Propnex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/17/24	DBS Vickers	Propnex	0.94	0.95	Hold
01/07/25	DBS Vickers	Propnex	0.945	1.15	Buy	PER15x FY25
01/22/25	UOB Kay Hian	Propnex	1.07	1.18	Buy	PER14.6x FY25
01/22/25	OCBC	Propnex	1.07	1.14	Hold	DCF
02/25/25	Lim & Tan	Propnex	1.13	1.17	Hold
02/26/25	UOB Kay Hian	Propnex	1.14	1.3	Buy	PER17.6x FY25
02/26/25	DBS Vickers	Propnex	1.14	1.25	Buy	PER15x FY25
02/27/25	phillip	Propnex	1.13	1.33	Buy	DCF
03/04/25	UOB Kay Hian	Propnex	1.12	1.3	Buy	PER17.6x FY25
03/18/25	Lim & Tan	Propnex	1.12	1.25	Accumulate
03/26/25	DBS Vickers	Propnex	1.14	1.25	Buy
04/08/25	UOB Kay Hian	Propnex	1	1.3	Buy	PER17.6x FY25
05/27/25	UOB Kay Hian	Propnex	1.05	1.3	Buy	PER17.6x FY25
06/16/25	phillip	Propnex	1.07	1.33	Buy	DCF
07/14/25	UOB Kay Hian	Propnex	1.21	1.35	Buy	PER17.6x FY25/26
07/16/25	Lim & Tan	Propnex	1.23	1.375	Accumulate on weakness
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
08/18/25	DBS Vickers	Propnex	2.03	2.15	Buy

Stock calls for 3 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/03/25	Lim & Tan	Centurion	1.34	1.78	Accumulate
12/03/25	DBS Vickers	Nam Cheong	0.785	1.25	Buy	PER8x FY26

The US will lose in South China Sea if it engages China in a war.

A Chinese private enterprise has developed a potent and cheap hypersonic missile that has secured China's victory in any South China Sea war.  This YKJ-1000 production cost is about US$100k.  What does this mean?  This means 1 YKJ = 10 Tomahawk = 43 SM-6 missiles.  In other words, China can launch a barrage of  YKJ missiles in any war to destroy its enemies.  If China loads YKJ with CL-20 warhead, it can destroy an aircraft carrier strike group at a very low cost.  Let's not forget that a war is about attrition and whoever can last long will be the winner.

Chinese citizens bashed PM Wong over Sino-Japan spat. - Part 7

Why are Taiwanese political analysts and politicians chastising PM Wong?

After watching so many Taiwanese bashing PM Wong online, I've reached a conclusion.  Those who understand the severity of Japanese atrocities will scold those who do not fully understand or are ignorant of the past, particularly those who try to brush the atrocities aside.

Prime US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/25	DMG & Partners	Prime US Reit	0.17	0.23	Buy	DDM
01/13/25	UOB Kay Hian	Prime US Reit	0.166	0.33	Buy	DDM
02/20/25	DBS Vickers	Prime US Reit	0.17	0.19	Hold	PB0.3x
02/21/25	UOB Kay Hian	Prime US Reit	0.159	0.29	Buy	DDM
02/21/25	DMG & Partners	Prime US Reit	0.159	0.23	Buy	DDM
02/25/25	phillip	Prime US Reit	0.153	0.2	Buy	DDM
05/15/25	phillip	Prime US Reit	0.144	0.2	Buy	DDM
05/15/25	DBS Vickers	Prime US Reit	0.144	0.19	Hold	PB0.3x
05/15/25	DMG & Partners	Prime US Reit	0.144	0.18	Buy	DDM
07/15/25	DMG & Partners	Prime US Reit	0.165	0.23	Buy	DDM
08/15/25	phillip	Prime US Reit	0.174	0.21	Buy	DDM
09/09/25	UOB Kay Hian	Prime US Reit	0.199	0.31	Buy	DDM
09/29/25	phillip	Prime US Reit	0.2	0.3	Buy	DDM
11/03/25	DBS Vickers	Prime US Reit	0.196	0.35	Buy	PB0.65x & DCF
11/13/25	phillip	Prime US Reit	0.2	0.3	Buy	DDM

Phillip Sing Income ETF - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/23/25	phillip	Phillip Sing Income ETF	1.422	1.59	Accumulate	Sum of parts

Phil AP Div Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/24/25	phillip	Phil AP Div Reit	1.079	0.99	Neutral
05/29/25	phillip	Phil AP Div Reit	1.1	1.095	Accumulate	Sum of parts
11/28/25	phillip	Phil AP Div Reit	1.191	1.29	Accumulate	Sum of parts

Stock calls for 2 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/25	UOB Kay Hian	ASL Marine	0.25	0.35	Buy	PER11.6x FY26
12/02/25	Lim & Tan	ASL Marine	0.25	0.33	Buy	PER9.5x FY27
12/02/25	Amfrasers	Fortress Minerals	0.235	0.27	outperform	Cut from $0.40, Sum of parts
12/02/25	Lim & Tan	Lum Chang Creations	0.475	0.7	Accumulate	PER11.7x FY26/27
12/02/25	Lim & Tan	Zixin	0.033	0.066	Buy	PER10x FY26

The ISM PMI declined again in November 2025.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = -2 - (+1.7) = -3.7

Estimated Local Material: Inventories - Imports = 3.1 - (+3.5) = -0.4

The estimated local new orders (-3.7) had declined significantly compared to the previous month and the increase in new export orders couldn't make up for the fall which caused the new orders to decline to 47.4 (-2).  The increase in new export orders also showed that the US was using its exports to boost its economy as it couldn't rely on its local consumption anymore.

The producers increased their production (51.4, +3.2) to clear their backlog of orders (44, -3.9) despite the fall in new orders.  However, the producers didn't increase their employment (44, -2) for their output hike which was a concern.  Consequently, the customers' inventories increased to 44.7 (+0.8) because of the  fall in new orders.  All these meant that the US consumption was showing weaknesses because of prices inflation (58.5, +0.5).

As a result, the PMI declined to 48.2 (-0.5) because of its bleak economic growth.

Chinese citizens bashed PM Wong over Sino-Japan spat. - Part 6

Not only has a Taiwanese media channel chastised PM Wong, it has also reprimanded the Straits Times News for smearing Hong Kong for embarking on this anti-PM Wong's campaign.

We were cognizant of this and had been using Taiwan media for our blog posts since the beginning.

It is difficult for PM Wong to deny any wrongdoing because China, Hong Kong and Taiwan have been chastising him for his political fiasco and poor understanding of history.  It is best for Singapore to keep quiet now or else China will punish Singapore like it did in 2016 (SG tanks seizure in Hong Kong due to PM Lee's speech in 2016).

https://sg-stock.blogspot.com/2017/01/china-media-told-it-all-about-seizure.html

https://sg-stock.blogspot.com/2016/11/the-true-agenda-behind-seizure-of-sg.html

PEC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/18/25	Lim & Tan	PEC	0.83	0.84	Wait	$0.64+0.20

Parkway Life - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/19/24	OCBC	Parkway Life	3.68	4.49	Buy
01/02/25	UOB Kay Hian	Parkway Life	3.75	5.12	Buy	DDM
01/09/25	Kim Eng	Parkway Life	3.76	4.1	Buy	DDM
02/06/25	Lim & Tan	Parkway Life	3.94	4.44	Accumulate
02/07/25	DBS Vickers	Parkway Life	3.94	4.75	Buy	DCF
02/07/25	OCBC	Parkway Life	3.94	4.6	Buy
02/17/25	UOB Kay Hian	Parkway Life	3.87	4.85	Buy	DDM
03/06/25	UOB Kay Hian	Parkway Life	3.85	4.85	Buy	DDM
04/01/25	UOB Kay Hian	Parkway Life	4.15	4.85	Buy	DDM
04/23/25	Kim Eng	Parkway Life	4.23	4.5	Buy	DDM
04/30/25	CIMB	Parkway Life	4.18	4.91	Add
04/30/25	OCBC	Parkway Life	4.18	4.65	Buy
05/21/25	UOB Kay Hian	Parkway Life	4.14	4.85	Buy	DDM
05/28/25	Kim Eng	Parkway Life	4.1	4.5	Buy	DDM
06/27/25	UOB Kay Hian	Parkway Life	4.1	5.33	Buy	DDM
08/01/25	UOB Kay Hian	Parkway Life	4.03	5.33	Buy	DDM
08/06/25	Lim & Tan	Parkway Life	4.06	4.85	Accumulate on weakness
08/07/25	Kim Eng	Parkway Life	4.11	4.5	Buy	DDM
08/07/25	CIMB	Parkway Life	4.11	4.93	Add	DDM
08/08/25	DBS Vickers	Parkway Life	4.1	4.75	Buy	DCF
08/18/25	UOB Kay Hian	Parkway Life	4.03	5.34	Buy	DDM
09/01/25	UOB Kay Hian	Parkway Life	4.22	5.34	Buy	DDM
11/06/25	CIMB	Parkway Life	4.05	4.97	Add	DDM
11/25/25	UOB Kay Hian	Parkway Life	4.02	5.42	Buy	DDM

Paragon Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/12/25	Lim & Tan	Paragon Reit	0.99	1.02	Hold	Offer @ $0.98
02/12/25	CIMB	Paragon Reit	0.99	0.92	Hold
02/13/25	CIMB	Paragon Reit	0.99	0.98	Hold	Offer @ $0.98
03/27/25	Lim & Tan	Paragon Reit	0.97	0.98	Accept Offer	Offer @ $0.98

Stock calls for 1 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/01/25	UOB Kay Hian	A-Reit	2.81	4.02	Buy	DDM
12/01/25	UOB Kay Hian	ART	0.945	1.56	Buy	DDM
12/01/25	Phillip	BRC Asia	3.93	5.1	Buy	DCF
12/01/25	CIMB	BRC Asia	3.93	4.9	Add	PER
12/01/25	DBS Vickers	Bukit Sembawang	4.17	5.88	Buy	RNAV (45% disc)
12/01/25	DMG & Partners	Isoteam	0.078	0.078	Neutral
12/01/25	UOB Kay Hian	Keppel DC Reit	2.31	2.65	Buy	DDM
12/01/25	UOB Kay Hian	Keppel Reit	1.06	1.2	Buy	DDM
12/01/25	UOB Kay Hian	Lendlease Reit	0.62	0.81	Buy	DDM
12/01/25	Lim & Tan	LHN	0.67	1.15	Accumulate
12/01/25	CIMB	Marco Polo	0.117	0.14	Add	PER
12/01/25	Lim & Tan	Marco Polo	0.117	0.13	Buy
12/01/25	Phillip	Thai Beverage	0.465	0.53	Accumulate	PER12x FY26
12/01/25	Amfrasers	Zixin	0.034	0.048	Outperform	DCF

Baltic dry index - 2560

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 544

Related stock: Seatrium & Cosco.