Stock calls for 30 June 2025

Date	Analyst	Company	Last	Target	Call	Valuation
06/30/25	Kim Eng	CSE Global	0.55	0.7	Buy
06/30/25	DMG & Partners	Dairy Farm	3.73	3.09	Buy	Sum of parts
06/30/25	UOB Kay Hian	First Resources	1.49	1.65	Buy
06/30/25	UOB Kay Hian	Ifast Corp	6.6	7.28	Buy	PER25x FY25
06/30/25	CIMB	Keppel Infrastructure	0.395	0.45	Add
06/30/25	UOB Kay Hian	Netlink	0.875	0.98	Buy	DCF
06/30/25	UOB Kay Hian	Raffles Medical	0.965	1.06	Buy	PER28x FY25
06/30/25	phillip	Sembcorp Industries	6.83	8.1	Buy	EV/Ebitda9x FY25
06/30/25	UOB Kay Hian	Singapore Post	0.62	0.66	Buy	Sum of parts
06/30/25	Lim & Tan	Stamford Tyres	0.215	0	Hold

US core inflation has started to rise!

The latest core PCE index has started to rise and this means that all the future inflation indicators will reflect the rising inflation which is caused by Trump's tariffs because the sellers have depleted their frontloaded stockpiles.

Baltic dry index - 1521

Related stock: Seatrium, Cosco & Pan Ocean.

US oil rig (weekly) - 547

Related stock: Seatrium & Cosco.

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

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

Stock calls for 27 June 2025

Date	Analyst	Company	Last	Target	Call	Valuation
06/27/25	UOB Kay Hian	A-Reit	2.66	4.02	Buy	DDM
06/27/25	Lim & Tan	AIMS AMP Cap Ind Reit	1.31	1.41	Hold
06/27/25	UOB Kay Hian	ART	0.875	1.56	Buy	DDM
06/27/25	DBS Vickers	Aztech	0.6	0.38	Fully Valued	PER15x FY25
06/27/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.16	2.72	Buy	DDM
06/27/25	UOB Kay Hian	CDL Hospitality	0.79	1.11	Buy	DDM
06/27/25	UOB Kay Hian	Digicore Reit	0.515	0.88	Buy	DDM
06/27/25	UOB Kay Hian	Far East Hospitality	0.565	0.78	Buy	DDM
06/27/25	CIMB	Food Empire	1.78	2.28	Add
06/27/25	UOB Kay Hian	Frasers Centrepoint Trust	2.26	3.07	Buy	DDM
06/27/25	UOB Kay Hian	Frasers Logistics	0.835	1.23	Buy	DDM
06/27/25	UOB Kay Hian	Keppel DC Reit	2.3	2.87	Buy	DDM
06/27/25	UOB Kay Hian	Keppel Reit	0.885	1.18	Buy	DDM
06/27/25	UOB Kay Hian	Lendlease Reit	0.515	0.8	Buy	DDM
06/27/25	UOB Kay Hian	Mapletree Commercial	1.25	1.8	Buy	DDM
06/27/25	UOB Kay Hian	Mapletree Industrial	2	3.04	Buy	DDM
06/27/25	UOB Kay Hian	Mapletree Logistics	1.16	1.43	Hold	DDM
06/27/25	UOB Kay Hian	Parkway Life	4.1	5.33	Buy	DDM
06/27/25	DMG & Partners	ST Engineering	7.87	8.65	Buy
06/27/25	UOB Kay Hian	Suntec Reit	1.13	1.3	Hold	DDM

The US Q1 GDP growth had crashed!

Let's break down the GDP numbers to see what had happened.

GDP growth = G + I + C + NE

Q1 GDP (1st estimate) = (-0.25) + 3.6 + 1.21 + (-4.83) = -0.27 (-0.3)

Q1 GDP (2nd estimate) = (-0.12) + 3.98 + 0.8 + (-4.9) = -0.24 (-0.2)

Q1 GDP (Final estimate) = (-0.1) + 3.9 + 0.31 + (-4.61) = -0.5

We can see from the breakdown that the Q1 GDP (final) had a significant decline in consumption (C) compared to the previous 2 estimates.

We also could see that the government spending (G) had been negative (contracting) and this showed that the government had no money left in its coffer.  It would have to raise more money to boost its economic growth and this would cause the USD to be weak.  Another thing to note is the core PCE (3.5) which is way above the fed target (2).  Therefore, STAGFLATION is a real possibility now!

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

Raffles Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/05/24	DMG & Partners	Raffles Medical	1.02	1.06	Neutral	Sum of parts
07/01/24	DMG & Partners	Raffles Medical	0.995	1.06	Neutral	Sum of parts
07/29/24	DBS Vickers	Raffles Medical	1.02	1	Hold
07/29/24	Lim & Tan	Raffles Medical	1.02	1.14	Hold
07/30/24	DBS Vickers	Raffles Medical	1	0.97	Hold	Sum of parts
07/30/24	CIMB	Raffles Medical	1	1.15	Add	EV/Ebitda
07/30/24	DMG & Partners	Raffles Medical	1	1	Neutral	Sum of parts
07/30/24	Kim Eng	Raffles Medical	1	1.1	Hold
08/01/24	phillip	Raffles Medical	0.94	0.96	Neutral	DCF
08/19/24	DBS Vickers	Raffles Medical	0.905	0.97	Hold
11/12/24	DBS Vickers	Raffles Medical	0.87	0.97	Hold
12/05/24	DMG & Partners	Raffles Medical	0.885	0.9	Neutral	Sum of parts
01/17/25	UOB Kay Hian	Raffles Medical	0.84	1.01	Hold	PER28x FY25
01/20/25	Kim Eng	Raffles Medical	0.84	1	Hold
02/25/25	UOB Kay Hian	Raffles Medical	0.88	1.06	Buy	PER28x FY25
02/25/25	phillip	Raffles Medical	0.88	1.02	Accumulate	DCF
02/25/25	DBS Vickers	Raffles Medical	0.88	1.12	Buy	Sum of parts, PER25x
02/25/25	DMG & Partners	Raffles Medical	0.88	0.95	Neutral	Sum of parts
02/25/25	Kim Eng	Raffles Medical	0.88	1.03	Buy
04/08/25	UOB Kay Hian	Raffles Medical	0.92	1.06	Buy	PER28x FY25
04/08/25	DMG & Partners	Raffles Medical	0.92	1.08	Buy	Sum of parts
04/24/25	Kim Eng	Raffles Medical	1.01	1.13	Buy	DCF
06/11/25	Lim & Tan	Raffles Medical	0.975	1.11	Accumulate on weakness
06/23/25	DMG & Partners	Raffles Medical	0.955	1.08	Buy	Sum of parts