UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/15/21	DBS Vickers	UMS	1.41	1.83	Buy
06/30/21	UOB Kay Hian	UMS	1.47	1.92	Buy
07/05/21	Kim Eng	UMS	1.53	1.8	Buy
07/29/21	UOB Kay Hian	UMS	1.56	1.92	Buy
08/02/21	CIMB	UMS	1.61	1.97	Add
08/16/21	DBS Vickers	UMS	1.75	2.16	Buy	PER17x FY22
08/17/21	Kim Eng	UMS	1.73	2.1	Buy	PER15x FY22
09/06/21	CIMB	UMS	1.7	1.97	Add
09/17/21	Kim Eng	UMS	1.72	2.1	Buy
10/11/21	Kim Eng	UMS	1.58	2.1	Buy
11/15/21	DBS Vickers	UMS	1.38	1.8	Buy	PER17x FY22
11/15/21	UOB Kay Hian	UMS	1.38	2.08	Buy
11/16/21	Kim Eng	UMS	1.41	1.71	Buy
11/17/21	CIMB	UMS	1.48	1.63	Add
11/17/21	UOB Kay Hian	UMS	1.48	1.66	Buy	Ex-Bonus
12/02/21	Kim Eng	UMS	1.49	1.71	Buy
01/17/22	DBS Vickers	UMS	1.44	1.8	Buy
02/03/22	Kim Eng	UMS	1.2	1.71	Buy
02/09/22	UOB Kay Hian	UMS	1.21	1.8	Buy	PER15.5x FY22
03/01/22	DBS Vickers	UMS	1.2	1.8	Buy
03/02/22	Lim & Tan	UMS	1.23	1.77	Buy
03/03/22	DBS Vickers	UMS	1.21	1.7	Buy	PER17x FY22
03/04/22	Kim Eng	UMS	1.21	1.42	Buy
04/04/22	SAC Capital	UMS	1.21	1.39	Hold	Cut from $1.8
04/28/22	UOB Kay Hian	UMS	1.18	1.45	Buy	PER15.4x FY22
05/11/22	DBS Vickers	UMS	1.14	1.7	Buy
05/11/22	Lim & Tan	UMS	1.14	1.52	Buy
05/12/22	Kim Eng	UMS	1.22	1.5	Buy	PER14x FY22
05/13/22	CIMB	UMS	1.16	1.63	Add	PER14.45x FY23
05/26/22	UOB Kay Hian	UMS	1.14	1.45	Buy	PER15.4x FY22
06/03/22	SAC Capital	UMS	1.17	1.55	Buy
06/30/22	DBS Vickers	UMS	1.12	1.7	Buy
07/26/22	DBS Vickers	UMS	1.16	1.7	Buy
08/15/22	DBS Vickers	UMS	1.21	1.7	Buy
08/15/22	CIMB	UMS	1.21	1.63	Add
08/16/22	UOB Kay Hian	UMS	1.24	1.4	Buy	PER11x FY23
08/16/22	DBS Vickers	UMS	1.24	1.83	Buy	PER15x FY22
08/23/22	CIMB	UMS	1.26	2.03	Add	PER14.45x FY23
08/23/22	SAC Capital	UMS	1.26	1.75	Buy
09/15/22	DBS Vickers	UMS	1.3	1.83	Buy
09/15/22	CIMB	UMS	1.3	2.17	Add	PER15x FY23
10/13/22	Kim Eng	UMS	1.17	1.2	Hold	PER8.5x
10/14/22	DBS Vickers	UMS	1.09	1.14	Hold	PER9x FY23
10/14/22	CIMB	UMS	1.09	1.37	Add
10/17/22	UOB Kay Hian	UMS	1.01	1.07	Hold	PER8.5x FY23
11/14/22	UOB Kay Hian	UMS	1.07	1.38	Buy	PER8.5x FY23
11/14/22	DBS Vickers	UMS	1.07	1.14	Hold	PER9x FY23
11/14/22	Kim Eng	UMS	1.07	1.34	Buy	PER8x FY23
11/14/22	Lim & Tan	UMS	1.07	1.2	Buy
11/15/22	DBS Vickers	UMS	1.16	1.42	Buy	PER9x FY23

Stock calls for 28 November 2022

Date	Analyst	Company	Last	Target	Call	Valuation
11/28/22	CLSA	A-Reit	2.71	3.2	Buy	Up from $2.90
11/28/22	CIMB	Boustead	0.785	1.35	Add
11/28/22	CLSA	Capitaland Integrated Commercial Trust	2.03	2.35	Buy	Cut from $2.57
11/28/22	CLSA	ESR-Reit	0.35	0.38	outperform	Cut from $0.50
11/28/22	UOB Kay Hian	Far East Hospitality	0.62	0.71	Buy	DDM
11/28/22	CLSA	Frasers Centrepoint Trust	2.06	2.1	Underperform	cut from $2.30
11/28/22	Lim & Tan	Innotek	0.42	0.6	Buy	EV/Ebitda1.5x FY22
11/28/22	CLSA	Keppel DC Reit	1.83	1.95	Outperform	Cut from $2
11/28/22	CLSA	Keppel Reit	0.875	0.95	Outperform	cut from $1.32
11/28/22	CLSA	Manulife US Reit	0.385	0.4	Outperform	cut from $0.65
11/28/22	CLSA	Mapletree Commercial	1.7	1.7	Underperform	Cut from $1.80
11/28/22	CLSA	Mapletree Industrial	2.23	2.2	Underperform	Cut from $3.10
11/28/22	CLSA	Mapletree Logistics	1.58	1.85	Buy	Cut from $2.06
11/28/22	Kim Eng	Sembcorp Industries	3.2	4	Buy
11/28/22	CLSA	Suntec Reit	1.38	1.2	Sell	cut from $1.45
11/28/22	UOB Kay Hian	Thai Beverage	0.61	0.73	Buy	Sum of parts
11/28/22	DBS Vickers	Thai Beverage	0.61	0.87	Buy	Sum of parts
11/28/22	DMG & Partners	Thai Beverage	0.61	0.91	Buy
11/28/22	CIMB	Thai Beverage	0.61	0.88	Add
11/28/22	Lim & Tan	Thai Beverage	0.61	0.84	Accumulate

China has more than 50% 6G patents now!

China is clearly the technology leader in 6G because it has more than 50% patents in the world.  Therefore, China will be setting the industrial standards for the next decade as it will also be the first to deploy 6G network. 

Recent economic statistics for this week.

 The global fund manager survey showed that stagflation risk was at its peak.

The US business activity has weakened further in November 2022.  It has been in a contraction zone for a few months already.

Baltic dry index - 1324

Related stock: Sembcorp Marine, Cosco & Pan ocean.