Thakral - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/25/25	Phillip	Thakral	1.43	2.12	Buy	Sum of parts
11/24/25	Phillip	Thakral	1.67	2.12	Buy	Sum of parts
11/24/25	Phillip	Thakral	1.84	2.56	Buy	Sum of parts (50% disc)
06/08/26	Phillip	Thakral	1.88	2.56	Buy	Sum of parts (50% disc)
08/21/26	Phillip	Thakral	1.62	2.22	Buy	Sum of parts (50% disc)

Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/15/25	DBS Vickers	Thai Beverage	0.475	0.63	Buy	PER16x FY25
08/15/25	CIMB	Thai Beverage	0.475	0.56	Add	PER
09/02/25	DMG & Partners	Thai Beverage	0.465	0.65	Buy	Sum of parts
10/27/25	DBS Vickers	Thai Beverage	0.495	0.63	Buy	PER16x FY25
11/10/25	DBS Vickers	Thai Beverage	0.475	0.63	Buy	PER16x FY25
11/27/25	DBS Vickers	Thai Beverage	0.465	0.62	Buy	PER14x FY26
11/27/25	Kim Eng	Thai Beverage	0.465	0.43	Hold
11/27/25	CIMB	Thai Beverage	0.465	0.58	Add	Sum of parts
11/27/25	DMG & Partners	Thai Beverage	0.465	0.62	Buy	Sum of parts
12/01/25	Phillip	Thai Beverage	0.465	0.53	Accumulate	PER12x FY26
12/22/25	DMG & Partners	Thai Beverage	0.46	0.62	Buy	Sum of parts
01/08/26	Aletheia Capital	Thai Beverage	0.465	0.39	Sell
01/20/26	DBS Vickers	Thai Beverage	0.465	0.62	Buy	PER14x FY26
01/30/26	UOB Kay Hian	Thai Beverage	0.48	0.45	Hold
02/13/26	DMG & Partners	Thai Beverage	0.47	0.62	Buy	Sum of parts
02/16/26	DBS Vickers	Thai Beverage	0.47	0.62	Buy	PER14x FY26
02/19/26	Kim Eng	Thai Beverage	0.475	0.43	Hold
03/31/26	DBS Vickers	Thai Beverage	0.43	0.62	Buy	PER14x FY26
05/15/26	DBS Vickers	Thai Beverage	0.42	0.62	Buy	PER14x FY26
05/15/26	CIMB	Thai Beverage	0.42	0.58	Add	Sum of parts
05/18/26	Phillip	Thai Beverage	0.43	0.53	Buy	PER12x FY26
05/19/26	Kim Eng	Thai Beverage	0.445	0.48	Buy
05/19/26	OCBC	Thai Beverage	0.445	0.55	Buy
06/10/26	DMG & Partners	Thai Beverage	0.44	0.56	Buy
06/24/26	UOB Kay Hian	Thai Beverage	0.435	0.475	Buy
06/25/26	DBS Vickers	Thai Beverage	0.445	0.53	Buy	PER12x FY27
06/25/26	CIMB	Thai Beverage	0.445	0.58	Add	PER
06/29/26	Phillip	Thai Beverage	0.44	0.53	Buy	PER12x FY26
07/15/26	DMG & Partners	Thai Beverage	0.435	0.56	Buy
08/17/26	CIMB	Thai Beverage	0.47	0.58	Add	PER
08/24/26	DMG & Partners	Thai Beverage	0.465	0.56	Buy

Telechoice - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/29/25	Phillip	Telechoice	0.164	0.215	Buy	PER15x FY25
11/20/25	Phillip	Telechoice	0.18	0.215	Buy	PER15x FY25
03/12/26	Phillip	Telechoice	0.185	0.275	Buy	PER15x FY26
05/21/26	Phillip	Telechoice	0.255	0.33	Buy	PER18x FY26
08/20/26	Phillip	Telechoice	0.235	0.33	Buy	PER18x FY26

Stock calls for 28 September 2026

Date	Analyst	Company	Last	Target	Call	Valuation
09/28/26	DBS Vickers	City Developments	8.26	12	Buy	RNAV (35% disc)
09/28/26	Lim & Tan	City Developments	8.26	10.74	Accumulate	NAV
09/28/26	DMG & Partners	Comfortdelgro	1.27	1.5	Buy
09/28/26	DBS Vickers	PanUnited	1.69	1.88	Buy	PER18x FY27/28
09/28/26	UOB Kay Hian	Reclaims Global	0.2	0.27	Buy	PER12x FY27

US inflation expectation and consumer sentiment have a strong inverse relationship.

 1-year inflation expectation: 4.6%

US consumer sentiment: 48.1

The US consumer expectation has spiked to 4.6% and this causes the US consumer sentiment to drop to 48.1 points.

The US consumer expectation and consumer sentiment have a strong inverse relationship because the US consumers don't feel good about their future when the inflation is rising and may curtain their big ticket item purchases or frontload their essential purchases.

Let's see how this will pan out in the future.

Baltic dry index - 3426

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 599

 
Related stock: Seatrium & Cosco.

The Xi-Trump summit will be a non-market event. Why? - Part 2

Just as we've expected, the US-Sino summit was a non-market moving event.

The current market movements will be determined by the Iran war, oil price and US treasury bond yield.

Trump will be visiting China in November and we'll see whether the US and China can reach some concrete deals or not.  Let's see how this will pan out.

Tai Sin Electric - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/26/26	CIMB	Tai Sin Electric	0.5	0.743	Add	PER
06/04/26	DMG & Partners	Tai Sin Electric	0.54	0.75	Buy
07/15/26	DMG & Partners	Tai Sin Electric	0.54	0.75	Buy
09/07/26	CIMB	Tai Sin Electric	0.525	0.8	Add	PER

Suntec Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	UOB Kay Hian	Suntec Reit	1.16	1.31	Hold	DDM
08/07/25	DBS Vickers	Suntec Reit	1.2	1.4	Buy
08/21/25	JPM	Suntec Reit	1.23	1.45	Overweight
09/01/25	UOB Kay Hian	Suntec Reit	1.32	1.31	Hold	DDM
09/05/25	DBS Vickers	Suntec Reit	1.3	1.4	Buy
09/09/25	DMG & Partners	Suntec Reit	1.35	1.48	Buy
10/27/25	DBS Vickers	Suntec Reit	1.37	1.4	Buy
10/31/25	DMG & Partners	Suntec Reit	1.35	1.6	Buy
10/31/25	OCBC	Suntec Reit	1.35	1.3	Hold
11/03/25	Phillip	Suntec Reit	1.34	1.4	Accumulate	DDM
01/23/26	DBS Vickers	Suntec Reit	1.42	1.6	Buy
01/23/26	Lim & Tan	Suntec Reit	1.42	1.37	Hold
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
03/10/26	DBS Vickers	Suntec Reit	1.33	1.6	Buy
03/20/26	Lim & Tan	Suntec Reit	1.46	1.48	Hold
03/23/26	UOB Kay Hian	Suntec Reit	1.5	1.71	Buy	DDM
04/16/26	DBS Vickers	Suntec Reit	1.52	1.6	Buy
04/23/26	DMG & Partners	Suntec Reit	1.5	1.67	Buy
04/24/26	Lim & Tan	Suntec Reit	1.49	1.7	Accumulate
04/27/26	UOB Kay Hian	Suntec Reit	1.5	1.71	Buy	DDM
04/27/26	Phillip	Suntec Reit	1.5	1.63	Accumulate	DDM
04/27/26	Morgan Stanley	Suntec Reit	1.5	1.1	Underweight
04/27/26	JPM	Suntec Reit	1.5	1.6	Buy
07/24/26	DBS Vickers	Suntec Reit	1.51	1.6	Buy
07/24/26	OCBC	Suntec Reit	1.51	1.46	Hold
07/24/26	Lim & Tan	Suntec Reit	1.51	1.7	Accumulate
07/27/26	UOB Kay Hian	Suntec Reit	1.52	1.75	Buy	DDM
07/27/26	Phillip	Suntec Reit	1.52	1.69	Accumulate	DDM
07/27/26	DBS Vickers	Suntec Reit	1.52	1.7	Buy
08/26/26	JPM	Suntec Reit	1.54	1.55	Neutral
09/10/26	UOB Kay Hian	Suntec Reit	1.42	1.64	Buy	DDM
09/21/26	DBS Vickers	Suntec Reit	1.38	1.7	Buy
09/21/26	Lim & Tan	Suntec Reit	1.38	1.6	Accumulate