Singapore minister Vivian has screwed up again! - Part 2

We're proven right when we said that FM Vivian made his 2nd major blunder in his political career.

Malaysia had been deeply offended by FM Vivian's remarks.  Basically, FM Vivian had offended all the UNCLOS members that had negotiated with Iran for the Hormuz passage.

These UNCLOS members were right to fight for the interest of their citizens by negotiating with Iran but FM Vivian preferred to impose his warped legal principle to denigrate others implicitly.

Let us give some simple explanations of UNCLOS and the Laws of War (IHL).

UNCLOS only regulates peacetime maritime navigations and resources but doesn't govern wartime maritime blockages.  Therefore, only the laws of war (IHL) governs maritime blockages in the case of the strait of hormuz as it is located right in front of a war zone (Iran).

In short, FM Vivian was wrong to cite UNCLOS as a legitimate principle to demand for a safe maritime passage in the strait of hormuz during a wartime.  By citing UNCLOS and imposing his warped principle, FM Vivian had offended all the other UNCLOS members that had negotiated with Iran.

https://sg-stock.blogspot.com/2026/04/singapore-minister-vivian-has-screwed.html

It seems that our FM Vivian has to learn more about international laws before he gives his comments in the future.  Singapore (SG) has to be more sensitive towards its neighbour Malaysia because SG is heavily invested in the JB-SG SEZ.  I believe SG doesn't want the CLOB saga 1997 to happen again for the SEZ.  Many SG investors lost a lot of monies when Malaysia terminated CLOB unilaterally.

The Iran war situation report. - Part 45

Iran didn't send its negotiation team to Islamabad to discuss the ceasefire deal with the US today.  This means that there is no ceasefire for the next 2 weeks.

Furthermore, Israel had no real intention of any ceasefire because it had started to bomb the China's BRI route in Iran.

Conversely, Qatar had started to boot out the US military because it was more of a liability than a shield.  Consequently, Saudi also had stated that it won't join the US to attack Iran.  Therefore, there are only 3 gulf states (Kuwait, UAE and Bahrain) that are supporrting the US attacks against Iran.

Last but not least, the truth of the Iranian protestors had come out.

The Iranian protestors were also armed by the US and the Iranian police were right to kill those protestors.

Cenurion Accommodation - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/19/25	Lim & Tan	Cenurion Accommodation	0.88	0	Subscribe
10/28/25	UOB Kay Hian	Cenurion Accommodation	1.08	1.23	Buy	DDM
11/06/25	DBS Vickers	Cenurion Accommodation	1.04	1.3	Buy	DCF
11/27/25	Kim Eng	Cenurion Accommodation	1.19	1.27	Buy	DDM
12/08/25	DBS Vickers	Cenurion Accommodation	1.1	1.3	Buy	DCF
01/05/26	UOB Kay Hian	Cenurion Accommodation	1.12	1.23	Buy	DDM
01/14/26	Lim & Tan	Cenurion Accommodation	1.14	1.25	Accumulate
01/19/26	DBS Vickers	Cenurion Accommodation	1.12	1.3	Buy	DCF
01/22/26	CIMB	Cenurion Accommodation	1.1	1.38	Add	DDM
02/11/26	DBS Vickers	Cenurion Accommodation	1.12	1.3	Buy	DCF
02/25/26	UOB Kay Hian	Cenurion Accommodation	1.13	1.55	Buy	DDM
02/25/26	CIMB	Cenurion Accommodation	1.13	1.39	Add	DDM
03/10/26	UOB Kay Hian	Cenurion Accommodation	1.06	1.55	Buy	DDM

Centurion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/25	UOB Kay Hian	Centurion	1.02	1.11	Buy	PER8.7x FY25
03/06/25	UOB Kay Hian	Centurion	1.01	1.16	Buy	PER8.7x FY25
03/07/25	Phillip	Centurion	1.08	1.22	Accumulate	DCF
03/12/25	Lim & Tan	Centurion	1	1.2	Accumulate
04/01/25	Kim Eng	Centurion	1.25	1.45	Buy
04/04/25	Lim & Tan	Centurion	1.23	1.45	Accumulate on weakness
04/08/25	UOB Kay Hian	Centurion	1.07	1.16	Buy	PER8.7x FY25
04/11/25	Amfrasers	Centurion	1.13	1.38	Outperform	DCF
04/14/25	UOB Kay Hian	Centurion	1.12	1.48	Buy	PER10.6x FY25
04/24/25	DMG & Partners	Centurion	1.18	1.17	Buy
04/30/25	DMG & Partners	Centurion	1.22	1.43	Buy
05/15/25	Lim & Tan	Centurion	1.25	1.45	Accumulate
05/16/25	CIMB	Centurion	1.26	1.46	Add	RNAV
05/21/25	Phillip	Centurion	1.34	1.45	Accumulate	DCF & EV/Ebitda9.2x FY25
05/27/25	UOB Kay Hian	Centurion	1.34	1.48	Buy	PER10.6x FY25
05/27/25	DMG & Partners	Centurion	1.34	1.5	Buy	PER
05/29/25	DBS Vickers	Centurion	1.42	1.72	Buy	RNAV (20% disc)
06/12/25	Lim & Tan	Centurion	1.53	0	Accumulate on weakness
06/24/25	UOB Kay Hian	Centurion	1.55	1.7	Buy	PER13.3x FY25
07/15/25	Lim & Tan	Centurion	1.75	1.7	Accumulate on weakness
07/21/25	Phillip	Centurion	1.73	1.88	Accumulate	Sum of parts
07/22/25	CIMB	Centurion	1.61	2.05	Add
07/24/25	DMG & Partners	Centurion	1.7	2.01	Buy	Sum of parts
08/06/25	DMG & Partners	Centurion	1.79	2.01	Buy	Sum of parts
08/08/25	Lim & Tan	Centurion	1.81	1.2	Accumulate on weakness
08/11/25	CIMB	Centurion	1.69	2.04	Add	RNAV
08/13/25	Phillip	Centurion	1.78	2.01	Accumulate	Sum of parts
08/19/25	Lim & Tan	Centurion	1.71	2	Accumulate on weakness	Sum of parts
09/03/25	Lim & Tan	Centurion	1.73	2	Accumulate on weakness	Sum of parts
09/15/25	Phillip	Centurion	1.74	2.01	Accumulate	Sum of parts
10/15/25	Lim & Tan	Centurion	1.42	2.02	Accumulate on weakness	Sum of parts
10/24/25	DMG & Partners	Centurion	1.46	1.85	Buy	Sum of parts
11/06/25	uSMART	Centurion	1.38	1.8	Buy
11/17/25	Phillip	Centurion	1.38	1.81	Buy	Sum of parts
11/17/25	Lim & Tan	Centurion	1.38	1.82	Accumulate
11/20/25	UOB Kay Hian	Centurion	1.36	1.9	Buy	PER
11/24/25	Kim Eng	Centurion	1.37	1.52	Buy
12/03/25	Lim & Tan	Centurion	1.34	1.78	Accumulate
12/09/25	DMG & Partners	Centurion	1.3	1.86	Buy	Sum of parts
12/29/25	Amfrasers	Centurion	1.34	1.8	Outperform	DCF
01/16/26	Lim & Tan	Centurion	1.43	1.78	Accumulate
01/20/26	UOB Kay Hian	Centurion	1.42	1.9	Buy
01/22/26	DMG & Partners	Centurion	1.49	1.88	Buy	Sum of parts
03/03/26	UOB Kay Hian	Centurion	1.51	1.9	Buy	PER12.5x
03/12/26	Phillip	Centurion	1.44	1.81	Buy	Sum of parts
03/18/26	Lim & Tan	Centurion	1.46	1.8	Accumulate
03/27/26	Amfrasers	Centurion	1.47	1.85	Outperform	DCF
04/06/26	Lim & Tan	Centurion	1.46	1.8	Accumulate

CDL Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/08/25	UOB Kay Hian	CDL Hospitality	0.775	1	Buy	DDM
04/08/25	Kim Eng	CDL Hospitality	0.775	0.75	Hold	DDM
04/30/25	DBS Vickers	CDL Hospitality	0.795	1.1	Buy
05/05/25	CIMB	CDL Hospitality	0.775	0.87	Add	DDM
06/27/25	UOB Kay Hian	CDL Hospitality	0.79	1.11	Buy	DDM
06/27/25	Citi Research	CDL Hospitality	0.79	0.6	Sell	DDM & RNAV
07/30/25	DBS Vickers	CDL Hospitality	0.85	1.1	Buy	DCF
07/31/25	Lim & Tan	CDL Hospitality	0.825	0.82	Hold
08/01/25	Kim Eng	CDL Hospitality	0.8	0.7	Hold	DDM
09/24/25	DMG & Partners	CDL Hospitality	0.815	0.88	Neutral	DDM
10/31/25	CIMB	CDL Hospitality	0.82	0.87	Add	DDM
11/25/25	Lim & Tan	CDL Hospitality	0.825	0.83	Hold
12/08/25	DBS Vickers	CDL Hospitality	0.81	1	Buy
12/08/25	Citi Research	CDL Hospitality	0.81	0.8	Sell
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
02/03/26	Lim & Tan	CDL Hospitality	0.875	0.88	Hold

Stock calls for 10 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/10/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.34	2.73	Buy	DDM
04/10/26	DMG & Partners	Comfortdelgro	1.47	1.65	Buy	DCF
04/10/26	Lim & Tan	CSE Global	1.24	1.54	Accumulate
04/10/26	DMG & Partners	DBS	57.2	63.5	Buy
04/10/26	DMG & Partners	Frasers Centrepoint Trust	2.23	2.7	Buy	DDM
04/10/26	Phillip	IX Biopharm	0.2	1	Buy	Sum of parts
04/10/26	Kim Eng	Marco Polo	0.158	0.2	Buy	PER
04/10/26	DMG & Partners	OCBC	22.19	23.45	Buy	GGM, PB1.5x FY26
04/10/26	DBS Vickers	SGX	20.31	22.5	Buy	PER30x FY26/27
04/10/26	Amfrasers	The Assembly Place	0.24	0.35	Outperform	DCF
04/10/26	DBS Vickers	Wee Hur	0.68	0.9	Buy	Sum of parts

The US GDP had collapsed! - Part 3

The US GDP growth was weaker than previous forecast.

Let's break down the GDP numbers to see what had happened.

GDP growth = G + I + C + NE

Q4 GDP (1st estimate) = (-0.9) + 0.66 + 1.58 + 0.08 = 1.42 (1.4)

Q4 GDP (2nd estimate) = (-1.03) + 0.57 + 1.33 + (-0.22) = 0.65 (0.7)

Q4 GDP (Final) = (-0.99) + 0.4 + 1.3 + (-0.22) = 0.49 (0.5)

We can see from the above GDP breakdown that the GDP components are doing badly.  The US government (G) continued to decrease its spending (-0.99), the investment (I) and consumption (C) also continued to decline because of poor economic conditions and the net exports (NE) remained stagnant.

US PCE: 2.9%

The US PCE is projected to spike next quarter because of the Iran war.  Therefore, this PCE report has become irrelevant.