The latest core CPI data are not a true reflection of the inflation situation. Why?

We have to take this core inflation report with a pinch of salt because it is skewed by the US government shutdown and festive season discounts.

Therefore, we won't comment much on this as it is meaningless.  Let's wait for the next report then.

Thomson Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/16/24	Kim Eng	Thomson Medical	0.05	0.06	Buy
01/20/25	Kim Eng	Thomson Medical	0.048	0.06	Buy
02/13/25	Kim Eng	Thomson Medical	0.044	0.05	Hold	EV/Ebitda
02/18/25	Phillip	Thomson Medical	0.046	0.048	Neutral	Sum of parts
08/27/25	Lim & Tan	Thomson Medical	0.06	0.049	Hold
09/03/25	Phillip	Thomson Medical	0.06	0.074	Buy	Sum of parts

Thakral - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/25	Phillip	Thakral	1.52	2.04	Buy	PER8.4x FY25
06/18/25	Lim & Tan	Thakral	1.44	2.04	Accumulate
08/25/25	Phillip	Thakral	1.43	2.12	Buy	Sum of parts
11/24/25	Phillip	Thakral	1.67	2.12	Buy	Sum of parts

Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/25	Goldman Sachs	Thai Beverage	0.56	0.72	Buy
01/07/25	DBS Vickers	Thai Beverage	0.565	0.77	Buy	PER16x FY25
02/04/25	DBS Vickers	Thai Beverage	0.54	0.77	Buy	PER16x FY25
02/17/25	UOB Kay Hian	Thai Beverage	0.5	0.56	Buy	Sum of parts
02/17/25	Phillip	Thai Beverage	0.5	0.56	Accumulate	PER12x FY25
03/24/25	CIMB	Thai Beverage	0.52	0.58	Add
05/13/25	DBS Vickers	Thai Beverage	0.515	0.63	Buy	PER16x FY25
05/13/25	Phillip	Thai Beverage	0.515	0.56	Accumulate	PER12x FY25
05/13/25	UOB Kay Hian	Thai Beverage	0.515	0.51	Hold	Sum of parts
06/16/25	DMG & Partners	Thai Beverage	0.515	0.69	Buy	Sum of parts
06/16/25	UOB Kay Hian	Thai Beverage	0.46	0.45	Hold	Sum of parts
06/23/25	DBS Vickers	Thai Beverage	0.445	0.63	Buy	PER16x FY25
06/23/25	Phillip	Thai Beverage	0.445	0.56	Buy	PER12x FY25
07/22/25	Kim Eng	Thai Beverage	0.475	0.45	Hold
08/15/25	DBS Vickers	Thai Beverage	0.475	0.63	Buy	PER16x FY25
08/15/25	CIMB	Thai Beverage	0.475	0.56	Add	PER
09/02/25	DMG & Partners	Thai Beverage	0.465	0.65	Buy	Sum of parts
10/27/25	DBS Vickers	Thai Beverage	0.495	0.63	Buy	PER16x FY25
11/10/25	DBS Vickers	Thai Beverage	0.475	0.63	Buy	PER16x FY25
11/27/25	DBS Vickers	Thai Beverage	0.465	0.62	Buy	PER14x FY26
11/27/25	Kim Eng	Thai Beverage	0.465	0.43	Hold
11/27/25	CIMB	Thai Beverage	0.465	0.58	Add	Sum of parts
11/27/25	DMG & Partners	Thai Beverage	0.465	0.62	Buy	Sum of parts
12/01/25	Phillip	Thai Beverage	0.465	0.53	Accumulate	PER12x FY26

Stock calls for 18 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/18/25	SAC Capital	Skylink	0.295	0.44	Buy

Telechoice - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/29/25	Phillip	Telechoice	0.164	0.215	Buy	PER15x FY25
11/20/25	Phillip	Telechoice	0.18	0.215	Buy	PER15x FY25

Suntec Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/06/24	Lim & Tan	Suntec Reit	1.17	1.24	Reject Offer	Offer @ $1.16
12/06/24	DMG & Partners	Suntec Reit	1.17	1.35	Reject Offer	Offer @ $1.16
12/09/24	MorningStar	Suntec Reit	1.23	1.38	Reject Offer	Offer @ $1.16
01/02/25	UOB Kay Hian	Suntec Reit	1.17	1.18	Hold	DDM
01/09/25	Lim & Tan	Suntec Reit	1.19	1.24	Hold	NAV $2.07
01/10/25	DMG & Partners	Suntec Reit	1.21	1.35	Buy	Reject Offer
01/10/25	MorningStar	Suntec Reit	1.21	1.39	Reject Offer	Offer @ $1.19
01/24/25	Lim & Tan	Suntec Reit	1.21	1.19	Hold	NAV $2.05
01/28/25	CIMB	Suntec Reit	1.2	1.33	Hold
02/10/25	Phillip	Suntec Reit	1.17	1.33	Accumulate	DDM
02/12/25	OCBC	Suntec Reit	1.14	1.14	Hold
03/06/25	UOB Kay Hian	Suntec Reit	1.12	1.18	Hold	DDM
04/01/25	UOB Kay Hian	Suntec Reit	1.18	1.18	Hold	DDM
04/25/25	DBS Vickers	Suntec Reit	1.16	1.15	Hold
04/25/25	Lim & Tan	Suntec Reit	1.16	1.25	Hold
04/28/25	Phillip	Suntec Reit	1.15	1.33	Buy	DDM
04/29/25	CIMB	Suntec Reit	1.14	1.26	Hold
04/29/25	CIMB	Suntec Reit	1.14	1.17	Hold
05/21/25	UOB Kay Hian	Suntec Reit	1.13	1.18	Hold	DDM
06/16/25	DMG & Partners	Suntec Reit	1.14	1.35	Buy
06/23/25	Phillip	Suntec Reit	1.12	1.33	Buy	DDM
06/27/25	UOB Kay Hian	Suntec Reit	1.13	1.3	Hold	DDM
07/25/25	DBS Vickers	Suntec Reit	1.18	1.15	Hold
07/25/25	Lim & Tan	Suntec Reit	1.18	1.22	Hold
07/28/25	Phillip	Suntec Reit	1.19	1.36	Buy	DDM
08/01/25	UOB Kay Hian	Suntec Reit	1.16	1.31	Hold	DDM
08/07/25	DBS Vickers	Suntec Reit	1.2	1.4	Buy
08/21/25	JPM	Suntec Reit	1.23	1.45	Overweight
09/01/25	UOB Kay Hian	Suntec Reit	1.32	1.31	Hold	DDM
09/05/25	DBS Vickers	Suntec Reit	1.3	1.4	Buy
09/09/25	DMG & Partners	Suntec Reit	1.35	1.48	Buy
10/27/25	DBS Vickers	Suntec Reit	1.37	1.4	Buy
10/31/25	DMG & Partners	Suntec Reit	1.35	1.6	Buy
10/31/25	OCBC	Suntec Reit	1.35	1.3	Hold
11/03/25	Phillip	Suntec Reit	1.34	1.4	Accumulate	DDM

Stoneweg Reit SGD - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/24/25	Lim & Tan	Stoneweg Reit SGD	2.12	2.64	Accumulate	SGD
07/09/25	Lim & Tan	Stoneweg Reit SGD	2.28	2.75	Accumulate	SGD

Stock calls for 17 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/17/25	Lim & Tan	Capitaland Integrated Commercial Trust	2.33	0	Accumulate
12/17/25	Amfrasers	Ever Gloy Uinited Holdings	0.7	1.2	Outperform	DCF
12/17/25	Lim & Tan	Keppel DC Reit	2.2	2.61	Accumulate on weakness
12/17/25	Kim Eng	Sembcorp Industries	5.92	5.65	Hold

Stoneweg Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/25	Phillip	Stoneweg Reit	1.57	1.95	Buy
01/10/25	DMG & Partners	Stoneweg Reit	1.59	1.9	Buy
02/17/25	Phillip	Stoneweg Reit	1.57	1.95	Buy
02/18/25	DBS Vickers	Stoneweg Reit	1.57	1.85	Buy	DCF
03/13/25	Phillip	Stoneweg Reit	1.38	1.86	Buy	DDM
04/21/25	Phillip	Stoneweg Reit	1.42	1.86	Buy	DDM
05/02/25	Phillip	Stoneweg Reit	1.5	1.86	Buy	DDM
06/23/25	Phillip	Stoneweg Reit	1.52	1.86	Buy	DDM
06/25/25	CIMB	Stoneweg Reit	1.55	1.93	Add
06/26/25	DMG & Partners	Stoneweg Reit	1.56	1.9	Buy
08/18/25	Phillip	Stoneweg Reit	1.59	1.86	Buy	DDM
09/22/25	Phillip	Stoneweg Reit	1.55	1.86	Buy	DDM
10/06/25	Lim & Tan	Stoneweg Reit	1.52	1.88	Accumulate
10/07/25	DMG & Partners	Stoneweg Reit	1.52	1.9	Buy
10/23/25	Phillip	Stoneweg Reit	1.53	1.86	Buy	DDM
11/06/25	DBS Vickers	Stoneweg Reit	1.53	1.8	Buy	DCF
11/07/25	OCBC	Stoneweg Reit	1.56	1.87	Buy
11/10/25	Phillip	Stoneweg Reit	1.57	1.86	Buy	DDM