Grand Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/22	CIMB	Grand Venture	1.19	1.74	Add	PER15.8x FY23
02/14/22	Amfrasers	Grand Venture	1.1	1.37	Buy
02/16/22	Lim & Tan	Grand Venture	1.06	1.71	Buy
03/18/22	SAC Capital	Grand Venture	0.955	1.195	Buy
03/23/22	CIMB	Grand Venture	0.98	1.6	Add
04/14/22	DBS Vickers	Grand Venture	0.965	1.5	Buy	PER18x FY23
05/09/22	Lim & Tan	Grand Venture	0.975	1.43	Buy
05/09/22	DBS Vickers	Grand Venture	0.975	1.4	Buy	PER18x FY23
05/25/22	CIMB	Grand Venture	0.803	1.29	Add
07/26/22	DBS Vickers	Grand Venture	0.685	1.4	Buy
08/12/22	CIMB	Grand Venture	0.7	0.85	Add
08/12/22	DBS Vickers	Grand Venture	0.7	1.07	Buy
10/17/22	CIMB	Grand Venture	0.505	0.4	Reduce	PER9.6x FY23
10/18/22	DBS Vickers	Grand Venture	0.455	0.57	Buy	PER12x FY23
11/09/22	DBS Vickers	Grand Venture	0.505	0.57	Buy
01/06/23	CIMB	Grand Venture	0.52	0.52	Hold	PER10.4x FY24

Grand Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/22	Lim & Tan	Grand Bank	0.315	0	Accumulate
02/14/22	Lim & Tan	Grand Bank	0.305	0	Accumulate on weakness
09/01/22	Lim & Tan	Grand Bank	0.29	0	Accumulate
11/22/22	Lim & Tan	Grand Bank	0.275	0	Buy

Stock calls for 9 January 2023

Date	Analyst	Company	Last	Target	Call	Valuation
01/09/23	UOB Kay Hian	A-Reit	2.73	3.27	Buy
01/09/23	Kim Eng	AEM	3.48	3.08	Sell	PER8.5x FY23
01/09/23	UOB Kay Hian	ART	1.03	1.37	Buy
01/09/23	Uob Kay Hian	Capitaland Integrated Commercial Trust	2	2.29	Buy
01/09/23	UOB Kay Hian	CDL Hospitality	1.25	1.47	Buy
01/09/23	UOB Kay Hian	Frasers Logistics	1.17	1.56	Buy
01/09/23	UOB Kay Hian	Genting	0.97	1.15	Buy
01/09/23	UOB Kay Hian	Keppel Reit	0.9	1.17	Buy
01/09/23	UOB Kay Hian	Lendlease Reit	0.675	0.87	Buy
01/09/23	UOB Kay Hian	Mapletree Commercial	1.69	2.02	Buy
01/09/23	UOB Kay Hian	Mapletree Industrial	2.25	3.3	Buy
01/09/23	UOB Kay Hian	Mapletree Logistics	1.6	1.99	Buy
01/09/23	Citi Research	Sembcorp Marine	0.134	0.1	Sell
01/09/23	UOB Kay Hian	Suntec Reit	1.37	1.37	Hold
01/09/23	Kim Eng	UMS	1.23	1.34	Buy
01/09/23	DMG & Partners	UOB	30.84	34.9	Buy
01/09/23	CIMB	Venture	16.97	20.1	Add	PER15.2x FY23
01/09/23	Lim & Tan	Yangzijiang	1.23	0	Buy

US consumerism is stalling because household savings are at a record low.

The US consumer spending accounts for 70% of the US economy.  If the US consumerism is stalling because of the record low household savings, the US will enter into a recession in 2023.

Equity sentiment declined in 2022.

The equity sentiment has not reached the extreme bearishness zone yet. Thus, it pays to be patient in the stock market.

The US will enter into a recession in 2023 due to its declining PMI.

The prices subindex had declined to 39.4 (-03.6) because of the continual easing in supply and logistic disruption. The new order continued its contractionary phase (45.2, -2) because the new export (46.2, -2.2) order declined and the new local order remained stagnant. As the new order remained weak, the customers’ inventories (48.2, -0.5) and backlog orders (41.4, +1.4) stayed in the contractionary phase.

The production (48.5, -3) declined because of the weaker outlook. However, the employment improved to 51.4 (+3) because the producers preferred to get more workers due to the mismatch in the labour market. The supplier’s delivery improved to 45.1 (-2.1) because of easing in supply and logistic disruption. A lower delivery index means a faster delivery period.

Nevertheless, the producers took advantage of the lower prices to stock up on their inventories (51.8, +0.9) by using more local raw materials (+2.4) and reducing their imports (45.1, -1.5)

In conclusion, the above factors caused the PMI to decline to a 1 year low of 48.4 (-0.6) and the economy would enter into a recession in 2023.

Baltic dry index - 1130

Related stock: Sembcorp Marine, Cosco & Pan Ocean.

US rig count (weekly) - 772

Related stock: Sembcorp Marine & Cosco.

Golden Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/22	Lim & Tan	Golden Energy	0.295	0.42	Buy
03/17/22	Amfrasers	Golden Energy	0.39	1.29	outperform	Sum of parts