Broker Name: DBS

Date of Report: Date not specified in provided content (inferred: recent, as it refers to FY27F and YTD performance in 2024).

Excerpt from DBS report.

Report Summary:

• DBS downgraded Singtel to HOLD, citing a narrower holding company discount, expected pressure on Singapore telco profits, and a lower valuation for Bharti Airtel, resulting in a revised target price of SGD5.36.
• AEM Holdings entered a strategic partnership with ASE involving a two-stage share placement, potentially expanding their customer base and topline, and DBS maintains a BUY rating with a target price of SGD4.60.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com.sg