Singapore Stock Exchange - Equity Investments

Friday, December 12, 2025

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/03/24	Kim Eng	Singtel	3.13	3.65	Buy
12/03/24	DMG & Partners	Singtel	3.13	3.6	Buy
12/04/24	MorningStar	Singtel	3.13	3.46	4-Star	Up from $3.37
01/07/25	DMG & Partners	Singtel	3.08	3.6	Buy
01/10/25	Kim Eng	Singtel	3.08	3.65	Buy
01/20/25	CIMB	Singtel	3.14	3.7	Add
01/21/25	UOB Kay Hian	Singtel	3.15	3.58	Buy	DCF
01/22/25	HSBC	Singtel	3.13	3.7	Buy	Up from $3.65
02/05/25	CIMB	Singtel	3.24	3.7	Add
02/19/25	DBS Vickers	Singtel	3.33	3.82	Buy	Sum of parts
02/19/25	DMG & Partners	Singtel	3.33	3.6	Buy
02/19/25	Citi Research	Singtel	3.33	3.8	Buy
02/20/25	UOB Kay Hian	Singtel	3.37	3.6	Buy	DCF
02/20/25	Phillip	Singtel	3.37	3.77	Accumulate	EV/Ebitda6x FY25
02/20/25	DBS Vickers	Singtel	3.37	3.93	Buy	Sum of parts
02/20/25	DMG & Partners	Singtel	3.37	3.8	Buy	Sum of parts
02/20/25	Lim & Tan	Singtel	3.37	3.75	Accumulate
02/20/25	Kim Eng	Singtel	3.37	3.72	Buy	Sum of parts
03/28/25	UOB Kay Hian	Singtel	3.4	3.6	Buy	DCF
04/21/25	Kim Eng	Singtel	3.75	3.96	Buy	Sum of parts
04/24/25	DMG & Partners	Singtel	3.76	3.8	Buy	Sum of parts
05/05/25	DBS Vickers	Singtel	3.8	3.93	Buy	Sum of parts (20% disc)
05/14/25	CIMB	Singtel	3.71	4	Hold
05/20/25	DBS Vickers	Singtel	3.79	4.27	Buy	Sum of parts (15% disc)
05/22/25	Lim & Tan	Singtel	3.85	4	Accumulate on weakness
05/23/25	UOB Kay Hian	Singtel	3.95	4.58	Buy	Sum of parts
05/23/25	DBS Vickers	Singtel	3.95	4.4	Buy	Sum of parts
05/23/25	Citi Research	Singtel	3.95	4.3	Buy
05/26/25	Phillip	Singtel	3.88	4.4	Accumulate	EV/Ebitda7x
05/26/25	DMG & Partners	Singtel	3.88	4.5	Buy
05/26/25	OCBC	Singtel	3.88	4.51	Buy	Up from $4
06/17/25	CIMB	Singtel	3.95	4.1	Hold
06/19/25	DBS Vickers	Singtel	3.97	4.3	Buy	Sum of parts
06/19/25	Kim Eng	Singtel	3.97	4.3	Buy
06/20/25	DBS Vickers	Singtel	3.91	4.58	Buy	EV/Ebitda18.5x
06/20/25	HSBC	Singtel	3.91	4.45	Buy
07/01/25	Lim & Tan	Singtel	3.82	4.4	Accumulate
07/11/25	UOB Kay Hian	Singtel	4.01	4.58	Buy	Sum of parts
07/11/25	Citi Research	Singtel	4.01	4.46	Buy
07/22/25	DMG & Partners	Singtel	4.15	4.7	Buy
08/06/25	DMG & Partners	Singtel	4	4.7	Buy
08/07/25	Kim Eng	Singtel	4.01	4.3	Buy
08/14/25	UOB Kay Hian	Singtel	4.06	4.56	Buy	Sum of parts
08/14/25	Phillip	Singtel	4.06	4.4	Accumulate	Ev/Ebitda7x
08/14/25	DBS Vickers	Singtel	4.06	4.58	Buy	Sum of parts (15% disc)
08/15/25	Lim & Tan	Singtel	4.07	4.4	Accumulate
08/15/25	DMG & Partners	Singtel	4.07	4.7	Buy
08/22/25	DBS Vickers	Singtel	4.11	5.04	Buy	Sum of parts (10% disc)
09/01/25	Phillip	Singtel	4.31	4.86	Accumulate	Ev/Ebitda8x
09/02/25	CIMB	Singtel	4.33	4.8	Add
09/02/25	HSBC	Singtel	4.33	4.75	Buy
09/08/25	DMG & Partners	Singtel	4.39	4.9	Buy
09/10/25	Kim Eng	Singtel	4.31	4.75	Buy
09/19/25	OCBC	Singtel	4.35	5.1	Buy
09/30/25	Kim Eng	Singtel	4.12	4.62	Buy	Sum of parts
09/30/25	Citi Research	Singtel	4.12	4.92	Buy
10/30/25	DMG & Partners	Singtel	4.31	4.9	Buy
11/07/25	DBS Vickers	Singtel	4.5	5.04	Buy	Sum of parts (10% disc)
11/07/25	Kim Eng	Singtel	4.5	4.62	Buy	Sum of parts
11/10/25	Lim & Tan	Singtel	4.63	4.73	Accumulate on weakness
11/12/25	Lim & Tan	Singtel	4.62	5	Accumulate on weakness
11/13/25	UOB Kay Hian	Singtel	4.72	5.2	Buy	Sum of parts
11/13/25	CIMB	Singtel	4.72	5.2	Add	PER
11/17/25	Phillip	Singtel	4.86	5.35	Accumulate
12/09/25	Citi Research	Singtel	4.56	5.08	Buy	Sum of parts
12/12/25	DBS Vickers	Singtel	4.56	5.71	Buy	Sum of parts

Stock calls for 12 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/12/25	Lim & Tan	Hongkong Land	6.93	7.5	Accumulate on weakness
12/12/25	DMG & Partners	HRnetGroup	0.715	0.85	Buy
12/12/25	CIMB	Keppel Reit	1.03	1.2	Add	DDM
12/12/25	CIMB	Mapletree Commercial	1.43	1.52	Add	DDM
12/12/25	CIMB	Seatrium	2.08	2.67	Add	DDM
12/12/25	Lim & Tan	Seatrium	2.08	2.81	Accumulate on weakness
12/12/25	CIMB	Sembcorp Industries	5.82	7.77	Add	PER13x
12/12/25	JPM	Sembcorp Industries	5.82	5.9	Neutral
12/12/25	UOB Kay Hian	SGX	16.7	17.3	Hold	PER25.5x FY27
12/12/25	Kim Eng	SGX	16.7	18.81	Buy
12/12/25	DBS Vickers	Singtel	4.56	5.71	Buy	Sum of parts

Thursday, December 11, 2025

The US will lose in South China Sea if it engages China in a war. - Part 2

We've nailed it! The US had admitted that it would be defeated and destroyed in a South China Sea war with China after our posting (See below).

https://sg.news.yahoo.com/china-destroy-us-military-fight-163833630.html

https://sg-stock.blogspot.com/2025/12/the-us-will-lose-in-south-china-sea-if.html

Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/24	Lim & Tan	Singapore Post	0.58	0.64	Accumulate on weakness
12/02/24	OCBC	Singapore Post	0.58	0.58	Hold
12/03/24	UOB Kay Hian	Singapore Post	0.585	0.72	Buy	Sum of parts, PB1x FY26
12/03/24	Kim Eng	Singapore Post	0.585	0.77	Buy
12/03/24	CIMB	Singapore Post	0.585	0.74	Add
12/09/24	Lim & Tan	Singapore Post	0.575	0.64	Accumulate on weakness
12/23/24	OCBC	Singapore Post	0.56	0.54	Hold
01/03/25	Kim Eng	Singapore Post	0.54	0.77	Buy
01/06/25	Lim & Tan	Singapore Post	0.555	0.74	Accumulate on weakness
01/09/25	UOB Kay Hian	Singapore Post	0.545	0.72	Buy	Sum of parts, PB1x FY26
02/14/25	Kim Eng	Singapore Post	0.555	0.77	Buy
02/20/25	Lim & Tan	Singapore Post	0.56	0.74	Accumulate
03/10/25	UOB Kay Hian	Singapore Post	0.56	0.72	Buy	Sum of parts, PB1x FY26
03/10/25	OCBC	Singapore Post	0.56	0.62	Hold	DCF
03/14/25	Lim & Tan	Singapore Post	0.56	0.75	Buy
04/02/25	Lim & Tan	Singapore Post	0.615	0.75	Buy
05/07/25	Kim Eng	Singapore Post	0.6	0.77	Buy
05/15/25	Lim & Tan	Singapore Post	0.635	0.75	Neutral
05/15/25	OCBC	Singapore Post	0.635	0.605	Hold	Sum of parts
05/16/25	UOB Kay Hian	Singapore Post	0.56	0.66	Buy	Sum of parts
06/20/25	Lim & Tan	Singapore Post	0.57	0.7	Hold
06/30/25	UOB Kay Hian	Singapore Post	0.62	0.66	Buy	Sum of parts
07/23/25	Lim & Tan	Singapore Post	0.64	0.7	Hold
07/24/25	Kim Eng	Singapore Post	0.655	0.74	Buy
08/11/25	OCBC	Singapore Post	0.505	0.59	Buy
08/11/25	Kim Eng	Singapore Post	0.505	0.63	Buy
08/22/25	Lim & Tan	Singapore Post	0.5	0.725	Accumulate
08/22/25	OCBC	Singapore Post	0.5	0.495	Hold
08/25/25	Kim Eng	Singapore Post	0.5	0.51	Hold
09/15/25	OCBC	Singapore Post	0.435	0.44	Hold
09/17/25	Lim & Tan	Singapore Post	0.43	0.725	Accumulate
11/10/25	Lim & Tan	Singapore Post	0.42	1	Accumulate on weakness
11/11/25	Kim Eng	Singapore Post	0.42	0.43	Hold
11/12/25	Lim & Tan	Singapore Post	0.42	0.51	Accumulate on weakness
12/10/25	Lim & Tan	Singapore Post	0.42	0.43	Hold

Singapore Paincare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/05/25	SIAS	Singapore Paincare	0.157	0.365	Hold	Offer @ $0.16

Singapore Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/25	DBS Vickers	Singapore Land	2.12	2.6	Buy

Stock calls for 11 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/11/25	DMG & Partners	Delfi	0.82	0.94	Buy	PER13x FY26
12/11/25	phillip	OCBC	18.95	20	Accumulate
12/11/25	UOB Kay Hian	Valuetronics	0.865	1.03	Buy	PER13x FY27

The US Fed reduced its rates by 25bps as expected.

The latest Fed dot plot chart is shown below.

The economic projections show that the US core PCE inflation will only fall to its neutral rate of 2% in 2028. However, this is a low possibility because the 5-year inflation expectation is way above 3%.