Like we've stated in our earlier posts, the big whales such as crypto treasuries companies and bitcoin miners will reduce their BTC holdings to sustain their operations. The UBS had just given its most serious warning about the crypto market (Crypto is not an asset).
Monday, February 9, 2026
Red alert for bitcoin (BTC)! - Part 3
Sunday, February 8, 2026
Singapore good days are numbered! - Part 2
Singapore foreign ministered was angered by Indonesian diplomat in the ASEAN summit 2026.
Will Singapore mega port become a white elephant?
Singapore is facing a double whammy now because its port cargo handling volume will drop significantly when the Hainan and Indonesia ports start to have burgeoning demands. This predicament will worsen when Malaysia joins in the game since its Malacca port is part of China-Malaysia port alliance.
Friday, February 6, 2026
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 |
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 |
Japfa - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
01/20/25 | DBS Vickers | Japfa | 0.515 | 0.56 | Buy | |
01/28/25 | CIMB | Japfa | 0.61 | 0.62 | Accept Offer |
Stock calls for 6 February 2026
Date | Analyst | Company | Last | Target | Call | Valuation |
02/06/26 | DBS Vickers | A-Reit | 2.86 | 3.2 | Buy | DCF |
02/06/26 | CIMB | A-Reit | 2.86 | 3.21 | Add | DDM |
02/06/26 | DBS Vickers | Capitaland Integrated Commercial Trust | 2.38 | 2.5 | Buy | |
02/06/26 | Lim & Tan | Capitaland Integrated Commercial Trust | 2.38 | 2.84 | Accumulate | |
02/06/26 | OCBC | CapitaRetail China | 0.78 | 0.655 | Sell | |
02/06/26 | DBS Vickers | Elite ComReit | 0.355 | 0.4 | Buy | DCF |
02/06/26 | Lim & Tan | First Reit | 0.275 | 0.31 | Accumulate on weakness | |
02/06/26 | DMG & Partners | Frencken | 1.66 | 2.03 | Buy | |
02/06/26 | DBS Vickers | Hutchison Port | 0.215 | 0.26 | Buy | DCF |
02/06/26 | UOB Kay Hian | Keppel Corp | 11.62 | 13.23 | Buy | PER |
02/06/26 | DBS Vickers | Metaoptics | 1.03 | 1.8 | Unrated | P/S 2x |
02/06/26 | UOB Kay Hian | SGX | 17.64 | 19.16 | Hold | |
02/06/26 | DBS Vickers | SGX | 17.64 | 18.3 | Accumulate | PER28x FY26 |
02/06/26 | CIMB | SGX | 17.64 | 19.1 | Add | PER |
Thursday, February 5, 2026
Red alert for bitcoin (BTC)! - Part 2
BTC will be experiencing a double whammy! Why?
The crypto miners are losing monies for processing BTC transactions and mining BTC. Either they have to shut down or convert their crypto business into AI data centre in the future. When they do that, they will liquidate their BTC holdings. Therefore, there is a clear and present danger for BTC to fall further when the crypto treasuries companies and crypto miners start to liquidate their BTC holdings to sustain their businesses operations.
In our earlier post, we've stated that some crypto treasuries companies are deep under water. Simultaneously, some crypto mining companies are also deep under water because the mining cost is way above the BTC price (see below).
Isoteam - Stock calls
Date |
Analyst |
Company |
Last |
Target |
Call |
Valuation |
02/12/25 |
Kim Eng |
Isoteam |
0.065 |
0.09 |
Buy |
|
02/14/25 |
DMG & Partners |
Isoteam |
0.06 |
0.07 |
Buy |
PER6x FY25 |
03/21/25 |
DMG & Partners |
Isoteam |
0.077 |
0.08 |
Buy |
|
03/25/25 |
Kim Eng |
Isoteam |
0.078 |
0.104 |
Buy |
|
04/16/25 |
CIMB |
Isoteam |
0.069 |
0.096 |
Add |
|
05/08/25 |
Amfrasers |
Isoteam |
0.077 |
0.1 |
outperform |
DCF |
05/23/25 |
Kim Eng |
Isoteam |
0.075 |
0.104 |
Buy |
|
07/03/25 |
CIMB |
Isoteam |
0.077 |
0.1 |
Add |
|
07/03/25 |
SAC Capital |
Isoteam |
0.077 |
0.091 |
Buy |
|
07/07/25 |
Kim Eng |
Isoteam |
0.074 |
0.104 |
Buy |
|
08/29/25 |
CIMB |
Isoteam |
0.08 |
0.102 |
Add |
PER |
08/29/25 |
Kim Eng |
Isoteam |
0.08 |
0.1 |
Buy |
|
09/04/25 |
SAC Capital |
Isoteam |
0.083 |
0.096 |
Buy |
|
09/12/25 |
Lim & Tan |
Isoteam |
0.087 |
0.1 |
Accumulate |
|
09/17/25 |
CIMB |
Isoteam |
0.088 |
0.11 |
Add |
|
09/24/25 |
Lim & Tan |
Isoteam |
0.084 |
0.11 |
Accumulate |
|
09/26/25 |
DMG & Partners |
Isoteam |
0.084 |
0.078 |
Neutral |
|
10/17/25 |
Amfrasers |
Isoteam |
0.081 |
0.099 |
outperform |
DCF |
11/28/25 |
Lim & Tan |
Isoteam |
0.077 |
0.096 |
Accumulate |
|
12/01/25 |
DMG & Partners |
Isoteam |
0.078 |
0.078 |
Neutral |
|
01/28/26 |
Kim Eng |
Isoteam |
0.087 |
0.1 |
Buy |
PER |
ISDN - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
02/12/25 | CIMB | ISDN | 0.305 | 0.35 | Add | |
03/11/25 | CIMB | ISDN | 0.35 | 0.4 | Add | PER |
04/22/25 | CIMB | ISDN | 0.315 | 0.28 | Hold | |
07/31/25 | CIMB | ISDN | 0.365 | 0.44 | Add | |
08/25/25 | CIMB | ISDN | 0.385 | 0.44 | Add |
Ireit - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
01/02/25 | DMG & Partners | Ireit | 0.285 | 0.34 | Buy | DDM |
02/18/25 | DBS Vickers | Ireit | 0.265 | 0.25 | Hold | DDM |
04/07/25 | DMG & Partners | Ireit | 0.245 | 0.34 | Buy | DDM |
08/11/25 | DBS Vickers | Ireit | 0.295 | 0.3 | Hold | DCF |
09/04/25 | DMG & Partners | Ireit | 0.285 | 0.35 | Buy | DDM |
11/25/25 | DMG & Partners | Ireit | 0.285 | 0.35 | Buy | DDM |
Stock calls for 5 February 2026
Date | Analyst | Company | Last | Target | Call | Valuation |
02/05/26 | DBS Vickers | AIMS AMP Cap Ind Reit | 1.49 | 1.6 | Buy | DCF |
02/05/26 | Lim & Tan | AIMS AMP Cap Ind Reit | 1.49 | 1.52 | Accumulate | |
02/05/26 | DBS Vickers | CapitaRetail China | 0.785 | 0.75 | Hold | DCF |
02/05/26 | DBS Vickers | Digicore Reit | 0.53 | 0.7 | Buy | DCF |
02/05/26 | CIMB | ESR-Reit | 2.75 | 3.43 | Add | DDM |
02/05/26 | Kim Eng | ESR-Reit | 2.75 | 3 | Buy | DDM |
02/05/26 | CIMB | Ever Gloy Uinited Holdings | 0.685 | 0.87 | Add | PER |
02/05/26 | Lim & Tan | Keppel Corp | 10.95 | 11.97 | Accumulate | |
02/05/26 | OCBC | Keppel Infrastructure | 0.53 | 0.545 | Buy | |
02/05/26 | DBS Vickers | Keppel Reit | 0.975 | 1.05 | Buy | |
02/05/26 | OCBC | Keppel Reit | 0.975 | 1.06 | Buy | |
02/05/26 | DBS Vickers | SGX | 17.75 | 19.2 | Buy | PER28x FY27 |
02/05/26 | UOB Kay Hian | Singtel | 4.91 | 5.2 | Buy | Sum of parts |
02/05/26 | Phillip | Singtel | 4.91 | 5.35 | Accumulate |
Red alert for bitcoin (BTC)!
BTC has just entered a dangerous zone and the death spiralling may start soon. Why?
We can see that many crypto treasuries companies are deep under water because the current BTC price (around $70K) is way below their purchase prices.
Many crypto treasury companies with the business model of buying BTC as a store of value are deep under water now. When they can't raise more monies through issuing shares to purchase BTC to prop up BTC prices, BTC prices will fall further because the crypto market has lost such big whale buyers.
It is without doubt that some of these crypto treasuries companies will collapse because they can no longer fund and sustain their crypto operations. The US officials know this and Bessent has just declared that he won't order the US banks to bail out these crypto treasuries companies.
Let's look at the average purchase prices of some big crypto treasuries companies.
This is a fundamental problem that the BTC market is facing now.
Wednesday, February 4, 2026
Innotek - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
12/04/24 | Lim & Tan | Innotek | 0.44 | 0 | Accumulate on weakness | |
01/13/25 | Lim & Tan | Innotek | 0.445 | 0 | Accumulate on weakness | |
02/03/25 | Lim & Tan | Innotek | 0.43 | 0 | Accumulate on weakness | |
03/03/25 | Lim & Tan | Innotek | 0.43 | 0 | Accumulate | |
04/15/25 | Lim & Tan | Innotek | 0.36 | 0 | Accumulate | |
08/14/25 | Lim & Tan | Innotek | 0.395 | 0 | Hold | |
10/13/25 | Lim & Tan | Innotek | 0.55 | 0 | Accumulate on weakness | |
11/20/25 | Lim & Tan | Innotek | 0.72 | 0 | Accumulate | |
01/27/26 | Lim & Tan | Innotek | 0.92 | 1 | Hold | |
12/09/25 | Lim & Tan | Innotek | 0.655 | 0 | Accumulate |
Info-Tech System - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
08/12/25 | CIMB | Info-Tech System | 0.83 | 1.1 | Add | PER |
08/29/25 | OCBC | Info-Tech System | 0.86 | 1 | Buy | |
08/29/25 | Aletheia Capital | Info-Tech System | 0.86 | 1.17 | Buy | DCF |
01/22/26 | CIMB | Info-Tech System | 0.86 | 1.1 | Add | PER |
IHH Healthcare - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
12/02/24 | DBS Vickers | IHH Healthcare | 2.19 | 2.58 | Buy | Ringgit $8.50 target price, Sum of parts |
12/02/24 | Lim & Tan | IHH Healthcare | 2.19 | 2.4 | Hold | |
12/30/24 | Kim Eng | IHH Healthcare | 2.19 | 2.43 | Buy | Ringgit $7.97, Sum of parts |
01/22/25 | DBS Vickers | IHH Healthcare | 2.15 | 2.58 | Buy | Ringgit $8.50 target price, Sum of parts |
02/28/25 | DBS Vickers | IHH Healthcare | 2.15 | 2.58 | Buy | Ringgit $8.50 target price, Sum of parts |
03/21/25 | DBS Vickers | IHH Healthcare | 2.04 | 2.48 | Buy | Ringgit $8.20 target price, Sum of parts |
06/02/25 | DBS Vickers | IHH Healthcare | 2.1 | 2.48 | Buy | Ringgit $8.20 target price, Sum of parts |
09/02/25 | DBS Vickers | IHH Healthcare | 2.08 | 2.61 | Buy | Ringgit $8.60 target price, Sum of parts |
11/27/25 | DBS Vickers | IHH Healthcare | 2.51 | 2.61 | Buy | Ringgit $8.60 target price, Sum of parts |
11/28/25 | DBS Vickers | IHH Healthcare | 2.6 | 2.88 | Buy | Ringgit $9.20 target price, Sum of parts |
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