CDL Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/08/25	UOB Kay Hian	CDL Hospitality	0.775	1	Buy	DDM
04/08/25	Kim Eng	CDL Hospitality	0.775	0.75	Hold	DDM
04/30/25	DBS Vickers	CDL Hospitality	0.795	1.1	Buy
05/05/25	CIMB	CDL Hospitality	0.775	0.87	Add	DDM
06/27/25	UOB Kay Hian	CDL Hospitality	0.79	1.11	Buy	DDM
06/27/25	Citi Research	CDL Hospitality	0.79	0.6	Sell	DDM & RNAV
07/30/25	DBS Vickers	CDL Hospitality	0.85	1.1	Buy	DCF
07/31/25	Lim & Tan	CDL Hospitality	0.825	0.82	Hold
08/01/25	Kim Eng	CDL Hospitality	0.8	0.7	Hold	DDM
09/24/25	DMG & Partners	CDL Hospitality	0.815	0.88	Neutral	DDM
10/31/25	CIMB	CDL Hospitality	0.82	0.87	Add	DDM
11/25/25	Lim & Tan	CDL Hospitality	0.825	0.83	Hold
12/08/25	DBS Vickers	CDL Hospitality	0.81	1	Buy
12/08/25	Citi Research	CDL Hospitality	0.81	0.8	Sell
02/02/26	DBS Vickers	CDL Hospitality	0.865	1	Buy	DCF
02/02/26	DMG & Partners	CDL Hospitality	0.865	1	Buy	DDM
02/02/26	Kim Eng	CDL Hospitality	0.865	1	Buy
02/02/26	Citi Research	CDL Hospitality	0.865	0.6	Sell	DDM & RNAV
02/03/26	Lim & Tan	CDL Hospitality	0.875	0.88	Hold

Stock calls for 10 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/10/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.34	2.73	Buy	DDM
04/10/26	DMG & Partners	Comfortdelgro	1.47	1.65	Buy	DCF
04/10/26	Lim & Tan	CSE Global	1.24	1.54	Accumulate
04/10/26	DMG & Partners	DBS	57.2	63.5	Buy
04/10/26	DMG & Partners	Frasers Centrepoint Trust	2.23	2.7	Buy	DDM
04/10/26	Phillip	IX Biopharm	0.2	1	Buy	Sum of parts
04/10/26	Kim Eng	Marco Polo	0.158	0.2	Buy	PER
04/10/26	DMG & Partners	OCBC	22.19	23.45	Buy	GGM, PB1.5x FY26
04/10/26	DBS Vickers	SGX	20.31	22.5	Buy	PER30x FY26/27
04/10/26	Amfrasers	The Assembly Place	0.24	0.35	Outperform	DCF
04/10/26	DBS Vickers	Wee Hur	0.68	0.9	Buy	Sum of parts

The US GDP had collapsed! - Part 3

The US GDP growth was weaker than previous forecast.

Let's break down the GDP numbers to see what had happened.

GDP growth = G + I + C + NE

Q4 GDP (1st estimate) = (-0.9) + 0.66 + 1.58 + 0.08 = 1.42 (1.4)

Q4 GDP (2nd estimate) = (-1.03) + 0.57 + 1.33 + (-0.22) = 0.65 (0.7)

Q4 GDP (Final) = (-0.99) + 0.4 + 1.3 + (-0.22) = 0.49 (0.5)

We can see from the above GDP breakdown that the GDP components are doing badly.  The US government (G) continued to decrease its spending (-0.99), the investment (I) and consumption (C) also continued to decline because of poor economic conditions and the net exports (NE) remained stagnant.

US PCE: 2.9%

The US PCE is projected to spike next quarter because of the Iran war.  Therefore, this PCE report has become irrelevant.

CapitaRetail China - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/16/25	DBS Vickers	CapitaRetail China	0.685	0.85	Buy
07/28/25	OCBC	CapitaRetail China	0.78	0.765	Hold
07/30/25	DBS Vickers	CapitaRetail China	0.78	0.85	Buy	DCF
08/01/25	DBS Vickers	CapitaRetail China	0.76	0.75	Hold	DCF
09/30/25	OCBC	CapitaRetail China	0.785	0.705	Hold
10/31/25	DBS Vickers	CapitaRetail China	0.79	0.75	Hold	DCF
02/05/26	DBS Vickers	CapitaRetail China	0.785	0.75	Hold	DCF
02/06/26	OCBC	CapitaRetail China	0.78	0.655	Sell
03/25/26	OCBC	CapitaRetail China	0.635	0.655	Hold

Capitaland Investment - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/03/25	Uob Kay Hian	Capitaland Investment	2.56	3.95	Buy	Sum of parts
03/17/25	Phillip	Capitaland Investment	2.62	3.65	Buy	Sum of parts
04/03/25	Lim & Tan	Capitaland Investment	2.72	3.5	Accumulate on weakness
04/11/25	Lim & Tan	Capitaland Investment	2.5	3.48	Accumulate on weakness
04/17/25	DBS Vickers	Capitaland Investment	2.54	3.85	Buy
05/02/25	Phillip	Capitaland Investment	2.75	3.65	Buy	Sum of parts
05/02/25	DBS Vickers	Capitaland Investment	2.75	3.65	Buy	Sum of parts
05/02/25	CIMB	Capitaland Investment	2.75	4.3	Add	RNAV
05/05/25	Uob Kay Hian	Capitaland Investment	2.53	3.42	Buy	Sum of parts
05/14/25	Lim & Tan	Capitaland Investment	2.54	3.34	Accumulate
06/04/25	Lim & Tan	Capitaland Investment	2.51	3.35	Accumulate
06/09/25	Lim & Tan	Capitaland Investment	2.56	3.34	Accumulate
07/02/25	CIMB	Capitaland Investment	2.65	4.3	Add	RNAV
07/03/25	Phillip	Capitaland Investment	2.65	3.65	Buy	Sum of parts
08/13/25	Lim & Tan	Capitaland Investment	2.75	3.42	Buy
08/13/25	Citi Research	Capitaland Investment	2.75	3.4	Buy
08/15/25	Uob Kay Hian	Capitaland Investment	2.72	3.49	Buy	Sum of parts
08/15/25	DBS Vickers	Capitaland Investment	2.72	3.65	Buy	Sum of parts
08/15/25	CIMB	Capitaland Investment	2.72	4.3	Add	RNAV
08/15/25	Lim & Tan	Capitaland Investment	2.72	3.38	Buy
08/18/25	Phillip	Capitaland Investment	2.7	3.65	Buy	Sum of parts
09/25/25	Lim & Tan	Capitaland Investment	2.68	3.4	Buy
10/17/25	Lim & Tan	Capitaland Investment	2.65	3.39	Buy
11/04/25	DBS Vickers	Capitaland Investment	2.66	3.65	Buy	Sum of parts
11/07/25	CIMB	Capitaland Investment	2.65	4.3	Add	RNAV
11/07/25	Lim & Tan	Capitaland Investment	2.65	3.41	Buy
11/10/25	Phillip	Capitaland Investment	2.68	3.65	Buy	Sum of parts
11/14/25	Kim Eng	Capitaland Investment	2.69	3.3	Buy	Sum of parts
11/25/25	Lim & Tan	Capitaland Investment	2.63	3.39	Buy
12/08/25	Lim & Tan	Capitaland Investment	2.61	3.39	Buy
12/23/25	Lim & Tan	Capitaland Investment	2.67	3.5	Accumulate
01/05/26	Uob Kay Hian	Capitaland Investment	2.74	3.49	Buy	Sum of parts
01/07/26	Lim & Tan	Capitaland Investment	2.76	3.39	Accumulate
01/08/26	DBS Vickers	Capitaland Investment	2.78	3.65	Buy	Sum of parts
02/10/26	Lim & Tan	Capitaland Investment	3.16	3.3	Hold
02/11/26	Uob Kay Hian	Capitaland Investment	3.17	3.49	Buy	Sum of parts
02/11/26	DBS Vickers	Capitaland Investment	3.17	3.65	Buy	Sum of parts
02/12/26	Uob Kay Hian	Capitaland Investment	3.06	4.05	Buy	Sum of parts
02/12/26	CIMB	Capitaland Investment	3.06	4.19	Add	RNAV
02/12/26	CIMB	Capitaland Investment	3.06	3.4	Buy	RNAV (20% disc)
02/16/26	Phillip	Capitaland Investment	3.12	3.69	Buy	Sum of parts
03/10/26	Uob Kay Hian	Capitaland Investment	2.82	4.05	Buy	Sum of parts

Capitaland Integrated Commercial Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	1.98	2.37	Buy	DDM
03/18/25	DBS Vickers	Capitaland Integrated Commercial Trust	2.12	2.3	Buy
04/01/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.1	2.37	Buy	DDM
04/24/25	DMG & Partners	Capitaland Integrated Commercial Trust	2.14	2.3	Buy	DDM
04/25/25	DBS Vickers	Capitaland Integrated Commercial Trust	2.14	2.3	Buy
04/28/25	CIMB	Capitaland Integrated Commercial Trust	2.14	2.45	Add	DDM
05/21/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.05	2.37	Buy	DDM
06/26/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.15	2.42	Buy	DDM
06/27/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.16	2.72	Buy	DDM
08/01/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.2	2.72	Buy	DDM
08/06/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.24	2.79	Buy	DDM
08/06/25	CIMB	Capitaland Integrated Commercial Trust	2.24	2.45	Add	DDM
08/06/25	DMG & Partners	Capitaland Integrated Commercial Trust	2.24	2.44	Buy	DDM
08/26/25	DBS Vickers	Capitaland Integrated Commercial Trust	2.26	2.5	Buy
09/01/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.28	2.79	Buy	DDM
10/13/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.34	2.79	Buy	DDM
10/28/25	DBS Vickers	Capitaland Integrated Commercial Trust	2.41	2.5	Buy
10/29/25	CIMB	Capitaland Integrated Commercial Trust	2.4	2.71	Add	DDM
10/30/25	DMG & Partners	Capitaland Integrated Commercial Trust	2.41	2.44	Buy	DDM
11/25/25	DBS Vickers	Capitaland Integrated Commercial Trust	2.36	2.5	Buy
11/26/25	DMG & Partners	Capitaland Integrated Commercial Trust	2.37	2.69	Buy	DDM
12/17/25	Lim & Tan	Capitaland Integrated Commercial Trust	2.33	0	Accumulate
12/22/25	DMG & Partners	Capitaland Integrated Commercial Trust	2.34	2.69	Buy	DDM
01/07/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.39	2.54	Accumulate
01/15/26	DBS Vickers	Capitaland Integrated Commercial Trust	2.42	2.5	Buy
01/19/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.42	2.56	Accumulate
02/06/26	DBS Vickers	Capitaland Integrated Commercial Trust	2.38	2.5	Buy
02/06/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.38	2.84	Accumulate
02/09/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.45	2.95	Buy	DDM
02/09/26	DBS Vickers	Capitaland Integrated Commercial Trust	2.45	2.8	Buy
02/09/26	Kim Eng	Capitaland Integrated Commercial Trust	2.45	2.6	Buy
02/09/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.45	2.69	Buy	DDM
02/13/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.47	2.73	Buy	DDM
02/23/26	JPM	Capitaland Integrated Commercial Trust	2.42	2.75	Buy	Up from $2.60
03/05/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.4	2.95	Buy	DDM
04/01/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.35	2.95	Buy	DDM