Keppel Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	UOB Kay Hian	Keppel Corp	8.47	9.51	Buy	Sum of parts
08/01/25	CIMB	Keppel Corp	8.47	10.23	Add	Sum of parts
08/01/25	Lim & Tan	Keppel Corp	8.47	8.89	Accumulate
08/04/25	Phillip	Keppel Corp	8.31	10.5	Buy	Sum of parts
08/06/25	Lim & Tan	Keppel Corp	8.42	9.37	Accumulate
08/12/25	UOB Kay Hian	Keppel Corp	8.58	10.46	Buy	Sum of parts
08/12/25	Phillip	Keppel Corp	8.58	10.7	Buy	Sum of parts
08/12/25	Lim & Tan	Keppel Corp	8.58	9.7	Accumulate
09/04/25	Lim & Tan	Keppel Corp	8.64	9.76	Accumulate
09/24/25	Lim & Tan	Keppel Corp	8.91	10	Accumulate
09/26/25	Lim & Tan	Keppel Corp	8.87	9.94	Accumulate
10/03/25	CIMB	Keppel Corp	9.14	10.23	Add	Sum of parts
10/10/25	JPM	Keppel Corp	9.17	12.5	Overweight
10/15/25	UOB Kay Hian	Keppel Corp	9.01	10.85	Buy	Sum of parts
10/30/25	Lim & Tan	Keppel Corp	9.89	10.14	Accumulate on weakness
10/31/25	UOB Kay Hian	Keppel Corp	10.05	11.7	Buy	PER16.8x FY26
10/31/25	CIMB	Keppel Corp	10.05	12.71	Add	PER
10/31/25	Lim & Tan	Keppel Corp	10.05	10.35	Accumulate on weakness
11/03/25	Phillip	Keppel Corp	10.19	12.2	Buy	Sum of parts
01/02/26	Lim & Tan	Keppel Corp	10.35	11.4	Accumulate
01/02/26	JPM	Keppel Corp	10.35	13.1	Overweight
01/05/26	UOB Kay Hian	Keppel Corp	10.37	11.7	Buy	PER16.8x FY26
02/05/26	Lim & Tan	Keppel Corp	10.95	11.97	Accumulate
02/06/26	UOB Kay Hian	Keppel Corp	11.62	13.23	Buy	PER18x
02/09/26	Phillip	Keppel Corp	11.64	13.8	Buy	Sum of parts
02/09/26	Lim & Tan	Keppel Corp	11.64	12.3	Accumulate
03/10/26	UOB Kay Hian	Keppel Corp	11.82	13.23	Buy	PER18x
03/26/26	Lim & Tan	Keppel Corp	12.45	14	Accumulate
03/27/26	CIMB	Keppel Corp	12.27	13.52	Add	Sum of parts
03/27/26	JPM	Keppel Corp	12.27	12	Neutral
04/21/26	Lim & Tan	Keppel Corp	11.86	13.38	Accumulate
04/24/26	UOB Kay Hian	Keppel Corp	11.62	13.23	Buy	PER18x
04/24/26	CIMB	Keppel Corp	11.62	13.52	Add	Sum of parts
04/27/26	Phillip	Keppel Corp	11.55	13.8	Buy	Sum of parts
04/27/26	JPM	Keppel Corp	11.55	12	Neutral
05/04/26	UOB Kay Hian	Keppel Corp	10.87	13.23	Buy	PER18x
05/05/26	Lim & Tan	Keppel Corp	10.87	12.94	Accumulate
05/18/26	CIMB	Keppel Corp	10.6	11.5	Hold	Sum of parts
05/19/26	Lim & Tan	Keppel Corp	10.38	12.65	Accumulate on weakness
05/22/26	JPM	Keppel Corp	10.42	12.5	Overweight
06/03/26	UOB Kay Hian	Keppel Corp	10.95	13.23	Buy	PER18x
06/12/26	Lim & Tan	Keppel Corp	10.59	12.6	Buy
06/18/26	Lim & Tan	Keppel Corp	11.37	12.66	Buy
07/10/26	CIMB	Keppel Corp	10.89	13.52	Add	Sum of parts
07/14/26	Lim & Tan	Keppel Corp	11.59	13	Buy
07/17/26	UOB Kay Hian	Keppel Corp	11.46	13.23	Buy	PER18x
07/28/26	DBS Vickers	Keppel Corp	11.35	13.3	Buy	Sum of parts, PB2.3x
07/28/26	Lim & Tan	Keppel Corp	11.35	12.73	Buy
07/31/26	UOB Kay Hian	Keppel Corp	11.48	13.26	Buy	PER18.9x FY27
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
08/06/26	CIMB	Keppel Corp	11.21	13.52	Add	Sum of parts

Justco - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/12/26	TheEdge	Justco	0.62	0.69	Intrinsic Value
06/26/26	UBS	Justco	0.525	1.18	buy
07/14/26	DBS Vickers	Justco	0.6	1.06	buy	EV/Ebitda8x (cash)
07/16/26	Kim Eng	Justco	0.705	1.02	buy
08/07/26	DBS Vickers	Justco	0.63	1.06	buy	EV/Ebitda8x (cash)
08/11/26	Kim Eng	Justco	0.64	1.02	buy	EV/Ebitda (cash)

Stock calls for 21 August 2026

Date	Analyst	Company	Last	Target	Call	Valuation
08/21/26	Lim & Tan	CSE Global	1.24	1.88	Accumulate
08/21/26	Kim Eng	Frencken	2.61	3.7	Buy	PER
08/21/26	OCBC	Nanofilm	0.98	1.35	Buy	PER
08/21/26	OCBC	Nordic Group	0.55	0.63	Buy	PER
08/21/26	Lim & Tan	Olam	1.22	1.4	Buy
08/21/26	phillip	Phillip Sing Income ETF	1.603	1.82	Accumulate	Sum of parts
08/21/26	UOB Kay Hian	SATS	4.12	5	Buy	PER19.7x FY28
08/21/26	DBS Vickers	SATS	4.12	5	Buy	DCF
08/21/26	CIMB	SATS	4.12	5.2	Add	DCF
08/21/26	Phillip	Soilbuild Construction	0.645	1.2	Buy	PER8.5x FY27
08/21/26	MorningStar	Starhub	1.07	1	2-star
08/21/26	Phillip	Thakral	1.62	2.22	Buy	Sum of parts (50% disc)
08/21/26	Phillip	Ultragreen	0.745	1.81	Buy	DCF
08/21/26	DBS Vickers	Ultragreen	0.745	0.8	Hold	Sum of parts

The Iran war situation report. - Part 102

The US has lost the military war against Iran and is resorting to an economic warfare.

The US knows that it can't continue its airstrikes against Iran because Iran will retaliate by attacking the US military assets in Jordan as the US is running out of missiles and interceptors.

Thus, the US has to adopt a non-military attack but an economic warfare is time consuming (slow) and this illegal Iran war won't end before the US mid-term election in November 2026.

As long as Trump can't withdraw the US from the illegal Iran war, this will be detrimental to his mid-term election.  Furthermore, Trump's approval rating has dropped to 33% and it will continue to fall if this war is being prolonged.

Moreover, Iran has been under the US sanctions for around 40 years and it has gotten used to the economic tribulations under the US sanctions.  Therefore, we don't see that Iran will give up the fight and surrender because it knows the US is losing as time is not on the US side.

Jumbo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/19/25	uSMART	Jumbo	0.28	0.34	Buy
01/12/26	Lim & Tan	Jumbo	0.29	0.35	Accumulate on weakness

Jardine Matheson - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/24/25	Lim & Tan	Jardine Matheson	62.15	70.38	Accumulate on weakness
05/28/26	DBS Vickers	Jardine Matheson	60.4	93	Unrated	Sum of parts (25% disc)
07/13/26	DBS Vickers	Jardine Matheson	0.62	93	Buy	Sum of parts (25% disc)
07/31/26	DBS Vickers	Jardine Matheson	67.59	90	Buy	Sum of parts (25% disc)

Jardine C&C - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/16/25	Lim & Tan	Jardine C&C	29.28	24.5	Hold
02/23/26	DBS Vickers	Jardine C&C	34.2	38.5	Buy	Sum of parts
03/02/26	DBS Vickers	Jardine C&C	35.36	38.5	Buy	Sum of parts
03/04/26	DBS Vickers	Jardine C&C	34.56	39	Buy	Sum of parts
03/31/26	UOB Kay Hian	Jardine C&C	35.34	37.1	Buy
05/04/26	DBS Vickers	Jardine C&C	32.58	38.5	Buy	Sum of parts (5% disc)
05/11/26	DBS Vickers	Jardine C&C	32.88	39	Buy	Sum of parts (5% disc)
07/13/26	DBS Vickers	Jardine C&C	27.36	35.5	Buy	Sum of parts (5% disc)
07/31/26	Lim & Tan	Jardine C&C	28.33	35	Buy
08/05/26	DBS Vickers	Jardine C&C	28.18	35.5	Buy	Sum of parts (5% disc)

Stock calls for 20 August 2026

Date	Analyst	Company	Last	Target	Call	Valuation
08/20/26	UOB Kay Hian	China Aviation Oil	1.63	1.88	Buy	PER14.5x FY27
08/20/26	Phillip	China Aviation Oil	1.63	2.15	Buy
08/20/26	DBS Vickers	China Aviation Oil	1.63	2.2	Buy	PER13x FY27
08/20/26	DBS Vickers	Kimly	0.39	0.52	Buy	DCF & PER18x
08/20/26	Kim Eng	Olam	1.24	1.45	Buy
08/20/26	Lim & Tan	Sasseur	0.68	0.93	Buy
08/20/26	Lim & Tan	SATS	4.77	5	Hold
08/20/26	phillip	Sembcorp Industries	6.04	7.21	Buy	EV/Ebitda10x FY27
08/20/26	Phillip	Telechoice	0.235	0.33	Buy	PER18x FY26
08/20/26	phillip	Yangzijiang Maritime	0.58	0.68	Accumulate	PB1x FY26