The US Q2 GDP is worse than Q1 and the US consumption is no longer sustainable.

Let's break down the GDP to see what had changed from the previous quarter.

GDP growth = G + I + C + NE

NE=Export - Import

Q1 GDP (Final) = 0.74 + 1.35 + 0.37+ (-0.37) = 2.09 (2.1)

Q2 GDP (1st estimate) = (-0.14) + 0.53 + 2.12 + (-1.01) = 1.5

The Q2 GDP was worse than Q1 because 3 GDP components (G, I, NE) fell and only 1 GDP component (C) rose.

The US government cut its spending because it was low in budget.  The investment fell because of the poor outlook and AI capex couldn't had dropped.  The consumption and import rose becausethe US consumers were frontloading their purchases due to the high inflation expectations caused by the Iran war.  The core inflation is still above 3% and is nowhere near the Fed target rate of 2%.

The frontloading purchases had caused the US saving rate to drop further to 2.7%.  Therefore, this kind of consumption is unsustainable due to the low saving rate.

The Iran war situation report. - Part 97

The US had carried out heavy strikes against Iran but Iran had retaliated hard on the US base in Jordan that caused heavy losses to the US.

Iranian missiles had destroyed 3 F35 and damaged another 3 F35 severely which rendered 6 F35 losses for the US.  Moreover, Iran had also destroyed US radars and killed some US soldiers.  This was the fundamental reason that the Iranian missiles could penetrate the air defence in Jordan-US military base.

We had stated numerous times that the US couldn't defeat Iran and Iran could outlast the US in this war.

As these losses would disgrace Trump, the CENTCOM had to deny everything to save Trump's face.

Far East Hospitality - Stock calls

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

F&N - Stock calls

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

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
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

Stock calls for 31 July 2026

Date	Analyst	Company	Last	Target	Call	Valuation
07/31/26	DBS Vickers	AIMS AMP Cap Ind Reit	1.63	1.68	Hold	DCF
07/31/26	Kim Eng	AIMS AMP Cap Ind Reit	1.63	1.68	Buy	DDM
07/31/26	CIMB	CDL Hospitality	0.795	0.89	Add	DDM
07/31/26	DBS Vickers	Frasers Logistics	1	1.05	Buy	DCF
07/31/26	Lim & Tan	Jardine C&C	28.33	35	Buy
07/31/26	DBS Vickers	Jardine Matheson	67.59	90	Buy	Sum of parts (25% disc)
07/31/26	UOB Kay Hian	Keppel Corp	11.48	13.26	Buy	PER18.9x FY27
07/31/26	DBS Vickers	Mapletree Commercial	1.36	1.65	Buy	Sum of parts
07/31/26	CIMB	Mapletree Commercial	1.36	1.52	Add	DDM
07/31/26	Citi Research	OCBC	29.1	28.4	Neutral	GGM, PB1.9x
07/31/26	Kim Eng	Raffles Medical	0.885	1.09	Buy
07/31/26	DMG & Partners	Raffles Medical	0.885	1.15	Buy
07/31/26	Lim & Tan	Seatrium	2.12	2.6	Accumulate
07/31/26	UOB Kay Hian	Sheng Siong	3.34	3.71	Buy	PER32x FY27
07/31/26	phillip	Sheng Siong	3.34	3.31	Neutral	PER28x FY27
07/31/26	OCBC	Sheng Siong	3.34	2.89	Hold
07/31/26	Phillip	SIA	7.61	7.35	Neutral	PB2x

ESR Reit - Stock calls

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
07/28/26	DBS Vickers	ESR-Reit	2.48	3.1	Buy	DCF
07/29/26	CIMB	ESR-Reit	2.57	3.43	Add	DDM

Elite ComReit - Stock calls

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