Bukit Sembawang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/27/25	Lim & Tan	Bukit Sembawang	3.92	0	Accumulate on weakness
07/04/25	Lim & Tan	Bukit Sembawang	4.08	0	Accumulate
07/04/25	DBS Vickers	Bukit Sembawang	4.08	5.92	Buy	RNAV (45% disc)
12/01/25	DBS Vickers	Bukit Sembawang	4.17	5.88	Buy	RNAV (45% disc)

BRC Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/07/25	UOB Kay Hian	BRC Asia	3.03	2.76	Hold	PER9x FY25
05/26/25	UOB Kay Hian	BRC Asia	3.13	3.29	Hold	PER9x FY25
05/26/25	Phillip	BRC Asia	3.13	3.4	Accumulate	DCF
05/27/25	CIMB	BRC Asia	3.12	3.4	Add
07/10/25	UOB Kay Hian	BRC Asia	3.3	3.29	Hold	PER9x FY25
07/15/25	Lim & Tan	BRC Asia	3.33	3.4	Hold
08/21/25	CIMB	BRC Asia	3.64	4	Add	PER
08/22/25	Phillip	BRC Asia	3.76	4.1	Accumulate	DCF
08/22/25	CIMB	BRC Asia	3.76	4.3	Add
08/25/25	Lim & Tan	BRC Asia	3.92	3.92	Hold
09/05/25	UOB Kay Hian	BRC Asia	4.05	4.69	Buy	PER14x FY26
10/10/25	CIMB	BRC Asia	4.33	5.3	Add	PER
10/31/25	Phillip	BRC Asia	4.22	4.1	Neutral	DCF
11/24/25	Lim & Tan	BRC Asia	4.02	4.7	Accumulate on weakness
12/01/25	Phillip	BRC Asia	3.93	5.1	Buy	DCF
12/01/25	CIMB	BRC Asia	3.93	4.9	Add	PER
12/05/25	UOB Kay Hian	BRC Asia	4.01	4.9	Buy	PER14x FY26
02/12/26	Phillip	BRC Asia	4.23	5.1	Buy
02/16/26	UOB Kay Hian	BRC Asia	4.32	5.1	Buy	PER14x FY26
02/16/26	Phillip	BRC Asia	4.32	5.3	Buy	DCF
04/01/26	CIMB	BRC Asia	4.67	5.4	Add

Stock calls for 8 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/08/26	phillip	CSOP iEdge SREIT ETF	0.727	0.755	Accumulate	Sum of parts
04/08/26	DBS Vickers	Frasers Property	0.98	1.5	Buy	RNAV (45% disc)
04/08/26	Lim & Tan	Keppel Infrastructure	0.52	0.56	Accumulate
04/08/26	CIMB	Sheng Siong	2.97	3.4	Add	PER
04/08/26	Lim & Tan	Skylink	0.24	0.47	Accumulate
04/08/26	DBS Vickers	Yangzijiang Maritime	0.54	0.88	Buy	PB1.4x

The Iran war situation report. - Part 42

No more ceasefire!  The war must go on!

Just as we've expected, the new ceasefire proposition is no longer valid and many investors have caught the falling knives by buying into this fallacy.  The real truth is Trump is manipulating the financial market.

The Iran war situation report. - Part 41

The US has announced a new ceasefire with Iran.  How likely is the new ceasefire going to be accepted by all the parties?  Should we go gaga like the stock market?

Iran has put forth 10 conditions for the new ceasefire and let's review them.

1. Non-aggression

2. Continuation of Iran's control over the Strait of Hormuz

3. Recognition of nuclear enrichment

4. Lifting of all primary sanctions

5. Lifting of all secondary sanctions

6. Termination of all UN Security Council resolutions

7. Termination of all IAEA Board of Governors resolutions

8. Payment of compensation to Iran

9. Withdrawal of US combat forces from the region

10. Cessation of war on all fronts, including against the Islamic Resistance of Lebanon

There are some conditions that the US and Israel can't accept.

The US won't let Iran control the strait of hormuz unilaterally but the US will agree to a co-management of Hormuz with Iran.

The US won't allow Iran to enrich its uranium.  If not, the US won't attack Iran in the first place.

The US won't do any reparation because this will mean that the US has lost the war.

The US also won't withdraw its military forces from the Middle East because this signifies that the US has been booted out and Israel won't feel safe without  the US presence.

With so many conditions deem unacceptable to the US, we don't think that this temporary ceasefire is workable and will last long.

Therefore, the stock market investors are catching the falling knives now by buying into the new ceasefire proposition.

Singapore minister Vivian has screwed up again!

Singapore minister Vivian won't negotiate with Iran for a safe Hormuz passage based on a warped ideology and Singaporeans will need to pay for higher electricity and petrol prices because of his mishandling of the oil and gas crisis.  This would be his 2nd major blunder in his political career.

His 1st major blunder was the 2010 youth olympics event.

Since Dr. Vivian mentioned about UNCLOS and the strait of malacca, we would provide more insights about them.

There are 4 littoral states (Malaysia, Indonesia, Thailand and Singapore) that manage and secure the strait of malacca and all of them are members of UNCLOS.

However, Malaysia, Indonesia and Thailand had negotiated with Iran for a safe Hormuz passage despite being members of UNCLOS.

Let's give more examples of other UNCLOS members negotiating with Iran for a safe Hormuz passage.

Did all the aforesaid UNCLOS members conduct a sacrilege and desecrate UNCLOS by negotiating with Iran for a safe Hormuz passage?

We will let our viewers decide on this for themselves but we do respect these UNCLOS members for fighting for the interest of their citizens.

What will likely happen when we don't negotiate with Iran?

Since SG had announced that it won't negotiate with Iran for a safe Hormuz passage, SG would have to buy oil and gas from other regions (not Middle East) because it had no other cards to play.  This will proffer other countries the opportunity to take advantage of SG's predicament by importing from the Middle East and reselling to SG at higher prices that will include the Hormuz toll and agent fee.  Thus, SG will be paying an indirect Hormuz toll and incurring additional agent fee since it doesn't want to buy from the Middle East directly.

Conversely, SG can buy oil and gas that are not from the Middle East but no countries will sell their oil and gas cheaply to SG because they know SG doesn't have any alternative (no Middle East oil and gas).  

All businessmen are shrewd and they will be profiteering from this oil and gas crisis.  This is just a harsh reality.

Boustead - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/25	OCBC	Boustead	1.05	1.39	Buy
05/27/25	Lim & Tan	Boustead	1.04	0	Accumulate
05/29/25	OCBC	Boustead	1.14	1.46	Buy
06/26/25	OCBC	Boustead	1.4	1.63	Buy
07/07/25	Lim & Tan	Boustead	1.42	0	Accumulate
07/18/25	OCBC	Boustead	1.64	2	Buy	Sum of parts
09/19/25	OCBC	Boustead	1.76	2	Buy	Sum of parts
02/10/26	OCBC	Boustead	2.18	2.45	Buy	Sum of parts

Beng Kuang Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/11/25	Kim Eng	Beng Kuang Marine	0.24	0.22	Hold	Up from $0.19
11/10/25	Kim Eng	Beng Kuang Marine	0.31	0.3	Hold
03/30/26	Lim & Tan	Beng Kuang Marine	0.385	0.535	Buy	PER12x FY26/27

Aztech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/14/25	Kim Eng	Aztech	0.73	0.63	Hold
04/16/25	UOB Kay Hian	Aztech	0.73	0.46	Sell	PB1.1x FY25
04/16/25	DBS Vickers	Aztech	0.73	0.52	Fully Valued	PER10x
04/16/25	Kim Eng	Aztech	0.73	0.56	Hold
05/06/25	Kim Eng	Aztech	0.515	0.45	Hold
06/17/25	CIMB	Aztech	0.58	0.41	Reduce
06/27/25	DBS Vickers	Aztech	0.6	0.38	Fully Valued	PER15x FY25
07/23/25	DBS Vickers	Aztech	0.605	0.66	Hold	PER14x FY25
07/23/25	CIMB	Aztech	0.605	0.6	Hold
07/24/25	UOB Kay Hian	Aztech	0.605	0.58	Hold	PER12x FY26
07/24/25	Kim Eng	Aztech	0.605	0.5	Hold
08/05/25	UOB Kay Hian	Aztech	0.645	0.58	Hold	PER12x FY26
08/06/25	DBS Vickers	Aztech	0.65	0.66	Hold	PER14x FY25
10/16/25	UOB Kay Hian	Aztech	0.675	0.58	Hold	PER12x FY26
10/16/25	DBS Vickers	Aztech	0.675	0.66	Hold	PER14x FY25
10/16/25	Lim & Tan	Aztech	0.675	0	Hold
10/16/25	CIMB	Aztech	0.675	0.66	Hold
10/21/25	Kim Eng	Aztech	0.635	0.61	Hold	PER
01/23/26	Lim & Tan	Aztech	0.655	0	Hold
02/27/26	DBS Vickers	Aztech	0.67	0.67	Hold	PER12x FY27
03/04/26	CIMB	Aztech	0.745	0.78	Hold	PER
03/12/26	DBS Vickers	Aztech	0.81	0.67	Hold	PER12x FY27

Stock calls for 7 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/07/26	DBS Vickers	Bumitama	1.9	2.3	Buy	PER20.4x FY26
04/07/26	DBS Vickers	Frasers Centrepoint Trust	2.21	2.75	Buy	DCF
04/07/26	Tickrs Financial	Hafary	0.465	0.58	Buy
04/07/26	UOB Kay Hian	Oiltek	1.87	2.78	Buy	PER28x FY27
04/07/26	phillip	Oiltek	1.87	2.72	Buy	PER24x FY27
04/07/26	Lim & Tan	PanUnited	1.71	1.57	Hold
04/07/26	DBS Vickers	Prime US Reit	0.173	0.33	Buy	PB0.65x & DCF
04/07/26	Lim & Tan	Sheng Siong	2.94	2.79	Hold
04/07/26	DBS Vickers	Ultragreen	1.43	2	Buy	PER26x FY26

The Iran war situation report. - Part 40

Iran has just rejected the 45-day ceasefire proposal.  Well done!

We've stated in our last post Part 39 that the 45-day ceasefire was just a US gambit and Iran had shown the same understanding as us by rejecting this ceasefire.  The US will be more desperate now after the Iran's rejection because it has no off-ramp.

There's no justice if an aggressor can attack another country illegally and then is able to seek for a ceasefire when it knows that it is losing the war.  The harsh reality is life doesn't work this way.

This Iran war has highlighted some fundamental points:

1. US is unable to defend its embassies in the Middle East.

2. Any US military base will become a liability in the Middle East because the US is unable to defend its foreign military bases.

3. US strategic military assets such as THAAD, radars, etc, will be destroyed first in Middle East in a war.

4. Any US supporter will be punished in Middle East in a war.

Avepoint - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/06/25	DBS Vickers	Avepoint	19.11	28	Buy	EV/Sales 11x
11/10/25	DBS Vickers	Avepoint	17.6	28	Buy	EV/Sales 11x
03/02/26	DBS Vickers	Avepoint	13.8	20	Buy	EV/Sales 7x

ASL Marine - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/01/25	Lim & Tan	ASL Marine	0.083	0	Accumulate
10/14/25	Lim & Tan	ASL Marine	0.215	0.3	Buy	PER9.5x FY27
11/03/25	UOB Kay Hian	ASL Marine	0.23	0.33	Buy	PER11.6x FY26
11/10/25	Lim & Tan	ASL Marine	0.255	0.3	Buy	PER9.5x FY27
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
01/05/26	UOB Kay Hian	ASL Marine	0.29	0.35	Buy	PER11.6x FY26
02/02/26	UOB Kay Hian	ASL Marine	0.31	0.35	Buy	PER11.6x FY26
02/16/26	UOB Kay Hian	ASL Marine	0.32	0.43	Buy	PER12x FY27
03/04/26	Lim & Tan	ASL Marine	0.335	0.45	Buy
03/10/26	UOB Kay Hian	ASL Marine	0.285	0.43	Buy	PER12x FY27