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Thursday, July 17, 2025

Singapore NODX rebounded 13% in June 2025.

Year-on-year changes:
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%
December 2023: -1.5%
November 2023: 1%
October 2023: -3.4%
September 2023: -13.2%
August 2023: -20.1%
July 2023: -20.2%
June 2023: -15.5%
May 2023: -14.7%
April 2023: -9.8%
March 2023: -8.3%
February 2023: -15.6%
January 2023: -25%
December 2022: -20.6%
November 2022: -14.6%
October 2022: -5.6%
September 2022: 3.1%
August 2022: 11.4%
July 2022: 7%
June 2022: 9%

May 2022: 12.4%

April 2022: 6.4%

March 2022: 7.7%

February 2022: 9.5%

January 2022: 17.6%

December 2021: 18.4%

November 2021: 24.2%

October 2021: 17.9%

September 2021: 12.3%

August 2021: 2.7%

July 2021: 12.7%

June 2021: 15.9%

May 2021: 8.8%

April 2021: 6%

March 2021: 12.1%

February 2021: 4.2%

January 2021: 12.8%

December 2020: 6.8%

November 2020: -4.9%

October 2020: -3.1%

September 2020: 5.9%

August 2020: 7.7%

July 2020: 6%

June 2020: 16.1% (Revised to 13.9%)

May 2020: -4.6%

April 2020: 9.7%

March 2020: 17.6%

February 2020: 3% (Revised to 3.1%)

January 2020: - 3.3%

December 2019: 2.4%

November 2019: - 5.9%

October 2019: - 12.3%

September 2019: -8.1%

August 2019: - 8.9%

July 2019: -11.2%

June 2019: -17.3%

May 2019: -15.9%

April 2019: -10%

March 2019: -11.7%

February 2019: 4.9%

January 2019: -10.1%

December 2018: -8.5%

November 2018: -2.6%

October 2018: 8.3%

September 2018: 8.3%

August 2018: 5%

July 2018: 11.8% (Corrected)

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%

May 2017: -1.2%

Apr 2017: -0.7%

Mar 2017: 16.5%

Feb 2017: 21.1%

Zixin - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

09/30/24

phillip

Zixin

0.025

0.05

Buy

DCF

11/15/24

phillip

Zixin

0.03

0.05

Buy

DCF

11/27/24

phillip

Zixin

0.03

0.056

Buy

DCF

01/13/25

phillip

Zixin

0.03

0.056

Buy

DCF

05/08/25

Amfrasers

Zixin

0.028

0.06

Outperform

DCF

06/03/25

phillip

Zixin

0.034

0.06

Buy

DCF

06/10/25

Amfrasers

Zixin

0.033

0.06

Outperform

DCF



Yanlord - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

07/25/24

DBS Vickers

Yanlord

0.455

0.67

Buy

RNAV (74% disc)

08/16/24

DBS Vickers

Yanlord

0.435

0.67

Buy

RNAV (74% disc)

10/15/24

DBS Vickers

Yanlord

0.725

0.7

Hold

PB0.2x

03/05/25

DBS Vickers

Yanlord

0.485

0.5

Hold

PB0.17x



Yangzijiang Shipping - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

06/10/24

UOB Kay Hian

Yangzijiang Shipping

2.41

2.86

Buy


07/02/24

JPM

Yangzijiang Shipping

2.4

2.8

Overweight


07/04/24

UOB Kay Hian

Yangzijiang Shipping

2.44

2.86

Buy


07/15/24

CIMB

Yangzijiang Shipping

2.25

2.5

Add


07/16/24

DBS Vickers

Yangzijiang Shipping

2.3

2.75

Buy

PB2.3x FY24

07/16/24

Citi Research

Yangzijiang Shipping

2.3

2.45

Buy

PER10x

08/13/24

DBS Vickers

Yangzijiang Shipping

2.38

2.88

Buy

PB2.3x FY24

08/13/24

Citi Research

Yangzijiang Shipping

2.38

2.45

Buy


08/13/24

CIMB

Yangzijiang Shipping

2.38

2.5

Add


09/13/24

DBS Vickers

Yangzijiang Shipping

2.48

2.88

Buy

PB2.3x FY24

09/13/24

CIMB

Yangzijiang Shipping

2.48

3.2

Add


09/13/24

Lim & Tan

Yangzijiang Shipping

2.48

3.2

Accumulate


10/08/24

UOB Kay Hian

Yangzijiang Shipping

2.55

3.4

Buy


10/14/24

CIMB

Yangzijiang Shipping

2.5

3.2

Add


10/15/24

DBS Vickers

Yangzijiang Shipping

2.43

2.88

Buy


11/08/24

DBS Vickers

Yangzijiang Shipping

2.58

2.88

Buy


11/08/24

CIMB

Yangzijiang Shipping

2.58

3.2

Add


11/11/24

UOB Kay Hian

Yangzijiang Shipping

2.68

3.6

Buy

PER9.7x

12/03/24

DBS Vickers

Yangzijiang Shipping

2.43

2.88

Buy


12/03/24

Lim & Tan

Yangzijiang Shipping

2.43

3.25

Accumulate


01/02/25

UOB Kay Hian

Yangzijiang Shipping

2.99

3.6

Buy

PER9.7x

01/08/25

CIMB

Yangzijiang Shipping

2.95

3.62

Add


02/03/25

UOB Kay Hian

Yangzijiang Shipping

3.05

3.6

Buy

PER9.7x

02/04/25

DBS Vickers

Yangzijiang Shipping

3.03

3.8

Buy

PB2.5x FY25, PER11x FY25

02/28/25

UOB Kay Hian

Yangzijiang Shipping

2.44

3.5

Buy

PER9.5x

03/05/25

Lim & Tan

Yangzijiang Shipping

2.34

3.36

Accumulate


03/25/25

DBS Vickers

Yangzijiang Shipping

2.4

3.8

Buy

PB2.5x FY25, PER11x FY25

04/09/25

Lim & Tan

Yangzijiang Shipping

1.9

3.3

Accumulate on weakness


04/21/25

DBS Vickers

Yangzijiang Shipping

2.06

3.8

Buy

PB2.5x FY25, PER11x FY25

05/07/25

UOB Kay Hian

Yangzijiang Shipping

2.06

3.5

Buy

PER9.6x

05/23/25

DBS Vickers

Yangzijiang Shipping

2.14

3.8

Buy

PB2.5x FY25, PER11x FY25

05/26/25

UOB Kay Hian

Yangzijiang Shipping

2.05

3.29

Buy

PER9.1x

05/26/25

CIMB

Yangzijiang Shipping

2.05

2.72

Add

PER



Stock calls for 17 July 2025

Date

Analyst

Company

Last

Target

Call

Valuation

07/17/25

Kim Eng

CSE Global

0.63

0.7

Buy


07/17/25

UOB Kay Hian

Food Empire

2.01

2.4

Buy

PER17x FY26

07/17/25

DBS Vickers

Frasers Logistics

0.855

1.05

Buy

DCF

07/17/25

Lim & Tan

Frasers Logistics

0.855

1

Accumulate


07/17/25

CIMB

Keppel Corp

8.01

9.28

Add


07/17/25

Lim & Tan

KSH

0.28

0

Accumulate on weakness


07/17/25

CIMB

SATS

3.25

3.6

Add

DCF

07/17/25

CIMB

Sembcorp Industries

7.71

8.54

Add


07/17/25

DBS Vickers

ST Engineering

8.34

7.7

Hold




Wednesday, July 16, 2025

Ebullient investors or good economic growth?

The ebullient investors are no longer expecting a hard landing even with the imposition of Trump's tariffs. Let's watch how the situation unfolds.

Yangzijiang Financial - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

06/06/24

Lim & Tan

Yangzijiang Financial

0.325

0.45

Accumulate


08/19/24

CIMB

Yangzijiang Financial

0.345

0.42

Add


12/27/24

Lim & Tan

Yangzijiang Financial

0.4

0

Buy


04/01/25

Lim & Tan

Yangzijiang Financial

0.795

0.66

Hold




XMH - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

12/13/24

Lim & Tan

XMH

0.365

0

Accumulate




Winking - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

08/23/24

UOB Kay Hian

Winking

0.29

0.38

Buy


08/26/24

Amfrasers

Winking

0.29

0.35

Outperform

DCF



Stock calls for 16 July 2025

Date

Analyst

Company

Last

Target

Call

Valuation

07/16/25

CIMB

A-Reit

2.75

3.1

Add

DDM

07/16/25

Phillip

China Aviation Oil

0.976

0.9

Accumulate

DCF

07/16/25

JPM

City Developments

5.57

6.85

Overweight


07/16/25

CIMB

Keppel DC Reit

2.24

2.48

Add


07/16/25

CIMB

OCBC

17

17.2

Hold

GGM

07/16/25

Lim & Tan

Propnex

1.23

1.375

Accumulate on weakness


07/16/25

phillip

SATS

3.24

3.58

Buy

DCF

07/16/25

Phillip

SIA

7.36

6.08

Reduce

PB1.1x FY25

07/16/25

UOB Kay Hian

UMS

1.39

1.73

Buy

PER23x FY26



Trump's tariffs are starting to rear their heads in the US inflation data (June 2025).

US core inflation: 2.9% (YOY) & 0.2% (MOM) 


The June inflation data showed that businesses were starting to transfer the tariff costs to consumers and the full tariff impacts would be felt in July-August period after the running down of pre-tariff goods.

Tuesday, July 15, 2025

Wing Tai - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

08/28/24

Lim & Tan

Wing Tai

1.26

0

Accumulate on weakness


09/30/24

Lim & Tan

Wing Tai

1.36

0

Accumulate on weakness