Stock calls for 4 August 2025.

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/25	Kim Eng	ART	0.89	1.05	Buy	DDM
08/04/25	DBS Vickers	Elite ComReit	0.35	0.4	Buy	DCF
08/04/25	CIMB	ESR-Reit	2.74	3.55	Add	DDM
08/04/25	CIMB	Far East Hospitality	0.595	0.74	Add	DDM
08/04/25	DBS Vickers	Genting	0.735	0.8	Hold	DCF & EV/Ebitda5.3x FY26
08/04/25	Phillip	Keppel Corp	8.31	10.5	Buy	Sum of parts
08/04/25	UOB Kay Hian	Mapletree Commercial	1.28	1.86	Buy	DDM
08/04/25	UOB Kay Hian	Netlink	0.895	0.98	Buy	DCF
08/04/25	UOB Kay Hian	OCBC	16.79	20.15	Buy	GGM, PB1.44x FY26
08/04/25	phillip	OCBC	16.79	16.5	Neutral	GGM, PB1.25x FY25
08/04/25	DBS Vickers	OCBC	16.79	15.8	Hold	GGM, PB1.1x FY26
08/04/25	phillip	Oiltek	0.98	1.18	Buy	PER35x FY26
08/04/25	OCBC	Starhill	0.545	0.51	Hold

The US ISM PMI had dropped to 48 in July 2025.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = +0.7 - (-0.2) = +0.9

Estimated Local Material: Inventories - Imports = -0.3 - (+0.2) = -0.5

The new orders were up because of the increment in local new orders (estimated +0.9) that ensued the increases in production and backlog of orders.  The higher new order could be caused by frontloading purchases prior to the Trump's tariffs.  However, the producers didn't increase their employment and inventories because of their dour outlook due to the higher tariffs.  Likewise, the customers' inventories also dropped because of no stockpiling due to the uncertain economic policies.

The drop in prices was just an aberration because the new tariffs would kick in in August and it would take some time to be reflected in the inflation data.

Overall, the PMI dropped to 48 and would continue to be in the contractionary zone (below 50) because of the higher tariffs.  This will mean that the US will have very limited growth in 2025.

Baltic dry index - 2018

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 540

Related stock: Seatrium & Cosco.

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/07/24	DMG & Partners	Dairy Farm	1.94	2.81	Buy	Sum of parts
07/02/24	DBS Vickers	Dairy Farm	1.74	2.7	Buy
07/11/24	DBS Vickers	Dairy Farm	1.84	2.7	Buy
08/05/24	DBS Vickers	Dairy Farm	1.78	2.3	Buy	PER15.9x
08/05/24	UOB Kay Hian	Dairy Farm	1.78	2.57	Buy
08/13/24	DMG & Partners	Dairy Farm	1.86	2.61	Buy	Sum of parts
09/24/24	DBS Vickers	Dairy Farm	1.86	2.3	Buy	PER15.9x
09/25/24	UOB Kay Hian	Dairy Farm	2.03	2.57	Buy
09/27/24	DMG & Partners	Dairy Farm	1.99	2.61	Buy	Sum of parts
09/30/24	DBS Vickers	Dairy Farm	2.18	3	Buy
10/17/24	UOB Kay Hian	Dairy Farm	2.18	2.57	Buy
11/01/24	UOB Kay Hian	Dairy Farm	2.38	2.57	Buy	PER16.7x
11/15/24	DBS Vickers	Dairy Farm	2.38	3	Buy
01/08/25	DBS Vickers	Dairy Farm	2.33	3	Buy
01/16/25	DMG & Partners	Dairy Farm	2.23	2.7	Buy	Sum of parts
03/12/25	UOB Kay Hian	Dairy Farm	2.1	2.8	Buy	PER16.3x
03/12/25	CIMB	Dairy Farm	2.1	2.71	Add
03/14/25	DBS Vickers	Dairy Farm	2.25	3	Buy
03/14/25	DMG & Partners	Dairy Farm	2.25	2.79	Buy	Sum of parts
04/02/25	DMG & Partners	Dairy Farm	2.33	3.03	Buy	Sum of parts
04/08/25	UOB Kay Hian	Dairy Farm	2.11	2.8	Buy	PER16.3x
05/20/25	DBS Vickers	Dairy Farm	2.69	3	Buy
05/20/25	Lim & Tan	Dairy Farm	2.69	2.9	Hold
06/02/25	DBS Vickers	Dairy Farm	2.76	3	Buy
06/02/25	CIMB	Dairy Farm	2.76	3	Add	PER
06/04/25	UOB Kay Hian	Dairy Farm	2.65	3.5	Buy	PER20.3x
06/09/25	DBS Vickers	Dairy Farm	2.66	3.6	Buy	PER16.7x FY26
06/30/25	DMG & Partners	Dairy Farm	3.73	3.09	Buy	Sum of parts
07/23/25	DBS Vickers	Dairy Farm	3.16	3.6	Buy	PER16.7x FY26
07/24/25	UOB Kay Hian	Dairy Farm	3.45	4.3	Buy	PER22.7x
07/24/25	DBS Vickers	Dairy Farm	3.45	4.3	Buy	PER18x
07/24/25	CIMB	Dairy Farm	3.45	3.86	Add

CSOP iEdge SREIT ETF - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/12/24	phillip	CSOP iEdge SREIT ETF	0.723	0.87	Buy
07/10/24	phillip	CSOP iEdge SREIT ETF	0.82	0.845	Accumulate
02/05/25	phillip	CSOP iEdge SREIT ETF	0.704	0.805	Accumulate

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/24	UOB Kay Hian	CSE Global	0.39	0.56	Buy	PER15x FY24
07/08/24	UOB Kay Hian	CSE Global	0.405	0.56	Buy
07/24/24	Kim Eng	CSE Global	0.455	0.64	Buy
08/06/24	Lim & Tan	CSE Global	0.435	0.59	Accumulate
08/08/24	UOB Kay Hian	CSE Global	0.465	0.6	Buy
09/09/24	Kim Eng	CSE Global	0.465	0.64	Buy
11/01/24	UOB Kay Hian	CSE Global	0.43	0.59	Buy	PER13x FY25
11/04/24	Lim & Tan	CSE Global	0.43	0.6	Accumulate
11/06/24	Kim Eng	CSE Global	0.425	0.6	Buy
11/18/24	Lim & Tan	CSE Global	0.435	0.6	Buy
11/29/24	DMG & Partners	CSE Global	0.465	0.58	Buy	PER13x FY25
12/02/24	Amfrasers	CSE Global	0.465	0.6	Outperform	DCF
12/30/24	Kim Eng	CSE Global	0.435	0.6	Buy
01/02/25	UOB Kay Hian	CSE Global	0.415	0.59	Buy	PER13x FY25
01/06/25	Kim Eng	CSE Global	0.43	0.64	Buy
02/20/25	Lim & Tan	CSE Global	0.465	0.6	Buy
02/27/25	UOB Kay Hian	CSE Global	0.465	0.61	Buy	PER11x FY25
02/27/25	Lim & Tan	CSE Global	0.465	0	Sell
03/21/25	Amfrasers	CSE Global	0.465	0.6	Outperform	DCF
03/21/25	Kim Eng	CSE Global	0.465	0.67	Buy
05/06/25	Lim & Tan	CSE Global	0.425	0.62	Accumulate on weakness
05/06/25	Kim Eng	CSE Global	0.425	0.58	Buy
05/16/25	UOB Kay Hian	CSE Global	0.445	0.61	Buy	PER11x FY25
05/22/25	DMG & Partners	CSE Global	0.44	0.63	Buy
05/23/25	CIMB	CSE Global	0.44	0.68	Add
06/30/25	Kim Eng	CSE Global	0.55	0.7	Buy
07/17/25	Kim Eng	CSE Global	0.63	0.7	Buy

Stock calls for 1 August 2025

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	UOB Kay Hian	A-Reit	2.79	4.02	Buy	DDM
08/01/25	UOB Kay Hian	ART	0.895	1.56	Buy	DDM
08/01/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.2	2.72	Buy	DDM
08/01/25	DBS Vickers	CapitaRetail China	0.76	0.75	Hold	DCF
08/01/25	Kim Eng	CDL Hospitality	0.8	0.7	Hold	DDM
08/01/25	phillip	Elite ComReit	0.345	0.39	Buy	DDM
08/01/25	phillip	First Reit	0.275	0.31	Buy	DDM
08/01/25	UOB Kay Hian	Frasers Centrepoint Trust	2.22	3.07	Buy	DDM
08/01/25	UOB Kay Hian	Frasers Logistics	0.88	1.23	Buy	DDM
08/01/25	DBS Vickers	Frasers Logistics	0.88	1.05	Buy	DCF
08/01/25	UOB Kay Hian	Keppel Corp	8.47	9.51	Buy	Sum of parts
08/01/25	CIMB	Keppel Corp	8.47	10.23	Add	Sum of parts
08/01/25	Lim & Tan	Keppel Corp	8.47	8.89	Accumulate
08/01/25	UOB Kay Hian	Keppel DC Reit	2.37	2.69	Buy	DDM
08/01/25	UOB Kay Hian	Lendlease Reit	0.55	0.76	Buy	DDM
08/01/25	UOB Kay Hian	Mapletree Commercial	1.29	1.8	Buy	DDM
08/01/25	UOB Kay Hian	Mapletree Industrial	2.03	3.04	Buy	DDM
08/01/25	DBS Vickers	OCBC	16.87	14.4	Hold	GGM, PB1x FY26
08/01/25	Lim & Tan	OCBC	16.87	17.46	Hold
08/01/25	UOB Kay Hian	Parkway Life	4.03	5.33	Buy	DDM
08/01/25	UOB Kay Hian	Seatrium	2.27	2.96	Buy	PB1.5x
08/01/25	DBS Vickers	Seatrium	2.27	2.96	Buy	PB1.5x FY25
08/01/25	CIMB	Seatrium	2.27	2.8	Add	PB
08/01/25	UOB Kay Hian	Sheng Siong	2.1	2.4	Buy	PER23x FY26
08/01/25	phillip	Sheng Siong	2.1	2.3	Accumulate	PER23x FY26
08/01/25	CIMB	Sheng Siong	2.1	2.21	Add
08/01/25	UOB Kay Hian	Suntec Reit	1.16	1.3	Hold	DDM

What will the US Fed do on 30 July 2025? - Part 2

Just as expected, the US Fed maintained its rates for its July FOMC meeting.  Is the Fed right?

Let's take a look at the latest core PCE.

The latest core PCE had increased to 0.3% (mom).  This showed that Trump's tariffs are trickling into the inflation data now.  The US inflation data will get worse after this report because the minimum tariff is 15% now.