Aztech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/25/21	UOB Kay Hian	Aztech	1.23	1.86	Buy
07/29/21	UOB Kay Hian	Aztech	1.23	1.86	Buy	PER18.4x FY21
08/02/21	CIMB	Aztech	1.27	1.82	Add
08/02/21	DBS Vickers	Aztech	1.27	1.74	Buy	PER17.9x FY21
08/02/21	Kim Eng	Aztech	1.27	1.86	Buy
09/06/21	CIMB	Aztech	1.07	1.82	Add
10/15/21	DBS Vickers	Aztech	1.09	1.67	Buy	PER17.9x FY21
10/15/21	UOB Kay Hian	Aztech	1.09	1.7	Buy	PER13.3x FY22
10/18/21	Kim Eng	Aztech	1.07	1.26	Buy	PER10x FY22
12/02/21	Kim Eng	Aztech	0.965	1.26	Buy
12/09/21	DBS Vickers	Aztech	0.925	1.67	Buy
01/10/22	UOB Kay Hian	Aztech	0.885	1.55	Buy	PER13.3x FY22
01/17/22	DBS Vickers	Aztech	0.895	1.67	Buy
01/20/22	CIMB	Aztech	0.86	1.59	Add
02/03/22	Kim Eng	Aztech	0.845	1.26	Buy
02/03/22	UOB Kay Hian	Aztech	0.845	1.55	Buy	PER13.3x FY22
02/16/22	DBS Vickers	Aztech	0.92	1.54	Buy	PER12x FY22
02/23/22	DBS Vickers	Aztech	0.915	1.48	Buy
02/23/22	Kim Eng	Aztech	0.915	1.14	Buy
03/14/22	DBS Vickers	Aztech	0.905	1.48	Buy
03/15/22	CIMB	Aztech	0.89	1.59	Add
04/11/22	UOB Kay Hian	Aztech	0.945	1.55	Buy	PER13.3x FY22
04/19/22	CIMB	Aztech	1	1.59	Add	PER12x
04/19/22	DBS Vickers	Aztech	1	1.33	Buy
04/19/22	Kim Eng	Aztech	1	1.13	Buy
04/19/22	Lim & Tan	Aztech	1	0	Hold
06/30/22	DBS Vickers	Aztech	0.815	1.33	Buy	PER12x
07/19/22	CIMB	Aztech	0.795	1.16	Add	PER9.1x
07/25/22	DBS Vickers	Aztech	0.795	1.18	Buy	PER11x FY22
07/26/22	UOB Kay Hian	Aztech	0.795	1.46	Buy	PER12.5x FY22
07/26/22	CIMB	Aztech	0.795	1.22	Add
07/26/22	Kim Eng	Aztech	0.795	1.39	Buy

Avi-Tech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/20/21	Lim & Tan	Avi-Tech	0.41	0	Hold
08/25/21	DMG & Partners	Avi-Tech	0.4	0.42	Neutral
10/07/21	Lim & Tan	Avi-Tech	0.39	0	Hold
02/11/22	Lim & Tan	Avi-Tech	0.36	0	Accumulate
02/15/22	DMG & Partners	Avi-Tech	0.36	0.42	Buy
03/17/22	DMG & Partners	Avi-Tech	0.33	0.42	Buy
07/22/22	DMG & Partners	Avi-Tech	0.29	0.42	Buy
08/24/22	Lim & Tan	Avi-Tech	0.295	0	Hold

Ascendas India Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/05/21	Citi Research	Ascendas India Trust	1.44	1.82	Buy
10/28/21	DBS Vickers	Ascendas India Trust	1.4	1.85	Buy	DDM
11/03/21	DBS Vickers	Ascendas India Trust	1.4	1.8	Buy	PB1.25x
01/27/22	DBS Vickers	Ascendas India Trust	1.38	1.7	Buy	DDM
01/28/22	Jefferies	Ascendas India Trust	1.28	1.65	Buy
03/24/22	Lim & Tan	Ascendas India Trust	1.21	1.6	Buy
04/26/22	DBS Vickers	Ascendas India Trust	1.28	1.7	Buy
07/15/22	DBS Vickers	Ascendas India Trust	1.13	1.7	Buy
07/15/22	Lim & Tan	Ascendas India Trust	1.13	1.51	Buy
08/02/22	DBS Vickers	Ascendas India Trust	1.2	1.7	Buy	DDM

Stock calls for 5 September 2022

Date	Analyst	Company	Last	Target	Call	Valuation
09/05/22	Lim & Tan	Comfortdelgro	1.38	1.75	Buy
09/05/22	Phillip	Koda	0.5	0.5	Neutral	PER5x FY23, Ex-cash
09/05/22	SAC Capital	Koda	0.5	0.64	Buy
09/05/22	UOB Kay Hian	Nanofilm	2.35	2.72	Buy
09/05/22	DMG & Partners	Sheng Siong	1.62	1.78	Buy	PER19x FY22

US ISM PMI remained at 1 year low in August 2022.

 

The prices subindex had eased to 52.5 (-7.5) because of an easing in supply and logistic disruption (Please see the chart below).

Simultaneously, the supplier deliveries also eased to 55.1 (-0.1) because of the easing in logistics.

The new order increased to 51.3 (+3.3) due to a significant increase in the local new order (+6.5).  However, the new export order had entered a contractionary phase (49.4, -3.2).  Nevertheless, the new order had depleted some customers’ inventories (38.9, -0.6).

The backlog of orders increased to 53 (+1.7) because the production (50.4, -3.1) and fallen and couldn’t keep up with the increase in the new order.  Production fell because the producers cut back on their inventories and raw materials.  The inventories fell to 53.1(-4.1), the import dropped to 52.5(-1.9) and the local raw material declined by an estimated 2.3.  However, the producers increased their employment to 54.2(+4.3) in anticipation of a further increase in production to achieve economies of scale.

In conclusion, the above factors caused the PMI to decline to a 1 year low of 52.8 and would continue its downward trajectory.

Baltic dry index - 1086

Related stock: Sembcorp Marine, Cosco & Pan ocean.