Another US recession indicator!

The US corporate loan demand has slumped significantly and this denotes there is no corporate intention to expand or upgrade its business due to a bleak outlook.

2 important economic updates for the last week of July 2023.

The US GDP growth for Q2 2023 was 2.4% which was a marginal improvement from Q1.  However, we believe that Q2 would be the best quarter for 2023 because the US consumption would decline further.

The excess household savings had been depleted and the US consumers couldn't support the US economy like before.

The June PCE index showed that the core PCE of 4.1% was still at an elevated level (double of Fed's target).  Thus, the US Fed won't reduce its rates in 2023.

Baltic dry index - 1110

Related stock: Sembcorp Marine, Cosco & Pan Ocean.

US rig count (weekly) - 664

Related stock: Sembcorp Marine & Cosco.

Micro-Mechanics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/01/22	DBS Vickers	Micro-Mechanics	3.14	3.42	Hold
10/18/22	DBS Vickers	Micro-Mechanics	2.73	2.97	Hold
10/31/22	DBS Vickers	Micro-Mechanics	2.76	2.32	Fully Valued
01/31/23	DBS Vickers	Micro-Mechanics	2.57	2.12	Fully Valued	PER23x FY23/24
01/31/23	Lim & Tan	Micro-Mechanics	2.57	2.32	Avoid
04/05/23	DBS Vickers	Micro-Mechanics	2.02	2.12	Fully Valued
05/02/23	DBS Vickers	Micro-Mechanics	2.1	1.75	Fully Valued	PER21x FY23/24

Megachem - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/23/22	SAC Capital	Megachem	0.5	0.58	Buy

Marco Polo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/30/22	DMG & Partners	Marco Polo	0.037	0.05	Buy	DCF
12/07/22	UOB Kay Hian	Marco Polo	0.047	0.048	Hold	PB1.1x FY23
03/30/23	DMG & Partners	Marco Polo	0.043	0.06	Buy	DCF
05/31/23	DMG & Partners	Marco Polo	0.051	0.06	Buy	DCF
06/12/23	UOB Kay Hian	Marco Polo	0.053	0.06	Buy	PB1.3x FY23

Stock calls for 28 July 2023

Date	Analyst	Company	Last	Target	Call	Valuation
07/28/23	Kim Eng	AIMS AMP Cap Ind Reit	1.25	1.36	Buy	DDM
07/28/23	DBS Vickers	ART	1.11	1.3	Buy
07/28/23	DBS Vickers	CapitaRetail China	1.04	1.4	Buy
07/28/23	OCBC	CapitaRetail China	1.04	1.23	Buy
07/28/23	DBS Vickers	Digicore Reit	0.52	0.9	Buy
07/28/23	Kim Eng	ESR-Reit	0.345	0.38	Buy
07/28/23	CIMB	Frasers Centrepoint Trust	2.19	2.62	Add
07/28/23	CIMB	Ifast Corp	5.46	4.9	Hold
07/28/23	Citi Research	Ifast Corp	5.46	3.7	Sell
07/28/23	DBS Vickers	Keppel Corp	6.96	8.3	Buy
07/28/23	Lim & Tan	Keppel Corp	6.96	7.67	Accumulate
07/28/23	UOB Kay Hian	Keppel Pacific	0.3	0.5	Buy	DDM
07/28/23	CIMB	Mapletree Industrial	2.29	2.61	Add	DDM
07/28/23	UOB Kay Hian	Raffles Medical	1.34	1.9	Buy	PER26x FY23
07/28/23	DBS Vickers	Seatrium	0.146	0.18	Buy
07/28/23	DBS Vickers	Sheng Siong	1.61	1.89	Buy
07/28/23	DMG & Partners	Sheng Siong	1.61	1.95	Buy	PER21x FY23/24
07/28/23	CIMB	SIA	7.52	6.78	Reduce
07/28/23	Lim & Tan	SIA	7.52	6.68	Accumulate on weakness
07/28/23	DBS Vickers	Starhill	0.515	0.68	Buy
07/28/23	DMG & Partners	UOB	28.92	31.7	Buy	GGM, PB1.06x FY23