OCBC Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/27/24	UOB Kay Hian	OCBC	14.4	18.35	Buy
06/27/24	DMG & Partners	OCBC	14.4	14.8	Hold	GGM, PB1.06x FY25
07/01/24	CIMB	OCBC	14.33	15.4	Add
07/04/24	UOB Kay Hian	OCBC	14.98	18.35	Buy
07/04/24	Lim & Tan	OCBC	14.98	15.3	Hold
07/05/24	DBS Vickers	OCBC	15.15	14.9	Hold	GGM, PB1x FY24
07/15/24	phillip	OCBC	15.28	15.4	Accumulate
08/02/24	CIMB	OCBC	14.82	16.7	Add	GGM
08/02/24	Lim & Tan	OCBC	14.82	15.5	Hold
08/02/24	Citi Research	OCBC	14.82	14	Neutral	GGM, PB1.1x FY24
08/05/24	phillip	OCBC	14.8	15.4	Accumulate	GGM, PB1.33x FY24
08/05/24	DMG & Partners	OCBC	14.8	15.7	Neutral	GGM, PB1.13x
08/05/24	Citi Research	OCBC	14.8	13	Sell
08/06/24	DBS Vickers	OCBC	14.02	14.9	Hold	GGM, PB1x FY24
09/03/24	CIMB	OCBC	14.66	16.7	Add	GGM
09/03/24	Jefferies	OCBC	14.66	14.5	Hold
09/20/24	phillip	OCBC	15.46	15.4	Accumulate
09/23/24	DMG & Partners	OCBC	15.47	15.7	Neutral	GGM, PB1.1x FY25
10/08/24	DBS Vickers	OCBC	14.95	14.9	Hold	GGM, PB1x FY24
10/14/24	Kim Eng	OCBC	14.97	17.01	Buy	DDM
10/14/24	Citi Research	OCBC	14.97	13.7	Sell
10/17/24	UOB Kay Hian	OCBC	15.1	19.4	Buy	GGM, PB1.45x FY25
10/24/24	HSBC	OCBC	15.37	16.5	Hold	Up from $15.80
11/01/24	UOB Kay Hian	OCBC	15.19	18.5	Buy	GGM, PB1.38x FY25
11/08/24	UOB Kay Hian	OCBC	15.88	18.7	Buy
11/08/24	DBS Vickers	OCBC	15.88	14.9	Hold
11/08/24	Lim & Tan	OCBC	15.88	16.15	Hold
11/11/24	UOB Kay Hian	OCBC	16.06	21	Buy	GGM, PB1.6x FY25
11/11/24	Citi Research	OCBC	16.06	15.8	Hold
11/11/24	phillip	OCBC	16.06	17	Accumulate	GGM, PB1.45x FY24
11/11/24	DBS Vickers	OCBC	16.06	16.1	Hold	GGM, PB1.2x FY25
11/11/24	DMG & Partners	OCBC	16.06	16.8	Neutral	GGM, PB1.21x FY25
11/14/24	Kim Eng	OCBC	16.26	17.89	Buy	DDM
12/02/24	CIMB	OCBC	16.28	17.7	Add
12/02/24	Jefferies	OCBC	16.28	19	Buy
01/02/25	UOB Kay Hian	OCBC	16.69	21	Buy	GGM, PB1.6x FY25
01/03/25	phillip	OCBC	16.64	18.8	Accumulate
01/03/25	Citi Research	OCBC	16.64	17.2	Hold
01/06/25	UOB Kay Hian	OCBC	16.57	20.8	Buy	GGM, PB1.59x FY25
01/06/25	CIMB	OCBC	16.57	17.7	Add
01/13/25	MorningStar	OCBC	17.1	18	Hold	Up from $17
01/23/25	DMG & Partners	OCBC	17.03	16.8	Neutral	GGM, PB1.21x FY25
01/28/25	Jefferies	OCBC	17.09	19	Buy
02/05/25	IG	OCBC	17.26	19	Buy
02/19/25	Lim & Tan	OCBC	17.76	17.76	Hold
02/26/25	Lim & Tan	OCBC	17.6	17.8	Accumulate on weakness
02/27/25	phillip	OCBC	17.21	18.9	Accumulate	GGM, PB1.36x FY25
02/27/25	UOB Kay Hian	OCBC	17.21	21.1	Buy	GGM, PB1.57x FY25
02/27/25	DBS Vickers	OCBC	17.21	17.6	Hold	GGM, PB1.3x FY25
02/27/25	DMG & Partners	OCBC	17.21	19.1	Buy	GGM, PB1.33x FY25
03/12/25	Citi Research	OCBC	16.69	16.3	Hold	GGM, PB1.2x FY25
03/12/25	Jefferies	OCBC	16.69	18.5	Hold
03/21/25	phillip	OCBC	16.94	17.9	Accumulate
03/27/25	Lim & Tan	OCBC	17.25	18.4	Accumulate
04/07/25	UOB Kay Hian	OCBC	16.62	16.85	Hold	GGM, PB1.27x FY25
04/07/25	Lim & Tan	OCBC	16.62	0	Hold
04/07/25	Citi Research	OCBC	16.62	15.7	Hold
04/08/25	DBS Vickers	OCBC	15.47	14.4	Hold	GGM, PB1x FY26
04/10/25	Kim Eng	OCBC	14.42	14.94	Hold
04/15/25	UOB Kay Hian	OCBC	15.01	16.9	Buy	GGM, PB1.27x FY25
04/22/25	DMG & Partners	OCBC	16.25	17.5	Neutral
04/23/25	CIMB	OCBC	16.38	17.2	Hold	GGM
05/09/25	DBS Vickers	OCBC	16.16	14.4	Hold	GGM, PB1x FY26
05/09/25	Lim & Tan	OCBC	16.16	17	Accumulate
05/13/25	phillip	OCBC	16.23	17.1	Accumulate	GGM, PB1.3x FY25
05/13/25	UOB Kay Hian	OCBC	16.23	19.3	Buy	GGM, PB1.38x FY26
05/19/25	Jefferies	OCBC	16.32	17	Hold
06/06/25	Lim & Tan	OCBC	16.23	17.21	Accumulate on weakness
06/06/25	Citi Research	OCBC	16.23	15.8	Hold	GGM, PB1.2x
06/10/25	DMG & Partners	OCBC	16.37	17.5	Neutral	GGM, PB1.11x FY26
06/10/25	CIMB	OCBC	16.37	17.2	Hold	GGM
06/12/25	phillip	OCBC	16.16	17.6	Accumulate
06/19/25	Lim & Tan	OCBC	16.04	17.24	Accumulate
07/07/25	phillip	OCBC	16.48	17.6	Accumulate
07/16/25	CIMB	OCBC	17	17.2	Hold	GGM
07/18/25	UOB Kay Hian	OCBC	17.08	19.25	Buy	GGM, PB1.38x FY26
08/01/25	DBS Vickers	OCBC	16.87	14.4	Hold	GGM, PB1x FY26
08/01/25	Lim & Tan	OCBC	16.87	17.46	Hold
08/04/25	UOB Kay Hian	OCBC	16.79	20.15	Buy	GGM, PB1.44x FY26
08/04/25	phillip	OCBC	16.79	16.5	Neutral	GGM, PB1.25x FY25
08/04/25	DBS Vickers	OCBC	16.79	15.8	Hold	GGM, PB1.1x FY26
08/05/25	MorningStar	OCBC	16.9	18.5	Buy
08/11/25	Lim & Tan	OCBC	16.79	0	Hold

NTT DC Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/08/25	Lim & Tan	NTT DC Reit	1.276	0	Subscribe
07/09/25	UOB Kay Hian	NTT DC Reit	1	0	Subscribe	USD

Stock calls for 4 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/04/25	Lim & Tan	Alpina	0.31	0.38	Wait	Offer $0.38
09/04/25	SAC Capital	CNMC	0.775	1.13	Buy	PER
09/04/25	Phillip	Geo Energy	0.39	0.47	Buy	DCF
09/04/25	DMG & Partners	Ireit	0.285	0.35	Buy	DDM
09/04/25	SAC Capital	Isoteam	0.083	0.096	Buy
09/04/25	Lim & Tan	Keppel Corp	8.64	9.76	Accumulate
09/04/25	CIMB	Sanli Env	0.275	0.51	Add	PER
09/04/25	UOB Kay Hian	Yangzijiang Shipping	3.06	3.6	Buy	PER8.5x

NikkoAM-STC Asia Rei - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/27/24	phillip	NikkoAM-STC Asia Reit	0.855	0.845	Accumulate
02/10/25	phillip	NikkoAM-STC Asia Reit	0.763	0.82	Accumulate

Netlink - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/27/24	Lim & Tan	Netlink	0.825	0.96	Accumulate
07/09/24	Lim & Tan	Netlink	0.83	0.96	Accumulate
08/06/24	UOB Kay Hian	Netlink	0.835	0.98	Buy	DCF
08/07/24	CIMB	Netlink	0.84	0.95	Add
08/07/24	Kim Eng	Netlink	0.84	0.97	Buy
08/07/24	DBS Vickers	Netlink	0.84	0.98	Buy
11/05/24	DBS Vickers	Netlink	0.915	0.98	Buy
11/05/24	Lim & Tan	Netlink	0.915	0.98	Hold
11/06/24	UOB Kay Hian	Netlink	0.91	0.98	Buy	DCF
11/06/24	phillip	Netlink	0.91	0.87	Neutral
11/06/24	Kim Eng	Netlink	0.91	0.97	Buy
11/06/24	Citi Research	Netlink	0.91	1.03	Buy	FCFF
02/11/25	Lim & Tan	Netlink	0.855	1	Hold
02/11/25	Citi Research	Netlink	0.855	1.02	Buy
02/12/25	UOB Kay Hian	Netlink	0.85	0.98	Buy	DCF
03/04/25	Lim & Tan	Netlink	0.85	1	Hold
03/17/25	DBS Vickers	Netlink	0.87	0.98	Buy	DCF
03/28/25	UOB Kay Hian	Netlink	0.87	0.98	Buy	DCF
04/04/25	CIMB	Netlink	0.89	1	Add
05/16/25	Lim & Tan	Netlink	0.92	1	Hold
05/19/25	phillip	Netlink	0.91	0.87	Neutral
05/19/25	DBS Vickers	Netlink	0.91	0.98	Buy	DCF
05/19/25	CIMB	Netlink	0.91	1	Add	DDM
05/20/25	UOB Kay Hian	Netlink	0.91	0.98	Buy	DCF
06/23/25	DBS Vickers	Netlink	0.87	0.98	Buy	DCF
06/24/25	Lim & Tan	Netlink	0.875	0.98	Hold
06/30/25	UOB Kay Hian	Netlink	0.875	0.98	Buy	DCF
07/07/25	Kim Eng	Netlink	0.89	1	Buy
08/04/25	UOB Kay Hian	Netlink	0.895	0.98	Buy	DCF
08/05/25	Citi Research	Netlink	0.895	1.02	Buy	Div Yield 5.3%

Neratel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/06/24	Lim & Tan	Neratel	0.078	0	Sell/Hold	Offer price @ $0.075

Stock calls for 3 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/03/25	Lim & Tan	Centurion	1.73	2	Accumulate on weakness	Sum of parts
09/03/25	UOB Kay Hian	China Sunsine	0.745	0.75	Buy	PER9.4x FY26
09/03/25	Lim & Tan	Ever Gloy Uinited Holdings	0.74	0.81	Watchlist
09/03/25	Kim Eng	Starhub	1.14	1.35	Buy	DCF
09/03/25	Phillip	Thomson Medical	0.06	0.074	Buy	Sum of parts

The latest ISM PMI report indicated a production overcapacity problem in the US.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = 4.3 - 1.5 = +2.8

Estimated Local Material: Inventories - Imports = 0.5 - (-1.6) = +2.1

There is something weird about this PMI report because many things don't add up.

The new orders increased because of increases in new export orders and local new orders (estimated).  However, the production didn't increase to match the increased orders.  This would mean that the existing production capacity could handle the increased orders.  Furthermore, the increased orders didn't overflow to the backlog of orders.  The backlog of orders dropped instead when the new orders increased while the production decreased.  This phenomenon likely pointed to the production overcapacity problem in the US because the producers could handle the increased orders and clear some backlog of orders simultaneously without any increase in prices.

In conclusion, the ISM PMI has been in contraction for the past 6 months and this doesn't bode well for the US economic, particularly when the higher tariffs take effect.

Nanofilm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/03/24	DBS Vickers	Nanofilm	0.77	0.63	Fully Valued	PER18x FY24
06/03/24	CIMB	Nanofilm	0.77	0.7	Hold
06/03/24	UOB Kay Hian	Nanofilm	0.77	0.5	Sell	PER16x FY24
07/11/24	DBS Vickers	Nanofilm	0.91	0.63	Hold	PER18x FY24
07/11/24	Lim & Tan	Nanofilm	0.91	0.64	Sell
08/14/24	DBS Vickers	Nanofilm	0.785	0.63	Hold
08/15/24	DBS Vickers	Nanofilm	0.72	0.75	Hold	PER18x FY25
08/19/24	CIMB	Nanofilm	0.715	0.59	Reduce
09/17/24	Lim & Tan	Nanofilm	0.82	0.6	Sell
10/08/24	Lim & Tan	Nanofilm	0.88	0.54	Sell
10/29/24	DBS Vickers	Nanofilm	0.825	0.75	Hold
10/30/24	UOB Kay Hian	Nanofilm	0.85	0.68	Sell	PER18x FY25
11/27/24	OCBC	Nanofilm	0.785	0.76	Hold
01/20/25	DBS Vickers	Nanofilm	0.77	0.75	Hold
01/22/25	CIMB	Nanofilm	0.77	0.63	Reduce
02/27/25	DBS Vickers	Nanofilm	0.705	0.72	Hold	PER22x FY25
02/27/25	CIMB	Nanofilm	0.705	0.63	Reduce
02/28/25	UOB Kay Hian	Nanofilm	0.7	0.5	Sell
02/28/25	OCBC	Nanofilm	0.7	0.735	Hold
03/14/25	Lim & Tan	Nanofilm	0.66	0.55	Sell
04/03/25	OCBC	Nanofilm	0.63	0.665	Hold
04/09/25	OCBC	Nanofilm	0.49	0.595	Hold
04/22/25	UOB Kay Hian	Nanofilm	0.505	0.5	Sell	PER25x FY25
04/23/25	UOB Kay Hian	Nanofilm	0.54	0.46	Sell	PER23x FY25
04/23/25	DBS Vickers	Nanofilm	0.54	0.5	Hold	PER25x FY25
04/24/25	CIMB	Nanofilm	0.55	0.49	Reduce	PB
04/24/25	OCBC	Nanofilm	0.55	0.595	Hold
06/16/25	OCBC	Nanofilm	0.59	0.595	Hold
08/05/25	UOB Kay Hian	Nanofilm	0.735	0.46	Sell	PER23x FY25
08/05/25	OCBC	Nanofilm	0.735	0.61	Hold
08/06/25	OCBC	Nanofilm	0.73	0.715	Hold
08/14/25	DBS Vickers	Nanofilm	0.755	0.5	Hold	PER25x FY25
08/15/25	DBS Vickers	Nanofilm	0.73	0.71	Hold	PER29x FY26

Nam Cheong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/23/25	DBS Vickers	Nam Cheong	0.555	1.05	Unrated

Metro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/25	Lim & Tan	Metro	0.415	0	Hold