Stock calls for 15 August 2025

Date	Analyst	Company	Last	Target	Call	Valuation
08/15/25	Uob Kay Hian	Capitaland Investment	2.72	3.49	Buy	Sum of parts
08/15/25	DBS Vickers	Capitaland Investment	2.72	3.65	Buy	Sum of parts
08/15/25	CIMB	Capitaland Investment	2.72	4.3	Add	RNAV
08/15/25	Lim & Tan	Capitaland Investment	2.72	3.38	Buy
08/15/25	phillip	CNMC	0.64	0.7	Buy	DCF, PER9.1x FY25
08/15/25	UOB Kay Hian	Comfortdelgro	1.53	1.7	Buy	PER16x FY25
08/15/25	phillip	Comfortdelgro	1.53	1.68	Accumulate	DCF
08/15/25	Kim Eng	First Resources	1.68	1.9	Buy
08/15/25	UOB Kay Hian	Food Empire	2.3	2.73	Buy	PER17x FY26
08/15/25	CIMB	Food Empire		2.94	Add
08/15/25	DBS Vickers	Frencken	1.54	2.03	Buy	PER20x FY25/26
08/15/25	CIMB	HRnetGroup	0.715	0.71	Hold	PER
08/15/25	DBS Vickers	Nanofilm	0.73	0.71	Hold	PER29x FY26
08/15/25	CIMB	PanUnited	1.07	1.2	Add	EV/Ebitda
08/15/25	phillip	Prime US Reit	0.174	0.21	Buy	DDM
08/15/25	phillip	Sasseur	0.7	0.78	Buy	DDM
08/15/25	Lim & Tan	Singtel	4.07	4.4	Accumulate
08/15/25	DMG & Partners	Singtel	4.07	4.7	Buy
08/15/25	Phillip	Soilbuild Construction	1.86	2.68	Buy	PER5.9x FY26
08/15/25	UOB Kay Hian	ST Engineering	8.4	8.56	Hold	PER25.6x FY27
08/15/25	CIMB	ST Engineering	8.4	8.7	Hold	PER
08/15/25	DBS Vickers	Starhub	1.17	1.19	Hold	Sum of parts
08/15/25	CIMB	Starhub	1.17	1.19	Hold	GGM
08/15/25	DBS Vickers	Thai Beverage	0.475	0.63	Buy	PER16x FY25
08/15/25	CIMB	Thai Beverage	0.475	0.56	Add	PER
08/15/25	DBS Vickers	Yanlord	0.585	0.5	Hold	PB0.17x

The US investors read the US inflation report wrongly. - Part 2

PPI (MOM): 0.9%

PPI (YOY): 3.7%

The producer price indexes (PPI) had spiked in July 2025 and these spikes showed that the US investors misread the US inflation report recently as we've stated.

Guocoland - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/05/24	DBS Vickers	GuocoLand	1.53	2	Buy	RNAV (50% disc)
10/18/24	DBS Vickers	GuocoLand	1.59	2	Buy	RNAV (50% disc)
02/10/25	DBS Vickers	GuocoLand	1.44	2	Buy	RNAV (50% disc)
02/12/25	Lim & Tan	GuocoLand	1.45	2	Accumulate

Great Eastern - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/14/24	EY	Great Eastern	26.17	25.6	Accept Offer	Offer @ $25.60
06/06/25	EY	Great Eastern	25.8	25.6	Accept Offer	Offer @ $30.15
06/10/25	DMG & Partners	Great Eastern	25.8	30.15	Accept Offer	Offer @ $30.15

Grand Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/24	DBS Vickers	Grand Venture	0.55	0.7	Buy	PER21x FY24/25
11/11/24	DBS Vickers	Grand Venture	0.555	0.7	Buy	PER21x FY24/25
01/06/25	DBS Vickers	Grand Venture	0.82	1.04	Buy	PER21x FY26
02/26/25	DBS Vickers	Grand Venture	0.84	1.12	Buy	PER21x FY26
04/11/25	DBS Vickers	Grand Venture	0.61	1.12	Buy	PER21x FY26
06/02/25	DBS Vickers	Grand Venture	0.84	1.12	Buy	PER21x FY26
06/05/25	Lim & Tan	Grand Venture	0.935	0	Hold
07/11/25	DBS Vickers	Grand Venture	0.955	1.12	Buy	PER21x FY26
07/11/25	Lim & Tan	Grand Venture	0.955	0.94	Hold	Offer $0.94

Stock calls for 14 August 2025

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/25	Phillip	17Live Group	1.05	1.28	Buy	DCF
08/14/25	DBS Vickers	AEM	1.53	2.1	Buy	PER25x FY26
08/14/25	UOB Kay Hian	City Developments	6.8	8.5	Buy	PB0.8x
08/14/25	DBS Vickers	City Developments	6.8	9	Buy	RNAV (40% disc)
08/14/25	Lim & Tan	City Developments	6.8	6.8	Hold
08/14/25	Kim Eng	Comfortdelgro	1.58	1.7	Buy	DCF
08/14/25	DBS Vickers	Hutchison Port	0.21	0.22	Buy	DCF
08/14/25	Lim & Tan	Innotek	0.395	0	Hold
08/14/25	DBS Vickers	Nanofilm	0.755	0.5	Hold	PER25x FY25
08/14/25	UOB Kay Hian	Singtel	4.06	4.56	Buy	Sum of parts
08/14/25	Phillip	Singtel	4.06	4.4	Accumulate
08/14/25	DBS Vickers	Singtel	4.06	4.58	Buy	Sum of parts (10% disc)
08/14/25	DBS Vickers	UMS	1.48	1.84	Buy	PER25x FY25/26
08/14/25	Kim Eng	UMS	1.48	1.59	Buy
08/14/25	UOB Kay Hian	United Hampshire	0.485	0.7	Buy	DDM
08/14/25	CIMB	UOL	7.16	8.2	Add	RNAV

Grand Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/12/24	Lim & Tan	Grand Bank	0.43	0.54	Buy
08/29/24	Lim & Tan	Grand Bank	0.395	0	Buy
10/07/24	Lim & Tan	Grand Bank	0.55	0	Buy
11/25/24	Lim & Tan	Grand Bank	0.555	1.05	Buy
03/05/25	Lim & Tan	Grand Bank	0.53	0	Buy
05/19/25	Lim & Tan	Grand Bank	0.535	0.51	Hold
06/10/25	Lim & Tan	Grand Bank	0.485	0	Hold

Golden Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/24	DMG & Partners	Golden Agri	0.265	0.26	Neutral	Sum of parts
08/14/24	DMG & Partners	Golden Agri	0.265	0.25	Neutral	Sum of parts
08/15/24	OCBC	Golden Agri	0.27	0.27	Hold
11/12/24	DMG & Partners	Golden Agri	0.285	0.3	Neutral	Sum of parts
11/15/24	DMG & Partners	Golden Agri	0.275	0.29	Neutral	Sum of parts
07/09/25	DMG & Partners	Golden Agri	0.25	0.25	Neutral	Sum of parts, cut from $0.26 target price

Geo Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/02/24	Amfrasers	Geo Energy	0.275	0.68	outperform	DCF
03/17/25	Lim & Tan	Geo Energy	0.31	0.68	Buy
03/26/25	Amfrasers	Geo Energy	0.3	0.64	outperform	DCF
03/28/25	Lim & Tan	Geo Energy	0.325	0.64	Accumulate
04/01/25	Phillip	Geo Energy	0.33	0.47	Buy	DCF
04/21/25	Lim & Tan	Geo Energy	0.335	0.59	Buy
04/25/25	Lim & Tan	Geo Energy	0.35	0.6	Buy	DCF
05/19/25	Phillip	Geo Energy	0.36	0.47	Buy	DCF
05/19/25	Amfrasers	Geo Energy	0.36	0.71	outperform	DCF
05/22/25	Lim & Tan	Geo Energy	0.35	0.59	Buy
06/10/25	Amfrasers	Geo Energy	0.37	0.69	outperform	DCF

Stock calls for 13 August 2025

Date	Analyst	Company	Last	Target	Call	Valuation
08/13/25	Kim Eng	Bumitama	0.92	0.94	Buy
08/13/25	Lim & Tan	Capitaland Investment	2.75	3.42	Buy
08/13/25	Phillip	Centurion	1.78	2.01	Accumulate	Sum of parts
08/13/25	Lim & Tan	Delfi	0.85	0.78	Hold
08/13/25	DBS Vickers	Delfi	0.85	0.7	Fully Valued
08/13/25	phillip	Propnex	1.64	2.02	Buy	DCF
08/13/25	UOB Kay Hian	Propnex	1.64	2	Buy	PER19.5x FY25/26
08/13/25	CIMB	Propnex	1.64	1.77	Add	PER
08/13/25	DMG & Partners	Starhub	1.18	1.14	Neutral	DCF
08/13/25	UOB Kay Hian	Wilmar	2.97	3.45	Buy	Sum of parts
08/13/25	CIMB	Wilmar	2.97	2.7	Reduce

The US investors read the US inflation report wrongly.

Instead of focusing on the core inflation figures (boxed up in red), the US investors are focusing on the headline inflation numbers.

The core inflation numbers are the Fed's favourite inflation indicators.  The YOY core inflation had been rising for the past 3 months consecutively and it was way above the target rate of 2%. in July.  Thus, it is unlikely  to see the US inflation hits its targeted rate of 2% by the end of 2025 if the Fed starts to cut its rates in September.