Stock calls for 6 August 2026

Date	Analyst	Company	Last	Target	Call	Valuation
08/06/26	DBS Vickers	A-Reit	2.57	3.2	Buy	DCF
08/06/26	CIMB	A-Reit	2.57	3.12	Add	DDM
08/06/26	DBS Vickers	CapitaRetail China	0.67	0.75	Hold	DCF
08/06/26	DBS Vickers	Cenurion Accommodation	1.16	1.3	Buy	DCF
08/06/26	Lim & Tan	Cenurion Accommodation	1.16	1.35	Accumulate
08/06/26	DBS Vickers	Daiwa House	0.475	0.5	Hold	DCF
08/06/26	Lim & Tan	DBS	73.55	73.5	Hold
08/06/26	CIMB	Keppel Corp	11.21	13.52	Add	Sum of parts
08/06/26	Phillip	Lendlease Reit	0.6	0.77	Buy	DDM
08/06/26	DBS Vickers	Singtel	4.35	5.46	Buy	Sum of parts (10% disc)
08/06/26	Amfrasers	Toku	0.195	0.37	Outperform	DCF

The Iran war situation report. - Part 98

Why did the US stop striking Iran suddenly?

As stated repetitively on our previous posts, the US was running out of missiles and bombs and the US couldn't sustain this illegal Iran war for long.

Morever, we've also stated that the gulf states can't survive without water and energy If Iran attacks the water and energy infrastructure in the gulf states in retaliation.

In view of the devastation of any Iranian retaliation, Saudi had threatened Trump to stop his reckless Iranian attacks and Trump complied in the end.

Frasers Property - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/17/25	DBS Vickers	Frasers Property	1.05	1.26	Buy	RNAV (55% disc)
12/09/25	CIMB	Frasers Property	1.12	1.41	Add	RNAV (45% discount)
12/24/25	Lim & Tan	Frasers Property	1.12	1.45	Accumulate
02/27/26	DBS Vickers	Frasers Property	1.06	1.5	Buy	RNAV (45% disc)
04/08/26	DBS Vickers	Frasers Property	0.98	1.5	Buy	RNAV (45% disc)
05/11/26	CIMB	Frasers Property	1.11	1.41	Add	RNAV (45% discount)
05/18/26	DBS Vickers	Frasers Property	113	1.5	Buy	RNAV (45% disc)

Frasers Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	UOB Kay Hian	Frasers Logistics	0.88	1.23	Buy	DDM
08/01/25	DBS Vickers	Frasers Logistics	0.88	1.05	Buy	DCF
08/05/25	UOB Kay Hian	Frasers Logistics	0.87	1.15	Buy	DDM
09/01/25	UOB Kay Hian	Frasers Logistics	0.91	1.15	Buy	DDM
11/10/25	DBS Vickers	Frasers Logistics	0.95	1.05	Buy	DCF
11/10/25	CIMB	Frasers Logistics	0.95	1.1	Add	DDM
11/25/25	UOB Kay Hian	Frasers Logistics	0.95	1.22	Buy	DDM
01/02/26	UOB Kay Hian	Frasers Logistics	0.995	1.22	Buy	DDM
02/03/26	UOB Kay Hian	Frasers Logistics	1.01	1.22	Buy	DDM
02/04/26	DBS Vickers	Frasers Logistics	1.01	1.05	Buy	DCF
03/02/26	UOB Kay Hian	Frasers Logistics	0.99	1.22	Buy	DDM
04/01/26	UOB Kay Hian	Frasers Logistics	0.895	1.22	Buy	DDM
05/04/26	UOB Kay Hian	Frasers Logistics	0.96	1.22	Buy	DDM
05/05/26	DBS Vickers	Frasers Logistics	0.97	1.05	Buy	DCF
05/05/26	Lim & Tan	Frasers Logistics	0.97	1.1	Accumulate
05/06/26	UOB Kay Hian	Frasers Logistics	0.99	1.3	Buy	DDM
05/06/26	CIMB	Frasers Logistics	0.99	1.1	Add	DDM
05/28/26	UOB Kay Hian	Frasers Logistics	0.985	1.33	Buy	DDM
07/06/26	UOB Kay Hian	Frasers Logistics	0.965	1.3	Buy	DDM
07/31/26	DBS Vickers	Frasers Logistics	1	1.05	Buy	DCF
08/03/26	UOB Kay Hian	Frasers Logistics	0.99	1.33	Buy	DDM

Frasers Centrepoint Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	UOB Kay Hian	Frasers Centrepoint Trust	2.22	3.07	Buy	DDM
08/06/25	DMG & Partners	Frasers Centrepoint Trust	2.23	2.5	Buy	DDM
09/02/25	UOB Kay Hian	Frasers Centrepoint Trust	2.33	3.07	Buy	DDM
09/02/25	OCBC	Frasers Centrepoint Trust	2.33	2.58	Buy
10/23/25	DBS Vickers	Frasers Centrepoint Trust	2.44	2.75	Buy	DCF
10/23/25	Lim & Tan	Frasers Centrepoint Trust	2.44	2.56	Hold
10/24/25	UOB Kay Hian	Frasers Centrepoint Trust	2.45	2.9	Buy	DDM
10/27/25	Phillip	Frasers Centrepoint Trust	2.4	2.74	Accumulate	DDM
11/26/25	DMG & Partners	Frasers Centrepoint Trust	2.25	2.7	Buy	DDM
12/26/25	Lim & Tan	Frasers Centrepoint Trust	2.31	2.6	Accumulate on weakness
01/13/26	Kim Eng	Frasers Centrepoint Trust	2.27	2.6	Buy
01/26/26	DBS Vickers	Frasers Centrepoint Trust	2.26	2.75	Buy	DCF
01/27/26	UOB Kay Hian	Frasers Centrepoint Trust	2.26	2.9	Buy	DDM
01/27/26	Phillip	Frasers Centrepoint Trust	2.26	2.74	Buy	DDM
01/27/26	CIMB	Frasers Centrepoint Trust	2.26	2.86	Add	DDM
01/27/26	OCBC	Frasers Centrepoint Trust	2.26	2.74	Buy
04/01/26	UOB Kay Hian	Frasers Centrepoint Trust	2.18	2.9	Buy	DDM
04/07/26	DBS Vickers	Frasers Centrepoint Trust	2.21	2.75	Buy	DCF
04/10/26	DMG & Partners	Frasers Centrepoint Trust	2.23	2.7	Buy	DDM
04/27/26	UOB Kay Hian	Frasers Centrepoint Trust	2.32	3.06	Buy	DDM
04/27/26	Phillip	Frasers Centrepoint Trust	2.32	2.7	Buy	DDM
04/27/26	Lim & Tan	Frasers Centrepoint Trust	2.32	2.6	Accumulate on weakness
07/01/26	DBS Vickers	Frasers Centrepoint Trust	2.26	2.75	Buy	DCF
07/02/26	UOB Kay Hian	Frasers Centrepoint Trust	2.23	2.99	Buy	DDM
07/21/26	DBS Vickers	Frasers Centrepoint Trust	2.27	2.75	Buy	DCF
07/21/26	Lim & Tan	Frasers Centrepoint Trust	2.27	2.6	Accumulate on weakness
07/28/26	CIMB	Frasers Centrepoint Trust	2.26	2.86	Add	DDM
07/30/26	Phillip	Frasers Centrepoint Trust	2.28	2.7	Buy	DDM

Stock calls for 5 August 2026

Date	Analyst	Company	Last	Target	Call	Valuation
08/05/26	Amfrasers	All-Link Air & Sea	0.53	0.82	Outperform	DCF
08/05/26	DBS Vickers	Capitaland Investment	2.73	3.4	Buy	Sum of parts
08/05/26	DBS Vickers	City Developments	7.88	12	Buy	RNAV (35% disc)
08/05/26	DBS Vickers	Coliwoo	0.51	0.88	Buy	Sum of parts (15% disc)
08/05/26	Lim & Tan	Daiwa House	0.49	0.6	Accumulate on weakness
08/05/26	DBS Vickers	Jardine C&C	28.18	35.5	Buy	Sum of parts (5% disc)
08/05/26	UOB Kay Hian	Lendlease Reit	0.585	0.79	Buy	DDM
08/05/26	CIMB	Lendlease Reit	0.585	0.7	Add	DDM
08/05/26	DMG & Partners	Lum Chang Creations	0.365	0.59	Buy	PER15x FY27
08/05/26	Lim & Tan	Sasseur	0.685	0.91	Accumulate

The latest ISM PMI is an aberration because the US consumption, GDP and savings rate are declining.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = 0.7 - 4.5 = (-3.8)

Estimated Local Material: Inventories - Imports = (-0.2) - 2.8 = (-3)

The prices eased to 71.1 (-1.9) because the oil prices declined due to the Iran peace deal.  However, the peace deal had fallen apart recently and the oil prices had risen already.

The producers ramped up their production (+6.3) because of a rise in new orders caused by a spike in new exports (+4.5) but the new local orders declined significantly (Est'd -3.8) as the US consumption had fallen (-3.8).  Consequently, the production overcapacity had caused the backlog orders to spike too (+4.5).

The above factors caused the PMI to rise to 55.6 (+2.3) but this was unsustainable in our eyes because of the declines in US consumption, GDP and US savings rate.

Fortress Minerals - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/25	Amfrasers	Fortress Minerals	0.235	0.27	outperform	Cut from $0.40, Sum of parts
05/13/26	Amfrasers	Fortress Minerals	0.26	0.26	Neutral	Sum of parts

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/15/25	UOB Kay Hian	Food Empire	2.3	2.73	Buy	PER17x FY26
08/15/25	CIMB	Food Empire	2.3	2.94	Add
08/28/25	DBS Vickers	Food Empire	2.37	2.68	Unrated	Sum of parts
09/10/25	DMG & Partners	Food Empire	2.38	2.72	Buy
09/16/25	Kim Eng	Food Empire	2.62	2.92	Buy
09/17/25	UOB Kay Hian	Food Empire	2.59	3	Buy	PER18.7x FY26
09/19/25	CIMB	Food Empire	2.66	3.09	Add
09/25/25	Lim & Tan	Food Empire	2.65	2.99	Buy
09/25/25	DMG & Partners	Food Empire	2.65	2.95	Buy
10/14/25	UOB Kay Hian	Food Empire	2.3	3	Buy	PER18.7x FY26
11/06/25	Amfrasers	Food Empire	2.29	2.69	outperform	DCF
11/06/25	uSMART	Food Empire	2.29	2.97	Buy
11/13/25	UOB Kay Hian	Food Empire	2.35	3	Buy	PER19x FY26
11/13/25	Lim & Tan	Food Empire	2.35	2.99	Buy
11/17/25	CIMB	Food Empire	2.56	3.18	Add
01/05/26	UOB Kay Hian	Food Empire	2.45	3	Buy	PER19x FY26
02/02/26	UOB Kay Hian	Food Empire	2.7	3	Buy	PER19x FY26
02/03/26	DBS Vickers	Food Empire	2.7	3.4	Buy	Sum of parts
02/20/26	CIMB	Food Empire	3.02	4	Add
02/26/26	UOB Kay Hian	Food Empire	3.27	4.21	Buy	PER25x FY26
03/02/26	DBS Vickers	Food Empire	3.25	3.65	Buy	Sum of parts
03/09/26	Amfrasers	Food Empire	3.08	3.7	outperform	DCF
03/10/26	UOB Kay Hian	Food Empire	2.93	4.21	Buy	PER25x FY26
05/04/26	UOB Kay Hian	Food Empire	3.26	4.21	Buy	PER25x FY26
05/12/26	DBS Vickers	Food Empire	2.88	3.65	Buy	Sum of parts
06/03/26	UOB Kay Hian	Food Empire	3.02	4.21	Buy	PER25x FY26
06/03/26	DMG & Partners	Food Empire	3.02	3.87	Buy	Ex-bonus target $3.36
06/04/26	DBS Vickers	Food Empire	2.51	3.05	Buy	Sum of parts, Ex-bonus (1 for 5)
06/19/26	UOB Kay Hian	Food Empire	2.5	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
07/06/26	CLSA	Food Empire	2.53	3.6	outperform
07/13/26	CIMB	Food Empire	2.53	3.33	Add	PER
07/23/26	UOB Kay Hian	Food Empire	2.4	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
08/04/26	UOB Kay Hian	Food Empire	2.46	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)