The latest ISM PMI is an aberration because the US consumption, GDP and savings rate are declining.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = 0.7 - 4.5 = (-3.8)

Estimated Local Material: Inventories - Imports = (-0.2) - 2.8 = (-3)

The prices eased to 71.1 (-1.9) because the oil prices declined due to the Iran peace deal.  However, the peace deal had fallen apart recently and the oil prices had risen already.

The producers ramped up their production (+6.3) because of a rise in new orders caused by a spike in new exports (+4.5) but the new local orders declined significantly (Est'd -3.8) as the US consumption had fallen (-3.8).  Consequently, the production overcapacity had caused the backlog orders to spike too (+4.5).

The above factors caused the PMI to rise to 55.6 (+2.3) but this was unsustainable in our eyes because of the declines in US consumption, GDP and US savings rate.

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
05/13/26	Amfrasers	Fortress Minerals	0.26	0.26	Neutral	Sum of parts

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
02/02/26	UOB Kay Hian	Food Empire	2.7	3	Buy	PER19x FY26
02/03/26	DBS Vickers	Food Empire	2.7	3.4	Buy	Sum of parts
02/20/26	CIMB	Food Empire	3.02	4	Add
02/26/26	UOB Kay Hian	Food Empire	3.27	4.21	Buy	PER25x FY26
03/02/26	DBS Vickers	Food Empire	3.25	3.65	Buy	Sum of parts
03/09/26	Amfrasers	Food Empire	3.08	3.7	outperform	DCF
03/10/26	UOB Kay Hian	Food Empire	2.93	4.21	Buy	PER25x FY26
05/04/26	UOB Kay Hian	Food Empire	3.26	4.21	Buy	PER25x FY26
05/12/26	DBS Vickers	Food Empire	2.88	3.65	Buy	Sum of parts
06/03/26	UOB Kay Hian	Food Empire	3.02	4.21	Buy	PER25x FY26
06/03/26	DMG & Partners	Food Empire	3.02	3.87	Buy	Ex-bonus target $3.36
06/04/26	DBS Vickers	Food Empire	2.51	3.05	Buy	Sum of parts, Ex-bonus (1 for 5)
06/19/26	UOB Kay Hian	Food Empire	2.5	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
07/06/26	CLSA	Food Empire	2.53	3.6	outperform
07/13/26	CIMB	Food Empire	2.53	3.33	Add	PER
07/23/26	UOB Kay Hian	Food Empire	2.4	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
08/04/26	UOB Kay Hian	Food Empire	2.46	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/26	DBS Vickers	First Sponsor	1.02	1.3	Unrated

Stock calls for 4 August 2026

Date	Analyst	Company	Last	Target	Call	Valuation
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
08/04/26	UOB Kay Hian	Beng Kuang Marine	0.485	0.75	Buy	PER14x FY27
08/04/26	UOB Kay Hian	City Developments	7.84	11.5	Buy	RNAV (15% disc)
08/04/26	UOB Kay Hian	Food Empire	2.46	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
08/04/26	UOB Kay Hian	Hong Leong Asia	2.94	4.9	Buy	Sum of parts
08/04/26	UOB Kay Hian	Huationg Global	0.735	1.23	Buy	PER11x FY26
08/04/26	DBS Vickers	Lendlease Reit	0.575	0.75	Buy	DCF
08/04/26	DBS Vickers	Mapletree Commercial	1.32	1.55	Buy	DCF
08/04/26	UOB Kay Hian	NTT DC Reit	0.925	1.43	Buy	DDM
08/04/26	UOB Kay Hian	OCBC	28.87	31.6	Buy	GGM, PB2.12x FY27
08/04/26	UOB Kay Hian	Oiltek	1.46	2.78	Buy	PER28x FY27
08/04/26	DBS Vickers	Parkway Life	4.22	4.75	Buy	DCF
08/04/26	OCBC	Parkway Life	4.22	4.8	Buy
08/04/26	Lim & Tan	Parkway Life	4.22	4.88	Accumulate
08/04/26	UOB Kay Hian	Riverstone	0.855	1.1	Buy	PER25x FY27
08/04/26	UOB Kay Hian	SIA Engineering	3.15	3.75	Buy	PER21.2x FY28
08/04/26	UOB Kay Hian	Ultragreen	1.22	1.95	Buy	PER26x FY26
08/04/26	UOB Kay Hian	Valuetronics	1.06	1.88	Buy	PER19x FY28, Ex-cash
08/04/26	UOB Kay Hian	Venture	16.01	20.65	Buy	PER23.7x FY27

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/25	DBS Vickers	First Resources	1.57	2	Buy	DCF
08/15/25	Kim Eng	First Resources	1.68	1.9	Buy
08/25/25	UOB Kay Hian	First Resources	1.76	1.85	Buy
08/26/25	DMG & Partners	First Resources	1.79	2.1	Buy	PER10x FY26
10/15/25	UOB Kay Hian	First Resources	1.7	1.97	Buy	PER8.5x FY26
10/15/25	DBS Vickers	First Resources	1.7	2.1	Buy	DCF
11/17/25	UOB Kay Hian	First Resources	2.05	2.3	Buy	PER10x FY26
01/05/26	UOB Kay Hian	First Resources	2.08	2.3	Buy	PER10x FY26
01/16/26	UOB Kay Hian	First Resources	1.97	2.5	Buy	PER10x FY26
03/02/26	UOB Kay Hian	First Resources	2.37	2.53	Buy	PER10x FY26
03/02/26	Kim Eng	First Resources	2.37	2.63	Buy	PER
03/02/26	DMG & Partners	First Resources	2.37	2.8	Buy
03/25/26	DBS Vickers	First Resources	2.72	3	Buy	PER10x FY26
03/25/26	DMG & Partners	First Resources	2.72	3.45	Buy
05/06/26	DBS Vickers	First Resources	3.75	5	Buy	PER14x FY26
05/18/26	CIMB	First Resources	3.9	4.39	Add	PER
05/18/26	DMG & Partners	First Resources	3.9	3.7	Neutral
06/15/26	UOB Kay Hian	First Resources	2.83	3.65	Buy	PER12x FY26
06/22/26	DMG & Partners	First Resources	3.17	3.7	Buy
07/13/26	DBS Vickers	First Resources	3.21	5	Buy	PER14x FY26
07/15/26	DMG & Partners	First Resources	3.38	3.7	Buy

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	phillip	First Reit	0.275	0.31	Buy	DDM
09/22/25	phillip	First Reit	0.285	0.31	Buy	DDM
10/22/25	Lim & Tan	First Reit	0.28	0.31	Hold
10/23/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	OCBC	First Reit	0.28	0.265	Hold
02/06/26	Lim & Tan	First Reit	0.275	0.31	Accumulate on weakness
02/09/26	phillip	First Reit	0.27	0.29	Accumulate	DDM
04/02/26	Lim & Tan	First Reit	0.245	0.27	Accumulate on weakness
04/02/26	OCBC	First Reit	0.245	0.245	Hold
04/06/26	phillip	First Reit	0.245	0.25	Accumulate	PB1x FY26
06/04/26	Lim & Tan	First Reit	0.235	0.245	Vote Yes
06/26/26	Lim & Tan	First Reit	0.225	0.24	Accumulate on weakness
08/03/26	phillip	First Reit	0.23	0.23	Accumulate	PB1x FY26