First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/26	DBS Vickers	First Sponsor	1.02	1.3	Unrated

Stock calls for 5 November 2026

Date	Analyst	Company	Last	Target	Call	Valuation
11/05/26	UOB Kay Hian	Beng Kuang Marine	0.38	0.7	Buy	PER13.1x FY27
11/05/26	Phillip	Capitaland Investment	2.38	3.69	Buy	Sum of parts
11/05/26	Uob Kay Hian	Capitaland Investment	2.38	3.8	Buy	Sum of parts (30% Disc)
11/05/26	Lim & Tan	Capitaland Investment	2.38	3.4	Accumulate
11/05/26	DBS Vickers	Centurion Accommodation	1.07	1.25	Buy	DCF, PB1.49x
11/05/26	Lim & Tan	DBS	70.78	80	Accumulate on weakness	PER17x FY27
11/05/26	UOB Kay Hian	SIA Engineering	2.92	3.6	Buy	PER21.3x FY28
11/05/26	phillip	UOB	38.44	38	Neutral	GGM, PB1.29x FY26
11/05/26	DBS Vickers	UOB	38.44	40.9	Hold	GGM, PB1.2x FY27
11/05/26	DBS Vickers	Wilmar	2.96	2.9	Hold	PER11.1x FY27

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/25	DBS Vickers	First Resources	1.57	2	Buy	DCF
08/15/25	Kim Eng	First Resources	1.68	1.9	Buy
08/25/25	UOB Kay Hian	First Resources	1.76	1.85	Buy
08/26/25	DMG & Partners	First Resources	1.79	2.1	Buy	PER10x FY26
10/15/25	UOB Kay Hian	First Resources	1.7	1.97	Buy	PER8.5x FY26
10/15/25	DBS Vickers	First Resources	1.7	2.1	Buy	DCF
11/17/25	UOB Kay Hian	First Resources	2.05	2.3	Buy	PER10x FY26
01/05/26	UOB Kay Hian	First Resources	2.08	2.3	Buy	PER10x FY26
01/16/26	UOB Kay Hian	First Resources	1.97	2.5	Buy	PER10x FY26
03/02/26	UOB Kay Hian	First Resources	2.37	2.53	Buy	PER10x FY26
03/02/26	Kim Eng	First Resources	2.37	2.63	Buy	PER
03/02/26	DMG & Partners	First Resources	2.37	2.8	Buy
03/25/26	DBS Vickers	First Resources	2.72	3	Buy	PER10x FY26
03/25/26	DMG & Partners	First Resources	2.72	3.45	Buy
03/25/26	Aletheia Capital	First Resources	2.72	3.5	Buy
05/06/26	DBS Vickers	First Resources	3.75	5	Buy	PER14x FY26
05/18/26	CIMB	First Resources	3.9	4.39	Add	PER
05/18/26	DMG & Partners	First Resources	3.9	3.7	Neutral
06/15/26	UOB Kay Hian	First Resources	2.83	3.65	Buy	PER12x FY26
06/22/26	DMG & Partners	First Resources	3.17	3.7	Buy
07/13/26	DBS Vickers	First Resources	3.21	5	Buy	PER14x FY26
07/15/26	DMG & Partners	First Resources	3.38	3.7	Buy
08/17/26	UOB Kay Hian	First Resources	3.95	4.57	Buy	PER14x FY27
09/07/26	Aletheia Capital	First Resources	4.55	5.2	Buy	STI inclusion
09/24/26	DBS Vickers	First Resources	4.44	6.3	Buy	PER14x FY27
09/30/26	UOB Kay Hian	First Resources	4.47	5.09	Buy
10/13/26	DBS Vickers	First Resources	4.4	6.3	Buy	PER14x FY27
11/03/26	DBS Vickers	First Resources	3.08	6.3	Buy	PER14x FY27

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	phillip	First Reit	0.275	0.31	Buy	DDM
09/22/25	phillip	First Reit	0.285	0.31	Buy	DDM
10/22/25	Lim & Tan	First Reit	0.28	0.31	Hold
10/23/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	OCBC	First Reit	0.28	0.265	Hold
02/06/26	Lim & Tan	First Reit	0.275	0.31	Accumulate on weakness
02/09/26	phillip	First Reit	0.27	0.29	Accumulate	DDM
04/02/26	Lim & Tan	First Reit	0.245	0.27	Accumulate on weakness
04/02/26	OCBC	First Reit	0.245	0.245	Hold
04/06/26	phillip	First Reit	0.245	0.25	Accumulate	PB1x FY26
06/04/26	Lim & Tan	First Reit	0.235	0.245	Vote Yes
06/26/26	Lim & Tan	First Reit	0.225	0.24	Accumulate on weakness
08/03/26	phillip	First Reit	0.23	0.23	Accumulate	PB1x FY26
10/29/26	OCBC	First Reit	0.18	0.175	Hold	DDM
10/30/26	phillip	First Reit	0.184	0.17	Accumulate	PB0.8x FY26

Far East Orchard - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/13/26	DBS Vickers	Far East Orchard	1.21	2	Unrated	RNAV (30% disc)
10/05/26	Lim & Tan	Far East Orchard	1.06	0.72	Unrated

Stock calls for 4 November 2026

Date	Analyst	Company	Last	Target	Call	Valuation
11/04/26	DBS Vickers	Capitaland Investment	2.38	3.4	Buy	Sum of parts
11/04/26	Lim & Tan	CSE Global	0.915	1.8	Accumulate
11/04/26	phillip	Elite ComReit	0.3	0.4	Buy	DDM
11/04/26	Phillip	Nanofilm	0.77	1.2	Buy	PER28x FY27
11/04/26	DBS Vickers	SIA Engineering	2.94	3.8	Buy	PER21x FY27 & DCF
11/04/26	CIMB	UMS	1.98	3.48	Add
11/04/26	DBS Vickers	UOB	40.46	42.5	Hold	GGM, PB1.3x FY27
11/04/26	Lim & Tan	UOB	40.46	44.46	Hold

Hot news: Trump and his Republican party have lost both congress houses!

Just as we've projected (see below), Trump and his Republican party have lost both congress houses!  Trump is a limping president now and he may be subjected to an impreachment again.

https://sg-stock.blogspot.com/2026/11/trump-is-likely-to-lose-his-mid-term.html

Trump is likely to lose his mid-term election! - Part 5

The polymarket statistics for Trump have worsen and Trump has a high chance of losing both congress houses.  Trump has threatened to veto every US policy if he can't win this election.

However, we don't think his threat will work and the tide won't turn in his favour after his threat.  Let's  watch how this will pan out.

The underlying factors for the ISM PMI are not as optimistic as the headline number.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = 0.2 - 0.3 = (-0.1)

Estimated Local Material: Inventories - Imports = 2.8 - 1.9 = +0.9

The new orders (+0.2) and new export orders (+0.3) increased marginally but the local new orders (Est'd -0.1) eased a bit.  This showed that the US consumer spendings were relatively stagnant even though the prices declined (-2.7).

Although the producers increased their inventories (+2.8), imports (+1.9), local material (+0.9) and production (+2.3) for the upcoming festivals, they didn't increase their employment (-0.3) because they had not confidence in the US consumption as the customers' inventories remained the same.  The producers only boosted their production to clear some backlog of orders (-1.8).

The above factors caused the PMI to increase to 55.5 (+1) but the weak US consumer spending would continue to dictate the trajectory of the PMI in the future.

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/25	CIMB	Far East Hospitality	0.595	0.74	Add	DDM
09/30/25	UOB Kay Hian	Far East Hospitality	0.6	0.81	Buy	DDM
10/06/25	Lim & Tan	Far East Hospitality	0.61	0.66	Accumulate
10/30/25	DBS Vickers	Far East Hospitality	0.615	0.7	Buy	DCF
10/31/25	CIMB	Far East Hospitality	0.615	0.76	Add	DDM
12/08/25	DBS Vickers	Far East Hospitality	0.61	0.7	Buy	DCF
02/12/26	DBS Vickers	Far East Hospitality	0.625	0.7	Buy	DCF
02/12/26	Lim & Tan	Far East Hospitality	0.625	0.71	Accumulate
02/13/26	CIMB	Far East Hospitality	0.62	0.72	Add	DDM
02/16/26	UOB Kay Hian	Far East Hospitality	0.625	0.85	Buy	DDM
03/17/26	DBS Vickers	Far East Hospitality	0.565	0.75	Buy	RNAV (15% disc)
05/04/26	Kim Eng	Far East Hospitality	0.575	0.65	Buy	DDM
05/04/26	Lim & Tan	Far East Hospitality	0.575	0.71	Accumulate
06/29/26	JPM	Far East Hospitality	0.57	0.69	Neutral
07/30/26	DBS Vickers	Far East Hospitality	0.59	0.75	Buy	RNAV (15% disc)
07/30/26	Lim & Tan	Far East Hospitality	0.59	0.73	Accumulate
09/10/26	UOB Kay Hian	Far East Hospitality	0.545	0.79	Buy	DDM
10/21/26	Lim & Tan	Far East Hospitality	0.505	0.645	Buy
10/22/26	UOB Kay Hian	Far East Hospitality	0.51	0.8	Buy	DDM
10/30/26	Kim Eng	Far East Hospitality	0.505	0.65	Buy	DDM