Tai Sin Electric - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/26/26	CIMB	Tai Sin Electric	0.5	0.743	Add	PER
06/04/26	DMG & Partners	Tai Sin Electric	0.54	0.75	Buy
07/15/26	DMG & Partners	Tai Sin Electric	0.54	0.75	Buy
09/07/26	CIMB	Tai Sin Electric	0.525	0.8	Add	PER

Suntec Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	UOB Kay Hian	Suntec Reit	1.16	1.31	Hold	DDM
08/07/25	DBS Vickers	Suntec Reit	1.2	1.4	Buy
08/21/25	JPM	Suntec Reit	1.23	1.45	Overweight
09/01/25	UOB Kay Hian	Suntec Reit	1.32	1.31	Hold	DDM
09/05/25	DBS Vickers	Suntec Reit	1.3	1.4	Buy
09/09/25	DMG & Partners	Suntec Reit	1.35	1.48	Buy
10/27/25	DBS Vickers	Suntec Reit	1.37	1.4	Buy
10/31/25	DMG & Partners	Suntec Reit	1.35	1.6	Buy
10/31/25	OCBC	Suntec Reit	1.35	1.3	Hold
11/03/25	Phillip	Suntec Reit	1.34	1.4	Accumulate	DDM
01/23/26	DBS Vickers	Suntec Reit	1.42	1.6	Buy
01/23/26	Lim & Tan	Suntec Reit	1.42	1.37	Hold
01/26/26	Phillip	Suntec Reit	1.46	1.63	Buy	DDM
01/26/26	UOB Kay Hian	Suntec Reit	1.46	1.47	Hold	DDM
01/26/26	DBS Vickers	Suntec Reit	1.46	1.6	Buy
01/26/26	CIMB	Suntec Reit	1.46	1.58	Add	DDM
01/26/26	OCBC	Suntec Reit	1.46	1.43	Hold
03/10/26	DBS Vickers	Suntec Reit	1.33	1.6	Buy
03/20/26	Lim & Tan	Suntec Reit	1.46	1.48	Hold
03/23/26	UOB Kay Hian	Suntec Reit	1.5	1.71	Buy	DDM
04/16/26	DBS Vickers	Suntec Reit	1.52	1.6	Buy
04/23/26	DMG & Partners	Suntec Reit	1.5	1.67	Buy
04/24/26	Lim & Tan	Suntec Reit	1.49	1.7	Accumulate
04/27/26	UOB Kay Hian	Suntec Reit	1.5	1.71	Buy	DDM
04/27/26	Phillip	Suntec Reit	1.5	1.63	Accumulate	DDM
04/27/26	Morgan Stanley	Suntec Reit	1.5	1.1	Underweight
04/27/26	JPM	Suntec Reit	1.5	1.6	Buy
07/24/26	DBS Vickers	Suntec Reit	1.51	1.6	Buy
07/24/26	OCBC	Suntec Reit	1.51	1.46	Hold
07/24/26	Lim & Tan	Suntec Reit	1.51	1.7	Accumulate
07/27/26	UOB Kay Hian	Suntec Reit	1.52	1.75	Buy	DDM
07/27/26	Phillip	Suntec Reit	1.52	1.69	Accumulate	DDM
07/27/26	DBS Vickers	Suntec Reit	1.52	1.7	Buy
08/26/26	JPM	Suntec Reit	1.54	1.55	Neutral
09/10/26	UOB Kay Hian	Suntec Reit	1.42	1.64	Buy	DDM
09/21/26	DBS Vickers	Suntec Reit	1.38	1.7	Buy
09/21/26	Lim & Tan	Suntec Reit	1.38	1.6	Accumulate

Stoneweg Reit SGD - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/22/25	Lim & Tan	Stoneweg Reit SGD	2.43	2.82	Accumulate
03/27/26	Lim & Tan	Stoneweg Reit SGD	2.23	2.86	Accumulate

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