Elite ComReit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/13/25	UOB Kay Hian	Elite ComReit	0.3	0.35	Buy	DDM
05/02/25	phillip	Elite ComReit	0.295	0.35	Buy	DDM
05/02/25	DMG & Partners	Elite ComReit	0.295	0.35	Buy	DDM
05/05/25	Lim & Tan	Elite ComReit	0.29	0.35	Accumulate
05/06/25	UOB Kay Hian	Elite ComReit	0.29	0.35	Buy	DDM
06/11/25	DBS Vickers	Elite ComReit	0.335	0.36	Buy	DCF
06/11/25	CIMB	Elite ComReit	0.335	0.35	Add
06/11/25	Lim & Tan	Elite ComReit	0.335	0	Accumulate on weakness
06/23/25	phillip	Elite ComReit	0.305	0.35	Buy	DDM
07/15/25	DBS Vickers	Elite ComReit	0.32	0.36	Buy	DCF
07/24/25	CIMB	Elite ComReit	0.34	0.38	Add
08/01/25	phillip	Elite ComReit	0.345	0.39	Buy	DDM
08/04/25	DBS Vickers	Elite ComReit	0.35	0.4	Buy	DCF
08/06/25	DMG & Partners	Elite ComReit	0.345	0.37	Buy
09/19/25	UOB Kay Hian	Elite ComReit	0.35	0.39	Buy	DDM
09/22/25	phillip	Elite ComReit	0.35	0.39	Buy	DDM
10/23/25	phillip	Elite ComReit	0.355	0.39	Buy	DDM
11/04/25	Lim & Tan	Elite ComReit	0.36	0.4	Hold
11/19/25	Amfrasers	Elite ComReit	0.36	0.41	Outperform	DDM
11/24/25	phillip	Elite ComReit	0.355	0.39	Buy	DDM
12/23/25	phillip	Elite ComReit	0.355	0.39	Buy	DDM
01/07/26	phillip	Elite ComReit	0.36	0.39	Buy	DDM
02/06/26	DBS Vickers	Elite ComReit	0.355	0.4	Buy	DCF
02/10/26	DMG & Partners	Elite ComReit	0.365	0.4	Buy
02/12/26	phillip	Elite ComReit	0.36	0.41	Buy	DDM
03/23/26	phillip	Elite ComReit	0.34	0.41	Buy	DDM
03/30/26	DBS Vickers	Elite ComReit	0.335	0.4	Buy	DCF

Stock calls for 21 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/21/26	CIMB	Capitaland Integrated Commercial Trust	2.39	2.74	Add	DDM
04/21/26	Lim & Tan	Capitaland Integrated Commercial Trust	2.39	2.67	Accumulate
04/21/26	UOB Kay Hian	Centurion	1.66	1.9	Buy	PER12.4x FY26
04/21/26	CIMB	Isoteam	0.081	0.11	Add	PER
04/21/26	Lim & Tan	Keppel Corp	11.86	13.38	Accumulate
04/21/26	DBS Vickers	Keppel Reit	0.92	1.05	Buy
04/21/26	DBS Vickers	OCBC	22.67	25.5	Buy	GGM, PB1.7x FY27

The Iran war situation report. - Part 52

Iran has rejected US request for a 2nd peace talk in Pakistan.

Conversely, Iran has started to retaliate against the US and Israel.  In short, the Iran war has resumed and the detente has broken.

Digicore Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/25	UOB Kay Hian	Digicore Reit	0.55	0.88	Buy	DDM
04/01/25	UOB Kay Hian	Digicore Reit	0.53	0.88	Buy	DDM
04/24/25	DBS Vickers	Digicore Reit	0.475	0.7	Buy	DCF
05/02/25	phillip	Digicore Reit	0.5	0.9	Buy	DDM
05/21/25	UOB Kay Hian	Digicore Reit	0.515	0.88	Buy	DDM
06/27/25	UOB Kay Hian	Digicore Reit	0.515	0.88	Buy	DDM
07/24/25	UOB Kay Hian	Digicore Reit	0.555	0.88	Buy	DDM
07/24/25	DBS Vickers	Digicore Reit	0.555	0.68	Buy	DCF
08/29/25	UOB Kay Hian	Digicore Reit	0.515	0.88	Buy	DDM
10/23/25	DBS Vickers	Digicore Reit	0.485	0.68	Buy	DCF
11/18/25	DBS Vickers	Digicore Reit	0.5	0.68	Buy	DCF
01/05/26	DBS Vickers	Digicore Reit	0.51	0.68	Buy	DCF
01/06/26	UOB Kay Hian	Digicore Reit	0.545	0.92	Buy	DDM
02/05/26	DBS Vickers	Digicore Reit	0.53	0.7	Buy	DCF
03/16/26	UOB Kay Hian	Digicore Reit	0.485	0.93	Buy	DDM

Dezign Format - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/20/25	UOB Kay Hian	Dezign Format	0.305	0.37	Buy	PER10.5x FY26
09/30/25	Lim & Tan	Dezign Format	0.285	0.37	Buy

Delfi - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/25	UOB Kay Hian	Delfi	0.755	0.82	Hold	PER12x FY25
04/14/25	Lim & Tan	Delfi	0.69	0.83	Accumulate on weakness
05/21/25	DBS Vickers	Delfi	0.71	0.8	Hold
05/21/25	Lim & Tan	Delfi	0.71	0.83	Accumulate on weakness
05/22/25	Lim & Tan	Delfi	0.715	0.82	Hold	PER12x FY25
05/22/25	CIMB	Delfi	0.715	0.71	Hold	PER
08/13/25	Lim & Tan	Delfi	0.85	0.78	Hold
08/13/25	DBS Vickers	Delfi	0.85	0.7	Fully Valued
08/19/25	UOB Kay Hian	Delfi	1.29	1.71	Buy
08/19/25	DMG & Partners	Delfi	1.29	1.33	Buy
11/14/25	DBS Vickers	Delfi	0.835	0.7	Fully Valued	PER12.4x FY26
11/14/25	CIMB	Delfi	0.835	0.81	Hold	PER
11/17/25	DBS Vickers	Delfi	0.82	0.8	Hold	PER12x FY26
12/11/25	DMG & Partners	Delfi	0.82	0.94	Buy	PER13x FY26
01/22/26	UOB Kay Hian	Delfi	0.845	0.82	Hold
02/25/26	DBS Vickers	Delfi	0.99	0.8	Hold	PER12x FY26
02/25/26	Lim & Tan	Delfi	0.99	0.85	Accumulate on weakness
02/26/26	UOB Kay Hian	Delfi	0.945	1.12	Buy	PER14x FY26
02/26/26	DBS Vickers	Delfi	0.945	1	Hold	PER14x FY26
03/06/26	DMG & Partners	Delfi	0.995	1.2	Buy
03/10/26	UOB Kay Hian	Delfi	0.935	1.12	Buy	PER14x FY26
03/20/26	CIMB	Delfi	0.93	0.91	Hold	PER
04/13/26	Lim & Tan	Delfi	1.14	1.02	Accumulate on weakness
04/14/26	UOB Kay Hian	Delfi	1.19	1.68	Buy	PER

Stock calls for 20 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/20/26	UOB Kay Hian	Beng Kuang Marine	0.48	0.64	Buy	PER
04/20/26	Lim & Tan	Capitaland Investment	2.85	3.5	Accumulate
04/20/26	Lim & Tan	Centurion	1.68	1.83	Accumulate
04/20/26	DBS Vickers	Dairy Farm	4.07	5	Buy	PER23x FY26
04/20/26	Kim Eng	HRnetGroup	0.76	0.87	Buy
04/20/26	UOB Kay Hian	Keppel Pacific	0.189	0.25	Buy	DDM
04/20/26	UOB Kay Hian	Reclaims Global	0.22	0.27	Buy	PER12x FY27
04/20/26	JPM	UOL	10.16	12	Overweight

Singapore NODX increased by 15.3% In March 2026 despite of the Iran war.

https://tradingeconomics.com/singapore/domestic-exports-of-non-oil-nodx-pctyoy/news/542642

Year-on-year changes:

March 2026: 15.3%

February 2026: 4%

January  2026: 9.3%

December 2025: 6.1%

November 2025: 11.5%

October 2025: 22.2%

September 2025: 6.9%

August 2025: -11.3%

July 2025: -4.6%

June 2025: 13%

May 2025: -3.5%

April 2025:12.4%

March 2025: 5.4%

February 2025: 7.6%

January 2025: -2.1%

December 2024: 9%

November 2024: 3.4%

October 2024: -4.6%

September 2024: 2.7%

August 2024: 10.7%

July 2024: 15.7%

June 2024: -8.7%

May 2024: -0.1%

April 2024: -9.6%

March 2024: -20.7%

February 2024: -0.1%

January 2024: +16.8%

The Iran war situation report. - Part 51

Tensions are rising in the strait of hormuz between the US and China.

The US tried to intercept china oil tankers but failed in its operation because china sent its type 054A to escort 4 China oil tankers out of hormuz.  It was reported that there was some minor skirmish between the US and China frigates.

Moreover, China has beefed up its military strength by sending type 052DL to the strait of hormuz.  China still has its most powerful destroyer type 055 nearby awaiting for any frontline operation.

This incident has proven that the US is incapable to block the strait of hormuz when china is around.  Well done, China!

The Iran war situation report. - Part 50

Iran has announced that the strait of hormuz is closed officially.

There's another bad news for the US aircraft carrier operating in the Middle East.  The US aircraft carrier is running out of food supplies and it is on a food ration exercise now.

Let's take a look at the food quantity from the US ship.  Do you think the one person portion is enough for a normal size American soldier?

The US can't last long with the food ration exercise.  What's gonna happen next then?

The US only has 2 options: Either attack Iran soon or retreat to the US to end this war soon.  However, retreating doesn't seem to be a good idea for the US.  Therefore, the US has to attack Iran soon before the US runs out of its food supplies.

No matter what, the US is facing a dire strait now.

The Iran war situation report. - Part 49

Trump had successfully talked up the financial markets and trapped many investors that bought into his false claims.

Iran had rejected Trump's claims on the handover of its nuclear material and the complete opening of the strait of hormuz.

What's Trump's true intentions?

1. Talk up the financial markets so that he and his cronies can execute their "pump and dump" scheme.

2. Make Iran let down its guard and get more time to regroup and re-strategize for the next US military action.