Red alert: Iran war is resuming!

A US official had just revealed that 3 carriers would be in the middle east by the end of October and this would mean the US was likely to resume the Iran war after the US mid-term election.

The historical fact shows that the US will start a war whenver there is a presence of at least 2 aircraft carrier strike groups.  Let's watch how this will unfold.

United Hampshire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/25	UOB Kay Hian	United Hampshire	0.485	0.7	Buy	DDM
01/29/26	Phillip	United Hampshire	0.54	0.69	Buy	DDM
02/20/26	Lim & Tan	United Hampshire	0.56	0.69	Hold
02/23/26	UOB Kay Hian	United Hampshire	0.56	0.72	Buy	DDM
02/23/26	Phillip	United Hampshire	0.56	0.69	Buy	DDM
03/09/26	Amfrasers	United Hampshire	0.52	0.69	Outperform	DDM
03/23/26	Phillip	United Hampshire	0.515	0.69	Buy	DDM
04/01/26	UOB Kay Hian	United Hampshire	0.505	0.72	Buy	DDM
05/14/26	Phillip	United Hampshire	0.52	0.69	Buy	DDM
05/15/26	UOB Kay Hian	United Hampshire	0.52	0.72	Buy	DDM
05/15/26	Phillip	United Hampshire	0.52	0.69	Buy	DDM
06/22/26	Phillip	United Hampshire	0.515	0.69	Buy	DDM
07/01/26	Beansprout	United Hampshire	0.515	0.62	Buy	DDM
07/02/26	Lim & Tan	United Hampshire	0.515	0.71	Accumulate
07/27/26	Phillip	United Hampshire	0.52	0.69	Buy	DDM
08/17/26	Lim & Tan	United Hampshire	0.525	0.71	Accumulate
08/19/26	Phillip	United Hampshire	0.52	0.69	Buy	DDM
08/24/26	UOB Kay Hian	United Hampshire	0.51	0.69	Buy	DDM
09/21/26	Phillip	United Hampshire	0.48	0.69	Buy	DDM

Uni-Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/24/26	Lim & Tan	Uni-Asia	0.93	1.39	Buy	PB

UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/25	UOB Kay Hian	UMS	1.54	1.73	Buy	PER23x FY26
08/14/25	DBS Vickers	UMS	1.48	1.84	Buy	PER25x FY25/26
08/14/25	Kim Eng	UMS	1.48	1.59	Buy
08/25/25	CIMB	UMS	1.38	1.87	Add	Up from $1.06
10/03/25	Lim & Tan	UMS	1.45	0	Sell/Avoid
10/17/25	DBS Vickers	UMS	1.36	1.84	Buy	PER25x FY25/26
10/29/25	UOB Kay Hian	UMS	1.45	1.73	Buy	PER23x FY26
11/03/25	DMG & Partners	UMS	1.48	1.85	Buy
11/10/25	DBS Vickers	UMS	1.51	1.85	Buy	PER25x FY26
11/11/25	UOB Kay Hian	UMS	1.52	1.66	Buy	PER23x FY26
11/11/25	CIMB	UMS	1.52	1.77	Add	PER
11/12/25	DMG & Partners	UMS	1.44	1.86	Buy
11/12/25	Kim Eng	UMS	1.44	1.59	Buy
01/09/26	DBS Vickers	UMS	1.43	1.85	Buy	PER25x FY26
02/10/26	DBS Vickers	UMS	1.32	1.85	Buy	PER25x FY26
03/02/26	DBS Vickers	UMS	1.45	1.48	Buy	PER25x FY26, Ex-Bonus 1-for-4
03/03/26	UOB Kay Hian	UMS	1.5	1.8	Buy	PER28.4x FY26
03/03/26	DBS Vickers	UMS	1.5	1.83	Buy	PER30x FY26
03/03/26	CIMB	UMS	1.5	1.88	Add	PER
03/03/26	Kim Eng	UMS	1.5	1.88	Buy	PER25x FY26/27
03/04/26	Lim & Tan	UMS	1.53	1.88	Accumulate
04/16/26	CIMB	UMS	1.79	2.23	Add
04/29/26	DBS Vickers	UMS	2.18	2.92	Buy	PER35x FY27/28
05/12/26	DBS Vickers	UMS	2.36	3.17	Buy	PER38x FY27
05/12/26	Lim & Tan	UMS	2.36	2.5	Accumulate on weakness
05/12/26	Kim Eng	UMS	2.36	3.21	Buy
05/13/26	UOB Kay Hian	UMS	2.6	4.01	Buy	PER37.5x FY28
05/15/26	CIMB	UMS	2.95	4.17	Add
06/08/26	DBS Vickers	UMS	2.53	3.17	Buy	PER38x FY27
07/15/26	DMG & Partners	UMS	2.56	3.37	Buy
08/14/26	DBS Vickers	UMS	2.7	3.17	Buy	PER38x FY27
08/17/26	UOB Kay Hian	UMS	2.72	3.27	Buy	PER30x FY28
08/17/26	DBS Vickers	UMS	2.72	3.62	Buy	PER38x FY27
08/18/26	Kim Eng	UMS	2.87	3.43	Buy
08/18/26	DMG & Partners	UMS	2.87	3.37	Buy
08/28/26	DMG & Partners	UMS	2.74	3.69	Buy
09/15/26	UOB Kay Hian	UMS	2.51	3.27	Buy	PER30x FY28
09/24/26	Citi Research	UMS	2.65	3.43	Buy

Stock calls for 1 October 2026

Date	Analyst	Company	Last	Target	Call	Valuation
10/01/26	UOB Kay Hian	A-Reit	2.26	3.25	Buy	DDM
10/01/26	UOB Kay Hian	ART	0.83	1.03	Buy	DDM
10/01/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.23	3.06	Buy	DDM
10/01/26	UOB Kay Hian	Cenurion Accommodation	1.04	1.39	Buy	DDM
10/01/26	Lim & Tan	Civmec	1.53	2.11	Accumulate on weakness
10/01/26	Lim & Tan	Coliwoo	0.42	0.75	Accumulate
10/01/26	CIMB	Dairy Farm	3.19	5.5	Add	PER
10/01/26	DBS Vickers	Dairy Farm	3.19	5	Buy	PER19.7x FY27
10/01/26	Macquarie	DBS	77.5	80.74	Outperform
10/01/26	UOB Kay Hian	Frasers Centrepoint Trust	2.09	2.93	Buy	DDM
10/01/26	UOB Kay Hian	Frasers Logistics	0.88	0.96	Buy	DDM
10/01/26	CIMB	Isoteam	0.061	0.11	Add	PER
10/01/26	UOB Kay Hian	Keppel DC Reit	2.11	2.77	Buy	DDM
10/01/26	UOB Kay Hian	Keppel Reit	0.85	1.05	Buy	DDM
10/01/26	UOB Kay Hian	Lendlease Reit	0.545	0.79	Buy	DDM
10/01/26	UOB Kay Hian	Mapletree Commercial	1.22	1.71	Buy	DDM
10/01/26	UOB Kay Hian	Mapletree Industrial	1.86	1.74	Sell	DDM
10/01/26	UOB Kay Hian	Mapletree Logistics	1.09	1.15	Hold	DDM
10/01/26	UOB Kay Hian	NTT DC Reit	0.925	1.29	Buy	DDM
10/01/26	UOB Kay Hian	Parkway Life	4.01	4.88	Buy	DDM
10/01/26	DMG & Partners	Singtel	4.25	5.4	Buy
10/01/26	DMG & Partners	Starhub	1.11	1	Neutral
10/01/26	UOB Kay Hian	Suntec Reit	1.33	1.64	Buy	DDM
10/01/26	Macquarie	UOB	42.84	46.57	Outperform

US Q2 GDP grew 2.2%!

As usual, let's break down the GDP components to see what had happened in Q2.

GDP growth = G + I + C + NE

NE=Export - Import

Q1 GDP (Final) = 0.74 + 1.35 + 0.37+ (-0.37) = 2.09 (2.1)

Q2 GDP (1st estimate) = (-0.14) + 0.53 + 2.12 + (-1.01) = 1.5

Q2 GDP (2nd estimate) = (-0.16) + 0.48 + 2.31 + (-1.14) = 1.49 (1.5)

Q2 GDP (Final) = (-0.01) + 0.82 + 2.51 + (-1.1) = 2.22 (2.2)

After our GDP calculation, we can see that all the GDP components improved, particularly the Investment (I) and Consumption (C).  Why?

The GDP data showed that the US consumers were frontloading their purchases in view of the rising inflation caused by the Iran war and high oil prices.  This phenomenon caused C and I to increase because retail sales (C) and inventory buildup (I) were uplifted.  Fortunately, the core PCE (MOM) increased only by 0.2% (see below) instead of the projected 0.3%.  However, if the diesel prices in the US continue to stay skyhigh, many things will be affected later because many machineries, equipment and long haul truckers are using diesels to operate.

Ultragreen - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/03/25	UOB Kay Hian	Ultragreen	1.45	2	Buy	PER24x FY26
01/16/26	UOB Kay Hian	Ultragreen	1.65	2	Buy	PER24x FY26
01/26/26	DBS Vickers	Ultragreen	1.68	2.05	Buy	PER26x FY26
02/02/26	UOB Kay Hian	Ultragreen	1.68	2	Buy	PER24x FY26
02/19/26	DBS Vickers	Ultragreen	1.68	2.05	Buy	PER26x FY26
03/02/26	DBS Vickers	Ultragreen	1.7	2	Buy	PER26x FY26
03/04/26	UOB Kay Hian	Ultragreen	1.58	1.95	Buy	PER26x FY26
03/04/26	Citi Research	Ultragreen	1.58	2	Buy
04/07/26	DBS Vickers	Ultragreen	1.43	2	Buy	PER26x FY26
05/04/26	UOB Kay Hian	Ultragreen	1.46	1.95	Buy	PER26x FY26
05/05/26	DBS Vickers	Ultragreen	1.49	2	Buy	PER26x FY26
06/03/26	UOB Kay Hian	Ultragreen	1.36	1.95	Buy	PER26x FY26
06/29/26	Phillip	Ultragreen	1.23	1.92	Buy	DCF
08/04/26	UOB Kay Hian	Ultragreen	1.22	1.95	Buy	PER26x FY26
08/13/26	DBS Vickers	Ultragreen	1.33	2	Buy	PER26x FY26
08/17/26	Phillip	Ultragreen	1.26	1.91	Buy	DCF
08/21/26	Phillip	Ultragreen	0.745	1.81	Buy	DCF
08/21/26	DBS Vickers	Ultragreen	0.745	0.8	Hold	Sum of parts
08/31/26	Citi Research	Ultragreen	0.7	0.9	Buy	DCF
09/15/26	DBS Vickers	Ultragreen	0.58	0.65	Hold	Sum of parts