Stock calls for 13 June 2024

Date	Analyst	Company	Last	Target	Call	Valuation
06/13/24	Citi Research	Mapletree Logistics	1.32	1.58	Buy	DDM & RNAV

What will the US Fed do for its June FOMC meeting? - Part 2

Just as we've expected, the US Fed has stay put on its rates.

However, the US Fed has reduced its rate cut projection to 1 instead of 3 for the year 2024.

Let's take a look what had happened.

We could tell from the summary above that the US Fed had been under estimating the PCE inflation and core PCE inflation from its March projections.

The dot plot chart showed that there would only be 1 cut in 2024 which would bring the Fed rate to 5.1%.

Why did the US Fed reduce its rate cut projection when the US inflation was inching down?

Well, this was because the sticky inflation rate was still much higher (over 4%) than the headline inflation figure.

If the PCE and core PCE inflation don't move closer to the Fed targeted 2%, there may not even be any rate cut in 2024.

US had a benign inflation in May 2024. Will this continue or it's just an aberration?

US CPI (May): 3.3%

US core CPI: 3.4%

US CPI (m-o-m): 0%

US core CPI (m-o-m): 0.2%

As we've stated before, one month data do not make a trend and the US is unlikely to repeat 0% inflation (m-o-m) in the next few months.  Thus, the US Fed will need to see a quarter data to make a decision on its rates.

Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/10/23	Citi Research	Sembcorp Industries	4.59	4.36	Buy
05/19/23	Lim & Tan	Sembcorp Industries	4.87	4.67	Hold
05/23/23	OCBC	Sembcorp Industries	4.88	5.4	Buy
05/26/23	CIMB	Sembcorp Industries	4.9	5.12	Add	PER12x FY24
05/29/23	Citi Research	Sembcorp Industries	5.02	5.98	Buy
06/07/23	CIMB	Sembcorp Industries	5.37	6.2	Add	PER14x FY24
06/07/23	OCBC	Sembcorp Industries	5.37	6.12	Buy
06/12/23	Kim Eng	Sembcorp Industries	5.47	6	Buy	PER12x FY24
06/21/23	DBS Vickers	Sembcorp Industries	5.15	6.5	Buy	PER15x FY23
06/21/23	Citi Research	Sembcorp Industries	5.15	5.98	Buy	Sum of parts
06/30/23	Kim Eng	Sembcorp Industries	5.54	6.1	Buy	PER12x FY24
08/04/23	DBS Vickers	Sembcorp Industries	5.6	6.5	Buy
08/04/23	Lim & Tan	Sembcorp Industries	5.6	6.2	Accumulate
08/07/23	UOB Kay Hian	Sembcorp Industries	5.6	7.2	Buy	PER13.6x
08/07/23	phillip	Sembcorp Industries	5.6	6	Accumulate	EV/Ebitda9x FY24
08/07/23	DBS Vickers	Sembcorp Industries	5.6	7.15	Buy	PER14x FY24
08/07/23	Kim Eng	Sembcorp Industries	5.6	6.3	Buy
08/07/23	Citi Research	Sembcorp Industries	5.6	7.13	Buy
08/07/23	OCBC	Sembcorp Industries	5.6	7.11	Buy
08/08/23	CIMB	Sembcorp Industries	6.09	6.85	Add
08/31/23	Lim & Tan	Sembcorp Industries	5.46	6.22	Accumulate
09/04/23	UOB Kay Hian	Sembcorp Industries	5.35	7.2	Buy	PER13.6x
10/02/23	Lim & Tan	Sembcorp Industries	5.09	6.64	Accumulate
10/03/23	DBS Vickers	Sembcorp Industries	5.17	7.15	Buy
11/01/23	UOB Kay Hian	Sembcorp Industries	4.59	7.2	Buy	PER13.6x
11/06/23	DBS Vickers	Sembcorp Industries	4.84	7.15	Buy
11/08/23	phillip	Sembcorp Industries	5.23	6	Accumulate
11/10/23	CIMB	Sembcorp Industries	5.12	6.85	Add	PER14x FY23
11/28/23	Lim & Tan	Sembcorp Industries	5.12	6.64	Accumulate
11/30/23	Kim Eng	Sembcorp Industries	5.16	6.3	Buy
12/05/23	UOB Kay Hian	Sembcorp Industries	5.2	7.2	Buy	PER13.6x
12/08/23	OCBC	Sembcorp Industries	4.9	6.83	Buy
12/13/23	Lim & Tan	Sembcorp Industries	5.07	6.64	Accumulate
01/24/24	DBS Vickers	Sembcorp Industries	5.31	7.15	Buy
02/19/24	UOB Kay Hian	Sembcorp Industries	5.76	7.2	Buy
02/20/24	DBS Vickers	Sembcorp Industries	5.75	7.15	Buy
02/20/24	Lim & Tan	Sembcorp Industries	5.75	6.82	Accumulate
02/21/24	UOB Kay Hian	Sembcorp Industries	5.81	7.49	Buy	PER13.6x
02/21/24	Kim Eng	Sembcorp Industries	5.81	6.3	Buy
02/22/24	phillip	Sembcorp Industries	5.48	6	Accumulate	EV/Ebitda11x FY24
03/04/24	UOB Kay Hian	Sembcorp Industries	5.09	7.49	Buy	PER13.6x
03/11/24	DBS Vickers	Sembcorp Industries	5.07	7.15	Buy
03/12/24	CIMB	Sembcorp Industries	5.07	7.01	Add
03/13/24	Lim & Tan	Sembcorp Industries	5.03	6.8	Accumulate
04/03/24	UOB Kay Hian	Sembcorp Industries	5.4	7.49	Buy	PER13.6x
05/03/24	UOB Kay Hian	Sembcorp Industries	5.3	7.49	Buy	PER13.6x
05/20/24	Lim & Tan	Sembcorp Industries	5.26	6.77	Accumulate
06/03/24	Lim & Tan	Sembcorp Industries	5.09	7.16	Accumulate
06/03/24	OCBC	Sembcorp Industries	5.09	6.73	Buy
06/07/24	Lim & Tan	Sembcorp Industries	5.06	7	Accumulate