DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/07/25	Lim & Tan	DBS	45.96	49	Accumulate
03/07/25	Jefferies	DBS	45.96	52	Buy
03/07/25	Jefferies	DBS	45.96	52	Buy
03/12/25	Citi Research	DBS	44.23	49.3	Buy	GGM, PB2x FY25
03/21/25	phillip	DBS	45.4	46.9	Accumulate	GGM, PB1.88x FY25
03/25/25	Lim & Tan	DBS	45.49	48.63	Accumulate
04/01/25	Jefferies	DBS	46.47	52	Buy
04/07/25	UOB Kay Hian	DBS	43.3	40	Sell	GGM, PB1.68x FY25
04/07/25	Lim & Tan	DBS	43.3	0	Hold
04/07/25	Citi Research	DBS	43.3	47	Buy
04/10/25	Kim Eng	DBS	37.16	38.48	Hold
04/14/25	UOB Kay Hian	DBS	38.13	40	Hold	GGM, PB1.68x FY25
04/22/25	DMG & Partners	DBS	41.42	47	Buy
04/28/25	Lim & Tan	DBS	42.35	45.3	Accumulate
05/08/25	Lim & Tan	DBS	42.76	45	Accumulate
05/08/25	MorningStar	DBS	42.76	48	Buy	GGM, PB1.9x FY25
05/09/25	UOB Kay Hian	DBS	43.09	40.9	Hold	GGM, PB1.78x FY25
05/09/25	phillip	DBS	43.09	44.5	Accumulate	GGM, PB1.79x FY25
05/09/25	Citi Research	DBS	43.09	48.1	Buy
05/13/25	UOB Kay Hian	DBS	43.71	45.45	Hold	GGM, PB1.92x FY26
05/19/25	Jefferies	DBS	44.6	50	Buy
06/06/25	Citi Research	DBS	45.02	48.1	Buy	GGM, PB2x
06/10/25	CIMB	DBS	45.49	47.9	Add
06/12/25	phillip	DBS	44.87	46.9	Accumulate
06/19/25	Lim & Tan	DBS	44.23	46.77	Accumulate
07/07/25	phillip	DBS	45.21	46.9	Accumulate
07/15/25	CIMB	DBS	46.29	47.9	Add
07/18/25	UOB Kay Hian	DBS	46.68	47	Hold	GGM, PB1.96x FY26
08/05/25	MorningStar	DBS	47.89	48	Neutral
08/06/25	DMG & Partners	DBS	48.24	47	Buy
08/07/25	Lim & Tan	DBS	48.85	50	Accumulate
08/07/25	Citi Research	DBS	48.85	56.5	Buy
08/08/25	UOB Kay Hian	DBS	49.75	52.8	Hold	GGM, PB2.14x FY26
08/08/25	CIMB	DBS	49.75	54.9	Add	GGM
08/11/25	phillip	DBS	50.75	52	Accumulate	GGM, PB2.09x FY25
08/11/25	Lim & Tan	DBS	50.75	55	Accumulate
08/19/25	DMG & Partners	DBS	49.6	52.8	Buy	GGM, PB2x FY25
09/10/25	UOB Kay Hian	DBS	50.88	54.4	Hold	GGM, PB2.21x FY26
10/10/25	DMG & Partners	DBS	53.91	57.1	Buy	GGM, PB2.2x FY26
10/13/25	OCBC	DBS	53.85	54	Hold
10/17/25	CIMB	DBS	52.51	54.9	Add	GGM
10/21/25	UOB Kay Hian	DBS	52	55.25	Hold	GGM, PB2.25x FY26
10/21/25	Citi Research	DBS	52	57.1	Buy
11/06/25	Lim & Tan	DBS	53.5	57	Accumulate
11/07/25	phillip	DBS	55.54	58	Accumulate	GGM, PB2.34x FY25
11/07/25	UOB Kay Hian	DBS	55.54	55.5	Hold	GGM, PB2.26x FY26
11/07/25	CIMB	DBS	55.54	60.5	Add	GGM
11/10/25	Kim Eng	DBS	54.98	62.79	Buy	Up from $56.15
11/10/25	Citi Research	DBS	54.98	61.1	Buy	GGM, PB2.5x
11/10/25	DMG & Partners	DBS	54.98	59	Buy
11/28/25	JPM	DBS	54	70	Overweight
01/06/26	Macquarie	DBS	56.65	46	Underperform
01/06/26	JPM	DBS	56.65	70	Overweight
01/07/26	UOB Kay Hian	DBS	57.93	68.95	Buy	GGM, PB2.81x FY26
01/19/26	CIMB	DBS	59.12	60.5	Hold	GGM
02/09/26	Lim & Tan	DBS	59.3	60	Hold
02/10/26	UOB Kay Hian	DBS	58.19	66.75	Buy	GGM, PB2.7x FY26
02/11/26	phillip	DBS	57.8	60	Accumulate	GGM, PB2.47x FY26
02/16/26	Citi Research	DBS	57.06	63.6	Buy	GGM, PB2.6x
03/10/26	UOB Kay Hian	DBS	54.31	66.75	Buy	GGM, PB2.7x FY26
03/23/26	JPM	DBS	57.14	70	Overweight
03/30/26	UOB Kay Hian	DBS	57.15	67.55	Buy	GGM, PB2.73x FY26
04/06/26	phillip	DBS	57.55	60	Accumulate	GGM, PB2.47x FY26
04/06/26	JPM	DBS	57.55	63	Overweight
04/10/26	DMG & Partners	DBS	57.2	63.5	Buy
04/16/26	UOB Kay Hian	DBS	57.7	67.55	Buy	GGM, PB2.7x FY26

Daiwa House - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/03/25	DBS Vickers	Daiwa House	0.585	0.65	Buy	DCF
03/25/25	Lim & Tan	Daiwa House	0.56	0.65	Accumulate
05/09/25	DBS Vickers	Daiwa House	0.575	0.65	Buy	DCF
08/08/25	DBS Vickers	Daiwa House	0.575	0.65	Buy	DCF
08/11/25	DBS Vickers	Daiwa House	0.58	0.63	Buy	DCF
03/02/26	DBS Vickers	Daiwa House	0.56	0.63	Buy	DCF

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/12/25	UOB Kay Hian	Dairy Farm	2.1	2.8	Buy	PER16.3x
03/12/25	CIMB	Dairy Farm	2.1	2.71	Add
03/14/25	DBS Vickers	Dairy Farm	2.25	3	Buy
03/14/25	DMG & Partners	Dairy Farm	2.25	2.79	Buy	Sum of parts
04/02/25	DMG & Partners	Dairy Farm	2.33	3.03	Buy	Sum of parts
04/08/25	UOB Kay Hian	Dairy Farm	2.11	2.8	Buy	PER16.3x
05/20/25	DBS Vickers	Dairy Farm	2.69	3	Buy
05/20/25	Lim & Tan	Dairy Farm	2.69	2.9	Hold
06/02/25	DBS Vickers	Dairy Farm	2.76	3	Buy
06/02/25	CIMB	Dairy Farm	2.76	3	Add	PER
06/04/25	UOB Kay Hian	Dairy Farm	2.65	3.5	Buy	PER20.3x
06/09/25	DBS Vickers	Dairy Farm	2.66	3.6	Buy	PER16.7x FY26
06/30/25	DMG & Partners	Dairy Farm	3.73	3.09	Buy	Sum of parts
07/23/25	DBS Vickers	Dairy Farm	3.16	3.6	Buy	PER16.7x FY26
07/24/25	UOB Kay Hian	Dairy Farm	3.45	4.3	Buy	PER22.7x
07/24/25	DBS Vickers	Dairy Farm	3.45	4.3	Buy	PER18x
07/24/25	CIMB	Dairy Farm	3.45	3.86	Add
08/07/25	DMG & Partners	Dairy Farm	3.49	4.05	Buy	Sum of parts
08/22/25	DBS Vickers	Dairy Farm	3.16	3.9	Buy	PER18x FY26
08/25/25	UOB Kay Hian	Dairy Farm	3.12	4.3	Buy	PER22.7x
09/23/25	DBS Vickers	Dairy Farm	3.22	3.9	Buy	PER18x FY26
10/30/25	DMG & Partners	Dairy Farm	3.41	4.05	Buy	Sum of parts
10/31/25	DBS Vickers	Dairy Farm	3.39	3.9	Buy	PER18x FY26
10/31/25	CIMB	Dairy Farm	3.39	4	Add	PER
11/26/25	DMG & Partners	Dairy Farm	3.41	4.05	Buy	Sum of parts
12/04/25	DBS Vickers	Dairy Farm	3.67	4.5	Buy	PER21x FY26
01/05/26	UOB Kay Hian	Dairy Farm	3.93	4.3	Buy	PER22.7x
01/19/26	UOB Kay Hian	Dairy Farm	3.94	5.3	Buy	PER25.1x
02/02/26	UOB Kay Hian	Dairy Farm	4.12	5.3	Buy	PER25.1x
03/04/26	DBS Vickers	Dairy Farm	4.14	4.5	Buy	PER21x FY26
03/05/26	UOB Kay Hian	Dairy Farm	4.3	5.6	Buy	PER25.2x
03/05/26	DBS Vickers	Dairy Farm	4.3	5	Buy	PER23x FY26
03/05/26	CIMB	Dairy Farm	4.3	4.9	Add	PER
03/12/26	CIMB	Dairy Farm	4.75	5.5	Add	PER