Boustead - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/25	OCBC	Boustead	1.05	1.39	Buy
05/27/25	Lim & Tan	Boustead	1.04	0	Accumulate
05/29/25	OCBC	Boustead	1.14	1.46	Buy
06/26/25	OCBC	Boustead	1.4	1.63	Buy
07/07/25	Lim & Tan	Boustead	1.42	0	Accumulate
07/18/25	OCBC	Boustead	1.64	2	Buy	Sum of parts
09/19/25	OCBC	Boustead	1.76	2	Buy	Sum of parts
02/10/26	OCBC	Boustead	2.18	2.45	Buy	Sum of parts

Beng Kuang Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/11/25	Kim Eng	Beng Kuang Marine	0.24	0.22	Hold	Up from $0.19
11/10/25	Kim Eng	Beng Kuang Marine	0.31	0.3	Hold
03/30/26	Lim & Tan	Beng Kuang Marine	0.385	0.535	Buy	PER12x FY26/27

Aztech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/14/25	Kim Eng	Aztech	0.73	0.63	Hold
04/16/25	UOB Kay Hian	Aztech	0.73	0.46	Sell	PB1.1x FY25
04/16/25	DBS Vickers	Aztech	0.73	0.52	Fully Valued	PER10x
04/16/25	Kim Eng	Aztech	0.73	0.56	Hold
05/06/25	Kim Eng	Aztech	0.515	0.45	Hold
06/17/25	CIMB	Aztech	0.58	0.41	Reduce
06/27/25	DBS Vickers	Aztech	0.6	0.38	Fully Valued	PER15x FY25
07/23/25	DBS Vickers	Aztech	0.605	0.66	Hold	PER14x FY25
07/23/25	CIMB	Aztech	0.605	0.6	Hold
07/24/25	UOB Kay Hian	Aztech	0.605	0.58	Hold	PER12x FY26
07/24/25	Kim Eng	Aztech	0.605	0.5	Hold
08/05/25	UOB Kay Hian	Aztech	0.645	0.58	Hold	PER12x FY26
08/06/25	DBS Vickers	Aztech	0.65	0.66	Hold	PER14x FY25
10/16/25	UOB Kay Hian	Aztech	0.675	0.58	Hold	PER12x FY26
10/16/25	DBS Vickers	Aztech	0.675	0.66	Hold	PER14x FY25
10/16/25	Lim & Tan	Aztech	0.675	0	Hold
10/16/25	CIMB	Aztech	0.675	0.66	Hold
10/21/25	Kim Eng	Aztech	0.635	0.61	Hold	PER
01/23/26	Lim & Tan	Aztech	0.655	0	Hold
02/27/26	DBS Vickers	Aztech	0.67	0.67	Hold	PER12x FY27
03/04/26	CIMB	Aztech	0.745	0.78	Hold	PER
03/12/26	DBS Vickers	Aztech	0.81	0.67	Hold	PER12x FY27

Stock calls for 7 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/07/26	DBS Vickers	Bumitama	1.9	2.3	Buy	PER20.4x FY26
04/07/26	DBS Vickers	Frasers Centrepoint Trust	2.21	2.75	Buy	DCF
04/07/26	Tickrs Financial	Hafary	0.465	0.58	Buy
04/07/26	UOB Kay Hian	Oiltek	1.87	2.78	Buy	PER28x FY27
04/07/26	phillip	Oiltek	1.87	2.72	Buy	PER24x FY27
04/07/26	Lim & Tan	PanUnited	1.71	1.57	Hold
04/07/26	DBS Vickers	Prime US Reit	0.173	0.33	Buy	PB0.65x & DCF
04/07/26	Lim & Tan	Sheng Siong	2.94	2.79	Hold
04/07/26	DBS Vickers	Ultragreen	1.43	2	Buy	PER26x FY26

The Iran war situation report. - Part 40

Iran has just rejected the 45-day ceasefire proposal.  Well done!

We've stated in our last post Part 39 that the 45-day ceasefire was just a US gambit and Iran had shown the same understanding as us by rejecting this ceasefire.  The US will be more desperate now after the Iran's rejection because it has no off-ramp.

There's no justice if an aggressor can attack another country illegally and then is able to seek for a ceasefire when it knows that it is losing the war.  The harsh reality is life doesn't work this way.

This Iran war has highlighted some fundamental points:

1. US is unable to defend its embassies in the Middle East.

2. Any US military base will become a liability in the Middle East because the US is unable to defend its foreign military bases.

3. US strategic military assets such as THAAD, radars, etc, will be destroyed first in Middle East in a war.

4. Any US supporter will be punished in Middle East in a war.

Avepoint - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/06/25	DBS Vickers	Avepoint	19.11	28	Buy	EV/Sales 11x
11/10/25	DBS Vickers	Avepoint	17.6	28	Buy	EV/Sales 11x
03/02/26	DBS Vickers	Avepoint	13.8	20	Buy	EV/Sales 7x

ASL Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/01/25	Lim & Tan	ASL Marine	0.083	0	Accumulate
10/14/25	Lim & Tan	ASL Marine	0.215	0.3	Buy	PER9.5x FY27
11/03/25	UOB Kay Hian	ASL Marine	0.23	0.33	Buy	PER11.6x FY26
11/10/25	Lim & Tan	ASL Marine	0.255	0.3	Buy	PER9.5x FY27
12/02/25	UOB Kay Hian	ASL Marine	0.25	0.35	Buy	PER11.6x FY26
12/02/25	Lim & Tan	ASL Marine	0.25	0.33	Buy	PER9.5x FY27
01/05/26	UOB Kay Hian	ASL Marine	0.29	0.35	Buy	PER11.6x FY26
02/02/26	UOB Kay Hian	ASL Marine	0.31	0.35	Buy	PER11.6x FY26
02/16/26	UOB Kay Hian	ASL Marine	0.32	0.43	Buy	PER12x FY27
03/04/26	Lim & Tan	ASL Marine	0.335	0.45	Buy
03/10/26	UOB Kay Hian	ASL Marine	0.285	0.43	Buy	PER12x FY27

Ascendas India Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/16/25	DBS Vickers	Ascendas India Trust	0.92	1.45	Buy	DDM
07/31/25	OCBC	Ascendas India Trust	1.17	1.44	Buy	DDM
09/30/25	DBS Vickers	Ascendas India Trust	1.17	1.5	Buy	DDM
11/03/25	OCBC	Ascendas India Trust	1.21	1.42	Buy	DDM
01/02/26	DBS Vickers	Ascendas India Trust	1.22	1.5	Buy	DDM
02/02/26	Lim & Tan	Ascendas India Trust	1.24	1.43	Accumulate
02/03/26	DBS Vickers	Ascendas India Trust	1.27	1.5	Buy	DDM
02/03/26	OCBC	Ascendas India Trust	1.27	1.38	Buy	DDM
02/26/26	OCBC	Ascendas India Trust	1.21	1.37	Buy	DDM

Stock calls for 6 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/06/26	Lim & Tan	Centurion	1.46	1.8	Accumulate
04/06/26	phillip	DBS	57.55	60	Accumulate	GGM, PB2.47x FY26
04/06/26	JPM	DBS	57.55	63	Overweight
04/06/26	phillip	First Reit	0.245	0.25	Accumulate	PB1x FY26
04/06/26	uSMART	GuocoLand	2.37	3.17	Buy
04/06/26	Amfrasers	Infinity	0.4	0.62	outperform	DCF
04/06/26	JPM	OCBC	22.38	20.5	Underweight
04/06/26	Lim & Tan	Olam	0.86	0	Buy
04/06/26	JPM	SGX	20	22	Overweight
04/06/26	phillip	Yangzijiang Maritime	0.52	0.69	Buy	PB1x FY26

The Iran war situation report. - Part 39

This 45-day ceasefire is just a US gambit to regroup and restrategize because the US is not winning the Iran war.  The US is throwing this bait to lure Iran into a trap because the US is losing the war.

China doesn't believe this war will end soon and it is evacuating its embassy staff in Israel because the war is intensify as we've spoken.

The US has continued to hit Iran's nuclear power plant and the nuclear radiation leak may spread to the western china via the wind direction.

Consequently, the UN has issued a nuclear war warning because of the US escalation.

Subsequently, Iran has retaliated againsts Israel and Kuwait after its nuclear power plant was hit.

Futhermore, Iran has also threatened to cut the undersea cables in the Middle East.

What's the impacts of  this escalation?

Besides the usual oil and gas shocks, there will be disruptions in the fertilizers and helium industries.  The shortages in helium will impact the semiconductor and medical sectors.

The world will be facing a global recession if this war continues in its current path because shortages in oil, gas, fertilizer,  helium, and the spread of nuclear radiation in the Middle East and Europe will create detrimental health and economic blowouts.

The Iran war situation report. - Part 38

Iran had shot down 1 F15 and captured its weapon system officer (watch the video above).

However, the US has just declared it has saved its weapon system officer today.

If the rescued officer is able to appear on the US live media, then we can believe in  the US news.  If not, the US is just lying about its success.

The Iran war has intensified and will continue for these 2 weeks.  Therefore, the financial market will be very volatile because Trump will continue to manipulate the stock market.

Red alert for bitcoin (BTC)! - Part 13

We've been warning about this on numerous occasions.

This big unwind is creating negative demand for BTC now.  Furthermore, the Iran war is also decimating the BTC demands because people will want to hold real money.

The Iran war situation report. - Part 37

Iran has done the right thing by rejecting the 48-hour ceasefire proposed by the US because the US is just trying to regroup and restrategize its military actions including rescue missions in Iran.

Iran had shot down a multiple of US planes including helicopters operating in Iran's airspace and it also bombarded Israel with more lethality.

The UN had voted and it won't be suppporting any illegal war against Iran including reopening the strait of hormuz with force because the US and Israel started this illegal war.  The time has come for the Gulf states to wake up now.

The latest ISM PMI report showed spiking inflation!

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = (-2.3) - (-0.4) = -1.9

Estimated Local Material: Inventories - Imports = (-1.7) - (-2.3) = 0.5

The new orders (-2.3), new export orders (-0.4) and local new orders (Est'd -1.9) had all declined that indicated weak consumer demands.  The declines in consumer demands could be explained by the spikes in inflation because the prices spiked by +7.8.

The production increased by +1.6 to boost the customers' inventories by +1.3 but also to help to clear the backlog of orders (-2.2).

Due to the weaker consumer demands, the producers reduced their inventories (-1.7) and imports of materials (-2.3).

As stated in our previous PMI analysis, the important factor to watch out for was the prices and this spike in prices had corroborated our inflation concern.

https://sg-stock.blogspot.com/2026/03/the-ism-pmi-has-indicated-deeper.html

Although the PMI had risen (+0.3) for March 2026, the higher inflation might dampen the consumer spending further and any recovery in the retail sales report would only be temporary due to the frontloading factor in anticipation of higher inflation.

Ascott Residence Trust (ART) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/25	UOB Kay Hian	ART	0.86	1.38	Buy	DDM
03/13/25	CIMB	ART	0.88	1.13	Add	DDM
03/24/25	Phillip	ART	0.87	1.05	Buy	DDM
04/01/25	UOB Kay Hian	ART	0.87	1.38	Buy	DDM
04/21/25	Phillip	ART	0.845	1.05	Buy	DDM
04/28/25	DBS Vickers	ART	0.855	1.15	Buy	DCF
05/21/25	UOB Kay Hian	ART	0.86	1.38	Buy	DDM
05/28/25	Kim Eng	ART	0.86	1.1	Buy
06/27/25	UOB Kay Hian	ART	0.875	1.56	Buy	DDM
07/03/25	Phillip	ART	0.885	1.05	Buy	DDM
07/29/25	DBS Vickers	ART	0.905	1.15	Buy	DCF
07/29/25	Lim & Tan	ART	0.905	1.11	Accumulate
07/30/25	OCBC	ART	0.91	1.02	Buy
07/31/25	Phillip	ART	0.905	1.05	Buy	DDM
08/01/25	UOB Kay Hian	ART	0.895	1.56	Buy	DDM
08/04/25	Kim Eng	ART	0.89	1.05	Buy	DDM
08/05/25	DBS Vickers	ART	0.905	1.15	Buy	DCF
08/28/25	Lim & Tan	ART	0.875	1.08	Accumulate
09/01/25	UOB Kay Hian	ART	0.885	1.56	Buy	DDM
10/29/25	DBS Vickers	ART	0.955	1.15	Buy	DCF
10/29/25	Lim & Tan	ART	0.955	1.06	Accumulate
10/30/25	UOB Kay Hian	ART	0.96	1.56	Buy	DDM
10/30/25	Phillip	ART	0.96	1.05	Buy	DDM
12/01/25	UOB Kay Hian	ART	0.945	1.56	Buy	DDM
12/08/25	DBS Vickers	ART	0.935	1.15	Buy	DCF
01/30/26	DBS Vickers	ART	0.965	1.15	Buy	DCF
01/30/26	Lim & Tan	ART	0.965	1.11	Accumulate
01/30/26	CIMB	ART	0.965	1.18	Add
02/02/26	Phillip	ART	0.98	1.08	Accumulate	DDM
02/03/26	UOB Kay Hian	ART	0.98	1.42	Buy	DDM
02/09/26	Kim Eng	ART	0.97	1.05	Buy	DDM
02/09/26	OCBC	ART	0.97	1.01	Buy
02/09/26	CIMB	ART	0.97	1.18	Add
02/09/26	DBS Vickers	ART	0.97	1.15	Buy
04/01/26	UOB Kay Hian	ART	0.88	1.42	Buy	DDM