Baltic dry index - 2025

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 536

Related stock: Seatrium & Cosco.

The US core inflation has risen but the FED will make a political decision in September to ease its rates.

Core PCE (MOM): 0.3% & Core PCE (YOY): 2.9%

US 1-year inflation expectation: 3.5% (Way above Fed's target - 2%)

5-year inflation expectation: 4.8%

We can see that the US inflation and inflation expectations have risen and the only reason that the US Fed will ease its rates in September is POLITICAL (to get Trump off the FED's back).  This doesn't bode well for the US because it means the US FED has lost its independence and it's making a decision based on politics.

Mapletree Industrial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/14/24	UOB Kay Hian	Mapletree Industrial	2.18	2.93	Buy	DDM
07/02/24	UOB Kay Hian	Mapletree Industrial	2.11	2.78	Buy	DDM
07/15/24	DBS Vickers	Mapletree Industrial	2.25	2.6	Buy
07/29/24	Kim Eng	Mapletree Industrial	2.27	2.15	Hold
07/29/24	OCBC	Mapletree Industrial	2.27	2.71	Buy
07/29/24	DBS Vickers	Mapletree Industrial	2.27	2.6	Buy
09/26/24	UOB Kay Hian	Mapletree Industrial	2.44	3.03	Buy	DDM
10/01/24	DBS Vickers	Mapletree Industrial	2.43	2.6	Buy	DCF
10/03/24	UOB Kay Hian	Mapletree Industrial	2.5	3.05	Buy	DDM
10/04/24	Kim Eng	Mapletree Industrial	2.53	2.6	Buy
10/30/24	DBS Vickers	Mapletree Industrial	2.39	2.75	Buy	DCF
11/01/24	UOB Kay Hian	Mapletree Industrial	2.4	3.05	Buy	DDM
11/04/24	CIMB	Mapletree Industrial	2.4	2.82	Add	DDM
11/04/24	MorningStar	Mapletree Industrial	2.4	2.3	Hold
11/11/24	DBS Vickers	Mapletree Industrial	2.27	2.75	Buy	DCF
01/02/25	UOB Kay Hian	Mapletree Industrial	2.21	3.05	Buy	DDM
01/23/25	Lim & Tan	Mapletree Industrial	2.21	2.62	Accumulate
01/24/25	CIMB	Mapletree Industrial	2.21	2.82	Add	DDM
01/27/25	UOB Kay Hian	Mapletree Industrial	2.21	2.89	Buy	DDM
02/12/25	UOB Kay Hian	Mapletree Industrial	2.06	2.7	Buy	DDM
02/12/25	Kim Eng	Mapletree Industrial	2.06	2.3	Buy
03/06/25	UOB Kay Hian	Mapletree Industrial	2.01	2.7	Buy	DDM
03/17/25	DBS Vickers	Mapletree Industrial	2.08	2.6	Buy	DCF
04/01/25	UOB Kay Hian	Mapletree Industrial	2.1	2.7	Buy	DDM
04/24/25	Lim & Tan	Mapletree Industrial	2.05	2.45	Buy
05/02/25	DBS Vickers	Mapletree Industrial	2.02	2.6	Buy	DCF
05/02/25	Lim & Tan	Mapletree Industrial	2.02	2.42	Buy
05/05/25	UOB Kay Hian	Mapletree Industrial	2.02	2.73	Buy	DDM
05/05/25	CIMB	Mapletree Industrial	2.02	2.56	Add	DDM
05/07/25	Kim Eng	Mapletree Industrial	2.02	2.2	Buy
05/07/25	OCBC	Mapletree Industrial	2.02	2.46	Buy
06/13/25	DBS Vickers	Mapletree Industrial	1.95	2.6	Buy	DCF
06/20/25	UOB Kay Hian	Mapletree Industrial	1.97	2.73	Buy	DDM
06/25/25	Lim & Tan	Mapletree Industrial	1.97	2.28	Buy
06/27/25	UOB Kay Hian	Mapletree Industrial	2	3.04	Buy	DDM
07/29/25	DBS Vickers	Mapletree Industrial	2.07	2.6	Buy	DCF
08/01/25	UOB Kay Hian	Mapletree Industrial	2.03	3.04	Buy	DDM
08/11/25	DBS Vickers	Mapletree Industrial	1.99	2.6	Buy	DCF
08/29/25	UOB Kay Hian	Mapletree Industrial	2.05	2.3	Hold	DDM

Mapletree Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/03/24	UOB Kay Hian	Mapletree Commercial	1.22	1.9	Buy	PB
06/04/24	CIMB	Mapletree Commercial	1.25	1.59	Add	DDM
06/28/24	Lim & Tan	Mapletree Commercial	1.22	1.55	Accumulate
06/28/24	Citi Research	Mapletree Commercial	1.22	1.47	Buy
07/01/24	DBS Vickers	Mapletree Commercial	1.22	1.75	Buy	DCF
07/02/24	UOB Kay Hian	Mapletree Commercial	1.24	1.73	Buy
07/08/24	CIMB	Mapletree Commercial	1.23	1.58	Add	DDM
07/09/24	UOB Kay Hian	Mapletree Commercial	1.23	1.68	Buy	DDM
07/29/24	Kim Eng	Mapletree Commercial	1.28	1.3	Hold
09/10/24	DBS Vickers	Mapletree Commercial	1.41	1.75	Buy	DCF
10/07/24	DBS Vickers	Mapletree Commercial	1.51	1.75	Buy	DCF
10/25/24	DBS Vickers	Mapletree Commercial	1.41	1.8	Buy	DCF
10/25/24	Lim & Tan	Mapletree Commercial	1.41	1.52	Accumulate
10/25/24	Citi Research	Mapletree Commercial	1.41	1.47	Buy	DDM & RNAV
10/29/24	UOB Kay Hian	Mapletree Commercial	1.33	1.71	Buy	DDM
11/26/24	Macquarie	Mapletree Commercial	1.23	1.6	Buy
11/26/24	OCBC	Mapletree Commercial	1.23	1.54	Buy
01/02/25	UOB Kay Hian	Mapletree Commercial	1.21	1.71	Buy	DDM
01/24/25	DBS Vickers	Mapletree Commercial	1.19	1.8	Buy	DCF
01/27/25	UOB Kay Hian	Mapletree Commercial	1.2	1.6	Buy	DDM
01/27/25	OCBC	Mapletree Commercial	1.2	1.48	Buy
01/27/25	Citi Research	Mapletree Commercial	1.2	1.47	Buy
03/06/25	UOB Kay Hian	Mapletree Commercial	1.19	1.6	Buy	DDM
04/01/25	UOB Kay Hian	Mapletree Commercial	1.25	1.6	Buy	DDM
04/25/25	DBS Vickers	Mapletree Commercial	1.22	1.8	Buy	DCF
04/28/25	UOB Kay Hian	Mapletree Commercial	1.22	1.62	Buy	DDM
04/28/25	CIMB	Mapletree Commercial	1.22	1.48	Add	DDM
04/29/25	DBS Vickers	Mapletree Commercial	1.21	1.5	Buy	DCF
04/30/25	Kim Eng	Mapletree Commercial	1.22	1.3	Buy
04/30/25	OCBC	Mapletree Commercial	1.22	1.45	Buy
04/30/25	JPM	Mapletree Commercial	1.22	1.2	Neutral
05/21/25	UOB Kay Hian	Mapletree Commercial	1.18	1.62	Buy	DDM
06/27/25	UOB Kay Hian	Mapletree Commercial	1.25	1.8	Buy	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
08/01/25	UOB Kay Hian	Mapletree Commercial	1.29	1.8	Buy	DDM
08/04/25	UOB Kay Hian	Mapletree Commercial	1.28	1.86	Buy	DDM
08/05/25	JPM	Mapletree Commercial	1.32	1.5	Overweight

Manulife US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/24	DMG & Partners	Manulife US Reit	0.066	0.12	Trading Buy
08/06/24	DMG & Partners	Manulife US Reit	0.07	0.12	Trading Buy	DDM
08/07/24	CIMB	Manulife US Reit	0.073	0.22	Add	DDM
09/30/24	DBS Vickers	Manulife US Reit	0.124	0.1	Hold
09/30/24	Lim & Tan	Manulife US Reit	0.124	0.15	No Rating
10/01/24	DMG & Partners	Manulife US Reit	0.124	0.12	Neutral	DDM
01/10/25	DMG & Partners	Manulife US Reit	0.093	0.12	Neutral	DDM
05/13/25	DBS Vickers	Manulife US Reit	0.063	0.1	Hold
05/28/25	DMG & Partners	Manulife US Reit	0.062	0.7	Neutral	DDM

Stock calls for 29 August 2025

Date	Analyst	Company	Last	Target	Call	Valuation
08/29/25	UOB Kay Hian	AEM	1.52	1.25	Sell
08/29/25	Lim & Tan	Civmec	0.945	0	Accumulate on weakness
08/29/25	UOB Kay Hian	Digicore Reit	0.515	0.88	Buy	DDM
08/29/25	OCBC	Info-Tech System	0.86	1	Buy
08/29/25	Aletheia Capital	Info-Tech System	0.86	1.17	Buy	DCF
08/29/25	CIMB	Isoteam	0.08	0.102	Add	PER
08/29/25	Kim Eng	Isoteam	0.08	0.1	Buy
08/29/25	UOB Kay Hian	Mapletree Industrial	2.05	2.3	Hold	DDM
08/29/25	DBS Vickers	Sheng Siong	2.02	2.3	Buy	PER20.9x FY26
08/29/25	Lim & Tan	Tiong Woon	0.775	0	Buy