Stock calls for 31 May 2024

Date	Analyst	Company	Last	Target	Call	Valuation
05/31/24	Lim & Tan	KSH	0.24	0	Accumulate on weakness
05/31/24	DBS Vickers	Mapletree Commercial	1.22	1.75	Buy	DCF
05/31/24	Lim & Tan	Mapletree Commercial	1.22	1.54	Avoid
05/31/24	DBS Vickers	Mapletree Industrial	2.19	2.6	Buy
05/31/24	Amfrasers	OUE Commercial	0.27	0.31	outperform	DDM
05/31/24	HSBC	Singtel	2.46	3	Buy

US economy is hit with a double whammy (low GDP growth and high inflation)! - Part 2

US Q1 2024 GDP: 1.3% (revised down from 1.6%)

Let's break the GDP down to see what had happened.

https://sg-stock.blogspot.com/2024/04/us-economy-is-hit-with-double-whammy.html

GDP growth = G + I + C + NE (net export)

Q1 GDP (previous estimate) = 0.21 + 0.56 + 1.68 + (-0.86) = 1.59 (1.6)

Q1 GDP (current estimate) = 0.23 + 0.57 + 1.34 + (-0.89) = 1.25 (1.3)

We could see from the GDP sub-components that consumption and net export had larger declines that wiped out the smaller increases in government spending and investment which resulted in the overall decline in the GDP estimate.

Moreover, the US inflation (Core PCE Q1 2024) had a significant increase (+3.6%) from the previous quarter (Q4 2023) and this is a far cry from its targeted 2%.  If this inflation is sustained for 2024, the US Fed won't reduce its fed rate in 2024 despite having a weak GDP growth.  This phenomenon (weak GDP and high inflation) is known as stagflation and is very difficult to resolve.

Mapletree Industrial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/23	UOB Kay Hian	Mapletree Industrial	2.38	2.82	Buy	DDM
05/02/23	OCBC	Mapletree Industrial	2.38	2.77	Buy
05/02/23	Citi Research	Mapletree Industrial	2.38	2.35	Hold
05/26/23	CIMB	Mapletree Industrial	2.28	2.61	Add	DDM
05/26/23	Citi Research	Mapletree Industrial	2.28	2.36	Hold
06/01/23	UOB Kay Hian	Mapletree Industrial	2.24	2.82	Buy
06/07/23	Lim & Tan	Mapletree Industrial	2.22	2.55	Neutral
06/07/23	Kim Eng	Mapletree Industrial	2.22	2.3	Hold
06/21/23	Lim & Tan	Mapletree Industrial	2.25	2.54	Hold
07/03/23	UOB Kay Hian	Mapletree Industrial	2.21	2.82	Buy
07/27/23	DBS Vickers	Mapletree Industrial	2.29	2.6	Buy	DCF
07/28/23	CIMB	Mapletree Industrial	2.29	2.61	Add	DDM
07/31/23	UOB Kay Hian	Mapletree Industrial	2.27	2.89	Buy	DDM
07/31/23	OCBC	Mapletree Industrial	2.27	2.78	Buy
07/31/23	Kim Eng	Mapletree Industrial	2.27	2.3	Hold
09/04/23	UOB Kay Hian	Mapletree Industrial	2.3	2.89	Buy	DDM
09/25/23	DBS Vickers	Mapletree Industrial	2.28	2.6	Buy
10/05/23	UOB Kay Hian	Mapletree Industrial	2.21	2.74	Buy
10/09/23	UOB Kay Hian	Mapletree Industrial	2.19	2.76	Buy	DDM
10/26/23	DBS Vickers	Mapletree Industrial	2.16	2.6	Buy
10/26/23	Lim & Tan	Mapletree Industrial	2.16	2.48	Hold
10/27/23	CIMB	Mapletree Industrial	2.13	2.61	Add	DDM
10/30/23	UOB Kay Hian	Mapletree Industrial	2.13	2.69	Buy	DDM
10/30/23	Kim Eng	Mapletree Industrial	2.13	2.15	Hold
10/30/23	Citi Research	Mapletree Industrial	2.13	2.36	Hold	Sum of parts
11/20/23	DBS Vickers	Mapletree Industrial	2.27	2.6	Buy
11/20/23	UOB Kay Hian	Mapletree Industrial	2.27	2.69	Buy
11/20/23	OCBC	Mapletree Industrial	2.27	2.59	Buy
12/01/23	UOB Kay Hian	Mapletree Industrial	2.28	2.69	Buy	DDM
12/01/23	Citi Research	Mapletree Industrial	2.28	2.6	Buy
01/02/24	UOB Kay Hian	Mapletree Industrial	2.51	2.69	Buy	DDM
01/03/24	UOB Kay Hian	Mapletree Industrial	2.5	2.98	Buy	DDM
01/26/24	DBS Vickers	Mapletree Industrial	2.44	2.6	Buy
01/30/24	Citi Research	Mapletree Industrial	2.36	2.6	Buy
01/30/24	Kim Eng	Mapletree Industrial	2.36	2.3	Hold
02/19/24	UOB Kay Hian	Mapletree Industrial	2.39	2.98	Buy
02/19/24	OCBC	Mapletree Industrial	2.39	2.69	Buy
03/04/24	UOB Kay Hian	Mapletree Industrial	2.26	2.98	Buy	DDM
04/08/24	UOB Kay Hian	Mapletree Industrial	2.32	2.98	Buy
04/26/24	DBS Vickers	Mapletree Industrial	2.27	2.6	Buy
04/26/24	Lim & Tan	Mapletree Industrial	2.27	2.59	Accumulate on weakness
04/29/24	UOB Kay Hian	Mapletree Industrial	2.27	3.02	Buy	DDM
04/29/24	CIMB	Mapletree Industrial	2.27	2.61	Add	DDM