Singapore Stock Exchange - Equity Investments

Monday, February 23, 2026

NikkoAM-STC Asia Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/25	phillip	NikkoAM-STC Asia Reit	0.763	0.82	Accumulate
11/26/25	phillip	NikkoAM-STC Asia Reit	0.831	0.84	Accumulate

Netlink - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/11/25	Lim & Tan	Netlink	0.855	1	Hold
02/11/25	Citi Research	Netlink	0.855	1.02	Buy
02/12/25	UOB Kay Hian	Netlink	0.85	0.98	Buy	DCF
03/04/25	Lim & Tan	Netlink	0.85	1	Hold
03/17/25	DBS Vickers	Netlink	0.87	0.98	Buy	DCF
03/28/25	UOB Kay Hian	Netlink	0.87	0.98	Buy	DCF
04/04/25	CIMB	Netlink	0.89	1	Add
05/16/25	Lim & Tan	Netlink	0.92	1	Hold
05/19/25	phillip	Netlink	0.91	0.87	Neutral
05/19/25	DBS Vickers	Netlink	0.91	0.98	Buy	DCF
05/19/25	CIMB	Netlink	0.91	1	Add	DDM
05/20/25	UOB Kay Hian	Netlink	0.91	0.98	Buy	DCF
06/23/25	DBS Vickers	Netlink	0.87	0.98	Buy	DCF
06/24/25	Lim & Tan	Netlink	0.875	0.98	Hold
06/30/25	UOB Kay Hian	Netlink	0.875	0.98	Buy	DCF
07/07/25	Kim Eng	Netlink	0.89	1	Buy
08/04/25	UOB Kay Hian	Netlink	0.895	0.98	Buy	DCF
08/05/25	Citi Research	Netlink	0.895	1.02	Buy	Div Yield 5.3%
10/08/25	Lim & Tan	Netlink	0.96	1	Accumulate on weakness
11/04/25	DBS Vickers	Netlink	0.985	1.08	Buy	DCF
11/04/25	Lim & Tan	Netlink	0.985	1.02	Accumulate on weakness
11/05/25	UOB Kay Hian	Netlink	0.98	1.01	Hold	DCF
11/05/25	phillip	Netlink	0.98	0.93	Neutral
11/05/25	CIMB	Netlink	0.98	1.05	Add	DDM
02/02/26	Kim Eng	Netlink	0.98	1.05	Buy

Nanofilm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/20/25	DBS Vickers	Nanofilm	0.77	0.75	Hold
01/22/25	CIMB	Nanofilm	0.77	0.63	Reduce
02/27/25	DBS Vickers	Nanofilm	0.705	0.72	Hold	PER22x FY25
02/27/25	CIMB	Nanofilm	0.705	0.63	Reduce
02/28/25	UOB Kay Hian	Nanofilm	0.7	0.5	Sell
02/28/25	OCBC	Nanofilm	0.7	0.735	Hold
03/14/25	Lim & Tan	Nanofilm	0.66	0.55	Sell
04/03/25	OCBC	Nanofilm	0.63	0.665	Hold
04/09/25	OCBC	Nanofilm	0.49	0.595	Hold
04/22/25	UOB Kay Hian	Nanofilm	0.505	0.5	Sell	PER25x FY25
04/23/25	UOB Kay Hian	Nanofilm	0.54	0.46	Sell	PER23x FY25
04/23/25	DBS Vickers	Nanofilm	0.54	0.5	Hold	PER25x FY25
04/24/25	CIMB	Nanofilm	0.55	0.49	Reduce	PB
04/24/25	OCBC	Nanofilm	0.55	0.595	Hold
06/16/25	OCBC	Nanofilm	0.59	0.595	Hold
08/05/25	UOB Kay Hian	Nanofilm	0.735	0.46	Sell	PER23x FY25
08/05/25	OCBC	Nanofilm	0.735	0.61	Hold
08/06/25	OCBC	Nanofilm	0.73	0.715	Hold
08/14/25	DBS Vickers	Nanofilm	0.755	0.5	Hold	PER25x FY25
08/15/25	DBS Vickers	Nanofilm	0.73	0.71	Hold	PER29x FY26
09/11/25	OCBC	Nanofilm	0.82	0.79	Hold
10/22/25	OCBC	Nanofilm	0.69	0.79	Buy	PER
10/29/25	DBS Vickers	Nanofilm	0.705	0.71	Hold	PER29x FY26
11/04/25	CIMB	Nanofilm	0.715	0.62	Reduce	BVPS
12/04/25	Tickrs Financial	Nanofilm	0.63	0.75	Buy

Stock calls for 23 February 2026

Date	Analyst	Company	Last	Target	Call	Valuation
02/23/26	JPM	Capitaland Integrated Commercial Trust	2.42	2.75	Buy	Up from $2.60
02/23/26	DBS Vickers	Jardine C&C	34.2	38.5	Buy	Sum of parts
02/23/26	Phillip	Lendlease Reit	0.615	0.73	Buy	DDM
02/23/26	DMG & Partners	Marco Polo	0.159	0.18	Buy	DCF & PER15x FY26
02/23/26	Lim & Tan	OUE Commercial	0.37	0.42	Accumulate
02/23/26	DBS Vickers	Raffles Medical	1.02	1.32	Buy	PER30x FY26
02/23/26	Lim & Tan	Raffles Medical	1.02	1.2	Accumulate on weakness
02/23/26	UOB Kay Hian	United Hampshire	0.56	0.72	Buy	DDM
02/23/26	Phillip	United Hampshire	0.56	0.69	Buy	DDM

Red alert for bitcoin (BTC)! - Part 6

Big whales such as Blackrock are offloading bitcoins now because the awakening is starting to dawn upon them. Furthermore, China has completely banned all kinds of crypto activities.

It is pretty clear now that only CBDCs will be accepted in the future but not cryptos and stablecoins.

Baltic dry index - 2043

Related stock: Seatrium, Cosco & Pan Ocean.

Saturday, February 21, 2026

The US inflation is starting to rear its head again!

The US core PCE spiked to 0.4% (MOM) in December 2025 and the US core PCE increased to 3% (YOY).

If this trend continues, the US Fed will have difficulty to ease its rates for the 1st half of 2026.

The US GDP fell significantly in Q4 2025.

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

GDP growth = G + I + C + NE

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

Q4 GDP (1st estimate) = (-0.9) + 0.66 + 1.58 + 0.08 = 1.42 (1.4)

The US Q4 (2025) GDP had a significant decline because 3 components dropped significantly. The Government Spending (G), Consumption (C) and Net Export (NE) declined whilst the Investment (I) increased. The increase in (I) could be due to inventories accumulation as the (C) had dropped. This GDP report had clearly corroborated the recent 2 reports that indicated a weakening in US consumption.

Red alert for bitcoin (BTC)! - Part 6

What does this mean? It means the US government will crush crypto one day.

Nam Cheong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/23/25	DBS Vickers	Nam Cheong	0.555	1.05	Unrated
11/18/25	DBS Vickers	Nam Cheong	0.79	1.25	Buy	PER8x FY26
12/03/25	DBS Vickers	Nam Cheong	0.785	1.25	Buy	PER8x FY26
12/24/25	Lim & Tan	Nam Cheong	0.845	1.25	Watchlist
01/02/26	DBS Vickers	Nam Cheong	0.94	1.25	Buy	PER8x FY26
01/30/26	DBS Vickers	Nam Cheong	1.19	1.6	Buy	PER10x FY26
02/02/26	CIMB	Nam Cheong	1.19	1.87	Add

Metro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/25	Lim & Tan	Metro	0.415	0	Hold

Metaoptics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/06/26	DBS Vickers	Metaoptics	1.03	1.8	Unrated	P/S 2x

Stock calls for 20 February 2026

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/26	CIMB	Food Empire	3.02	4	Add
02/20/26	UOB Kay Hian	Huationg Global	0.845	1.15	Buy	PER11x FY26
02/20/26	DBS Vickers	OUE Commercial	0.355	0.45	Buy	DCF
02/20/26	DBS Vickers	SIA Engineering	3.57	4	Hold	DCF & PER24x
02/20/26	UOB Kay Hian	SIA Engineering	3.57	3.92	Buy	PER23.3x FY27
02/20/26	Lim & Tan	SIA Engineering	3.57	4	Hold
02/20/26	OCBC	SIA Engineering	3.57	4.05	Buy
02/20/26	CIMB	SIA Engineering	3.57	4	Add
02/20/26	DBS Vickers	Starhub	1.1	0.94	Fully Valued	Sum of parts
02/20/26	Lim & Tan	United Hampshire	0.56	0.69	Hold

Friday, February 20, 2026

This is why China will become the most powerful country soon.

China has begun training its robotic humanoids, dogs and drones to work together to fight a war. China is expected to deploy robotic machines (drones, dogs and humanoids) in its military in just 2 years. Kudos to China!