Shanghai Cooperation Organization (SCO) versus the west - Who will win?

SCO may set the world order in the future as the west degenerates into an axis of calumny.

Mermaid Maritime - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/24	Lim & Tan	Mermaid Maritime	0.19	0.3	Buy
09/30/24	CIMB	Mermaid Maritime	0.158	0.2	Add
10/08/24	CIMB	Mermaid Maritime	0.18	0.2	Add
11/18/24	CIMB	Mermaid Maritime	0.128	0.16	Add

Marco Polo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/24	UOB Kay Hian	Marco Polo	0.058	0.086	Buy	PER11x FY24
07/05/24	Kim Eng	Marco Polo	0.06	0.09	Buy
08/23/24	Lim & Tan	Marco Polo	0.054	0.083	Accumulate
08/28/24	Kim Eng	Marco Polo	0.052	0.08	Buy
08/29/24	UOB Kay Hian	Marco Polo	0.051	0.061	Buy
09/17/24	Kim Eng	Marco Polo	0.054	0.08	Buy
09/20/24	Lim & Tan	Marco Polo	0.055	0.074	Buy
10/07/24	Lim & Tan	Marco Polo	0.058	0.074	Overweight
10/18/24	DMG & Partners	Marco Polo	0.053	0.08	Buy	DCF
11/01/24	UOB Kay Hian	Marco Polo	0.056	0.061	Buy	PER9.5x FY24
11/04/24	Kim Eng	Marco Polo	0.057	0.08	Buy
11/29/24	Lim & Tan	Marco Polo	0.052	0.065	Accumulate on weakness
12/04/24	Kim Eng	Marco Polo	0.053	0.08	Buy
12/06/24	UOB Kay Hian	Marco Polo	0.055	0.072	Buy	PER9.5x FY25
12/13/24	CIMB	Marco Polo	0.054	0.08	Add
01/03/25	Lim & Tan	Marco Polo	0.053	0	Accumulate on weakness
01/14/25	DMG & Partners	Marco Polo	0.054	0.08	Buy	DCF
01/20/25	Lim & Tan	Marco Polo	0.055	0.078	Accumulate on weakness
02/03/25	UOB Kay Hian	Marco Polo	0.055	0.072	Buy	PER9.5x FY25
03/04/25	UOB Kay Hian	Marco Polo	0.05	0.072	Buy	PER9.5x FY25
03/11/25	Lim & Tan	Marco Polo	0.05	0.0755	Buy
04/30/25	UOB Kay Hian	Marco Polo	0.042	0.066	Buy	PER9.5x FY25
05/07/25	UOB Kay Hian	Marco Polo	0.041	0.072	Buy	PER9.5x FY25
05/15/25	CIMB	Marco Polo	0.044	0.072	Add
05/16/25	CIMB	Marco Polo	0.043	0.06	Add
06/09/25	DMG & Partners	Marco Polo	0.045	0.07	Buy
07/24/25	Kim Eng	Marco Polo	0.056	0.07	Buy
08/06/25	DMG & Partners	Marco Polo	0.058	0.07	Buy
08/19/25	Lim & Tan	Marco Polo	0.065	0.065	Hold
08/20/25	UOB Kay Hian	Marco Polo	0.063	0.076	Buy
08/22/25	Lim & Tan	Marco Polo	0.069	0.082	Buy	PER10x FY26
08/27/25	UOB Kay Hian	Marco Polo	0.067	0.088	Buy
08/27/25	Kim Eng	Marco Polo	0.067	0.09	Buy	PER11x FY26

Mapletree Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/13/24	Citi Research	Mapletree Logistics	1.32	1.58	Buy	DDM & RNAV
06/14/24	Lim & Tan	Mapletree Logistics	1.33	1.61	Accumulate
06/26/24	DBS Vickers	Mapletree Logistics	1.32	1.75	Buy
06/26/24	Kim Eng	Mapletree Logistics	1.32	1.5	Buy
06/26/24	UOB Kay Hian	Mapletree Logistics	1.32	1.59	Buy
07/12/24	DBS Vickers	Mapletree Logistics	1.32	1.75	Buy	DCF
07/26/24	OCBC	Mapletree Logistics	1.28	1.65	Buy
07/26/24	Citi Research	Mapletree Logistics	1.28	1.58	Buy	DDM & RNAV
07/26/24	CIMB	Mapletree Logistics	1.28	1.63	Add
07/29/24	Kim Eng	Mapletree Logistics	1.3	1.32	Buy
07/30/24	UOB Kay Hian	Mapletree Logistics	1.3	1.58	Buy
09/11/24	DBS Vickers	Mapletree Logistics	1.43	1.75	Buy	PB1x
09/11/24	Lim & Tan	Mapletree Logistics	1.43	1.6	Accumulate
10/17/24	Kim Eng	Mapletree Logistics	1.42	1.6	Buy	DDM
10/23/24	DBS Vickers	Mapletree Logistics	1.41	1.75	Buy	PB1x
10/24/24	UOB Kay Hian	Mapletree Logistics	1.4	1.45	Hold	DDM
11/26/24	Macquarie	Mapletree Logistics	1.29	1.65	Buy
11/28/24	DBS Vickers	Mapletree Logistics	1.28	1.75	Buy	PB1x
11/28/24	Lim & Tan	Mapletree Logistics	1.28	1.63	Accumulate
12/16/24	Kim Eng	Mapletree Logistics	1.27	1.6	Buy	DDM
01/02/25	UOB Kay Hian	Mapletree Logistics	1.27	1.45	Hold	DDM
01/02/25	JPM	Mapletree Logistics	1.27	2.5	Overweight
01/02/25	CIMB	Mapletree Logistics	1.27	1.73	Add
01/03/25	UOB Kay Hian	Mapletree Logistics	1.29	1.41	Hold	DDM
01/17/25	Lim & Tan	Mapletree Logistics	1.27	1.56	Accumulate
01/22/25	DBS Vickers	Mapletree Logistics	1.27	1.75	Buy	PB1x
01/23/25	UOB Kay Hian	Mapletree Logistics	1.27	1.35	Hold	DDM
01/23/25	MorningStar	Mapletree Logistics	1.27	1.54	Buy
03/06/25	UOB Kay Hian	Mapletree Logistics	1.25	1.35	Hold	DDM
03/06/25	JPM	Mapletree Logistics	1.25	1.9	Underweight
04/01/25	UOB Kay Hian	Mapletree Logistics	1.31	1.35	Hold	DDM
04/24/25	DBS Vickers	Mapletree Logistics	1.21	1.55	Buy	DCF
04/25/25	UOB Kay Hian	Mapletree Logistics	1.16	1.31	Hold	DDM
04/25/25	CIMB	Mapletree Logistics	1.16	1.63	Add
05/13/25	DBS Vickers	Mapletree Logistics	1.08	1.55	Buy	DCF
05/21/25	UOB Kay Hian	Mapletree Logistics	1.09	1.31	Hold	DDM
06/27/25	UOB Kay Hian	Mapletree Logistics	1.16	1.43	Hold	DDM
07/24/25	DBS Vickers	Mapletree Logistics	1.21	1.55	Buy	DCF
07/24/25	OCBC	Mapletree Logistics	1.21	1.46	Buy
07/25/25	UOB Kay Hian	Mapletree Logistics	1.19	1.33	Hold	DDM
09/01/25	UOB Kay Hian	Mapletree Logistics	1.22	1.33	Hold	DDM

Stock calls for 1 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/02/25	UOB Kay Hian	Frasers Centrepoint Trust	2.33	3.07	Buy	DDM
09/01/25	UOB Kay Hian	A-Reit	2.72	4.02	Buy	DDM
09/01/25	Lim & Tan	APAC Realty	0.735	0.82	Accumulate	PER15.5x FY25/26
09/01/25	UOB Kay Hian	ART	0.885	1.56	Buy	DDM
09/01/25	Lim & Tan	ASL Marine	0.083	0	Accumulate
09/01/25	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.28	2.79	Buy	DDM
09/01/25	UOB Kay Hian	Frasers Logistics	0.91	1.15	Buy	DDM
09/01/25	DBS Vickers	GuocoLand	1.86	2.5	Buy	RNAV (45% disc)
09/01/25	UOB Kay Hian	Keppel DC Reit	2.36	2.69	Buy	DDM
09/01/25	UOB Kay Hian	Lendlease Reit	0.6	0.79	Buy	DDM
09/01/25	UOB Kay Hian	Mapletree Commercial	1.38	1.86	Buy	DDM
09/01/25	UOB Kay Hian	Mapletree Logistics	1.22	1.33	Hold	DDM
09/01/25	UOB Kay Hian	Parkway Life	4.22	5.34	Buy	DDM
09/01/25	Phillip	Singtel	4.31	4.86	Accumulate	Ev/Ebitda8x
09/01/25	OCBC	ST Engineering	7.68	8.9	Buy
09/01/25	UOB Kay Hian	Suntec Reit	1.32	1.31	Hold	DDM
09/01/25	DBS Vickers	Yangzijiang Shipping	2.91	3.8	Buy	PB2.5x FY25, PER11x FY25

Baltic dry index - 2025

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 536

Related stock: Seatrium & Cosco.

The US core inflation has risen but the FED will make a political decision in September to ease its rates.

Core PCE (MOM): 0.3% & Core PCE (YOY): 2.9%

US 1-year inflation expectation: 3.5% (Way above Fed's target - 2%)

5-year inflation expectation: 4.8%

We can see that the US inflation and inflation expectations have risen and the only reason that the US Fed will ease its rates in September is POLITICAL (to get Trump off the FED's back).  This doesn't bode well for the US because it means the US FED has lost its independence and it's making a decision based on politics.