Stock calls for 25 September 2026

Date	Analyst	Company	Last	Target	Call	Valuation
09/25/26	Amfrasers	All-Link Air & Sea	0.475	0.82	Outperform	DCF
09/25/26	DBS Vickers	Capitaland Investment	2.6	3.4	Buy	Sum of parts
09/25/26	Lim & Tan	Capitaland Investment	2.6	3.47	Accumulate
09/25/26	CIMB	CSE Global	1.26	1.95	Add	PER
09/25/26	Lim & Tan	CSE Global	1.26	1.8	Accumulate
09/25/26	UOB Kay Hian	Wilmar	3.65	3.8	Hold	Sum of parts, PER11.5x FY27

The Xi-Trump summit will be a non-market event. Why?

The best outcome from this Xi-Trump summit will be some conlusion of MOUs that are non-legal binding.  Why?

This is because Trump has to stabilize the US-Sino relationship for his mid-term election and Xi doesn't trust the axis of calumny (US).  However, Trump can't get too cozy with China or else the China hawks in the US will pounce on him.  Conversely, Xi has more bargaining chips than Trump for this meeting because the US technological restrictions don't work on China anymore.  In short, the US has lost the technological war and China has achieved some important technology breakthroughs for self-sufficiency growth.

Furthermore, the US won't dare to start a financial war (USD deprivation) against China and China is also not afraid to go head on with the US on this.  For example, China has rejected US sanctions on the Iranian airliners and will continue to provide Iranian airliners with fuel and logistical support.

In view of the above, we don't see this summit as a market moving event as relationship stabilization is the fundemantal theme for this meeting.

Stoneweg Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/18/25	Phillip	Stoneweg Reit	1.59	1.86	Buy	DDM
09/22/25	Phillip	Stoneweg Reit	1.55	1.86	Buy	DDM
10/06/25	Lim & Tan	Stoneweg Reit	1.52	1.88	Accumulate
10/07/25	DMG & Partners	Stoneweg Reit	1.52	1.9	Buy
10/23/25	Phillip	Stoneweg Reit	1.53	1.86	Buy	DDM
11/06/25	DBS Vickers	Stoneweg Reit	1.53	1.8	Buy	DCF
11/07/25	OCBC	Stoneweg Reit	1.56	1.87	Buy
11/10/25	Phillip	Stoneweg Reit	1.57	1.86	Buy	DDM
12/23/25	Phillip	Stoneweg Reit	1.62	1.86	Buy	DDM
01/26/26	Phillip	Stoneweg Reit	1.68	1.86	Buy	DDM
02/26/26	DBS Vickers	Stoneweg Reit	1.66	1.9	Buy	DCF
02/27/26	Phillip	Stoneweg Reit	1.67	1.89	Buy	DDM
03/23/26	Phillip	Stoneweg Reit	1.53	1.89	Buy	DDM
04/23/26	DMG & Partners	Stoneweg Reit	1.51	1.95	Buy
04/28/26	DBS Vickers	Stoneweg Reit	1.55	1.9	Buy	DCF
04/29/26	Phillip	Stoneweg Reit	1.57	1.89	Buy	DDM
05/25/26	Phillip	Stoneweg Reit	1.52	1.89	Buy	DDM
06/22/26	Phillip	Stoneweg Reit	1.56	1.89	Buy	DDM
07/27/26	Phillip	Stoneweg Reit	1.57	1.89	Buy	DDM
08/17/26	Phillip	Stoneweg Reit	1.58	1.89	Buy	DDM
09/21/26	Phillip	Stoneweg Reit	1.48	1.89	Buy	DDM

Starhub - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/07/25	DBS Vickers	Starhub	1.23	1.2	Hold	Sum of parts
08/13/25	DMG & Partners	Starhub	1.18	1.14	Neutral	DCF
08/15/25	DBS Vickers	Starhub	1.17	1.19	Hold	Sum of parts
08/15/25	CIMB	Starhub	1.17	1.19	Hold	GGM
08/21/25	Phillip	Starhub	1.16	1.08	Neutral	EV/Ebitda6x FY25
09/03/25	Kim Eng	Starhub	1.14	1.35	Buy	DCF
10/17/25	Kim Eng	Starhub	1.13	1.35	Buy	DCF
11/17/25	Phillip	Starhub	1.15	1.05	Neutral
11/17/25	DBS Vickers	Starhub	1.15	1.19	Hold	Sum of parts
11/17/25	Citi Research	Starhub	1.15	1.28	Buy
02/02/26	Citi Research	Starhub	1.14	1.4	Buy
02/12/26	DBS Vickers	Starhub	1.2	1.19	Hold	Sum of parts
02/12/26	Citi Research	Starhub	1.2	1.14	Neutral
02/16/26	Phillip	Starhub	1.13	1.01	Neutral
02/20/26	DBS Vickers	Starhub	1.1	0.94	Fully Valued	Sum of parts
04/16/26	DBS Vickers	Starhub	1.05	0.94	Fully Valued	Sum of parts
04/23/26	DMG & Partners	Starhub	1.05	1	Sell	DCF
05/08/26	Kim Eng	Starhub	1.01	1	Hold
05/11/26	Phillip	Starhub	1.01	0.95	Neutral
05/15/26	DMG & Partners	Starhub	1.01	0.87	Sell
05/15/26	DBS Vickers	Starhub	1.01	0.94	Fully Valued	Sum of parts
07/27/26	DBS Vickers	Starhub	1.02	1.4	Buy	Sum of parts
08/14/26	CIMB	Starhub	1.1	0.87	Reduce	GGM
08/14/26	DMG & Partners	Starhub	1.1	1	Neutral
08/14/26	MorningStar	Starhub	1.1	1.1	2-star
08/21/26	MorningStar	Starhub	1.07	1	2-star
08/24/26	Phillip	Starhub	1.07	1.07	Neutral	Sum of parts
08/27/26	Citi Research	Starhub	1.11	1.14	Neutral	EV/Ebitda8x FY26

Starhill - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/25	OCBC	Starhill	0.545	0.51	Hold
08/28/25	DMG & Partners	Starhill	0.545	0.6	Buy
11/25/25	uSMART	Starhill	0.58	0.67	Buy
01/30/26	DBS Vickers	Starhill	0.595	0.68	Buy	DCF
02/03/26	OCBC	Starhill	0.59	0.525	Hold
02/03/26	DMG & Partners	Starhill	0.59	0.66	Buy
06/17/26	DMG & Partners	Starhill	0.54	0.66	Buy

Stock calls for 24 September 2026

Date	Analyst	Company	Last	Target	Call	Valuation
09/24/26	DBS Vickers	Bumitama	2.1	3	Buy	PER20.4x FY27
09/24/26	UOB Kay Hian	DBS	77.69	83.6	Hold	GGM, PB3.23x FY27
09/24/26	DBS Vickers	First Resources	4.44	6.3	Buy	PER14x FY27
09/24/26	DBS Vickers	Keppel Reit	0.86	1	Buy	PB0.8x
09/24/26	UOB Kay Hian	OCBC	31.65	35.7	Buy	GGM, PB2.36x FY27
09/24/26	Lim & Tan	SIA Engineering	3.14	3.85	Hold
09/24/26	Citi Research	UMS	2.65	3.43	Buy
09/24/26	Lim & Tan	Uni-Asia	0.93	1.39	Buy	PB
09/24/26	UOB Kay Hian	Yangzijiang Shipping	5.18	5.9	Buy	PER10.1x FY28

ST Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/06/25	DMG & Partners	ST Engineering	8.88	8.7	Buy
08/15/25	UOB Kay Hian	ST Engineering	8.4	8.56	Hold	PER25.6x FY27
08/15/25	CIMB	ST Engineering	8.4	8.7	Hold	PER
08/18/25	Phillip	ST Engineering	8.46	8.2	Neutral	DCF
08/19/25	DMG & Partners	ST Engineering	8.14	9.1	Buy
08/19/25	Kim Eng	ST Engineering	8.14	8.4	Hold	PER31x FY25
09/01/25	OCBC	ST Engineering	7.68	8.9	Buy
09/05/25	Lim & Tan	ST Engineering	7.95	8.73	Accumulate
09/23/25	DMG & Partners	ST Engineering	8.53	9.1	Buy
10/08/25	OCBC	ST Engineering	9.01	9.03	Hold
10/22/25	DMG & Partners	ST Engineering	8.25	9.1	Buy
11/13/25	Phillip	ST Engineering	8.29	8.2	Neutral	DCF
11/13/25	UOB Kay Hian	ST Engineering	8.29	9.05	Buy	PER26.1x FY27
11/13/25	DBS Vickers	ST Engineering	8.29	9.4	Buy
11/13/25	CIMB	ST Engineering	8.29	9.5	Add	PER
11/26/25	DMG & Partners	ST Engineering	8.3	9.4	Buy
11/26/25	OCBC	ST Engineering	8.3	9.8	Buy
12/22/25	DMG & Partners	ST Engineering	8.18	9.4	Buy
01/13/26	DBS Vickers	ST Engineering	9.21	10.2	Buy	DCF
01/21/26	OCBC	ST Engineering	9.53	10.9	Buy	PER
01/27/26	CIMB	ST Engineering	9.4	10.2	Add	PER
02/13/26	DMG & Partners	ST Engineering	10.19	10.7	Buy
02/27/26	DBS Vickers	ST Engineering	10.02	10.2	Buy	DCF & PER29x
03/02/26	UOB Kay Hian	ST Engineering	9.97	10.86	Buy	PER29.1x FY27
03/02/26	Phillip	ST Engineering	9.97	13	Buy	DCF
03/02/26	DBS Vickers	ST Engineering	9.97	11	Buy	PER30x FY26 & DCF
03/02/26	DMG & Partners	ST Engineering	9.97	11.7	Buy
03/20/26	UBS	ST Engineering	11.14	12.6	Buy
03/25/26	DMG & Partners	ST Engineering	11.22	12.3	Buy
04/02/26	DBS Vickers	ST Engineering	11.1	12.4	Buy	PER33x FY26/27
04/02/26	CIMB	ST Engineering	11.1	11.05	Hold	PER
04/23/26	DMG & Partners	ST Engineering	11.25	12.3	Buy
05/18/26	DBS Vickers	ST Engineering	10.37	12.4	Buy	PER33x FY26/27
05/19/26	Phillip	ST Engineering	10.79	13	Buy	DCF
05/19/26	UOB Kay Hian	ST Engineering	10.79	11.75	Buy
07/01/26	DBS Vickers	ST Engineering	10.39	12.4	Buy	PER33x FY26/27
07/15/26	DMG & Partners	ST Engineering	10.64	12.3	Buy
08/13/26	DBS Vickers	ST Engineering	10.28	12.4	Buy	PER33x FY26/27
08/14/26	UOB Kay Hian	ST Engineering	10.36	11.75	Buy	PER27x FY28
08/17/26	Phillip	ST Engineering	10.96	13	Buy	DCF
08/17/26	DBS Vickers	ST Engineering	10.96	12.4	Buy	PER28x FY27 & DCF
09/18/26	Goldman Sachs	ST Engineering	10.19	13.2	Buy