Hong Leong Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/29/24	CIMB	Hong Leong Asia	0.795	1.2	Add	Sum of parts
08/29/24	UOB Kay Hian	Hong Leong Asia	0.795	1.38	Buy	Sum of parts
10/11/24	DBS Vickers	Hong Leong Asia	0.805	1.28	Buy	Sum of parts
12/13/24	UOB Kay Hian	Hong Leong Asia	0.83	1.11	Buy	Sum of parts
02/28/25	UOB Kay Hian	Hong Leong Asia	0.925	1.11	Buy	Sum of parts
02/28/25	DBS Vickers	Hong Leong Asia	0.925	1.6	Buy	Sum of parts
03/14/25	UOB Kay Hian	Hong Leong Asia	1	1.11	Buy	Sum of parts
03/24/25	UOB Kay Hian	Hong Leong Asia	1.02	1.46	Buy	Sum of parts
05/27/25	UOB Kay Hian	Hong Leong Asia	1.17	1.46	Buy	Sum of parts
06/23/25	UOB Kay Hian	Hong Leong Asia	1.33	1.46	Buy	Sum of parts
07/07/25	CIMB	Hong Leong Asia	1.6	1.95	Add
07/10/25	UOB Kay Hian	Hong Leong Asia	1.63	1.93	Buy	Sum of parts
08/18/25	UOB Kay Hian	Hong Leong Asia	1.88	2.63	Buy	Sum of parts
08/19/25	DBS Vickers	Hong Leong Asia	1.95	2.8	Buy	Sum of parts
08/25/25	OCBC	Hong Leong Asia	2.4	3.4	Buy
09/15/25	UOB Kay Hian	Hong Leong Asia	2.43	2.82	Buy	Sum of parts

Ho Bee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/25	Lim & Tan	Ho Bee	1.82	3.8	Accumulate
06/10/25	Lim & Tan	Ho Bee	1.89	0	Accumulate

Haw Par - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/29/25	DBS Vickers	Haw Par	13.55	23.5	Buy	Sum of parts (20% disc)

Stock calls for 6 November 2025

Date	Analyst	Company	Last	Target	Call	Valuation
11/06/25	DBS Vickers	AIMS AMP Cap Ind Reit	1.39	1.6	Buy
11/06/25	uSMART	Centurion	1.38	1.8	Buy
11/06/25	DBS Vickers	Cenurion Accommodation	1.04	1.3	Buy	DCF
11/06/25	Amfrasers	CSE Global	0.85	0.73	Underperform	DCF
11/06/25	Lim & Tan	DBS	53.5	57	Accumulate
11/06/25	Kim Eng	ESR-Reit	2.82	3	Buy	DDM
11/06/25	Amfrasers	Food Empire	2.29	2.69	outperform	DCF
11/06/25	uSMART	Food Empire	2.29	2.97	Buy
11/06/25	UOB Kay Hian	Lendlease Reit	0.635	0.81	Buy	DDM
11/06/25	CIMB	Parkway Life	4.05	4.97	Add	DDM
11/06/25	UOB Kay Hian	SIA Engineering	3.54	3.92	Buy	PER23.3x FY27
11/06/25	DBS Vickers	SIA Engineering	3.54	4	Buy	PER
11/06/25	DBS Vickers	Stoneweg Reit	1.53	1.8	Buy	DCF
11/06/25	Lim & Tan	UOB	34.87	37.24	Accumulate on weakness

Guocoland - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/05/24	DBS Vickers	GuocoLand	1.53	2	Buy	RNAV (50% disc)
10/18/24	DBS Vickers	GuocoLand	1.59	2	Buy	RNAV (50% disc)
02/10/25	DBS Vickers	GuocoLand	1.44	2	Buy	RNAV (50% disc)
02/12/25	Lim & Tan	GuocoLand	1.45	2	Accumulate
08/18/25	DBS Vickers	GuocoLand	1.76	2	Buy	RNAV (50% disc)
09/01/25	DBS Vickers	GuocoLand	1.86	2.5	Buy	RNAV (45% disc)
10/08/25	DBS Vickers	GuocoLand	2.06	2.5	Buy	RNAV (45% disc)

Great Eastern - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/14/24	EY	Great Eastern	26.17	25.6	Accept Offer	Offer @ $25.60
06/06/25	EY	Great Eastern	25.8	25.6	Accept Offer	Offer @ $30.15
06/10/25	DMG & Partners	Great Eastern	25.8	30.15	Accept Offer	Offer @ $30.15

Grand Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/14/24	DBS Vickers	Grand Venture	0.55	0.7	Buy	PER21x FY24/25
11/11/24	DBS Vickers	Grand Venture	0.555	0.7	Buy	PER21x FY24/25
01/06/25	DBS Vickers	Grand Venture	0.82	1.04	Buy	PER21x FY26
02/26/25	DBS Vickers	Grand Venture	0.84	1.12	Buy	PER21x FY26
04/11/25	DBS Vickers	Grand Venture	0.61	1.12	Buy	PER21x FY26
06/02/25	DBS Vickers	Grand Venture	0.84	1.12	Buy	PER21x FY26
06/05/25	Lim & Tan	Grand Venture	0.935	0	Hold
07/11/25	DBS Vickers	Grand Venture	0.955	1.12	Buy	PER21x FY26
07/11/25	Lim & Tan	Grand Venture	0.955	0.94	Hold	Offer $0.94

Stock calls for 5 November 2025

Date	Analyst	Company	Last	Target	Call	Valuation
11/05/25	Lim & Tan	China Sunsine	0.7	0.75	Watchlist
11/05/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	OCBC	First Reit	0.28	0.265	Hold
11/05/25	UOB Kay Hian	Keppel Pacific	0.235	0.29	Buy	DDM
11/05/25	UOB Kay Hian	Netlink	0.98	1.01	Hold	DCF
11/05/25	phillip	Netlink	0.98	0.93	Neutral
11/05/25	CIMB	Netlink	0.98	1.05	Add	DDM
11/05/25	DBS Vickers	SIA Engineering	3.47	3.5	Under Review	PER21x FY26
11/05/25	Lim & Tan	SIA Engineering	3.47	3.66	Accumulate on weakness

Hot news: USDT stablecoin was involved in another China AI scam.

The AI scam involved XGAI company using USDT stablecoin.

USDT stablecoin scam: RMB$10B losses and 200k chinese victims. 

https://www.xiangmuhezuo.com/scam/2025-10-18/347.html

The latest PMI report had corroborated the bleak US economic outlook.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = 0.5 - 1.5 = -1

Estimated Local Material: Inventories - Imports = (-1.9) - 0.7 = -2.6

The prices declined to 58 (-3.9) because of weaker local orders (Est'd -1).  The new orders (49.4, +0.5) had increased marginally because of the rise in new export order (44.5, +1.5) after the US had become a global seller instead of a global buyer.

As the producers were not optimistic of the future economic outlook, they had reduced their production (48.2, -2.8) and inventories (45.8, -1.9) and caused the backlog of orders to increase (47.9, +1.7).  The customers' inventories rose only marginally (43.9, +0.2) because of the weak local consumption.

The above factors caused the PMI to fall to 48.7 (-0.4) and this latest PMI corroborated with the weak US economic growth.  The consecutive 8 months of contractions in the PMI don't bode well for the US economy.  If the US continues to have a spike in its inflation, the US is very likely to encounter a STAGFLATION scenario that is very difficult to resolve.

Grand Banks Yacht - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/12/24	Lim & Tan	Grand Banks Yacht	0.43	0.54	Buy
08/29/24	Lim & Tan	Grand Banks Yacht	0.395	0	Buy
10/07/24	Lim & Tan	Grand Banks Yacht	0.55	0	Buy
11/25/24	Lim & Tan	Grand Banks Yacht	0.555	1.05	Buy
03/05/25	Lim & Tan	Grand Banks Yacht	0.53	0	Buy
05/19/25	Lim & Tan	Grand Banks Yacht	0.535	0.51	Hold
06/10/25	Lim & Tan	Grand Banks Yacht	0.485	0	Hold
10/27/25	Lim & Tan	Grand Banks Yacht	0.745	1.12	Buy	PER10.6x FY26

Golden Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/24	DMG & Partners	Golden Agri	0.265	0.26	Neutral	Sum of parts
08/14/24	DMG & Partners	Golden Agri	0.265	0.25	Neutral	Sum of parts
08/15/24	OCBC	Golden Agri	0.27	0.27	Hold
11/12/24	DMG & Partners	Golden Agri	0.285	0.3	Neutral	Sum of parts
11/15/24	DMG & Partners	Golden Agri	0.275	0.29	Neutral	Sum of parts
07/09/25	DMG & Partners	Golden Agri	0.25	0.25	Neutral	Sum of parts, cut from $0.26 target price
09/18/25	OCBC	Golden Agri	0.3	0.3	Hold

Geo Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/02/24	Amfrasers	Geo Energy	0.275	0.68	outperform	DCF
03/17/25	Lim & Tan	Geo Energy	0.31	0.68	Buy
03/26/25	Amfrasers	Geo Energy	0.3	0.64	outperform	DCF
03/28/25	Lim & Tan	Geo Energy	0.325	0.64	Accumulate
04/01/25	Phillip	Geo Energy	0.33	0.47	Buy	DCF
04/21/25	Lim & Tan	Geo Energy	0.335	0.59	Buy
04/25/25	Lim & Tan	Geo Energy	0.35	0.6	Buy	DCF
05/19/25	Phillip	Geo Energy	0.36	0.47	Buy	DCF
05/19/25	Amfrasers	Geo Energy	0.36	0.71	outperform	DCF
05/22/25	Lim & Tan	Geo Energy	0.35	0.59	Buy
06/10/25	Amfrasers	Geo Energy	0.37	0.69	outperform	DCF
09/04/25	Phillip	Geo Energy	0.39	0.47	Buy	DCF
09/09/25	Lim & Tan	Geo Energy	0.425	0.58	Buy
09/26/25	Phillip	Geo Energy	0.45	0.59	Buy	DCF
09/30/25	Lim & Tan	Geo Energy	0.475	0.59	Buy