Stock calls for 15 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/15/25	DMG & Partners	APAC Realty	0.88	0.8	Neutral
09/15/25	Phillip	Centurion	1.74	2.01	Accumulate	Sum of parts
09/15/25	UOB Kay Hian	Hong Leong Asia	2.43	2.82	Buy	Sum of parts
09/15/25	DMG & Partners	SGX	16.57	17.8	Neutral	PER25x FY26
09/15/25	Phillip	SIA	6.54	5.94	Reduce	PB1.1x FY25
09/15/25	phillip	SIA Engineering	3.13	3.83	Buy	PER
09/15/25	OCBC	Singapore Post	0.435	0.44	Hold

The US inflation expectations spiked again!

 1-year inflation expectation: 4.8%

5-year inflation expectation: 3.9%

The US consumers have very high inflation expectations for the foreseeable future because of Trump's tariffs.  They will cut back on their spendings after frontloading their purchases because inflation won't fall to the Fed's target rate of 2%.

Baltic dry index - 2126

 Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 539

Related stock: Seatrium & Cosco.

Sanli Environment - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/11/25	SAC Capital	Sanli Env	0.157	0.228	Buy
08/18/25	Kim Eng	Sanli Env	0.21	0.38	Buy	PER15x FY26/27
09/04/25	CIMB	Sanli Env	0.275	0.51	Add	PER

Sabana - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/22/25	Lim & Tan	Sabana	0.375	0.3	Avoid
03/13/25	Lim & Tan	Sabana	0.365	0	Hold

Riverstone - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/25/24	UOB Kay Hian	Riverstone	0.95	1.16	Buy
08/07/24	DMG & Partners	Riverstone	0.895	1.05	Buy	DCF
08/08/24	UOB Kay Hian	Riverstone	0.925	1.16	Buy
08/08/24	DMG & Partners	Riverstone	0.925	1.04	Buy	DCF
08/08/24	CIMB	Riverstone	0.925	0.95	Hold
10/07/24	DMG & Partners	Riverstone	0.895	1.02	Buy	DCF
10/22/24	UOB Kay Hian	Riverstone	0.925	1.16	Buy
11/12/24	Lim & Tan	Riverstone	0.89	1	Hold
11/12/24	DMG & Partners	Riverstone	0.89	1.02	Buy	DCF
11/13/24	DMG & Partners	Riverstone	0.9	1.07	Buy	DCF
11/13/24	UOB Kay Hian	Riverstone	0.9	1.16	Buy	PER20x FY25
11/15/24	CIMB	Riverstone	1	1.1	Add
01/09/25	DMG & Partners	Riverstone	1.07	1.22	Buy	DCF, PER20x FY25
02/24/25	DMG & Partners	Riverstone	1	1.2	Buy	DCF, PER20x FY25
02/25/25	UOB Kay Hian	Riverstone	0.99	1.16	Buy	PER20x FY25
02/25/25	DMG & Partners	Riverstone	0.99	1.18	Buy	DCF, PER19x FY25
05/08/25	DMG & Partners	Riverstone	0.935	1.08	Buy
05/09/25	UOB Kay Hian	Riverstone	0.855	0.82	Hold	PER18x FY25
05/13/25	DMG & Partners	Riverstone	0.765	0.95	Buy	DCF
06/19/25	UOB Kay Hian	Riverstone	0.675	0.71	Hold	PER16x FY25
07/01/25	DMG & Partners	Riverstone	0.67	0.95	Buy	DCF

Stock calls for 12 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/12/25	Lim & Tan	Isoteam	0.087	0.1	Accumulate

The US core inflation remains above 3%.

US core inflation: 3.1%

Inflation sectors

The US is starting to reflect the impacts of Trump's tariffs in August and will continue to do so thereafter.  The US Fed is projected to reduce its rates by 25bp for political reason so as to get Trump off its back.  This will be a bad Fed's decision because it goes to show that the US Fed is no longer an independent entity.

RH Petrogas - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/21/24	UOB Kay Hian	RH Petrogas	0.141	0.231	Buy	Sum of parts
03/05/25	UOB Kay Hian	RH Petrogas	0.156	0.254	Buy	Sum of parts
08/19/25	UOB Kay Hian	RH Petrogas	0.178	0.245	Buy	Sum of parts

Raffles Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/05/24	DMG & Partners	Raffles Medical	1.02	1.06	Neutral	Sum of parts
07/01/24	DMG & Partners	Raffles Medical	0.995	1.06	Neutral	Sum of parts
07/29/24	DBS Vickers	Raffles Medical	1.02	1	Hold
07/29/24	Lim & Tan	Raffles Medical	1.02	1.14	Hold
07/30/24	DBS Vickers	Raffles Medical	1	0.97	Hold	Sum of parts
07/30/24	CIMB	Raffles Medical	1	1.15	Add	EV/Ebitda
07/30/24	DMG & Partners	Raffles Medical	1	1	Neutral	Sum of parts
07/30/24	Kim Eng	Raffles Medical	1	1.1	Hold
08/01/24	phillip	Raffles Medical	0.94	0.96	Neutral	DCF
08/19/24	DBS Vickers	Raffles Medical	0.905	0.97	Hold
11/12/24	DBS Vickers	Raffles Medical	0.87	0.97	Hold
12/05/24	DMG & Partners	Raffles Medical	0.885	0.9	Neutral	Sum of parts
01/17/25	UOB Kay Hian	Raffles Medical	0.84	1.01	Hold	PER28x FY25
01/20/25	Kim Eng	Raffles Medical	0.84	1	Hold
02/25/25	UOB Kay Hian	Raffles Medical	0.88	1.06	Buy	PER28x FY25
02/25/25	phillip	Raffles Medical	0.88	1.02	Accumulate	DCF
02/25/25	DBS Vickers	Raffles Medical	0.88	1.12	Buy	Sum of parts, PER25x
02/25/25	DMG & Partners	Raffles Medical	0.88	0.95	Neutral	Sum of parts
02/25/25	Kim Eng	Raffles Medical	0.88	1.03	Buy
04/08/25	UOB Kay Hian	Raffles Medical	0.92	1.06	Buy	PER28x FY25
04/08/25	DMG & Partners	Raffles Medical	0.92	1.08	Buy	Sum of parts
04/24/25	Kim Eng	Raffles Medical	1.01	1.13	Buy	DCF
06/11/25	Lim & Tan	Raffles Medical	0.975	1.11	Accumulate on weakness
06/23/25	DMG & Partners	Raffles Medical	0.955	1.08	Buy	Sum of parts
06/30/25	UOB Kay Hian	Raffles Medical	0.965	1.06	Buy	PER28x FY25
07/08/25	UOB Kay Hian	Raffles Medical	1	1.18	Buy	PER31x FY25
07/28/25	DBS Vickers	Raffles Medical	1.05	1.12	Buy	Sum of parts, PER25x
07/28/25	Lim & Tan	Raffles Medical	1.05	1.13	Hold
07/29/25	UOB Kay Hian	Raffles Medical	1.07	1.25	Buy	PER31x FY25
07/29/25	DBS Vickers	Raffles Medical	1.07	1.32	Buy	PER30x FY26
07/31/25	phillip	Raffles Medical	1.02	1.02	Neutral	DCF
08/06/25	DMG & Partners	Raffles Medical	1.01	1.1	Neutral	Sum of parts

Q&M - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/23/24	Lim & Tan	Q&M	0.28	0.37	Accumulate
08/12/24	Lim & Tan	Q&M	0.26	0.37	Accumulate
08/13/24	CIMB	Q&M	0.275	0.37	Add
08/22/24	Amfrasers	Q&M	0.265	0.35	outperform	DCF
08/29/24	phillip	Q&M	0.265	0.36	Buy	PER20x FY24
10/25/24	CIMB	Q&M	0.305	0.37	Add
01/20/25	Kim Eng	Q&M	0.275	0.31	Hold
01/21/25	Lim & Tan	Q&M	0.28	0.35	Accumulate on weakness
02/11/25	phillip	Q&M	0.28	0.36	Buy	PER20x FY24
03/13/25	phillip	Q&M	0.29	0.4	Buy	PER18x FY25
03/28/25	Amfrasers	Q&M	0.29	0.35	outperform	DCF
04/02/25	CIMB	Q&M	0.3	0.43	Add
06/12/25	CIMB	Q&M	0.4	0.49	Add
08/18/25	CIMB	Q&M	0.43	0.49	Add	PER
08/18/25	Kim Eng	Q&M	0.43	0.31	Hold
08/20/25	phillip	Q&M	0.465	0.545	Buy	PER25x FY26

Stock calls for 11 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/11/25	Phillip	LHN	0.93	1.13	Buy	PER13x FY25
09/11/25	OCBC	Nanofilm	0.82	0.79	Hold
09/11/25	UOB Kay Hian	PanUnited	1.18	1.33	Buy	PER17x FY26
09/11/25	DBS Vickers	UOL	7.4	8.8	Buy	RNAV (40% disc)
09/11/25	Lim & Tan	UOL	7.4	8.37	Buy
09/11/25	Citi Research	UOL	7.4	9.6	Buy	RNAV (40% disc)