AEM - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/11/24	CIMB	AEM	1.92	1.82	Reduce
06/26/24	DBS Vickers	AEM	1.85	1.97	Hold
07/10/24	Lim & Tan	AEM	1.85	2	Hold
07/10/24	Kim Eng	AEM	1.85	2.02	Hold
08/15/24	DBS Vickers	AEM	1.46	1.34	Hold	PER11x FY25
08/15/24	CIMB	AEM	1.46	1.72	Reduce
08/15/24	Kim Eng	AEM	1.46	1.12	Sell
08/23/24	Lim & Tan	AEM	1.31	1	Sell
08/23/24	UOB Kay Hian	AEM	1.31	1.05	Sell	PER13x FY25
11/08/24	DBS Vickers	AEM	1.22	1.67	Buy	PER18x FY25
11/14/24	UOB Kay Hian	AEM	1.42	1.1	Sell	PER14x FY25
11/14/24	DBS Vickers	AEM	1.42	1.72	Buy	PER20x FY25
02/28/25	DBS Vickers	AEM	1.43	1.72	Buy	PER20x FY25
03/03/25	UOB Kay Hian	AEM	1.32	1.09	Sell	PER15x FY25
03/03/25	DBS Vickers	AEM	1.32	1.69	Buy	PER20x FY25/26
04/22/25	UOB Kay Hian	AEM	1.1	1.09	Sell	PER15x FY25
05/14/25	DBS Vickers	AEM	1.21	1.69	Buy	PER20x FY25/26
05/15/25	UOB Kay Hian	AEM	1.29	1.09	Sell	PER15x FY25
05/15/25	DBS Vickers	AEM	1.29	1.5	Buy	PER20x FY25/26
06/26/25	DBS Vickers	AEM	1.24	1.5	Buy	PER20x FY25/26
07/25/25	DBS Vickers	AEM	1.69	2.1	Buy	PER25x FY26
08/05/25	UOB Kay Hian	AEM	1.62	1.09	Sell	PER15x FY25
08/14/25	DBS Vickers	AEM	1.53	2.1	Buy	PER25x FY26
08/21/25	CIMB	AEM	1.41	1.44	Hold	PER
08/29/25	UOB Kay Hian	AEM	1.52	1.25	Sell
09/19/25	DBS Vickers	AEM	1.57	2.1	Buy	PER25x FY26
09/23/25	Amfrasers	AEM	1.92	2	Buy
10/06/25	DBS Vickers	AEM	2.04	2.1	Buy	PER25x FY26

Ascendas Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/25/24	UOB Kay Hian	A-Reit	2.54	3.62	Buy	DDM
06/26/24	DBS Vickers	A-Reit	2.57	3.25	Buy
06/26/24	DMG & Partners	A-Reit	2.57	3.2	Buy
07/05/24	DBS Vickers	A-Reit	2.57	3.25	Buy
07/11/24	UOB Kay Hian	A-Reit	2.57	3.44	Buy	DDM
07/25/24	DMG & Partners	A-Reit	2.68	3.2	Buy	DDM
07/29/24	Kim Eng	A-Reit	2.66	2.9	Buy	DDM
07/31/24	CIMB	A-Reit	2.68	3.06	Add	DDM
07/31/24	Lim & Tan	A-Reit	2.68	3.13	Accumulate
08/05/24	Kim Eng	A-Reit	2.78	2.9	Buy	DDM
08/05/24	DMG & Partners	A-Reit	2.78	3.2	Buy	DDM
08/05/24	OCBC	A-Reit	2.78	3.23	Buy
08/07/24	DBS Vickers	A-Reit	2.61	3.25	Buy	DCF
08/12/24	UOB Kay Hian	A-Reit	2.65	3.44	Buy	DDM
09/02/24	CIMB	A-Reit	2.88	3.06	Add	DDM
09/25/24	CIMB	A-Reit	2.88	3.23	Add	DDM
10/02/24	DMG & Partners	A-Reit	2.9	3.2	Buy
10/07/24	DBS Vickers	A-Reit	2.87	3.25	Buy	DCF
10/14/24	Lim & Tan	A-Reit	2.79	3.15	Accumulate
10/16/24	DMG & Partners	A-Reit	2.77	3.21	Buy	DDM
10/28/24	Kim Eng	A-Reit	2.75	3.1	Buy
10/30/24	UOB Kay Hian	A-Reit	2.72	3.74	Buy	DDM
10/30/24	OCBC	A-Reit	2.72	3.32	Buy
11/15/24	Lim & Tan	A-Reit	2.62	3.16	Accumulate
11/26/24	Macquarie	A-Reit	2.59	3.28	Buy
12/16/24	DMG & Partners	A-Reit	2.55	3.2	Buy	DDM
12/17/24	DBS Vickers	A-Reit	2.55	3.25	Buy	DCF
12/18/24	Lim & Tan	A-Reit	2.55	3.19	Accumulate
12/19/24	OCBC	A-Reit	2.55	3.32	Buy
01/02/25	UOB Kay Hian	A-Reit	2.57	3.74	Buy	DDM
01/10/25	DMG & Partners	A-Reit	2.58	3.2	Buy	DDM
02/07/25	DBS Vickers	A-Reit	2.59	3.2	Buy	DCF
02/07/25	CIMB	A-Reit	2.59	3.1	Add	DDM
02/07/25	Lim & Tan	A-Reit	2.59	3.19	Accumulate
02/10/25	UOB Kay Hian	A-Reit	2.64	3.51	Buy	DDM
02/10/25	DMG & Partners	A-Reit	2.64	3.2	Buy	DDM
02/10/25	MorningStar	A-Reit	2.64	2.9	4-Star
02/10/25	OCBC	A-Reit	2.64	3.3	Buy
03/06/25	UOB Kay Hian	A-Reit	2.55	3.51	Buy	DDM
04/01/25	UOB Kay Hian	A-Reit	2.67	3.51	Buy	DDM
04/17/25	DMG & Partners	A-Reit	2.62	3.2	Buy	DDM
04/29/25	DBS Vickers	A-Reit	2.68	3.2	Buy	DCF
04/29/25	OCBC	A-Reit	2.68	3.21	Buy
05/21/25	UOB Kay Hian	A-Reit	2.58	3.51	Buy	DDM
05/28/25	Lim & Tan	A-Reit	2.61	3.12	Accumulate
05/29/25	CIMB	A-Reit	2.61	3.1	Add	DDM
06/13/25	DBS Vickers	A-Reit	2.6	3.2	Buy	DCF
06/18/25	UOB Kay Hian	A-Reit	2.64	3.58	Buy	DDM
06/27/25	UOB Kay Hian	A-Reit	2.66	4.02	Buy	DDM
07/16/25	CIMB	A-Reit	2.75	3.1	Add	DDM
08/01/25	UOB Kay Hian	A-Reit	2.79	4.02	Buy	DDM
08/05/25	CIMB	A-Reit	2.88	3.15	Add	DDM
08/05/25	Lim & Tan	A-Reit	2.88	3.15	Accumulate on weakness
08/06/25	DMG & Partners	A-Reit	2.75	3.2	Buy	DDM
09/01/25	UOB Kay Hian	A-Reit	2.72	4.02	Buy	DDM
10/01/25	UOB Kay Hian	A-Reit	2.79	4.02	Buy	DDM

Singapore stock calls for 6 October 2025

Date	Analyst	Company	Last	Target	Call	Valuation
10/06/25	DBS Vickers	AEM	2.04	2.1	Buy	PER25x FY26
10/06/25	DBS Vickers	Avepoint	19.11	28	Buy	EV/Sales 11x
10/06/25	Lim & Tan	Far East Hospitality	0.61	0.66	Accumulate
10/06/25	Kim Eng	Lendlease Reit	0.65	0.69	Buy	DDM
10/06/25	CIMB	Marco Polo	0.079	0.1	Add	PER
10/06/25	CIMB	Pacific Radiance	0.105	0.14	Add	PER
10/06/25	Lim & Tan	Stoneweg Reit	1.52	1.88	Accumulate

Baltic dry index - 1901

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 549

Related stock: Seatrium & Cosco.

17Live Group - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/19/24	Phillip	17Live Group	0.875	1.8	Buy	DCF
11/26/24	Lim & Tan	17Live Group	0.99	1.8	Accumulate
01/06/25	Lim & Tan	17Live Group	0.94	1.8	Accumulate
03/04/25	Phillip	17Live Group	0.845	1.28	Buy	DCF
03/05/25	Lim & Tan	17Live Group	0.83	1.28	Accumulate
07/11/25	Lim & Tan	17Live Group	1.09	1.3	Accumulate
08/14/25	Phillip	17Live Group	1.05	1.28	Buy	DCF

Zixin - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/30/24	phillip	Zixin	0.025	0.05	Buy	DCF
11/15/24	phillip	Zixin	0.03	0.05	Buy	DCF
11/27/24	phillip	Zixin	0.03	0.056	Buy	DCF
01/13/25	phillip	Zixin	0.03	0.056	Buy	DCF
05/08/25	Amfrasers	Zixin	0.028	0.06	Outperform	DCF
06/03/25	phillip	Zixin	0.034	0.06	Buy	DCF
06/10/25	Amfrasers	Zixin	0.033	0.06	Outperform	DCF
09/22/25	phillip	Zixin	0.031	0.06	Buy	DCF

Yanlord - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/25/24	DBS Vickers	Yanlord	0.455	0.67	Buy	RNAV (74% disc)
08/16/24	DBS Vickers	Yanlord	0.435	0.67	Buy	RNAV (74% disc)
10/15/24	DBS Vickers	Yanlord	0.725	0.7	Hold	PB0.2x
03/05/25	DBS Vickers	Yanlord	0.485	0.5	Hold	PB0.17x
08/15/25	DBS Vickers	Yanlord	0.585	0.5	Hold	PB0.17x
08/19/25	DBS Vickers	Yanlord	0.62	0.58	Hold	PB0.2x

Stock calls for 3 October 2025

Date	Analyst	Company	Last	Target	Call	Valuation
10/03/25	phillip	CNMC	1.15	1.34	Buy	DCF, PER12.2x FY25
10/03/25	CIMB	Keppel Corp	9.14	10.23	Add	Sum of parts
10/03/25	Lim & Tan	UMS	1.45	0	Sell/Avoid
10/03/25	Lim & Tan	UOL	8	8.37	Buy

The latest ISM PMI report continued to paint a bleak outlook for the US economy.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = -2.5 - (-4.6) = +2.1

Estimated Local Material: Inventories - Imports = -1.7 - (-1.3) = -0.4

The latest ISM PMI indicated that the estimated local new order continued to increase (+2.1) from the previous month to mitigate the significant fall in new export orders but it was still not enough to reverse the fall in new orders.

Although the producers had increased their production by using more inventories (declining) and boosting employment to churn out more goods, it was not enough to replace the depleting customers' inventories.  Thus, the backlog of orders increased because of underproduction despite the fall in new orders.

As the US GDP structure had changed and the US had become a global seller, the significant drop in new export orders might indicate that the world was resisting the dumping of US goods.  We'll have to watch out for a persisting decline in new export orders to confirm this.  Thus, the next few months of PMI will be something to look out for.

Once again, this PMI report continues to paint a bleak outlook (contraction - below 50) for the US economy.