Oxley - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/02/25	Lim & Tan	Oxley	0.106	0	Hold

OUE Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/28/25	phillip	OUE Commercial	0.275	0.4	Buy	DDM
04/28/25	DBS Vickers	OUE Commercial	0.275	0.33	Buy	DCF
04/28/25	Kim Eng	OUE Commercial	0.275	0.27	Hold
04/29/25	OCBC	OUE Commercial	0.28	0.315	Buy
04/29/25	Kim Eng	OUE Commercial	0.28	0.28	Hold
04/29/25	CIMB	OUE Commercial	0.28	0.33	Add
05/02/25	Amfrasers	OUE Commercial	0.28	0.32	outperform	DDM
07/24/25	DBS Vickers	OUE Commercial	0.31	0.33	Buy	DCF
07/24/25	OCBC	OUE Commercial	0.31	0.335	Buy
07/24/25	Lim & Tan	OUE Commercial	0.31	0.335	Accumulate
07/25/25	phillip	OUE Commercial	0.31	0.4	Buy	DDM
07/25/25	DBS Vickers	OUE Commercial	0.31	0.35	Buy	DCF
07/28/25	CIMB	OUE Commercial	0.31	0.33	Add
08/26/25	Lim & Tan	OUE Commercial	0.335	0	Accumulate on weakness
10/27/25	DBS Vickers	OUE Commercial	0.345	0.4	Buy	DCF
10/27/25	OCBC	OUE Commercial	0.345	0.36	Buy
11/14/25	Amfrasers	OUE Commercial	0.34	0.36	outperform	DDM
12/09/25	phillip	OUE Commercial	0.35	0.4	Buy	DDM
01/08/26	DBS Vickers	OUE Commercial	0.36	0.4	Buy	DCF
01/27/26	DBS Vickers	OUE Commercial	0.365	0.45	Buy	DCF
01/27/26	Lim & Tan	OUE Commercial	0.365	0.39	Accumulate
01/28/26	CIMB	OUE Commercial	0.36	0.41	Add	DDM
01/29/26	OCBC	OUE Commercial	0.375	0.4	Buy
02/03/26	phillip	OUE Commercial	0.36	0.4	Buy	DDM
02/20/26	DBS Vickers	OUE Commercial	0.355	0.45	Buy	DCF
02/23/26	Lim & Tan	OUE Commercial	0.37	0.42	Accumulate
02/25/26	CIMB	OUE Commercial	0.37	0.41	Add	DDM
03/25/26	Lim & Tan	OUE Commercial	0.35	0.43	Accumulate
04/22/26	DBS Vickers	OUE Commercial	0.37	0.45	Buy	DCF
04/23/26	phillip	OUE Commercial	0.365	0.45	Buy	DDM
04/23/26	CIMB	OUE Commercial	0.365	0.44	Add	DDM
04/23/26	Lim & Tan	OUE Commercial	0.365	0.44	Accumulate

Stock calls for 2 June 2026

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/26	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.27	3.06	Buy	DDM
06/02/26	DMG & Partners	City Developments	8.58	11.2	Buy
06/02/26	DBS Vickers	First Sponsor	1.02	1.3	Unrated
06/02/26	Phillip	Geo Energy	0.47	0.75	Buy	DCF
06/02/26	UOB Kay Hian	Mapletree Commercial	1.28	1.75	Buy	DDM
06/02/26	UOB Kay Hian	NTT DC Reit	0.98	1.43	Buy	DDM
06/02/26	UOB Kay Hian	Seatrium	2.12	3.15	Buy	PB1.5x
06/02/26	CIMB	Seatrium	2.12	2.52	Add	PB
06/02/26	Lim & Tan	Seatrium	2.12	2.71	Accumulate on weakness
06/02/26	Kim Eng	UI Boustead	0.795	1.03	Buy
06/02/26	phillip	Valuetronics	1.17	1.29	Buy	PER20x FY27
06/02/26	Lim & Tan	Zixin	0.033	0.066	Buy	PER10x FY26

The Iran war situation report. - Part 66

The US-Iran peace talk has broken down because of Israel that is driving a wedge between Iran and US. Iran has suspended the peace talk and Trump has nobody to talk to now.

Furthermore, Trump has added new terms and conditions to the existing peace deal that are unacceptable to Iran.

Just like what we've stated previously, we've little faith in the success of this US-Iran peace deal.  This peace deal can only be achieved when the US relents and gives in to Iran's demands, and not the opposite in which Iran has to give in to the US's demands.  Let's not forget that it is the US that is the aggressor and Iran is the victim.

The US ISM PMI and its underlying factors are in a paradox.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = 2.7-2.7 = 0

Estimated Local Material: Inventories - Imports = 0.9-2.7 = -1.8

Although the price hike had eased, it still remained at an elevated high (82.1) and this might explain the bleak local consumption.

The new orders increased (+2.7) because of a boost in new export orders (+2.7).  However, the comparison between the new orders & new export orders had revealed that the local new orders (local consumption) had stalled (est'd 0).

The production and employment were increased to fulfill increases in the new orders and new export orders.  Consequently, all these also led to the increases in the backlog orders and customers' inventories.

In the end, the ISM PMI increased to 54 but the underlying factors painted a dour outlook.

The 2 things to highlight in this PMI are the price and new local orders because these 2 factors will impact the US GDP significantly.  The high price and weak consumption have corroborated the recent downward revision of the US GDP (from 2% to 1.6%).

The Iran war situation report. - Part 65

If Trump were to agree on this ceasefire extension by another 60 days, it would be bad for his mid-term election in November because his campaign would begin in June without any good news.  He couldn't end his illegal Iran war and he also didn't secure any good deal from China.  Furthermore, the US is still being dogged by the high inflation.

The US is just kicking the can down the road because it can't win the Iran war and Iran is unwilling to relent to the US demands.

Even with this ceasefire extension, there is no guarantee that there won't be any attack from both sides during the ceasefire.  Thus, this on-going Iran war will continue to haunt the stock markets and affect Trump's election.

Olam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/06/26	Lim & Tan	Olam	0.86	0	Buy
04/24/26	Lim & Tan	Olam	1.04	1.35	Buy
05/04/26	Kim Eng	Olam	1.02	1.6	Buy	Sum of parts

OKP - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/01/25	Lim & Tan	OKP	0.565	0.93	Buy
06/06/25	Lim & Tan	OKP	0.755	0.97	Buy	PER8x FY25
01/15/26	Lim & Tan	OKP	1.26	0	Buy
02/04/26	Lim & Tan	OKP	0.81	0.93	Buy	PER11x FY26
03/05/26	Lim & Tan	OKP	0.78	1.03	Buy
04/02/26	Lim & Tan	OKP	0.69	1.03	Buy
05/28/26	Lim & Tan	OKP	0.82	1.03	Buy

Oiltek - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/25	phillip	Oiltek	1.22	1.48	Buy	PER20x FY25
03/21/25	Lim & Tan	Oiltek	1.16	1.43	Buy
03/27/25	UOB Kay Hian	Oiltek	1.15	1.44	Buy	PER20x FY25, PEG0.8x
04/10/25	UOB Kay Hian	Oiltek	0.96	1.44	Buy	PER20x FY25, PEG0.8x
04/16/25	Lim & Tan	Oiltek	1.16	1.5	Buy
05/27/25	UOB Kay Hian	Oiltek	0.53	0.48	Buy	Ex-bonus
06/09/25	Lim & Tan	Oiltek	0.605	0	Accumulate on weakness
07/03/25	Lim & Tan	Oiltek	0.56	0	Accumulate on weakness
07/15/25	UOB Kay Hian	Oiltek	0.67	0.8	Buy	PER27x FY26, PB0.9x
07/22/25	UOB Kay Hian	Oiltek	0.75	0.86	Buy	PER29x FY26, PB0.95x
07/31/25	UOB Kay Hian	Oiltek	0.89	1.05	Buy	PER33x FY26, PEG1x
08/04/25	phillip	Oiltek	0.98	1.18	Buy	PER35x FY26
09/10/25	Lim & Tan	Oiltek	1.1	0	Hold
02/12/26	Lim & Tan	Oiltek	0.62	0.94	Buy
02/12/26	CIMB	Oiltek	0.62	1.02	Add
03/13/26	phillip	Oiltek	0.8	1.18	Buy	PER35x FY26
03/16/26	CIMB	Oiltek	0.85	0.94	Add
04/07/26	UOB Kay Hian	Oiltek	1.87	2.78	Buy	PER28x FY27
04/07/26	phillip	Oiltek	1.87	2.72	Buy	PER24x FY27
05/04/26	UOB Kay Hian	Oiltek	2.27	2.78	Buy	PER28x FY27

Stock calls for 29 May 2026

Date	Analyst	Company	Last	Target	Call	Valuation
05/29/26	OCBC	ART	0.895	0.95	Buy
05/29/26	Lim & Tan	ART	0.895	1.08	Accumulate
05/29/26	Lim & Tan	KSH	0.355	0.51	Accumulate	Sum of parts
05/29/26	DBS Vickers	Seatrium	2.17	3	Buy	PB1.35x FY26
05/29/26	OCBC	Seatrium	2.17	2.79	Buy	PB
05/29/26	UOB Kay Hian	Valuetronics	1.14	1.88	Buy	PER19x FY28, Ex-cash

US GDP forecast is being revised down.

Let's break down the GDP to see what had changed from the previous quarter.

GDP growth = G + I + C + NE

Q1 GDP (1st estimate) = 0.73 + 1.48 + 1.08 + (-1.3) = 1.99 (2)

Q1 GDP (2nd estimate) = 0.73 + 1.19 + 0.95 + (-1.25) = 1.62 (1.6)

The latest GDP estimate showed that there were further slowdown in investment (I) and consumption (C) that caused the GDP to be revised down.  Futhermore, the core PCE price was higher than the previous estimate which meant that the Iran war had continued to affect the US inflation.