City Developments - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/04/24	UOB Kay Hian	City Developments	5.29	8	Buy
12/04/24	JPM	City Developments	5.29	6.05	Equal-weight
01/17/25	Lim & Tan	City Developments	5.05	6.98	Buy
01/17/25	DMG & Partners	City Developments	5.05	7.3	Buy	RNAV (50% disc)
02/27/25	UOB Kay Hian	City Developments	5.12	4.6	Hold	PB0.72x
02/27/25	DBS Vickers	City Developments	5.12	6.7	Buy	RNAV (60% disc)
02/27/25	Lim & Tan	City Developments	5.12	6.76	Accumulate on weakness
03/03/25	DMG & Partners	City Developments	5.12	4.75	Neutral
03/03/25	Citi Research	City Developments	5.12	9.51	Buy	RNAV (40% disc)
03/03/25	OCBC	City Developments	5.12	6.02	Buy	RNAV (60% disc)
03/03/25	JPM	City Developments	5.12	4.85	Equal-weight	RNAV (60% disc)
03/17/25	phillip	City Developments	5.05	6.02	Buy	RNAV (45% disc)
05/21/25	Lim & Tan	City Developments	4.73	5.91	Accumulate
05/21/25	DMG & Partners	City Developments	4.73	4.7	Neutral
05/22/25	phillip	City Developments	4.79	6.02	Buy	RNAV (45% disc)
05/22/25	CIMB	City Developments	4.79	8.97	Add	RNAV
06/05/25	UOB Kay Hian	City Developments	4.99	4.6	Hold	PB0.72x
06/05/25	Lim & Tan	City Developments	4.99	5.91	Accumulate
06/09/25	DMG & Partners	City Developments	5.25	4.9	Neutral
06/23/25	DBS Vickers	City Developments	4.99	6.7	Buy	RNAV (60% disc)
07/02/25	CIMB	City Developments	5.24	8.97	Add	RNAV
07/16/25	JPM	City Developments	5.57	6.85	Overweight
07/18/25	Citi Research	City Developments	5.87	9.01	Buy
07/25/25	OCBC	City Developments	6.2	6.01	Hold
08/14/25	UOB Kay Hian	City Developments	6.8	8.5	Buy	PB0.8x
08/14/25	DBS Vickers	City Developments	6.8	9	Buy	RNAV (50% disc)
08/14/25	Lim & Tan	City Developments	6.8	6.8	Hold
08/18/25	phillip	City Developments	6.63	8.34	Buy	RNAV (35% disc)
10/08/25	DBS Vickers	City Developments	7.13	9	Buy	RNAV (50% disc)
10/08/25	JPM	City Developments	7.13	8.2	Overweight
11/18/25	CIMB	City Developments	7.31	8.97	Add	RNAV
11/18/25	Lim & Tan	City Developments	7.31	8.51	Hold
11/20/25	phillip	City Developments	7.22	8.34	Buy	RNAV (35% disc)
11/20/25	HSBC	City Developments	7.22	11	Overweight
11/20/25	Citi Research	City Developments	7.22	9.01	Buy	RNAV (40% disc)
11/26/25	DMG & Partners	City Developments	7.09	8.5	Buy
12/04/25	Lim & Tan	City Developments	7.31	8.12	Hold
12/22/25	DMG & Partners	City Developments	7.98	8.5	Buy
01/05/26	UOB Kay Hian	City Developments	8.02	8.5	Buy	PB0.8x
01/05/26	DMG & Partners	City Developments	8.02	9.5	Buy
01/07/26	JPM	City Developments	8.39	10.75	Overweight

Stock calls for 13 January 2026

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/26	Kim Eng	Frasers Centrepoint Trust	2.27	2.6	Buy
01/13/26	Kim Eng	Keppel DC Reit	2.24	2.6	Buy	DDM
01/13/26	DBS Vickers	SATS	3.8	4.4	Buy	PER20x FY26 & DCF
01/13/26	DBS Vickers	SIA	6.43	6.5	Hold	EV/Ebitda5x FY26
01/13/26	DBS Vickers	ST Engineering	9.21	10.2	Buy	DCF

China Sunsine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/25	UOB Kay Hian	China Sunsine	0.445	0.58	Buy	PER7.5x FY25
03/04/25	UOB Kay Hian	China Sunsine	0.48	0.58	Buy	PER7.5x FY25
03/26/25	UOB Kay Hian	China Sunsine	0.52	0.63	Buy	PER7.5x FY25
04/10/25	UOB Kay Hian	China Sunsine	0.5	0.63	Buy	PER7.5x FY25
05/27/25	UOB Kay Hian	China Sunsine	0.57	0.63	Buy	PER7.5x FY25
06/03/25	UOB Kay Hian	China Sunsine	0.55	0.63	Buy	PER7.5x FY25
07/02/25	UOB Kay Hian	China Sunsine	0.55	0.63	Buy	PER7.5x FY25
09/03/25	UOB Kay Hian	China Sunsine	0.745	0.75	Buy	PER9.4x FY26
11/05/25	Lim & Tan	China Sunsine	0.7	0.75	Watchlist
11/21/25	UOB Kay Hian	China Sunsine	0.795	0.95	Buy	PER11x FY26

China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/25	Phillip	China Aviation Oil	0.92	1.05	Buy	DCF
02/19/25	Phillip	China Aviation Oil	0.925	1.05	Buy	DCF
03/07/25	Phillip	China Aviation Oil	0.86	0.85	Neutral	DCF
03/07/25	OCBC	China Aviation Oil	0.86	1.1	Buy
03/10/25	Lim & Tan	China Aviation Oil	0.865	1	Accumulate
04/16/25	Phillip	China Aviation Oil	0.83	0.85	Neutral	DCF
05/30/25	Phillip	China Aviation Oil	0.83	0.9	Accumulate	DCF
07/08/25	Lim & Tan	China Aviation Oil	0.915	0	Accumulate
07/16/25	Phillip	China Aviation Oil	0.976	0.9	Accumulate	DCF
07/30/25	OCBC	China Aviation Oil	1.15	1.4	Buy
08/18/25	Phillip	China Aviation Oil	1.23	1.5	Buy	DCF
08/19/25	CIMB	China Aviation Oil	1.22	1.45	Add
09/17/25	Phillip	China Aviation Oil	1.39	1.5	Buy
10/10/25	CIMB	China Aviation Oil	1.33	1.52	Add	PER
10/17/25	Phillip	China Aviation Oil	1.28	1.5	Buy
10/29/25	DBS Vickers	China Aviation Oil	1.32	1.75	Buy	PER10.8x FY26
01/09/26	Lim & Tan	China Aviation Oil	1.65	1.8	Accumulate

CH Offshore - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/30/25	Lim & Tan	CH Offshore	0.019	0.02	Take Profit

Stock calls for 12 January 2026

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/26	Lim & Tan	Jumbo	0.29	0.35	Accumulate on weakness
01/12/26	UOB Kay Hian	Reclaims Group	0.405	0.56	Buy	PER12x FY27
01/12/26	Lim & Tan	SGX	17.51	17.51	Hold

US 1-year inflation expectation - 3.4%

The US inflation expectation (1-year) had increased instead of a decline as expected by the Trump's administration.  This means the US consumers are feeling the pinch of high inflation now and they expect it to go higher.

Baltic dry index - 1688

Related stock: Seatrium, Cosco & Pan Ocean

US rig count (weekly) - 542

Related stock: Seatrium & Cosco

Centurion Accommodation - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/19/25	Lim & Tan	Cenurion Accommodation	0.88	0	Subscribe
10/28/25	UOB Kay Hian	Cenurion Accommodation	1.08	1.23	Buy	DDM
11/06/25	DBS Vickers	Cenurion Accommodation	1.04	1.3	Buy	DCF
11/27/25	Kim Eng	Cenurion Accommodation	1.19	1.27	Buy	DDM
12/08/25	DBS Vickers	Cenurion Accommodation	1.1	1.3	Buy	DCF
01/05/26	UOB Kay Hian	Cenurion Accommodation	1.12	1.23	Buy	DDM

Centurion - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/24	Phillip	Centurion	0.94	1.02	Accumulate	DCF
01/02/25	UOB Kay Hian	Centurion	0.96	1.11	Buy	PER8.7x FY25
01/08/25	Lim & Tan	Centurion	0.96	1.05	Accumulate on weakness
02/04/25	DMG & Partners	Centurion	0.99	1.16	Buy
03/04/25	UOB Kay Hian	Centurion	1.02	1.11	Buy	PER8.7x FY25
03/06/25	UOB Kay Hian	Centurion	1.01	1.16	Buy	PER8.7x FY25
03/07/25	Phillip	Centurion	1.08	1.22	Accumulate	DCF
03/12/25	Lim & Tan	Centurion	1	1.2	Accumulate
04/01/25	Kim Eng	Centurion	1.25	1.45	Buy
04/04/25	Lim & Tan	Centurion	1.23	1.45	Accumulate on weakness
04/08/25	UOB Kay Hian	Centurion	1.07	1.16	Buy	PER8.7x FY25
04/11/25	Amfrasers	Centurion	1.13	1.38	Outperform	DCF
04/14/25	UOB Kay Hian	Centurion	1.12	1.48	Buy	PER10.6x FY25
04/24/25	DMG & Partners	Centurion	1.18	1.17	Buy
04/30/25	DMG & Partners	Centurion	1.22	1.43	Buy
05/15/25	Lim & Tan	Centurion	1.25	1.45	Accumulate
05/16/25	CIMB	Centurion	1.26	1.46	Add	RNAV
05/21/25	Phillip	Centurion	1.34	1.45	Accumulate	DCF & EV/Ebitda9.2x FY25
05/27/25	UOB Kay Hian	Centurion	1.34	1.48	Buy	PER10.6x FY25
05/27/25	DMG & Partners	Centurion	1.34	1.5	Buy	PER
05/29/25	DBS Vickers	Centurion	1.42	1.72	Buy	RNAV (20% disc)
06/12/25	Lim & Tan	Centurion	1.53	0	Accumulate on weakness
06/24/25	UOB Kay Hian	Centurion	1.55	1.7	Buy	PER13.3x FY25
07/15/25	Lim & Tan	Centurion	1.75	1.7	Accumulate on weakness
07/21/25	Phillip	Centurion	1.73	1.88	Accumulate	Sum of parts
07/22/25	CIMB	Centurion	1.61	2.05	Add
07/24/25	DMG & Partners	Centurion	1.7	2.01	Buy	Sum of parts
08/06/25	DMG & Partners	Centurion	1.79	2.01	Buy	Sum of parts
08/08/25	Lim & Tan	Centurion	1.81	1.2	Accumulate on weakness
08/11/25	CIMB	Centurion	1.69	2.04	Add	RNAV
08/13/25	Phillip	Centurion	1.78	2.01	Accumulate	Sum of parts
08/19/25	Lim & Tan	Centurion	1.71	2	Accumulate on weakness	Sum of parts
09/03/25	Lim & Tan	Centurion	1.73	2	Accumulate on weakness	Sum of parts
09/15/25	Phillip	Centurion	1.74	2.01	Accumulate	Sum of parts
10/15/25	Lim & Tan	Centurion	1.42	2.02	Accumulate on weakness	Sum of parts
10/24/25	DMG & Partners	Centurion	1.46	1.85	Buy	Sum of parts
11/06/25	uSMART	Centurion	1.38	1.8	Buy
11/17/25	Phillip	Centurion	1.38	1.81	Buy	Sum of parts
11/17/25	Lim & Tan	Centurion	1.38	1.82	Accumulate
11/20/25	UOB Kay Hian	Centurion	1.36	1.9	Buy	PER
11/24/25	Kim Eng	Centurion	1.37	1.52	Buy
12/03/25	Lim & Tan	Centurion	1.34	1.78	Accumulate
12/09/25	DMG & Partners	Centurion	1.3	1.86	Buy	Sum of parts
12/29/25	Amfrasers	Centurion	1.34	1.8	Outperform	DCF