What will the US Fed do for its Jan 2026 FOMC?

The Fedwatch tool is indicating that the US Fed will hold its rates for the Jan 2026 FOMC.

Frasers Property - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/13/25	CIMB	Frasers Property	0.815	1.41	Add	RNAV (45% discount)
11/17/25	DBS Vickers	Frasers Property	1.05	1.26	Buy	RNAV
12/09/25	CIMB	Frasers Property	1.12	1.41	Add	RNAV (45% discount)
12/24/25	Lim & Tan	Frasers Property	1.12	1.45	Accumulate

Frasers Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/19/24	OCBC	Frasers Logistics	0.88	1.28	Buy
01/02/25	UOB Kay Hian	Frasers Logistics	0.88	1.33	Buy	DDM
01/02/25	JPM	Frasers Logistics	0.88	0.85	Underweight
02/05/25	DBS Vickers	Frasers Logistics	0.88	1.3	Buy	DCF
02/06/25	CIMB	Frasers Logistics	0.89	1.35	Add	DDM
02/10/25	UOB Kay Hian	Frasers Logistics	0.885	1.26	Buy	DDM
03/06/25	UOB Kay Hian	Frasers Logistics	0.85	1.26	Buy	DDM
03/06/25	OCBC	Frasers Logistics	0.85	1.14	Buy
04/01/25	UOB Kay Hian	Frasers Logistics	0.915	1.26	Buy	DDM
04/16/25	DBS Vickers	Frasers Logistics	0.87	1.1	Buy	DCF
05/07/25	DBS Vickers	Frasers Logistics	0.905	1.1	Buy	DCF
05/08/25	DBS Vickers	Frasers Logistics	0.865	1.05	Buy	DCF
05/08/25	CIMB	Frasers Logistics	0.865	1.11	Add	DDM
05/08/25	Lim & Tan	Frasers Logistics	0.865	1.06	Accumulate
05/08/25	OCBC	Frasers Logistics	0.865	1.07	Buy
05/13/25	JPM	Frasers Logistics	0.835	0.8	Underweight
05/16/25	UOB Kay Hian	Frasers Logistics	0.825	1.1	Buy	DDM
06/27/25	UOB Kay Hian	Frasers Logistics	0.835	1.23	Buy	DDM
07/17/25	DBS Vickers	Frasers Logistics	0.855	1.05	Buy	DCF
07/17/25	Lim & Tan	Frasers Logistics	0.855	1	Accumulate
08/01/25	UOB Kay Hian	Frasers Logistics	0.88	1.23	Buy	DDM
08/01/25	DBS Vickers	Frasers Logistics	0.88	1.05	Buy	DCF
08/05/25	UOB Kay Hian	Frasers Logistics	0.87	1.15	Buy	DDM
09/01/25	UOB Kay Hian	Frasers Logistics	0.91	1.15	Buy	DDM
11/10/25	DBS Vickers	Frasers Logistics	0.95	1.05	Buy	DCF
11/10/25	CIMB	Frasers Logistics	0.95	1.1	Add	DDM
11/25/25	UOB Kay Hian	Frasers Logistics	0.95	1.22	Buy	DDM
01/02/26	UOB Kay Hian	Frasers Logistics	0.995	1.22	Buy	DDM

Frasers Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/06/25	DBS Vickers	Frasers Hospitality Trust	0.65	0.7	Buy	Previous offer price $0.70
05/06/25	Lim & Tan	Frasers Hospitality Trust	0.65	0.66	Accumulate

Stock calls for 26 January 2026

Date	Analyst	Company	Last	Target	Call	Valuation
01/26/26	DBS Vickers	Frasers Centrepoint Trust	2.26	2.75	Buy	DCF
01/26/26	Phillip	Fuxing China	0.655	0.655	Unrated
01/26/26	Kim Eng	Marco Polo	0.157	0.2	Buy
01/26/26	phillip	Prime US Reit	0.205	0.3	Buy	DDM
01/26/26	Phillip	Stoneweg Reit	1.68	1.86	Buy	DDM
01/26/26	Phillip	Suntec Reit	1.46	1.63	Buy	DDM
01/26/26	UOB Kay Hian	Suntec Reit	1.46	1.47	Hold	DDM
01/26/26	DBS Vickers	Suntec Reit	1.46	1.6	Buy
01/26/26	CIMB	Suntec Reit	1.46	1.58	Add	DDM
01/26/26	OCBC	Suntec Reit	1.46	1.43	Hold
01/26/26	DBS Vickers	Ultragreen	1.68	2.05	Buy	PER26x FY26
01/26/26	phillip	UOB	39.5	36.7	Neutral
01/26/26	JPM	UOL	10.3	12.05	Overweight

The US 1-year inflation expectation is still at an elevated high.

The US 1-year inflation expectation is still at an elevated high and it will look high after the high base effect from the prior year is being discounted.

Baltic dry index - 1762

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 544

Related stock: Seatrium & Cosco.

The latest US Q3 GDP estimate had only a nuanced revision.

US Q3 GDP (2nd Estimate): 4.4%

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

GDP growth = G + I + C + NE

Q3 GDP (First estimate) = 0.39 + (-0.02) + 2.39 + 1.59 = 4.35 (4.3)

Q3 GDP (2nd estimate) = 0.38 + 0.03 + 2.34 + 1.62 = 4.37 (4.4)

The 2nd estimate had only a nuanced revision from the 1st estimate because of the government shutdown that affected the tabulation.  We need to look at the final estimate to get past the government shutdown effect.

Frasers Centrepoint Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/25	DMG & Partners	Frasers Centrepoint Trust	2.14	2.35	Neutral	DDM
01/24/25	Phillip	Frasers Centrepoint Trust	2.12	2.44	Buy	DDM
01/24/25	DMG & Partners	Frasers Centrepoint Trust	2.12	2.35	Buy	DDM
01/24/25	Citi Research	Frasers Centrepoint Trust	2.12	2.5	Buy	DDM & RNAV
01/24/25	Kim Eng	Frasers Centrepoint Trust	2.12	2.5	Buy
01/24/25	CIMB	Frasers Centrepoint Trust	2.12	2.68	Add
02/25/25	DBS Vickers	Frasers Centrepoint Trust	2.08	2.75	Buy	DCF
03/06/25	UOB Kay Hian	Frasers Centrepoint Trust	2.07	2.56	Buy	DDM
03/24/25	Phillip	Frasers Centrepoint Trust	2.11	2.44	Buy	DDM
03/26/25	Lim & Tan	Frasers Centrepoint Trust	2.21	2.49	Accumulate
03/26/25	JPM	Frasers Centrepoint Trust	2.21	2.35	Buy
04/08/25	UOB Kay Hian	Frasers Centrepoint Trust	2.1	2.79	Buy	DDM
04/24/25	DMG & Partners	Frasers Centrepoint Trust	2.27	2.39	Buy	DDM
04/29/25	DBS Vickers	Frasers Centrepoint Trust	2.25	2.7	Buy	DCF
04/29/25	Lim & Tan	Frasers Centrepoint Trust	2.25	2.49	Accumulate
04/30/25	UOB Kay Hian	Frasers Centrepoint Trust	2.26	2.73	Buy	DDM
04/30/25	DBS Vickers	Frasers Centrepoint Trust	2.26	2.75	Buy	DCF
05/02/25	Phillip	Frasers Centrepoint Trust	2.26	2.44	Accumulate	DDM
05/21/25	UOB Kay Hian	Frasers Centrepoint Trust	2.19	2.73	Buy	DDM
06/23/25	Phillip	Frasers Centrepoint Trust	2.23	2.44	Accumulate	DDM
06/27/25	UOB Kay Hian	Frasers Centrepoint Trust	2.26	3.07	Buy	DDM
07/25/25	DBS Vickers	Frasers Centrepoint Trust	2.2	2.75	Buy	DCF
07/28/25	Phillip	Frasers Centrepoint Trust	2.2	2.44	Accumulate	DDM
07/28/25	CIMB	Frasers Centrepoint Trust	2.2	2.44	Add	DDM
08/01/25	UOB Kay Hian	Frasers Centrepoint Trust	2.22	3.07	Buy	DDM
08/06/25	DMG & Partners	Frasers Centrepoint Trust	2.23	2.5	Buy	DDM
09/02/25	UOB Kay Hian	Frasers Centrepoint Trust	2.33	3.07	Buy	DDM
10/23/25	DBS Vickers	Frasers Centrepoint Trust	2.44	2.75	Buy	DCF
10/23/25	Lim & Tan	Frasers Centrepoint Trust	2.44	2.56	Hold
10/24/25	UOB Kay Hian	Frasers Centrepoint Trust	2.45	2.9	Buy	DDM
10/27/25	Phillip	Frasers Centrepoint Trust	2.4	2.74	Accumulate	DDM
11/26/25	DMG & Partners	Frasers Centrepoint Trust	2.25	2.7	Buy	DDM
12/26/25	Lim & Tan	Frasers Centrepoint Trust	2.31	2.6	Accumulate on weakness
01/13/26	Kim Eng	Frasers Centrepoint Trust	2.27	2.6	Buy

Fortress Minerals - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/25	Amfrasers	Fortress Minerals	0.235	0.27	outperform	Cut from $0.40, Sum of parts

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/25	CIMB	Food Empire	0.985	1.43	Add
01/20/25	UOB Kay Hian	Food Empire	0.98	1.1	Hold	PER8.7x FY25
02/27/25	UOB Kay Hian	Food Empire	1.07	1.2	Buy	PER9x FY25
03/17/25	Amfrasers	Food Empire	1.27	1.4	outperform	DCF
04/25/25	DMG & Partners	Food Empire	1.48	1.67	Buy
05/14/25	UOB Kay Hian	Food Empire	1.53	1.98	Buy	PER15x FY25
05/14/25	CIMB	Food Empire	1.53	1.95	Add	PER
05/23/25	Amfrasers	Food Empire	1.76	1.95	outperform	DCF
06/09/25	UOB Kay Hian	Food Empire	1.88	1.98	Buy	PER15x FY25
06/27/25	CIMB	Food Empire	1.78	2.28	Add
07/01/25	Lim & Tan	Food Empire	1.84	1.98	Accumulate on weakness
07/09/25	CIMB	Food Empire	1.86	2.28	Add
07/17/25	UOB Kay Hian	Food Empire	2.01	2.4	Buy	PER17x FY26
07/18/25	CIMB	Food Empire	2.12	2.73	Add
07/22/25	Kim Eng	Food Empire	2.24	2.62	Buy
08/15/25	UOB Kay Hian	Food Empire	2.3	2.73	Buy	PER17x FY26
08/15/25	CIMB	Food Empire	2.3	2.94	Add
08/28/25	DBS Vickers	Food Empire	2.37	2.68	Unrated	Sum of parts
09/10/25	DMG & Partners	Food Empire	2.38	2.72	Buy
09/16/25	Kim Eng	Food Empire	2.62	2.92	Buy
09/17/25	UOB Kay Hian	Food Empire	2.59	3	Buy	PER18.7x FY26
09/19/25	CIMB	Food Empire	2.66	3.09	Add
09/25/25	Lim & Tan	Food Empire	2.65	2.99	Buy
09/25/25	DMG & Partners	Food Empire	2.65	2.95	Buy
10/14/25	UOB Kay Hian	Food Empire	2.3	3	Buy	PER18.7x FY26
11/06/25	Amfrasers	Food Empire	2.29	2.69	outperform	DCF
11/06/25	uSMART	Food Empire	2.29	2.97	Buy
11/13/25	UOB Kay Hian	Food Empire	2.35	3	Buy	PER19x FY26
11/13/25	Lim & Tan	Food Empire	2.35	2.99	Buy
11/17/25	CIMB	Food Empire	2.56	3.18	Add
01/05/26	UOB Kay Hian	Food Empire	2.45	3	Buy	PER19x FY26