Ascott Residence Trust (ART) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	UOB Kay Hian	ART	0.895	1.56	Buy	DDM
08/04/25	Kim Eng	ART	0.89	1.05	Buy	DDM
08/05/25	DBS Vickers	ART	0.905	1.15	Buy	DCF
08/28/25	Lim & Tan	ART	0.875	1.08	Accumulate
09/01/25	UOB Kay Hian	ART	0.885	1.56	Buy	DDM
10/29/25	DBS Vickers	ART	0.955	1.15	Buy	DCF
10/29/25	Lim & Tan	ART	0.955	1.06	Accumulate
10/30/25	UOB Kay Hian	ART	0.96	1.56	Buy	DDM
10/30/25	Phillip	ART	0.96	1.05	Buy	DDM
12/01/25	UOB Kay Hian	ART	0.945	1.56	Buy	DDM
12/08/25	DBS Vickers	ART	0.935	1.15	Buy	DCF
01/30/26	DBS Vickers	ART	0.965	1.15	Buy	DCF
01/30/26	Lim & Tan	ART	0.965	1.11	Accumulate
01/30/26	CIMB	ART	0.965	1.18	Add
02/02/26	Phillip	ART	0.98	1.08	Accumulate	DDM
02/03/26	UOB Kay Hian	ART	0.98	1.42	Buy	DDM
02/09/26	Kim Eng	ART	0.97	1.05	Buy	DDM
02/09/26	OCBC	ART	0.97	1.01	Buy
02/09/26	CIMB	ART	0.97	1.18	Add
02/09/26	DBS Vickers	ART	0.97	1.15	Buy
04/01/26	UOB Kay Hian	ART	0.88	1.42	Buy	DDM
04/27/26	OCBC	ART	0.905	0.95	Buy
04/28/26	Phillip	ART	0.9	1.08	Buy	DDM
04/28/26	Lim & Tan	ART	0.9	1.08	Accumulate
04/28/26	CIMB	ART	0.9	1.13	Add	DDM
05/29/26	OCBC	ART	0.895	0.95	Buy
05/29/26	Lim & Tan	ART	0.895	1.08	Accumulate
07/06/26	UOB Kay Hian	ART	0.895	1.42	Buy	DDM
07/28/26	DBS Vickers	ART	0.915	1.15	Buy
07/28/26	Lim & Tan	ART	0.915	1.07	Accumulate
07/29/26	OCBC	ART	0.91	0.95	Buy
08/03/26	Phillip	ART	0.905	1.08	Buy	DDM
09/10/26	UOB Kay Hian	ART	0.845	1.03	Buy	DDM
10/01/26	UOB Kay Hian	ART	0.83	1.03	Buy	DDM
10/06/26	UOB Kay Hian	ART	0.83	0.99	Buy	DDM

ARA Hospitality (Acrophyte) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/29/26	Lim & Tan	ARA Hospitality (Acrophyte)	0.2	0	Accumulate

Stock calls for 15 October 2026

Date	Analyst	Company	Last	Target	Call	Valuation
10/15/26	DBS Vickers	AIMS AMP Cap Ind Reit	1.39	1.55	Buy	PB1.2x FY27
10/15/26	Lim & Tan	AIMS AMP Cap Ind Reit	1.39	1.63	Accumulate
10/15/26	UOB Kay Hian	DBS	74.34	83.6	Buy	GGM, PB3.23x FY27
10/15/26	Kim Eng	DBS	74.34	85.86	Buy
10/15/26	Jefferies	DBS	74.34	91	Buy
10/15/26	Kim Eng	OCBC	29	37.23	Buy
10/15/26	Jefferies	OCBC	29	35	Hold
10/15/26	Lim & Tan	Parkway Life	4	4.75	Accumulate
10/15/26	Kim Eng	UOB	41.06	47.59	Hold
10/15/26	CIMB	UOB	41.06	43.5	Hold
10/15/26	Jefferies	UOB	41.06	48	Buy
10/15/26	DBS Vickers	Yangzijiang Shipping	5.15	6.6	Buy	PB3x FY27, PER11.5x FY27

Red alert: Iran war is resuming! - Part 4

Trump is manipulating the financial market again!

If the US really uses "mother of all bombs" in Iran, Iran will retaliate by destroying the energy and water infrastructure in those pro-US Gulf states and the whole middle east will collapse.  Is this what the middle east want?

The latest US inflation is higher than projected and the US Fed may need to hike by 50bps by the end of 2026.

The US core inflation at 2.6% is higher than the 2.5% forecast.  Thus, the US Fed may need to hike its rates by 50bps instead of 25 bps in December.

US inflation: 3.7% (YOY)

Apac Realty - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/25	Lim & Tan	APAC Realty	0.565	0.66	Accumulate
08/11/25	DBS Vickers	APAC Realty	0.635	0.8	Buy	PER13x FY25/26
08/12/25	Lim & Tan	APAC Realty	0.705	0.8	Accumulate
09/01/25	Lim & Tan	APAC Realty	0.735	0.82	Accumulate	PER15.5x FY25/26
09/15/25	DMG & Partners	APAC Realty	0.88	0.8	Neutral
10/10/25	DBS Vickers	APAC Realty	0.695	0.8	Buy	PER13x FY25/26
02/24/26	DBS Vickers	APAC Realty	0.665	0.7	Hold	Sum of parts
02/24/26	Lim & Tan	APAC Realty	0.665	0	Accumulate on weakness
03/12/26	Lim & Tan	APAC Realty	0.58	0.66	Accumulate	PER15.5x FY26
03/17/26	Lim & Tan	APAC Realty	0.56	0.71	Accumulate
04/23/26	DMG & Partners	APAC Realty	0.61	0.7	Neutral
06/08/26	DMG & Partners	APAC Realty	0.55	0.71	Buy
08/04/26	DBS Vickers	APAC Realty	0.575	0.7	Hold	Sum of parts
08/04/26	Lim & Tan	APAC Realty	0.575	0	Accumulate
08/04/26	DMG & Partners	APAC Realty	0.575	0.74	Buy
08/13/26	Lim & Tan	APAC Realty	0.62	0.68	Accumulate	PER
09/14/26	DMG & Partners	APAC Realty	0.58	0.74	Buy
09/16/26	Lim & Tan	APAC Realty	0.56	0.73	Accumulate

Aoxin Q&M - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/08/26	UOB Kay Hian	Aoxin Q&M	0.26	0.36	Buy	PER52.5x FY27
07/09/26	UOB Kay Hian	Aoxin Q&M	0.23	0.36	Buy	PER52.5x FY27

Alpina - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/04/25	Lim & Tan	Alpina	0.31	0.38	Wait	Offer $0.38

Stock calls for 14 October 2026

Date	Analyst	Company	Last	Target	Call	Valuation
10/14/26	DMG & Partners	AIMS AMP Cap Ind Reit	1.41	1.72	Buy	DDM
10/14/26	Lim & Tan	ASL Marine	0.24	0.47	Buy
10/14/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.22	2.75	Buy	DDM
10/14/26	DMG & Partners	City Developments	7.15	11.2	Buy
10/14/26	DMG & Partners	Comfortdelgro	1.26	1.5	Buy
10/14/26	DMG & Partners	Frencken	2.39	3.73	Buy
10/14/26	DMG & Partners	Golden Agri	0.305	0.36	Buy
10/14/26	Lim & Tan	Lum Chang Creations	0.31	0.54	Buy
10/14/26	UOB Kay Hian	NTT DC Reit	0.9	1.31	Buy	DDM
10/14/26	CIMB	OCBC	29.2	30.4	Hold
10/14/26	DMG & Partners	Sheng Siong	2.84	3.59	Buy
10/14/26	DMG & Partners	ST Engineering	10.35	12.7	Buy
10/14/26	DMG & Partners	Suntec Reit	1.35	1.71	Buy
10/14/26	DMG & Partners	UMS	2.63	3.69	Buy
10/14/26	DMG & Partners	Venture	16.03	20.78	Buy

Bank of America - Global Fund Manager Survey (October 2026)

Summary:

Generally speaking, the fund managers are still bullish and their inflation expectations are lower than consumer's expectations.

GFMS Chart: