Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/24	Lim & Tan	Singapore Post	0.445	0.62	Accumulate
06/26/24	CIMB	Singapore Post	0.445	0.63	Add
08/19/24	UOB Kay Hian	Singapore Post	0.44	0.61	Buy	Sum of parts
08/19/24	Lim & Tan	Singapore Post	0.44	0.62	Accumulate
08/20/24	CIMB	Singapore Post	0.43	0.6	Add
09/03/24	UOB Kay Hian	Singapore Post	0.435	0.61	Buy	Sum of parts
10/10/24	UOB Kay Hian	Singapore Post	0.515	0.61	Buy	Sum of parts
11/01/24	UOB Kay Hian	Singapore Post	0.545	0.61	Buy	Sum of parts
11/07/24	Lim & Tan	Singapore Post	0.52	0.6	Accumulate on weakness
11/07/24	CIMB	Singapore Post	0.52	0.58	Add
11/25/24	Kim Eng	Singapore Post	0.535	0.74	Buy	Sum of parts
12/02/24	Lim & Tan	Singapore Post	0.58	0.64	Accumulate on weakness
12/02/24	OCBC	Singapore Post	0.58	0.58	Hold
12/03/24	UOB Kay Hian	Singapore Post	0.585	0.72	Buy	Sum of parts, PB1x FY26
12/03/24	Kim Eng	Singapore Post	0.585	0.77	Buy
12/03/24	CIMB	Singapore Post	0.585	0.74	Add
12/09/24	Lim & Tan	Singapore Post	0.575	0.64	Accumulate on weakness
12/23/24	OCBC	Singapore Post	0.56	0.54	Hold
01/03/25	Kim Eng	Singapore Post	0.54	0.77	Buy
01/06/25	Lim & Tan	Singapore Post	0.555	0.74	Accumulate on weakness
01/09/25	UOB Kay Hian	Singapore Post	0.545	0.72	Buy	Sum of parts, PB1x FY26
02/14/25	Kim Eng	Singapore Post	0.555	0.77	Buy
02/20/25	Lim & Tan	Singapore Post	0.56	0.74	Accumulate
03/10/25	UOB Kay Hian	Singapore Post	0.56	0.72	Buy	Sum of parts, PB1x FY26
03/10/25	OCBC	Singapore Post	0.56	0.62	Hold	DCF
03/14/25	Lim & Tan	Singapore Post	0.56	0.75	Buy
04/02/25	Lim & Tan	Singapore Post	0.615	0.75	Buy
05/07/25	Kim Eng	Singapore Post	0.6	0.77	Buy
05/15/25	Lim & Tan	Singapore Post	0.635	0.75	Neutral
05/15/25	OCBC	Singapore Post	0.635	0.605	Hold	Sum of parts
05/16/25	UOB Kay Hian	Singapore Post	0.56	0.66	Buy	Sum of parts
06/20/25	Lim & Tan	Singapore Post	0.57	0.7	Hold
06/30/25	UOB Kay Hian	Singapore Post	0.62	0.66	Buy	Sum of parts
07/23/25	Lim & Tan	Singapore Post	0.64	0.7	Hold
07/24/25	Kim Eng	Singapore Post	0.655	0.74	Buy
08/11/25	OCBC	Singapore Post	0.505	0.59	Buy
08/11/25	Kim Eng	Singapore Post	0.505	0.63	Buy
08/22/25	Lim & Tan	Singapore Post	0.5	0.725	Accumulate
08/22/25	OCBC	Singapore Post	0.5	0.495	Hold
08/25/25	Kim Eng	Singapore Post	0.5	0.51	Hold
09/15/25	OCBC	Singapore Post	0.435	0.44	Hold
09/17/25	Lim & Tan	Singapore Post	0.43	0.725	Accumulate

Stock calls for 19 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/19/25	DBS Vickers	AEM	1.57	2.1	Buy	PER25x FY26
09/19/25	OCBC	Boustead	1.76	2	Buy	Sum of parts
09/19/25	Lim & Tan	Cenurion Accommodation	0.88	0	Subscribe
09/19/25	UOB Kay Hian	Elite ComReit	0.35	0.39	Buy	DDM
09/19/25	CIMB	Food Empire	2.66	3.09	Add
09/19/25	Lim & Tan	Hongkong Land	6.65	6.97	Buy
09/19/25	OCBC	Singtel	4.35	5.1	Buy

Singapore Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/25	DBS Vickers	Singapore Land	2.12	2.6	Buy

Sinarmas - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/28/25	Lim & Tan	Sinarmas	0.275	0.31	Reject Offer	Cash offer $0.31

Sin Heng - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/21/25	SIAS	Sin Heng	0.58	0	Reject Offer	Offer @ $0.58

Stock calls for 19 September 2025

Date	Analyst	Company	Last	Target	Call	Valuation
09/18/25	OCBC	Golden Agri	0.3	0.3	Hold

The US Fed has reduced its rate under the coercion of Trump.

The latest summary of economic projection has shown virtually no change from its June's projection.

However, the dot plot chart has shown significant changes.  Let's take a look now.

A significant number of Fed members had voted for 3.75 interest rate by the end of the year.  This means that the Fed will continue to lower its rates if there is no further spike in inflation.  However, we think that it is impossible not to have a continual inflation spike because of the higher tariffs.  This really puts the Fed in a dilemma and we view this rate reduction as a political decision under Trump's duress instead of a sound monetary policy stance.

Singapore NODX had a severe plunge ( -11.3%) in August 2025!

Year-on-year changes:

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%

December 2023: -1.5%

November 2023: 1%

October 2023: -3.4%

September 2023: -13.2%

August 2023: -20.1%

July 2023: -20.2%

June 2023: -15.5%

May 2023: -14.7%

April 2023: -9.8%

March 2023: -8.3%

February 2023: -15.6%

January 2023: -25%

December 2022: -20.6%

November 2022: -14.6%

October 2022: -5.6%

September 2022: 3.1%

August 2022: 11.4%

July 2022: 7%

June 2022: 9%

May 2022: 12.4%

April 2022: 6.4%

March 2022: 7.7%

February 2022: 9.5%

January 2022: 17.6%

December 2021: 18.4%

November 2021: 24.2%

October 2021: 17.9%

September 2021: 12.3%

August 2021: 2.7%

July 2021: 12.7%

June 2021: 15.9%

May 2021: 8.8%

April 2021: 6%

March 2021: 12.1%

February 2021: 4.2%

January 2021: 12.8%

December 2020: 6.8%

November 2020: -4.9%

October 2020: -3.1%

September 2020: 5.9%

August 2020: 7.7%

July 2020: 6%

June 2020: 16.1% (Revised to 13.9%)

May 2020: -4.6%

April 2020: 9.7%

March 2020: 17.6%

February 2020: 3% (Revised to 3.1%)

January 2020: - 3.3%

December 2019: 2.4%

November 2019: - 5.9%

October 2019: - 12.3%

September 2019: -8.1%

August 2019: - 8.9%

July 2019: -11.2%

June 2019: -17.3%

May 2019: -15.9%

April 2019: -10%

March 2019: -11.7%

February 2019: 4.9%

January 2019: -10.1%

December 2018: -8.5%

November 2018: -2.6%

October 2018: 8.3%

September 2018: 8.3%

August 2018: 5%

July 2018: 11.8% (Corrected)

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%

May 2017: -1.2%

Apr 2017: -0.7%

Mar 2017: 16.5%

Feb 2017: 21.1%

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/27/24	CIMB	Silverlake	0.37	0.25	Hold	Cut from $0.30
08/29/24	Phillip	Silverlake	0.37	0.36	Accept Offer	Cash offer $0.36

SIA Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/20/24	Lim & Tan	SIA Engineering	2.33	2.71	Accumulate
06/25/24	DBS Vickers	SIA Engineering	2.32	2.8	Buy
07/29/24	UOB Kay Hian	SIA Engineering	2.29	2.7	Buy	DCF
07/29/24	CIMB	SIA Engineering	2.29	2.65	Add
07/29/24	OCBC	SIA Engineering	2.29	2.69	Buy
09/26/24	Lim & Tan	SIA Engineering	2.38	2.68	Accumulate
10/16/24	UOB Kay Hian	SIA Engineering	2.39	2.7	Buy	DCF
11/06/24	DBS Vickers	SIA Engineering	2.49	2.8	Buy
11/06/24	Lim & Tan	SIA Engineering	2.49	2.68	Accumulate on weakness
11/07/24	UOB Kay Hian	SIA Engineering	2.45	2.7	Buy	DCF
11/07/24	CIMB	SIA Engineering	2.45	2.65	Add
11/07/24	OCBC	SIA Engineering	2.45	2.76	Buy
11/12/24	DBS Vickers	SIA Engineering	2.42	2.5	Hold
11/14/24	Amfrasers	SIA Engineering	2.36	2.59	Outperform	DCF
02/17/25	UOB Kay Hian	SIA Engineering	2.35	2.7	Buy	DCF
02/17/25	Lim & Tan	SIA Engineering	2.35	2.6	Hold
04/08/25	UOB Kay Hian	SIA Engineering	1.96	2.7	Buy	DCF
05/13/25	DBS Vickers	SIA Engineering	2.28	2.5	Hold
05/13/25	Lim & Tan	SIA Engineering	2.28	2.6	Accumulate
05/14/25	UOB Kay Hian	SIA Engineering	2.32	2.7	Buy	DCF
05/14/25	CIMB	SIA Engineering	2.32	2.7	Add	PER
05/15/25	DBS Vickers	SIA Engineering	2.35	2.8	Buy	DCF & PER19x FY26
05/22/25	CIMB	SIA Engineering	2.55	3.1	Add	PER
05/23/25	Amfrasers	SIA Engineering	2.57	2.83	Outperform	DCF
05/30/25	OCBC	SIA Engineering	2.72	3	Buy
06/13/25	DBS Vickers	SIA Engineering	3.07	3.5	Buy	PER21x FY26
06/16/25	OCBC	SIA Engineering	3.08	3.5	Buy
07/23/25	UOB Kay Hian	SIA Engineering	3.35	3.41	Hold	PER20.9x FY27
07/23/25	DBS Vickers	SIA Engineering	3.35	3.5	Buy	PER21x FY26
07/24/25	CIMB	SIA Engineering	3.27	3.1	Reduce
07/25/25	OCBC	SIA Engineering	3.3	3.5	Hold
09/15/25	phillip	SIA Engineering	3.13	3.83	Buy	PER