.45	6.4	Hold
11/12/24	UOB Kay Hian	SIA	6.29	5.72	Sell	PB1.09x FY26
11/12/24	Phillip	SIA	6.29	5.25	Reduce	PB1x FY25
11/13/24	DBS Vickers	SIA	6.28	6	Hold	EV/Ebitda5x FY25
11/13/24	OCBC	SIA	6.28	6.3	Hold
01/16/25	UOB Kay Hian	SIA	6.27	5.8	Sell	PB1.1x FY26
02/18/25	DBS Vickers	SIA	6.42	6	Hold
02/18/25	Citi Research	SIA	6.42	6.34	Hold
02/19/25	Phillip	SIA	6.45	5.25	Reduce	PB1x FY25
02/24/25	Phillip	SIA	6.55	5.73	Neutral	PB1.1x FY25
02/24/25	DBS Vickers	SIA	6.55	6.3	Hold	EV/Ebitda5x FY25/26
02/24/25	OCBC	SIA	6.55	6.5	Hold	PB1.09x FY25
02/25/25	UOB Kay Hian	SIA	6.65	6.09	Hold
03/19/25	Phillip	SIA	6.74	5.74	Neutral	PB1.1x FY25
04/16/25	Phillip	SIA	6.3	5.74	Neutral	PB1.1x FY25
04/17/25	UOB Kay Hian	SIA	6.35	6.22	Hold	PB1.16x FY26
04/24/25	CIMB	SIA	6.59	6	Hold
05/16/25	DBS Vickers	SIA	6.88	6.3	Hold	EV/Ebitda5x FY25/26
05/16/25	CIMB	SIA	6.88	6.88	Hold	PB
05/16/25	Kim Eng	SIA	6.88	6.85	Hold
05/19/25	UOB Kay Hian	SIA	6.9	6.63	Hold	PB1.25x FY26
05/19/25	Phillip	SIA	6.9	6.08	Reduce	PB1.1x FY25
06/12/25	DBS Vickers	SIA	7.06	6.4	Hold	EV/Ebitda5x FY26
06/12/25	Citi Research	SIA	7.06	6.15	Sell
06/16/25	Kim Eng	SIA	6.94	6.85	Hold
06/17/25	UOB Kay Hian	SIA	6.87	6.63	Hold	PB1.25x FY26
06/17/25	Lim & Tan	SIA	6.87	6.73	Hold
07/16/25	Phillip	SIA	7.36	6.08	Reduce	PB1.1x FY25
07/29/25	Kim Eng	SIA	7.6	6.75	Sell
07/29/25	CIMB	SIA	7.6	6.8	Reduce
07/29/25	DBS Vickers	SIA	7.6	6.4	Hold	EV/Ebitda5x FY26
07/29/25	Lim & Tan	SIA	7.6	6.85	Hold
07/29/25	Citi Research	SIA	7.6	6.15	Sell	PB1.15x FY26
07/30/25	UOB Kay Hian	SIA	7.04	6.03	Sell	PB1.17x FY26
07/30/25	Phillip	SIA	7.04	5.94	Reduce	PB1.1x FY25
07/31/25	DBS Vickers	SIA	6.9	6.5	Hold
08/01/25	Phillip	SIA	6.59	5.94	Reduce	PB1.1x FY25
09/15/25	Phillip	SIA	6.54	5.94	Reduce	PB1.1x FY25
09/16/25	UOB Kay Hian	SIA	6.51	6.05	Sell	PB1.17x FY26

Stock calls for 17 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/17/25	Phillip	China Aviation Oil	1.39	1.5	Buy
09/17/25	Lim & Tan	Comfortdelgro	1.51	1.8	Accumulate
09/17/25	UOB Kay Hian	Food Empire	2.59	3	Buy	PER18.7x FY26
09/17/25	CIMB	Isoteam	0.088	0.11	Add
09/17/25	DMG & Partners	Marco Polo	0.074	0.085	Buy
09/17/25	phillip	SATS	3.29	3.58	Buy	DCF
09/17/25	Lim & Tan	Singapore Post	0.43	0.725	Accumulate

The latest global fund manager survey (GFMS) from BOA showed some uncertainty in the investment outlook.

 The GFMS indicated that the investment interest had gone up.

However, the investment interest was concentrated in the tech sector.

Simultaneously, the fund managers also felt that the equity markets were overvalued.

Despite the overvaluation in the equity market, the fund managers didn't think that it was a big bubble that was waiting to burst.  Instead, their concern was still on inflation.

Sheng Siong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/19/24	DMG & Partners	Sheng Siong	1.5	1.96	Buy
07/22/24	Citi Research	Sheng Siong	1.47	1.68	Buy
07/30/24	DBS Vickers	Sheng Siong	1.5	1.62	Hold
07/30/24	Lim & Tan	Sheng Siong	1.5	1.8	Accumulate
07/31/24	CIMB	Sheng Siong	1.54	1.9	Add
07/31/24	DMG & Partners	Sheng Siong	1.54	1.86	Buy	PER21x FY24/25
08/02/24	phillip	Sheng Siong	1.53	1.66	Accumulate	PER18x
08/20/24	UOB Kay Hian	Sheng Siong	1.52	1.88	Accumulate
09/30/24	DBS Vickers	Sheng Siong	1.5	1.62	Hold
10/01/24	DBS Vickers	Sheng Siong	1.53	1.8	Buy	PER18x FY25
10/02/24	DMG & Partners	Sheng Siong	1.54	1.86	Buy	PER21x FY24/25
10/03/24	DMG & Partners	Sheng Siong	1.55	1.88	Buy	PER21x FY24/25
10/10/24	Citi Research	Sheng Siong	1.55	1.74	Buy
10/30/24	Lim & Tan	Sheng Siong	1.58	1.81	Accumulate
11/01/24	DMG & Partners	Sheng Siong	1.59	2	Buy	PER21x FY25
11/04/24	phillip	Sheng Siong	1.6	1.74	Accumulate	PER18x FY25
11/29/24	UOB Kay Hian	Sheng Siong	1.62	1.93	Buy	PER20x FY25
03/03/25	phillip	Sheng Siong	1.64	1.76	Accumulate	PER18x FY25
03/03/25	DBS Vickers	Sheng Siong	1.64	1.9	Buy	PER19x FY25
03/18/25	UOB Kay Hian	Sheng Siong	1.63	1.92	Buy	PER20x FY25
03/18/25	Citi Research	Sheng Siong	1.63	1.9	Buy
04/07/25	Lim & Tan	Sheng Siong	1.65	1.89	Hold
04/08/25	UOB Kay Hian	Sheng Siong	1.59	1.92	Buy	PER20x FY25
04/24/25	DMG & Partners	Sheng Siong	1.76	1.98	Buy
04/30/25	DBS Vickers	Sheng Siong	1.74	1.9	Buy	PER19x FY25
05/02/25	phillip	Sheng Siong	1.76	1.89	Accumulate	PER18x FY25
05/02/25	DBS Vickers	Sheng Siong	1.76	2	Buy	PER19x FY25/26
05/02/25	Citi Research	Sheng Siong	1.76	2.05	Buy	PER20x FY26
05/05/25	UOB Kay Hian	Sheng Siong	1.76	1.97	Buy	PER20x FY25
06/03/25	UOB Kay Hian	Sheng Siong	1.83	1.97	Buy	PER20x FY25
06/10/25	DBS Vickers	Sheng Siong	1.83	2.3	Buy	PER20.9x FY26
06/23/25	OCBC	Sheng Siong	1.89	1.99	Hold
07/03/25	DMG & Partners	Sheng Siong	1.93	2.12	Buy
07/07/25	CIMB	Sheng Siong	1.97	2.21	Add
07/21/25	Kim Eng	Sheng Siong	2.08	2.3	Buy
07/31/25	DBS Vickers	Sheng Siong	2.13	2.3	Buy	PER20.9x FY26
08/01/25	UOB Kay Hian	Sheng Siong	2.1	2.4	Buy	PER23x FY26
08/01/25	phillip	Sheng Siong	2.1	2.3	Accumulate	PER23x FY26
08/01/25	CIMB	Sheng Siong	2.1	2.21	Add
08/06/25	DMG & Partners	Sheng Siong	2.13	2.41	Buy
08/29/25	DBS Vickers	Sheng Siong	2.02	2.3	Buy	PER20.9x FY26