ESR-Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/21	DBS Vickers	ESR-Reit	0.41	0.45	Buy	DCF
01/21/21	DMG & Partners	ESR-Reit	0.41	0.48	Buy
01/21/21	Citi Research	ESR-Reit	0.41	0.47	Buy
01/21/21	OCBC	ESR-Reit	0.41	0.47	Buy
01/25/21	CIMB	ESR-Reit	0.405	0.49	Add
02/23/21	DBS Vickers	ESR-Reit	0.385	0.45	Buy
04/21/21	DBS Vickers	ESR-Reit	0.4	0.45	Buy
04/23/21	CIMB	ESR-Reit	0.405	0.494	Add	DDM
05/07/21	Soochow	ESR-Reit	0.41	0.47	Buy
05/07/21	CIMB	ESR-Reit	0.41	0.494	Add
05/07/21	DIR	ESR-Reit	0.41	0.39	Hold
05/07/21	Citi Research	ESR-Reit	0.41	0.45	Buy
05/10/21	OCBC	ESR-Reit	0.39	0.45	Buy
07/23/21	Lim & Tan	ESR-Reit	0.44	0	Hold
07/26/21	DBS Vickers	ESR-Reit	0.44	0.53	Buy	DCF
07/26/21	CIMB	ESR-Reit	0.44	0.521	Add	DDM
07/28/21	Citi Research	ESR-Reit	0.445	0.46	Buy
07/28/21	DIR	ESR-Reit	0.445	0.42	Buy
07/28/21	Morningstar	ESR-Reit	0.445	0.44	Buy
07/28/21	OCBC	ESR-Reit	0.445	0.48	Buy
07/28/21	Soochow	ESR-Reit	0.445	0.48	Buy
08/16/21	Kim Eng	ESR-Reit	0.455	0.55	Buy	DDM
09/09/21	DMG & Partners	ESR-Reit	0.46	0.54	Buy
09/13/21	Kim Eng	ESR-Reit	0.485	0.55	Buy	DDM
09/30/21	CIMB	ESR-Reit	0.465	0.538	Add	DDM
10/28/21	CIMB	ESR-Reit	0.48	0.538	Add	DDM
01/21/22	DMG & Partners	ESR-Reit	0.47	0.54	Buy
01/28/22	CIMB	ESR-Reit	0.44	0.501	Add	DDM
03/08/22	CIMB	ESR-Reit	0.42	0.5	Add	DDM

Elite ComReit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/03/21	CIMB	Elite ComReit	0.67	0.79	Add	DDM
03/12/21	UOB Kay Hian	Elite ComReit	0.655	0.95	Buy	DDM
04/26/21	CIMB	Elite ComReit	0.665	0.79	Add	DDM
06/07/21	CIMB	Elite ComReit	0.665	0.83	Add	DDM, $0.826 target price
07/22/21	DBS Vickers	Elite ComReit	0.665	0.8	Buy	DCF
08/04/21	DBS Vickers	Elite ComReit	0.67	0.8	Buy	DCF
08/05/21	CIMB	Elite ComReit	0.68	0.826	Add
09/02/21	CIMB	Elite ComReit	0.675	0.826	Add	DDM
11/02/21	DBS Vickers	Elite ComReit	0.675	0.8	Buy
11/02/21	CIMB	Elite ComReit	0.675	0.769	Add	DDM
02/22/22	DBS Vickers	Elite ComReit	0.675	0.8	Buy
02/22/22	CIMB	Elite ComReit	0.675	0.76	Add	DDM
03/01/22	CIMB	Elite ComReit	0.615	0.76	Add	DDM
03/03/22	DBS Vickers	Elite ComReit	0.645	0.8	Buy

Econ Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/13/21	DBS Vickers	Econ Healthcare	0.3	0.4	Buy	DCF
11/18/21	DBS Vickers	Econ Healthcare	0.31	0.4	Buy	DCF
01/12/22	DBS Vickers	Econ Healthcare	0.29	0.28	Hold	DCF

Stock calls for 11 March 2022

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/22	Amfrasers	Rex	0.39	0.54	Outperform	DCF
03/11/22	DBS Vickers	Sarine	0.515	0.45	Fully Valued	PER15.5x FY22
03/11/22	CIMB	SATS	3.9	4.77	Add	DCF
03/11/22	UOB Kay Hian	Wilmar	4.61	5.5	Buy	Sum of parts, PER17x FY22

US CPI hit 7.9% in February 2022.

CPI: 7.9%

Core CPI: 6.4%

CPI (m-o-m): 0.8%

CPI breakdown:

The CPI breakdown showed that energy, commodities, and vehicles were the 3 main contributors to the February CPI.  The CPI has not yet factored in the war-related inflation and higher rentals.  Therefore, we expect the CPI to stay elevated unless the US FED jolts the economy with a large interest rate hike.

US job mismatch will push up wages.

We can see from the chart that the gap between job openings and hires is still very huge and this will continue to push up wages because of the significant job mismatch.  Wage is a sticky inflation factor because it will fall easily after rising.  It is akin to getting a pay rise and your pay won't fall unless you get demoted.

EC World Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/25/21	DBS Vickers	EC World Reit	0.72	0.8	Buy	DCF
03/05/21	DMG & Partners	EC World Reit	0.73	0.76	Neutral
05/18/21	DMG & Partners	EC World Reit	0.75	0.83	Trading Buy
08/10/21	DBS Vickers	EC World Reit	0.815	0.9	Buy	DCF
11/10/21	DBS Vickers	EC World Reit	0.815	0.9	Buy	DCF

Don Agro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/23/21	Amfrasers	Don Agro	0.39	0.64	Buy	DCF