The latest US Q3 GDP estimate had only a nuanced revision.

US Q3 GDP (2nd Estimate): 4.4%

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

GDP growth = G + I + C + NE

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

Q3 GDP (2nd estimate) = 0.38 + 0.03 + 2.34 + 1.62 = 4.37 (4.4)

The 2nd estimate had only a nuanced revision from the 1st estimate because of the government shutdown that affected the tabulation.  We need to look at the final estimate to get past the government shutdown effect.

Frasers Centrepoint Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/25	DMG & Partners	Frasers Centrepoint Trust	2.14	2.35	Neutral	DDM
01/24/25	Phillip	Frasers Centrepoint Trust	2.12	2.44	Buy	DDM
01/24/25	DMG & Partners	Frasers Centrepoint Trust	2.12	2.35	Buy	DDM
01/24/25	Citi Research	Frasers Centrepoint Trust	2.12	2.5	Buy	DDM & RNAV
01/24/25	Kim Eng	Frasers Centrepoint Trust	2.12	2.5	Buy
01/24/25	CIMB	Frasers Centrepoint Trust	2.12	2.68	Add
02/25/25	DBS Vickers	Frasers Centrepoint Trust	2.08	2.75	Buy	DCF
03/06/25	UOB Kay Hian	Frasers Centrepoint Trust	2.07	2.56	Buy	DDM
03/24/25	Phillip	Frasers Centrepoint Trust	2.11	2.44	Buy	DDM
03/26/25	Lim & Tan	Frasers Centrepoint Trust	2.21	2.49	Accumulate
03/26/25	JPM	Frasers Centrepoint Trust	2.21	2.35	Buy
04/08/25	UOB Kay Hian	Frasers Centrepoint Trust	2.1	2.79	Buy	DDM
04/24/25	DMG & Partners	Frasers Centrepoint Trust	2.27	2.39	Buy	DDM
04/29/25	DBS Vickers	Frasers Centrepoint Trust	2.25	2.7	Buy	DCF
04/29/25	Lim & Tan	Frasers Centrepoint Trust	2.25	2.49	Accumulate
04/30/25	UOB Kay Hian	Frasers Centrepoint Trust	2.26	2.73	Buy	DDM
04/30/25	DBS Vickers	Frasers Centrepoint Trust	2.26	2.75	Buy	DCF
05/02/25	Phillip	Frasers Centrepoint Trust	2.26	2.44	Accumulate	DDM
05/21/25	UOB Kay Hian	Frasers Centrepoint Trust	2.19	2.73	Buy	DDM
06/23/25	Phillip	Frasers Centrepoint Trust	2.23	2.44	Accumulate	DDM
06/27/25	UOB Kay Hian	Frasers Centrepoint Trust	2.26	3.07	Buy	DDM
07/25/25	DBS Vickers	Frasers Centrepoint Trust	2.2	2.75	Buy	DCF
07/28/25	Phillip	Frasers Centrepoint Trust	2.2	2.44	Accumulate	DDM
07/28/25	CIMB	Frasers Centrepoint Trust	2.2	2.44	Add	DDM
08/01/25	UOB Kay Hian	Frasers Centrepoint Trust	2.22	3.07	Buy	DDM
08/06/25	DMG & Partners	Frasers Centrepoint Trust	2.23	2.5	Buy	DDM
09/02/25	UOB Kay Hian	Frasers Centrepoint Trust	2.33	3.07	Buy	DDM
10/23/25	DBS Vickers	Frasers Centrepoint Trust	2.44	2.75	Buy	DCF
10/23/25	Lim & Tan	Frasers Centrepoint Trust	2.44	2.56	Hold
10/24/25	UOB Kay Hian	Frasers Centrepoint Trust	2.45	2.9	Buy	DDM
10/27/25	Phillip	Frasers Centrepoint Trust	2.4	2.74	Accumulate	DDM
11/26/25	DMG & Partners	Frasers Centrepoint Trust	2.25	2.7	Buy	DDM
12/26/25	Lim & Tan	Frasers Centrepoint Trust	2.31	2.6	Accumulate on weakness
01/13/26	Kim Eng	Frasers Centrepoint Trust	2.27	2.6	Buy

Fortress Minerals - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/25	Amfrasers	Fortress Minerals	0.235	0.27	outperform	Cut from $0.40, Sum of parts

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/25	CIMB	Food Empire	0.985	1.43	Add
01/20/25	UOB Kay Hian	Food Empire	0.98	1.1	Hold	PER8.7x FY25
02/27/25	UOB Kay Hian	Food Empire	1.07	1.2	Buy	PER9x FY25
03/17/25	Amfrasers	Food Empire	1.27	1.4	outperform	DCF
04/25/25	DMG & Partners	Food Empire	1.48	1.67	Buy
05/14/25	UOB Kay Hian	Food Empire	1.53	1.98	Buy	PER15x FY25
05/14/25	CIMB	Food Empire	1.53	1.95	Add	PER
05/23/25	Amfrasers	Food Empire	1.76	1.95	outperform	DCF
06/09/25	UOB Kay Hian	Food Empire	1.88	1.98	Buy	PER15x FY25
06/27/25	CIMB	Food Empire	1.78	2.28	Add
07/01/25	Lim & Tan	Food Empire	1.84	1.98	Accumulate on weakness
07/09/25	CIMB	Food Empire	1.86	2.28	Add
07/17/25	UOB Kay Hian	Food Empire	2.01	2.4	Buy	PER17x FY26
07/18/25	CIMB	Food Empire	2.12	2.73	Add
07/22/25	Kim Eng	Food Empire	2.24	2.62	Buy
08/15/25	UOB Kay Hian	Food Empire	2.3	2.73	Buy	PER17x FY26
08/15/25	CIMB	Food Empire	2.3	2.94	Add
08/28/25	DBS Vickers	Food Empire	2.37	2.68	Unrated	Sum of parts
09/10/25	DMG & Partners	Food Empire	2.38	2.72	Buy
09/16/25	Kim Eng	Food Empire	2.62	2.92	Buy
09/17/25	UOB Kay Hian	Food Empire	2.59	3	Buy	PER18.7x FY26
09/19/25	CIMB	Food Empire	2.66	3.09	Add
09/25/25	Lim & Tan	Food Empire	2.65	2.99	Buy
09/25/25	DMG & Partners	Food Empire	2.65	2.95	Buy
10/14/25	UOB Kay Hian	Food Empire	2.3	3	Buy	PER18.7x FY26
11/06/25	Amfrasers	Food Empire	2.29	2.69	outperform	DCF
11/06/25	uSMART	Food Empire	2.29	2.97	Buy
11/13/25	UOB Kay Hian	Food Empire	2.35	3	Buy	PER19x FY26
11/13/25	Lim & Tan	Food Empire	2.35	2.99	Buy
11/17/25	CIMB	Food Empire	2.56	3.18	Add
01/05/26	UOB Kay Hian	Food Empire	2.45	3	Buy	PER19x FY26

Stock calls for 23 January 2026

Date	Analyst	Company	Last	Target	Call	Valuation
01/23/26	Lim & Tan	Aztech	0.655	0	Hold
01/23/26	DBS Vickers	Coliwoo	0.61	0.88	Buy	Sum of parts
01/23/26	DMG & Partners	Raffles Medical	1.01	1.15	Buy	Sum of parts
01/23/26	Kim Eng	Sanli Env	0.32	0.45	Buy	PER
01/23/26	CIMB	Seatrium	2.12	2.67	Add	PB
01/23/26	Citi Research	Seatrium	2.12	2.65	Buy	PB1.2x FY26
01/23/26	DBS Vickers	Suntec Reit	1.42	1.6	Buy
01/23/26	Lim & Tan	Suntec Reit	1.42	1.37	Hold

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