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Thursday, May 21, 2026

Stock calls for 21 May 2026


Date

Analyst

Company

Last

Target

Call

Valuation

05/21/26

Lim & Tan

ASL Marine

0.365

0.45

Buy


05/21/26

DBS Vickers

Singtel

5.02

5.36

Hold

Sum of parts (10% disc)

05/21/26

Lim & Tan

Singtel

5.02

5.5

Buy


05/21/26

Phillip

Telechoice

0.255

0.33

Buy

PER18x FY26

05/21/26

UOB Kay Hian

UI Boustead

0.77

1.13

Buy

DDM

05/21/26

DBS Vickers

UI Boustead

0.77

1.05

Buy


05/21/26

CIMB

Yangzijiang Shipping

3.81

4.95

Add

PER



Wednesday, May 20, 2026

Mapletree Commercial - Stock calls


Date

Analyst

Company

Last

Target

Call

Valuation

03/06/25

UOB Kay Hian

Mapletree Commercial

1.19

1.6

Buy

DDM

04/01/25

UOB Kay Hian

Mapletree Commercial

1.25

1.6

Buy

DDM

04/25/25

DBS Vickers

Mapletree Commercial

1.22

1.8

Buy

DCF

04/28/25

UOB Kay Hian

Mapletree Commercial

1.22

1.62

Buy

DDM

04/28/25

CIMB

Mapletree Commercial

1.22

1.48

Add

DDM

04/29/25

DBS Vickers

Mapletree Commercial

1.21

1.5

Buy

DCF

04/30/25

Kim Eng

Mapletree Commercial

1.22

1.3

Buy


04/30/25

OCBC

Mapletree Commercial

1.22

1.45

Buy


04/30/25

JPM

Mapletree Commercial

1.22

1.2

Neutral


05/21/25

UOB Kay Hian

Mapletree Commercial

1.18

1.62

Buy

DDM

06/27/25

UOB Kay Hian

Mapletree Commercial

1.25

1.8

Buy

DDM

07/31/25

DBS Vickers

Mapletree Commercial

1.31

1.5

Buy

DCF

07/31/25

Kim Eng

Mapletree Commercial

1.31

1.35

Buy

DDM

08/01/25

UOB Kay Hian

Mapletree Commercial

1.29

1.8

Buy

DDM

08/04/25

UOB Kay Hian

Mapletree Commercial

1.28

1.86

Buy

DDM

08/05/25

JPM

Mapletree Commercial

1.32

1.5

Overweight


09/01/25

UOB Kay Hian

Mapletree Commercial

1.38

1.86

Buy

DDM

09/25/25

DBS Vickers

Mapletree Commercial

1.42

1.6

Buy

Sum of parts

10/01/25

CIMB

Mapletree Commercial

1.43

1.51

Add

DDM

10/23/25

UOB Kay Hian

Mapletree Commercial

1.46

1.84

Buy

DDM

10/23/25

DBS Vickers

Mapletree Commercial

1.46

1.65

Buy

Sum of parts

10/23/25

CIMB

Mapletree Commercial

1.46

1.52

Add

DDM

10/23/25

Lim & Tan

Mapletree Commercial

1.46

1.52

Hold


10/27/25

MorningStar

Mapletree Commercial

1.47

1.52

Hold


10/27/25

OCBC

Mapletree Commercial

1.47

1.45

Hold


11/04/25

DBS Vickers

Mapletree Commercial

1.48

1.65

Buy

Sum of parts

12/12/25

CIMB

Mapletree Commercial

1.43

1.52

Add

DDM

01/02/26

UOB Kay Hian

Mapletree Commercial

1.47

1.84

Buy

DDM

01/20/26

Lim & Tan

Mapletree Commercial

1.47

1.55

Hold


02/02/26

UOB Kay Hian

Mapletree Commercial

1.46

1.84

Buy

DDM

02/02/26

DBS Vickers

Mapletree Commercial

1.46

1.65

Buy

Sum of parts

02/02/26

Kim Eng

Mapletree Commercial

1.46

1.55

Buy

DDM

03/02/26

UOB Kay Hian

Mapletree Commercial

1.42

1.84

Buy

DDM

04/01/26

UOB Kay Hian

Mapletree Commercial

1.32

1.84

Buy

DDM

04/28/26

Lim & Tan

Mapletree Commercial

1.4

1.6

Hold


04/29/26

DBS Vickers

Mapletree Commercial

1.35

1.65

Buy

Sum of parts

04/29/26

CIMB

Mapletree Commercial

1.35

1.52

Add

DDM

05/04/26

UOB Kay Hian

Mapletree Commercial

1.29

1.75

Buy

DDM



Manulife US Reit - Stock calls


Date

Analyst

Company

Last

Target

Call

Valuation

05/13/25

DBS Vickers

Manulife US Reit

0.063

0.1

Hold


05/28/25

DMG & Partners

Manulife US Reit

0.062

0.7

Neutral

DDM

03/20/26

DMG & Partners

Manulife US Reit

0.06

0.06

Neutral

DDM

05/07/26

DMG & Partners

Manulife US Reit

0.057

0.06

Neutral

DDM



Lum Chang Creations - Stock calls


Date

Analyst

Company

Last

Target

Call

Valuation

07/11/25

Lim & Tan

Lum Chang Creations

0.25

0.38

Subscribe

IPO $0.25

07/18/25

UOB Kay Hian

Lum Chang Creations

0.25

0.39

Buy

PER9.5x FY26

08/20/25

Lim & Tan

Lum Chang Creations

0.445

0.49

Accumulate

PER9.6x FY26

08/27/25

CIMB

Lum Chang Creations

0.55

0.81

Add

PER

12/02/25

Lim & Tan

Lum Chang Creations

0.475

0.7

Accumulate

PER11.7x FY26/27

01/07/26

CIMB

Lum Chang Creations

0.5

0.72

Add


02/13/26

CIMB

Lum Chang Creations

0.8

0.93

Add

PER

03/10/26

DBS Vickers

Lum Chang Creations

0.775

1.07

Buy

PER13x FY27

03/13/26

DMG & Partners

Lum Chang Creations

0.825

1.13

Buy

PER15x FY26/27

04/14/26

Lim & Tan

Lum Chang Creations

0.87

1.04

Buy

PER12.9x FY26/27

04/23/26

DMG & Partners

Lum Chang Creations

0.99

1.13

Buy

PER15x FY26/27

05/04/26

CIMB

Lum Chang Creations

1.03

1.32

Add

PER

05/20/26

Lim & Tan

Lum Chang Creations

1.01

1.14

Buy




Stock calls for 20 May 2026


Date

Analyst

Company

Last

Target

Call

Valuation

05/20/26

DBS Vickers

Delfi

1

1

Hold

PER14x

05/20/26

UOB Kay Hian

Frencken

2.81

3.3

Buy

PER29x FY27

05/20/26

DBS Vickers

Frencken

2.81

3.76

Buy

PER35x FY27

05/20/26

Lim & Tan

Hongkong Land

7.96

10.24

Accumulate


05/20/26

CIMB

ISDN

0.65

0.96

Add

PER

05/20/26

UOB Kay Hian

Lendlease Reit

0.565

0.78

Buy

DDM

05/20/26

Phillip

Lendlease Reit

0.565

0.73

Buy

DDM

05/20/26

Lim & Tan

Lum Chang Creations

1.01

1.14

Buy


05/20/26

DBS Vickers

Yangzijiang Shipping

3.94

4.55

Buy

PB2.6x FY26, PER11x FY26



Singapore minister Vivian has screwed up again! - Part 6

As stated previously, SG FM Vivian had made a big political blunder by insisting on his warped principle of UNCLOS while other countries didn't.

Our previous posts had highlighted 2 fundamental flaws in FM Vivian's priniciple:

1. Law of war (wartime) vs UNCLOS (peacetime)
The law of war allows a victimized country to do a maritime blockage as it can be interpreted as an act of self-defence since the US started this illegal war against Iran.

2. UNCLOS member vs UNCLOS non-member
The UNCLOS laws are only applicable for official UNCLOS members and Iran, just like the US, is not an official member.

Therefore, using UNCLOS to demand for a free and open passage is highly contestable and is a subject for contention with no end in sight.

SG FM Vivian had disgraced himself by calling Iran to demand for a free and open hormuz passage.  He had forgotten that the strait of  hormuz was free and open before the US attacked Iran illegally.

How did Iran respond to FM Vivian's call?

Iran has slapped FM Vivian right in his face by setting up a Hormuz transit authority to collect hormuz toll because Iran understands international laws better than FM Vivian.  The reality is Iran is just trying to seek reparation (reconstruction costs) by imposing a hormuz toll since the US refuses to compensate Iran for the illegal attack.

The EU doesn't object strenuously to the Hormuz toll because it knows that Iran is seeking reparation. The EU also knows that it can't demand reparation for Ukraine if it objects to the Hormuz toll as this will be deemed as a prejudiced (double standard) objection.

Let's look at what the EU is doing then?

The EU is trying to negotiate with Iran for the Hormuz ship passage and FM Vivian is getting hit hard by this reality.

Tuesday, May 19, 2026

Latest global fund manager survey by BOA.

 Summary:

  • The Bank of America survey, which polled 200 respondents with a combined $517 billion in ​assets under management, was conducted between May 8 and ​May 14.

  • A net 50% of fund managers surveyed said they were ‌overweight ⁠equities compared to 13% the previous month. Average cash levels are 3.9%, down from 4.3%.

  • Just 4% said they saw a "hard landing", where economic growth and job creation suddenly contract, ​compared with 39%, ​who said ⁠they saw "no landing" at all.

  • 66% of respondents said they expected the Strait of Hormuz ​bottleneck to end in the next few ​months.

  • 40% ⁠of respondents said a second wave of inflation was the biggest tail risk right now.

  • 62% of respondents said they ⁠targeted ​a rate of 6% on 30-year ​Treasury yields , which are currently around 5.14%. 20% said they targeted a ​rate of 4%.


Lion-Phillip - Stock calls


Date

Analyst

Company

Last

Target

Call

Valuation

10/31/25

Phillip

Lion-Phillip

0.88

0.965

Accumulate


04/01/26

Phillip

Lion-Phillip

0.802

0.9

Accumulate

Sum of parts



Lincotrade - Stock calls


Date

Analyst

Company

Last

Target

Call

Valuation

12/08/25

SAC Capital

Lincotrade

0.2

0.301

Buy




LHN - Stock calls


Date

Analyst

Company

Last

Target

Call

Valuation

03/06/25

Kim Eng

LHN

0.46

0.55

Buy


03/06/25

Lim & Tan

LHN

0.46

0.55

Accumulate


03/12/25

Phillip

LHN

0.46

0.56

Buy

PER6.5x FY25

04/16/25

Lim & Tan

LHN

0.42

0.56

Accumulate


05/16/25

Lim & Tan

LHN

0.495

0.56

Accumulate


05/19/25

Phillip

LHN

0.505

0.61

Buy

PER7x FY25

05/19/25

Kim Eng

LHN

0.505

0.55

Buy


05/26/25

Lim & Tan

LHN

0.505

0

Accumulate on weakness


06/03/25

Lim & Tan

LHN

0.515

0.6

Accumulate on weakness


06/26/25

DBS Vickers

LHN

0.64

0.81

Not Rated

Sum of parts

07/09/25

CIMB

LHN

0.76

1

Add


09/10/25

Lim & Tan

LHN

0.86

0

Accumulate


09/11/25

Phillip

LHN

0.93

1.13

Buy

PER13x FY25

09/25/25

UOB Kay Hian

LHN

0.985

1.12

Buy

PER12x FY26

10/01/25

Lim & Tan

LHN

0.93

1.15

Accumulate


10/01/25

CIMB

LHN

0.93

1.2

Add


12/01/25

Lim & Tan

LHN

0.67

1.15

Accumulate


12/08/25

Phillip

LHN

0.69

0.85

Buy

Sum of parts

12/09/25

UOB Kay Hian

LHN

0.675

0.84

Buy

PER12x FY26

12/09/25

CIMB

LHN

0.675

0.88

Add


02/11/26

UOB Kay Hian

LHN

0.69

0.84

Buy

PER12x FY26

03/20/26

UOB Kay Hian

LHN

0.585

0.71

Buy

PER18.2x FY26