Yangzijiang Financial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/27/24	Lim & Tan	Yangzijiang Financial	0.4	0	Buy
04/01/25	CIMB	Yangzijiang Financial	0.795	1.09	Add
04/01/25	Lim & Tan	Yangzijiang Financial	0.795	0.66	Hold
09/09/25	CIMB	Yangzijiang Financial	1.09	1.25	Add	Sum of parts
10/02/25	Lim & Tan	Yangzijiang Financial	1.18	1.25	Hold
11/21/25	DBS Vickers	Yangzijiang Financial	0.5	0.48	Hold	PB0.9x (ex-maritime)

XMH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/13/24	Lim & Tan	XMH	0.365	0	Accumulate
12/16/25	Lim & Tan	XMH	0.153	0	Accumulate

Winking - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/25/25	Amfrasers	Winking	0.255	0.31	Outperform	DCF

Stock calls for 26 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/26/25	Lim & Tan	Frasers Centrepoint Trust	2.31	2.6	Accumulate on weakness

The quarterly core PCE inflation is rearing its head again.

The US government is struggling to bring down its inflation to the Fed's target of 2%.

The latest US GDP figure is severely skewed by the government shutdown.

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

GDP growth = G + I + C + NE

Q2 GDP (Final estimate) = (-0.01) + (-2.66) + 1.68 + 4.83 = 3.84 (3.8)

Q3 GDP (First estimate) = 0.39 + (0.02) + 2.39 + 1.59 = 4.35 (4.3)

We can ignore this fantastic GDP headline figure because it is heavily skewed by the US government shutdown.  Many micro GDP component data had been skewed and these skewed data had caused the headline GDP figure to spike.  The next GDP figure will crash because of this skewed effect.

Wing Tai - Stock calls

 

Date	Analyst	Company	Last	Target	Call	Valuation
08/27/25	Lim & Tan	Wing Tai	1.4	0	Hold

Wilmar - Stock calls

 

Date	Analyst	Company	Last	Target	Call	Valuation
12/31/24	Lim & Tan	Wilmar	3.09	3.27	Hold
01/09/25	CIMB	Wilmar	3.05	3.47	Add
01/10/25	Aletheia Capital	Wilmar	3.04	3.54	Buy
01/22/25	DMG & Partners	Wilmar	3.08	3.1	Neutral	Sum of parts
02/07/25	UOB Kay Hian	Wilmar	3.26	3.18	Hold	Sum of parts
02/21/25	DBS Vickers	Wilmar	3.21	3.8	Buy	PER12.1x FY25
02/24/25	UOB Kay Hian	Wilmar	3.08	3.45	Buy	Sum of parts
02/24/25	DMG & Partners	Wilmar	3.08	3	Neutral	Sum of parts
02/24/25	Citi Research	Wilmar	3.08	3.15	Hold
02/24/25	OCBC	Wilmar	3.08	3.67	Buy
04/22/25	CIMB	Wilmar	3.13	3.15	Hold
04/30/25	UOB Kay Hian	Wilmar	3.02	3.45	Buy	Sum of parts
04/30/25	DBS Vickers	Wilmar	3.02	3.8	Buy	PER12.1x FY25
05/02/25	DMG & Partners	Wilmar	3.06	3	Neutral
05/02/25	Citi Research	Wilmar	3.06	3.25	Buy	PER11x FY26
05/05/25	Kim Eng	Wilmar	3.06	4.05	Buy
05/16/25	DBS Vickers	Wilmar	3.06	3.8	Buy
06/18/25	DBS Vickers	Wilmar	3.01	3.8	Buy
06/19/25	Citi Research	Wilmar	2.93	3.25	Buy	PER11x FY26
07/09/25	DMG & Partners	Wilmar	2.94	2.8	Neutral
07/22/25	CIMB	Wilmar	3.02	2.7	Reduce
08/12/25	DBS Vickers	Wilmar	2.97	3.8	Buy	PER12.1x FY25
08/13/25	UOB Kay Hian	Wilmar	2.97	3.45	Buy	Sum of parts
08/13/25	CIMB	Wilmar	2.97	2.7	Reduce
09/02/25	DBS Vickers	Wilmar	2.96	3	Hold	PER11.7x FY26
09/26/25	Lim & Tan	Wilmar	2.89	0	Avoid
09/26/25	DMG & Partners	Wilmar	2.89	2.5	Sell	Sum of parts
09/29/25	CIMB	Wilmar	2.85	2.7	Reduce
10/09/25	CIMB	Wilmar	2.89	3.3	Add	PER
10/21/25	Lim & Tan	Wilmar	2.95	3	Avoid
10/31/25	UOB Kay Hian	Wilmar	3.12	3.5	Buy	Sum of parts
10/31/25	DBS Vickers	Wilmar	3.12	3	Hold	PER11.7x FY26
11/03/25	CIMB	Wilmar	3.13	3.6	Add
11/03/25	DMG & Partners	Wilmar	3.13	3	Neutral	Sum of parts
11/14/25	OCBC	Wilmar	3.36	3.58	Buy

Wee Hur - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/25	phillip	Wee Hur	0.42	0.62	Buy	Sum of parts
03/10/25	phillip	Wee Hur	0.43	0.62	Buy	Sum of parts
04/04/25	phillip	Wee Hur	0.46	0.62	Buy	Sum of parts
05/02/25	phillip	Wee Hur	0.525	0.62	Buy	Sum of parts
07/03/25	phillip	Wee Hur	0.475	0.55	Buy	Sum of parts
07/21/25	DBS Vickers	Wee Hur	0.585	0.8	Unrated	Sum of parts (10% disc)
08/06/25	CIMB	Wee Hur	0.695	0.91	Add
08/25/25	phillip	Wee Hur	0.715	0.9	Buy	Sum of parts
10/31/25	phillip	Wee Hur	0.725	0.9	Buy	Sum of parts
11/26/25	DMG & Partners	Wee Hur	0.685	0.95	Add

Stock calls for 24 December 2025

 

Date	Analyst	Company	Last	Target	Call	Valuation
12/24/25	Lim & Tan	Frasers Property	1.12	1.45	Accumulate
12/24/25	Lim & Tan	Nam Cheong	0.845	1.25	Watchlist

Singapore good days are numbered!

China had implemented some new Hainan policies that had impacted Singapore's economic growth.  What had been impacted already?

Basically, the cargo volumes, ship calls and oil bunkering sales had been affected by the new Hainan policies.  Thereafter, MICE activities and tourism would be affected over a longer period.  Let's not forget that Hainan is about the same size as Taiwan and it can have a lot of development potential, particularly, developing into another sea hub that can rival Singapore.

Venture - Stock calls

 

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/24	UOB Kay Hian	Venture	12.87	15.55	Buy	PER17x FY25
12/16/24	DMG & Partners	Venture	13.05	15.37	Buy	PER16x FY25
01/02/25	UOB Kay Hian	Venture	13.15	15.55	Buy	PER17x FY25
02/19/25	DMG & Partners	Venture	12.95	15.37	Buy	PER16x FY25
02/24/25	DBS Vickers	Venture	12.94	14.7	Buy	PER17x FY25
02/24/25	Phillip	Venture	12.94	11.8	Neutral
02/24/25	Lim & Tan	Venture	12.94	0	Accumulate
02/24/25	Citi Research	Venture	12.94	13.8	Neutral
02/28/25	UOB Kay Hian	Venture	12.78	13.35	Buy
02/28/25	Kim Eng	Venture	12.78	12.4	Hold	PER15x FY25
02/28/25	DMG & Partners	Venture	12.78	14.7	Buy
04/09/25	CIMB	Venture	10.91	10.13	Hold
04/10/25	DBS Vickers	Venture	10.4	14.7	Buy	PER17x FY25
04/16/25	DMG & Partners	Venture	10.84	12.5	Buy
04/22/25	UOB Kay Hian	Venture	10.88	13.35	Hold	PER15.5x FY25
05/06/25	Citi Research	Venture	11	11.8	Neutral
05/15/25	UOB Kay Hian	Venture	11.27	12.01	Hold	PER15.3x FY25
05/15/25	Phillip	Venture	11.27	10.4	Neutral	PER13x FY25
05/15/25	DBS Vickers	Venture	11.27	11.8	Hold	PER15x FY25
05/15/25	Kim Eng	Venture	11.27	9.4	Hold
05/20/25	Lim & Tan	Venture	11.33	11.88	Accumulate on weakness
05/20/25	CIMB	Venture	11.33	10.97	Hold	PER13.1x FY26
06/13/25	DMG & Partners	Venture	11.45	12.61	Buy	PER15x FY26
07/28/25	CIMB	Venture	12.48	12.14	Hold
08/05/25	UOB Kay Hian	Venture	12.7	12.01	Hold	PER15.3x FY25
08/07/25	UOB Kay Hian	Venture	12.72	14.35	Buy	PER17.7x FY26
08/07/25	Phillip	Venture	12.72	11.3	Neutral	PER14x FY25
08/07/25	DBS Vickers	Venture	12.72	13.6	Hold	PER16x FY25/26
08/07/25	CIMB	Venture	12.72	13.45	Add	PER
08/07/25	Citi Research	Venture	12.72	11.8	Neutral	DCF
08/26/25	DMG & Partners	Venture	13.51	15	Buy	PER18x FY25/26
11/14/25	UOB Kay Hian	Venture	15.06	17.43	Buy	PER21.5x FY26
11/14/25	DBS Vickers	Venture	15.06	15.3	Hold	PER18x FY26
11/14/25	CIMB	Venture	15.06	14.75	Hold
11/14/25	Phillip	Venture	15.06	11.8	Hold
11/17/25	Phillip	Venture	14.56	13	Neutral	PER15x
11/26/25	DMG & Partners	Venture	14.99	16.66	Buy