Yeo Hiap Seng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/11/26	uSMART	Yeo Hiap Seng	0.615	0.643	Hold

Yanlord - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/05/25	DBS Vickers	Yanlord	0.485	0.5	Hold	PB0.17x
08/15/25	DBS Vickers	Yanlord	0.585	0.5	Hold	PB0.17x
08/19/25	DBS Vickers	Yanlord	0.62	0.58	Hold	PB0.2x

Yangzijiang Shipping - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/05/25	Lim & Tan	Yangzijiang Shipping	2.34	3.36	Accumulate
03/25/25	DBS Vickers	Yangzijiang Shipping	2.4	3.8	Buy	PB2.5x FY25, PER11x FY25
04/09/25	Lim & Tan	Yangzijiang Shipping	1.9	3.3	Accumulate on weakness
04/21/25	DBS Vickers	Yangzijiang Shipping	2.06	3.8	Buy	PB2.5x FY25, PER11x FY25
05/07/25	UOB Kay Hian	Yangzijiang Shipping	2.06	3.5	Buy	PER9.6x
05/23/25	DBS Vickers	Yangzijiang Shipping	2.14	3.8	Buy	PB2.5x FY25, PER11x FY25
05/26/25	UOB Kay Hian	Yangzijiang Shipping	2.05	3.29	Buy	PER9.1x
05/26/25	CIMB	Yangzijiang Shipping	2.05	2.72	Add	PER
08/07/25	UOB Kay Hian	Yangzijiang Shipping	2.63	3.45	Buy	PER8.6x
08/07/25	DBS Vickers	Yangzijiang Shipping	2.63	3.8	Buy	PB2.5x FY25, PER11x FY25
08/07/25	CIMB	Yangzijiang Shipping	2.63	3.9	Add	PER
09/01/25	DBS Vickers	Yangzijiang Shipping	2.91	3.8	Buy	PB2.5x FY25, PER11x FY25
09/04/25	UOB Kay Hian	Yangzijiang Shipping	3.06	3.6	Buy	PER8.5x
09/29/25	Lim & Tan	Yangzijiang Shipping	3.28	3.73	Accumulate on weakness
10/10/25	DBS Vickers	Yangzijiang Shipping	3.44	3.8	Buy	PB2.5x FY25, PER11x FY25
10/27/25	UOB Kay Hian	Yangzijiang Shipping	3.47	3.9	Buy	PER9.3x FY26
11/18/25	DBS Vickers	Yangzijiang Shipping	3.42	3.8	Buy	PB2.5x FY25, PER11x FY25
11/19/25	UOB Kay Hian	Yangzijiang Shipping	3.26	4.1	Buy	PER9.3x FY26
11/20/25	CIMB	Yangzijiang Shipping	3.35	4.51	Add	PER
12/08/25	UOB Kay Hian	Yangzijiang Shipping	3.43	4.1	Buy	PER9.3x FY26
01/29/26	UOB Kay Hian	Yangzijiang Shipping	3.35	4.1	Buy	PER9.3x FY26
02/27/26	UOB Kay Hian	Yangzijiang Shipping	3.92	4.6	Buy
02/27/26	DBS Vickers	Yangzijiang Shipping	3.92	4.55	Buy	PB2.6x FY26, PER11x FY26
02/27/26	CIMB	Yangzijiang Shipping	3.92	4.95	Add	PER
03/10/26	UOB Kay Hian	Yangzijiang Shipping	4.1	4.6	Buy
03/11/26	DBS Vickers	Yangzijiang Shipping	4.05	4.55	Buy	PB2.6x FY26, PER11x FY26
03/11/26	CIMB	Yangzijiang Shipping	4.05	4.95	Add	PER
03/11/26	Lim & Tan	Yangzijiang Shipping	4.05	4.44	Accumulate on weakness
03/27/26	Kim Eng	Yangzijiang Shipping	3.85	4.15	Hold	DCF
04/26/06	UOB Kay Hian	Yangzijiang Shipping	3.83	4.75	Buy	PER10x FY26
05/07/26	UOB Kay Hian	Yangzijiang Shipping	4.14	4.75	Buy	PER10x FY26
05/20/26	DBS Vickers	Yangzijiang Shipping	3.94	4.55	Buy	PB2.6x FY26, PER11x FY26
05/21/26	CIMB	Yangzijiang Shipping	3.81	4.95	Add	PER
06/22/26	UOB Kay Hian	Yangzijiang Shipping	3.69	4.75	Buy	PER10x FY26

Stock calls for 6 July 2026

Date	Analyst	Company	Last	Target	Call	Valuation
07/06/26	UOB Kay Hian	ART	0.895	1.42	Buy	DDM
07/06/26	Lim & Tan	Boustead	2.09	2.7	Accumulate
07/06/26	CLSA	Food Empire	2.53	3.6	outperform
07/06/26	UOB Kay Hian	Frasers Logistics	0.965	1.3	Buy	DDM
07/06/26	UOB Kay Hian	Mapletree Commercial	1.29	1.75	Buy	DDM
07/06/26	Lim & Tan	NTT DC Reit	0.94	1.3	Accumulate
07/06/26	UOB Kay Hian	OCBC	25.31	29.7	Buy	GGM, PB1.98x FY27
07/06/26	CIMB	Sembcorp Industries	5.98	7.15	Add	PER
07/06/26	DMG & Partners	Sheng Siong	3.31	3.59	Buy
07/06/26	DBS Vickers	UOB Kay Hian	3.88	4.8	Buy	PER15x FY2Y

The Iran war situation report. - Part 82

Trump will be wrapping up this illegal Iran war to prepare for his mid-term election campaign.

The existing world order will be reset and a new world order will prevail after the war. and Israel will be the biggest loser.

It seems that the EU will accept the new hormuz toll as the new world order and also will accept Iran as the new kingpin in the Middle East.

Fortunately, Iran has decided to grant some concession to Iran-friendly countries and China will benefit from this.  Unfortunately, Singapore will suffer from this new world order because it refuses to negotiate with Iran.

Whatever it is, we're grateful that this illegal war is coming to an end and the world will benefit from this.  Cheers!

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