Lum Chang Creations - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/11/25	Lim & Tan	Lum Chang Creations	0.25	0.38	Subscribe	IPO $0.25
07/18/25	UOB Kay Hian	Lum Chang Creations	0.25	0.39	Buy	PER9.5x FY26
08/20/25	Lim & Tan	Lum Chang Creations	0.445	0.49	Accumulate	PER9.6x FY26
08/27/25	CIMB	Lum Chang Creations	0.55	0.81	Add	PER
12/02/25	Lim & Tan	Lum Chang Creations	0.475	0.7	Accumulate	PER11.7x FY26/27
01/07/26	CIMB	Lum Chang Creations	0.5	0.72	Add
02/13/26	CIMB	Lum Chang Creations	0.8	0.93	Add	PER
03/10/26	DBS Vickers	Lum Chang Creations	0.775	1.07	Buy	PER13x FY27
03/13/26	DMG & Partners	Lum Chang Creations	0.825	1.13	Buy	PER15x FY26/27
04/14/26	Lim & Tan	Lum Chang Creations	0.87	1.04	Buy	PER12.9x FY26/27
04/23/26	DMG & Partners	Lum Chang Creations	0.99	1.13	Buy	PER15x FY26/27
05/04/26	CIMB	Lum Chang Creations	1.03	1.32	Add	PER
05/20/26	Lim & Tan	Lum Chang Creations	1.01	1.14	Buy

Stock calls for 20 May 2026

Date	Analyst	Company	Last	Target	Call	Valuation
05/20/26	DBS Vickers	Delfi	1	1	Hold	PER14x
05/20/26	UOB Kay Hian	Frencken	2.81	3.3	Buy	PER29x FY27
05/20/26	DBS Vickers	Frencken	2.81	3.76	Buy	PER35x FY27
05/20/26	Lim & Tan	Hongkong Land	7.96	10.24	Accumulate
05/20/26	CIMB	ISDN	0.65	0.96	Add	PER
05/20/26	UOB Kay Hian	Lendlease Reit	0.565	0.78	Buy	DDM
05/20/26	Phillip	Lendlease Reit	0.565	0.73	Buy	DDM
05/20/26	Lim & Tan	Lum Chang Creations	1.01	1.14	Buy
05/20/26	DBS Vickers	Yangzijiang Shipping	3.94	4.55	Buy	PB2.6x FY26, PER11x FY26

Singapore minister Vivian has screwed up again! - Part 6

As stated previously, SG FM Vivian had made a big political blunder by insisting on his warped principle of UNCLOS while other countries didn't.

Our previous posts had highlighted 2 fundamental flaws in FM Vivian's priniciple:

1. Law of war (wartime) vs UNCLOS (peacetime)

The law of war allows a victimized country to do a maritime blockage as it can be interpreted as an act of self-defence since the US started this illegal war against Iran.

2. UNCLOS member vs UNCLOS non-member

The UNCLOS laws are only applicable for official UNCLOS members and Iran, just like the US, is not an official member.

Therefore, using UNCLOS to demand for a free and open passage is highly contestable and is a subject for contention with no end in sight.

SG FM Vivian had disgraced himself by calling Iran to demand for a free and open hormuz passage.  He had forgotten that the strait of  hormuz was free and open before the US attacked Iran illegally.

How did Iran respond to FM Vivian's call?

Iran has slapped FM Vivian right in his face by setting up a Hormuz transit authority to collect hormuz toll because Iran understands international laws better than FM Vivian.  The reality is Iran is just trying to seek reparation (reconstruction costs) by imposing a hormuz toll since the US refuses to compensate Iran for the illegal attack.

The EU doesn't object strenuously to the Hormuz toll because it knows that Iran is seeking reparation. The EU also knows that it can't demand reparation for Ukraine if it objects to the Hormuz toll as this will be deemed as a prejudiced (double standard) objection.

Let's look at what the EU is doing then?

The EU is trying to negotiate with Iran for the Hormuz ship passage and FM Vivian is getting hit hard by this reality.

Latest global fund manager survey by BOA.

 Summary:

• The Bank of America survey, which polled 200 respondents with a combined $517 billion in ​assets under management, was conducted between May 8 and ​May 14.

• A net 50% of fund managers surveyed said they were ‌overweight ⁠equities compared to 13% the previous month. Average cash levels are 3.9%, down from 4.3%.

• Just 4% said they saw a "hard landing", where economic growth and job creation suddenly contract, ​compared with 39%, ​who said ⁠they saw "no landing" at all.

• 66% of respondents said they expected the Strait of Hormuz ​bottleneck to end in the next few ​months.

• 40% ⁠of respondents said a second wave of inflation was the biggest tail risk right now.

• 62% of respondents said they ⁠targeted ​a rate of 6% on 30-year ​Treasury yields , which are currently around 5.14%. 20% said they targeted a ​rate of 4%.

Lion-Phillip - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/31/25	Phillip	Lion-Phillip	0.88	0.965	Accumulate
04/01/26	Phillip	Lion-Phillip	0.802	0.9	Accumulate	Sum of parts

Lincotrade - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/08/25	SAC Capital	Lincotrade	0.2	0.301	Buy

LHN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/25	Kim Eng	LHN	0.46	0.55	Buy
03/06/25	Lim & Tan	LHN	0.46	0.55	Accumulate
03/12/25	Phillip	LHN	0.46	0.56	Buy	PER6.5x FY25
04/16/25	Lim & Tan	LHN	0.42	0.56	Accumulate
05/16/25	Lim & Tan	LHN	0.495	0.56	Accumulate
05/19/25	Phillip	LHN	0.505	0.61	Buy	PER7x FY25
05/19/25	Kim Eng	LHN	0.505	0.55	Buy
05/26/25	Lim & Tan	LHN	0.505	0	Accumulate on weakness
06/03/25	Lim & Tan	LHN	0.515	0.6	Accumulate on weakness
06/26/25	DBS Vickers	LHN	0.64	0.81	Not Rated	Sum of parts
07/09/25	CIMB	LHN	0.76	1	Add
09/10/25	Lim & Tan	LHN	0.86	0	Accumulate
09/11/25	Phillip	LHN	0.93	1.13	Buy	PER13x FY25
09/25/25	UOB Kay Hian	LHN	0.985	1.12	Buy	PER12x FY26
10/01/25	Lim & Tan	LHN	0.93	1.15	Accumulate
10/01/25	CIMB	LHN	0.93	1.2	Add
12/01/25	Lim & Tan	LHN	0.67	1.15	Accumulate
12/08/25	Phillip	LHN	0.69	0.85	Buy	Sum of parts
12/09/25	UOB Kay Hian	LHN	0.675	0.84	Buy	PER12x FY26
12/09/25	CIMB	LHN	0.675	0.88	Add
02/11/26	UOB Kay Hian	LHN	0.69	0.84	Buy	PER12x FY26
03/20/26	UOB Kay Hian	LHN	0.585	0.71	Buy	PER18.2x FY26

Stock calls for 19 May 2026

Date	Analyst	Company	Last	Target	Call	Valuation
05/19/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.25	3.06	Buy	DDM
05/19/26	DBS Vickers	City Developments	7.84	12	Buy	RNAV (35% disc)
05/19/26	DBS Vickers	Frencken	3.04	3.22	Buy	PER30x FY26
05/19/26	Lim & Tan	Frencken	3.04	3.15	Hold
05/19/26	Lim & Tan	Keppel Corp	10.38	12.65	Accumulate on weakness
05/19/26	Kim Eng	Marco Polo	0.184	0.24	Buy
05/19/26	Amfrasers	Raffles Education	0.13	0.32	outperform	DCF
05/19/26	Phillip	SIA	6.41	6.43	Neutral	PB1.1x
05/19/26	Phillip	ST Engineering	10.79	13	Buy	DCF
05/19/26	UOB Kay Hian	ST Engineering	10.79	11.75	Buy
05/19/26	Kim Eng	Thai Beverage	0.445	0.48	Buy
05/19/26	OCBC	Thai Beverage	0.445	0.55	Buy

Ley Choon - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/25	Lim & Tan	Ley Choon	0.067	0	Accumulate
01/06/26	Lim & Tan	Ley Choon	0.78	0	Buy

Lendlease Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/25	UOB Kay Hian	Lendlease Reit	0.49	0.72	Buy	DDM
04/01/25	UOB Kay Hian	Lendlease Reit	0.51	0.72	Buy	DDM
05/08/25	DBS Vickers	Lendlease Reit	0.515	0.75	Buy
05/09/25	Phillip	Lendlease Reit	0.505	0.69	Buy	DDM
05/21/25	UOB Kay Hian	Lendlease Reit	0.49	0.72	Buy	DDM
05/21/25	Citi Research	Lendlease Reit	0.49	0.49	Hold	DDM
06/20/25	DBS Vickers	Lendlease Reit	0.5	0.75	Buy	DCF
06/27/25	UOB Kay Hian	Lendlease Reit	0.515	0.8	Buy	DDM
07/03/25	UOB Kay Hian	Lendlease Reit	0.53	0.76	Buy	DDM
07/03/25	Kim Eng	Lendlease Reit	0.53	0.57	Hold
08/01/25	UOB Kay Hian	Lendlease Reit	0.55	0.76	Buy	DDM
08/05/25	DBS Vickers	Lendlease Reit	0.565	0.75	Buy	DCF
08/05/25	Lim & Tan	Lendlease Reit	0.565	0.63	Accumulate
08/06/25	Phillip	Lendlease Reit	0.575	0.7	Buy	DDM
08/08/25	CIMB	Lendlease Reit	0.575	0.67	Add	DDM
08/11/25	UOB Kay Hian	Lendlease Reit	0.575	0.79	Buy	DDM
08/26/25	Citi Research	Lendlease Reit	0.595	0.66	Buy	DDM
09/01/25	UOB Kay Hian	Lendlease Reit	0.6	0.79	Buy	DDM
09/23/25	DBS Vickers	Lendlease Reit	0.615	0.75	Buy	DCF
10/06/25	Kim Eng	Lendlease Reit	0.65	0.69	Buy	DDM
11/03/25	UOB Kay Hian	Lendlease Reit	0.64	0.79	Buy	DDM
11/06/25	UOB Kay Hian	Lendlease Reit	0.635	0.81	Buy	DDM
12/01/25	UOB Kay Hian	Lendlease Reit	0.62	0.81	Buy	DDM
01/02/26	UOB Kay Hian	Lendlease Reit	0.62	0.81	Buy	DDM
02/02/26	UOB Kay Hian	Lendlease Reit	0.64	0.81	Buy	DDM
02/16/26	DBS Vickers	Lendlease Reit	0.625	0.75	Buy	DCF
02/16/26	Lim & Tan	Lendlease Reit	0.625	0.72	Accumulate
02/19/26	UOB Kay Hian	Lendlease Reit	0.625	0.78	Buy	DDM
02/23/26	Phillip	Lendlease Reit	0.615	0.73	Buy	DDM
03/16/26	Kim Eng	Lendlease Reit	0.555	0.74	Buy	DDM
03/27/26	UOB Kay Hian	Lendlease Reit	0.53	0.78	Buy	DDM