Stock calls for 23 February 2023

Date	Analyst	Company	Last	Target	Call	Valuation
02/23/23	CIMB	Aztech	0.845	0.91	Add	PER7.5x FY23
02/23/23	DBS Vickers	Capitaland Investment	3.85	4.3	Buy
02/23/23	DBS Vickers	City Developments	7.95	10.5	Buy
02/23/23	DMG & Partners	Comfortdelgro	1.16	1.6	Buy	DCF
02/23/23	DBS Vickers	Frasers Logistics	1.24	1.55	Buy
02/23/23	DBS Vickers	IHH Healthcare	1.83	2.55	Buy	Ringgit $7.90 target price
02/23/23	UOB Kay Hian	Nanofilm	1.41	1.28	Hold	PER18x FY23
02/23/23	Lim & Tan	Overseas Edu	0.26	0	Hold
02/23/23	UOB Kay Hian	Parkway Life	4	4.49	Buy	DDM
02/23/23	CIMB	SATS	2.72	3.1	Add	DCF
02/23/23	UOB Kay Hian	SIA	5.77	5.35	Sell	PB1.06x FY24
02/23/23	Citi Research	SIA	5.77	5.16	Sell
02/23/23	CIMB	SIA	5.77	6.14	Hold
02/23/23	OCBC	SIA	5.77	6.47	Buy
02/23/23	CIMB	UOB	30.99	34.8	Add	GGM
02/23/23	Lim & Tan	UOB	30.99	34	Accumulate on weakness
02/23/23	DBS Vickers	Yangzijiang	1.35	1.7	Buy

What's the impacts of the projected increase of china credit impulse in 2023?

 China credit impulse vs PMI:

China credit impulse is projected to increase in 2023 and it has a tremendous impact on its PMI.  Furthermore, the increase in china credit impulse will also weaken the USD in 2023.

We've explained the relationship between China credit impulse and USD before and we won't reiterate it anymore.  Please click on the link below.

https://sg-stock.blogspot.com/2021/06/why-is-there-discrepancy-in.html

Is complacency rearing its head in the stock market?

 The chart below shows that recession fear is receding fast.  How valid it is?

Let's take a look at the yardstick first (10y-2y).

The chart above is showing that a recession (shaded) always happens after a yield curve inversion except for 2020 (caused by covid pandemic).  Thus, it is highly likely that we will be facing an impending recession as shown by the chart.

It looks like complacency has set in because recession fear is receding fast.

Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/22	Kim Eng	Thai Beverage	0.66	0.99	Buy
02/04/22	UOB Kay Hian	Thai Beverage	0.655	0.85	Buy	Sum of parts
02/15/22	CIMB	Thai Beverage	0.66	0.91	Add	Sum of parts
02/15/22	DBS Vickers	Thai Beverage	0.66	0.92	Buy
02/15/22	UOB Kay Hian	Thai Beverage	0.66	0.9	Buy	Sum of parts
02/21/22	Phillip	Thai Beverage	0.71	0.765	Buy	PER18x FY22
04/01/22	UOB Kay Hian	Thai Beverage	0.715	0.9	Buy	Sum of parts
05/05/22	DBS Vickers	Thai Beverage	0.675	0.92	Buy
05/17/22	Phillip	Thai Beverage	0.68	0.8	Accumulate	PER18x FY22
05/17/22	Lim & Tan	Thai Beverage	0.68	0.9	Buy
05/17/22	CIMB	Thai Beverage	0.68	0.91	Add
05/17/22	DMG & Partners	Thai Beverage	0.68	0.97	Buy	Sum of parts
05/20/22	OCBC	Thai Beverage	0.705	0.88	Buy
06/01/22	DMG & Partners	Thai Beverage	0.695	0.97	Buy
06/02/22	UOB Kay Hian	Thai Beverage	0.695	1.05	Buy	Sum of parts
06/16/22	UOB Kay Hian	Thai Beverage	0.64	0.94	Buy	Sum of parts
07/28/22	OCBC	Thai Beverage	1.59	1.5	Hold
08/12/22	CIMB	Thai Beverage	0.68	0.88	Add	Sum of parts
08/15/22	Phillip	Thai Beverage	0.655	0.8	Buy	PER18x FY22
08/26/22	UOB Kay Hian	Thai Beverage	0.65	0.89	Buy	Sum of parts
08/29/22	OCBC	Thai Beverage	0.645	0.88	Buy
09/27/22	UOB Kay Hian	Thai Beverage	0.62	0.87	Buy	Sum of parts
10/21/22	CIMB	Thai Beverage	0.57	0.88	Add
11/18/22	DBS Vickers	Thai Beverage	0.615	0.84	Buy	Sum of parts
11/25/22	UOB Kay Hian	Thai Beverage	0.615	0.87	Buy	Sum of parts
11/28/22	UOB Kay Hian	Thai Beverage	0.61	0.73	Buy	Sum of parts
11/28/22	DBS Vickers	Thai Beverage	0.61	0.87	Buy	Sum of parts
11/28/22	DMG & Partners	Thai Beverage	0.61	0.91	Buy	Sum of parts
11/28/22	CIMB	Thai Beverage	0.61	0.88	Add
11/28/22	Lim & Tan	Thai Beverage	0.61	0.84	Accumulate
12/05/22	Phillip	Thai Beverage	0.64	0.8	Buy	PER18x F23
12/20/22	DMG & Partners	Thai Beverage	0.675	0.91	Buy
01/05/23	DMG & Partners	Thai Beverage	0.675	0.91	Buy
01/18/23	UOB Kay Hian	Thai Beverage	0.705	0.85	Buy	Sum of parts
02/10/23	CIMB	Thai Beverage	0.7	0.88	Add	Sum of parts
02/13/23	UOB Kay Hian	Thai Beverage	0.7	0.8	Buy	Sum of parts
02/13/23	Phillip	Thai Beverage	0.7	0.8	Accumulate	PER18x F23
02/13/23	DBS Vickers	Thai Beverage	0.7	0.87	Buy	PER14.5x FY23
02/14/23	DMG & Partners	Thai Beverage	0.675	0.91	Buy	Sum of parts