Phil AP Div Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/24/25	phillip	Phil AP Div Reit	1.079	0.99	Neutral
05/29/25	phillip	Phil AP Div Reit	1.1	1.095	Accumulate	Sum of parts
11/28/25	phillip	Phil AP Div Reit	1.191	1.29	Accumulate	Sum of parts

Stock calls for 2 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/25	UOB Kay Hian	ASL Marine	0.25	0.35	Buy	PER11.6x FY26
12/02/25	Lim & Tan	ASL Marine	0.25	0.33	Buy	PER9.5x FY27
12/02/25	Amfrasers	Fortress Minerals	0.235	0.27	outperform	Cut from $0.40, Sum of parts
12/02/25	Lim & Tan	Lum Chang Creations	0.475	0.7	Accumulate	PER11.7x FY26/27
12/02/25	Lim & Tan	Zixin	0.033	0.066	Buy	PER10x FY26

The ISM PMI declined again in November 2025.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = -2 - (+1.7) = -3.7

Estimated Local Material: Inventories - Imports = 3.1 - (+3.5) = -0.4

The estimated local new orders (-3.7) had declined significantly compared to the previous month and the increase in new export orders couldn't make up for the fall which caused the new orders to decline to 47.4 (-2).  The increase in new export orders also showed that the US was using its exports to boost its economy as it couldn't rely on its local consumption anymore.

The producers increased their production (51.4, +3.2) to clear their backlog of orders (44, -3.9) despite the fall in new orders.  However, the producers didn't increase their employment (44, -2) for their output hike which was a concern.  Consequently, the customers' inventories increased to 44.7 (+0.8) because of the  fall in new orders.  All these meant that the US consumption was showing weaknesses because of prices inflation (58.5, +0.5).

As a result, the PMI declined to 48.2 (-0.5) because of its bleak economic growth.

Chinese citizens bashed PM Wong over Sino-Japan spat. - Part 6

Not only has a Taiwanese media channel chastised PM Wong, it has also reprimanded the Straits Times News for smearing Hong Kong for embarking on this anti-PM Wong's campaign.

We were cognizant of this and had been using Taiwan media for our blog posts since the beginning.

It is difficult for PM Wong to deny any wrongdoing because China, Hong Kong and Taiwan have been chastising him for his political fiasco and poor understanding of history.  It is best for Singapore to keep quiet now or else China will punish Singapore like it did in 2016 (SG tanks seizure in Hong Kong due to PM Lee's speech in 2016).

https://sg-stock.blogspot.com/2017/01/china-media-told-it-all-about-seizure.html

https://sg-stock.blogspot.com/2016/11/the-true-agenda-behind-seizure-of-sg.html

PEC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/18/25	Lim & Tan	PEC	0.83	0.84	Wait	$0.64+0.20

Parkway Life - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/19/24	OCBC	Parkway Life	3.68	4.49	Buy
01/02/25	UOB Kay Hian	Parkway Life	3.75	5.12	Buy	DDM
01/09/25	Kim Eng	Parkway Life	3.76	4.1	Buy	DDM
02/06/25	Lim & Tan	Parkway Life	3.94	4.44	Accumulate
02/07/25	DBS Vickers	Parkway Life	3.94	4.75	Buy	DCF
02/07/25	OCBC	Parkway Life	3.94	4.6	Buy
02/17/25	UOB Kay Hian	Parkway Life	3.87	4.85	Buy	DDM
03/06/25	UOB Kay Hian	Parkway Life	3.85	4.85	Buy	DDM
04/01/25	UOB Kay Hian	Parkway Life	4.15	4.85	Buy	DDM
04/23/25	Kim Eng	Parkway Life	4.23	4.5	Buy	DDM
04/30/25	CIMB	Parkway Life	4.18	4.91	Add
04/30/25	OCBC	Parkway Life	4.18	4.65	Buy
05/21/25	UOB Kay Hian	Parkway Life	4.14	4.85	Buy	DDM
05/28/25	Kim Eng	Parkway Life	4.1	4.5	Buy	DDM
06/27/25	UOB Kay Hian	Parkway Life	4.1	5.33	Buy	DDM
08/01/25	UOB Kay Hian	Parkway Life	4.03	5.33	Buy	DDM
08/06/25	Lim & Tan	Parkway Life	4.06	4.85	Accumulate on weakness
08/07/25	Kim Eng	Parkway Life	4.11	4.5	Buy	DDM
08/07/25	CIMB	Parkway Life	4.11	4.93	Add	DDM
08/08/25	DBS Vickers	Parkway Life	4.1	4.75	Buy	DCF
08/18/25	UOB Kay Hian	Parkway Life	4.03	5.34	Buy	DDM
09/01/25	UOB Kay Hian	Parkway Life	4.22	5.34	Buy	DDM
11/06/25	CIMB	Parkway Life	4.05	4.97	Add	DDM
11/25/25	UOB Kay Hian	Parkway Life	4.02	5.42	Buy	DDM

Paragon Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/12/25	Lim & Tan	Paragon Reit	0.99	1.02	Hold	Offer @ $0.98
02/12/25	CIMB	Paragon Reit	0.99	0.92	Hold
02/13/25	CIMB	Paragon Reit	0.99	0.98	Hold	Offer @ $0.98
03/27/25	Lim & Tan	Paragon Reit	0.97	0.98	Accept Offer	Offer @ $0.98

Stock calls for 1 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/01/25	UOB Kay Hian	A-Reit	2.81	4.02	Buy	DDM
12/01/25	UOB Kay Hian	ART	0.945	1.56	Buy	DDM
12/01/25	Phillip	BRC Asia	3.93	5.1	Buy	DCF
12/01/25	CIMB	BRC Asia	3.93	4.9	Add	PER
12/01/25	DBS Vickers	Bukit Sembawang	4.17	5.88	Buy	RNAV (45% disc)
12/01/25	DMG & Partners	Isoteam	0.078	0.078	Neutral
12/01/25	UOB Kay Hian	Keppel DC Reit	2.31	2.65	Buy	DDM
12/01/25	UOB Kay Hian	Keppel Reit	1.06	1.2	Buy	DDM
12/01/25	UOB Kay Hian	Lendlease Reit	0.62	0.81	Buy	DDM
12/01/25	Lim & Tan	LHN	0.67	1.15	Accumulate
12/01/25	CIMB	Marco Polo	0.117	0.14	Add	PER
12/01/25	Lim & Tan	Marco Polo	0.117	0.13	Buy
12/01/25	Phillip	Thai Beverage	0.465	0.53	Accumulate	PER12x FY26
12/01/25	Amfrasers	Zixin	0.034	0.048	Outperform	DCF

Baltic dry index - 2560

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 544

Related stock: Seatrium & Cosco.

Chinese citizens bashed PM Wong over Sino-Japan spat. - Part 5

This former Taiwanese kept reprimanding PM Wong and told him to study more.  He even said that Lawrence Wong was not qualified to be a prime minister.

I've never heard such disparaging remark for a Singapore PM before and PM Wong was the first.  It is also a disgrace for Singapore to be told about Japanese atrocities in Singapore by a foreigner.  What does this mean? This means our government has failed to educate its citizens properly about its own history.

This is also the first time that Singapore has been humiliated on the world stage and no country has backed Singapore up, not even our ally the US and our neighbours.

https://inf.news/en/world/4e2dc260ff5ea327c826238c7dedce1f.html

This Sino-Japan spat is being handled by President Xi now and he won't go soft on Japan.  We better stay out of this or else we will suffer like Japan.

Chinese citizens bashed PM Wong over Sino-Japan spat. - Part 4

China embassy in Japan warned Singapore not to forget the Japanese atrocities by citing the devilish 731 unit in Singapore.  The Taiwanese media also asked Singapore to teach its citizens about the Japanese atrocities.

Pan-United - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/25	CIMB	PanUnited	0.56	0.75	Add
02/28/25	phillip	PanUnited	0.615	0.75	Buy	DCF
03/07/25	CIMB	PanUnited	0.625	0.75	Add
03/14/25	UOB Kay Hian	PanUnited	0.62	0.81	Buy
04/08/25	UOB Kay Hian	PanUnited	0.575	0.81	Buy
04/08/25	Lim & Tan	PanUnited	0.575	0.77	Accumulate
05/27/25	CIMB	PanUnited	0.705	0.823	Add
07/07/25	CIMB	PanUnited	0.87	0.958	Add
07/10/25	UOB Kay Hian	PanUnited	0.895	1.06	Buy	PER14x FY25
08/15/25	CIMB	PanUnited	1.07	1.2	Add	EV/Ebitda
08/18/25	phillip	PanUnited	1.13	1.34	Buy	DCF
09/11/25	UOB Kay Hian	PanUnited	1.18	1.33	Buy	PER17x FY26

Pacific Radiance - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/12/24	CIMB	Pacific Radiance	0.047	0.07	Add	PB
03/05/25	CIMB	Pacific Radiance	0.044	0.07	Add
03/17/25	phillip	Pacific Radiance	0.045	0.06	Buy	PER8x FY25
08/20/25	CIMB	Pacific Radiance	0.05	0.09	Add	PER
08/27/25	phillip	Pacific Radiance	0.067	0.098	Buy	PER8x FY26
10/06/25	CIMB	Pacific Radiance	0.105	0.14	Add	PER

Oxley - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/02/25	Lim & Tan	Oxley	0.106	0	Hold

Stock calls for 28 November 2025

Date	Analyst	Company	Last	Target	Call	Valuation
11/28/25	DMG & Partners	CSE Global	0.95	1.22	Buy
11/28/25	JPM	DBS	54	70	Overweight
11/28/25	DBS Vickers	IHH Healthcare	2.6	2.88	Buy	Ringgit $9.20 target price, Sum of parts
11/28/25	Lim & Tan	Isoteam	0.077	0.096	Accumulate
11/28/25	phillip	Phil AP Div Reit	1.191	1.29	Accumulate	Sum of parts
11/28/25	SAC Capital	Reclaims Group	0.39	0.497	Buy
11/28/25	Amfrasers	Sasseur	0.68	0.87	Outperform	DDM
11/28/25	JPM	SGX	16.6	18.15	Overweight
11/28/25	phillip	Zixin	0.034	0.055	Buy	DCF

Chinese citizens bashed PM Wong over Sino-Japan spat. - Part 3

The Taiwanese that criticize PM Wong are not ordinary people..  They're political science professor, former lawmaker, retired military general, etc.

In conclusion, PM Wong had incurred the wraths of China, Hong Kong and Taiwan.  Fortunately, they only target PM Wong by calling him a simpleton, ignorant and not well-educated, and not calling for sanctions against Singapore.  Thus, this political fiasco is not irreparable for Singapore.

OUE Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/23/24	Lim & Tan	OUE Commercial	0.27	0.36	Accumulate
12/23/24	DBS Vickers	OUE Commercial	0.27	0.33	Buy	DCF
01/24/25	DBS Vickers	OUE Commercial	0.3	0.33	Buy	DCF
01/24/25	Lim & Tan	OUE Commercial	0.3	0.36	Accumulate
01/27/25	phillip	OUE Commercial	0.3	0.4	Buy	DDM
01/28/25	CIMB	OUE Commercial	0.3	0.32	Hold	DDM
01/28/25	OCBC	OUE Commercial	0.3	0.345	Buy
01/28/25	Kim Eng	OUE Commercial	0.3	0.34	Buy
04/28/25	phillip	OUE Commercial	0.275	0.4	Buy	DDM
04/28/25	DBS Vickers	OUE Commercial	0.275	0.33	Buy	DCF
04/28/25	Kim Eng	OUE Commercial	0.275	0.27	Hold
04/29/25	OCBC	OUE Commercial	0.28	0.315	Buy
04/29/25	Kim Eng	OUE Commercial	0.28	0.28	Hold
04/29/25	CIMB	OUE Commercial	0.28	0.33	Add
05/02/25	Amfrasers	OUE Commercial	0.28	0.32	outperform	DDM
07/24/25	DBS Vickers	OUE Commercial	0.31	0.33	Buy	DCF
07/24/25	OCBC	OUE Commercial	0.31	0.335	Buy
07/24/25	Lim & Tan	OUE Commercial	0.31	0.335	Accumulate
07/25/25	phillip	OUE Commercial	0.31	0.4	Buy	DDM
07/25/25	DBS Vickers	OUE Commercial	0.31	0.35	Buy	DCF
07/28/25	CIMB	OUE Commercial	0.31	0.33	Add
08/26/25	Lim & Tan	OUE Commercial	0.335	0	Accumulate on weakness
10/27/25	DBS Vickers	OUE Commercial	0.345	0.4	Buy	DCF
10/27/25	OCBC	OUE Commercial	0.345	0.36	Buy
11/14/25	Amfrasers	OUE Commercial	0.34	0.36	outperform	DDM