Yangzijiang Financial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/23	Lim & Tan	Yangzijiang Financial	0.35	0.64	Buy
03/02/23	CIMB	Yangzijiang Financial	0.365	0.64	Add	Sum of parts (30% disc)
04/06/23	Lim & Tan	Yangzijiang Financial	0.375	0.64	Buy
07/21/23	Lim & Tan	Yangzijiang Financial	0.335	0.64	Buy
08/17/23	Lim & Tan	Yangzijiang Financial	0.36	0.64	Buy
08/22/23	CIMB	Yangzijiang Financial	0.355	0.55	Add	Sum of parts
09/18/23	Lim & Tan	Yangzijiang Financial	0.37	0.55	Buy
10/23/23	Lim & Tan	Yangzijiang Financial	0.34	0.55	Buy
11/28/23	CIMB	Yangzijiang Financial	0.32	0.55	Add	Sum of parts

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/23	DBS Vickers	Wing Tai	1.52	2.05	Buy
02/13/23	Lim & Tan	Wing Tai	1.52	0	Accumulate
03/27/23	Lim & Tan	Wing Tai	1.49	1.95	Accumulate
08/28/23	Lim & Tan	Wing Tai	1.32	2.05	Accumulate
09/04/23	Lim & Tan	Wing Tai	1.35	1.8	Accumulate	PB0.44x

Stock calls for 29 January 2024

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/24	CIMB	Frasers Centrepoint Trust	2.22	2.54	Add	DDM
01/29/24	DBS Vickers	Keppel DC Reit	1.76	2.2	Buy
01/29/24	CIMB	Keppel DC Reit	1.76	1.88	Hold
01/29/24	UOB Kay Hian	Mapletree Logistics	1.56	1.98	Buy
01/29/24	Kim Eng	Mapletree Logistics	1.56	1.7	Hold	DDM
01/29/24	Citi Research	Mapletree Logistics	1.56	1.85	Buy
01/29/24	UOB Kay Hian	Venture	13.48	16.37	Buy	PER17x FY24

Baltic dry index - 1518

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 621

Related stock: Seatrium & Cosco.

Latest US PCE and core PCE index changes.

US Core PCE (M-O-M): 0.2%

As the annual core PCE index is affected by the higher base effect of the previous year, it is more accurate to look at the month-on-month change.  The latest month shows a 0.2% increment which is higher than the previous month (0.1%) and this means that the lower monthly inflation growth is unsustainable.

Wilmar - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/23	UOB Kay Hian	Wilmar	4.11	5.5	Buy	PER15.3x FY23
01/06/23	DMG & Partners	Wilmar	4.13	5.4	Buy
01/13/23	DBS Vickers	Wilmar	4.14	6.67	Buy	Sum of parts
02/22/23	UOB Kay Hian	Wilmar	3.98	5.5	Buy	PER14x FY23
02/22/23	DBS Vickers	Wilmar	3.98	6.67	Buy	Sum of parts
02/22/23	CIMB	Wilmar	3.98	4.82	Add	Sum of parts
02/22/23	Citi Research	Wilmar	3.98	5.35	Buy
03/13/23	DMG & Partners	Wilmar	3.94	4.65	Buy
04/18/23	UOB Kay Hian	Wilmar	4.09	5.5	Buy	Sum of parts
05/02/23	UOB Kay Hian	Wilmar	3.93	5.5	Buy	Sum of parts
05/02/23	OCBC	Wilmar	3.93	4.74	Buy
05/03/23	CIMB	Wilmar	3.93	4.63	Add	Sum of parts
05/03/23	DMG & Partners	Wilmar	3.93	4.4	Buy
07/10/23	DBS Vickers	Wilmar	3.67	5.3	Buy	PER12x FY24
07/10/23	Kim Eng	Wilmar	3.67	3.99	Hold	PER26x
07/11/23	DMG & Partners	Wilmar	3.68	4.4	Buy
07/17/23	UOB Kay Hian	Wilmar	3.81	4.35	Buy	Sum of parts
07/24/23	DMG & Partners	Wilmar	3.75	4.65	Buy	Sum of parts
08/01/23	CIMB	Wilmar	3.85	4.63	Add	Sum of parts
08/10/23	DBS Vickers	Wilmar	3.85	5.3	Buy
08/14/23	UOB Kay Hian	Wilmar	3.81	4.35	Buy	Sum of parts
08/14/23	Lim & Tan	Wilmar	3.81	4.72	Accumulate on weakness
08/14/23	Aletheia Capital	Wilmar	3.81	2.58	Sell	EV/Ebitda9.9x FY24
08/16/23	UOB Kay Hian	Wilmar	3.64	4.3	Buy	Sum of parts
08/16/23	OCBC	Wilmar	3.64	4.42	Buy
08/16/23	DMG & Partners	Wilmar	3.64	4.25	Buy
08/16/23	CIMB	Wilmar	3.64	4.05	Add	Sum of parts
08/16/23	Citi Research	Wilmar	3.64	4.38	Buy	PER12x FY24
10/19/23	UOB Kay Hian	Wilmar	3.58	3.8	Hold	Sum of parts
10/27/23	DBS Vickers	Wilmar	3.47	5.3	Buy	PER12x FY24
10/27/23	CIMB	Wilmar	3.47	4.05	Add	Sum of parts
10/31/23	DBS Vickers	Wilmar	3.54	4.3	Buy	PER13x FY24
10/31/23	DMG & Partners	Wilmar	3.54	4.25	Buy
11/06/23	UOB Kay Hian	Wilmar	3.64	3.8	Hold	Sum of parts
11/21/23	DMG & Partners	Wilmar	3.64	4.4	Buy
01/17/24	Lim & Tan	Wilmar	3.42	4.02	Accumulate
01/23/24	UOB Kay Hian	Wilmar	3.33	3.35	Hold