Paragon Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/27/25	Lim & Tan	Paragon Reit	0.97	0.98	Accept Offer	Offer @ $0.98

Pan-United - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/07/25	CIMB	PanUnited	0.625	0.75	Add
03/14/25	UOB Kay Hian	PanUnited	0.62	0.81	Buy
04/08/25	UOB Kay Hian	PanUnited	0.575	0.81	Buy
04/08/25	Lim & Tan	PanUnited	0.575	0.77	Accumulate
05/27/25	CIMB	PanUnited	0.705	0.823	Add
07/07/25	CIMB	PanUnited	0.87	0.958	Add
07/10/25	UOB Kay Hian	PanUnited	0.895	1.06	Buy	PER14x FY25
08/15/25	CIMB	PanUnited	1.07	1.2	Add	EV/Ebitda
08/18/25	phillip	PanUnited	1.13	1.34	Buy	DCF
09/11/25	UOB Kay Hian	PanUnited	1.18	1.33	Buy	PER17x FY26
02/26/26	UOB Kay Hian	PanUnited	1.27	1.42	Buy	PER17x FY26
02/26/26	CIMB	PanUnited	1.27	1.55	Add	EV/Ebitda
02/27/26	phillip	PanUnited	1.32	1.73	Buy	DCF
04/07/26	Lim & Tan	PanUnited	1.71	1.57	Hold

Stock calls for 3 June 2026

Date	Analyst	Company	Last	Target	Call	Valuation
06/03/26	UOB Kay Hian	Beng Kuang Marine	0.505	0.75	Buy	PER14x FY27
06/03/26	UOB Kay Hian	China Aviation Oil	1.85	2.63	Buy	PER15x FY26
06/03/26	OCBC	China Aviation Oil	1.85	2.48	Buy
06/03/26	UOB Kay Hian	City Developments	8.44	11.5	Buy	RNAV (15% disc)
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
06/03/26	OCBC	Genting	0.6	0.77	Buy
06/03/26	UOB Kay Hian	Hong Leong Asia	3.26	4.9	Buy	Sum of parts
06/03/26	UOB Kay Hian	Huationg Global	0.785	1.23	Buy	PER11x FY26
06/03/26	UOB Kay Hian	Keppel Corp	10.95	13.23	Buy	PER18x
06/03/26	UOB Kay Hian	OCBC	24.08	26.8	Buy	GGM, PB1.9x FY26
06/03/26	UOB Kay Hian	Oiltek	1.85	2.78	Buy	PER28x FY27
06/03/26	UOB Kay Hian	Riverstone	0.88	1.1	Buy	PER25x FY27
06/03/26	Lim & Tan	SATS	3.95	4.42	Accumulate on weakness
06/03/26	UOB Kay Hian	Ultragreen	1.36	1.95	Buy	PER26x FY26
06/03/26	UOB Kay Hian	Venture	18.36	20.65	Buy	PER23.7x FY27

The Iran war situation report. - Part 67

It looks like the US is getting desperate and delusional now after being unable to win the Iran war.

Tehran has declared the peace talks are over but the US is still in denial.

It is also becoming likely that a hormuz toll will be imposed for Iran's reparation because Qatar has relented.

Pacific Radiance - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/05/25	CIMB	Pacific Radiance	0.044	0.07	Add
03/17/25	phillip	Pacific Radiance	0.045	0.06	Buy	PER8x FY25
08/20/25	CIMB	Pacific Radiance	0.05	0.09	Add	PER
08/27/25	phillip	Pacific Radiance	0.067	0.098	Buy	PER8x FY26
10/06/25	CIMB	Pacific Radiance	0.105	0.14	Add	PER

Oxley - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/02/25	Lim & Tan	Oxley	0.106	0	Hold

OUE Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/28/25	phillip	OUE Commercial	0.275	0.4	Buy	DDM
04/28/25	DBS Vickers	OUE Commercial	0.275	0.33	Buy	DCF
04/28/25	Kim Eng	OUE Commercial	0.275	0.27	Hold
04/29/25	OCBC	OUE Commercial	0.28	0.315	Buy
04/29/25	Kim Eng	OUE Commercial	0.28	0.28	Hold
04/29/25	CIMB	OUE Commercial	0.28	0.33	Add
05/02/25	Amfrasers	OUE Commercial	0.28	0.32	outperform	DDM
07/24/25	DBS Vickers	OUE Commercial	0.31	0.33	Buy	DCF
07/24/25	OCBC	OUE Commercial	0.31	0.335	Buy
07/24/25	Lim & Tan	OUE Commercial	0.31	0.335	Accumulate
07/25/25	phillip	OUE Commercial	0.31	0.4	Buy	DDM
07/25/25	DBS Vickers	OUE Commercial	0.31	0.35	Buy	DCF
07/28/25	CIMB	OUE Commercial	0.31	0.33	Add
08/26/25	Lim & Tan	OUE Commercial	0.335	0	Accumulate on weakness
10/27/25	DBS Vickers	OUE Commercial	0.345	0.4	Buy	DCF
10/27/25	OCBC	OUE Commercial	0.345	0.36	Buy
11/14/25	Amfrasers	OUE Commercial	0.34	0.36	outperform	DDM
12/09/25	phillip	OUE Commercial	0.35	0.4	Buy	DDM
01/08/26	DBS Vickers	OUE Commercial	0.36	0.4	Buy	DCF
01/27/26	DBS Vickers	OUE Commercial	0.365	0.45	Buy	DCF
01/27/26	Lim & Tan	OUE Commercial	0.365	0.39	Accumulate
01/28/26	CIMB	OUE Commercial	0.36	0.41	Add	DDM
01/29/26	OCBC	OUE Commercial	0.375	0.4	Buy
02/03/26	phillip	OUE Commercial	0.36	0.4	Buy	DDM
02/20/26	DBS Vickers	OUE Commercial	0.355	0.45	Buy	DCF
02/23/26	Lim & Tan	OUE Commercial	0.37	0.42	Accumulate
02/25/26	CIMB	OUE Commercial	0.37	0.41	Add	DDM
03/25/26	Lim & Tan	OUE Commercial	0.35	0.43	Accumulate
04/22/26	DBS Vickers	OUE Commercial	0.37	0.45	Buy	DCF
04/23/26	phillip	OUE Commercial	0.365	0.45	Buy	DDM
04/23/26	CIMB	OUE Commercial	0.365	0.44	Add	DDM
04/23/26	Lim & Tan	OUE Commercial	0.365	0.44	Accumulate

Stock calls for 2 June 2026

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.27	3.06	Buy	DDM
06/02/26	DMG & Partners	City Developments	8.58	11.2	Buy
06/02/26	DBS Vickers	First Sponsor	1.02	1.3	Unrated
06/02/26	Phillip	Geo Energy	0.47	0.75	Buy	DCF
06/02/26	UOB Kay Hian	Mapletree Commercial	1.28	1.75	Buy	DDM
06/02/26	UOB Kay Hian	NTT DC Reit	0.98	1.43	Buy	DDM
06/02/26	UOB Kay Hian	Seatrium	2.12	3.15	Buy	PB1.5x
06/02/26	CIMB	Seatrium	2.12	2.52	Add	PB
06/02/26	Lim & Tan	Seatrium	2.12	2.71	Accumulate on weakness
06/02/26	Kim Eng	UI Boustead	0.795	1.03	Buy
06/02/26	phillip	Valuetronics	1.17	1.29	Buy	PER20x FY27
06/02/26	Lim & Tan	Zixin	0.033	0.066	Buy	PER10x FY26

The Iran war situation report. - Part 66

The US-Iran peace talk has broken down because of Israel that is driving a wedge between Iran and US. Iran has suspended the peace talk and Trump has nobody to talk to now.

Furthermore, Trump has added new terms and conditions to the existing peace deal that are unacceptable to Iran.

Just like what we've stated previously, we've little faith in the success of this US-Iran peace deal.  This peace deal can only be achieved when the US relents and gives in to Iran's demands, and not the opposite in which Iran has to give in to the US's demands.  Let's not forget that it is the US that is the aggressor and Iran is the victim.

The US ISM PMI and its underlying factors are in a paradox.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = 2.7-2.7 = 0

Estimated Local Material: Inventories - Imports = 0.9-2.7 = -1.8

Although the price hike had eased, it still remained at an elevated high (82.1) and this might explain the bleak local consumption.

The new orders increased (+2.7) because of a boost in new export orders (+2.7).  However, the comparison between the new orders & new export orders had revealed that the local new orders (local consumption) had stalled (est'd 0).

The production and employment were increased to fulfill increases in the new orders and new export orders.  Consequently, all these also led to the increases in the backlog orders and customers' inventories.

In the end, the ISM PMI increased to 54 but the underlying factors painted a dour outlook.

The 2 things to highlight in this PMI are the price and new local orders because these 2 factors will impact the US GDP significantly.  The high price and weak consumption have corroborated the recent downward revision of the US GDP (from 2% to 1.6%).

The Iran war situation report. - Part 65

If Trump were to agree on this ceasefire extension by another 60 days, it would be bad for his mid-term election in November because his campaign would begin in June without any good news.  He couldn't end his illegal Iran war and he also didn't secure any good deal from China.  Furthermore, the US is still being dogged by the high inflation.

The US is just kicking the can down the road because it can't win the Iran war and Iran is unwilling to relent to the US demands.

Even with this ceasefire extension, there is no guarantee that there won't be any attack from both sides during the ceasefire.  Thus, this on-going Iran war will continue to haunt the stock markets and affect Trump's election.

Olam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/06/26	Lim & Tan	Olam	0.86	0	Buy
04/24/26	Lim & Tan	Olam	1.04	1.35	Buy
05/04/26	Kim Eng	Olam	1.02	1.6	Buy	Sum of parts