Red alert for bitcoin (BTC)! - Part 16

Just as we've stated previously, BTC miners are pivoting from crypto mining to AI infrastructure.  SBI is the 11th largest BTC miner in the world and it is getting out of the BTC network.

Furthermore, crypto treasury firms (BTC) are also going to dump more BTCs to fund their operations and maintain their dividend payouts.

Simultaneously, the BTC mining cost is still way above its price and this makes it very unprofitable for the miners to continue to mine BTC.

Thus, we don't see any fundamental reason for BTC to be trending up except that it is subjected to manipulations by the big whales.   Last but not least, we also do not see any meaningful BTC utility in the mainstream financial services because CBDC and Quantum finance will be adopted instead.

Yangzijiang Maritime - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/21/25	DBS Vickers	Yangzijiang Maritime	0.695	0.85	Buy	PB1.4x
04/06/26	phillip	Yangzijiang Maritime	0.52	0.69	Buy	PB1x FY26
04/08/26	DBS Vickers	Yangzijiang Maritime	0.54	0.88	Buy	PB1.4x
04/15/26	Lim & Tan	Yangzijiang Maritime	0.66	0.78	Accumulate

Yangzijiang Financial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/25	CIMB	Yangzijiang Financial	0.795	1.09	Add
04/01/25	Lim & Tan	Yangzijiang Financial	0.795	0.66	Hold
09/09/25	CIMB	Yangzijiang Financial	1.09	1.25	Add	Sum of parts
10/02/25	Lim & Tan	Yangzijiang Financial	1.18	1.25	Hold
11/21/25	DBS Vickers	Yangzijiang Financial	0.5	0.48	Hold	PB0.9x (ex-maritime)

XMH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/16/25	Lim & Tan	XMH	0.153	0	Accumulate

Stock calls for 3 July 2026

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/26	Amfrasers	China Sunsine	0.68	1.145	Outperform	DCF
07/03/26	Lim & Tan	GuocoLand	2.14	3.3	Accumulate
07/03/26	DBS Vickers	Micro-Mechanics	2.76	4	Unrated	PER35x FY27
07/03/26	Lim & Tan	SGX	24.11	22.34	Hold

The US ISM PMI has reduced because of weakening export orders.

 
Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = (-0.8) - (-2.1) = +1.3

Estimated Local Material: Inventories - Imports = 1.5 - (-0.1) = +1.6

The prices (-9.1) continued to ease because of the US-Iran ceasefire deal and the declining new export orders (-2.1) and new orders (-0.8).  However, the local new orders rebounded (Est'd 1.3) because the US consumers were frontloading their purchases as indicated by the US retail sales report.

The producers reduced ther production (-2.1) because of the weakening orders and this caused the depletion of customers' inventories (-0.4) and a reduction in the backlog of orders (-1.7).

All in all, the net impact is the ISM PMI is being reduced to 53.3 (-0.7).

In conclusion, this PMI is a neutral report and the US consumption is the key determinant for the future trend.

Winking - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/25/25	Amfrasers	Winking	0.255	0.31	Outperform	DCF
05/05/26	Amfrasers	Winking	0.23	0.3	Outperform	DCF

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/27/25	Lim & Tan	Wing Tai	1.4	0	Hold

Wilmar - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/22/25	CIMB	Wilmar	3.13	3.15	Hold
04/30/25	UOB Kay Hian	Wilmar	3.02	3.45	Buy	Sum of parts
04/30/25	DBS Vickers	Wilmar	3.02	3.8	Buy	PER12.1x FY25
05/02/25	DMG & Partners	Wilmar	3.06	3	Neutral
05/02/25	Citi Research	Wilmar	3.06	3.25	Buy	PER11x FY26
05/05/25	Kim Eng	Wilmar	3.06	4.05	Buy
05/16/25	DBS Vickers	Wilmar	3.06	3.8	Buy
06/18/25	DBS Vickers	Wilmar	3.01	3.8	Buy
06/19/25	Citi Research	Wilmar	2.93	3.25	Buy	PER11x FY26
07/09/25	DMG & Partners	Wilmar	2.94	2.8	Neutral
07/22/25	CIMB	Wilmar	3.02	2.7	Reduce
08/12/25	DBS Vickers	Wilmar	2.97	3.8	Buy	PER12.1x FY25
08/13/25	UOB Kay Hian	Wilmar	2.97	3.45	Buy	Sum of parts
08/13/25	CIMB	Wilmar	2.97	2.7	Reduce
09/02/25	DBS Vickers	Wilmar	2.96	3	Hold	PER11.7x FY26
09/26/25	Lim & Tan	Wilmar	2.89	0	Avoid
09/26/25	DMG & Partners	Wilmar	2.89	2.5	Sell	Sum of parts
09/29/25	CIMB	Wilmar	2.85	2.7	Reduce
10/09/25	CIMB	Wilmar	2.89	3.3	Add	PER
10/21/25	Lim & Tan	Wilmar	2.95	3	Avoid
10/31/25	UOB Kay Hian	Wilmar	3.12	3.5	Buy	Sum of parts
10/31/25	DBS Vickers	Wilmar	3.12	3	Hold	PER11.7x FY26
11/03/25	CIMB	Wilmar	3.13	3.6	Add
11/03/25	DMG & Partners	Wilmar	3.13	3	Neutral	Sum of parts
11/14/25	OCBC	Wilmar	3.36	3.58	Buy
11/14/25	Kim Eng	Wilmar	3.36	3.12	Hold	DCF
01/08/26	Aletheia Capital	Wilmar	3.09	2.5	Sell	Cut from $3.49
02/03/26	UOB Kay Hian	Wilmar	3.4	3.5	Buy
02/27/26	DBS Vickers	Wilmar	3.5	3	Hold	PER11.7x FY26
03/02/26	CIMB	Wilmar	3.52	3.6	Hold	PER
03/02/26	OCBC	Wilmar	3.52	3.97	Buy
03/02/26	DMG & Partners	Wilmar	3.52	3.45	Neutral
03/10/26	Kim Eng	Wilmar	3.53	3.85	Buy	DCF
03/10/26	DBS Vickers	Wilmar	3.9	3	Hold	PER11.7x FY26
04/30/26	DBS Vickers	Wilmar	3.83	3.6	Hold	PER12.2x FY26

Stock calls for 2 July 2026

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/26	DBS Vickers	A-Reit	2.46	3.2	Buy	DCF
07/02/26	DBS Vickers	Dairy Farm	3.6	5	Buy	PER23x FY27
07/02/26	UOB Kay Hian	Frasers Centrepoint Trust	2.23	2.99	Buy	DDM
07/02/26	DBS Vickers	Mapletree Logistics	1.21	1.55	Buy	DCF
07/02/26	OCBC	Parkway Life	4.04	4.8	Buy
07/02/26	DBS Vickers	PC Partner	3.1	3.8	Unrated	PER12x FY27/28
07/02/26	UOB Kay Hian	SATS	4.49	5	Buy	PER19.7x FY28
07/02/26	Lim & Tan	United Hampshire	0.515	0.71	Accumulate

Wee Hur - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/25	phillip	Wee Hur	0.43	0.62	Buy	Sum of parts
04/04/25	phillip	Wee Hur	0.46	0.62	Buy	Sum of parts
05/02/25	phillip	Wee Hur	0.525	0.62	Buy	Sum of parts
07/03/25	phillip	Wee Hur	0.475	0.55	Buy	Sum of parts
07/21/25	DBS Vickers	Wee Hur	0.585	0.8	Unrated	Sum of parts (10% disc)
08/06/25	CIMB	Wee Hur	0.695	0.91	Add
08/25/25	phillip	Wee Hur	0.715	0.9	Buy	Sum of parts
10/31/25	phillip	Wee Hur	0.725	0.9	Buy	Sum of parts
11/26/25	CIMB	Wee Hur	0.685	0.95	Add
03/04/26	CIMB	Wee Hur	0.76	0.95	Add	Sum of parts
03/16/26	phillip	Wee Hur	0.675	1.08	Buy	Sum of parts
04/10/26	DBS Vickers	Wee Hur	0.68	0.9	Buy	Sum of parts
05/06/26	phillip	Wee Hur	0.735	1.08	Buy	Sum of parts
06/09/26	Lim & Tan	Wee Hur	0.63	0.9	Accumulate on weakness
06/10/26	UOB Kay Hian	Wee Hur	0.64	0.9	Buy	Sum of parts
06/30/26	CIMB	Wee Hur	0.655	0.95	Add	Sum of parts

Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/09/25	CIMB	Venture	10.91	10.13	Hold
04/10/25	DBS Vickers	Venture	10.4	14.7	Buy	PER17x FY25
04/16/25	DMG & Partners	Venture	10.84	12.5	Buy
04/22/25	UOB Kay Hian	Venture	10.88	13.35	Hold	PER15.5x FY25
05/06/25	Citi Research	Venture	11	11.8	Neutral
05/15/25	UOB Kay Hian	Venture	11.27	12.01	Hold	PER15.3x FY25
05/15/25	Phillip	Venture	11.27	10.4	Neutral	PER13x FY25
05/15/25	DBS Vickers	Venture	11.27	11.8	Hold	PER15x FY25
05/15/25	Kim Eng	Venture	11.27	9.4	Hold
05/20/25	Lim & Tan	Venture	11.33	11.88	Accumulate on weakness
05/20/25	CIMB	Venture	11.33	10.97	Hold	PER13.1x FY26
06/13/25	DMG & Partners	Venture	11.45	12.61	Buy	PER15x FY26
07/28/25	CIMB	Venture	12.48	12.14	Hold
08/05/25	UOB Kay Hian	Venture	12.7	12.01	Hold	PER15.3x FY25
08/07/25	UOB Kay Hian	Venture	12.72	14.35	Buy	PER17.7x FY26
08/07/25	Phillip	Venture	12.72	11.3	Neutral	PER14x FY25
08/07/25	DBS Vickers	Venture	12.72	13.6	Hold	PER16x FY25/26
08/07/25	CIMB	Venture	12.72	13.45	Add	PER
08/07/25	Citi Research	Venture	12.72	11.8	Neutral	DCF
08/26/25	DMG & Partners	Venture	13.51	15	Buy	PER18x FY25/26
11/14/25	UOB Kay Hian	Venture	15.06	17.43	Buy	PER21.5x FY26
11/14/25	DBS Vickers	Venture	15.06	15.3	Hold	PER18x FY26
11/14/25	CIMB	Venture	15.06	14.75	Hold
11/14/25	Phillip	Venture	15.06	11.8	Hold
11/17/25	Phillip	Venture	14.56	13	Neutral	PER15x
11/26/25	DMG & Partners	Venture	14.99	16.66	Buy
02/27/26	DBS Vickers	Venture	16.9	17.9	Buy	PER21x FY26
02/27/26	Kim Eng	Venture	16.9	18.1	Buy	PER
03/02/26	Phillip	Venture	15.63	16.8	Accumulate	PER19x
03/02/26	CIMB	Venture	15.63	17.04	Add
03/12/26	DBS Vickers	Venture	15.66	17.9	Buy	PER21x FY26
04/23/26	DMG & Partners	Venture	16.56	17.42	Buy
05/04/26	CIMB	Venture	16.2	21.78	Add
05/06/26	UOB Kay Hian	Venture	16.48	20.65	Buy	PER23.7x FY27
05/06/26	DBS Vickers	Venture	16.48	21.8	Buy	PER24x FY27
05/06/26	Kim Eng	Venture	16.48	21.4	Buy	PER
05/08/26	Phillip	Venture	18.65	22.1	Buy	PER25x FY26
06/03/26	UOB Kay Hian	Venture	18.36	20.65	Buy	PER23.7x FY27