The fabricated Nvidia saga! - Part 3

The US fabrication about China spying on Nvidia is going to fall apart when Singapore and Malaysia can't find concrete evidence of illegal chip smuggling by Megaspeed.

Insofar, the Malaysian government had cleared Megaspeed of illicit chip transfers or other illegal activities.  Without Malaysian's backing, Singapore is also unable to charge Megaspeed for any illegal activity pertaining to the illegal smuggling of Nvidia chips.

Let's look at some key facts now.

The alleged China spy woman (Alice Huang) is not charged or arrested in Singapore and Megaspeed is not charged for any criminal activity yet.

When there is no illegal chip smuggling from SG/MY to China, the US allegation of China spying can't hold any truth because there is nothing worth spying for when China is also restricting Nvidia chip imports.

Like we've stated earlier, this Nvidia saga is just for personal and commercial gains, and the US is just embarking on a smearing campaign against China.

The US core inflation is above expectations!

 US core inflation: 0.3% (MOM)
This latest inflation is bad and the US Fed will raise its fed rates in December 2026.  The question now is whether the Fed will raise its rates by 25bps or 50bps.  The magnitude of the rise will be dependent on incoming inflation reports before the December FOMC.

Fuxing China - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/26/26	Phillip	Fuxing China	0.655	0.655	Unrated
06/25/26	SAC Capital	Fuxing China	0.99	1.51	Buy	PER

Frencken - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/25	UOB Kay Hian	Frencken	1.67	2.08	Buy	PER21x FY26
08/15/25	DBS Vickers	Frencken	1.54	2.03	Buy	PER20x FY25/26
08/20/25	Phillip	Frencken	1.45	1.76	Buy	PER18x FY25
08/26/25	DMG & Partners	Frencken	1.43	1.68	Buy	PER17x FY25
10/17/25	DBS Vickers	Frencken	1.42	2.03	Buy	PER20x FY25/26
11/17/25	DBS Vickers	Frencken	1.54	2.03	Buy	PER20x FY25/26
11/18/25	UOB Kay Hian	Frencken	1.52	1.8	Buy	PER18.8x FY26
11/18/25	DBS Vickers	Frencken	1.52	1.92	Buy	PER20x FY26
11/18/25	CIMB	Frencken	1.52	1.72	Add	PER
11/18/25	Lim & Tan	Frencken	1.52	1.83	Accumulate on weakness
11/19/25	Phillip	Frencken	1.47	1.87	Buy	PER18x FY26
01/09/26	DBS Vickers	Frencken	1.44	1.92	Buy	PER20x FY26
02/06/26	DMG & Partners	Frencken	1.66	2.03	Buy
02/09/26	Macquarie	Frencken	1.59	1.76	outperform
02/10/26	DBS Vickers	Frencken	1.78	1.92	Buy	PER20x FY26
03/02/26	DBS Vickers	Frencken	2.16	1.92	Buy	PER20x FY26
03/02/26	Kim Eng	Frencken	2.16	2.63	Buy	PER
03/03/26	UOB Kay Hian	Frencken	2.09	2.33	Buy	PER22x FY26
03/03/26	DBS Vickers	Frencken	2.09	2.5	Buy	PER26x FY26
03/05/26	CIMB	Frencken	2.01	0	Hold
03/09/26	Phillip	Frencken	2.01	2.5	Buy	PER24x FY26
03/19/26	DMG & Partners	Frencken	2.06	2.56	Buy
04/29/26	DBS Vickers	Frencken	2.72	3.22	Buy	PER30x FY26
05/07/26	Kim Eng	Frencken	2.81	3.4	Buy	PER
05/19/26	DBS Vickers	Frencken	3.04	3.22	Buy	PER30x FY26
05/19/26	Lim & Tan	Frencken	3.04	3.15	Hold
05/20/26	UOB Kay Hian	Frencken	2.81	3.3	Buy	PER29x FY27
05/20/26	DBS Vickers	Frencken	2.81	3.76	Buy	PER35x FY27
05/22/26	Phillip	Frencken	3.11	3.3	Accumulate	PER29x FY27
07/10/26	CIMB	Frencken	2.79	3.25	Add	PER
07/15/26	DMG & Partners	Frencken	2.76	3.57	Buy
08/14/26	DBS Vickers	Frencken	2.79	3.76	Buy	PER35x FY27
08/14/26	Kim Eng	Frencken	2.79	3.4	Buy	PER
08/17/26	UOB Kay Hian	Frencken	2.72	3.27	Buy	PER29x FY27
08/17/26	Phillip	Frencken	2.72	3.3	Buy	PER29x FY27
08/21/26	Kim Eng	Frencken	2.61	3.7	Buy	PER
08/31/26	CIMB	Frencken	2.35	2.93	Add
09/04/26	Lim & Tan	Frencken	2.25	3.4	Accumulate
09/09/26	Kim Eng	Frencken	2.56	3.32	Buy
10/14/26	DMG & Partners	Frencken	2.39	3.73	Buy
10/29/26	Kim Eng	Frencken	2.14	3.32	Buy	PER

Frasers Property - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/17/25	DBS Vickers	Frasers Property	1.05	1.26	Buy	RNAV (55% disc)
12/09/25	CIMB	Frasers Property	1.12	1.41	Add	RNAV (45% discount)
12/24/25	Lim & Tan	Frasers Property	1.12	1.45	Accumulate
02/27/26	DBS Vickers	Frasers Property	1.06	1.5	Buy	RNAV (45% disc)
04/08/26	DBS Vickers	Frasers Property	0.98	1.5	Buy	RNAV (45% disc)
05/11/26	CIMB	Frasers Property	1.11	1.41	Add	RNAV (45% discount)
05/18/26	DBS Vickers	Frasers Property	113	1.5	Buy	RNAV (45% disc)

Stock calls for 10 November 2026

Date	Analyst	Company	Last	Target	Call	Valuation
11/10/26	DBS Vickers	Frasers Centrepoint Trust	2.14	2.5	Buy	DCF, PB1.1x
11/10/26	Phillip	Frasers Logistics	0.93	1.01	Accumulate	DDM
11/10/26	UOB Kay Hian	Frasers Logistics	0.93	0.98	Hold	DDM
11/10/26	Lim & Tan	Frasers Logistics	0.93	1	Hold
11/10/26	Kim Eng	MoneyMax	0.5	0.69	Buy	PER
11/10/26	phillip	OCBC	27.73	30.5	Accumulate	GGM, PB2.2x FY26
11/10/26	DBS Vickers	OCBC	27.73	32.5	Buy	GGM, PB2.1x FY27
11/10/26	UOB Kay Hian	OCBC	27.73	33	Buy	GGM, PB2.19x FY27
11/10/26	OCBC	SIA Engineering	2.85	3.79	Buy	PER24x FY27
11/10/26	CIMB	SIA Engineering	2.85	3.7	Add	PER20x FY28
11/10/26	Lim & Tan	Singapore Post	0.31	0.31	Hold
11/10/26	Phillip	Venture	14.29	19.5	Buy	PER22x FY26
11/10/26	UOB Kay Hian	Venture	14.29	18.3	Buy	PER20.2x FY27
11/10/26	phillip	Wee Hur	0.59	1.08	Buy	Sum of parts

The fabricated Nvidia saga! - Part 2

After doing a thorough research online, we've figured out the proximate truth for the Nvidia saga.

This Nvidia saga was derived from some pure commercial greed and this had nothing to do with China spying at all.  Let us walk you through this chain of event.

After China started to impose foreign chips import restriction to develop its local semiconductor industy, Megaspeed (Incorporated in SG in 2015) wanted to capitalize on this new opportunity to provide AI hosting services to China Ai firms.  Thus, Megaspeed wanted to build more datacentres in Asia using Nvidia chips but it lacked the financial means to do so. Fortunately, it managed to secure some loans from Alibaba's subsidiary because Alibaba also wanted to use Nvidia chips (restricted by China) to train its AI model.

For your information, the CPC considered Alibaba as a nemesis and we've posted some articles on Alibaba and Jack Ma. Therefore, China won't enlist Alibaba to help it to spy on Nvidia.

https://sg-stock.blogspot.com/2020/11/why-did-china-clamp-down-on-ants-ipo.html

https://sg-stock.blogspot.com/2017/11/china-government-is-targeting-jack-ma.html

In the end, Megaspeed managed to import about 136,000 Nvidia chips with Alibaba's loans but it needed more Nvidia chips for its new datacentre (DC) infrastructure.  Then, Alice Huang went to seduce Nvidia Jensen to give her more access to Nvidia chips.   According to some source, Alice was boastful in her DC investment pitch to 2 investors pertaining to her privileged Nvidia chip access.

As usual, the US discovered this and used this incident to smear China by weaving the China spying story via New York Times.

Let's just watch how this saga will pan out in the end.

Red alert: Iran war is resuming! - Part 11

 Trump is bluffing again!  Why?

Trump is saying this because the US aircraft carrier will only arrive in the middle east in mid-November.  Trump will turn from a DOVE to HAWK once the aircraft carrier arrives in the middle east.

It is impossible for Trump to exit from the Iran war without engaging in a final battle with Iran.  The magnitude of the final battle is insignificant because the US needs to exit this war gracefully.

The fabricated Nvidia saga!

The US had been alleging that China had used a chinese megaspeed lady to get cozy with Nvidia Jensen to spy on Nvidia.  Is there any validity to this allegation?

Our take on this allegation is that this makes no complete sense at all because China has been trying to develop its own domestic chip industry and is trying to wean China firms off the western chips.  This is why China has been restricting western chips imports so that the local semiconductor industry can grow expeditiously without foreign competition.

Therefore, we surmise that the Megaspeed lady is just trying to profit from the Nvidia chip exports to China for her own personal gain and not doing it to serve China's interest because doing so will thwart China's plan to develop its own semiconductor industry.

Literally, it makes no sense for China to block Nvidia chips from Hong Kong but accept Nvidia chips from Singapore.  After all, Hong Kong is part of China but Singapore is not.

Red alert: Iran war is resuming! - Part 10

The final Iran battle is starting soon!

This will be the last battle between the US and Iran and the US will exit the Iran war thereafter.

Just as we've stated before, Trump will declare victorious and exit the war despite being unable to defeat Iran or make Iran surrender.  In the end, Iran will cement its leadership position in the middle east after the US exit and the US won't be able to resume its previous military presence in the middle east because the gulf states know that the US military presence is a liability now.

Frasers Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	UOB Kay Hian	Frasers Logistics	0.88	1.23	Buy	DDM
08/01/25	DBS Vickers	Frasers Logistics	0.88	1.05	Buy	DCF
08/05/25	UOB Kay Hian	Frasers Logistics	0.87	1.15	Buy	DDM
09/01/25	UOB Kay Hian	Frasers Logistics	0.91	1.15	Buy	DDM
11/10/25	DBS Vickers	Frasers Logistics	0.95	1.05	Buy	DCF
11/10/25	CIMB	Frasers Logistics	0.95	1.1	Add	DDM
11/25/25	UOB Kay Hian	Frasers Logistics	0.95	1.22	Buy	DDM
01/02/26	UOB Kay Hian	Frasers Logistics	0.995	1.22	Buy	DDM
02/03/26	UOB Kay Hian	Frasers Logistics	1.01	1.22	Buy	DDM
02/04/26	DBS Vickers	Frasers Logistics	1.01	1.05	Buy	DCF
03/02/26	UOB Kay Hian	Frasers Logistics	0.99	1.22	Buy	DDM
04/01/26	UOB Kay Hian	Frasers Logistics	0.895	1.22	Buy	DDM
05/04/26	UOB Kay Hian	Frasers Logistics	0.96	1.22	Buy	DDM
05/05/26	DBS Vickers	Frasers Logistics	0.97	1.05	Buy	DCF
05/05/26	Lim & Tan	Frasers Logistics	0.97	1.1	Accumulate
05/06/26	UOB Kay Hian	Frasers Logistics	0.99	1.3	Buy	DDM
05/06/26	CIMB	Frasers Logistics	0.99	1.1	Add	DDM
05/28/26	UOB Kay Hian	Frasers Logistics	0.985	1.33	Buy	DDM
07/06/26	UOB Kay Hian	Frasers Logistics	0.965	1.3	Buy	DDM
07/31/26	DBS Vickers	Frasers Logistics	1	1.05	Buy	DCF
08/03/26	UOB Kay Hian	Frasers Logistics	0.99	1.33	Buy	DDM
09/01/26	UOB Kay Hian	Frasers Logistics	0.935	1.33	Buy	DDM
09/10/26	UOB Kay Hian	Frasers Logistics	0.91	0.96	Buy	DDM
10/01/26	UOB Kay Hian	Frasers Logistics	0.88	0.96	Buy	DDM
10/12/26	Phillip	Frasers Logistics	0.87	1.01	Buy	DDM
11/06/26	DBS Vickers	Frasers Logistics	0.925	1	Buy	DCF, PB0.9x