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

Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/03/24	Lim & Tan	Sembcorp Industries	5.09	7.16	Accumulate
06/03/24	OCBC	Sembcorp Industries	5.09	6.73	Buy
06/07/24	Lim & Tan	Sembcorp Industries	5.06	7	Accumulate
06/07/24	Citi Research	Sembcorp Industries	5.06	6.68	Buy
07/04/24	UOB Kay Hian	Sembcorp Industries	4.65	7.49	Buy	PER13.6x
07/12/24	CIMB	Sembcorp Industries	4.77	7.49	Add
08/07/24	DBS Vickers	Sembcorp Industries	4.45	7.35	Buy	PER14x FY24
08/07/24	CIMB	Sembcorp Industries	4.45	7.32	Add
08/12/24	phillip	Sembcorp Industries	4.75	6.27	Buy	EV/Ebitda8x FY24
08/12/24	Kim Eng	Sembcorp Industries	4.75	5.5	Buy
08/22/24	Lim & Tan	Sembcorp Industries	4.76	4.8	Accumulate
09/02/24	DBS Vickers	Sembcorp Industries	4.93	7.35	Buy	PER14x FY24
09/02/24	Lim & Tan	Sembcorp Industries	4.93	6.75	Accumulate
09/18/24	CIMB	Sembcorp Industries	5.19	7.32	Add	PER
09/19/24	Kim Eng	Sembcorp Industries	5.3	6	Buy
10/08/24	UOB Kay Hian	Sembcorp Industries	5.56	7.47	Buy
11/01/24	UOB Kay Hian	Sembcorp Industries	5.04	7.47	Buy	PER12.8x FY24
11/12/24	Kim Eng	Sembcorp Industries	5.02	6	Buy
11/15/24	CIMB	Sembcorp Industries	5.02	7.32	Add
11/15/24	Kim Eng	Sembcorp Industries	5.02	6	Buy
11/26/24	Lim & Tan	Sembcorp Industries	5.23	6.82	Accumulate
12/03/24	DBS Vickers	Sembcorp Industries	5.28	7.35	Buy	PER14x FY25
12/03/24	Lim & Tan	Sembcorp Industries	5.28	6.82	Accumulate
12/11/24	Kim Eng	Sembcorp Industries	5.67	6.2	Buy	Sum of parts
12/18/24	Lim & Tan	Sembcorp Industries	5.4	6.84	Accumulate
01/02/25	UOB Kay Hian	Sembcorp Industries	5.52	7.47	Buy	PER12.8x FY25
01/20/25	Lim & Tan	Sembcorp Industries	5.63	6.8	Accumulate
02/03/25	UOB Kay Hian	Sembcorp Industries	5.58	7.47	Buy	PER12.8x FY25
02/03/25	Lim & Tan	Sembcorp Industries	5.58	6.8	Accumulate
02/03/25	Citi Research	Sembcorp Industries	5.58	6.68	Buy	Sum of parts
02/21/25	DBS Vickers	Sembcorp Industries	5.54	7.38	Buy	PER12x FY25
02/28/25	UOB Kay Hian	Sembcorp Industries	6.03	8	Buy	PER12.6x FY25
02/28/25	OCBC	Sembcorp Industries	6.03	7.4	Buy
03/03/25	DBS Vickers	Sembcorp Industries	6.09	8	Buy	PER13x FY25
03/04/25	Kim Eng	Sembcorp Industries	6.32	7.1	Buy	Sum of parts
03/06/25	phillip	Sembcorp Industries	6.35	7.1	Accumulate	EV/Ebitda8x FY25
03/13/25	Lim & Tan	Sembcorp Industries	6.05	7.25	Accumulate
03/17/25	UOB Kay Hian	Sembcorp Industries	5.96	8	Buy	PER12.6x FY25
03/17/25	CIMB	Sembcorp Industries	5.96	7.81	Add
03/19/25	Lim & Tan	Sembcorp Industries	6.2	7.3	Accumulate
04/02/25	DBS Vickers	Sembcorp Industries	6.42	8	Buy	PER13x FY25
04/02/25	Lim & Tan	Sembcorp Industries	6.42	7.3	Accumulate
04/03/25	CIMB	Sembcorp Industries	6.58	8.14	Add	PER
05/26/25	Lim & Tan	Sembcorp Industries	6.56	7.46	Accumulate on weakness
06/06/25	UOB Kay Hian	Sembcorp Industries	6.65	8	Buy	PER12.6x FY25
06/16/25	Lim & Tan	Sembcorp Industries	6.89	7.79	Accumulate on weakness
06/30/25	phillip	Sembcorp Industries	6.83	8.1	Buy	EV/Ebitda9x FY25
07/15/25	OCBC	Sembcorp Industries	7.51	8.45	Buy
07/17/25	CIMB	Sembcorp Industries	7.71	8.54	Add
08/08/25	DBS Vickers	Sembcorp Industries	7.8	8	Buy	PER13x FY25
08/11/25	UOB Kay Hian	Sembcorp Industries	6.72	7.9	Buy	PER12.8x
08/11/25	phillip	Sembcorp Industries	6.72	7.9	Buy	EV/Ebitda9x FY25

Stock calls for 16 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/16/25	Kim Eng	Food Empire	2.62	2.92	Buy
09/16/25	Lim & Tan	Jardine C&C	29.28	24.5	Hold
09/16/25	Lim & Tan	SGX	17.05	16.06	Hold
09/16/25	UOB Kay Hian	SIA	6.51	6.05	Sell	PB1.17x FY26

The Fed vs Trump for September FOMC meeting.

Trump is expecting the US Fed to cut at least 50bp this week.

What will the US fed do?

The Fedwatch tool is only projecting a 25bp cut this week just to get Trump off the Fed's back.