The latest ISM PMI spiked in January 2026.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = 9.7 - 3.4 = 6.3

Estimated Local Material: Inventories - Imports = 1.9 - 5.4 = -3.5

The ISM PMI increased to 52.6 (+4.7) because of significant increases in new orders, new export orders and local new orders.

The increases in demands caused the production and employment to spike simultaneously.  The backlog of orders also increased because the production couldn't fulfil the new orders and resulted in the depletion of customers' inventories.  What was surprising was the price only increased marginally.

Overall, this latest PMI report was good compared to its previous reports.  We will need to look at the next 2 PMI reports to determine whether this PMI is just an aberration or this is the beginning of something better.

Ifast Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/25	DBS Vickers	Ifast Corp	7.65	10.23	Buy	DCF
02/13/25	Lim & Tan	Ifast Corp	7.65	0	Hold
02/14/25	UOB Kay Hian	Ifast Corp	7.87	8.3	Hold	PER25x FY25
03/12/25	DBS Vickers	Ifast Corp	7.75	10.88	Buy	DCF
04/10/25	DBS Vickers	Ifast Corp	6.2	10.88	Buy	DCF
04/28/25	Lim & Tan	Ifast Corp	7.19	9.42	Hold
04/29/25	UOB Kay Hian	Ifast Corp	6.35	7.28	Buy	PER25x FY25
04/29/25	DBS Vickers	Ifast Corp	6.35	9.22	Buy	DCF
05/05/25	Lim & Tan	Ifast Corp	6.3	7	Hold
06/30/25	UOB Kay Hian	Ifast Corp	6.6	7.28	Buy	PER25x FY25
07/28/25	DBS Vickers	Ifast Corp	7.42	9.22	Buy	Sum of parts & DCF
07/29/25	UOB Kay Hian	Ifast Corp	8.17	9.92	Buy	PER29x FY26
07/29/25	DBS Vickers	Ifast Corp	8.17	10	Buy	Sum of parts & DCF
10/27/25	DBS Vickers	Ifast Corp	9.23	10	Buy	Sum of parts & DCF
10/27/25	Lim & Tan	Ifast Corp	9.23	10	Hold
10/28/25	UOB Kay Hian	Ifast Corp	9.81	11.12	Buy	PER32x FY26
10/28/25	DBS Vickers	Ifast Corp	9.81	12	Buy	Sum of parts & DCF
10/28/25	CIMB	Ifast Corp	9.81	11.7	Add	Sum of parts
10/28/25	Aletheia Capital	Ifast Corp	9.81	11.5	Buy	Up from $10.50
10/31/25	Kim Eng	Ifast Corp	9.72	11.95	Buy	PER29.5x FY26
01/06/26	DBS Vickers	Ifast Corp	9.57	12	Buy	Sum of parts & DCF
01/15/26	Aletheia Capital	Ifast Corp	9.72	13.5	Buy

Hyphens Pharma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/25	Phillip	Hyphens Pharma	0.28	0.35	Buy	DCF
03/12/25	SAC Capital	Hyphens Pharma	0.28	0.46	Buy
07/18/25	Lim & Tan	Hyphens Pharma	0.33	0.35	Accumulate on weakness
08/21/25	CIMB	Hyphens Pharma	0.29	0.43	Add	DCF
08/25/25	Phillip	Hyphens Pharma	0.315	0.4	Buy	DCF

Hutchison Port (HPH) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/31/24	DBS Vickers	Hutchison Port	0.164	0.32	Buy	DCF
02/03/25	DBS Vickers	Hutchison Port	0.16	0.2	Buy	DCF
05/02/25	DBS Vickers	Hutchison Port	0.149	0.18	Buy	DCF
05/13/25	DBS Vickers	Hutchison Port	0.148	0.18	Buy	DCF
06/16/25	DBS Vickers	Hutchison Port	0.16	0.18	Buy	DCF
07/23/25	Lim & Tan	Hutchison Port	0.184	0	Hold
07/24/25	DBS Vickers	Hutchison Port	0.192	0.22	Buy	DCF
08/14/25	DBS Vickers	Hutchison Port	0.21	0.22	Buy	DCF

Stock calls for 3 February 2026

Date	Analyst	Company	Last	Target	Call	Valuation
02/03/26	UOB Kay Hian	ART	0.98	1.42	Buy	DDM
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
02/03/26	Lim & Tan	CDL Hospitality	0.875	0.88	Hold
02/03/26	DBS Vickers	Food Empire	2.7	3.4	Buy	Sum of parts
02/03/26	UOB Kay Hian	Frasers Logistics	1.01	1.22	Buy	DDM
02/03/26	DBS Vickers	Keppel Pacific	0.24	0.4	Buy	DCF
02/03/26	UOB Kay Hian	NTT DC Reit	1.04	1.42	Buy	DDM
02/03/26	phillip	OUE Commercial	0.36	0.4	Buy	DDM
02/03/26	DBS Vickers	Parkway Life	4.07	4.75	Buy	DCF
02/03/26	Lim & Tan	Parkway Life	4.07	4.8	Accumulate on weakness
02/03/26	UOB Kay Hian	SIA	6.36	6.16	Hold	PB1.18x FY27
02/03/26	OCBC	Starhill	0.59	0.525	Hold
02/03/26	DMG & Partners	Starhill	0.59	0.66	Buy
02/03/26	UOB Kay Hian	Wilmar	3.4	7.9	Buy

HRnetGroup - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/25	Phillip	HRnetGroup	0.695	0.78	Accumulate
08/15/25	CIMB	HRnetGroup	0.715	0.71	Hold	PER
08/19/25	Phillip	HRnetGroup	0.715	0.78	Accumulate
10/28/25	DMG & Partners	HRnetGroup	0.745	0.85	Buy
12/12/25	DMG & Partners	HRnetGroup	0.715	0.85	Buy
01/30/26	DMG & Partners	HRnetGroup	0.745	0.85	Buy

Hotel Properties (HPL) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/29/25	DBS Vickers	Hotel Properties	5.21	5	Hold	RNAV (50% disc)

Hongkong Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/25	Lim & Tan	Hongkong Land	4.46	4.73	Accumulate
03/10/25	DBS Vickers	Hongkong Land	4.46	5.25	Buy
03/10/25	CIMB	Hongkong Land	4.46	4.82	Hold
04/25/25	DBS Vickers	Hongkong Land	4.22	5.52	Buy
04/28/25	DBS Vickers	Hongkong Land	4.64	5.62	Buy	RNAV (46% disc)
04/28/25	CIMB	Hongkong Land	4.64	4.91	Hold	RNAV
05/23/25	Lim & Tan	Hongkong Land	5.23	0	Accumulate
05/26/25	DBS Vickers	Hongkong Land	5.27	5.62	Buy	RNAV (46% disc)
07/31/25	DBS Vickers	Hongkong Land	6.3	7.2	Buy	RNAV (35% disc)
09/19/25	Lim & Tan	Hongkong Land	6.65	6.97	Buy
09/29/25	DBS Vickers	Hongkong Land	6.25	7.6	Buy	RNAV (31% disc)
11/21/25	Lim & Tan	Hongkong Land	6.3	7.5	Accumulate
11/21/25	DBS Vickers	Hongkong Land	6.3	7.7	Buy	RNAV (31% disc)
11/24/25	MorningStar	Hongkong Land	6.33	7.1	4-Star
12/12/25	Lim & Tan	Hongkong Land	6.93	7.5	Accumulate on weakness
12/15/25	MorningStar	Hongkong Land	7.15	7.4	3-Star	Up from $7.10

Stock calls for 1 February 2026

Date	Analyst	Company	Last	Target	Call	Valuation
02/02/26	Phillip	ART	0.98	1.08	Accumulate	DDM
02/02/26	Lim & Tan	Ascendas India Trust	1.24	1.43	Accumulate
02/02/26	UOB Kay Hian	ASL Marine	0.31	0.35	Buy	PER11.6x FY26
02/02/26	DBS Vickers	CDL Hospitality	0.865	1	Buy	DCF
02/02/26	DMG & Partners	CDL Hospitality	0.865	1	Buy	DDM
02/02/26	Kim Eng	CDL Hospitality	0.865	1	Buy
02/02/26	Citi Research	CDL Hospitality	0.865	0.6	Sell	DDM & RNAV
02/02/26	UOB Kay Hian	China Aviation Oil	1.75	2.09	Buy	PER14.5x FY26
02/02/26	UOB Kay Hian	China Sunsine	0.73	0.95	Buy	PER11x FY26
02/02/26	UOB Kay Hian	City Developments	9.28	11.5	Buy	RNAV (15% disc)
02/02/26	DBS Vickers	City Developments	9.28	11.8	Buy	RNAV (35% disc)
02/02/26	Kim Eng	Coliwoo	0.6	0.74	Buy	PER
02/02/26	UOB Kay Hian	CSE Global	1.12	1.22	Buy	PER21x FY26
02/02/26	UOB Kay Hian	Dairy Farm	4.12	5.3	Buy	PER25.1x
02/02/26	UOB Kay Hian	Food Empire	2.7	3	Buy	PER19x FY26
02/02/26	OCBC	Hong Leong Asia	3.43	3.5	Buy	DCF
02/02/26	UOB Kay Hian	Keppel DC Reit	2.28	2.82	Buy	DDM
02/02/26	Phillip	Keppel DC Reit	2.28	2.37	Accumulate	DDM
02/02/26	DBS Vickers	Keppel DC Reit	2.28	2.6	Buy
02/02/26	Lim & Tan	Keppel DC Reit	2.28	2.63	Accumulate on weakness
02/02/26	UOB Kay Hian	Lendlease Reit	0.64	0.81	Buy	DDM
02/02/26	UOB Kay Hian	Mapletree Commercial	1.46	1.84	Buy	DDM
02/02/26	DBS Vickers	Mapletree Commercial	1.46	1.65	Buy	Sum of parts
02/02/26	Kim Eng	Mapletree Commercial	1.46	1.55	Buy	DDM
02/02/26	CIMB	Nam Cheong	1.19	1.87	Add
02/02/26	Kim Eng	Netlink	0.98	1.05	Buy
02/02/26	UOB Kay Hian	OCBC	21.23	23.65	Buy	GGM, PB1.7x FY26
02/02/26	UOB Kay Hian	Propnex	2.19	2.51	Buy	PER22.9x FY26
02/02/26	UOB Kay Hian	Reclaims Group	0.48	0.56	Buy	PER12x FY27
02/02/26	UOB Kay Hian	SATS	3.79	4.2	Buy	PER19.7x FY27
02/02/26	DMG & Partners	Singtel	4.59	5.2	Buy
02/02/26	UOB Kay Hian	Ultragreen	1.68	2	Buy	PER24x FY26
02/02/26	DBS Vickers	UOL	10.84	13	Buy	RNAV
02/02/26	UOB Kay Hian	Valuetronics	0.875	1.03	Buy	PER13x FY27