Stock calls for 2 May 2025

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/25	Phillip	Capitaland Investment	2.75	3.65	Buy	Sum of parts
05/02/25	DBS Vickers	Capitaland Investment	2.75	3.65	Buy	Sum of parts
05/02/25	CIMB	Capitaland Investment	2.75	4.3	Add	RNAV
05/02/25	phillip	Digicore Reit	0.5	0.9	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
05/02/25	phillip	Far East Hospitality	0.545	0.7	Buy	DDM
05/02/25	CIMB	Far East Hospitality	0.545	0.74	Add	DDM
05/02/25	phillip	First Reit	0.26	0.32	Buy	DDM
05/02/25	OCBC	First Reit	0.26	0.27	Buy
05/02/25	Phillip	Frasers Centrepoint Trust	2.26	2.44	Accumulate	DDM
05/02/25	DBS Vickers	Hutchison Port	0.149	0.18	Buy	DCF
05/02/25	DBS Vickers	Mapletree Industrial	2.02	2.6	Buy	DCF
05/02/25	Lim & Tan	Mapletree Industrial	2.02	2.42	Buy
05/02/25	Amfrasers	OUE Commercial	0.28	0.32	outperform	DDM
05/02/25	phillip	Sheng Siong	1.76	1.89	Accumulate	PER18x FY25
05/02/25	DBS Vickers	Sheng Siong	1.76	2	Buy	PER19x FY25/26
05/02/25	Citi Research	Sheng Siong	1.76	2.05	Buy	PER20x FY26
05/02/25	Phillip	Stoneweg Reit	1.5	1.86	Buy	DDM
05/02/25	phillip	Wee Hur	0.525	0.62	Buy	Sum of parts
05/02/25	DMG & Partners	Wilmar	3.06	3	Neutral
05/02/25	Citi Research	Wilmar	3.06	3.25	Buy	PER11x FY26

US stagflation alert! - Part 2

The US inflation eases a bit because of poor consumption but it is still above the Fed's target of 2%.

The more worrying signal is that the GDP growth estimate has dived into a recession zone (negative growth).

https://sg-stock.blogspot.com/2025/05/us-q1-2025-gdp-update.html

With inflation still above the Fed's target and GDP growth in negative zone, the next shoe to drop will be an increase in unemployment.  When all these are in an alignment, the US will be officially in a stagflation phase.

US Q1 2025 GDP update!

Let's break down the latest US Q1 2025 GDP result (-0.3%).

The previous Q4 2024 GDP:

GDP growth = G + I + C + NE

Q4 GDP (2024) = 0.52 + (-1.03) + 2.7 + 0.26 = 2.45 (2.4)

The current Q1 2025 GDP:

Q1 GDP (1st estimate) = (-0.25) + 3.6 + 1.21 + (-4.83) = -0.27 (-0.3)

As we can see from the above GDP components, the government spending (G) has being cut significantly by the DOGE (Elon Musk) department.  The investment (I) increases massively because of stockpiling by producers, wholesalers and retailers before the tariff hikes.  The tariff hikes have decreased the US consumption (C) and net export (NE) significantly.  The NE decreases massively because of an import surge that is caused by front-loading whereby the US import exceeds exports by a wide margin.

This GDP estimate is a very bad report which is caused by the tariff hikes.

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/28/24	Lim & Tan	Wing Tai	1.26	0	Accumulate on weakness
09/30/24	Lim & Tan	Wing Tai	1.36	0	Accumulate on weakness