Dyna-Mac - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/20/24	Kim Eng	Dyna-Mac	0.375	0.52	Buy
07/08/24	Lim & Tan	Dyna-Mac	0.455	0.52	Buy
07/09/24	OCBC	Dyna-Mac	0.495	0.52	Buy
07/22/24	Kim Eng	Dyna-Mac	0.49	0.62	Buy
07/24/24	OCBC	Dyna-Mac	0.535	0.605	Buy
08/07/24	Kim Eng	Dyna-Mac	0.52	0.64	Buy
08/08/24	OCBC	Dyna-Mac	0.565	0.665	Buy
09/03/24	Lim & Tan	Dyna-Mac	0.54	0.72	Buy
09/12/24	Lim & Tan	Dyna-Mac	0.5	0.6	Hold	Offer price $0.60
09/13/24	Kim Eng	Dyna-Mac	0.62	0.64	Buy
09/24/24	Lim & Tan	Dyna-Mac	0.63	0.715	Hold Tight
10/04/24	Lim & Tan	Dyna-Mac	0.63	0.715	Overweight
10/11/24	Lim & Tan	Dyna-Mac	0.63	0.715	Hold
10/15/24	Kim Eng	Dyna-Mac	0.65	0.64	Accept Offer	Offer price @ $0.67
10/25/24	OCBC	Dyna-Mac	0.665	0.665	Accept Offer	Offer price @ $0.67
10/29/24	Lim & Tan	Dyna-Mac	0.66	0.67	Accept Offer	Offer price @ $0.67

Digicore Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/27/24	UOB Kay Hian	Digicore Reit	0.56	0.85	Buy	DDM
07/11/24	UOB Kay Hian	Digicore Reit	0.65	0.8	Buy	DDM
07/25/24	DBS Vickers	Digicore Reit	0.62	0.75	Buy	DCF
07/25/24	UOB Kay Hian	Digicore Reit	0.62	0.81	Buy	DDM
07/25/24	Lim & Tan	Digicore Reit	0.62	0	Accumulate on weakness
07/25/24	Citi Research	Digicore Reit	0.62	0.7	Buy
09/09/24	DBS Vickers	Digicore Reit	0.59	0.75	Buy	DCF
09/18/24	UOB Kay Hian	Digicore Reit	0.595	0.88	Buy	DDM
10/09/24	Lim & Tan	Digicore Reit	0.58	0.76	Accumulate
10/24/24	DBS Vickers	Digicore Reit	0.595	0.75	Buy	DCF
10/28/24	UOB Kay Hian	Digicore Reit	0.6	0.95	Buy	DDM
11/21/24	UOB Kay Hian	Digicore Reit	0.605	0.95	Buy	DDM
11/21/24	Citi Research	Digicore Reit	0.605	0.74	Buy
01/02/25	UOB Kay Hian	Digicore Reit	0.58	0.95	Buy	DDM
01/03/25	DBS Vickers	Digicore Reit	0.58	0.75	Buy	DCF
01/08/25	UOB Kay Hian	Digicore Reit	0.545	0.99	Buy	DDM
01/08/25	Citi Research	Digicore Reit	0.545	0.76	Buy	DDM & RNAV
01/28/25	DBS Vickers	Digicore Reit	0.545	0.72	Buy	DCF
01/31/25	UOB Kay Hian	Digicore Reit	0.55	0.93	Buy	DDM
02/13/25	Lim & Tan	Digicore Reit	0.515	0.78	Accumulate
02/14/25	UOB Kay Hian	Digicore Reit	0.535	0.88	Buy	DDM
03/06/25	UOB Kay Hian	Digicore Reit	0.55	0.88	Buy	DDM
04/01/25	UOB Kay Hian	Digicore Reit	0.53	0.88	Buy	DDM
04/24/25	DBS Vickers	Digicore Reit	0.475	0.7	Buy	DCF
05/02/25	phillip	Digicore Reit	0.5	0.9	Buy	DDM
05/21/25	UOB Kay Hian	Digicore Reit	0.515	0.88	Buy	DDM
06/27/25	UOB Kay Hian	Digicore Reit	0.515	0.88	Buy	DDM
07/24/25	UOB Kay Hian	Digicore Reit	0.555	0.88	Buy	DDM
07/24/25	DBS Vickers	Digicore Reit	0.555	0.68	Buy	DCF
08/29/25	UOB Kay Hian	Digicore Reit	0.515	0.88	Buy	DDM
10/23/25	DBS Vickers	Digicore Reit	0.485	0.68	Buy	DCF

Stock calls for 27 October 2025

Date	Analyst	Company	Last	Target	Call	Valuation
10/27/25	Phillip	Frasers Centrepoint Trust	2.4	2.74	Accumulate	DDM
10/27/25	Lim & Tan	Grand Banks Yacht	0.745	1.12	Buy	PER10.6x FY26
10/27/25	DBS Vickers	Ifast Corp	9.23	10	Buy	Sum of parts & DCF
10/27/25	Lim & Tan	Ifast Corp	9.23	10	Hold
10/27/25	Phillip	Keppel DC Reit	2.4	2.4	Neutral	DDM
10/27/25	CIMB	Keppel DC Reit	2.4	2.59	Add	DDM
10/27/25	Lim & Tan	KSH	0.41	0.51	Accumulate
10/27/25	MorningStar	Mapletree Commercial	1.47	1.52	Hold
10/27/25	OCBC	Mapletree Commercial	1.47	1.45	Hold
10/27/25	DBS Vickers	OUE Commercial	0.345	0.4	Buy	DCF
10/27/25	OCBC	OUE Commercial	0.345	0.36	Buy
10/27/25	DBS Vickers	Suntec Reit	1.37	1.4	Buy
10/27/25	DBS Vickers	Thai Beverage	0.495	0.63	Buy	PER16x FY25
10/27/25	UOB Kay Hian	Yangzijiang Shipping	3.47	3.9	Buy

Latest US inflation report.

US inflation: 3% (YOY) & 0.3% (MOM)

US core inflation: 3% (YOY) & 0.2% (MOM)

It is cast in stone by now that the US core inflation won't reach the Fed target of 2% by the end of 2025 and there is a high chance that the US core inflation will spike again in the last quarter..

The 1-year inflation expectation was indicating a stubbornly sky high figure of 4.6% and it had never been below 4% since February 2025.

Conversely, the 5-year inflation expectation (3.9%) had been rising recently because of the mercurial US President who liked to impose new tariffs at his whims.  In the end, the US businesses would have to pass the tariff costs to the US consumers.

Baltic dry index - 1991

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 550

Related stock: Seatrium & Cosco.

Dezign Format - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/20/25	UOB Kay Hian	Dezign Format	0.305	0.37	Buy	PER10.5x FY26
09/30/25	Lim & Tan	Dezign Format	0.285	0.37	Buy

Delfi - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/03/24	CIMB	Delfi	0.855	1.1	Add
06/04/24	DMG & Partners	Delfi	0.855	1.33	Buy	PER13x FY24
07/09/24	DMG & Partners	Delfi	0.865	1.33	Buy	PER13x FY24
08/16/24	DBS Vickers	Delfi	0.83	0.92	Hold	PER10.7x FY25
08/16/24	Lim & Tan	Delfi	0.83	1.07	Accumulate
08/19/24	CIMB	Delfi	0.815	1.07	Add
08/27/24	Lim & Tan	Delfi	0.825	1.04	Accumulate
09/06/24	UOB Kay Hian	Delfi	0.81	0.83	Hold
11/13/24	DBS Vickers	Delfi	0.86	0.8	Hold	PER11x FY25
11/13/24	Lim & Tan	Delfi	0.86	1.4	Accumulate
11/25/24	UOB Kay Hian	Delfi	0.815	0.86	Hold	PER10x FY25
02/20/25	DBS Vickers	Delfi	0.75	0.8	Hold
02/26/25	Lim & Tan	Delfi	0.735	0	Accumulate on weakness
02/27/25	CIMB	Delfi	0.725	0.88	Add
03/11/25	UOB Kay Hian	Delfi	0.755	0.82	Hold	PER12x FY25
04/14/25	Lim & Tan	Delfi	0.69	0.83	Accumulate on weakness
05/21/25	DBS Vickers	Delfi	0.71	0.8	Hold
05/21/25	Lim & Tan	Delfi	0.71	0.83	Accumulate on weakness
05/22/25	Lim & Tan	Delfi	0.715	0.82	Hold	PER12x FY25
05/22/25	CIMB	Delfi	0.715	0.71	Hold	PER
08/13/25	Lim & Tan	Delfi	0.85	0.78	Hold
08/13/25	DBS Vickers	Delfi	0.85	0.7	Fully Valued
08/19/25	UOB Kay Hian	Delfi	1.29	1.71	Buy

Del Monte - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/01/24	Lim & Tan	Del Monte	0.103	0	ffe
12/12/24	Lim & Tan	Del Monte	0.08	0	Avoid

Stock calls for 24 October 2025

Date	Analyst	Company	Last	Target	Call	Valuation
10/24/25	Kim Eng	Marco Polo	0.093	0.11	Buy
10/24/25	DMG & Partners	Centurion	1.46	1.85	Buy	Sum of parts
10/24/25	UOB Kay Hian	Frasers Centrepoint Trust	2.45	2.9	Buy	DDM
10/24/25	UOB Kay Hian	Sembcorp Industries	6.45	7.9	Buy	PER12.8x