The latest US inflation is higher than projected and the US Fed may need to hike by 50bps by the end of 2026.

The US core inflation at 2.6% is higher than the 2.5% forecast.  Thus, the US Fed may need to hike its rates by 50bps instead of 25 bps in December.

US inflation: 3.7% (YOY)

Apac Realty - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/25	Lim & Tan	APAC Realty	0.565	0.66	Accumulate
08/11/25	DBS Vickers	APAC Realty	0.635	0.8	Buy	PER13x FY25/26
08/12/25	Lim & Tan	APAC Realty	0.705	0.8	Accumulate
09/01/25	Lim & Tan	APAC Realty	0.735	0.82	Accumulate	PER15.5x FY25/26
09/15/25	DMG & Partners	APAC Realty	0.88	0.8	Neutral
10/10/25	DBS Vickers	APAC Realty	0.695	0.8	Buy	PER13x FY25/26
02/24/26	DBS Vickers	APAC Realty	0.665	0.7	Hold	Sum of parts
02/24/26	Lim & Tan	APAC Realty	0.665	0	Accumulate on weakness
03/12/26	Lim & Tan	APAC Realty	0.58	0.66	Accumulate	PER15.5x FY26
03/17/26	Lim & Tan	APAC Realty	0.56	0.71	Accumulate
04/23/26	DMG & Partners	APAC Realty	0.61	0.7	Neutral
06/08/26	DMG & Partners	APAC Realty	0.55	0.71	Buy
08/04/26	DBS Vickers	APAC Realty	0.575	0.7	Hold	Sum of parts
08/04/26	Lim & Tan	APAC Realty	0.575	0	Accumulate
08/04/26	DMG & Partners	APAC Realty	0.575	0.74	Buy
08/13/26	Lim & Tan	APAC Realty	0.62	0.68	Accumulate	PER
09/14/26	DMG & Partners	APAC Realty	0.58	0.74	Buy
09/16/26	Lim & Tan	APAC Realty	0.56	0.73	Accumulate

Aoxin Q&M - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/08/26	UOB Kay Hian	Aoxin Q&M	0.26	0.36	Buy	PER52.5x FY27
07/09/26	UOB Kay Hian	Aoxin Q&M	0.23	0.36	Buy	PER52.5x FY27

Alpina - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/04/25	Lim & Tan	Alpina	0.31	0.38	Wait	Offer $0.38

Stock calls for 14 October 2026

Date	Analyst	Company	Last	Target	Call	Valuation
10/14/26	DMG & Partners	AIMS AMP Cap Ind Reit	1.41	1.72	Buy	DDM
10/14/26	Lim & Tan	ASL Marine	0.24	0.47	Buy
10/14/26	DMG & Partners	Capitaland Integrated Commercial Trust	2.22	2.75	Buy	DDM
10/14/26	DMG & Partners	City Developments	7.15	11.2	Buy
10/14/26	DMG & Partners	Comfortdelgro	1.26	1.5	Buy
10/14/26	DMG & Partners	Frencken	2.39	3.73	Buy
10/14/26	DMG & Partners	Golden Agri	0.305	0.36	Buy
10/14/26	Lim & Tan	Lum Chang Creations	0.31	0.54	Buy
10/14/26	UOB Kay Hian	NTT DC Reit	0.9	1.31	Buy	DDM
10/14/26	CIMB	OCBC	29.2	30.4	Hold
10/14/26	DMG & Partners	Sheng Siong	2.84	3.59	Buy
10/14/26	DMG & Partners	ST Engineering	10.35	12.7	Buy
10/14/26	DMG & Partners	Suntec Reit	1.35	1.71	Buy
10/14/26	DMG & Partners	UMS	2.63	3.69	Buy
10/14/26	DMG & Partners	Venture	16.03	20.78	Buy

Bank of America - Global Fund Manager Survey (October 2026)

Summary:

Generally speaking, the fund managers are still bullish and their inflation expectations are lower than consumer's expectations.

GFMS Chart:

IMF has just projected a lower world economic growth and a higher inflation for 2026.

 IMF has just projected a lower world economic growth (3.1%) and a higher inflation (4.7%) for 2026.

All-Link Air & Sea - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/26	Amfrasers	All-Link Air & Sea	0.53	0.82	Outperform	DCF
09/14/26	Lim & Tan	All-Link Air & Sea	0.52	0.82	Watchlist
09/15/26	CIMB	All-Link Air & Sea	0.53	0.92	Add	PER
09/25/26	Amfrasers	All-Link Air & Sea	0.475	0.82	Outperform	DCF

AIMS AMP Cap Ind Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/25	Kim Eng	AIMS AMP Cap Ind Reit	1.36	1.25	Hold	DDM
08/06/25	DMG & Partners	AIMS AMP Cap Ind Reit	1.35	1.52	Buy	DDM
10/30/25	DMG & Partners	AIMS AMP Cap Ind Reit	1.39	1.52	Buy	DDM
11/06/25	DBS Vickers	AIMS AMP Cap Ind Reit	1.39	1.6	Buy
11/10/25	Kim Eng	AIMS AMP Cap Ind Reit	1.41	1.44	Buy	DDM
02/05/26	DBS Vickers	AIMS AMP Cap Ind Reit	1.49	1.6	Buy	DCF
02/05/26	Lim & Tan	AIMS AMP Cap Ind Reit	1.49	1.52	Accumulate
02/05/26	Kim Eng	AIMS AMP Cap Ind Reit	1.54	1.65	Buy	DDM
04/23/26	DMG & Partners	AIMS AMP Cap Ind Reit	1.52	1.62	Buy	DDM
05/07/26	Lim & Tan	AIMS AMP Cap Ind Reit	1.52	1.65	Accumulate on weakness
05/08/26	DBS Vickers	AIMS AMP Cap Ind Reit	1.58	1.66	Buy	DCF
05/08/26	Kim Eng	AIMS AMP Cap Ind Reit	1.58	1.68	Buy	DDM
05/12/26	DMG & Partners	AIMS AMP Cap Ind Reit	1.56	1.7	Buy	DDM
07/13/26	Lim & Tan	AIMS AMP Cap Ind Reit	1.64	1.68	Accumulate on weakness
07/31/26	DBS Vickers	AIMS AMP Cap Ind Reit	1.63	1.68	Hold	DCF
07/31/26	Kim Eng	AIMS AMP Cap Ind Reit	1.63	1.68	Buy	DDM

AEM - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/25	UOB Kay Hian	AEM	1.62	1.09	Sell	PER15x FY25
08/14/25	DBS Vickers	AEM	1.53	2.1	Buy	PER25x FY26
08/21/25	CIMB	AEM	1.41	1.44	Hold	PER
08/29/25	UOB Kay Hian	AEM	1.52	1.25	Sell	PER19x FY26
09/19/25	DBS Vickers	AEM	1.57	2.1	Buy	PER25x FY26
09/23/25	Amfrasers	AEM	1.92	2	Buy
10/06/25	DBS Vickers	AEM	2.04	2.1	Buy	PER25x FY26
11/13/25	DBS Vickers	AEM	1.8	2.1	Buy	PER25x FY26
11/14/25	UOB Kay Hian	AEM	1.83	1.51	Sell	PER23x FY26
11/19/25	Lim & Tan	AEM	1.73	1.6	Sell
11/19/25	Kim Eng	AEM	1.73	1.49	Sell
02/10/26	DBS Vickers	AEM	1.9	2.1	Buy	PER25x FY26
02/27/26	UOB Kay Hian	AEM	2.47	2.65	Buy	PER25x FY26
02/27/26	DBS Vickers	AEM	2.47	3.3	Buy	PER30x FY26
02/27/26	CIMB	AEM	2.47	3.14	Add	PER
02/27/26	Kim Eng	AEM	2.47	2.84	Buy
03/05/26	DBS Vickers	AEM	3.05	3.3	Buy	PER30x FY26
03/20/26	DBS Vickers	AEM	3.78	4.6	Buy	PER32x FY27
03/24/26	UOB Kay Hian	AEM	3.96	4.7	Buy	PER33x FY27
04/02/26	DBS Vickers	AEM	4.32	4.6	Buy	PER32x FY27
04/27/26	CIMB	AEM	6.06	10.15	Add	PER
04/29/26	DBS Vickers	AEM	7.15	8.9	Buy	PER42x FY27
05/05/26	CIMB	AEM	7.42	10.15	Add	PER41x
05/14/26	DBS Vickers	AEM	8.35	11.8	Buy	PER42x FY27
05/14/26	Kim Eng	AEM	8.35	11.48	Buy	PER
05/15/26	UOB Kay Hian	AEM	9.91	12.99	Buy	PER40x FY27
05/15/26	CIMB	AEM	9.91	14.79	Add	PER43x FY27
08/14/26	UOB Kay Hian	AEM	10.98	12.99	Buy	PER35.5x FY27
08/14/26	DBS Vickers	AEM	10.98	14.6	Buy	PER42x FY27
08/14/26	CIMB	AEM	10.98	14.79	Add	PER43x FY27
08/14/26	Kim Eng	AEM	10.98	13.5	Buy
10/05/26	Kim Eng	AEM	10.44	13.5	Buy