Stock calls for 5 August 2025

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/25	CIMB	A-Reit	2.88	3.15	Add	DDM
08/05/25	Lim & Tan	A-Reit	2.88	3.15	Accumulate on weakness
08/05/25	UOB Kay Hian	AEM	1.62	1.09	Sell	PER15x FY25
08/05/25	Kim Eng	AIMS AMP Cap Ind Reit	1.36	1.25	Hold	DDM
08/05/25	Lim & Tan	APAC Realty	0.565	0.66	Accumulate
08/05/25	DBS Vickers	ART	0.905	1.15	Buy	DCF
08/05/25	UOB Kay Hian	Aztech	0.645	0.58	Hold	PER12x FY26
08/05/25	MorningStar	DBS	47.89	48	Neutral
08/05/25	UOB Kay Hian	Frasers Logistics	0.87	1.15	Buy	DDM
08/05/25	UOB Kay Hian	Frencken	1.67	2.08	Buy	PER21x FY26
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
08/05/25	JPM	Mapletree Commercial	1.32	1.5	Overweight
08/05/25	UOB Kay Hian	Nanofilm	0.735	0.46	Sell	PER23x FY25
08/05/25	Citi Research	Netlink	0.895	1.02	Buy	Div Yield 5.3%
08/05/25	MorningStar	OCBC	16.9		Buy
08/05/25	UOB Kay Hian	UMS	1.54	1.73	Buy	PER23x FY26
08/05/25	UOB Kay Hian	Valuetronics	0.79	0.83	Buy	PER11x FY26
08/05/25	UOB Kay Hian	Venture	12.7	12.01	Hold	PER15.3x FY25

Del Monte - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/01/24	Lim & Tan	Del Monte	0.103	0	Avoid
12/12/24	Lim & Tan	Del Monte	0.08	0	Avoid

DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/27/24	UOB Kay Hian	DBS	35.69	41.4	Buy
06/27/24	DMG & Partners	DBS	35.69	38.9	Buy	GGM, PB1.44x FY25
07/04/24	UOB Kay Hian	DBS	37.96	41.4	Buy
07/04/24	Lim & Tan	DBS	37.96	39	Hold
07/15/24	phillip	DBS	37.93	38.5	Accumulate
07/18/24	DMG & Partners	DBS	36.52	41.2	Buy	GGM, PB1.69x
07/18/24	Jefferies	DBS	36.52	41	Buy
08/05/24	Citi Research	DBS	35.31	31.9	Sell
08/08/24	phillip	DBS	33.65	38.5	Buy	GGM, PB1.83x FY24
08/08/24	DBS Vickers	DBS	33.65	41.5	Buy
08/08/24	Lim & Tan	DBS	33.65	0	Hold
08/08/24	Jefferies	DBS	33.65	42	Buy
08/23/24	DMG & Partners	DBS	35.55	41.4	Buy	GGM, PB1.43x FY24
09/20/24	phillip	DBS	38.5	38.5	Accumulate
09/23/24	DMG & Partners	DBS	39	41.4	Buy	GGM, PB1.5x FY25
09/23/24	Lim & Tan	DBS	39	39.7	Hold
10/14/24	Kim Eng	DBS	38.74	44.06	Buy	DDM
10/15/24	DMG & Partners	DBS	39.13	41.4	Buy	GGM, PB1.5x FY25
10/15/24	Citi Research	DBS	39.13	35	Sell
10/17/24	UOB Kay Hian	DBS	39	42.7	Buy	GGM, PB1.8x FY25
10/17/24	Jefferies	DBS	39	44	Buy
10/24/24	HSBC	DBS	39.18	40	Hold	Up from $38
11/07/24	Lim & Tan	DBS	39.15	40.7	Hold
11/08/24	UOB Kay Hian	DBS	41.7	46.95	Buy	GGM, PB1.95x FY25
11/08/24	phillip	DBS	41.7	41.6	Neutral	GGM, PB1.98x FY24
11/08/24	DMG & Partners	DBS	41.7	44.7	Buy	GGM, PB1.81x FY25
11/08/24	OCBC	DBS	41.7	43.6	Hold
11/08/24	Kim Eng	DBS	41.7	46.91	Buy
11/08/24	CIMB	DBS	41.7	37.3	Hold
11/21/24	Citi Research	DBS	42.21	40.1	Neutral
12/16/24	OCBC	DBS	43.74	45.2	Hold
12/16/24	Jefferies	DBS	43.74	49	Buy
01/06/25	UOB Kay Hian	DBS	43.62	46.5	Buy	GGM, PER1.97x FY25
01/06/25	Citi Research	DBS	43.62	49.3	Buy
01/13/25	MorningStar	DBS	44.13	46	Buy	Up from $44
01/14/25	CIMB	DBS	44.07	43	Hold
01/15/25	Lim & Tan	DBS	43.9	45.8	Hold
01/28/25	Jefferies	DBS	43.6	49	Buy
02/10/25	Lim & Tan	DBS	44.68	46	Accumulate
02/10/25	OCBC	DBS	44.68	50	Buy
02/11/25	UOB Kay Hian	DBS	45.38	49.8	Buy	GGM, PB2.07x FY25
02/11/25	DMG & Partners	DBS	45.38	51.2	Buy	GGM, PB2.06x FY25
02/11/25	Kim Eng	DBS	45.38	51.37	Buy
02/12/25	phillip	DBS	44.85	46.9	Accumulate	GGM, PB1.88x FY25
02/19/25	Lim & Tan	DBS	45.8	48.25	Accumulate
02/19/25	Citi Research	DBS	45.8	50.2	Buy
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
05/09/25	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
05/13/25	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

Daiwa House - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/24	DBS Vickers	Daiwa House	0.58	0.75	Buy
08/12/24	Lim & Tan	Daiwa House	0.58	0	Accumulate
08/13/24	DBS Vickers	Daiwa House	0.585	0.7	Buy	DCF
09/09/24	DBS Vickers	Daiwa House	0.595	0.7	Buy	DCF
09/19/24	Lim & Tan	Daiwa House	0.64	0.71	Accumulate
11/11/24	Lim & Tan	Daiwa House	0.57	0.68	Accumulate
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