United Hampshire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/25	Amfrasers	United Hampshire	0.49	0.6	Outperform	DDM
08/14/25	UOB Kay Hian	United Hampshire	0.485	0.7	Buy	DDM
01/29/26	Phillip	United Hampshire	0.54	0.69	Buy	DDM
02/20/26	Lim & Tan	United Hampshire	0.56	0.69	Hold
02/23/26	UOB Kay Hian	United Hampshire	0.56	0.72	Buy	DDM
02/23/26	Phillip	United Hampshire	0.56	0.69	Buy	DDM
03/09/26	Amfrasers	United Hampshire	0.52	0.69	Outperform	DDM
03/23/26	Phillip	United Hampshire	0.515	0.69	Buy	DDM
04/01/26	UOB Kay Hian	United Hampshire	0.505	0.72	Buy	DDM
05/14/26	Phillip	United Hampshire	0.52	0.69	Buy	DDM
05/15/26	UOB Kay Hian	United Hampshire	0.52	0.72	Buy	DDM
05/15/26	Phillip	United Hampshire	0.52	0.69	Buy	DDM
06/22/26	Phillip	United Hampshire	0.515	0.69	Buy	DDM

UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/25	UOB Kay Hian	UMS	1.07	1.21	Buy	PER17.6x FY25
03/04/25	DBS Vickers	UMS	1.07	1.31	Buy	PER18x FY25
03/04/25	Lim & Tan	UMS	1.07	1.16	Hold
03/04/25	Kim Eng	UMS	1.07	1.16	Buy	PER14x FY25/26
04/10/25	DBS Vickers	UMS	0.93	1.31	Buy	PER18x FY25
04/22/25	UOB Kay Hian	UMS	1.02	1.21	Buy	PER17.6x FY25
05/13/25	DBS Vickers	UMS	1.05	1.31	Buy	PER18x FY25
05/13/25	Lim & Tan	UMS	1.05	1.23	Accumulate
05/14/25	UOB Kay Hian	UMS	1.12	1.32	Buy	PER17.5x FY26
05/14/25	DBS Vickers	UMS	1.12	1.38	Buy	PER18.8x FY25/26
05/16/25	Kim Eng	UMS	1.15	1.19	Buy
06/12/25	UOB Kay Hian	UMS	1.21	1.32	Buy	PER17.5x FY26
07/16/25	UOB Kay Hian	UMS	1.39	1.73	Buy	PER23x FY26
07/22/25	Kim Eng	UMS	1.46	1.59	Buy
07/25/25	DBS Vickers	UMS	1.48	1.84	Buy	PER25x FY25/26
08/05/25	UOB Kay Hian	UMS	1.54	1.73	Buy	PER23x FY26
08/14/25	DBS Vickers	UMS	1.48	1.84	Buy	PER25x FY25/26
08/14/25	Kim Eng	UMS	1.48	1.59	Buy
08/25/25	CIMB	UMS	1.38	1.87	Add	Up from $1.06
10/03/25	Lim & Tan	UMS	1.45	0	Sell/Avoid
10/17/25	DBS Vickers	UMS	1.36	1.84	Buy	PER25x FY25/26
10/29/25	UOB Kay Hian	UMS	1.45	1.73	Buy	PER23x FY26
11/03/25	DMG & Partners	UMS	1.48	1.85	Buy
11/10/25	DBS Vickers	UMS	1.51	1.85	Buy	PER25x FY26
11/11/25	UOB Kay Hian	UMS	1.52	1.66	Buy	PER23x FY26
11/11/25	CIMB	UMS	1.52	1.77	Add	PER
11/12/25	DMG & Partners	UMS	1.44	1.86	Buy
11/12/25	Kim Eng	UMS	1.44	1.59	Buy
01/09/26	DBS Vickers	UMS	1.43	1.85	Buy	PER25x FY26
02/10/26	DBS Vickers	UMS	1.32	1.85	Buy	PER25x FY26
03/02/26	DBS Vickers	UMS	1.45	1.48	Buy	PER25x FY26, Ex-Bonus 1-for-4
03/03/26	UOB Kay Hian	UMS	1.5	1.8	Buy	PER28.4x FY26
03/03/26	DBS Vickers	UMS	1.5	1.83	Buy	PER30x FY26
03/03/26	CIMB	UMS	1.5	1.88	Add	PER
03/03/26	Kim Eng	UMS	1.5	1.88	Buy	PER25x FY26/27
03/04/26	Lim & Tan	UMS	1.53	1.88	Accumulate
04/16/26	CIMB	UMS	1.79	2.23	Add
04/29/26	DBS Vickers	UMS	2.18	2.92	Buy	PER35x FY27/28
05/12/26	DBS Vickers	UMS	2.36	3.17	Buy	PER38x FY27
05/12/26	Lim & Tan	UMS	2.36	2.5	Accumulate on weakness
05/13/26	UOB Kay Hian	UMS	2.6	4.01	Buy	PER37.5x FY28
05/15/26	CIMB	UMS	2.95	4.17	Add
06/08/26	DBS Vickers	UMS	2.53	3.17	Buy	PER38x FY27

Stock calls for 29 June 2026

Date	Analyst	Company	Last	Target	Call	Valuation
06/29/26	Lim & Tan	ARA Hospitality (Acrophyte)	0.2	0	Accumulate
06/29/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.4	2.75	Buy	DDM
06/29/26	JPM	CapitaRetail China	0.635	0.66	Neutral
06/29/26	JPM	CDL Hospitality	0.775	0.85	Neutral
06/29/26	JPM	Far East Hospitality	0.57	0.69	Neutral
06/29/26	uSMART	Hutchison Port	0.186	0.19	Hold
06/29/26	Kim Eng	OUE Commercial	0.355	0.45	Buy	DDM
06/29/26	DBS Vickers	OUE Commercial	0.355	0.45	Buy	DCF
06/29/26	UOB Kay Hian	PanUnited	1.35	1.42	Buy	PER17x FY26
06/29/26	OCBC	SATS	4.49	4.2	Hold
06/29/26	DMG & Partners	SGX	24.15	22.2	Neutral
06/29/26	Phillip	Thai Beverage	0.44	0.53	Buy	PER12x FY26
06/29/26	Phillip	Ultragreen	1.23	1.92	Buy	DCF

Shame on you, Lianhe Zaobao! - Part 2

We're glad to see that the united front work theme started by Lianhe Zaobao has come to end and Singapore has backed down from this nosensical antic by allowing more Teochew shows of Dear You.

We've stated that this is wrong in the first place because Malaysian Chinese have chinese nationalism that Singaporean Chinese don't possess and they will defend China against Singapore.

Let this be an indelible lesson for Singapore and we hope that Singapore won't repeat this mistake ever again unless it wants to face the wrath of the Malaysian Chinese.  Although Malaysian Chinese is a minority group in Malaysia but its Chinese population (7-7.5m) is still bigger than the whole of Singapore.

Ultragreen - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/03/25	UOB Kay Hian	Ultragreen	1.45	2	Buy	PER24x FY26
01/16/26	UOB Kay Hian	Ultragreen	1.65	2	Buy	PER24x FY26
01/26/26	DBS Vickers	Ultragreen	1.68	2.05	Buy	PER26x FY26
02/02/26	UOB Kay Hian	Ultragreen	1.68	2	Buy	PER24x FY26
02/19/26	DBS Vickers	Ultragreen	1.68	2.05	Buy	PER26x FY26
03/02/26	DBS Vickers	Ultragreen	1.7	2	Buy	PER26x FY26
03/04/26	UOB Kay Hian	Ultragreen	1.58	1.95	Buy	PER26x FY26
04/07/26	DBS Vickers	Ultragreen	1.43	2	Buy	PER26x FY26
05/04/26	UOB Kay Hian	Ultragreen	1.46	1.95	Buy	PER26x FY26
05/05/26	DBS Vickers	Ultragreen	1.49	2	Buy	PER26x FY26
06/03/26	UOB Kay Hian	Ultragreen	1.36	1.95	Buy	PER26x FY26

UI Boustead - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/26	Lim & Tan	UI Boustead	0.88	0	Subscribe
04/15/26	Goldman Sachs	UI Boustead	0.835	0.91	Neutral
04/23/26	UOB Kay Hian	UI Boustead	0.82	1.16	Buy	DDM
05/21/26	UOB Kay Hian	UI Boustead	0.77	1.13	Buy	DDM
05/21/26	DBS Vickers	UI Boustead	0.77	1.05	Buy
05/25/26	Lim & Tan	UI Boustead	0.78	1.03	Accumulate
05/26/26	UOB Kay Hian	UI Boustead	0.805	1.17	Buy	DDM
06/02/26	Kim Eng	UI Boustead	0.795	1.03	Buy
06/15/26	UOB Kay Hian	UI Boustead	0.79	1.17	Buy	DDM

Toku - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/07/26	Amfrasers	Toku	0.25	0.39	Outperform	DCF