Stock calls for 24 May 2021

Date	Analyst	Company	Last	Target	Call	Valuation
05/24/21	Lim & Tan	Frasers Logistics	1.44	1.65	Accumulate
05/24/21	CIMB	Grand Venture	0.735	1.12	Add
05/24/21	Phillip	Koufu	0.63	0.64	Neutral	PER18.5x FY21
05/24/21	UOB Kay Hian	Singtel	2.43	2.84	Buy	DCF
05/24/21	Amfrasers	Uni-Asia	0.665	0.91	Outperform	Sum of parts

Singapore covid cases have debunked US vaccines' high efficacy rates.

https://www.channelnewsasia.com/news/singapore/covid-19-vaccination-effectiveness-moh-ong-ye-kung-14869342

79% (300) of unvaccinated persons got infected while 21% (78) of vaccinated persons got infected.

How do we assess the true efficacy of a vaccine?

The aforesaid statistics were all exposed to the covid virus and represented the true efficacy of vaccination and the statistics debunked the high efficacy of any US vaccine (about 95%).

We cannot factor in the whole vaccinated population into our assessment against the infected vaccinated cases because this will give us a wrong conclusion since we are uncertain whether the vaccine is effective against the virus or the vaccinated people are not exposed to the virus at all.

Therefore, we can only evaluate those infected cases among vaccinated and unvaccinated people to determine the true efficacy since we are certain that they are all exposed to the virus.

Hopefully, our government will release such statistics continuously so that we can analyze the true efficacy rate of vaccination.

Baltic dry index - 2869

 Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 455

 Related stock: Sembcorp Marine & Cosco.

UG Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/23/20	CIMB	UG Healthcare	0.785	1.36	Buy	PER15x CY21
07/09/20	CIMB	UG Healthcare	1.8	2.1	Add
07/28/20	Phillip	UG Healthcare	1.75	2.7	Buy	PER15x FY21
08/13/20	Phillip	UG Healthcare	2.98	4.15	Buy	PER15x FY21
09/01/20	Lim & Tan	UG Healthcare	2.28	0	Accumulate
09/08/20	CIMB	UG Healthcare	2.45	4.8	Add
11/09/20	Phillip	UG Healthcare	0.965	1.35	Buy	PER14x FY22, Stock split 1-into-3
11/24/20	CIMB	UG Healthcare	0.68	1.7	Add
11/24/20	DMG & Partners	UG Healthcare	0.68	1.37	Buy
01/12/21	CIMB	UG Healthcare	0.665	1.7	Add
02/08/21	Phillip	UG Healthcare	0.79	1.03	Buy	PER7x FY22
02/08/21	CIMB	UG Healthcare	0.79	1.7	Add
02/08/21	DMG & Partners	UG Healthcare	0.79	0.95	Buy
03/23/21	DMG & Partners	UG Healthcare	0.59	0.75	Buy	DCF
05/12/21	CIMB	UG Healthcare	0.655	1.2	Add	DCF
05/14/21	Phillip	UG Healthcare	0.67	0.85	Buy	PER7x FY22

Tuan Sing - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/16/20	DBS Vickers	Tuan Sing	0.235	0.38	Buy	Sum of parts
08/11/20	DBS Vickers	Tuan Sing	0.275	0.44	Buy	Sum of parts
09/15/20	DBS Vickers	Tuan Sing	0.295	0.44	Buy	Sum of parts
01/06/21	DBS Vickers	Tuan Sing	0.315	0.44	Buy
03/09/21	DBS Vickers	Tuan Sing	0.315	0.46	Buy	Sum of parts
05/05/21	DBS Vickers	Tuan Sing	0.405	0.54	Buy	Sum of parts

Top Glove - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/20	CIMB	Top Glove	3.08	3.41	Add	Ringgit target $10.40, PER32x CY21
05/14/20	Kim Eng	Top Glove	3.08	3.59	Buy	Ringgit target $10.95, PER30x CY21
05/27/20	CIMB	Top Glove	4.42	5.37	Add	Ringgit target $15.50, PER36.8x CY21
05/27/20	UOB Kay Hian	Top Glove	4.42	6.05	Buy	Ringgit target $17.50
05/29/20	Kim Eng	Top Glove	4.62	6.52	Buy	Ringgit target $20, PER23x CY21
06/10/20	Kim Eng	Top Glove	5.7	6.52	Buy	Ringgit target $20, PER23x CY21
06/10/20	CIMB	Top Glove	5.7	8.14	Add	Ringgit target $25, PER22x CY21
06/12/20	Kim Eng	Top Glove	5.56	7.13	Buy	Ringgit target $21.9, PER23x CY21
06/12/20	UOB Kay Hian	Top Glove	5.56	7.13	Buy	Ringgit target $25.69
07/07/20	Aminvestment	Top Glove	6.5	8.37	Buy
07/21/20	UOB Kay Hian	Top Glove	8.15	7.14	Buy	Ringgit target $21.90
07/22/20	Kim Eng	Top Glove	8.24	9.32	Buy	Ringgit target $28.60, PER16x
07/29/20	UOB Kay Hian	Top Glove	8.65	11.97	Buy	PER16x FY21, Ringgit target $36.90
09/14/20	Kim Eng	Top Glove	2.58	3.14	Buy	Ringgit Target $9.53 (ex-2 for 1 bonus), PER9x FY21
09/18/20	CIMB	Top Glove	2.63	3.29	Add	Ringgit target $10, PER17x CY22
09/18/20	UOB Kay Hian	Top Glove	2.63	4.05	Buy	Ringgit target $12.30
10/07/20	UOB Kay Hian	Top Glove	2.83	4.03	Buy	Ringgit target $12.30
10/07/20	CIMB	Top Glove	2.83	3.28	Add	Ringgit target $10, PER17x CY22
10/09/20	Kim Eng	Top Glove	2.87	3.13	Buy	Ringgit Target $9.53 (ex-2 for 1 bonus), PER9x CY21
11/06/20	UOB Kay Hian	Top Glove	2.73	4.01	Buy	Ringgit target $12.30
12/10/20	Kim Eng	Top Glove	2.27	2.85	Buy	DCF, Ringgit target $8.65
12/10/20	UOB Kay Hian	Top Glove	2.27	4.05	Buy	Ringgit target $12.30
12/15/20	CIMB	Top Glove	2.19	2.93	Add	PER16x CY22, Ringgit target $8.90
01/11/21	CIMB	Top Glove	2.11	2.93	Add	PER16x CY22
01/13/21	Aminvestment	Top Glove	2.18	2.13	Hold	Ringgit target $6.50
03/10/21	CIMB	Top Glove	1.69	2.55	Add	Ringgit target $7.8
03/10/21	Kim Eng	Top Glove	1.69	1.58	Hold	Ringgit target $4.85, DCF
03/10/21	UOB Kay Hian	Top Glove	1.69	2.48	Buy	Ringgit target $7.60
03/17/21	UOB Kay Hian	Top Glove	1.71	2.06	Buy	Ringgit target $6.30