DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
05/08/25	MorningStar	DBS	42.76	48	Buy	GGM, PB1.9x FY25
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
05/09/25	Citi Research	DBS	43.09	48.1	Buy
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
08/05/25	MorningStar	DBS	47.89	48	Neutral
08/06/25	DMG & Partners	DBS	48.24	47	Buy
08/07/25	Lim & Tan	DBS	48.85	50	Accumulate
08/07/25	Citi Research	DBS	48.85	56.5	Buy
08/08/25	UOB Kay Hian	DBS	49.75	52.8	Hold	GGM, PB2.14x FY26
08/08/25	CIMB	DBS	49.75	54.9	Add	GGM
08/11/25	phillip	DBS	50.75	52	Accumulate	GGM, PB2.09x FY25
08/11/25	Lim & Tan	DBS	50.75	55	Accumulate
08/19/25	DMG & Partners	DBS	49.6	52.8	Buy	GGM, PB2x FY25
09/10/25	UOB Kay Hian	DBS	50.88	54.4	Hold	GGM, PB2.21x FY26
10/10/25	DMG & Partners	DBS	53.91	57.1	Buy	GGM, PB2.2x FY26
10/13/25	OCBC	DBS	53.85	54	Hold
10/17/25	CIMB	DBS	52.51	54.9	Add	GGM
10/21/25	UOB Kay Hian	DBS	52	55.25	Hold	GGM, PB2.25x FY26
10/21/25	Citi Research	DBS	52	57.1	Buy
11/06/25	Lim & Tan	DBS	53.5	57	Accumulate
11/07/25	phillip	DBS	55.54	58	Accumulate	GGM, PB2.34x FY25
11/07/25	UOB Kay Hian	DBS	55.54	55.5	Hold	GGM, PB2.26x FY26
11/07/25	CIMB	DBS	55.54	60.5	Add	GGM
11/10/25	Kim Eng	DBS	54.98	62.79	Buy	Up from $56.15
11/10/25	Citi Research	DBS	54.98	61.1	Buy	GGM, PB2.5x
11/10/25	DMG & Partners	DBS	54.98	59	Buy
11/28/25	JPM	DBS	54	70	Overweight
01/06/26	Macquarie	DBS	56.65	46	Underperform
01/06/26	JPM	DBS	56.65	70	Overweight
01/07/26	UOB Kay Hian	DBS	57.93	68.95	Buy	GGM, PB2.81x FY26
01/19/26	CIMB	DBS	59.12	60.5	Hold	GGM
02/09/26	Lim & Tan	DBS	59.3	60	Hold
02/10/26	UOB Kay Hian	DBS	58.19	66.75	Buy	GGM, PB2.7x FY26
02/11/26	phillip	DBS	57.8	60	Accumulate	GGM, PB2.47x FY26
02/16/26	Citi Research	DBS	57.06	63.6	Buy	GGM, PB2.6x
03/10/26	UOB Kay Hian	DBS	54.31	66.75	Buy	GGM, PB2.7x FY26
03/23/26	JPM	DBS	57.14	70	Overweight
03/30/26	UOB Kay Hian	DBS	57.15	67.55	Buy	GGM, PB2.73x FY26
04/06/26	phillip	DBS	57.55	60	Accumulate	GGM, PB2.47x FY26
04/06/26	JPM	DBS	57.55	63	Overweight
04/10/26	DMG & Partners	DBS	57.2	63.5	Buy
04/16/26	UOB Kay Hian	DBS	57.7	67.55	Buy	GGM, PB2.7x FY26

Daiwa House - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
08/08/25	DBS Vickers	Daiwa House	0.575	0.65	Buy	DCF
08/11/25	DBS Vickers	Daiwa House	0.58	0.63	Buy	DCF
03/02/26	DBS Vickers	Daiwa House	0.56	0.63	Buy	DCF

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/12/25	UOB Kay Hian	Dairy Farm	2.1	2.8	Buy	PER16.3x
03/12/25	CIMB	Dairy Farm	2.1	2.71	Add
03/14/25	DBS Vickers	Dairy Farm	2.25	3	Buy
03/14/25	DMG & Partners	Dairy Farm	2.25	2.79	Buy	Sum of parts
04/02/25	DMG & Partners	Dairy Farm	2.33	3.03	Buy	Sum of parts
04/08/25	UOB Kay Hian	Dairy Farm	2.11	2.8	Buy	PER16.3x
05/20/25	DBS Vickers	Dairy Farm	2.69	3	Buy
05/20/25	Lim & Tan	Dairy Farm	2.69	2.9	Hold
06/02/25	DBS Vickers	Dairy Farm	2.76	3	Buy
06/02/25	CIMB	Dairy Farm	2.76	3	Add	PER
06/04/25	UOB Kay Hian	Dairy Farm	2.65	3.5	Buy	PER20.3x
06/09/25	DBS Vickers	Dairy Farm	2.66	3.6	Buy	PER16.7x FY26
06/30/25	DMG & Partners	Dairy Farm	3.73	3.09	Buy	Sum of parts
07/23/25	DBS Vickers	Dairy Farm	3.16	3.6	Buy	PER16.7x FY26
07/24/25	UOB Kay Hian	Dairy Farm	3.45	4.3	Buy	PER22.7x
07/24/25	DBS Vickers	Dairy Farm	3.45	4.3	Buy	PER18x
07/24/25	CIMB	Dairy Farm	3.45	3.86	Add
08/07/25	DMG & Partners	Dairy Farm	3.49	4.05	Buy	Sum of parts
08/22/25	DBS Vickers	Dairy Farm	3.16	3.9	Buy	PER18x FY26
08/25/25	UOB Kay Hian	Dairy Farm	3.12	4.3	Buy	PER22.7x
09/23/25	DBS Vickers	Dairy Farm	3.22	3.9	Buy	PER18x FY26
10/30/25	DMG & Partners	Dairy Farm	3.41	4.05	Buy	Sum of parts
10/31/25	DBS Vickers	Dairy Farm	3.39	3.9	Buy	PER18x FY26
10/31/25	CIMB	Dairy Farm	3.39	4	Add	PER
11/26/25	DMG & Partners	Dairy Farm	3.41	4.05	Buy	Sum of parts
12/04/25	DBS Vickers	Dairy Farm	3.67	4.5	Buy	PER21x FY26
01/05/26	UOB Kay Hian	Dairy Farm	3.93	4.3	Buy	PER22.7x
01/19/26	UOB Kay Hian	Dairy Farm	3.94	5.3	Buy	PER25.1x
02/02/26	UOB Kay Hian	Dairy Farm	4.12	5.3	Buy	PER25.1x
03/04/26	DBS Vickers	Dairy Farm	4.14	4.5	Buy	PER21x FY26
03/05/26	UOB Kay Hian	Dairy Farm	4.3	5.6	Buy	PER25.2x
03/05/26	DBS Vickers	Dairy Farm	4.3	5	Buy	PER23x FY26
03/05/26	CIMB	Dairy Farm	4.3	4.9	Add	PER
03/12/26	CIMB	Dairy Farm	4.75	5.5	Add	PER

Stock calls for 17 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/17/26	Lim & Tan	Comfortdelgro	1.48	1.68	Accumulate on weakness
04/17/26	Amfrasers	Info-Tech System	1	1.4	Buy	PER15.5x FY27
04/17/26	UOB Kay Hian	Keppel DC Reit	2.36	2.9	Buy	DDM
04/17/26	Phillip	Keppel DC Reit	2.36	2.37	Accumulate	DDM
04/17/26	Amfrasers	Kin Global	0.23	0.28	outperform	Sum of parts
04/17/26	Lim & Tan	Zixin	0.032	0.066	Buy	PER10x FY26

Singapore minister Vivian has screwed up again! - Part 4

There seemed to be an incestuous discourse and a warped legal principle propaganda being spread among SG ministers and this could be a dangerous political posturing ante by Singapore.  Why? This is because SG doesn't have a solid justification under UNCLOS.

We've stated previously that SG was wrong to cite UNCLOS because UNCLOS was primary for peacetime and not wartime activities.

Let's use AI to explain this.

It is crystal clear that the wartime activities will supersede peacetime rules and regulations, and the peacetime laws will be subjected to different interpretations during a war.  Hormuz is part of a war zone and Iran can cite the maritime blockage as part of self-defence during a war.

How long can SG insist on its warped legal principle when everyone is paying a Hormuz toll after the Iran war?  This is a likely phenomenon or outcome because the US will allow Iran to collect a Hormuz toll for its own reparation since the US won't compensate Iran for the illegal US attack against Iran.

Who is the largest terrorist state-sponsor in the world?

Bessent had embarked on a smearing campaign against Iran on media when the US was the largest terrorista state-sponsor in the world.

To set the record straight, ISIS and Al Qaeda are sponsored by Israel and the US.

The Iran war situation report. - Part 48

The proposed 2-week ceasefire was just a decoy and the truth was that the US used this decoy to get extra time to arrange for more military deployments.

It looks like the world is in the eye of the storm right now with this 2-week ceasefire plan and more military actions will be taken against Iran thereafter.

As usual, Trump likes to start his mlitary actions on weekends because the financial markets are closed.

CSOP iEdge SREIT ETF - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/21/25	phillip	CSOP iEdge SREIT ETF	0.785	0.815	Accumulate
04/08/26	phillip	CSOP iEdge SREIT ETF	0.727	0.755	Accumulate	Sum of parts

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/21/25	Amfrasers	CSE Global	0.465	0.6	Outperform	DCF
03/21/25	Kim Eng	CSE Global	0.465	0.67	Buy
05/06/25	Lim & Tan	CSE Global	0.425	0.62	Accumulate on weakness
05/06/25	Kim Eng	CSE Global	0.425	0.58	Buy
05/16/25	UOB Kay Hian	CSE Global	0.445	0.61	Buy	PER11x FY25
05/22/25	DMG & Partners	CSE Global	0.44	0.63	Buy
05/23/25	CIMB	CSE Global	0.44	0.68	Add
06/30/25	Kim Eng	CSE Global	0.55	0.7	Buy
07/17/25	Kim Eng	CSE Global	0.63	0.7	Buy
08/08/25	UOB Kay Hian	CSE Global	0.695	0.85	Buy	PER15.6x FY25
08/18/25	CIMB	CSE Global	0.645	0.86	Add	PER
09/05/25	DMG & Partners	CSE Global	0.69	0.86	Buy
09/22/25	CIMB	CSE Global	0.725	0.86	Add	PER
10/14/25	UOB Kay Hian	CSE Global	0.73	0.85	Buy	PER15.6x FY25
10/21/25	Kim Eng	CSE Global	0.665	0.84	Buy	PER
11/06/25	Amfrasers	CSE Global	0.85	0.73	Underperform	DCF
11/12/25	UOB Kay Hian	CSE Global	0.88	1.22	Buy	PER21x FY26
11/12/25	CIMB	CSE Global	0.88	1.15	Add	PER
11/12/25	Kim Eng	CSE Global	0.88	1.2	Buy
11/20/25	Lim & Tan	CSE Global	0.97	1.2	Accumulate
11/28/25	DMG & Partners	CSE Global	0.95	1.22	Buy	PER21x FY26
12/10/25	Amfrasers	CSE Global	0.91	1.08	Outperform	DCF
12/16/25	Lim & Tan	CSE Global	0.91	1.2	Accumulate
01/05/26	UOB Kay Hian	CSE Global	1.03	1.22	Buy	PER21x FY26
01/14/26	DMG & Partners	CSE Global	1.07	1.22	Buy	PER21x FY26
01/30/26	Beansprout	CSE Global	1.15	1.4	Buy
02/02/26	UOB Kay Hian	CSE Global	1.12	1.22	Buy	PER21x FY26
02/11/26	CIMB	CSE Global	1.24	1.5	Add	PER
02/19/26	Lim & Tan	CSE Global	1.27	1.3	Hold
03/02/26	CIMB	CSE Global	1.32	1.5	Add	PER
03/03/26	UOB Kay Hian	CSE Global	1.29	1.43	Buy	PER25x FY26
03/10/26	Amfrasers	CSE Global	1.24	1.79	Outperform	DCF
04/10/26	Lim & Tan	CSE Global	1.24	1.54	Accumulate