Yangzijiang Financial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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

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
09/15/26	Amfrasers	Winking	0.21	0.29	Outperform	DCF

Stock calls for 7 October 2026

Date	Analyst	Company	Last	Target	Call	Valuation
10/07/26	DMG & Partners	DBS	78.56	81.2	Buy	GGM, PB3x FY27
10/07/26	Macquarie	Jardine C&C	29.3	23.5	Underperform
10/07/26	Macquarie	Jardine Matheson	54.65	80	outperform
10/07/26	Phillip	JEP	0.525	0.83	Buy	PER28x FY27
10/07/26	Citi Research	OCBC	32.2	27.5	Sell	GGM, PB1.8x FY27
10/07/26	Lim & Tan	Seatrium	1.98	2.46	Accumulate
10/07/26	Kim Eng	Singtel	4.25	5.21	Buy	Sum of parts
10/07/26	DMG & Partners	UOB	43.72	47.6	Buy	GGM, PB1.3x FY27

Red alert: US inflation is indeed rising!

The US is a service oriented economy and the services' prices have been rising consecutively to 74 points.  Furthermore, the manufacturing prices are also rising due to the Iran war and the burgeoning growth in AI expenditures.

However, the US Fed is not expected to raise its Fed rates in October because of the upcoming mid-term election in November.  Therefore, the US Fed will resume raising its Fed rates in December 2026.

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/27/25	Lim & Tan	Wing Tai	1.4	0	Hold
09/30/26	Lim & Tan	Wing Tai	1.54	0	Hold

Wilmar - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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	Sum of parts
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
04/30/26	DMG & Partners	Wilmar	3.83	3.55	Neutral
08/13/26	UOB Kay Hian	Wilmar	3.94	3.5	Hold	Sum of parts
08/13/26	DBS Vickers	Wilmar	3.94	3.6	Hold	PER12.2x FY26
08/14/26	CIMB	Wilmar	3.71	3.6	Hold	PER
08/14/26	DMG & Partners	Wilmar	3.71	3.85	Neutral
08/18/26	Aletheia Capital	Wilmar	3.67	5	Buy
09/25/26	UOB Kay Hian	Wilmar	3.65	3.8	Hold	Sum of parts, PER11.5x FY27

Wee Hur - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/06/25	CIMB	Wee Hur	0.695	0.91	Add
08/25/25	phillip	Wee Hur	0.715	0.9	Buy	Sum of parts
10/31/25	phillip	Wee Hur	0.725	0.9	Buy	Sum of parts
11/26/25	CIMB	Wee Hur	0.685	0.95	Add
03/04/26	CIMB	Wee Hur	0.76	0.95	Add	Sum of parts
03/16/26	phillip	Wee Hur	0.675	1.08	Buy	Sum of parts
04/10/26	DBS Vickers	Wee Hur	0.68	0.9	Buy	Sum of parts
05/06/26	phillip	Wee Hur	0.735	1.08	Buy	Sum of parts
06/09/26	Lim & Tan	Wee Hur	0.63	0.9	Accumulate on weakness
06/10/26	UOB Kay Hian	Wee Hur	0.64	0.9	Buy	Sum of parts
06/30/26	CIMB	Wee Hur	0.655	0.95	Add	Sum of parts
07/16/26	CIMB	Wee Hur	0.66	0.95	Add	Sum of parts
08/17/26	DBS Vickers	Wee Hur	0.66	0.9	Buy	Sum of parts (15% disc)
08/19/26	CIMB	Wee Hur	0.675	0.95	Add	Sum of parts
08/24/26	phillip	Wee Hur	0.64	1.08	Buy	Sum of parts
09/29/26	DBS Vickers	Wee Hur	0.625	0.9	Buy	Sum of parts (15% disc)

Stock calls for 6 October 2026

Date	Analyst	Company	Last	Target	Call	Valuation
10/06/26	UOB Kay Hian	ART	0.83	0.99	Buy	DDM
10/06/26	Phillip	Avepoint	17.98	20	Accumulate	DCF
10/06/26	DBS Vickers	China Aviation Oil	1.32	2.2	Buy	PER13x FY27
10/06/26	Lim & Tan	Civmec	1.52	1.84	Accumulate on weakness
10/06/26	OCBC	EGP Energy	0.74	1.05	Buy	PER
10/06/26	Lim & Tan	Geo Energy	0.6	0.79	Buy
10/06/26	DBS Vickers	SATS	3.74	5	Buy	DCF
10/06/26	DBS Vickers	SIA	6.66	7.7	Hold	EV/Ebitda5x FY27
10/06/26	DBS Vickers	SIA Engineering	3.13	3.8	Buy	PER21x FY27 & DCF
10/06/26	DBS Vickers	ST Engineering	11.23	12.4	Buy	PER28x FY27 & DCF

Baltic dry index - 3070

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 598

 
Related stock: Seatrium & Cosco.

Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/25	UOB Kay Hian	Venture	12.7	12.01	Hold	PER15.3x FY25
08/07/25	UOB Kay Hian	Venture	12.72	14.35	Buy	PER17.7x FY26
08/07/25	Phillip	Venture	12.72	11.3	Neutral	PER14x FY25
08/07/25	DBS Vickers	Venture	12.72	13.6	Hold	PER16x FY25/26
08/07/25	CIMB	Venture	12.72	13.45	Add	PER
08/07/25	Citi Research	Venture	12.72	11.8	Neutral	DCF
08/26/25	DMG & Partners	Venture	13.51	15	Buy	PER18x FY25/26
11/14/25	UOB Kay Hian	Venture	15.06	17.43	Buy	PER21.5x FY26
11/14/25	DBS Vickers	Venture	15.06	15.3	Hold	PER18x FY26
11/14/25	CIMB	Venture	15.06	14.75	Hold
11/14/25	Phillip	Venture	15.06	11.8	Hold
11/17/25	Phillip	Venture	14.56	13	Neutral	PER15x
11/26/25	DMG & Partners	Venture	14.99	16.66	Buy
02/27/26	DBS Vickers	Venture	16.9	17.9	Buy	PER21x FY26
02/27/26	Kim Eng	Venture	16.9	18.1	Buy	PER
03/02/26	Phillip	Venture	15.63	16.8	Accumulate	PER19x
03/02/26	CIMB	Venture	15.63	17.04	Add
03/12/26	DBS Vickers	Venture	15.66	17.9	Buy	PER21x FY26
04/23/26	DMG & Partners	Venture	16.56	17.42	Buy
05/04/26	CIMB	Venture	16.2	21.78	Add
05/06/26	UOB Kay Hian	Venture	16.48	20.65	Buy	PER23.7x FY27
05/06/26	DBS Vickers	Venture	16.48	21.8	Buy	PER24x FY27
05/06/26	Kim Eng	Venture	16.48	21.4	Buy	PER
05/08/26	Phillip	Venture	18.65	22.1	Buy	PER25x FY26
06/03/26	UOB Kay Hian	Venture	18.36	20.65	Buy	PER23.7x FY27
07/15/26	DMG & Partners	Venture	16.57	21.81	Buy
07/17/26	UOB Kay Hian	Venture	16.38	20.65	Buy	PER23.7x FY27
08/04/26	UOB Kay Hian	Venture	16.01	20.65	Buy	PER23.7x FY27
08/07/26	UOB Kay Hian	Venture	16.21	21.1	Buy	PER23.7x FY27
08/07/26	DBS Vickers	Venture	16.21	21.8	Buy	PER24x FY27
08/07/26	CIMB	Venture	16.21	21.78	Add	PER
08/11/26	DMG & Partners	Venture	17.19	20.78	Buy
09/01/26	UOB Kay Hian	Venture	16.88	21.1	Buy	PER23.7x FY27
09/14/26	DBS Vickers	Venture	16.67	22.9	Buy	PER24x FY27
09/18/26	CIMB	Venture	16.89	18.94	Add	PER
10/02/26	UOB Kay Hian	Venture	16.39	21.1	Buy	PER23.7x FY27
10/02/26	UBS	Venture	16.39	17.8	Neutral	Up from $15 (Buy)