Singapore Stock Exchange - Equity Investments

Monday, October 13, 2025

Capitaland Investment - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/21/24	Lim & Tan	Capitaland Investment	2.65	3.67	Accumulate
07/01/24	Phillip	Capitaland Investment	2.66	3.38	Buy	Sum of parts
07/04/24	Uob Kay Hian	Capitaland Investment	2.64	4.04	Buy	Sum of parts
07/09/24	DBS Vickers	Capitaland Investment	2.64	3.85	Buy	Sum of parts
07/09/24	Lim & Tan	Capitaland Investment	2.64	3.67	Accumulate
07/15/24	Lim & Tan	Capitaland Investment	2.81	3.68	Accumulate
07/16/24	CIMB	Capitaland Investment	2.76	4.3	Add	RNAV
08/15/24	DBS Vickers	Capitaland Investment	2.49	3.85	Buy	Sum of parts
08/15/24	Uob Kay Hian	Capitaland Investment	2.49	4.04	Buy	Sum of parts
08/15/24	Lim & Tan	Capitaland Investment	2.49	3.6	Accumulate
08/19/24	Phillip	Capitaland Investment	2.57	3.38	Buy	Sum of parts
08/21/24	CIMB	Capitaland Investment	2.59	4.3	Add	RNAV
09/03/24	Lim & Tan	Capitaland Investment	2.69	3.5	Buy
09/04/24	Phillip	Capitaland Investment	2.78	3.38	Buy	Sum of parts
09/17/24	CIMB	Capitaland Investment	2.91	4.3	Add	RNAV
09/24/24	Lim & Tan	Capitaland Investment	2.94	3.52	Accumulate
10/16/24	CIMB	Capitaland Investment	3	4.3	Add	RNAV
10/22/24	DBS Vickers	Capitaland Investment	2.98	3.85	Buy	Sum of parts
11/07/24	Uob Kay Hian	Capitaland Investment	2.91	3.85	Buy	Sum of parts
11/08/24	Phillip	Capitaland Investment	2.8	3.38	Buy	Sum of parts
11/20/24	DBS Vickers	Capitaland Investment	2.81	3.85	Buy	Sum of parts
11/21/24	Lim & Tan	Capitaland Investment	2.83	3.55	Buy
12/03/24	Lim & Tan	Capitaland Investment	2.75	3.55	Accumulate
12/16/24	DBS Vickers	Capitaland Investment	2.65	3.85	Buy	Sum of parts
01/03/25	Phillip	Capitaland Investment	2.65	3.38	Buy	Sum of parts
01/15/25	Lim & Tan	Capitaland Investment	2.46	3.55	Accumulate
02/04/25	Lim & Tan	Capitaland Investment	2.42	3.52	Accumulate
02/28/25	DBS Vickers	Capitaland Investment	2.62	3.65	Buy	Sum of parts
02/28/25	Kim Eng	Capitaland Investment	2.62	3.3	Buy	Sum of parts
02/28/25	Lim & Tan	Capitaland Investment	2.62	3.47	Accumulate
03/03/25	Uob Kay Hian	Capitaland Investment	2.56	3.95	Buy	Sum of parts
03/17/25	Phillip	Capitaland Investment	2.62	3.65	Buy	Sum of parts
04/03/25	Lim & Tan	Capitaland Investment	2.72	3.5	Accumulate on weakness
04/11/25	Lim & Tan	Capitaland Investment	2.5	3.48	Accumulate on weakness
04/17/25	DBS Vickers	Capitaland Investment	2.54	3.85	Buy
05/02/25	Phillip	Capitaland Investment	2.75	3.65	Buy	Sum of parts
05/02/25	DBS Vickers	Capitaland Investment	2.75	3.65	Buy	Sum of parts
05/02/25	CIMB	Capitaland Investment	2.75	4.3	Add	RNAV
05/05/25	Uob Kay Hian	Capitaland Investment	2.53	3.42	Buy	Sum of parts
05/14/25	Lim & Tan	Capitaland Investment	2.54	3.34	Accumulate
06/04/25	Lim & Tan	Capitaland Investment	2.51	3.35	Accumulate
06/09/25	Lim & Tan	Capitaland Investment	2.56	3.34	Accumulate
07/02/25	CIMB	Capitaland Investment	2.65	4.3	Add	RNAV
07/03/25	Phillip	Capitaland Investment	2.65	3.65	Buy	Sum of parts
08/13/25	Lim & Tan	Capitaland Investment	2.75	3.42	Buy
08/15/25	Uob Kay Hian	Capitaland Investment	2.72	3.49	Buy	Sum of parts
08/15/25	DBS Vickers	Capitaland Investment	2.72	3.65	Buy	Sum of parts
08/15/25	CIMB	Capitaland Investment	2.72	4.3	Add	RNAV
08/15/25	Lim & Tan	Capitaland Investment	2.72	3.38	Buy
08/18/25	Phillip	Capitaland Investment	2.7	3.65	Buy	Sum of parts
09/25/25	Lim & Tan	Capitaland Investment	2.68	3.4	Buy

Capitaland Integrated Commercial Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/07/24	Kim Eng	Capitaland Integrated Commercial Trust	1.99	2.05	Buy	DDM
06/07/24	Uob Kay Hian	Capitaland Integrated Commercial Trust	1.99	2.22	Buy
06/26/24	DMG & Partners	Capitaland Integrated Commercial Trust	1.97	2.2	Buy
07/16/24	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.09	2.29	Buy	DDM
07/29/24	Kim Eng	Capitaland Integrated Commercial Trust	2.05	2.25	Buy	DDM
08/13/24	DBS Vickers	Capitaland Integrated Commercial Trust	2.1	2.3	Buy
08/14/24	DMG & Partners	Capitaland Integrated Commercial Trust	2.1	2.3	Buy	DDM
08/16/24	CIMB	Capitaland Integrated Commercial Trust	2.1	2.21	Add	DDM
09/04/24	CIMB	Capitaland Integrated Commercial Trust	2.13	2.21	Add	DDM
09/04/24	DMG & Partners	Capitaland Integrated Commercial Trust	2.13	2.3	Buy	DDM
09/04/24	OCBC	Capitaland Integrated Commercial Trust	2.13	2.32	Buy
09/09/24	Citi Research	Capitaland Integrated Commercial Trust	2.14	2.21	Neutral	DDM & RNAV
10/02/24	DMG & Partners	Capitaland Integrated Commercial Trust	2.13	2.3	Buy	DDM
10/04/24	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.13	2.59	Buy	DDM
10/07/24	DBS Vickers	Capitaland Integrated Commercial Trust	2.12	2.3	Buy
10/08/24	Lim & Tan	Capitaland Integrated Commercial Trust	2.11	0	Accumulate
10/17/24	Kim Eng	Capitaland Integrated Commercial Trust	2.09	2.34	Buy
11/06/24	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.02	2.59	Buy	DDM
11/06/24	DMG & Partners	Capitaland Integrated Commercial Trust	2.02	2.3	Buy	DDM
11/08/24	DBS Vickers	Capitaland Integrated Commercial Trust	1.96	2.3	Buy
12/16/24	Kim Eng	Capitaland Integrated Commercial Trust	1.93	2.3	Buy
12/16/24	DMG & Partners	Capitaland Integrated Commercial Trust	1.93	2.3	Buy	DDM
12/19/24	OCBC	Capitaland Integrated Commercial Trust	1.93	2.41	Buy
01/02/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	1.93	2.59	Buy	DDM
01/10/25	DMG & Partners	Capitaland Integrated Commercial Trust	1.95	2.3	Buy	DDM
02/05/25	DBS Vickers	Capitaland Integrated Commercial Trust	1.93	2.3	Buy
02/06/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	1.94	2.37	Buy	DDM
02/06/25	Lim & Tan	Capitaland Integrated Commercial Trust	1.94	2.3	Accumulate
02/07/25	CIMB	Capitaland Integrated Commercial Trust	1.97	2.45	Add	DDM
02/19/25	DMG & Partners	Capitaland Integrated Commercial Trust	1.97	2.3	Buy	DDM
03/04/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	1.98	2.37	Buy	DDM
03/18/25	DBS Vickers	Capitaland Integrated Commercial Trust	2.12	2.3	Buy
04/01/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.1	2.37	Buy	DDM
04/24/25	DMG & Partners	Capitaland Integrated Commercial Trust	2.14	2.3	Buy	DDM
04/25/25	DBS Vickers	Capitaland Integrated Commercial Trust	2.14	2.3	Buy
04/28/25	CIMB	Capitaland Integrated Commercial Trust	2.14	2.45	Add	DDM
05/21/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.05	2.37	Buy	DDM
06/26/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.15	2.42	Buy	DDM
06/27/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.16	2.72	Buy	DDM
08/01/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.2	2.72	Buy	DDM
08/06/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.24	2.79	Buy	DDM
08/06/25	CIMB	Capitaland Integrated Commercial Trust	2.24	2.45	Add	DDM
08/06/25	DMG & Partners	Capitaland Integrated Commercial Trust	2.24	2.44	Buy	DDM
08/26/25	DBS Vickers	Capitaland Integrated Commercial Trust	2.26	2.5	Buy
09/01/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.28	2.79	Buy	DDM
10/13/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.34	2.79	Buy	DDM

Bumitama - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/11/24	DBS Vickers	Bumitama	0.675	0.9	Buy
07/11/24	DBS Vickers	Bumitama	0.7	0.9	Buy
08/12/24	DBS Vickers	Bumitama	0.715	0.9	Buy	DCF
08/12/24	DMG & Partners	Bumitama	0.715	0.7	Neutral	PER9x FY24
08/15/24	OCBC	Bumitama	0.715	0.77	Hold
11/12/24	DMG & Partners	Bumitama	0.84	0.95	Buy	PER10x FY25
11/12/24	OCBC	Bumitama	0.84	0.815	Hold
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
09/22/25	DMG & Partners	Bumitama	1.13	1.1	Neutral

Stock calls for 13 October 2025

Date	Analyst	Company	Last	Target	Call	Valuation
10/13/25	Phillip	17Live Group	0.96	1.45	Buy	DCF
10/13/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.34	2.79	Buy	DDM
10/13/25	OCBC	DBS	53.85	54	Hold
10/13/25	Lim & Tan	Innotek	0.55	0	Accumulate on weakness
10/13/25	UOB Kay Hian	Keppel DC Reit	2.39	2.69	Buy	DDM
10/13/25	Kim Eng	Sheng Siong	2.14	2.3	Buy	PER

Latest US inflation expectations!

1-year inflation expectation: 4.6%

5-year inflation expectation: 3.7%

The US inflation expectations remain at sky high levels. This shows that the US inflation is projected to trend upwards. This will be particularly true when Trump imposes the new 100% tariffs on China.