Stock calls for 29 June 2026

Date	Analyst	Company	Last	Target	Call	Valuation
06/29/26	Lim & Tan	ARA Hospitality (Acrophyte)	0.2	0	Accumulate
06/29/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.4	2.75	Buy	DDM
06/29/26	JPM	CapitaRetail China	0.635	0.66	Neutral
06/29/26	JPM	CDL Hospitality	0.775	0.85	Neutral
06/29/26	JPM	Far East Hospitality	0.57	0.69	Neutral
06/29/26	uSMART	Hutchison Port	0.186	0.19	Hold
06/29/26	Kim Eng	OUE Commercial	0.355	0.45	Buy	DDM
06/29/26	DBS Vickers	OUE Commercial	0.355	0.45	Buy	DCF
06/29/26	UOB Kay Hian	PanUnited	1.35	1.42	Buy	PER17x FY26
06/29/26	OCBC	SATS	4.49	4.2	Hold
06/29/26	DMG & Partners	SGX	24.15	22.2	Neutral
06/29/26	Phillip	Thai Beverage	0.44	0.53	Buy	PER12x FY26
06/29/26	Phillip	Ultragreen	1.23	1.92	Buy	DCF

Shame on you, Lianhe Zaobao! - Part 2

We're glad to see that the united front work theme started by Lianhe Zaobao has come to end and Singapore has backed down from this nosensical antic by allowing more Teochew shows of Dear You.

We've stated that this is wrong in the first place because Malaysian Chinese have chinese nationalism that Singaporean Chinese don't possess and they will defend China against Singapore.

Let this be an indelible lesson for Singapore and we hope that Singapore won't repeat this mistake ever again unless it wants to face the wrath of the Malaysian Chinese.  Although Malaysian Chinese is a minority group in Malaysia but its Chinese population (7-7.5m) is still bigger than the whole of Singapore.

Ultragreen - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/03/25	UOB Kay Hian	Ultragreen	1.45	2	Buy	PER24x FY26
01/16/26	UOB Kay Hian	Ultragreen	1.65	2	Buy	PER24x FY26
01/26/26	DBS Vickers	Ultragreen	1.68	2.05	Buy	PER26x FY26
02/02/26	UOB Kay Hian	Ultragreen	1.68	2	Buy	PER24x FY26
02/19/26	DBS Vickers	Ultragreen	1.68	2.05	Buy	PER26x FY26
03/02/26	DBS Vickers	Ultragreen	1.7	2	Buy	PER26x FY26
03/04/26	UOB Kay Hian	Ultragreen	1.58	1.95	Buy	PER26x FY26
04/07/26	DBS Vickers	Ultragreen	1.43	2	Buy	PER26x FY26
05/04/26	UOB Kay Hian	Ultragreen	1.46	1.95	Buy	PER26x FY26
05/05/26	DBS Vickers	Ultragreen	1.49	2	Buy	PER26x FY26
06/03/26	UOB Kay Hian	Ultragreen	1.36	1.95	Buy	PER26x FY26

UI Boustead - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/26	Lim & Tan	UI Boustead	0.88	0	Subscribe
04/15/26	Goldman Sachs	UI Boustead	0.835	0.91	Neutral
04/23/26	UOB Kay Hian	UI Boustead	0.82	1.16	Buy	DDM
05/21/26	UOB Kay Hian	UI Boustead	0.77	1.13	Buy	DDM
05/21/26	DBS Vickers	UI Boustead	0.77	1.05	Buy
05/25/26	Lim & Tan	UI Boustead	0.78	1.03	Accumulate
05/26/26	UOB Kay Hian	UI Boustead	0.805	1.17	Buy	DDM
06/02/26	Kim Eng	UI Boustead	0.795	1.03	Buy
06/15/26	UOB Kay Hian	UI Boustead	0.79	1.17	Buy	DDM

Toku - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/07/26	Amfrasers	Toku	0.25	0.39	Outperform	DCF

Stock calls for 26 June 2026

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/26	Lim & Tan	First Reit	0.225	0.24	Accumulate on weakness
06/26/26	OCBC	OUE Commercial	0.36	0.41	Buy
06/26/26	Lim & Tan	SIA	7.65	6.7	Take Profit

The latest US GDP report shows a significant decline in US consumption.

US Q1 GDP: 2.1%

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 (1st estimate) = 0.73 + 1.48 + 1.08 + (-1.3) = 1.99 (2)

Q1 GDP (2nd estimate) = 0.73 + 1.19 + 0.95 + (-1.25) = 1.62 (1.6)

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

We can see that there are significant declines in consumption (C) and import that contribute to the improvement in the US GDP.  Consequently, the significant fall (-61%) in (C) causes inventories to rise and also increase the investment (I) subcomponent.

However, this is a bad omen because consumption comprises 2/3 of the US GDP.  

What is the proximate cause of this fall?  The significant cutback in the US consumption is likely due to the rising US inflation.

From the charts below, we can see that the US core inflation has spiked to 4.4% on a quarterly basis.

Tiong Woon - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/14/25	UOB Kay Hian	Tiong Woon	0.575	0.87	Buy
06/23/25	UOB Kay Hian	Tiong Woon	0.58	0.64	Buy	PB0.45X FY25
07/10/25	UOB Kay Hian	Tiong Woon	0.695	0.64	Buy	PB0.45X FY25
08/29/25	Lim & Tan	Tiong Woon	0.775	0	Buy
09/02/25	UOB Kay Hian	Tiong Woon	0.785	0.73	Hold	PB0.5x FY26
01/16/26	CIMB	Tiong Woon	0.865	1.23	Add
01/20/26	UOB Kay Hian	Tiong Woon	0.93	1.11	Buy	PB0.75x FY26
01/30/26	Lim & Tan	Tiong Woon	0.995	1.3	Buy
02/16/26	Lim & Tan	Tiong Woon	0.97	1.17	Buy
03/03/26	CIMB	Tiong Woon	1.02	1.29	Add	EV/Ebitda

Thomson Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/27/25	Lim & Tan	Thomson Medical	0.06	0.049	Hold
09/03/25	Phillip	Thomson Medical	0.06	0.074	Buy	Sum of parts
09/03/25	Kim Eng	Thomson Medical	0.06	0.047	Hold
02/12/26	Kim Eng	Thomson Medical	0.062	0.062	Hold	Sum of parts
02/16/26	Phillip	Thomson Medical	0.05	0.071	Accumulate	Sum of parts

The Assembly Place - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/26	Amfrasers	The Assembly Place	0.23	0.35	Outperform	DCF
03/30/26	Lim & Tan	The Assembly Place	0.24	0.34	Accumulate
04/10/26	Amfrasers	The Assembly Place	0.24	0.35	Outperform	DCF

Stock calls for 25 June 2026

Date	Analyst	Company	Last	Target	Call	Valuation
06/25/26	DBS Vickers	Capitaland Investment	2.51	3.4	Buy	Sum of parts
06/25/26	JPM	Capitaland Investment	2.51	4	Overweight
06/25/26	SAC Capital	Fuxing China	0.99	1.51	Buy	PER
06/25/26	Lim & Tan	Netlink	0.98	1.02	Accumulate on weakness
06/25/26	Lim & Tan	OUE Commercial	0.355	0.44	Accumulate
06/25/26	DBS Vickers	SGX	23.68	26.4	Buy	PER34x FY27
06/25/26	DBS Vickers	Thai Beverage	0.445	0.53	Buy	PER12x FY27
06/25/26	CIMB	Thai Beverage	0.445	0.58	Add	PER

Thakral - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/25	Phillip	Thakral	1.52	2.04	Buy	PER8.4x FY25
06/18/25	Lim & Tan	Thakral	1.44	2.04	Accumulate
08/25/25	Phillip	Thakral	1.43	2.12	Buy	Sum of parts
11/24/25	Phillip	Thakral	1.67	2.12	Buy	Sum of parts
11/24/25	Phillip	Thakral	1.84	2.56	Buy	Sum of parts (50% disc)
06/08/26	Phillip	Thakral	1.88	2.56	Buy	Sum of parts (50% disc)

Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/24/25	CIMB	Thai Beverage	0.52	0.58	Add
05/13/25	DBS Vickers	Thai Beverage	0.515	0.63	Buy	PER16x FY25
05/13/25	Phillip	Thai Beverage	0.515	0.56	Accumulate	PER12x FY25
05/13/25	UOB Kay Hian	Thai Beverage	0.515	0.51	Hold	Sum of parts
06/16/25	DMG & Partners	Thai Beverage	0.515	0.69	Buy	Sum of parts
06/16/25	UOB Kay Hian	Thai Beverage	0.46	0.45	Hold	Sum of parts
06/23/25	DBS Vickers	Thai Beverage	0.445	0.63	Buy	PER16x FY25
06/23/25	Phillip	Thai Beverage	0.445	0.56	Buy	PER12x FY25
07/22/25	Kim Eng	Thai Beverage	0.475	0.45	Hold
08/15/25	DBS Vickers	Thai Beverage	0.475	0.63	Buy	PER16x FY25
08/15/25	CIMB	Thai Beverage	0.475	0.56	Add	PER
09/02/25	DMG & Partners	Thai Beverage	0.465	0.65	Buy	Sum of parts
10/27/25	DBS Vickers	Thai Beverage	0.495	0.63	Buy	PER16x FY25
11/10/25	DBS Vickers	Thai Beverage	0.475	0.63	Buy	PER16x FY25
11/27/25	DBS Vickers	Thai Beverage	0.465	0.62	Buy	PER14x FY26
11/27/25	Kim Eng	Thai Beverage	0.465	0.43	Hold
11/27/25	CIMB	Thai Beverage	0.465	0.58	Add	Sum of parts
11/27/25	DMG & Partners	Thai Beverage	0.465	0.62	Buy	Sum of parts
12/01/25	Phillip	Thai Beverage	0.465	0.53	Accumulate	PER12x FY26
12/22/25	DMG & Partners	Thai Beverage	0.46	0.62	Buy	Sum of parts
01/08/26	Aletheia Capital	Thai Beverage	0.465	0.39	Sell
01/20/26	DBS Vickers	Thai Beverage	0.465	0.62	Buy	PER14x FY26
01/30/26	UOB Kay Hian	Thai Beverage	0.48	0.45	Hold
02/13/26	DMG & Partners	Thai Beverage	0.47	0.62	Buy	Sum of parts
02/16/26	DBS Vickers	Thai Beverage	0.47	0.62	Buy	PER14x FY26
02/19/26	Kim Eng	Thai Beverage	0.475	0.43	Hold
03/31/26	DBS Vickers	Thai Beverage	0.43	0.62	Buy	PER14x FY26
05/15/26	DBS Vickers	Thai Beverage	0.42	0.62	Buy	PER14x FY26
05/15/26	CIMB	Thai Beverage	0.42	0.58	Add	Sum of parts
05/18/26	Phillip	Thai Beverage	0.43	0.53	Buy	PER12x FY26
05/19/26	Kim Eng	Thai Beverage	0.445	0.48	Buy
05/19/26	OCBC	Thai Beverage	0.445	0.55	Buy
06/10/26	DMG & Partners	Thai Beverage	0.44	0.56	Buy
06/24/26	UOB Kay Hian	Thai Beverage	0.435	0.475	Buy