Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/15/25	UOB Kay Hian	Food Empire	2.3	2.73	Buy	PER17x FY26
08/15/25	CIMB	Food Empire	2.3	2.94	Add
08/28/25	DBS Vickers	Food Empire	2.37	2.68	Unrated	Sum of parts
09/10/25	DMG & Partners	Food Empire	2.38	2.72	Buy
09/16/25	Kim Eng	Food Empire	2.62	2.92	Buy
09/17/25	UOB Kay Hian	Food Empire	2.59	3	Buy	PER18.7x FY26
09/19/25	CIMB	Food Empire	2.66	3.09	Add
09/25/25	Lim & Tan	Food Empire	2.65	2.99	Buy
09/25/25	DMG & Partners	Food Empire	2.65	2.95	Buy
10/14/25	UOB Kay Hian	Food Empire	2.3	3	Buy	PER18.7x FY26
11/06/25	Amfrasers	Food Empire	2.29	2.69	outperform	DCF
11/06/25	uSMART	Food Empire	2.29	2.97	Buy
11/13/25	UOB Kay Hian	Food Empire	2.35	3	Buy	PER19x FY26
11/13/25	Lim & Tan	Food Empire	2.35	2.99	Buy
11/17/25	CIMB	Food Empire	2.56	3.18	Add
01/05/26	UOB Kay Hian	Food Empire	2.45	3	Buy	PER19x FY26
02/02/26	UOB Kay Hian	Food Empire	2.7	3	Buy	PER19x FY26
02/03/26	DBS Vickers	Food Empire	2.7	3.4	Buy	Sum of parts
02/20/26	CIMB	Food Empire	3.02	4	Add
02/26/26	UOB Kay Hian	Food Empire	3.27	4.21	Buy	PER25x FY26
03/02/26	DBS Vickers	Food Empire	3.25	3.65	Buy	Sum of parts
03/09/26	Amfrasers	Food Empire	3.08	3.7	outperform	DCF
03/10/26	UOB Kay Hian	Food Empire	2.93	4.21	Buy	PER25x FY26
05/04/26	UOB Kay Hian	Food Empire	3.26	4.21	Buy	PER25x FY26
05/12/26	DBS Vickers	Food Empire	2.88	3.65	Buy	Sum of parts
06/03/26	UOB Kay Hian	Food Empire	3.02	4.21	Buy	PER25x FY26
06/03/26	DMG & Partners	Food Empire	3.02	3.87	Buy	Ex-bonus target $3.36
06/04/26	DBS Vickers	Food Empire	2.51	3.05	Buy	Sum of parts, Ex-bonus (1 for 5)
06/19/26	UOB Kay Hian	Food Empire	2.5	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
07/06/26	CLSA	Food Empire	2.53	3.6	outperform
07/13/26	CIMB	Food Empire	2.53	3.33	Add	PER
07/23/26	UOB Kay Hian	Food Empire	2.4	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
08/04/26	UOB Kay Hian	Food Empire	2.46	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/26	DBS Vickers	First Sponsor	1.02	1.3	Unrated

Stock calls for 4 August 2026

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/26	DBS Vickers	APAC Realty	0.575	0.7	Hold	Sum of parts
08/04/26	Lim & Tan	APAC Realty	0.575	0	Accumulate
08/04/26	DMG & Partners	APAC Realty	0.575	0.74	Buy
08/04/26	UOB Kay Hian	Beng Kuang Marine	0.485	0.75	Buy	PER14x FY27
08/04/26	UOB Kay Hian	City Developments	7.84	11.5	Buy	RNAV (15% disc)
08/04/26	UOB Kay Hian	Food Empire	2.46	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
08/04/26	UOB Kay Hian	Hong Leong Asia	2.94	4.9	Buy	Sum of parts
08/04/26	UOB Kay Hian	Huationg Global	0.735	1.23	Buy	PER11x FY26
08/04/26	DBS Vickers	Lendlease Reit	0.575	0.75	Buy	DCF
08/04/26	DBS Vickers	Mapletree Commercial	1.32	1.55	Buy	DCF
08/04/26	UOB Kay Hian	NTT DC Reit	0.925	1.43	Buy	DDM
08/04/26	UOB Kay Hian	OCBC	28.87	31.6	Buy	GGM, PB2.12x FY27
08/04/26	UOB Kay Hian	Oiltek	1.46	2.78	Buy	PER28x FY27
08/04/26	DBS Vickers	Parkway Life	4.22	4.75	Buy	DCF
08/04/26	OCBC	Parkway Life	4.22	4.8	Buy
08/04/26	Lim & Tan	Parkway Life	4.22	4.88	Accumulate
08/04/26	UOB Kay Hian	Riverstone	0.855	1.1	Buy	PER25x FY27
08/04/26	UOB Kay Hian	SIA Engineering	3.15	3.75	Buy	PER21.2x FY28
08/04/26	UOB Kay Hian	Ultragreen	1.22	1.95	Buy	PER26x FY26
08/04/26	UOB Kay Hian	Valuetronics	1.06	1.88	Buy	PER19x FY28, Ex-cash
08/04/26	UOB Kay Hian	Venture	16.01	20.65	Buy	PER23.7x FY27

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/25	DBS Vickers	First Resources	1.57	2	Buy	DCF
08/15/25	Kim Eng	First Resources	1.68	1.9	Buy
08/25/25	UOB Kay Hian	First Resources	1.76	1.85	Buy
08/26/25	DMG & Partners	First Resources	1.79	2.1	Buy	PER10x FY26
10/15/25	UOB Kay Hian	First Resources	1.7	1.97	Buy	PER8.5x FY26
10/15/25	DBS Vickers	First Resources	1.7	2.1	Buy	DCF
11/17/25	UOB Kay Hian	First Resources	2.05	2.3	Buy	PER10x FY26
01/05/26	UOB Kay Hian	First Resources	2.08	2.3	Buy	PER10x FY26
01/16/26	UOB Kay Hian	First Resources	1.97	2.5	Buy	PER10x FY26
03/02/26	UOB Kay Hian	First Resources	2.37	2.53	Buy	PER10x FY26
03/02/26	Kim Eng	First Resources	2.37	2.63	Buy	PER
03/02/26	DMG & Partners	First Resources	2.37	2.8	Buy
03/25/26	DBS Vickers	First Resources	2.72	3	Buy	PER10x FY26
03/25/26	DMG & Partners	First Resources	2.72	3.45	Buy
05/06/26	DBS Vickers	First Resources	3.75	5	Buy	PER14x FY26
05/18/26	CIMB	First Resources	3.9	4.39	Add	PER
05/18/26	DMG & Partners	First Resources	3.9	3.7	Neutral
06/15/26	UOB Kay Hian	First Resources	2.83	3.65	Buy	PER12x FY26
06/22/26	DMG & Partners	First Resources	3.17	3.7	Buy
07/13/26	DBS Vickers	First Resources	3.21	5	Buy	PER14x FY26
07/15/26	DMG & Partners	First Resources	3.38	3.7	Buy

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	phillip	First Reit	0.275	0.31	Buy	DDM
09/22/25	phillip	First Reit	0.285	0.31	Buy	DDM
10/22/25	Lim & Tan	First Reit	0.28	0.31	Hold
10/23/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	OCBC	First Reit	0.28	0.265	Hold
02/06/26	Lim & Tan	First Reit	0.275	0.31	Accumulate on weakness
02/09/26	phillip	First Reit	0.27	0.29	Accumulate	DDM
04/02/26	Lim & Tan	First Reit	0.245	0.27	Accumulate on weakness
04/02/26	OCBC	First Reit	0.245	0.245	Hold
04/06/26	phillip	First Reit	0.245	0.25	Accumulate	PB1x FY26
06/04/26	Lim & Tan	First Reit	0.235	0.245	Vote Yes
06/26/26	Lim & Tan	First Reit	0.225	0.24	Accumulate on weakness
08/03/26	phillip	First Reit	0.23	0.23	Accumulate	PB1x FY26

Far East Orchard - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/13/26	DBS Vickers	Far East Orchard	1.21	2	Unrated	RNAV (30% disc)

Stock calls for 3 August 2026

Date	Analyst	Company	Last	Target	Call	Valuation
08/03/26	Phillip	ART	0.905	1.08	Buy	DDM
08/03/26	phillip	First Reit	0.23	0.23	Accumulate	PB1x FY26
08/03/26	UOB Kay Hian	Frasers Logistics	0.99	1.33	Buy	DDM
08/03/26	Phillip	Keppel Corp	11.47	13.8	Buy	Sum of parts
08/03/26	DBS Vickers	Keppel Corp	11.47	13.3	Buy	Sum of parts
08/03/26	Lim & Tan	Keppel Corp	11.47	13.08	Buy
08/03/26	Lim & Tan	Lincotrade	0.335	0	Accumulate
08/03/26	CIMB	Riverstone	0.84	1	Add	PER
08/03/26	UOB Kay Hian	Seatrium	2.15	2.3	Hold	PB1.05x FY26
08/03/26	DBS Vickers	Seatrium	2.15	3	Buy	PB1.35x FY26
08/03/26	CIMB	Seatrium	2.15	2.52	Add	PB
08/03/26	Citi Research	Seatrium	2.15	2.7	Buy	PB1.2x FY27
08/03/26	Kim Eng	Seatrium	2.15	2.85	Buy
08/03/26	DBS Vickers	SIA	7.7	7.7	Hold	EV/Ebitda5x FY27

The US Q2 GDP is worse than Q1 and the US consumption is no longer sustainable.

Let's break down the GDP to see what had changed from the previous quarter.

GDP growth = G + I + C + NE

NE=Export - Import

Q1 GDP (Final) = 0.74 + 1.35 + 0.37+ (-0.37) = 2.09 (2.1)

Q2 GDP (1st estimate) = (-0.14) + 0.53 + 2.12 + (-1.01) = 1.5

The Q2 GDP was worse than Q1 because 3 GDP components (G, I, NE) fell and only 1 GDP component (C) rose.

The US government cut its spending because it was low in budget.  The investment fell because of the poor outlook and AI capex couldn't had dropped.  The consumption and import rose becausethe US consumers were frontloading their purchases due to the high inflation expectations caused by the Iran war.  The core inflation is still above 3% and is nowhere near the Fed target rate of 2%.

The frontloading purchases had caused the US saving rate to drop further to 2.7%.  Therefore, this kind of consumption is unsustainable due to the low saving rate.