Singapore minister Vivian has screwed up again! - Part 5

SG FM Vivian had misunderstood and misjudged the true intention of Indonesia.  He seemed to have lost touch with the true reality on regional geopolitics.

What did he say recently?

As stated previously in our post, Singapore, Malaysia, Indonesia and Thailand were the 4 littoral states guarding and maintaining the security of the strait of malacca.  By excluding Thailand and citing just 3 litorral states, FM Vivian was creating the impression that Thailand was not strategically aligned with us.  Was he trying to drive a wedge between Thailand and the other 3 states or trying to ostracize Thailand?

Indonesia had just debunked Vivian's statement as false by mooting a levy idea.  This reality had slapped Vivian right on his face because Indonesia was not strategically aligned with Singapore beside Thailand.  This kind of ramification is very precarious for Singapore and FM Vivian can't read the ground situation well.

Thailand has not spoken on this matter yet and it must be cognizant of FM Vivian's exclusive intention.  What if Thailand is on the Indonesia's side?  Singapore maritime industry will be severely impacted if there is a malacca toll.  Let's watch how this will unfold.

Far East Orchard - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/13/26	DBS Vickers	Far East Orchard	1.21	2	Unrated	RNAV (30% disc)

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/25	UOB Kay Hian	Far East Hospitality	0.535	0.76	Buy	DDM
03/21/25	Lim & Tan	Far East Hospitality	0.56	0.7	Accumulate
03/24/25	phillip	Far East Hospitality	0.6	0.73	Buy	DDM
04/08/25	UOB Kay Hian	Far East Hospitality	0.515	0.77	Buy	DDM
04/30/25	DBS Vickers	Far East Hospitality	0.555	0.75	Buy	DCF
05/02/25	phillip	Far East Hospitality	0.545	0.7	Buy	DDM
05/02/25	CIMB	Far East Hospitality	0.545	0.74	Add	DDM
05/30/25	UOB Kay Hian	Far East Hospitality	0.565	0.71	Buy	DDM
06/27/25	UOB Kay Hian	Far East Hospitality	0.565	0.78	Buy	DDM
07/30/25	DBS Vickers	Far East Hospitality	0.61	0.75	Buy	DCF
07/30/25	Lim & Tan	Far East Hospitality	0.61	0.64	Accumulate on weakness
07/31/25	phillip	Far East Hospitality	0.61	0.7	Buy	DDM
08/04/25	CIMB	Far East Hospitality	0.595	0.74	Add	DDM
09/30/25	UOB Kay Hian	Far East Hospitality	0.6	0.81	Buy	DDM
10/06/25	Lim & Tan	Far East Hospitality	0.61	0.66	Accumulate
10/30/25	DBS Vickers	Far East Hospitality	0.615	0.7	Buy	DCF
10/31/25	CIMB	Far East Hospitality	0.615	0.76	Add	DDM
12/08/25	DBS Vickers	Far East Hospitality	0.61	0.7	Buy	DCF
02/12/26	DBS Vickers	Far East Hospitality	0.625	0.7	Buy	DCF
02/12/26	Lim & Tan	Far East Hospitality	0.625	0.71	Accumulate
02/13/26	CIMB	Far East Hospitality	0.62	0.72	Add	DDM
02/16/26	UOB Kay Hian	Far East Hospitality	0.625	0.85	Buy	DDM
03/17/26	DBS Vickers	Far East Hospitality	0.565	0.75	Buy	RNAV (15% disc)

F&N - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/22/25	DBS Vickers	F&N	1.38	1.93	Unrated	Sum of parts
01/05/26	Lim & Tan	F&N	1.5	1.5	Hold
02/09/26	uSMART	F&N	1.5	1.91	Hold

Stock calls for 22 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/22/26	Lim & Tan	Beng Kuang Marine	0.49	0.59	Buy
04/22/26	CIMB	Dairy Farm	4.16	5.5	Add	PER
04/22/26	DBS Vickers	Hong Leong Asia	3.17	3.9	Buy	Sum of parts
04/22/26	UOB Kay Hian	Hong Leong Asia	3.17	4.9	Buy	Sum of parts
04/22/26	Kim Eng	Isoteam	0.084	0.12	Buy	PER11x FY26/27
04/22/26	UOB Kay Hian	Keppel Reit	0.91	1.13	Buy	DDM
04/22/26	DBS Vickers	Nam Cheong	1.54	1.9	Buy	PER12x FY26
04/22/26	CIMB	Nam Cheong	1.54	1.92	Add	PER
04/22/26	DBS Vickers	OUE Commercial	0.37	0.45	Buy	DCF
04/22/26	phillip	Phil AP Div Reit	0.878	1.14	Accumulate	Sum of parts
04/22/26	uSMART	Soon Hock	0.635	0.72	Buy

Ever Glory Uinited Holdings - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/25	phillip	Ever Glory Uinited Holdings	0.57	0.81	Buy	PER
09/03/25	Lim & Tan	Ever Glory Uinited Holdings	0.74	0.81	Watchlist
11/20/25	CIMB	Ever Glory Uinited Holdings	0.7	0.87	Add
12/17/25	Amfrasers	Ever Glory Uinited Holdings	0.7	1.2	Outperform	DCF
02/05/26	CIMB	Ever Glory Uinited Holdings	0.685	0.87	Add	PER
03/03/26	CIMB	Ever Glory Uinited Holdings	0.76	0.9	Add	PER
03/09/26	phillip	Ever Glory Uinited Holdings	0.77	1.05	Buy	PER18x FY27
03/17/26	Amfrasers	Ever Glory Uinited Holdings	0.745	1.28	Outperform	DCF

ESR Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/23/25	CIMB	ESR-Reit	0.205	0.36	Add	DDM
07/14/25	DMG & Partners	ESR-Reit	2.42	3.25	Buy	Share cosol 10-into-1, Up from $3.15
07/29/25	DBS Vickers	ESR-Reit	2.64	3.1	Buy	DCF
07/30/25	DBS Vickers	ESR-Reit	2.71	3.2	Buy	DCF
08/04/25	CIMB	ESR-Reit	2.74	3.55	Add	DDM
10/28/25	DBS Vickers	ESR-Reit	2.87	3.2	Buy	DCF
10/30/25	CIMB	ESR-Reit	2.91	3.64	Add	DDM
10/30/25	DMG & Partners	ESR-Reit	2.91	3.15	Buy
11/06/25	Kim Eng	ESR-Reit	2.82	3	Buy	DDM
12/15/25	Lim & Tan	ESR-Reit	2.74	3.3	Accumulate
02/04/26	DBS Vickers	ESR-Reit	2.71	3.2	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

Elite ComReit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/13/25	UOB Kay Hian	Elite ComReit	0.3	0.35	Buy	DDM
05/02/25	phillip	Elite ComReit	0.295	0.35	Buy	DDM
05/02/25	DMG & Partners	Elite ComReit	0.295	0.35	Buy	DDM
05/05/25	Lim & Tan	Elite ComReit	0.29	0.35	Accumulate
05/06/25	UOB Kay Hian	Elite ComReit	0.29	0.35	Buy	DDM
06/11/25	DBS Vickers	Elite ComReit	0.335	0.36	Buy	DCF
06/11/25	CIMB	Elite ComReit	0.335	0.35	Add
06/11/25	Lim & Tan	Elite ComReit	0.335	0	Accumulate on weakness
06/23/25	phillip	Elite ComReit	0.305	0.35	Buy	DDM
07/15/25	DBS Vickers	Elite ComReit	0.32	0.36	Buy	DCF
07/24/25	CIMB	Elite ComReit	0.34	0.38	Add
08/01/25	phillip	Elite ComReit	0.345	0.39	Buy	DDM
08/04/25	DBS Vickers	Elite ComReit	0.35	0.4	Buy	DCF
08/06/25	DMG & Partners	Elite ComReit	0.345	0.37	Buy
09/19/25	UOB Kay Hian	Elite ComReit	0.35	0.39	Buy	DDM
09/22/25	phillip	Elite ComReit	0.35	0.39	Buy	DDM
10/23/25	phillip	Elite ComReit	0.355	0.39	Buy	DDM
11/04/25	Lim & Tan	Elite ComReit	0.36	0.4	Hold
11/19/25	Amfrasers	Elite ComReit	0.36	0.41	Outperform	DDM
11/24/25	phillip	Elite ComReit	0.355	0.39	Buy	DDM
12/23/25	phillip	Elite ComReit	0.355	0.39	Buy	DDM
01/07/26	phillip	Elite ComReit	0.36	0.39	Buy	DDM
02/06/26	DBS Vickers	Elite ComReit	0.355	0.4	Buy	DCF
02/10/26	DMG & Partners	Elite ComReit	0.365	0.4	Buy
02/12/26	phillip	Elite ComReit	0.36	0.41	Buy	DDM
03/23/26	phillip	Elite ComReit	0.34	0.41	Buy	DDM
03/30/26	DBS Vickers	Elite ComReit	0.335	0.4	Buy	DCF

Stock calls for 21 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/21/26	CIMB	Capitaland Integrated Commercial Trust	2.39	2.74	Add	DDM
04/21/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.39	2.67	Accumulate
04/21/26	UOB Kay Hian	Centurion	1.66	1.9	Buy	PER12.4x FY26
04/21/26	CIMB	Isoteam	0.081	0.11	Add	PER
04/21/26	Lim & Tan	Keppel Corp	11.86	13.38	Accumulate
04/21/26	DBS Vickers	Keppel Reit	0.92	1.05	Buy
04/21/26	DBS Vickers	OCBC	22.67	25.5	Buy	GGM, PB1.7x FY27