Singapore Stock Exchange - Equity Investments

First Resources - Stock calls

2026-11-04T20:26:21.448+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/25	DBS Vickers	First Resources	1.57	2	Buy	DCF
08/15/25	Kim Eng	First Resources	1.68	1.9	Buy
08/25/25	UOB Kay Hian	First Resources	1.76	1.85	Buy
08/26/25	DMG & Partners	First Resources	1.79	2.1	Buy	PER10x FY26
10/15/25	UOB Kay Hian	First Resources	1.7	1.97	Buy	PER8.5x FY26
10/15/25	DBS Vickers	First Resources	1.7	2.1	Buy	DCF
11/17/25	UOB Kay Hian	First Resources	2.05	2.3	Buy	PER10x FY26
01/05/26	UOB Kay Hian	First Resources	2.08	2.3	Buy	PER10x FY26
01/16/26	UOB Kay Hian	First Resources	1.97	2.5	Buy	PER10x FY26
03/02/26	UOB Kay Hian	First Resources	2.37	2.53	Buy	PER10x FY26
03/02/26	Kim Eng	First Resources	2.37	2.63	Buy	PER
03/02/26	DMG & Partners	First Resources	2.37	2.8	Buy
03/25/26	DBS Vickers	First Resources	2.72	3	Buy	PER10x FY26
03/25/26	DMG & Partners	First Resources	2.72	3.45	Buy
03/25/26	Aletheia Capital	First Resources	2.72	3.5	Buy
05/06/26	DBS Vickers	First Resources	3.75	5	Buy	PER14x FY26
05/18/26	CIMB	First Resources	3.9	4.39	Add	PER
05/18/26	DMG & Partners	First Resources	3.9	3.7	Neutral
06/15/26	UOB Kay Hian	First Resources	2.83	3.65	Buy	PER12x FY26
06/22/26	DMG & Partners	First Resources	3.17	3.7	Buy
07/13/26	DBS Vickers	First Resources	3.21	5	Buy	PER14x FY26
07/15/26	DMG & Partners	First Resources	3.38	3.7	Buy
08/17/26	UOB Kay Hian	First Resources	3.95	4.57	Buy	PER14x FY27
09/07/26	Aletheia Capital	First Resources	4.55	5.2	Buy	STI inclusion
09/24/26	DBS Vickers	First Resources	4.44	6.3	Buy	PER14x FY27
09/30/26	UOB Kay Hian	First Resources	4.47	5.09	Buy
10/13/26	DBS Vickers	First Resources	4.4	6.3	Buy	PER14x FY27
11/03/26	DBS Vickers	First Resources	3.08	6.3	Buy	PER14x FY27

First Reit - Stock calls

2026-11-04T20:25:30.289+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	phillip	First Reit	0.275	0.31	Buy	DDM
09/22/25	phillip	First Reit	0.285	0.31	Buy	DDM
10/22/25	Lim & Tan	First Reit	0.28	0.31	Hold
10/23/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	OCBC	First Reit	0.28	0.265	Hold
02/06/26	Lim & Tan	First Reit	0.275	0.31	Accumulate on weakness
02/09/26	phillip	First Reit	0.27	0.29	Accumulate	DDM
04/02/26	Lim & Tan	First Reit	0.245	0.27	Accumulate on weakness
04/02/26	OCBC	First Reit	0.245	0.245	Hold
04/06/26	phillip	First Reit	0.245	0.25	Accumulate	PB1x FY26
06/04/26	Lim & Tan	First Reit	0.235	0.245	Vote Yes
06/26/26	Lim & Tan	First Reit	0.225	0.24	Accumulate on weakness
08/03/26	phillip	First Reit	0.23	0.23	Accumulate	PB1x FY26
10/29/26	OCBC	First Reit	0.18	0.175	Hold	DDM
10/30/26	phillip	First Reit	0.184	0.17	Accumulate	PB0.8x FY26

Far East Orchard - Stock calls

2026-11-04T20:24:40.565+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
04/13/26	DBS Vickers	Far East Orchard	1.21	2	Unrated	RNAV (30% disc)
10/05/26	Lim & Tan	Far East Orchard	1.06	0.72	Unrated

Stock calls for 4 November 2026

2026-11-04T20:23:49.362+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
11/04/26	DBS Vickers	Capitaland Investment	2.38	3.4	Buy	Sum of parts
11/04/26	Lim & Tan	CSE Global	0.915	1.8	Accumulate
11/04/26	phillip	Elite ComReit	0.3	0.4	Buy	DDM
11/04/26	Phillip	Nanofilm	0.77	1.2	Buy	PER28x FY27
11/04/26	DBS Vickers	SIA Engineering	2.94	3.8	Buy	PER21x FY27 & DCF
11/04/26	CIMB	UMS	1.98	3.48	Add
11/04/26	DBS Vickers	UOB	40.46	42.5	Hold	GGM, PB1.3x FY27
11/04/26	Lim & Tan	UOB	40.46	44.46	Hold

Hot news: Trump and his Republican party have lost both congress houses!

2026-11-04T15:36:44.340+08:00

Just as we've projected (see below), Trump and his Republican party have lost both congress houses! Trump is a limping president now and he may be subjected to an impreachment again.

https://sg-stock.blogspot.com/2026/11/trump-is-likely-to-lose-his-mid-term.html

Trump is likely to lose his mid-term election! - Part 5

2026-11-03T23:13:56.643+08:00

The polymarket statistics for Trump have worsen and Trump has a high chance of losing both congress houses. Trump has threatened to veto every US policy if he can't win this election.

However, we don't think his threat will work and the tide won't turn in his favour after his threat. Let's watch how this will pan out.

The underlying factors for the ISM PMI are not as optimistic as the headline number.

2026-11-03T23:09:38.351+08:00

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = 0.2 - 0.3 = (-0.1)

Estimated Local Material: Inventories - Imports = 2.8 - 1.9 = +0.9

The new orders (+0.2) and new export orders (+0.3) increased marginally but the local new orders (Est'd -0.1) eased a bit. This showed that the US consumer spendings were relatively stagnant even though the prices declined (-2.7).

Although the producers increased their inventories (+2.8), imports (+1.9), local material (+0.9) and production (+2.3) for the upcoming festivals, they didn't increase their employment (-0.3) because they had not confidence in the US consumption as the customers' inventories remained the same. The producers only boosted their production to clear some backlog of orders (-1.8).

The above factors caused the PMI to increase to 55.5 (+1) but the weak US consumer spending would continue to dictate the trajectory of the PMI in the future.

Far East Hospitality - Stock calls

2026-11-03T22:49:13.275+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/25	CIMB	Far East Hospitality	0.595	0.74	Add	DDM
09/30/25	UOB Kay Hian	Far East Hospitality	0.6	0.81	Buy	DDM
10/06/25	Lim & Tan	Far East Hospitality	0.61	0.66	Accumulate
10/30/25	DBS Vickers	Far East Hospitality	0.615	0.7	Buy	DCF
10/31/25	CIMB	Far East Hospitality	0.615	0.76	Add	DDM
12/08/25	DBS Vickers	Far East Hospitality	0.61	0.7	Buy	DCF
02/12/26	DBS Vickers	Far East Hospitality	0.625	0.7	Buy	DCF
02/12/26	Lim & Tan	Far East Hospitality	0.625	0.71	Accumulate
02/13/26	CIMB	Far East Hospitality	0.62	0.72	Add	DDM
02/16/26	UOB Kay Hian	Far East Hospitality	0.625	0.85	Buy	DDM
03/17/26	DBS Vickers	Far East Hospitality	0.565	0.75	Buy	RNAV (15% disc)
05/04/26	Kim Eng	Far East Hospitality	0.575	0.65	Buy	DDM
05/04/26	Lim & Tan	Far East Hospitality	0.575	0.71	Accumulate
06/29/26	JPM	Far East Hospitality	0.57	0.69	Neutral
07/30/26	DBS Vickers	Far East Hospitality	0.59	0.75	Buy	RNAV (15% disc)
07/30/26	Lim & Tan	Far East Hospitality	0.59	0.73	Accumulate
09/10/26	UOB Kay Hian	Far East Hospitality	0.545	0.79	Buy	DDM
10/21/26	Lim & Tan	Far East Hospitality	0.505	0.645	Buy
10/22/26	UOB Kay Hian	Far East Hospitality	0.51	0.8	Buy	DDM
10/30/26	Kim Eng	Far East Hospitality	0.505	0.65	Buy	DDM

F&N - Stock calls

2026-11-03T22:48:25.423+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/26	Lim & Tan	F&N	1.5	1.5	Hold
02/09/26	uSMART	F&N	1.5	1.91	Hold

Ever Glory Uinited Holdings - Stock calls

2026-11-03T22:47:50.008+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/25	phillip	Ever Glory Uinited Holdings	0.57	0.81	Buy	PER
09/03/25	Lim & Tan	Ever Glory Uinited Holdings	0.74	0.81	Watchlist
11/20/25	CIMB	Ever Glory Uinited Holdings	0.7	0.87	Add
12/17/25	Amfrasers	Ever Glory Uinited Holdings	0.7	1.2	Outperform	DCF
02/05/26	CIMB	Ever Glory Uinited Holdings	0.685	0.87	Add	PER
03/03/26	CIMB	Ever Glory Uinited Holdings	0.76	0.9	Add	PER
03/09/26	phillip	Ever Glory Uinited Holdings	0.77	1.05	Buy	PER18x FY27
03/17/26	Amfrasers	Ever Glory Uinited Holdings	0.745	1.28	Outperform	DCF ($1.02 – ex-bonus)
04/24/26	CIMB	Ever Glory Uinited Holdings	0.955	1.13	Add	PER
05/06/26	phillip	Ever Glory Uinited Holdings	0.8	1.05	Buy	PER18x FY27
05/22/26	CIMB	Ever Glory Uinited Holdings	0.845	0.9	Add	PER, Ex-bonus
07/08/26	CIMB	Ever Glory Uinited Holdings	0.775	0.9	Add	PER, Ex-bonus
08/11/26	CIMB	Ever Glory Uinited Holdings	0.86	1.1	Add	PER
08/27/26	phillip	Ever Glory Uinited Holdings	0.84	1.2	Buy	PER
10/16/26	Amfrasers	Ever Glory Uinited Holdings	0.77	1.17	Outperform	DCF

Stock calls for 3 November 2026

2026-11-03T22:47:01.295+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
11/03/26	Kim Eng	Addvalue	0.106	0.34	Buy	P/S
11/03/26	CIMB	AEM	7.62	12.92	Add
11/03/26	Lim & Tan	APAC Realty	0.455	0.73	Accumulate
11/03/26	UOB Kay Hian	Beng Kuang Marine	0.33	0.75	Buy	PER14x FY27
11/03/26	Lim & Tan	Beng Kuang Marine	0.33	0.72	Buy
11/03/26	DBS Vickers	Capitaland Integrated Commercial Trust	2.29	2.6	Buy	PB1.2x
11/03/26	DBS Vickers	City Developments	7.29	12	Buy	RNAV (35% disc)
11/03/26	Kim Eng	Elite ComReit	0.3	0.44	Buy	DDM
11/03/26	DMG & Partners	Elite ComReit	0.3	0.4	Buy
11/03/26	DBS Vickers	First Resources	3.08	6.3	Buy	PER14x FY27
11/03/26	UOB Kay Hian	Food Empire	2.04	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
11/03/26	UOB Kay Hian	Huationg Global	0.485	0.88	Buy	PER10x FY26
11/03/26	Phillip	Lendlease Reit	0.555	0.73	Buy	DDM
11/03/26	CIMB	Mapletree Commercial	1.15	1.17	Hold	DDM
11/03/26	UOB Kay Hian	Oiltek	1.05	2.78	Buy	PER28x FY27
11/03/26	OCBC	Parkway Life	4	4.5	Buy
11/03/26	Lim & Tan	Propnex	1.65	2.15	Accumulate
11/03/26	UOB Kay Hian	Riverstone	0.73	1.21	Buy	PER24x FY27
11/03/26	DBS Vickers	SATS	3.66	5	Buy	DCF
11/03/26	UOB Kay Hian	SATS	3.66	5	Buy	PER19.7x FY28
11/03/26	DBS Vickers	Seatrium	1.84	3	Buy	PB1.35x FY26
11/03/26	DBS Vickers	SGX	20.32	20	Hold	PER25x FY28
11/03/26	DBS Vickers	Singtel	4.11	5.46	Buy	Sum of parts (10% disc)
11/03/26	CIMB	Singtel	4.11	5.16	Add
11/03/26	DBS Vickers	UOB Kay Hian	3.13	4.8	Buy	PER15x FY27
11/03/26	DBS Vickers	UOL	7.89	13	Buy	RNAV (25% disc)
11/03/26	UOB Kay Hian	Valuetronics	0.94	1.88	Buy	PER19x FY28, Ex-cash
11/03/26	DBS Vickers	Venture	14.75	22.9	Buy	PER24x FY27
11/03/26	UOB Kay Hian	Venture	14.75	21.1	Buy	PER23.7x FY27
11/03/26	DBS Vickers	Yangzijiang Maritime	0.575	0.88	Buy	PB1.4x, PER16x FY27
11/03/26	DBS Vickers	Yangzijiang Shipping	4.63	6.6	Buy	PB3x FY27, PER11.5x FY27
11/03/26	UOB Kay Hian	Yangzijiang Shipping	4.63	5.9	Buy	PER10.1x FY28

Red alert: Iran war is resuming! - Part 9

2026-11-03T15:54:59.480+08:00

Just as we've expected, the US has resumed the Iran war by striking Iran just before the mid-term election.

How bad will this impact the financial market?

Well, it depends on the intensity of Iran's retaliation. If Iran is limiting its retaliation for this latest US strike, then the financial market will only have a knee-jerk reaction and not a prolonged repercussion. Let's hope for the best because we don't want to cross the rubicon and face the Gulf armageddon.

Apple Iphone Duo has a flawed hinge design that causes its screen to crack! - Part 2

2026-11-03T15:07:09.302+08:00

After our 1st warning about Iphone Duo hinge design problem, another major hardware defect has been detected. There is an usual gap between the frame and the hinge when the Iphone Duo is folded and this gap can expose the internal components to dust and water.

There is a high chance that Apple will face a high pre-order cancellation wave soon as more defective problems are being detected by users.

Hot news: Russia has won the Ukraine war! - Part 2

2026-11-03T00:36:23.799+08:00

It looks like Ukraine is the only sore loser in this war.

The US wants to resolve the EU high energy prices by resuming the Russian gas sales to Europe via Ukriane so that Ukraine can earn some fees to rebuild its country.

What does this mean?

This means that businesses will be back to the previous stage between the EU and Russia while Ukraine will lose up to 25% of its territory to Russia.

If this doesn't mean that Russia has won the Ukriane war, what else can it be? Justice is served!

ESR Reit - Stock calls

2026-11-03T00:27:24.206+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/25	CIMB	ESR-Reit	2.74	3.55	Add	DDM
10/28/25	DBS Vickers	ESR-Reit	2.87	3.2	Buy	DCF
10/30/25	CIMB	ESR-Reit	2.91	3.64	Add	DDM
10/30/25	DMG & Partners	ESR-Reit	2.91	3.15	Buy
11/06/25	Kim Eng	ESR-Reit	2.82	3	Buy	DDM
12/15/25	Lim & Tan	ESR-Reit	2.74	3.3	Accumulate
02/04/26	DBS Vickers	ESR-Reit	2.71	3.2	Buy	DCF
02/05/26	CIMB	ESR-Reit	2.75	3.43	Add	DDM
02/05/26	Kim Eng	ESR-Reit	2.75	3	Buy	DDM
04/29/26	CIMB	ESR-Reit	2.47	3.43	Add	DDM
07/08/26	DBS Vickers	ESR-Reit	2.34	3.2	Buy	DCF
07/08/26	DMG & Partners	ESR-Reit	2.34	3.05	Buy	DDM
07/28/26	DBS Vickers	ESR-Reit	2.48	3.1	Buy	DCF
07/29/26	CIMB	ESR-Reit	2.57	3.43	Add	DDM
08/11/26	DBS Vickers	ESR-Reit	2.45	3.2	Buy	DCF
09/07/26	DMG & Partners	ESR-Reit	2.27	2.48	Neutral	DDM
09/07/26	DBS Vickers	ESR-Reit	2.27	2.8	Hold	DCF
10/27/26	DBS Vickers	ESR-Reit	1.97	2.3	Hold	DCF, PB0.9x
10/28/26	Kim Eng	ESR-Reit	1.9	2.78	Buy	DDM

EGP Energy - Stock calls

2026-11-03T00:26:37.983+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
09/17/26	UOB Kay Hian	EGP Energy	0.73	0.92	Buy	PER13.8x FY27
10/06/26	OCBC	EGP Energy	0.74	1.05	Buy	PER
10/29/26	UOB Kay Hian	EGP Energy	0.66	0.92	Buy	PER13.8x FY27

Elite ComReit - Stock calls

2026-11-03T00:23:59.128+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	phillip	Elite ComReit	0.345	0.39	Buy	DDM
08/04/25	DBS Vickers	Elite ComReit	0.35	0.4	Buy	DCF
08/06/25	DMG & Partners	Elite ComReit	0.345	0.37	Buy
09/19/25	UOB Kay Hian	Elite ComReit	0.35	0.39	Buy	DDM
09/22/25	phillip	Elite ComReit	0.35	0.39	Buy	DDM
10/23/25	phillip	Elite ComReit	0.355	0.39	Buy	DDM
11/04/25	Lim & Tan	Elite ComReit	0.36	0.4	Hold
11/19/25	Amfrasers	Elite ComReit	0.36	0.41	Outperform	DDM
11/24/25	phillip	Elite ComReit	0.355	0.39	Buy	DDM
12/23/25	phillip	Elite ComReit	0.355	0.39	Buy	DDM
01/07/26	phillip	Elite ComReit	0.36	0.39	Buy	DDM
02/06/26	DBS Vickers	Elite ComReit	0.355	0.4	Buy	DCF
02/10/26	DMG & Partners	Elite ComReit	0.365	0.4	Buy
02/12/26	phillip	Elite ComReit	0.36	0.41	Buy	DDM
03/23/26	phillip	Elite ComReit	0.34	0.41	Buy	DDM
03/30/26	DBS Vickers	Elite ComReit	0.335	0.4	Buy	DCF
04/23/26	DMG & Partners	Elite ComReit	0.345	0.41	Buy
04/27/26	phillip	Elite ComReit	0.345	0.41	Buy	DDM
05/25/26	phillip	Elite ComReit	0.34	0.41	Buy	DDM
06/08/26	Kim Eng	Elite ComReit	0.34	0.41	Buy
06/17/26	Lim & Tan	Elite ComReit	0.34	0.42	Buy
06/22/26	phillip	Elite ComReit	0.34	0.41	Buy	DDM
07/27/26	phillip	Elite ComReit	0.31	0.41	Buy	DDM
08/11/26	phillip	Elite ComReit	0.315	0.41	Buy	DDM
08/11/26	DBS Vickers	Elite ComReit	0.315	0.4	Buy	DCF
09/21/26	phillip	Elite ComReit	0.305	0.41	Buy	DDM
10/23/26	phillip	Elite ComReit	0.305	0.41	Buy	DDM
11/02/26	Lim & Tan	Elite ComReit	0.305	0.41	Buy

Stock calls for 2 November 2026

2026-11-03T00:23:06.754+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
11/02/26	UOB Kay Hian	A-Reit	2.21	3.25	Neutral	DDM
11/02/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.28	3.11	Buy	DDM
11/02/26	DBS Vickers	Daiwa House	0.41	0.44	Hold	DCF
11/02/26	Lim & Tan	Daiwa House	0.41	0.5	Accumulate on weakness
11/02/26	Lim & Tan	Elite ComReit	0.305	0.41	Buy
11/02/26	Phillip	Keppel Corp	10.09	13.8	Buy	Sum of parts
11/02/26	UOB Kay Hian	Keppel Reit	0.815	1.05	Buy	DDM
11/02/26	DBS Vickers	Lendlease Reit	0.545	0.65	Buy	DCF, PB0.9x
11/02/26	UOB Kay Hian	Lendlease Reit	0.545	0.8	Buy	DCF
11/02/26	UOB Kay Hian	Mapletree Commercial	1.15	1.67	Buy	DDM
11/02/26	OCBC	Mapletree Commercial	1.15	1.24	Buy
11/02/26	phillip	Netlink	0.935	0.96	Accumulate
11/02/26	UOB Kay Hian	Netlink	0.935	1.01	Hold	DCF
11/02/26	UOB Kay Hian	NTT DC Reit	0.895	1.29	Buy	DDM
11/02/26	CIMB	SATS	3.66	4.4	Add	DCF
11/02/26	phillip	Sheng Siong	2.67	2.75	Neutral	PER25x FY27
11/02/26	DBS Vickers	Sheng Siong	2.67	2.7	Hold	PER26x FY27
11/02/26	UOB Kay Hian	Sheng Siong	2.67	2.88	Hold	PER24.9x FY27
11/02/26	UOB Kay Hian	UI Boustead	0.795	1.16	Buy	DDM
11/02/26	Kim Eng	Wilmar	3.01	3.1	Hold

Why did Singapore foreign minister visit Pakistan?

2026-10-31T23:39:50.361+08:00

FM Vivan was trying to mend a historical feud between Singapore and Pakistan over the Gwadar Port saga. Why and what had happened?

In the past, Singapore tried to contain Pakistan's port development (Gwadar) for fear that it would snatch away some of Singapore maritime businesses. Thus, Singapore bought Gwardar port management rights from Pakistan and left it to rot. After Pakistan found out about the debilitating Gwadar port, Pakistan kicked Singapore out and sold the management rights to China. We did talk about this Gwadar port before (see below).

https://sg-stock.blogspot.com/2017/11/china-uses-gwadar-to-its-full-advantage.html

Pakistan and Singapore had stopped interacting ever since until the establishment of the Mecca pact had changed everything. Singapore has to put aside its hubris to reconnect with Pakistan because it fears the consequences of the Mecca pact. The Mecca pact will become inclusive in the future and it will include the Shia and Sunni islamic countries. We foresee that Iran, Egypt, Malaysia and Indonesia will become members of the Mecca pact in the future and this outcome will have grave repercussions for the world.

When this outcome materializes, the islamic countries will control 50% of the primary maritime passages.

The Suez canal, red sea, strait of Hormuz and straits of Malacca will be under islamic control as the Mecca pact expands its members.

As Pakistan is an important Mecca pact member because it is providing the nuclear shield for the Islamic members, Singapore has to put aside its face, just like what it had done for Indonesia recently, to reconnect and mend its relationship with Pakistan. Therefore, the Singapore's visitation to Pakistan was forced by circumstances and not by choice.

Red alert: Iran war is resuming! - Part 10

2026-10-30T22:47:57.047+08:00

Yeah! We've hit the nail on its head (Read part 9). Trump will end the Iran war after the final battle.

https://sg-stock.blogspot.com/2026/10/red-alert-iran-war-is-resuming-part-9.html

As the AI bloodbath is getting very destructive, it is better to end the Iran and Ukraine wars soon to mitigate the stock malaise.

Digicore Reit - Stock calls

2026-10-30T22:42:44.919+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
08/29/25	UOB Kay Hian	Digicore Reit	0.515	0.88	Buy	DDM
10/23/25	DBS Vickers	Digicore Reit	0.485	0.68	Buy	DCF
11/18/25	DBS Vickers	Digicore Reit	0.5	0.68	Buy	DCF
01/05/26	DBS Vickers	Digicore Reit	0.51	0.68	Buy	DCF
01/06/26	UOB Kay Hian	Digicore Reit	0.545	0.92	Buy	DDM
02/05/26	DBS Vickers	Digicore Reit	0.53	0.7	Buy	DCF
03/16/26	UOB Kay Hian	Digicore Reit	0.485	0.93	Buy	DDM
04/23/26	UOB Kay Hian	Digicore Reit	0.515	0.93	Buy	DDM
04/23/26	DBS Vickers	Digicore Reit	0.515	0.7	Buy	DCF
07/30/26	DBS Vickers	Digicore Reit	0.495	0.7	Buy	DCF
08/12/26	DBS Vickers	Digicore Reit	0.475	0.7	Buy	DCF
10/28/26	DBS Vickers	Digicore Reit	0.44	0.62	Buy	DCF

Dezign Format - Stock calls

2026-10-30T22:41:59.488+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
08/20/25	UOB Kay Hian	Dezign Format	0.305	0.37	Buy	PER10.5x FY26
09/30/25	Lim & Tan	Dezign Format	0.285	0.37	Buy

Deluge - Stock calls

2026-10-30T22:41:16.734+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
10/12/26	Amfrasers	Deluge	0.6	1.04	Outperform	DCF
10/12/26	Lim & Tan	Deluge	0.6	0.91	Buy	Subscribe, PER9.9x FY27

Stock calls for 30 October 2026

2026-10-30T22:40:34.380+08:00

Date	Analyst	Company	Last	Target	Call	Valuation
10/30/26	DBS Vickers	A-Reit	2.18	2.9	Buy	DCF, PB1.3x
10/30/26	OCBC	A-Reit	2.18	2.72	Buy
10/30/26	CIMB	Aztech	0.38	45	Add
10/30/26	OCBC	Bumitama	1.6	2.4	Buy
10/30/26	Kim Eng	CDL Hospitality	0.7	0.9	Buy
10/30/26	Lim & Tan	Civmec	1.45	1.83	Accumulate
10/30/26	Kim Eng	Far East Hospitality	0.505	0.65	Buy	DDM
10/30/26	phillip	First Reit	0.184	0.17	Accumulate	PB0.8x FY26
10/30/26	OCBC	Golden Agri	0.28	0.31	Hold
10/30/26	UOB Kay Hian	Keppel Corp	10.24	11.9	Buy	PER17x FY27
10/30/26	DBS Vickers	Mapletree Commercial	1.13	1.38	Buy	DCF, PB0.8x
10/30/26	UOB Kay Hian	Nanofilm	0.805	1.09	Buy	PER24x FY27
10/30/26	Lim & Tan	Netlink	0.93	1.06	Accumulate
10/30/26	DBS Vickers	Sheng Siong	2.8	3	Hold	PER28x FY27
10/30/26	Amfrasers	Sing Holdings	0.38	0.51	Outperform	DCF
10/30/26	BOA	Singtel	4.12	5.6	Buy
10/30/26	Phillip	Ultragreen SGD	0.615	0.73	Buy	DCF
10/30/26	DBS Vickers	Ultragreen SGD	0.615	0.5	Hold	Sum of parts (20% disc)
10/30/26	OCBC	Wilmar	3.11	3.97	Buy

US Q3 GDP growth spiked in Q3 but the underlying factors showed a grim outlook.

2026-10-30T03:52:45.642+08:00

As usual, let's break down the GDP components to see what had happened in Q3.

GDP growth = G + I + C + NE

NE=Export - Import

Q2 GDP (Final) = (-0.01) + 0.82 + 2.51 + (-1.1) = 2.22 (2.2)

Q3 GDP (1st estimate) = 0.9 + 3.27+ 2.52 + (-3.32) = 3.37 (3.4)

After breaking down the GDP components, we could see that the government spending (G) and investment (I) increased significantly. The government increased its spending to boobst the economy and the investment spiked because of inventory buildup and AI expenditures. However, the consumption (C) was relatively stagnant due to the high inflation. Moreover, the US net export (NE) declined significantly and this would contribute to the widening US trade deficit.

What could have caused the inventory to build up? Either the suppliers are stockpiling for the upcoming festive season or the suppliers have encountered some difficulty in reducing their inventories because the US consumers have cut back on their spending due to the rising inflation. We will know in due course when the inventories don't get depleted to normal level in the next GDP estimate.

Last but not least, the US core PCE inflation (YOY) had increased to 3.1% in September. In the end, the above factors caused the US headline GDP to spike but with a grim outlook.