SATS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/24	DBS Vickers	SATS	2.84	3.6	Buy	EV/Ebitda8.3x FY25
06/04/24	Citi Research	SATS	2.84	3.01	Buy
06/04/24	UOB Kay Hian	SATS	2.84	3.22	Buy
06/04/24	OCBC	SATS	2.84	3.31	Buy
06/04/24	phillip	SATS	2.84	2.66	Reduce
07/08/24	DBS Vickers	SATS	2.95	3.6	Buy	EV/Ebitda8.3x FY25
07/18/24	Lim & Tan	SATS	3.27	3.41	Hold
07/18/24	Citi Research	SATS	3.27	3.76	Buy	PER20x FY25/26
07/19/24	Lim & Tan	SATS	3.26	3.4	Hold	PER20x FY25/26
07/31/24	CIMB	SATS	3.17	4.1	Add	DCF
08/21/24	DBS Vickers	SATS	3.22	3.6	Buy	EV/Ebitda8.3x FY25
08/21/24	Citi Research	SATS	3.22	3.76	Buy
08/22/24	UOB Kay Hian	SATS	3.59	4	Buy
08/23/24	phillip	SATS	3.5	3.45	Neutral	DCF
08/23/24	DBS Vickers	SATS	3.5	4.1	Buy	EV/Ebitda8.4x FY25/26
09/05/24	phillip	SATS	3.61	4.37	Buy	DCF
10/25/24	Citi Research	SATS	3.74	4.25	Buy
11/08/24	DBS Vickers	SATS	3.98	4.1	Buy
11/11/24	UOB Kay Hian	SATS	3.85	4.3	Buy	PER18.4x FY27
11/11/24	phillip	SATS	3.85	4.62	Buy	DCF
11/11/24	DBS Vickers	SATS	3.85	4.4	Buy	EV/Ebitda8.3x FY25/26
11/26/24	Lim & Tan	SATS	3.86	0	Hold
12/03/24	DBS Vickers	SATS	3.75	4.4	Buy	EV/Ebitda8.3x FY25/26
12/03/24	OCBC	SATS	3.75	4.38	Buy
01/02/25	UOB Kay Hian	SATS	3.64	4.3	Buy	PER18.4x FY27
01/03/25	phillip	SATS	3.64	4.62	Buy	DCF
01/10/25	DBS Vickers	SATS	3.62	4.4	Buy	EV/Ebitda8.3x FY25/26
01/10/25	Lim & Tan	SATS	3.62	4.38	Hold
02/04/25	UOB Kay Hian	SATS	3.35	4	Buy	PER18.4x FY27
02/19/25	phillip	SATS	3.35	4.62	Buy	DCF
02/24/25	UOB Kay Hian	SATS	3.3	3.86	Buy	PER18.4x FY27
02/24/25	phillip	SATS	3.3	4.34	Buy	DCF
02/24/25	DBS Vickers	SATS	3.3	4	Buy	EV/Ebitda8.3x FY25/26
02/24/25	OCBC	SATS	3.3	4.11	Buy
03/19/25	phillip	SATS	3.07	4.34	Buy	DCF
03/19/25	OCBC	SATS	3.07	3.93	Buy
03/21/25	DBS Vickers	SATS	3.04	4	Buy	EV/Ebitda8.3x FY25/26
04/09/25	UOB Kay Hian	SATS	2.65	2.89	Hold	PER16.8x FY27
04/10/25	DBS Vickers	SATS	2.46	4	Buy	EV/Ebitda8.3x FY25/26
04/10/25	CIMB	SATS	2.46	3.05	Add	DCF
04/16/25	phillip	SATS	2.67	4.34	Buy	DCF
04/16/25	Lim & Tan	SATS	2.67	3.85	Accumulate
05/19/25	phillip	SATS	2.99	4.34	Buy	DCF
05/26/25	UOB Kay Hian	SATS	2.98	3.22	Buy	PER16.8x FY27
05/26/25	phillip	SATS	2.98	3.58	Buy	DCF
05/26/25	DBS Vickers	SATS	2.98	3.5	Buy
07/16/25	phillip	SATS	3.24	3.58	Buy	DCF
07/17/25	CIMB	SATS	3.25	3.6	Add	DCF
08/18/25	phillip	SATS	3.27	3.58	Buy	DCF
08/21/25	DBS Vickers	SATS	3.18	3.5	Buy	DCF & PER19x FY26
08/21/25	Lim & Tan	SATS	3.18	3.74	Accumulate
08/22/25	UOB Kay Hian	SATS	3.26	3.52	Buy	PER18.4x FY27
08/22/25	phillip	SATS	3.26	3.66	Accumulate	DCF
08/25/25	DBS Vickers	SATS	3.26	3.8	Buy
08/25/25	CIMB	SATS	3.26	3.83	Add	DCF

Sasseur - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/24	phillip	Sasseur	0.67	0.87	Buy	DDM
08/13/24	DBS Vickers	Sasseur	0.67	0.95	Buy	DCF
09/06/24	Amfrasers	Sasseur	0.67	0.9	Outperform	DDM
09/25/24	DBS Vickers	Sasseur	0.68	0.95	Buy	DCF
10/14/24	DBS Vickers	Sasseur	0.705	0.95	Buy	DCF
10/15/24	Lim & Tan	Sasseur	0.71	0.91	Accumulate
11/11/24	phillip	Sasseur	0.68	0.84	Buy	DDM
11/11/24	CIMB	Sasseur	0.68	0.93	Add
02/20/25	DBS Vickers	Sasseur	0.69	0.95	Buy	DCF
02/21/25	phillip	Sasseur	0.69	0.81	Buy	DDM
02/21/25	DBS Vickers	Sasseur	0.69	0.9	Buy	DCF
02/25/25	CIMB	Sasseur	0.69	0.85	Add
03/24/25	Amfrasers	Sasseur	0.665	0.9	Outperform	DDM
05/16/25	phillip	Sasseur	0.63	0.78	Buy	DDM
05/30/25	UOB Kay Hian	Sasseur	0.63	0.98	Buy
08/15/25	phillip	Sasseur	0.7	0.78	Buy	DDM

Stock calls for 15 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/15/25	DMG & Partners	APAC Realty	0.88	0.8	Neutral
09/15/25	Phillip	Centurion	1.74	2.01	Accumulate	Sum of parts
09/15/25	UOB Kay Hian	Hong Leong Asia	2.43	2.82	Buy	Sum of parts
09/15/25	DMG & Partners	SGX	16.57	17.8	Neutral	PER25x FY26
09/15/25	Phillip	SIA	6.54	5.94	Reduce	PB1.1x FY25
09/15/25	phillip	SIA Engineering	3.13	3.83	Buy	PER
09/15/25	OCBC	Singapore Post	0.435	0.44	Hold

The US inflation expectations spiked again!

 1-year inflation expectation: 4.8%

5-year inflation expectation: 3.9%

The US consumers have very high inflation expectations for the foreseeable future because of Trump's tariffs.  They will cut back on their spendings after frontloading their purchases because inflation won't fall to the Fed's target rate of 2%.

Baltic dry index - 2126

 Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 539

Related stock: Seatrium & Cosco.

Sanli Environment - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/11/25	SAC Capital	Sanli Env	0.157	0.228	Buy
08/18/25	Kim Eng	Sanli Env	0.21	0.38	Buy	PER15x FY26/27
09/04/25	CIMB	Sanli Env	0.275	0.51	Add	PER

Sabana - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/25	Lim & Tan	Sabana	0.375	0.3	Avoid
03/13/25	Lim & Tan	Sabana	0.365	0	Hold

Riverstone - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/25/24	UOB Kay Hian	Riverstone	0.95	1.16	Buy
08/07/24	DMG & Partners	Riverstone	0.895	1.05	Buy	DCF
08/08/24	UOB Kay Hian	Riverstone	0.925	1.16	Buy
08/08/24	DMG & Partners	Riverstone	0.925	1.04	Buy	DCF
08/08/24	CIMB	Riverstone	0.925	0.95	Hold
10/07/24	DMG & Partners	Riverstone	0.895	1.02	Buy	DCF
10/22/24	UOB Kay Hian	Riverstone	0.925	1.16	Buy
11/12/24	Lim & Tan	Riverstone	0.89	1	Hold
11/12/24	DMG & Partners	Riverstone	0.89	1.02	Buy	DCF
11/13/24	DMG & Partners	Riverstone	0.9	1.07	Buy	DCF
11/13/24	UOB Kay Hian	Riverstone	0.9	1.16	Buy	PER20x FY25
11/15/24	CIMB	Riverstone	1	1.1	Add
01/09/25	DMG & Partners	Riverstone	1.07	1.22	Buy	DCF, PER20x FY25
02/24/25	DMG & Partners	Riverstone	1	1.2	Buy	DCF, PER20x FY25
02/25/25	UOB Kay Hian	Riverstone	0.99	1.16	Buy	PER20x FY25
02/25/25	DMG & Partners	Riverstone	0.99	1.18	Buy	DCF, PER19x FY25
05/08/25	DMG & Partners	Riverstone	0.935	1.08	Buy
05/09/25	UOB Kay Hian	Riverstone	0.855	0.82	Hold	PER18x FY25
05/13/25	DMG & Partners	Riverstone	0.765	0.95	Buy	DCF
06/19/25	UOB Kay Hian	Riverstone	0.675	0.71	Hold	PER16x FY25
07/01/25	DMG & Partners	Riverstone	0.67	0.95	Buy	DCF

Stock calls for 12 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/12/25	Lim & Tan	Isoteam	0.087	0.1	Accumulate

The US core inflation remains above 3%.

US core inflation: 3.1%

Inflation sectors

The US is starting to reflect the impacts of Trump's tariffs in August and will continue to do so thereafter.  The US Fed is projected to reduce its rates by 25bp for political reason so as to get Trump off its back.  This will be a bad Fed's decision because it goes to show that the US Fed is no longer an independent entity.

RH Petrogas - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/21/24	UOB Kay Hian	RH Petrogas	0.141	0.231	Buy	Sum of parts
03/05/25	UOB Kay Hian	RH Petrogas	0.156	0.254	Buy	Sum of parts
08/19/25	UOB Kay Hian	RH Petrogas	0.178	0.245	Buy	Sum of parts