Singapore Stock Exchange - Equity Investments

Tuesday, September 5, 2023

Aztech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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	PER9.1x FY23
07/26/22	Kim Eng	Aztech	0.795	1.39	Buy
10/17/22	UOB Kay Hian	Aztech	0.76	0.99	Buy	PER8.5x FY23
10/21/22	CIMB	Aztech	0.74	0.96	Add	PER7.7x FY23
11/02/22	Kim Eng	Aztech	0.8	0.83	Hold
11/04/22	UOB Kay Hian	Aztech	0.81	1.05	Buy	PER8.5x FY23
11/04/22	DBS Vickers	Aztech	0.81	1.02	Buy	PER8x FY23
11/04/22	CIMB	Aztech	0.81	0.96	Add	PER7.7x FY23
11/07/22	Kim Eng	Aztech	0.855	0.79	Hold
02/20/23	DBS Vickers	Aztech	0.835	1.02	Buy
02/21/23	UOB Kay Hian	Aztech	0.8	1.05	Buy	PER8.5x FY23
02/21/23	DBS Vickers	Aztech	0.8	1.15	Buy	PER7x FY23
02/21/23	Lim & Tan	Aztech	0.8	1.17	Buy
02/21/23	Kim Eng	Aztech	0.8	1.02	Buy	PER7X FY23
02/23/23	CIMB	Aztech	0.845	0.91	Add	PER7.5x FY23
04/04/23	UOB Kay Hian	Aztech	0.815	1.05	Buy	PER8.5x FY23
04/18/23	CIMB	Aztech	0.81	0.91	Add
05/05/23	UOB Kay Hian	Aztech	0.82	1	Buy	PER8.6x FY23
05/05/23	DBS Vickers	Aztech	0.82	1.05	Buy	PER8.5x FY23
05/05/23	CIMB	Aztech	0.82	1.02	Add
05/05/23	Lim & Tan	Aztech	0.82	1.04	Buy
06/27/23	CIMB	Aztech	0.705	1.01	Add
07/20/23	UOB Kay Hian	Aztech	0.695	1	Buy	PER8.6x FY23
07/24/23	CIMB	Aztech	0.7	1.11	Add
07/24/23	Lim & Tan	Aztech	0.7	1	Accumulate
07/24/23	Kim Eng	Aztech	0.7	0.93	Buy	PER8x FY23
08/29/23	Kim Eng	Aztech	0.79	0.93	Buy
08/29/23	CIMB	Aztech	0.79	1.11	Add
08/31/23	UOB Kay Hian	Aztech	0.815	1	Buy	PER8.6x FY23

Avi-Tech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/22/22	DMG & Partners	Avi-Tech	0.29	0.42	Buy
08/24/22	Lim & Tan	Avi-Tech	0.295	0	Hold

Audience Analytics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/23	Lim & Tan	Audience Analytics	0.31	0.425	Buy	Sum of parts, PER10.6x FY23

Stock calls for 4 September 2023

Date	Analyst	Company	Last	Target	Call	Valuation
09/04/23	UOB Kay Hian	Bumitama	0.55	0.65	Buy	PER6x FY24
09/04/23	UOB Kay Hian	Comfortdelgro	1.27	1.56	Buy	PER15x FY24
09/04/23	UOB Kay Hian	CSE Global	0.485	0.61	Buy	PER15x FY24
09/04/23	Lim & Tan	DBS	33.3	37.52	Buy
09/04/23	UOB Kay Hian	Delfi	1.25	1.83	Buy	PER17x FY24
09/04/23	Kim Eng	Food Empire	1.08	1.36	Buy	PER11x FY23
09/04/23	DBS Vickers	Ifast Corp	5.68	3.92	Fully Valued	DCF
09/04/23	UOB Kay Hian	Keppel Corp	6.94	9.09	Buy	Sum of parts
09/04/23	Lim & Tan	Keppel Corp	6.94	7.87	Buy
09/04/23	UOB Kay Hian	LHN	0.34	0.55	Buy	PER9x FY23
09/04/23	UOB Kay Hian	Mapletree Industrial	2.3	2.89	Buy	DDM
09/04/23	DBS Vickers	Mapletree Logistics	1.68	1.88	Buy	DCF
09/04/23	UOB Kay Hian	OCBC	12.55	18.22	Buy	GGM, PB1.45x FY24
09/04/23	UOB Kay Hian	Seatrium	0.145	0.19	Buy	PB1.5x FY24
09/04/23	UOB Kay Hian	Sembcorp Industries	5.35	7.2	Buy	PER13.6x
09/04/23	UOB Kay Hian	Thai Beverage	0.57	0.83	Buy	Sum of parts
09/04/23	SAC Capital	Uni-Asia	0.91	1.14	Buy	PB0.45x
09/04/23	Lim & Tan	Wing Tai	1.35	1.8	Accumulate	PB0.44x

Sunday, September 3, 2023

The ISM PMI has been contracting for 10 consecutive months already.

There are 1 important thing to note from the latest ISM PMI publication.

The new order (46.8, -0.5) declined because of worsening new local order (Est'd -0.8). This means that the local consumer spending is still contracting. As the chart indicates, almost all the subcomponents are in a contraction zone (below 50).

The ISM PMI has also been contracting for 10 consecutive months already. With the weakening consumer spending, the 2nd half of 2023 won't be better than the 1st half.

3 important economic statistics for the past week.

The job gap has narrowed to 3m from 4m which means the labour market is softening. This is to be expected because of depleting pandemic household savings and front-loading of purchases.

US GDP growth (2nd Qtr): 2.1%

The US GDP growth only increased marginally in the 2nd quarter and the first half of 2023 was estimated to be better than the latter half because household savings would not be available to boost the GDP growth in the 2nd half of 2023. Thus, the US GDP growth for 2023 would not exceed 2.5% under the existing conditions.

The core PCE had increased marginally to 4.2%. We had stated previously that the US inflation would remain relatively stable at this level (see below).

https://sg-stock.blogspot.com/2023/08/us-inflation-is-going-to-remain.html