US core PCE inflation has spiked as expected.

The US Fed will have difficulty trying to ease its rates for this year if this uptrend is continuing.

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/11/24	DBS Vickers	First Resources	1.53	2	Buy
03/03/25	Kim Eng	First Resources	1.46	1.69	Buy
03/04/25	UOB Kay Hian	First Resources	1.59	1.75	Buy	PER8x FY25
03/19/25	DBS Vickers	First Resources	1.66	2	Buy
03/19/25	Kim Eng	First Resources	1.66	1.69	Hold
03/19/25	DMG & Partners	First Resources	1.66	1.85	Buy
05/16/25	Kim Eng	First Resources	1.48	1.57	Buy	PER
06/30/25	UOB Kay Hian	First Resources	1.49	1.65	Buy
07/09/25	DMG & Partners	First Resources	1.48	1.7	Buy
08/12/25	DBS Vickers	First Resources	1.57	2	Buy	DCF
08/15/25	Kim Eng	First Resources	1.68	1.9	Buy
08/25/25	UOB Kay Hian	First Resources	1.76	1.85	Buy
08/26/25	DMG & Partners	First Resources	1.79	2.1	Buy	PER10x FY26
10/15/25	UOB Kay Hian	First Resources	1.7	1.97	Buy	PER8.5x FY26
10/15/25	DBS Vickers	First Resources	1.7	2.1	Buy	DCF
11/17/25	UOB Kay Hian	First Resources	2.05	2.3	Buy	PER10x FY26
01/05/26	UOB Kay Hian	First Resources	2.08	2.3	Buy	PER10x FY26
01/16/26	UOB Kay Hian	First Resources	1.97	2.5	Buy	PER10x FY26

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/25	DBS Vickers	First Reit	0.255	0.28	Hold	DCF
01/14/25	Lim & Tan	First Reit	0.255	0.29	Accumulate on weakness
01/16/25	phillip	First Reit	0.265	0.3	Buy	DDM
02/12/25	Lim & Tan	First Reit	0.275	0.29	Accumulate on weakness	PB1x
02/13/25	phillip	First Reit	0.275	0.32	Buy	DDM
05/02/25	phillip	First Reit	0.26	0.32	Buy	DDM
05/02/25	OCBC	First Reit	0.26	0.27	Buy
06/23/25	phillip	First Reit	0.26	0.32	Buy	DDM
07/31/25	Lim & Tan	First Reit	0.27	0.3	Hold
07/31/25	OCBC	First Reit	0.27	0.27	Hold
08/01/25	phillip	First Reit	0.275	0.31	Buy	DDM
09/22/25	phillip	First Reit	0.285	0.31	Buy	DDM
10/22/25	Lim & Tan	First Reit	0.28	0.31	Hold
10/23/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	OCBC	First Reit	0.28	0.265	Hold

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/25	UOB Kay Hian	Far East Hospitality	0.61	0.82	Buy	DDM
01/09/25	Kim Eng	Far East Hospitality	0.62	0.8	Buy
02/12/25	DBS Vickers	Far East Hospitality	0.605	0.78	Buy
02/13/25	phillip	Far East Hospitality	0.605	0.73	Buy	DDM
02/13/25	DBS Vickers	Far East Hospitality	0.605	0.75	Buy	DCF
02/13/25	Citi Research	Far East Hospitality	0.605	0.73	Buy
02/18/25	UOB Kay Hian	Far East Hospitality	0.6	0.76	Buy	DDM
02/18/25	Citi Research	Far East Hospitality	0.6	0.53	Sell
03/06/25	UOB Kay Hian	Far East Hospitality	0.535	0.76	Buy	DDM
03/21/25	Lim & Tan	Far East Hospitality	0.56	0.7	Accumulate
03/24/25	phillip	Far East Hospitality	0.6	0.73	Buy	DDM
04/08/25	UOB Kay Hian	Far East Hospitality	0.515	0.77	Buy	DDM
04/30/25	DBS Vickers	Far East Hospitality	0.555	0.75	Buy	DCF
05/02/25	phillip	Far East Hospitality	0.545	0.7	Buy	DDM
05/02/25	CIMB	Far East Hospitality	0.545	0.74	Add	DDM
05/30/25	UOB Kay Hian	Far East Hospitality	0.565	0.71	Buy	DDM
06/27/25	UOB Kay Hian	Far East Hospitality	0.565	0.78	Buy	DDM
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
07/31/25	phillip	Far East Hospitality	0.61	0.7	Buy	DDM
08/04/25	CIMB	Far East Hospitality	0.595	0.74	Add	DDM
09/30/25	UOB Kay Hian	Far East Hospitality	0.6	0.81	Buy	DDM
10/06/25	Lim & Tan	Far East Hospitality	0.61	0.66	Accumulate
10/30/25	DBS Vickers	Far East Hospitality	0.615	0.7	Buy	DCF
10/31/25	CIMB	Far East Hospitality	0.615	0.76	Add	DDM
12/08/25	DBS Vickers	Far East Hospitality	0.61	0.7	Buy	DCF

Stock calls for 22 January 2026

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/26	DMG & Partners	Centurion	1.49	1.88	Buy	Sum of parts
01/22/26	CIMB	Cenurion Accommodation	1.1	1.38	Add	DDM
01/22/26	UOB Kay Hian	Delfi	0.845	0.82	Hold
01/22/26	CIMB	Info-Tech System	0.86	1.1	Add	PER
01/22/26	DBS Vickers	Seatrium	2.13	2.96	Buy	PB1.5x
01/22/26	Lim & Tan	Seatrium	2.13	2.73	Accumulate on weakness
01/22/26	Amfrasers	The Assembly Place	0.23	0.35	Outperform	DCF

Will China intervene in an Iran-US war? - Part 3

Is Iran war coming!

China had sent more weapons to Iran by using another 16 yun-20 large military transportation planes.

China has indicated its willingness to get involved in the Iran war if the US and Israel attack Iran.  Gold and Oil will spike like hell when this war starts!

The BOA-FMS showed the ebullience in the financial market.

The above graph showed no recession in the global market.

The above chart showed no recession is expected in 2026.

The above graph showed no risk hedging is done.

Although no major risk or recession was expected by the FMS, it did show that the fund managers invested their monies in GOLD to avoid some unforeseen risk (most likely geopolitics).

The fund mangers were ambivalent but still poured their monies in GOLD despite having the overvaluation sentiment.

IMF - World economic outlook for 2026

The IMF is projecting a stagnant world economic growth in 2026 (3.3%, no change) and China is still growing at twice (2x) the economic speed of the US.

F&N - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/22/25	DBS Vickers	F&N	1.38	1.93	Unrated	Sum of parts
01/05/26	Lim & Tan	F&N	1.5	1.5	Hold

Ever Gloy Uinited Holdings - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/25	phillip	Ever Gloy Uinited Holdings	0.57	0.81	Buy	PER
09/03/25	Lim & Tan	Ever Gloy Uinited Holdings	0.74	0.81	Watchlist
11/20/25	CIMB	Ever Gloy Uinited Holdings	0.7	0.87	Add
12/17/25	Amfrasers	Ever Gloy Uinited Holdings	0.7	1.2	Outperform	DCF

ESR Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/25	DMG & Partners	ESR-Reit	0.255	0.34	Buy	DDM
01/24/25	DBS Vickers	ESR-Reit	0.26	0.34	Buy	DCF
01/27/25	DBS Vickers	ESR-Reit	0.26	0.31	Buy	DCF
01/27/25	DMG & Partners	ESR-Reit	0.26	0.33	Buy
01/28/25	CIMB	ESR-Reit	0.255	0.36	Add	DDM
02/11/25	DBS Vickers	ESR-Reit	0.25	0.31	Buy	DCF
04/23/25	CIMB	ESR-Reit	0.205	0.36	Add	DDM
07/14/25	DMG & Partners	ESR-Reit	2.42	3.25	Buy	Share cosol 10-into-1, Up from $3.15
07/29/25	DBS Vickers	ESR-Reit	2.64	3.1	Buy	DCF
07/30/25	DBS Vickers	ESR-Reit	2.71	3.2	Buy	DCF
08/04/25	CIMB	ESR-Reit	2.74	3.55	Add	DDM
10/28/25	DBS Vickers	ESR-Reit	2.87	3.2	Buy	DCF
10/30/25	CIMB	ESR-Reit	2.91	3.64	Add	DDM
10/30/25	DMG & Partners	ESR-Reit	2.91	3.15	Buy
11/06/25	Kim Eng	ESR-Reit	2.82	3	Buy	DDM
12/15/25	Lim & Tan	ESR-Reit	2.74	3.3	Accumulate