Latest global fund manager survey by BOA.

 Summary:

• The Bank of America survey, which polled 200 respondents with a combined $517 billion in ​assets under management, was conducted between May 8 and ​May 14.

• A net 50% of fund managers surveyed said they were ‌overweight ⁠equities compared to 13% the previous month. Average cash levels are 3.9%, down from 4.3%.

• Just 4% said they saw a "hard landing", where economic growth and job creation suddenly contract, ​compared with 39%, ​who said ⁠they saw "no landing" at all.

• 66% of respondents said they expected the Strait of Hormuz ​bottleneck to end in the next few ​months.

• 40% ⁠of respondents said a second wave of inflation was the biggest tail risk right now.

• 62% of respondents said they ⁠targeted ​a rate of 6% on 30-year ​Treasury yields , which are currently around 5.14%. 20% said they targeted a ​rate of 4%.

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

LHN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/25	Kim Eng	LHN	0.46	0.55	Buy
03/06/25	Lim & Tan	LHN	0.46	0.55	Accumulate
03/12/25	Phillip	LHN	0.46	0.56	Buy	PER6.5x FY25
04/16/25	Lim & Tan	LHN	0.42	0.56	Accumulate
05/16/25	Lim & Tan	LHN	0.495	0.56	Accumulate
05/19/25	Phillip	LHN	0.505	0.61	Buy	PER7x FY25
05/19/25	Kim Eng	LHN	0.505	0.55	Buy
05/26/25	Lim & Tan	LHN	0.505	0	Accumulate on weakness
06/03/25	Lim & Tan	LHN	0.515	0.6	Accumulate on weakness
06/26/25	DBS Vickers	LHN	0.64	0.81	Not Rated	Sum of parts
07/09/25	CIMB	LHN	0.76	1	Add
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

Stock calls for 19 May 2026

Date	Analyst	Company	Last	Target	Call	Valuation
05/19/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.25	3.06	Buy	DDM
05/19/26	DBS Vickers	City Developments	7.84	12	Buy	RNAV (35% disc)
05/19/26	DBS Vickers	Frencken	3.04	3.22	Buy	PER30x FY26
05/19/26	Lim & Tan	Frencken	3.04	3.15	Hold
05/19/26	Lim & Tan	Keppel Corp	10.38	12.65	Accumulate on weakness
05/19/26	Kim Eng	Marco Polo	0.184	0.24	Buy
05/19/26	Amfrasers	Raffles Education	0.13	0.32	outperform	DCF
05/19/26	Phillip	SIA	6.41	6.43	Neutral	PB1.1x
05/19/26	Phillip	ST Engineering	10.79	13	Buy	DCF
05/19/26	UOB Kay Hian	ST Engineering	10.79	11.75	Buy
05/19/26	Kim Eng	Thai Beverage	0.445	0.48	Buy
05/19/26	OCBC	Thai Beverage	0.445	0.55	Buy

Ley Choon - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/25	Lim & Tan	Ley Choon	0.067	0	Accumulate
01/06/26	Lim & Tan	Ley Choon	0.78	0	Buy

Lendlease Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/25	UOB Kay Hian	Lendlease Reit	0.49	0.72	Buy	DDM
04/01/25	UOB Kay Hian	Lendlease Reit	0.51	0.72	Buy	DDM
05/08/25	DBS Vickers	Lendlease Reit	0.515	0.75	Buy
05/09/25	Phillip	Lendlease Reit	0.505	0.69	Buy	DDM
05/21/25	UOB Kay Hian	Lendlease Reit	0.49	0.72	Buy	DDM
05/21/25	Citi Research	Lendlease Reit	0.49	0.49	Hold	DDM
06/20/25	DBS Vickers	Lendlease Reit	0.5	0.75	Buy	DCF
06/27/25	UOB Kay Hian	Lendlease Reit	0.515	0.8	Buy	DDM
07/03/25	UOB Kay Hian	Lendlease Reit	0.53	0.76	Buy	DDM
07/03/25	Kim Eng	Lendlease Reit	0.53	0.57	Hold
08/01/25	UOB Kay Hian	Lendlease Reit	0.55	0.76	Buy	DDM
08/05/25	DBS Vickers	Lendlease Reit	0.565	0.75	Buy	DCF
08/05/25	Lim & Tan	Lendlease Reit	0.565	0.63	Accumulate
08/06/25	Phillip	Lendlease Reit	0.575	0.7	Buy	DDM
08/08/25	CIMB	Lendlease Reit	0.575	0.67	Add	DDM
08/11/25	UOB Kay Hian	Lendlease Reit	0.575	0.79	Buy	DDM
08/26/25	Citi Research	Lendlease Reit	0.595	0.66	Buy	DDM
09/01/25	UOB Kay Hian	Lendlease Reit	0.6	0.79	Buy	DDM
09/23/25	DBS Vickers	Lendlease Reit	0.615	0.75	Buy	DCF
10/06/25	Kim Eng	Lendlease Reit	0.65	0.69	Buy	DDM
11/03/25	UOB Kay Hian	Lendlease Reit	0.64	0.79	Buy	DDM
11/06/25	UOB Kay Hian	Lendlease Reit	0.635	0.81	Buy	DDM
12/01/25	UOB Kay Hian	Lendlease Reit	0.62	0.81	Buy	DDM
01/02/26	UOB Kay Hian	Lendlease Reit	0.62	0.81	Buy	DDM
02/02/26	UOB Kay Hian	Lendlease Reit	0.64	0.81	Buy	DDM
02/16/26	DBS Vickers	Lendlease Reit	0.625	0.75	Buy	DCF
02/16/26	Lim & Tan	Lendlease Reit	0.625	0.72	Accumulate
02/19/26	UOB Kay Hian	Lendlease Reit	0.625	0.78	Buy	DDM
02/23/26	Phillip	Lendlease Reit	0.615	0.73	Buy	DDM
03/16/26	Kim Eng	Lendlease Reit	0.555	0.74	Buy	DDM
03/27/26	UOB Kay Hian	Lendlease Reit	0.53	0.78	Buy	DDM

KSH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/30/25	Lim & Tan	KSH	0.235	0	Accumulate
07/17/25	Lim & Tan	KSH	0.28	0	Accumulate on weakness
10/27/25	Lim & Tan	KSH	0.41	0.51	Accumulate	Sum of parts
11/14/25	Lim & Tan	KSH	0.385	0.51	Accumulate	Sum of parts
12/29/25	Lim & Tan	KSH	0.36	0.51	Accumulate	Sum of parts
02/19/26	Lim & Tan	KSH	0.35	0.51	Accumulate	Sum of parts

Stock calls for 18 May 2026

Date	Analyst	Company	Last	Target	Call	Valuation
05/18/26	Phillip	Centurion	1.52	1.85	Buy	Sum of parts
05/18/26	Lim & Tan	Civmec	1.47	0	Accumulate on weakness
05/18/26	CIMB	First Resources	3.9	4.39	Add	PER
05/18/26	DBS Vickers	Frasers Property	113	1.5	Buy	RNAV (45% disc)
05/18/26	Amfrasers	Geo Energy	0.58	1.27	outperform	DCF
05/18/26	CIMB	Keppel Corp	10.6	11.5	Hold	Sum of parts
05/18/26	CIMB	Marco Polo	0.187	0.21	Add	PER
05/18/26	Lim & Tan	Marco Polo	0.187	0.2	Accumulate
05/18/26	DBS Vickers	Nam Cheong	1.41	1.9	Buy	PER12x FY26
05/18/26	phillip	Netlink	1.02	0.96	Neutral
05/18/26	DBS Vickers	Netlink	1.02	1.08	Buy	DCF
05/18/26	CIMB	Netlink	1.02	1.07	Add	DDM
05/18/26	DBS Vickers	Prime US Reit	0.167	0.33	Buy	PB0.65x & DCF
05/18/26	CIMB	SIA	6.42	6.44	Hold	PB
05/18/26	phillip	SIA Engineering	3.15	4.06	Buy	PER25x
05/18/26	OCBC	Singapore Post	0.335	0.4	Hold
05/18/26	DBS Vickers	ST Engineering	10.37	12.4	Buy	PER33x FY26/27
05/18/26	Phillip	Thai Beverage	0.43	0.53	Buy	PER12x FY26
05/18/26	DBS Vickers	Thai Beverage	0.43	0.53	Buy	PER12x FY26