Bumitama - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/09/24	OCBC	Bumitama	0.9	0.915	Hold
12/10/24	UOB Kay Hian	Bumitama	0.895	0.95	Buy
12/11/24	DBS Vickers	Bumitama	0.885	1.3	Buy	PER11x FY25
02/28/25	OCBC	Bumitama	0.81	0.965	Buy
02/28/25	DMG & Partners	Bumitama	0.81	1.17	Buy
02/28/25	Kim Eng	Bumitama	0.81	0.86	Buy
03/17/25	DBS Vickers	Bumitama	0.85	1.3	Buy	DCF
05/16/25	OCBC	Bumitama	0.765	0.975	Buy
05/16/25	Kim Eng	Bumitama	0.765	0.83	Buy	PER8x FY25
05/16/25	DMG & Partners	Bumitama	0.765	0.9	Buy	PER10x FY25
07/09/25	DMG & Partners	Bumitama	0.76	0.8	Neutral	PER9x FY26
08/12/25	DBS Vickers	Bumitama	0.84	1.3	Buy	DCF
08/12/25	OCBC	Bumitama	0.84	1.05	Buy
08/13/25	Kim Eng	Bumitama	0.92	0.94	Buy
08/27/25	OCBC	Bumitama	1.12	1.2	Buy
08/28/25	OCBC	Bumitama	1.09	1.2	Hold
08/28/25	DMG & Partners	Bumitama	1.09	0.88	Neutral
08/28/25	UOB Kay Hian	Bumitama	1.09	0.9	Hold
09/22/25	DMG & Partners	Bumitama	1.13	1.1	Neutral
10/17/25	UOB Kay Hian	Bumitama	1.28	1.2	Hold	PER9.5x FY26
10/23/25	OCBC	Bumitama	1.33	1.3	Hold
10/23/25	DBS Vickers	Bumitama	1.33	1.9	Buy	DCF
11/14/25	UOB Kay Hian	Bumitama	1.48	1.4	Hold	PER11x FY26
11/14/25	DBS Vickers	Bumitama	1.48	1.9	Buy	PER16.4x FY26

Bukit Sembawang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/27/25	Lim & Tan	Bukit Sembawang	3.92	0	Accumulate on weakness
07/04/25	Lim & Tan	Bukit Sembawang	4.08	0	Accumulate
07/04/25	DBS Vickers	Bukit Sembawang	4.08	5.92	Buy	RNAV (45% disc)
12/01/25	DBS Vickers	Bukit Sembawang	4.17	5.88	Buy	RNAV (45% disc)

BRC Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/05/24	UOB Kay Hian	BRC Asia	2.52	2.52	Hold	PER8.2x FY25
01/13/25	Lim & Tan	BRC Asia	2.58	0	Hold
02/07/25	Lim & Tan	BRC Asia	2.87	2.9	Hold
02/13/25	Phillip	BRC Asia	2.91	3.15	Accumulate	DCF
03/07/25	UOB Kay Hian	BRC Asia	3.03	2.76	Hold	PER9x FY25
05/26/25	UOB Kay Hian	BRC Asia	3.13	3.29	Hold	PER9x FY25
05/26/25	Phillip	BRC Asia	3.13	3.4	Accumulate	DCF
05/27/25	CIMB	BRC Asia	3.12	3.4	Add
07/10/25	UOB Kay Hian	BRC Asia	3.3	3.29	Hold	PER9x FY25
07/15/25	Lim & Tan	BRC Asia	3.33	3.4	Hold
08/21/25	CIMB	BRC Asia	3.64	4	Add	PER
08/22/25	Phillip	BRC Asia	3.76	4.1	Accumulate	DCF
08/22/25	CIMB	BRC Asia	3.76	4.3	Add
08/25/25	Lim & Tan	BRC Asia	3.92	3.92	Hold
09/05/25	UOB Kay Hian	BRC Asia	4.05	4.69	Buy	PER14x FY26
10/10/25	CIMB	BRC Asia	4.33	5.3	Add	PER
10/31/25	Phillip	BRC Asia	4.22	4.1	Neutral	DCF
11/24/25	Lim & Tan	BRC Asia	4.02	4.7	Accumulate on weakness
12/01/25	Phillip	BRC Asia	3.93	5.1	Buy	DCF
12/01/25	CIMB	BRC Asia	3.93	4.9	Add	PER
12/05/25	UOB Kay Hian	BRC Asia	4.01	4.9	Buy	PER14x FY26

Stock calls for 7 January 2026

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.39	2.54	Accumulate
01/07/26	Lim & Tan	Capitaland Investment	2.76	3.39	Accumulate
01/07/26	JPM	City Developments	8.39	10.75	Overweight
01/07/26	UOB Kay Hian	DBS	57.93	68.95	Buy	GGM, PB2.81x FY26
01/07/26	phillip	Elite ComReit	0.36	0.39	Buy	DDM
01/07/26	CIMB	Lum Chang Creations	0.5	0.72	Add
01/07/26	UOB Kay Hian	OCBC	20.18	23.65	Buy	GGM, PB1.7x FY26

The ISM PMI has been in contractionary zone for the past 10 months.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = 0.3 - (+0.6) = -0.3

Estimated Local Material: Inventories - Imports = (-3.7) - (-4.3) = +0.6

The new orders (47.7, +0.3) increased marginally because of a slight pullback by the local new orders (est'd -0.3) even though the new export orders increased to 46.8 (+0.6).

In view of the bearish outlook, the producers decreased their production (51, -0.4) and caused the backlog of orders (45.8, +1.8) to increase and customers' inventories (43.3, -1.4) to be depleted.  The decline in production also caused declines in inventories and imports.

The employment (44.9, +0.9) rebounded because the producers didn't increase their employment in the previous month.

As a result, the PMI decreased to 47.9 (-0.3) and this indicated continual economic weaknesses.

Boustead - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/25	OCBC	Boustead	1.05	1.39	Buy
05/27/25	Lim & Tan	Boustead	1.04	0	Accumulate
05/29/25	OCBC	Boustead	1.14	1.46	Buy
06/26/25	OCBC	Boustead	1.4	1.63	Buy
07/07/25	Lim & Tan	Boustead	1.42	0	Accumulate
07/18/25	OCBC	Boustead	1.64	2	Buy	Sum of parts
09/19/25	OCBC	Boustead	1.76	2	Buy	Sum of parts

Beng Kuang Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/11/25	Kim Eng	Beng Kuang Marine	0.24	0.22	Hold	Up from $0.19
11/10/25	Kim Eng	Beng Kuang Marine	0.31	0.3	Hold

Aztech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/18/25	CIMB	Aztech	0.69	0.82	Add
02/26/25	UOB Kay Hian	Aztech	0.725	0.65	Hold	PER9x FY25
02/26/25	DBS Vickers	Aztech	0.725	0.52	Fully Valued	PER10x
02/26/25	Kim Eng	Aztech	0.725	0.82	Buy
04/14/25	Kim Eng	Aztech	0.73	0.63	Hold
04/16/25	UOB Kay Hian	Aztech	0.73	0.46	Sell	PB1.1x FY25
04/16/25	DBS Vickers	Aztech	0.73	0.52	Fully Valued	PER10x
04/16/25	Kim Eng	Aztech	0.73	0.56	Hold
05/06/25	Kim Eng	Aztech	0.515	0.45	Hold
06/17/25	CIMB	Aztech	0.58	0.41	Reduce
06/27/25	DBS Vickers	Aztech	0.6	0.38	Fully Valued	PER15x FY25
07/23/25	DBS Vickers	Aztech	0.605	0.66	Hold	PER14x FY25
07/23/25	CIMB	Aztech	0.605	0.6	Hold
07/24/25	UOB Kay Hian	Aztech	0.605	0.58	Hold	PER12x FY26
07/24/25	Kim Eng	Aztech	0.605	0.5	Hold
08/05/25	UOB Kay Hian	Aztech	0.645	0.58	Hold	PER12x FY26
08/06/25	DBS Vickers	Aztech	0.65	0.66	Hold	PER14x FY25
10/16/25	UOB Kay Hian	Aztech	0.675	0.58	Hold	PER12x FY26
10/16/25	DBS Vickers	Aztech	0.675	0.66	Hold	PER14x FY25
10/16/25	Lim & Tan	Aztech	0.675	0	Hold
10/16/25	CIMB	Aztech	0.675	0.66	Hold
10/21/25	Kim Eng	Aztech	0.635	0.61	Hold	PER

Stock calls for 6 January 2026

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/26	Macquarie	DBS	56.65	46	Underperform
01/06/26	JPM	DBS	56.65	70	Overweight
01/06/26	UOB Kay Hian	Digicore Reit	0.545	0.92	Buy	DDM
01/06/26	DBS Vickers	Ifast Corp	9.57	12	Buy	Sum of parts & DCF
01/06/26	Lim & Tan	Ley Choon	0.78	0	Buy
01/06/26	Goldman Sachs	OCBC	19.96	21.2	Buy
01/06/26	Autonomous	OCBC	19.96	17	Underperform
01/06/26	CIMB	Raffles Medical	1.01	1.23	Add	Up from $1.20
01/06/26	DBS Vickers	Sheng Siong	2.67	2.6	Hold	PER23.7x FY26

Avepoint - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/06/25	DBS Vickers	Avepoint	19.11	28	Buy	EV/Sales 11x
11/10/25	DBS Vickers	Avepoint	17.6	28	Buy	EV/Sales 11x