Capitaland Integrated Commercial Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
10/28/25	DBS Vickers	Capitaland Integrated Commercial Trust	2.41	2.5	Buy
10/29/25	CIMB	Capitaland Integrated Commercial Trust	2.4	2.71	Add	DDM
10/30/25	DMG & Partners	Capitaland Integrated Commercial Trust	2.41	2.44	Buy	DDM
11/25/25	DBS Vickers	Capitaland Integrated Commercial Trust	2.36	2.5	Buy
11/26/25	DMG & Partners	Capitaland Integrated Commercial Trust	2.37	2.69	Buy	DDM
12/17/25	Lim & Tan	Capitaland Integrated Commercial Trust	2.33	0	Accumulate
12/22/25	DMG & Partners	Capitaland Integrated Commercial Trust	2.34	2.69	Buy	DDM
01/07/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.39	2.54	Accumulate

Stock calls for 8 January 2026

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/26	DBS Vickers	Capitaland Investment	2.78	3.65	Buy	Sum of parts
01/08/26	Lim & Tan	Coliwoo	0.56	0.8	Accumulate
01/08/26	DBS Vickers	OUE Commercial	0.36	0.4	Buy	DCF
01/08/26	Amfrasers	PC Partner	1.02	1.73	outperform	DCF
01/08/26	UOB Kay Hian	Propnex	1.96	2.52	Buy	PER22.9x FY26
01/08/26	Aletheia Capital	Thai Beverage	0.465	0.39	Sell
01/08/26	Aletheia Capital	Wilmar	3.09	2.5	Sell	Cut from $3.49

Bumitama - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
08/28/25	UOB Kay Hian	Bumitama	1.09	0.9	Hold
09/22/25	DMG & Partners	Bumitama	1.13	1.1	Neutral
10/17/25	UOB Kay Hian	Bumitama	1.28	1.2	Hold	PER9.5x FY26
10/23/25	OCBC	Bumitama	1.33	1.3	Hold
10/23/25	DBS Vickers	Bumitama	1.33	1.9	Buy	DCF
11/14/25	UOB Kay Hian	Bumitama	1.48	1.4	Hold	PER11x FY26
11/14/25	DBS Vickers	Bumitama	1.48	1.9	Buy	PER16.4x FY26

Bukit Sembawang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/27/25	Lim & Tan	Bukit Sembawang	3.92	0	Accumulate on weakness
07/04/25	Lim & Tan	Bukit Sembawang	4.08	0	Accumulate
07/04/25	DBS Vickers	Bukit Sembawang	4.08	5.92	Buy	RNAV (45% disc)
12/01/25	DBS Vickers	Bukit Sembawang	4.17	5.88	Buy	RNAV (45% disc)

BRC Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/05/24	UOB Kay Hian	BRC Asia	2.52	2.52	Hold	PER8.2x FY25
01/13/25	Lim & Tan	BRC Asia	2.58	0	Hold
02/07/25	Lim & Tan	BRC Asia	2.87	2.9	Hold
02/13/25	Phillip	BRC Asia	2.91	3.15	Accumulate	DCF
03/07/25	UOB Kay Hian	BRC Asia	3.03	2.76	Hold	PER9x FY25
05/26/25	UOB Kay Hian	BRC Asia	3.13	3.29	Hold	PER9x FY25
05/26/25	Phillip	BRC Asia	3.13	3.4	Accumulate	DCF
05/27/25	CIMB	BRC Asia	3.12	3.4	Add
07/10/25	UOB Kay Hian	BRC Asia	3.3	3.29	Hold	PER9x FY25
07/15/25	Lim & Tan	BRC Asia	3.33	3.4	Hold
08/21/25	CIMB	BRC Asia	3.64	4	Add	PER
08/22/25	Phillip	BRC Asia	3.76	4.1	Accumulate	DCF
08/22/25	CIMB	BRC Asia	3.76	4.3	Add
08/25/25	Lim & Tan	BRC Asia	3.92	3.92	Hold
09/05/25	UOB Kay Hian	BRC Asia	4.05	4.69	Buy	PER14x FY26
10/10/25	CIMB	BRC Asia	4.33	5.3	Add	PER
10/31/25	Phillip	BRC Asia	4.22	4.1	Neutral	DCF
11/24/25	Lim & Tan	BRC Asia	4.02	4.7	Accumulate on weakness
12/01/25	Phillip	BRC Asia	3.93	5.1	Buy	DCF
12/01/25	CIMB	BRC Asia	3.93	4.9	Add	PER
12/05/25	UOB Kay Hian	BRC Asia	4.01	4.9	Buy	PER14x FY26

Stock calls for 7 January 2026

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.39	2.54	Accumulate
01/07/26	Lim & Tan	Capitaland Investment	2.76	3.39	Accumulate
01/07/26	JPM	City Developments	8.39	10.75	Overweight
01/07/26	UOB Kay Hian	DBS	57.93	68.95	Buy	GGM, PB2.81x FY26
01/07/26	phillip	Elite ComReit	0.36	0.39	Buy	DDM
01/07/26	CIMB	Lum Chang Creations	0.5	0.72	Add
01/07/26	UOB Kay Hian	OCBC	20.18	23.65	Buy	GGM, PB1.7x FY26

The ISM PMI has been in contractionary zone for the past 10 months.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = 0.3 - (+0.6) = -0.3

Estimated Local Material: Inventories - Imports = (-3.7) - (-4.3) = +0.6

The new orders (47.7, +0.3) increased marginally because of a slight pullback by the local new orders (est'd -0.3) even though the new export orders increased to 46.8 (+0.6).

In view of the bearish outlook, the producers decreased their production (51, -0.4) and caused the backlog of orders (45.8, +1.8) to increase and customers' inventories (43.3, -1.4) to be depleted.  The decline in production also caused declines in inventories and imports.

The employment (44.9, +0.9) rebounded because the producers didn't increase their employment in the previous month.

As a result, the PMI decreased to 47.9 (-0.3) and this indicated continual economic weaknesses.

Boustead - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/25	OCBC	Boustead	1.05	1.39	Buy
05/27/25	Lim & Tan	Boustead	1.04	0	Accumulate
05/29/25	OCBC	Boustead	1.14	1.46	Buy
06/26/25	OCBC	Boustead	1.4	1.63	Buy
07/07/25	Lim & Tan	Boustead	1.42	0	Accumulate
07/18/25	OCBC	Boustead	1.64	2	Buy	Sum of parts
09/19/25	OCBC	Boustead	1.76	2	Buy	Sum of parts

Beng Kuang Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/11/25	Kim Eng	Beng Kuang Marine	0.24	0.22	Hold	Up from $0.19
11/10/25	Kim Eng	Beng Kuang Marine	0.31	0.3	Hold