Stock calls for 17 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/17/25	Phillip	China Aviation Oil	1.39	1.5	Buy
09/17/25	Lim & Tan	Comfortdelgro	1.51	1.8	Accumulate
09/17/25	UOB Kay Hian	Food Empire	2.59	3	Buy	PER18.7x FY26
09/17/25	CIMB	Isoteam	0.088	0.11	Add
09/17/25	DMG & Partners	Marco Polo	0.074	0.085	Buy
09/17/25	phillip	SATS	3.29	3.58	Buy	DCF
09/17/25	Lim & Tan	Singapore Post	0.43	0.725	Accumulate

The latest global fund manager survey (GFMS) from BOA showed some uncertainty in the investment outlook.

 The GFMS indicated that the investment interest had gone up.

However, the investment interest was concentrated in the tech sector.

Simultaneously, the fund managers also felt that the equity markets were overvalued.

Despite the overvaluation in the equity market, the fund managers didn't think that it was a big bubble that was waiting to burst.  Instead, their concern was still on inflation.

Sheng Siong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/19/24	DMG & Partners	Sheng Siong	1.5	1.96	Buy
07/22/24	Citi Research	Sheng Siong	1.47	1.68	Buy
07/30/24	DBS Vickers	Sheng Siong	1.5	1.62	Hold
07/30/24	Lim & Tan	Sheng Siong	1.5	1.8	Accumulate
07/31/24	CIMB	Sheng Siong	1.54	1.9	Add
07/31/24	DMG & Partners	Sheng Siong	1.54	1.86	Buy	PER21x FY24/25
08/02/24	phillip	Sheng Siong	1.53	1.66	Accumulate	PER18x
08/20/24	UOB Kay Hian	Sheng Siong	1.52	1.88	Accumulate
09/30/24	DBS Vickers	Sheng Siong	1.5	1.62	Hold
10/01/24	DBS Vickers	Sheng Siong	1.53	1.8	Buy	PER18x FY25
10/02/24	DMG & Partners	Sheng Siong	1.54	1.86	Buy	PER21x FY24/25
10/03/24	DMG & Partners	Sheng Siong	1.55	1.88	Buy	PER21x FY24/25
10/10/24	Citi Research	Sheng Siong	1.55	1.74	Buy
10/30/24	Lim & Tan	Sheng Siong	1.58	1.81	Accumulate
11/01/24	DMG & Partners	Sheng Siong	1.59	2	Buy	PER21x FY25
11/04/24	phillip	Sheng Siong	1.6	1.74	Accumulate	PER18x FY25
11/29/24	UOB Kay Hian	Sheng Siong	1.62	1.93	Buy	PER20x FY25
03/03/25	phillip	Sheng Siong	1.64	1.76	Accumulate	PER18x FY25
03/03/25	DBS Vickers	Sheng Siong	1.64	1.9	Buy	PER19x FY25
03/18/25	UOB Kay Hian	Sheng Siong	1.63	1.92	Buy	PER20x FY25
03/18/25	Citi Research	Sheng Siong	1.63	1.9	Buy
04/07/25	Lim & Tan	Sheng Siong	1.65	1.89	Hold
04/08/25	UOB Kay Hian	Sheng Siong	1.59	1.92	Buy	PER20x FY25
04/24/25	DMG & Partners	Sheng Siong	1.76	1.98	Buy
04/30/25	DBS Vickers	Sheng Siong	1.74	1.9	Buy	PER19x FY25
05/02/25	phillip	Sheng Siong	1.76	1.89	Accumulate	PER18x FY25
05/02/25	DBS Vickers	Sheng Siong	1.76	2	Buy	PER19x FY25/26
05/02/25	Citi Research	Sheng Siong	1.76	2.05	Buy	PER20x FY26
05/05/25	UOB Kay Hian	Sheng Siong	1.76	1.97	Buy	PER20x FY25
06/03/25	UOB Kay Hian	Sheng Siong	1.83	1.97	Buy	PER20x FY25
06/10/25	DBS Vickers	Sheng Siong	1.83	2.3	Buy	PER20.9x FY26
06/23/25	OCBC	Sheng Siong	1.89	1.99	Hold
07/03/25	DMG & Partners	Sheng Siong	1.93	2.12	Buy
07/07/25	CIMB	Sheng Siong	1.97	2.21	Add
07/21/25	Kim Eng	Sheng Siong	2.08	2.3	Buy
07/31/25	DBS Vickers	Sheng Siong	2.13	2.3	Buy	PER20.9x FY26
08/01/25	UOB Kay Hian	Sheng Siong	2.1	2.4	Buy	PER23x FY26
08/01/25	phillip	Sheng Siong	2.1	2.3	Accumulate	PER23x FY26
08/01/25	CIMB	Sheng Siong	2.1	2.21	Add
08/06/25	DMG & Partners	Sheng Siong	2.13	2.41	Buy
08/29/25	DBS Vickers	Sheng Siong	2.02	2.3	Buy	PER20.9x FY26

SGX - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/10/24	CIMB	SGX	9.67	10.7	Add
06/12/24	DMG & Partners	SGX	9.57	10.4	Neutral	PER21x
06/12/24	UOB Kay Hian	SGX	9.57	10.65	Hold
07/10/24	DMG & Partners	SGX	9.68	10.4	Neutral	PER21x
07/10/24	Citi Research	SGX	9.68	10.9	Buy
08/08/24	Lim & Tan	SGX	9.79	10.49	Hold
08/12/24	phillip	SGX	9.82	10.78	Accumulate	PER18.6x FY25
08/12/24	DBS Vickers	SGX	9.82	10.2	Hold	PER23x FY24
08/12/24	DMG & Partners	SGX	9.82	10.8	Neutral	PER21x
09/10/24	DMG & Partners	SGX	10.98	11.7	Neutral	PER21x
09/10/24	Citi Research	SGX	10.98	12.7	Buy
09/16/24	UOB Kay Hian	SGX	11.23	11.62	Hold
09/16/24	Citi Research	SGX	11.23	12.7	Buy	DDM
09/16/24	CIMB	SGX	11.23	12.5	Hold
09/23/24	Lim & Tan	SGX	11.25	11.26	Hold
09/23/24	Morgan Stanley	SGX	11.25	10.01	Underweight
10/11/24	DBS Vickers	SGX	11.58	12.8	Buy
10/16/24	UOB Kay Hian	SGX	11.71	11.83	Hold	PER22x FY25
10/17/24	DMG & Partners	SGX	11.7	11.4	Neutral
11/05/24	Citi Research	SGX	11.35	13.1	Buy
11/18/24	Morgan Stanley	SGX	11.42	14.31	Overweight
11/21/24	DMG & Partners	SGX	12.16	12.8	Neutral	PER21x
12/10/24	DMG & Partners	SGX	12.57	12.8	Neutral	PER21x
12/11/24	MorningStar	SGX	12.51	13.1	3-Star
01/14/25	UOB Kay Hian	SGX	12.12	11.83	Hold	PER22x FY25
01/15/25	DMG & Partners	SGX	12.13	12.8	Neutral
02/07/25	UOB Kay Hian	SGX	12.71	12.58	Hold	PER22x FY25
02/07/25	phillip	SGX	12.71	13.9	Accumulate	PER21x
02/07/25	DMG & Partners	SGX	12.71	12.8	Neutral	PER21x
02/10/25	DBS Vickers	SGX	13.99	14	Buy	DDM, PER24x FY25
02/14/25	Citi Research	SGX	13.47	11.9	Sell	DDM
02/24/25	DMG & Partners	SGX	12.8	13.6	Neutral	PER22x FY25
02/24/25	CIMB	SGX	12.8	13.2	Hold
04/10/25	OCBC	SGX	12.12	14.09	Buy
04/30/25	OCBC	SGX	14.15	14.78	Hold
05/21/25	DMG & Partners	SGX	14.11	14.1	Neutral
06/13/25	UOB Kay Hian	SGX	13.86	14.08	Hold	PER23x FY26
06/13/25	Lim & Tan	SGX	13.86	13.48	Hold
06/20/25	Kim Eng	SGX	13.85	16.09	Buy	DCF
06/25/25	DBS Vickers	SGX	13.9	14	Buy
07/07/25	DMG & Partners	SGX	15.17	16	Neutral
07/08/25	CIMB	SGX	15.16	18.3	Add
07/10/25	Citi Research	SGX	15.41	13.1	Sell	DDM
07/31/25	DBS Vickers	SGX	15.71	18.2	Buy
08/08/25	DBS Vickers	SGX	16.34	18.2	Buy	PER28x FY27
08/08/25	Lim & Tan	SGX	16.34	15.21	Hold
08/11/25	UOB Kay Hian	SGX	16.02	16.66	Hold	PER24.9x FY27
08/11/25	phillip	SGX	16.02	16.9	Accumulate	PER26x FY26
08/20/25	DMG & Partners	SGX	16.25	15.9	Neutral
09/15/25	DMG & Partners	SGX	16.57	17.8	Neutral	PER25x FY26
09/16/25	Lim & Tan	SGX	17.05	16.06	Hold