Singapore Stock Exchange - Equity Investments

Tuesday, August 5, 2025

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

Monday, August 4, 2025

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

Stock calls for 4 August 2025.

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/25	Kim Eng	ART	0.89	1.05	Buy	DDM
08/04/25	DBS Vickers	Elite ComReit	0.35	0.4	Buy	DCF
08/04/25	CIMB	ESR-Reit	2.74	3.55	Add	DDM
08/04/25	CIMB	Far East Hospitality	0.595	0.74	Add	DDM
08/04/25	DBS Vickers	Genting	0.735	0.8	Hold	DCF & EV/Ebitda5.3x FY26
08/04/25	Phillip	Keppel Corp	8.31	10.5	Buy	Sum of parts
08/04/25	UOB Kay Hian	Mapletree Commercial	1.28	1.86	Buy	DDM
08/04/25	UOB Kay Hian	Netlink	0.895	0.98	Buy	DCF
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
08/04/25	phillip	Oiltek	0.98	1.18	Buy	PER35x FY26
08/04/25	OCBC	Starhill	0.545	0.51	Hold

Sunday, August 3, 2025

The US ISM PMI had dropped to 48 in July 2025.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = +0.7 - (-0.2) = +0.9

Estimated Local Material: Inventories - Imports = -0.3 - (+0.2) = -0.5

The new orders were up because of the increment in local new orders (estimated +0.9) that ensued the increases in production and backlog of orders. The higher new order could be caused by frontloading purchases prior to the Trump's tariffs. However, the producers didn't increase their employment and inventories because of their dour outlook due to the higher tariffs. Likewise, the customers' inventories also dropped because of no stockpiling due to the uncertain economic policies.

The drop in prices was just an aberration because the new tariffs would kick in in August and it would take some time to be reflected in the inflation data.

Overall, the PMI dropped to 48 and would continue to be in the contractionary zone (below 50) because of the higher tariffs. This will mean that the US will have very limited growth in 2025.