Cromwell EUR - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/24	DMG & Partners	Cromwell EUR	1.41	2.05	Buy
07/01/24	phillip	Cromwell EUR	1.4	1.91	Buy	DDM
08/08/24	DBS Vickers	Cromwell EUR	1.43	1.9	Buy	DCF
08/08/24	DMG & Partners	Cromwell EUR	1.43	1.9	Buy
08/12/24	phillip	Cromwell EUR	1.41	1.91	Buy	DDM
09/10/24	OCBC	Cromwell EUR	1.54	1.87	Buy	DDM
09/23/24	phillip	Cromwell EUR	1.62	1.91	Buy	DDM
10/18/24	phillip	Cromwell EUR	1.6	1.91	Buy	DDM
11/05/24	DBS Vickers	Cromwell EUR	1.65	1.9	Buy	DCF
11/06/24	phillip	Cromwell EUR	1.64	1.95	Buy	DDM
11/07/24	OCBC	Cromwell EUR	1.61	1.89	Buy
11/13/24	DMG & Partners	Cromwell EUR	1.64	1.9	Buy	DDM
12/26/24	Lim & Tan	Cromwell EUR	1.59	1.89	Accumulate

Credit Bureau - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/15/24	CIMB	Credit Bureau	0.905	1.3	Add	DCF
02/26/25	CIMB	Credit Bureau	1.18	1.3	Add	DCF

Creative Technology - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/26/24	Lim & Tan	Creative Tech	1.2	1	Sell	BV
10/10/24	Lim & Tan	Creative Tech	1.28	0	Avoid

Stock calls for 31 July 2025

Date	Analyst	Company	Last	Target	Call	Valuation
07/31/25	Phillip	ART	0.905	1.05	Buy	DDM
07/31/25	OCBC	Ascendas India Trust	1.17	1.44	Buy	DDM
07/31/25	Lim & Tan	CDL Hospitality	0.825	0.82	Hold
07/31/25	phillip	Far East Hospitality	0.61	0.7	Buy	DDM
07/31/25	Lim & Tan	First Reit	0.27	0.3	Hold
07/31/25	DBS Vickers	Hongkong Land	6.3	7.2	Buy	RNAV (35% disc)
07/31/25	CIMB	ISDN	0.365	0.44	Add
07/31/25	UOB Kay Hian	Keppel Reit	0.97	1.18	Buy	DDM
07/31/25	CIMB	Keppel Reit	0.97	1.08	Add	DDM
07/31/25	DBS Vickers	Mapletree Commercial	1.31	1.5	Buy	DCF
07/31/25	Kim Eng	Mapletree Commercial	1.31	1.35	Buy	DDM
07/31/25	UOB Kay Hian	Oiltek	0.89	1.05	Buy	PER33x FY26, PEG1x
07/31/25	phillip	Raffles Medical	1.02	1.02	Neutral	DCF
07/31/25	DBS Vickers	SGX	15.71	18.2	Buy
07/31/25	DBS Vickers	Sheng Siong	2.13	2.3	Buy	PER20.9x FY26
07/31/25	DBS Vickers	SIA	6.9	6.5	Hold

The US headline GDP looks good but the underlying truth sucks.

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

GDP growth = G + I + C + NE

Q1 GDP (Final estimate) = (-0.1) + 3.9 + 0.31 + (-4.61) = -0.5

Q2 GDP (1st estimate) = 0.08 + (-3.09) + 0.98 + 4.99 = 2.96 (3)

From the above comparison between the 2 quarters, we can see that the government spending (G) has only a marginal increase.  However, there are significant changes in investment (I) and net export (NE).  The I has a significant drop that shows previous front-loaded inventories to avoid the higher tariffs are being depleted without massive replenishment.  We can see that the NE has a big increment that indicates overwhelming exports but underwhelming imports.

In layman's terms, export means past demand and import means future demand.  When there are overwhelming exports but underwhelming imports, we can deduce that the future outlook is very dour because the producers are just fulfilling past orders for deliveries without getting many new orders that ensue underwhelming imports to produce goods.

Why are the producers unwilling to import more to produce more goods?  This may indicate weak consumer demand ahead as there is no significant increase in consumption (C).

Cosmosteel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/25	Lim & Tan	Cosmosteel	0.225	0.2	Hold	Offer price $0.20
06/24/25	Lim & Tan	Cosmosteel	0.23	0.25	Accept Offer	Offer price $0.25
07/25/25	Lim & Tan	Cosmosteel	0.25	0.25	Accept Offer	Offer price $0.25

Cordlife - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/25	Lim & Tan	CordLife	0.16	0.25	Accept Offer

Comfortdelgro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/08/24	CIMB	Comfortdelgro	1.34	1.7	Add	PER16.2x FY25
07/22/24	DBS Vickers	Comfortdelgro	1.39	1.8	Buy	Sum of parts
07/25/24	DMG & Partners	Comfortdelgro	1.4	1.65	Buy
08/15/24	DBS Vickers	Comfortdelgro	1.4	1.8	Buy	Sum of parts
08/15/24	Kim Eng	Comfortdelgro	1.4	1.6	Buy	DCF
08/19/24	phillip	Comfortdelgro	1.43	1.63	Buy	DCF
08/21/24	DMG & Partners	Comfortdelgro	1.42	1.65	Buy	DCF
09/05/24	Kim Eng	Comfortdelgro	1.43	1.65	Buy	DCF
09/05/24	Lim & Tan	Comfortdelgro	1.43	1.66	Accumulate
09/06/24	DMG & Partners	Comfortdelgro	1.45	1.65	Buy	DCF
09/10/24	DBS Vickers	Comfortdelgro	1.45	1.8	Buy
10/02/24	DMG & Partners	Comfortdelgro	1.49	1.65	Buy	DCF
10/21/24	DBS Vickers	Comfortdelgro	1.45	1.8	Buy
10/25/24	Kim Eng	Comfortdelgro	1.45	1.65	Buy
10/29/24	UOB Kay Hian	Comfortdelgro	1.46	1.56	Hold	PER16x FY24
10/29/24	DMG & Partners	Comfortdelgro	1.46	1.7	Buy	DCF
11/15/24	UOB Kay Hian	Comfortdelgro	1.49	1.83	Buy	PER16x FY25
11/15/24	DBS Vickers	Comfortdelgro	1.49	1.8	Buy
11/15/24	DMG & Partners	Comfortdelgro	1.49	1.7	Buy
11/15/24	Kim Eng	Comfortdelgro	1.49	1.6	Buy	DCF
11/18/24	phillip	Comfortdelgro	1.47	1.63	Accumulate	DCF
11/29/24	Lim & Tan	Comfortdelgro	1.46	1.71	Accumulate
12/02/24	DMG & Partners	Comfortdelgro	1.46	1.7	Buy	DCF
12/26/24	DBS Vickers	Comfortdelgro	1.44	1.8	Buy
01/06/25	DMG & Partners	Comfortdelgro	1.44	1.7	Buy	DCF
01/10/25	UOB Kay Hian	Comfortdelgro	1.44	1.77	Buy	PER16x FY25
02/17/25	DBS Vickers	Comfortdelgro	1.38	1.8	Buy
02/19/25	DMG & Partners	Comfortdelgro	1.36	1.7	Buy	DCF
02/28/25	Kim Eng	Comfortdelgro	1.41	1.64	Buy	DCF
03/03/25	UOB Kay Hian	Comfortdelgro	1.39	1.76	Buy	PER16x FY25
03/03/25	phillip	Comfortdelgro	1.39	1.68	Buy	DCF
03/03/25	DBS Vickers	Comfortdelgro	1.39	1.8	Buy
03/26/25	Lim & Tan	Comfortdelgro	1.47	1.73	Accumulate
04/03/25	DBS Vickers	Comfortdelgro	1.48	1.8	Buy
04/04/25	UOB Kay Hian	Comfortdelgro	1.48	1.76	Buy	PER16x FY25
04/24/25	DMG & Partners	Comfortdelgro	1.52	1.75	Buy	DCF
05/15/25	UOB Kay Hian	Comfortdelgro	1.52	1.71	Buy	PER16x FY25
05/15/25	DBS Vickers	Comfortdelgro	1.52	1.8	Buy
05/16/25	phillip	Comfortdelgro	1.49	1.68	Buy	DCF
05/30/25	DMG & Partners	Comfortdelgro	1.41	1.75	Buy	DCF
06/03/25	UOB Kay Hian	Comfortdelgro	1.41	1.71	Buy	PER16x FY25
06/25/25	DMG & Partners	Comfortdelgro	1.43	1.75	Buy	DCF
07/25/25	Kim Eng	Comfortdelgro	1.54	1.7	Buy	DCF

Stock calls on 30 July 2025

Date	Analyst	Company	Last	Target	Call	Valuation
07/30/25	OCBC	ART	0.91	1.02	Buy
07/30/25	DBS Vickers	CapitaRetail China	0.78	0.85	Buy	DCF
07/30/25	DBS Vickers	CDL Hospitality	0.85	1.1	Buy	DCF
07/30/25	Lim & Tan	CH Offshore	0.019	0.02	Take Profit
07/30/25	OCBC	China Aviation Oil	1.15	1.4	Buy
07/30/25	DBS Vickers	ESR-Reit	2.71	3.2	Buy	DCF
07/30/25	DBS Vickers	Far East Hospitality	0.61	0.75	Buy	DCF
07/30/25	Lim & Tan	Far East Hospitality	0.61	0.64	Accumulate on weakness
07/30/25	DBS Vickers	Keppel Infrastructure	0.44	0.45	Hold	DDM
07/30/25	OCBC	Keppel Infrastructure	0.44	0.53	Buy
07/30/25	UOB Kay Hian	Keppel Pacific	0.22	0.24	Buy	DDM
07/30/25	UOB Kay Hian	SIA	7.04	6.03	Sell	PB1.17x FY26
07/30/25	Phillip	SIA	7.04	5.94	Reduce	PB1.1x FY25
07/30/25	DBS Vickers	Starhill	0.545	0.68	Buy	DCF