Capitaland Integrated Commercial Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
01/15/26	DBS Vickers	Capitaland Integrated Commercial Trust	2.42	2.5	Buy
01/19/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.42	2.56	Accumulate
02/06/26	DBS Vickers	Capitaland Integrated Commercial Trust	2.38	2.5	Buy
02/06/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.38	2.84	Accumulate
02/09/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.45	2.95	Buy	DDM
02/09/26	DBS Vickers	Capitaland Integrated Commercial Trust	2.45	2.8	Buy
02/09/26	Kim Eng	Capitaland Integrated Commercial Trust	2.45	2.6	Buy
02/09/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.45	2.69	Buy	DDM
02/13/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.47	2.73	Buy	DDM
02/23/26	JPM	Capitaland Integrated Commercial Trust	2.42	2.75	Buy	Up from $2.60
03/05/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.4	2.95	Buy	DDM
04/01/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.35	2.95	Buy	DDM
04/10/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.34	2.73	Buy	DDM
04/21/26	CIMB	Capitaland Integrated Commercial Trust	2.39	2.74	Add	DDM
04/21/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.39	2.67	Accumulate
04/21/26	Citi Research	Capitaland Integrated Commercial Trust	2.39	2.81	Buy	Sum of parts
05/04/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.36	2.95	Buy	DDM
05/19/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.25	3.06	Buy	DDM
06/02/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.27	3.06	Buy	DDM
06/11/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.33	2.7	Accumulate on weakness
06/29/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.4	2.75	Buy	DDM
07/01/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.37	3.06	Buy	DDM
07/01/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.37	0	Buy
07/09/26	CIMB	Capitaland Integrated Commercial Trust	2.41	2.74	Add	DDM
07/15/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.43	2.75	Buy	DDM
07/21/26	DBS Vickers	Capitaland Integrated Commercial Trust	2.45	2.8	Buy

Bumitama - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
01/14/26	DBS Vickers	Bumitama	1.3	1.9	Buy	PER16.4x FY26
02/27/26	OCBC	Bumitama	1.33	1.5	Buy
03/02/26	UOB Kay Hian	Bumitama	1.32	1.45	Buy	PER11x FY27
03/19/26	DBS Vickers	Bumitama	1.66	1.9	Buy	PER16.4x FY26
04/07/26	DBS Vickers	Bumitama	1.9	2.3	Buy	PER20.4x FY26
04/23/26	DMG & Partners	Bumitama	1.94	1.44	Sell
05/13/26	UOB Kay Hian	Bumitama	1.82	2.01	Buy	PER14x FY26
05/13/26	DBS Vickers	Bumitama	1.82	2.3	Buy	PER20.4x FY26
05/13/26	OCBC	Bumitama	1.82	2.2	Buy	PER
05/14/26	DMG & Partners	Bumitama	1.87	1.7	Neutral
06/15/26	UOB Kay Hian	Bumitama	1.67	2.01	Buy	PER14x FY26
07/13/26	DBS Vickers	Bumitama	1.69	2.3	Buy	PER20.4x FY26

Stock calls for 21 July 2026

Date	Analyst	Company	Last	Target	Call	Valuation
07/21/26	DBS Vickers	Capitaland Integrated Commercial Trust	2.45	2.8	Buy
07/21/26	CIMB	DBS	71.9	77.1	Add	GGM
07/21/26	DBS Vickers	Frasers Centrepoint Trust	2.27	2.75	Buy	DCF
07/21/26	Lim & Tan	Frasers Centrepoint Trust	2.27	2.6	Accumulate on weakness
07/21/26	SAC Capital	ISDN	0.63	0.97	Buy	PER
07/21/26	Lim & Tan	Metro	0.46	0.7	Accumulate
07/21/26	DBS Vickers	OCBC	28.69	30	Buy	GGM, PB1.9x FY27
07/21/26	CIMB	OCBC	28.69	28.4	Hold	GGM
07/21/26	CLSA	OCBC	28.69	26	Hold
07/21/26	UOB Kay Hian	Oiltek	1.6	2.78	Buy	PER28x FY27
07/21/26	DMG & Partners	SGX	23.63	22.5	Neutral
07/21/26	CLSA	UOB	42.66	49	Outperform

Singapore NODX continued to enjoy double digits growth in June 2026.

Year-on-year changes:

June 2026: 20.7%

May 2026: 38.4%

April 2026: 24.4%

March 2026: 15.3%

February 2026: 4%

January  2026: 9.3%

December 2025: 6.1%

November 2025: 11.5%

October 2025: 22.2%

September 2025: 6.9%

August 2025: -11.3%

July 2025: -4.6%

June 2025: 13%

May 2025: -3.5%

April 2025:12.4%

March 2025: 5.4%

February 2025: 7.6%

January 2025: -2.1%

December 2024: 9%

November 2024: 3.4%

October 2024: -4.6%

September 2024: 2.7%

August 2024: 10.7%

July 2024: 15.7%

June 2024: -8.7%

May 2024: -0.1%

April 2024: -9.6%

March 2024: -20.7%

February 2024: -0.1%

January 2024: +16.8%

Bukit Sembawang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
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
02/12/26	Phillip	BRC Asia	4.23	5.1	Buy
02/16/26	UOB Kay Hian	BRC Asia	4.32	5.1	Buy	PER14x FY26
02/16/26	Phillip	BRC Asia	4.32	5.3	Buy	DCF
04/01/26	CIMB	BRC Asia	4.67	5.4	Add
05/11/26	Lim & Tan	BRC Asia	4.7	5.2	Accumulate
05/13/26	UOB Kay Hian	BRC Asia	4.49	5.3	Buy	PER14x FY26
05/13/26	CIMB	BRC Asia	4.49	5.5	Add	EV/Ebitda
05/14/26	Phillip	BRC Asia	4.58	5.3	Buy	DCF