Mapletree Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	UOB Kay Hian	Mapletree Commercial	1.29	1.8	Buy	DDM
08/04/25	UOB Kay Hian	Mapletree Commercial	1.28	1.86	Buy	DDM
08/05/25	JPM	Mapletree Commercial	1.32	1.5	Overweight
09/01/25	UOB Kay Hian	Mapletree Commercial	1.38	1.86	Buy	DDM
09/25/25	DBS Vickers	Mapletree Commercial	1.42	1.6	Buy	Sum of parts
10/01/25	CIMB	Mapletree Commercial	1.43	1.51	Add	DDM
10/23/25	UOB Kay Hian	Mapletree Commercial	1.46	1.84	Buy	DDM
10/23/25	DBS Vickers	Mapletree Commercial	1.46	1.65	Buy	Sum of parts
10/23/25	CIMB	Mapletree Commercial	1.46	1.52	Add	DDM
10/23/25	Lim & Tan	Mapletree Commercial	1.46	1.52	Hold
10/27/25	MorningStar	Mapletree Commercial	1.47	1.52	Hold
10/27/25	OCBC	Mapletree Commercial	1.47	1.45	Hold
11/04/25	DBS Vickers	Mapletree Commercial	1.48	1.65	Buy	Sum of parts
11/04/25	Citi Research	Mapletree Commercial	1.48	1.7	Buy
12/12/25	CIMB	Mapletree Commercial	1.43	1.52	Add	DDM
01/02/26	UOB Kay Hian	Mapletree Commercial	1.47	1.84	Buy	DDM
01/20/26	Lim & Tan	Mapletree Commercial	1.47	1.55	Hold
02/02/26	UOB Kay Hian	Mapletree Commercial	1.46	1.84	Buy	DDM
02/02/26	DBS Vickers	Mapletree Commercial	1.46	1.65	Buy	Sum of parts
02/02/26	Kim Eng	Mapletree Commercial	1.46	1.55	Buy	DDM
03/02/26	UOB Kay Hian	Mapletree Commercial	1.42	1.84	Buy	DDM
04/01/26	UOB Kay Hian	Mapletree Commercial	1.32	1.84	Buy	DDM
04/28/26	Lim & Tan	Mapletree Commercial	1.4	1.6	Hold
04/29/26	DBS Vickers	Mapletree Commercial	1.35	1.65	Buy	Sum of parts
04/29/26	CIMB	Mapletree Commercial	1.35	1.52	Add	DDM
05/04/26	UOB Kay Hian	Mapletree Commercial	1.29	1.75	Buy	DDM
05/04/26	Citi Research	Mapletree Commercial	1.29	1.49	Buy	Sum of parts
06/02/26	UOB Kay Hian	Mapletree Commercial	1.28	1.75	Buy	DDM
06/30/26	Lim & Tan	Mapletree Commercial	1.3	1.52	Hold
07/06/26	UOB Kay Hian	Mapletree Commercial	1.29	1.75	Buy	DDM
07/31/26	DBS Vickers	Mapletree Commercial	1.36	1.65	Buy	Sum of parts
07/31/26	CIMB	Mapletree Commercial	1.36	1.52	Add	DDM
08/04/26	DBS Vickers	Mapletree Commercial	1.32	1.55	Buy	DCF

Manulife US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/20/26	DMG & Partners	Manulife US Reit	0.06	0.06	Neutral	DDM
05/07/26	DMG & Partners	Manulife US Reit	0.057	0.06	Neutral	DDM
06/10/26	Lim & Tan	Manulife US Reit	0.053	0.0615	Hold

Lum Chang Creations - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/20/25	Lim & Tan	Lum Chang Creations	0.445	0.49	Accumulate	PER9.6x FY26
08/27/25	CIMB	Lum Chang Creations	0.55	0.81	Add	PER
12/02/25	Lim & Tan	Lum Chang Creations	0.475	0.7	Accumulate	PER11.7x FY26/27
01/07/26	CIMB	Lum Chang Creations	0.5	0.72	Add
02/13/26	CIMB	Lum Chang Creations	0.8	0.93	Add	PER
03/10/26	DBS Vickers	Lum Chang Creations	0.775	1.07	Buy	PER13x FY27
03/13/26	DMG & Partners	Lum Chang Creations	0.825	1.13	Buy	PER15x FY26/27
04/14/26	Lim & Tan	Lum Chang Creations	0.87	1.04	Buy	PER12.9x FY26/27
04/23/26	DMG & Partners	Lum Chang Creations	0.99	1.13	Buy	PER15x FY26/27
05/04/26	CIMB	Lum Chang Creations	1.03	1.32	Add	PER
05/20/26	Lim & Tan	Lum Chang Creations	1.01	1.14	Buy
06/08/26	Lim & Tan	Lum Chang Creations	0.84	1	Accumulate on weakness
06/22/26	Lim & Tan	Lum Chang Creations	0.805	1.04	Buy
07/01/26	Lim & Tan	Lum Chang Creations	0.78	1.04	Buy
07/14/26	DMG & Partners	Lum Chang Creations	0.375	0.57	Buy
07/14/26	UOB Kay Hian	Lum Chang Creations	0.375	0.51	Buy	PER13x FY27x, Ex-Bonus (1-for-1)
07/16/26	CIMB	Lum Chang Creations	0.385	0.64	Add	PER
07/16/26	Lim & Tan	Lum Chang Creations	0.385	0.52	Buy	PER12.7x FY27
08/05/26	DMG & Partners	Lum Chang Creations	0.365	0.59	Buy	PER15x FY27
08/24/26	DBS Vickers	Lum Chang Creations	0.35	0.51	Buy	PER12x FY27
08/26/26	CIMB	Lum Chang Creations	0.335	0.64	Add	PER
08/26/26	Lim & Tan	Lum Chang Creations	0.335	0.53	Buy

Stock calls for 28 August 2026

Date	Analyst	Company	Last	Target	Call	Valuation
08/28/26	Lim & Tan	ASL Marine	0.295	0.43	Buy
08/28/26	CIMB	Coliwoo	0.49	0.69	Add	DCF
08/28/26	Jefferies	FoundationHealth	0.725	1.1	Buy
08/28/26	UOB Kay Hian	Marco Polo	0.127	0.173	Buy	PER20x FY26
08/28/26	DMG & Partners	UMS	2.74	3.69	Buy

Red alert: The AI bloodbath is not over yet! - Part 9

We've shortlisted China's semiconductors industry as one of the 5 promising sectors and we've been proven right.  The profitability of China's semicondutors industry will continue further because China's semiconductors market size will double in 6 years due to the US technology sanctions.

Another sector that we like is the EV industry and we will just use one EV example to illustrate the undervaluation.

Xpeng's robot division is valued at US$6.3B based on the recent funding of US$900m and the EV division is valued at US$6.4B.  The total value of these 2 divisions is US$12.7B (HKD$99.5B) which is way higher than the current market capitalization of HKD$86B.  Furthermore, the valuation of the robot division will increase further based on future funding potential because the current valuation is significantly lower than the existing Unitree's valuation of US$37B.  Based on the current market capitalization of HKD$86B, investors are also getting the robotaxi and flying car divisions for FREE.

The other China EV manufacturers that have a robot division are BYD and Xiaomi but their robot divisions are not ready for mass production yet.

Lion-Phillip - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/31/25	Phillip	Lion-Phillip	0.88	0.965	Accumulate
04/01/26	Phillip	Lion-Phillip	0.802	0.9	Accumulate	Sum of parts

Lincotrade - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/08/25	SAC Capital	Lincotrade	0.2	0.301	Buy
06/15/26	Amfrasers	Lincotrade	0.32	0.366	outperform	DCF
08/03/26	Lim & Tan	Lincotrade	0.335	0	Accumulate

LHN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/10/25	Lim & Tan	LHN	0.86	0	Accumulate
09/11/25	Phillip	LHN	0.93	1.13	Buy	PER13x FY25
09/25/25	UOB Kay Hian	LHN	0.985	1.12	Buy	PER12x FY26
10/01/25	Lim & Tan	LHN	0.93	1.15	Accumulate
10/01/25	CIMB	LHN	0.93	1.2	Add
12/01/25	Lim & Tan	LHN	0.67	1.15	Accumulate
12/08/25	Phillip	LHN	0.69	0.85	Buy	Sum of parts
12/09/25	UOB Kay Hian	LHN	0.675	0.84	Buy	PER12x FY26
12/09/25	CIMB	LHN	0.675	0.88	Add
02/11/26	UOB Kay Hian	LHN	0.69	0.84	Buy	PER12x FY26
03/20/26	UOB Kay Hian	LHN	0.585	0.71	Buy	PER18.2x FY26
05/25/26	CIMB	LHN	0.64	0.67	Hold	PER
05/28/26	Phillip	LHN	0.62	0.77	Buy	Sum of parts (20% disc)
06/12/26	UOB Kay Hian	LHN	0.58	0.71	Buy	PER10x FY27
08/27/26	Lim & Tan	LHN	0.565	0.71	Accumulate

Stock calls for 27 August 2026

Date	Analyst	Company	Last	Target	Call	Valuation
08/27/26	CLSA	Addvalue	0.149	0.27	Outperform
08/27/26	phillip	Ever Glory Uinited Holdings	0.84	1.2	Buy	PER
08/27/26	Lim & Tan	LHN	0.565	0.71	Accumulate
08/27/26	UOB Kay Hian	PanUnited	1.53	1.88	Buy	PER17x FY27
08/27/26	Amfrasers	PC Partner	2.78	6.33	outperform	DCF
08/27/26	Amfrasers	Sasseur	0.69	0.88	Outperform	DDM
08/27/26	Lim & Tan	Singapore Post	0.34	0.35	Hold
08/27/26	Citi Research	Starhub	1.11	1.14	Neutral	EV/Ebitda8x FY26