APAC Realty - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/15/23	DBS Vickers	APAC Realty	0.625	0.57	Hold	PER9.5x FY23/24
08/15/23	DBS Vickers	APAC Realty	0.585	0.57	Hold
08/16/23	DBS Vickers	APAC Realty	0.57	0.54	Hold	PER11x FY24
08/16/23	CIMB	APAC Realty	0.57	0.7	Add	DCF
08/17/23	DMG & Partners	APAC Realty	0.585	0.54	Neutral
10/10/23	CIMB	APAC Realty	0.52	0.57	Add
11/09/23	DBS Vickers	APAC Realty	0.495	0.53	Hold	PER11x FY24
01/15/24	DMG & Partners	APAC Realty	0.5	0.46	Neutral
03/04/24	CIMB	APAC Realty	0.44	0.54	Add	DCF
03/08/24	DMG & Partners	APAC Realty	0.41	0.44	Neutral	DCF
03/08/24	DBS Vickers	APAC Realty	0.41	0.48	Hold
05/20/24	DBS Vickers	APAC Realty	0.395	0.48	Hold
06/10/24	DBS Vickers	APAC Realty	0.4	0.48	Hold	PER11x

Stock calls for 2 July 2024

Date	Analyst	Company	Last	Target	Call	Valuation
07/02/24	Kim Eng	Civmec	0.83	1.05	Buy
07/02/24	Lim & Tan	Civmec	0.83	1.14	Accumulate
07/02/24	UOB Kay Hian	Far East Hospitality	0.63	0.77	Buy	DDM
07/02/24	DBS Vickers	Hongkong Land	3.24	4.05	Buy	RNAV (63% disc)
07/02/24	UOB Kay Hian	Keppel Reit	0.84	1.15	Buy	DDM
07/02/24	UOB Kay Hian	Lendlease Reit	0.56	0.85	Buy
07/02/24	UOB Kay Hian	Mapletree Commercial	1.24	1.73	Buy
07/02/24	UOB Kay Hian	Mapletree Industrial	2.11	2.78	Buy	DDM
07/02/24	Lim & Tan	SIA	6.88	0	Accumulate
07/02/24	DBS Vickers	UMS	1.17	1	Hold
07/02/24	JPM	Yangzijiang Shipping	2.4	2.8	Overweight

The ISM PMI had declined again in June 2024.

The prices subindex decreased significantly to 52.1 (-4.9) because all the PMI subcomponents were in a contractionary phase.  The only positive factor was the suppliers’ deliveries (49.8, +0.9).  A low index for suppliers’ deliveries meant that there was no disruption or congestion.

The new order increased to 49.3 (+3.9) which was caused by a significant rebound from the new local order (est’d 5.7) because the new local order had a huge decline previously.  Thus, this rebound could just be an aberration.

The other subcomponents fell because the producers anticipated a weakening economic growth ahead and reduced their production, employment and inventories altogether.

All these reductions led to a further decline in the PMI (48.5, -0.2) and the PMI had been in a negative zone (below 50) since 3 months already.

AIMS AMP Cap Ind Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/09/24	DBS Vickers	AIMS AMP Cap Ind Reit	1.4	1.6	Buy	DCF, PB1.1x FY23
05/08/23	DMG & Partners	AIMS AMP Cap Ind Reit	1.4	1.55	Buy	DDM
05/08/23	Kim Eng	AIMS AMP Cap Ind Reit	1.4	1.5	Buy	DDM
06/22/23	Lim & Tan	AIMS AMP Cap Ind Reit	1.22	1.55	Buy
06/30/23	Kim Eng	AIMS AMP Cap Ind Reit	1.22	1.36	Buy	DDM
07/28/23	Kim Eng	AIMS AMP Cap Ind Reit	1.25	1.36	Buy	DDM
08/23/23	DMG & Partners	AIMS AMP Cap Ind Reit	1.23	1.47	Buy
11/03/23	Lim & Tan	AIMS AMP Cap Ind Reit	1.25	1.48	Accumulate
11/06/23	DBS Vickers	AIMS AMP Cap Ind Reit	1.25	1.6	Buy	DCF
11/08/23	DMG & Partners	AIMS AMP Cap Ind Reit	1.25	1.47	Buy
01/09/24	Lim & Tan	AIMS AMP Cap Ind Reit	1.32	1.48	Hold	Buy @ $1.20
01/10/24	DMG & Partners	AIMS AMP Cap Ind Reit	1.34	1.48	Buy
01/31/24	DBS Vickers	AIMS AMP Cap Ind Reit	1.29	1.6	Buy	DCF
01/31/24	Lim & Tan	AIMS AMP Cap Ind Reit	1.29	1.5	Accumulate
02/01/24	Kim Eng	AIMS AMP Cap Ind Reit	1.31	1.39	Buy
05/07/24	DBS Vickers	AIMS AMP Cap Ind Reit	1.27	1.6	Buy	DCF
05/07/24	Lim & Tan	AIMS AMP Cap Ind Reit	1.27	0	Accumulate
05/08/24	DMG & Partners	AIMS AMP Cap Ind Reit	1.27	1.46	Buy	DDM
05/09/24	Kim Eng	AIMS AMP Cap Ind Reit	1.29	1.39	Buy
05/10/24	DBS Vickers	AIMS AMP Cap Ind Reit	1.31	1.55	Buy	DCF
06/26/24	DMG & Partners	AIMS AMP Cap Ind Reit	1.26	1.46	Buy