Nordic Group - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/26	OCBC	Nordic Group	0.43	0.59	Buy	PER
01/30/26	phillip	Nordic Group	0.485	0.63	Buy	DCF
03/06/26	phillip	Nordic Group	0.46	0.63	Buy	DCF
05/28/26	phillip	Nordic Group	0.575	0.68	Buy	DCF
08/14/26	phillip	Nordic Group	0.545	0.68	Buy	DCF
08/14/26	OCBC	Nordic Group	0.545	0.6	Buy	PER
08/21/26	OCBC	Nordic Group	0.55	0.63	Buy	PER

NikkoAM-STC Asia Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/26/25	phillip	NikkoAM-STC Asia Reit	0.831	0.84	Accumulate
04/14/26	phillip	NikkoAM-STC Asia Reit	0.801	0.795	Accumulate

Netlink - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/25	UOB Kay Hian	Netlink	0.895	0.98	Buy	DCF
08/05/25	Citi Research	Netlink	0.895	1.02	Buy	Div Yield 5.3%
10/08/25	Lim & Tan	Netlink	0.96	1	Accumulate on weakness
11/04/25	DBS Vickers	Netlink	0.985	1.08	Buy	DCF
11/04/25	Lim & Tan	Netlink	0.985	1.02	Accumulate on weakness
11/05/25	UOB Kay Hian	Netlink	0.98	1.01	Hold	DCF
11/05/25	phillip	Netlink	0.98	0.93	Neutral
11/05/25	CIMB	Netlink	0.98	1.05	Add	DDM
02/02/26	Kim Eng	Netlink	0.98	1.05	Buy
05/18/26	phillip	Netlink	1.02	0.96	Neutral
05/18/26	DBS Vickers	Netlink	1.02	1.08	Buy	DCF
05/18/26	CIMB	Netlink	1.02	1.07	Add	DDM
06/25/26	Lim & Tan	Netlink	0.98	1.02	Accumulate on weakness
08/12/26	CIMB	Netlink	0.985	1.07	Add	DDM

Stock calls for 4 September 2026

Date	Analyst	Company	Last	Target	Call	Valuation
09/04/26	DMG & Partners	Centurion	1.29	2.01	Buy
09/04/26	SAC Capital	CNMC	1.39	2.01	Buy
09/04/26	Lim & Tan	Frencken	2.25	3.4	Accumulate
09/04/26	Kim Eng	Isoteam	0.067	0.096	Buy	PER
09/04/26	Amfrasers	Lincotrade	0.33	0.51	outperform	DCF
09/04/26	Lim & Tan	Lum Chang Creations	0.31	0.52	Buy
09/04/26	phillip	Oiltek	1.36	2	Buy	PER24x FY27
09/04/26	CIMB	Q&M	0.505	0.76	Add	PER

The Iran war situation report. - Part 103

Those things that we've stated in Part 102 (see below) had materialized.

https://sg-stock.blogspot.com/2026/08/the-iran-war-situation-report-part-102.html

Iran is not fearful of Trump's warning and has struck back at the US by bombing the US military bases.  We had already stated that Iran won't surrender because it knew that time was not on the US side.  Morever, the US had already killed all the dovish Iranian leaders and the new hawkish leaders had replaced the deceased leaders.  Therefore, it is more unlikely that Iran will surrender now when the hawkish leaders are in charge.  The US has misjudged the Iran situation completely by attacking Iran illegally and killing all the dovish leaders.

Last but not least, everyone knows that time is not on the US side because the mid-term election is in November 2026.  Iran wants this war to carry on so that Trump will lose his mid-term election and become a limping president when the 2 congress houses (senate and representative) are under democrats.

Nanofilm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/25	UOB Kay Hian	Nanofilm	0.735	0.46	Sell	PER23x FY25
08/05/25	OCBC	Nanofilm	0.735	0.61	Hold
08/06/25	OCBC	Nanofilm	0.73	0.715	Hold
08/14/25	DBS Vickers	Nanofilm	0.755	0.5	Hold	PER25x FY25
08/15/25	DBS Vickers	Nanofilm	0.73	0.71	Hold	PER29x FY26
09/11/25	OCBC	Nanofilm	0.82	0.79	Hold
10/22/25	OCBC	Nanofilm	0.69	0.79	Buy	PER
10/29/25	DBS Vickers	Nanofilm	0.705	0.71	Hold	PER29x FY26
11/04/25	CIMB	Nanofilm	0.715	0.62	Reduce	BVPS
12/04/25	Tickrs Financial	Nanofilm	0.63	0.75	Buy
02/26/26	DBS Vickers	Nanofilm	0.645	0.71	Hold	PER29x FY26
02/27/26	DBS Vickers	Nanofilm	0.62	0.68	Hold	PER29x FY26
02/27/26	UOB Kay Hian	Nanofilm	0.62	0.73	Buy	PER30x FY26
04/02/26	Tickrs Financial	Nanofilm	0.65	0.65	Hold
04/23/26	DBS Vickers	Nanofilm	1.02	1.65	Buy	PER30x FY26/27
04/23/26	CIMB	Nanofilm	1.02	1.4	Add	PER
04/24/26	UOB Kay Hian	Nanofilm	1.43	1.91	Buy	PER42x FY27
08/14/26	DBS Vickers	Nanofilm	1.21	1.65	Buy	PER30x FY26/27
08/17/26	UOB Kay Hian	Nanofilm	1.05	1.68	Buy	PER37x FY27
08/17/26	DBS Vickers	Nanofilm	1.05	1.42	Buy	PER45x FY27
08/17/26	CIMB	Nanofilm	1.05	1.4	Add	PER
08/21/26	OCBC	Nanofilm	0.98	1.35	Buy	PER

Nam Cheong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/18/25	DBS Vickers	Nam Cheong	0.79	1.25	Buy	PER8x FY26
12/03/25	DBS Vickers	Nam Cheong	0.785	1.25	Buy	PER8x FY26
12/24/25	Lim & Tan	Nam Cheong	0.845	1.25	Watchlist
01/02/26	DBS Vickers	Nam Cheong	0.94	1.25	Buy	PER8x FY26
01/30/26	DBS Vickers	Nam Cheong	1.19	1.6	Buy	PER10x FY26
02/02/26	CIMB	Nam Cheong	1.19	1.87	Add	PER
02/24/26	DBS Vickers	Nam Cheong	1.33	1.6	Buy	PER10x FY26
03/02/26	DBS Vickers	Nam Cheong	1.39	1.6	Buy	PER10x FY26
03/03/26	CIMB	Nam Cheong	1.42	1.92	Add	PER
03/18/26	DMG & Partners	Nam Cheong	1.36	2.05	Buy
03/27/26	UOB Kay Hian	Nam Cheong	1.4	2.05	Buy
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
04/23/26	DMG & Partners	Nam Cheong	1.58	2.05	Buy
05/18/26	DBS Vickers	Nam Cheong	1.41	1.9	Buy	PER12x FY26
08/26/26	DMG & Partners	Nam Cheong	1.03	2.05	Buy

Mooreast - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/07/26	Amfrasers	Mooreast	0.121	0.195	Outperform	DCF

Stock calls for 3 September 2026

Date	Analyst	Company	Last	Target	Call	Valuation
09/03/26	Lim & Tan	ASL Marine	0.295	0.43	Buy
09/03/26	UOB Kay Hian	Food Empire	2.21	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
09/03/26	UOB Kay Hian	Huationg Global	0.565	0.88	Buy	PER10x FY26
09/03/26	UOB Kay Hian	Keppel DC Reit	2.17	2.99	Buy	DDM
09/03/26	CIMB	Lum Chang Creations	0.315	0.64	Add	PER
09/03/26	UOB Kay Hian	Oiltek	1.38	2.78	Buy	PER28x FY27
09/03/26	Lim & Tan	Singtel	4.46	5.36	Accumulate
09/03/26	CIMB	UOL	9.19	12.83	Add	RNAV

The latest ISM PMI is an aberration because the US consumption, GDP and savings rate are declining. - Part 2

We were proven right in our previous post that the spike in the previous PMI was an aberration. Let's do our usual analysis below.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = (-3) - 0.2 = (-3.2)

Estimated Local Material: Inventories - Imports = (-0.6) - (-3.2) = 2.6

The prices stopped declining (stagnant) because the Iran-US peace deal was called off as the oil price declines started to reverse course.

The producers cut back on their production (-0.2) and employment (-1.6) because the US consumers reduced their spendings that affected the new orders (-3) and local new orders (Est'd -3.2).  The marginal increase in new export orders (0.2) couldn't neutralize the significant drop in local consumption.  Consequently, this caused the customers' inventories to increase (2.1) and the backlog of orders to decrease (-3.2) due to falling orders.  In other words, the producers were focusing on clearing their backlog of orders as there was a significant drop in new orders.

As a result, the ISM PMI dropped to 54.6 (-1).  If the US can't contain its inflation, the US consumption will continue to fall further because of the high prices and low US personal savings.  In the end, the US GDP growth will continue to tread on its weakening trajectory.

MoneyMax - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/16/26	DBS Vickers	MoneyMax	0.845	1.13	Unrated	PER11.5x FY26
08/12/26	DBS Vickers	MoneyMax	0.86	1.13	Unrated	PER11.5x FY26

Micro-Mechanics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/26	DBS Vickers	Micro-Mechanics	2.76	4	Unrated	PER35x FY27