GuocoLand - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/22	DBS Vickers	GuocoLand	1.53	2.3	Buy	RNAV (60% disc)
08/30/22	Lim & Tan	GuocoLand	1.67	2.3	Buy
09/02/22	DBS Vickers	GuocoLand	1.67	2.3	Buy	RNAV (60% disc)
11/01/22	DBS Vickers	GuocoLand	1.55	2.3	Buy

Grand Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/22	CIMB	Grand Venture	1.19	1.74	Add	PER15.8x FY23
02/14/22	Amfrasers	Grand Venture	1.1	1.37	Buy
02/16/22	Lim & Tan	Grand Venture	1.06	1.71	Buy
03/18/22	SAC Capital	Grand Venture	0.955	1.195	Buy
03/23/22	CIMB	Grand Venture	0.98	1.6	Add
04/14/22	DBS Vickers	Grand Venture	0.965	1.5	Buy	PER18x FY23
05/09/22	Lim & Tan	Grand Venture	0.975	1.43	Buy
05/09/22	DBS Vickers	Grand Venture	0.975	1.4	Buy	PER18x FY23
05/25/22	CIMB	Grand Venture	0.803	1.29	Add
07/26/22	DBS Vickers	Grand Venture	0.685	1.4	Buy
08/12/22	CIMB	Grand Venture	0.7	0.85	Add
08/12/22	DBS Vickers	Grand Venture	0.7	1.07	Buy
10/17/22	CIMB	Grand Venture	0.505	0.4	Reduce	PER9.6x FY23
10/18/22	DBS Vickers	Grand Venture	0.455	0.57	Buy	PER12x FY23
11/09/22	DBS Vickers	Grand Venture	0.505	0.57	Buy
01/06/23	CIMB	Grand Venture	0.52	0.52	Hold	PER10.4x FY24

Grand Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/22	Lim & Tan	Grand Bank	0.315	0	Accumulate
02/14/22	Lim & Tan	Grand Bank	0.305	0	Accumulate on weakness
09/01/22	Lim & Tan	Grand Bank	0.29	0	Accumulate
11/22/22	Lim & Tan	Grand Bank	0.275	0	Buy

Stock calls for 9 January 2023

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/23	UOB Kay Hian	A-Reit	2.73	3.27	Buy
01/09/23	Kim Eng	AEM	3.48	3.08	Sell	PER8.5x FY23
01/09/23	UOB Kay Hian	ART	1.03	1.37	Buy
01/09/23	Uob Kay Hian	Capitaland Integrated Commercial Trust	2	2.29	Buy
01/09/23	UOB Kay Hian	CDL Hospitality	1.25	1.47	Buy
01/09/23	UOB Kay Hian	Frasers Logistics	1.17	1.56	Buy
01/09/23	UOB Kay Hian	Genting	0.97	1.15	Buy
01/09/23	UOB Kay Hian	Keppel Reit	0.9	1.17	Buy
01/09/23	UOB Kay Hian	Lendlease Reit	0.675	0.87	Buy
01/09/23	UOB Kay Hian	Mapletree Commercial	1.69	2.02	Buy
01/09/23	UOB Kay Hian	Mapletree Industrial	2.25	3.3	Buy
01/09/23	UOB Kay Hian	Mapletree Logistics	1.6	1.99	Buy
01/09/23	Citi Research	Sembcorp Marine	0.134	0.1	Sell
01/09/23	UOB Kay Hian	Suntec Reit	1.37	1.37	Hold
01/09/23	Kim Eng	UMS	1.23	1.34	Buy
01/09/23	DMG & Partners	UOB	30.84	34.9	Buy
01/09/23	CIMB	Venture	16.97	20.1	Add	PER15.2x FY23
01/09/23	Lim & Tan	Yangzijiang	1.23	0	Buy

US consumerism is stalling because household savings are at a record low.

The US consumer spending accounts for 70% of the US economy.  If the US consumerism is stalling because of the record low household savings, the US will enter into a recession in 2023.

Equity sentiment declined in 2022.

The equity sentiment has not reached the extreme bearishness zone yet. Thus, it pays to be patient in the stock market.