Spindex - Stock calls

Analyst	Company	Last	Target	Call	Valuation
Lim & Tan	Spindex	1.31	0	Accumulate

Paragon Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/22	CIMB	Paragon Reit	0.98	1.03	Add	DDM
01/10/22	DBS Vickers	Paragon Reit	0.98	0.92	Hold
01/11/22	Lim & Tan	Paragon Reit	0.965	0	Neutral
01/12/22	Kim Eng	Paragon Reit	0.975	0.95	Hold
01/12/22	OCBC	Paragon Reit	0.975	0.95	Hold
04/04/22	CIMB	Paragon Reit	0.97	0.95	Hold
04/04/22	DBS Vickers	Paragon Reit	0.97	0.964	Hold
04/04/22	Kim Eng	Paragon Reit	0.97	0.95	Hold
04/04/22	Lim & Tan	Paragon Reit	0.97	0.96	Hold
07/08/22	Lim & Tan	Paragon Reit	0.905	0.94	Hold
10/10/22	DBS Vickers	Paragon Reit	0.89	0.964	Hold
10/10/22	Lim & Tan	Paragon Reit	0.89	0.98	Hold
10/10/22	CIMB	Paragon Reit	0.89	0.96	Hold
10/13/22	OCBC	Paragon Reit	0.875	0.9	Hold
01/26/23	DBS Vickers	Paragon Reit	0.975	1.1	Buy	DCF
02/14/23	DBS Vickers	Paragon Reit	0.97	1.1	Buy	DCF
02/14/23	Lim & Tan	Paragon Reit	0.97	1.01	Hold
02/20/23	CIMB	Paragon Reit	0.97	1.01	Hold

Stock calls for 20 February 2023

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/23	DBS Vickers	Aztech	0.835	1.02	Buy
02/20/23	DBS Vickers	GHY	0.405	0.43	Hold
02/20/23	DBS Vickers	Hotel Properties	3.54	4.35	Buy	RNAV (25% disc)
02/20/23	Kim Eng	Mapletree Commercial	1.72	1.65	Hold
02/20/23	DBS Vickers	Parkway Life	4.03	4.8	Buy	DCF
02/20/23	UOB Kay Hian	Sasseur	0.79	0.96	Buy	DDM
02/20/23	DBS Vickers	Sasseur	0.79	1.05	Buy
02/20/23	UOB Kay Hian	SIA Engineering	2.43	2.67	Buy	DCF
02/20/23	DBS Vickers	SIA Engineering	2.43	2.8	Buy
02/20/23	Phillip	Singtel	2.45	2.84	Accumulate	Sum of parts
02/20/23	CIMB	Paragon Reit	0.97	1.01	Hold

Is the US economy turning around?

The US leading economic index had ticked up slightly in January 2023.  However, one month data won't make a trend and we needed to monitor the economic situation because it might just be an aberration.

The fund manager survey (FMS) also followed the US LEI and ticked upward recently but we still preferred to hold our horses and monitor the situation.

Recent economic statistics for February 2023.

 CPI (y-o-y): 6.4%

The US CPI had been declining the the past few months because of the high base effects from the previous year.  This will continue to affect the future CPI for the next few months as indicated by the chart (High base effects) below.

The US PPI was also facing the same high base effects from the previous year.

However, the sticky inflation chart is showing a different outcome.  The chart below is showing a persistent high inflation in the US.  Therefore, the US FED is unlikely to cut its fed rate in 2023.

Conversely, the traders had changed their rate reduction stance and projected a higher rate path after the recent CPI and PPI releases.

Baltic dry index - 538

Related stock: Sembcorp Marine, Cosco & Pan Ocean.

US rig count (weekly) - 760

Related stock: Sembcorp Marine & Cosco.

SPH - Stock Calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/22	CIMB	SPH	2.33	2.11	Hold
02/11/22	DBS Vickers	SPH	2.33	2.1	Hold
03/24/22	UOB Kay Hian	SPH	2.35	2.4	Accept offer

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/22	UOB Kay Hian	Singtel	2.32	2.75	Buy	DCF
01/12/22	Kim Eng	Singtel	2.42	2.83	Buy
01/24/22	DBS Vickers	Singtel	2.48	3.13	Buy
02/03/22	Lim & Tan	Singtel	2.43	3.11	Accumulate
02/10/22	CIMB	Singtel	2.55	2.9	Buy	Sum of parts
02/10/22	DMG & Partners	Singtel	2.55	3.37	Buy
02/14/22	UOB Kay Hian	Singtel	2.55	2.75	Buy	DCF
02/15/22	DBS Vickers	Singtel	2.55	3.13	Buy
02/16/22	UOB Kay Hian	Singtel	2.57	2.9	Buy
02/17/22	CIMB	Singtel	2.55	3.3	Add
02/17/22	Citi Research	Singtel	2.55	3.56	Buy	Sum of parts (10% discount)
02/17/22	Kim Eng	Singtel	2.55	2.98	Buy
02/17/22	OCBC	Singtel	2.55	2.98	Buy
02/17/22	Phillip	Singtel	2.55	2.86	Accumulate	Sum of parts
03/08/22	Citi Research	Singtel	2.51	3.44	Buy
03/08/22	DMG & Partners	Singtel	2.51	3.37	Buy
03/08/22	Lim & Tan	Singtel	2.51	3.16	Accumulate
03/09/22	UOB Kay Hian	Singtel	2.51	2.9	Buy
03/16/22	Kim Eng	Singtel	2.53	2.98	Buy	Sum of parts
03/29/22	CIMB	Singtel	2.65	3.3	Add	Sum of parts
04/01/22	Lim & Tan	Singtel	2.64	3.16	Accumulate
04/06/22	DMG & Partners	Singtel	2.66	3.37	Buy	Sum of parts
04/08/22	Kim Eng	Singtel	2.66	2.98	Buy	Sum of parts
04/12/22	UOB Kay Hian	Singtel	2.64	2.9	Buy	DCF, EV/Ebitda13x FY23
04/19/22	Lim & Tan	Singtel	2.58	3.15	Accumulate
04/27/22	CIMB	Singtel	2.77	3.3	Add
05/19/22	DBS Vickers	Singtel	2.73	3.13	Buy
05/23/22	CIMB	Singtel	2.69	3.3	Add	Sum of parts
05/27/22	Lim & Tan	Singtel	2.73	0	Buy
05/30/22	UOB Kay Hian	Singtel	2.7	2.9	Buy	DCF
05/30/22	Phillip	Singtel	2.7	3.05	Accumulate
05/30/22	DMG & Partners	Singtel	2.7	3.55	Buy	Sum of parts
05/30/22	Citi Research	Singtel	2.7	3.22	Buy
06/01/22	Kim Eng	Singtel	2.59	3.02	Buy
06/01/22	OCBC	Singtel	2.59	3.06	Buy
06/01/22	CIMB	Singtel	2.59	3.2	Add
06/01/22	DMG & Partners	Singtel	2.59	3.55	Buy
06/01/22	Lim & Tan	Singtel	2.59	0	Buy
06/03/22	DBS Vickers	Singtel	2.59	3.2	Buy	Sum of parts
06/16/22	Lim & Tan	Singtel	2.5	3.2	Accumulate
07/01/22	Lim & Tan	Singtel	2.53	0	Accumulate
07/18/22	UOB Kay Hian	Singtel	2.65	2.9	Buy	DCF
07/19/22	DBS Vickers	Singtel	2.66	3.24	Buy	Sum of parts
07/26/22	DMG & Partners	Singtel	2.62	3.55	Buy	Sum of parts
08/02/22	Lim & Tan	Singtel	2.64	0	Accumulate
08/03/22	DBS Vickers	Singtel	2.63	3.24	Buy
08/19/22	CIMB	Singtel	2.7	3.2	Add	Sum of parts
08/25/22	UOB Kay Hian	Singtel	2.62	2.9	Buy	DCF
08/25/22	DMG & Partners	Singtel	2.62	3.55	Buy	Sum of parts
08/25/22	Lim & Tan	Singtel	2.62	3.15	Accumulate	PB2x
08/29/22	Phillip	Singtel	2.65	3.05	Accumulate	Sum of parts
08/29/22	Kim Eng	Singtel	2.65	3.15	Buy
09/02/22	CIMB	Singtel	2.63	3.2	Add	Sum of parts
09/07/22	DMG & Partners	Singtel	2.67	3.55	Buy	Sum of parts
09/21/22	UOB Kay Hian	Singtel	2.69	2.9	Buy	DCF
09/30/22	Kim Eng	Singtel	2.67	3.15	Buy	Sum of parts
10/07/22	UOB Kay Hian	Singtel	2.52	2.9	Buy	DCF
10/26/22	DMG & Partners	Singtel	2.43	3.55	Buy
10/27/22	Kim Eng	Singtel	2.43	3.15	Buy
10/28/22	DBS Vickers	Singtel	2.41	3.24	Buy
11/07/22	CIMB	Singtel	2.52	3.2	Add	Sum of parts
11/10/22	DBS Vickers	Singtel	2.55	3.24	Buy
11/10/22	Lim & Tan	Singtel	2.55	3.24	Accumulate
11/11/22	UOB Kay Hian	Singtel	2.63	3.15	Buy	DCF
11/11/22	DMG & Partners	Singtel	2.63	3.3	Buy	Sum of parts
11/11/22	CIMB	Singtel	2.63	3	Add
11/11/22	Kim Eng	Singtel	2.63	3.15	Buy
11/14/22	Phillip	Singtel	2.69	3.05	Accumulate	Sum of parts
11/15/22	DBS Vickers	Singtel	2.76	3.15	Buy
12/14/22	UOB Kay Hian	Singtel	2.65	3.02	Buy
12/15/22	Kim Eng	Singtel	2.59	3.15	Buy
12/20/22	DMG & Partners	Singtel	2.6	3.3	Buy
12/22/22	Lim & Tan	Singtel	2.56	0	Accumulate
01/05/23	DMG & Partners	Singtel	2.53	3.3	Buy
02/07/23	DBS Vickers	Singtel	2.55	3.15	Buy
02/09/23	DBS Vickers	Singtel	2.55	3.18	Buy
02/15/23	DMG & Partners	Singtel	2.5	3.3	Buy	Sum of parts
02/16/23	Lim & Tan	Singtel	2.45	0	Buy
02/17/23	UOB Kay Hian	Singtel	2.47	3.15	Buy	DCF
02/17/23	CIMB	Singtel	2.47	3	Add