Red alert: Iran war is resuming! - Part 10

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

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

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

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

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.

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.

Trump is likely to lose his mid-term election! - Part 4

 It looks like Trump's fate is sealed and he is doomed.

The latest polls show that many Republican states have pivoted and the Republicans will lose both congress houses.

Delfi - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/13/25	Lim & Tan	Delfi	0.85	0.78	Hold
08/13/25	DBS Vickers	Delfi	0.85	0.7	Fully Valued
08/19/25	UOB Kay Hian	Delfi	1.29	0.7	Buy
08/19/25	DMG & Partners	Delfi	1.29	1.33	Buy
11/14/25	DBS Vickers	Delfi	0.835	0.7	Fully Valued	PER12.4x FY26
11/14/25	CIMB	Delfi	0.835	0.81	Hold	PER
11/17/25	DBS Vickers	Delfi	0.82	0.8	Hold	PER12x FY26
12/11/25	DMG & Partners	Delfi	0.82	0.94	Buy	PER13x FY26
01/22/26	UOB Kay Hian	Delfi	0.845	0.82	Hold
02/25/26	DBS Vickers	Delfi	0.99	0.8	Hold	PER12x FY26
02/25/26	Lim & Tan	Delfi	0.99	0.85	Accumulate on weakness
02/26/26	UOB Kay Hian	Delfi	0.945	1.12	Buy	PER14x FY26
02/26/26	DBS Vickers	Delfi	0.945	1	Hold	PER14x FY26
03/06/26	DMG & Partners	Delfi	0.995	1.2	Buy
03/10/26	UOB Kay Hian	Delfi	0.935	1.12	Buy	PER14x FY26
03/20/26	CIMB	Delfi	0.93	0.91	Hold	PER
04/13/26	Lim & Tan	Delfi	1.14	1.02	Accumulate on weakness
04/14/26	UOB Kay Hian	Delfi	1.19	1.68	Buy	PER
04/23/26	DMG & Partners	Delfi	1.14	1.33	Buy
05/20/26	DBS Vickers	Delfi	1	1	Hold	PER14x
05/22/26	Lim & Tan	Delfi	0.96	1.23	Accumulate on weakness
06/08/26	UOB Kay Hian	Delfi	0.94	1.68	Buy	PER25.5x FY27
06/16/26	DMG & Partners	Delfi	0.935	1.21	Buy
08/12/26	DBS Vickers	Delfi	0.87	1	Hold
08/25/26	DMG & Partners	Delfi	0.8	1.21	Buy
09/09/26	UOB Kay Hian	Delfi	0.76	0.98	Buy	PER17x FY27

DBS (Bank) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/25	MorningStar	DBS	47.89	48	Neutral
08/06/25	DMG & Partners	DBS	48.24	47	Buy
08/07/25	Lim & Tan	DBS	48.85	50	Accumulate
08/07/25	Citi Research	DBS	48.85	56.5	Buy
08/08/25	UOB Kay Hian	DBS	49.75	52.8	Hold	GGM, PB2.14x FY26
08/08/25	CIMB	DBS	49.75	54.9	Add	GGM
08/11/25	phillip	DBS	50.75	52	Accumulate	GGM, PB2.09x FY25
08/11/25	Lim & Tan	DBS	50.75	55	Accumulate
08/19/25	DMG & Partners	DBS	49.6	52.8	Buy	GGM, PB2x FY25
09/10/25	UOB Kay Hian	DBS	50.88	54.4	Hold	GGM, PB2.21x FY26
10/10/25	DMG & Partners	DBS	53.91	57.1	Buy	GGM, PB2.2x FY26
10/13/25	OCBC	DBS	53.85	54	Hold
10/17/25	CIMB	DBS	52.51	54.9	Add	GGM
10/21/25	UOB Kay Hian	DBS	52	55.25	Hold	GGM, PB2.25x FY26
10/21/25	Citi Research	DBS	52	57.1	Buy
11/06/25	Lim & Tan	DBS	53.5	57	Accumulate
11/07/25	phillip	DBS	55.54	58	Accumulate	GGM, PB2.34x FY25
11/07/25	UOB Kay Hian	DBS	55.54	55.5	Hold	GGM, PB2.26x FY26
11/07/25	CIMB	DBS	55.54	60.5	Add	GGM
11/10/25	Kim Eng	DBS	54.98	62.79	Buy	Up from $56.15
11/10/25	Citi Research	DBS	54.98	61.1	Buy	GGM, PB2.5x
11/10/25	DMG & Partners	DBS	54.98	59	Buy
11/28/25	JPM	DBS	54	70	Overweight
01/06/26	Macquarie	DBS	56.65	46	Underperform
01/06/26	JPM	DBS	56.65	70	Overweight
01/07/26	UOB Kay Hian	DBS	57.93	68.95	Buy	GGM, PB2.81x FY26
01/19/26	CIMB	DBS	59.12	60.5	Hold	GGM
02/09/26	Lim & Tan	DBS	59.3	60	Hold
02/10/26	UOB Kay Hian	DBS	58.19	66.75	Buy	GGM, PB2.7x FY26
02/11/26	phillip	DBS	57.8	60	Accumulate	GGM, PB2.47x FY26
02/16/26	Citi Research	DBS	57.06	63.6	Buy	GGM, PB2.6x
03/10/26	UOB Kay Hian	DBS	54.31	66.75	Buy	GGM, PB2.7x FY26
03/23/26	JPM	DBS	57.14	70	Overweight
03/30/26	UOB Kay Hian	DBS	57.15	67.55	Buy	GGM, PB2.73x FY26
04/06/26	phillip	DBS	57.55	60	Accumulate	GGM, PB2.47x FY26
04/06/26	JPM	DBS	57.55	63	Overweight
04/10/26	DMG & Partners	DBS	57.2	63.5	Buy
04/16/26	UOB Kay Hian	DBS	57.7	67.55	Buy	GGM, PB2.7x FY26
04/30/26	CIMB	DBS	56.56	60	Hold	GGM
04/30/26	Lim & Tan	DBS	56.56	60	Accumulate
05/04/26	UOB Kay Hian	DBS	58.5	65.2	Buy	GGM, PB2.62x FY26
05/04/26	phillip	DBS	58.5	61	Accumulate	GGM, PB2.51x FY26
06/08/26	phillip	DBS	61.74	67.5	Accumulate
06/10/26	UOB Kay Hian	DBS	63.76	65.2	Buy	GGM, PB2.62x FY26
06/10/26	JPM	DBS	63.76	63	Neutral
06/23/26	UOB Kay Hian	DBS	66.29	72.5	Buy	GGM, PB2.86x FY27
07/09/26	Macquarie	DBS	69.1	70.86	Outperform
07/10/26	UOB Kay Hian	DBS	70.23	76.85	Buy	GGM, PB3.03x FY27
07/14/26	UBS	DBS	70.79	72.5	Neutral
07/14/26	DMG & Partners	DBS	70.79	75.7	Buy
07/15/26	phillip	DBS	72.03	76	Accumulate
07/16/26	JPM	DBS	72.98	63	Underweight
07/21/26	CIMB	DBS	71.9	77.1	Add	GGM
08/06/26	Lim & Tan	DBS	73.55	73.5	Hold
08/07/26	UOB Kay Hian	DBS	75.08	80	Buy	GGM, PB3.13x FY27
08/07/26	CIMB	DBS	75.08	77.1	Add	GGM
08/11/26	phillip	DBS	76.33	79	Accumulate	GGM, PB3.25x FY26
08/24/26	UOB Kay Hian	DBS	76	74.7	Hold	GGM, PB2.92x FY27
08/24/26	Macquarie	DBS	76	80.74	Outperform
09/07/26	phillip	DBS	78.65	85	Accumulate
09/10/26	Lim & Tan	DBS	77.5	78	Hold
09/15/26	UOB Kay Hian	DBS	77.66	74.7	Sell	GGM, PB2.92x FY27
09/22/26	Jefferies	DBS	77.36	91	Buy
09/24/26	UOB Kay Hian	DBS	77.69	83.6	Hold	GGM, PB3.23x FY27
10/01/26	Macquarie	DBS	77.5	80.74	Outperform
10/07/26	DMG & Partners	DBS	78.56	81.2	Buy	GGM, PB3x FY27
10/08/26	JPM	DBS	77.49	63	Underweight
10/12/26	phillip	DBS	73.36	85	Accumulate
10/12/26	UOB Kay Hian	DBS	73.36	83.6	Buy	GGM, PB3.23x FY27
10/12/26	CIMB	DBS	73.36	79.5	Add
10/15/26	UOB Kay Hian	DBS	74.34	83.6	Buy	GGM, PB3.23x FY27
10/15/26	Kim Eng	DBS	74.34	85.86	Buy
10/15/26	Jefferies	DBS	74.34	91	Buy