Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/22	DMG & Partners	Venture	18.45	20.9	Buy
01/17/22	DBS Vickers	Venture	18.14	22.6	Buy
01/19/22	CIMB	Venture	18.14	23.32	Add
02/04/22	Kim Eng	Venture	17.73	19.18	Hold
02/11/22	UOB Kay Hian	Venture	18.54	22.04	Buy	PER19.5x FY22
02/28/22	CIMB	Venture	17.68	23.32	Add	PER17.3x FY22
02/28/22	DBS Vickers	Venture	17.68	22.6	Buy	PER19x
02/28/22	DMG & Partners	Venture	17.68	22.8	Buy	PER19x FY22
02/28/22	Kim Eng	Venture	17.68	21	Buy
02/28/22	Lim & Tan	Venture	17.68	0	Accumulate on weakness
02/28/22	Phillip	Venture	17.68	20	Accumulate	PER16x FY22
02/28/22	UOB Kay Hian	Venture	17.68	22.8	Buy	PER19.5x FY22
03/08/22	OCBC	Venture	16.58	19.66	Buy
03/14/22	DBS Vickers	Venture	16.63	22.6	Buy
03/17/22	DMG & Partners	Venture	16.79	22.75	Buy
03/28/22	UOB Kay Hian	Venture	17.64	22.8	Buy	PER19.5x FY22
03/31/22	DMG & Partners	Venture	17.81	22.8	Buy	PER19x FY22
04/07/22	Lim & Tan	Venture	17.56	21.5	Accumulate
04/07/22	UOB Kay Hian	Venture	17.56	22.8	Buy	PER19.5x FY22
05/03/22	CIMB	Venture	17.15	23.32	Add
05/03/22	Kim Eng	Venture	17.15	21	Buy
05/04/22	Phillip	Venture	18.15	20	Buy	PER16x FY22
05/04/22	DBS Vickers	Venture	18.15	22.7	Buy	PER19x FY22
05/05/22	DMG & Partners	Venture	18.25	22.8	Buy	PER19x FY22
05/11/22	Phillip	Venture	17.2	22	Buy
06/01/22	DMG & Partners	Venture	17.92	22.75	Buy
06/30/22	Kim Eng	Venture	16.78	21	Buy
07/01/22	UOB Kay Hian	Venture	16.64	22.8	Buy	PER19.5x FY22
07/22/22	DMG & Partners	Venture	17.09	22.75	Buy
07/26/22	DBS Vickers	Venture	17.47	22.7	Buy
08/08/22	UOB Kay Hian	Venture	17.73	23.54	Buy	PER19.5x FY22
08/08/22	Phillip	Venture	17.73	20.8	Buy	PER16x FY22
08/08/22	DBS Vickers	Venture	17.73	23.2	Buy	PER19x
08/08/22	Kim Eng	Venture	17.73	22.9	Buy
08/08/22	DMG & Partners	Venture	17.73	23.3	Buy	PER19x FY22
08/08/22	CIMB	Venture	17.73	23.32	Add	PER17.3x FY23
08/08/22	Lim & Tan	Venture	17.73	0	Accumulate
09/06/22	OCBC	Venture	17.7	20.27	Buy
10/10/22	Kim Eng	Venture	17	19.55	Buy
10/17/22	UOB Kay Hian	Venture	16.12	19.32	Buy	PER16x FY23
10/18/22	CIMB	Venture	15.86	19.62	Add	PER15.2x FY23
10/18/22	DBS Vickers	Venture	15.86	20.1	Buy
11/01/22	Lim & Tan	Venture	15.93	0	Accumulate
11/02/22	Kim Eng	Venture	16.2	19.55	Buy
11/07/22	UOB Kay Hian	Venture	16.13	20.06	Buy	PER16x FY23
11/07/22	Phillip	Venture	16.13	20.8	Buy	PER16x FY22
11/07/22	DBS Vickers	Venture	16.13	20.1	Buy
11/07/22	Kim Eng	Venture	16.13	20.2	Buy
11/07/22	CIMB	Venture	16.13	19.62	Add
12/15/22	Kim Eng	Venture	17.21	20.2	Buy
01/04/23	UOB Kay Hian	Venture	17.07	20.06	Buy	PER16x FY23
01/09/23	CIMB	Venture	16.97	20.1	Add	PER15.2x FY23
02/02/23	Kim Eng	Venture	18.5	20.2	Buy
02/27/23	UOB Kay Hian	Venture	18.17	20.2	Buy	PER15.5x FY23
02/27/23	Phillip	Venture	18.17	19.7	Accumulate	PER16x FY23
02/27/23	DBS Vickers	Venture	18.17	20.1	Buy	PER15x FY23/24
02/27/23	DMG & Partners	Venture	18.17	22	Buy	PER16x FY22
02/27/23	Lim & Tan	Venture	18.17	0	Accumulate
03/07/23	CIMB	Venture	17.09	20.1	Add	PER15.2x FY23
03/07/23	Kim Eng	Venture	17.09	20.2	Buy	PER16.2x FY23
03/27/23	Lim & Tan	Venture	17.45	0	Accumulate
04/03/23	CIMB	Venture	17.67	20.1	Add
04/06/23	Lim & Tan	Venture	18	20.11	Buy
04/26/23	Kim Eng	Venture	17.37	17.32	Hold	PER15x FY23
05/08/23	UOB Kay Hian	Venture	17.06	16.99	Hold	PER15.5x FY23
05/08/23	Phillip	Venture	17.06	17.1	Neutral	PER16x FY23
05/08/23	DBS Vickers	Venture	17.06	18.1	Hold	PER15x FY23/24
05/08/23	DMG & Partners	Venture	17.06	19.36	Buy	PER16x FY23
05/08/23	CIMB	Venture	17.06	18.11	Add
05/08/23	Lim & Tan	Venture	17.06	0	Accumulate on weakness
05/08/23	Kim Eng	Venture	17.06	16.5	Hold	PER15x FY23

Stock calls for 5 June 2023

Date	Analyst	Company	Last	Target	Call	Valuation
06/05/23	DBS Vickers	Frasers Logistics	1.28	1.55	Buy
06/05/23	SAC Capital	Jumbo	0.285	0.43	Buy	PER15.4x & EV/Ebitda3.6x FY23
06/05/23	DBS Vickers	Keppel DC Reit	2.1	2.35	Buy
06/05/23	Kim Eng	Propnex	1.02	1.2	Buy
06/05/23	phillip	Sasseur	0.74	0.9	Buy	DDM

Important economic statistics for 1st week of June.

The job gap has been relatively stable at around 4m which shows the huge mismatch in job demand and supply.

The US personal spending had picked up recently but it was unsustainable because the latest ISM PMI had declined due to weak local consumer demand.

Let's calculate 2 unknown sub-indices (Estimated new local orders & local raw materials).

* Estimated new local orders=New orders % change (-3.1) - New export order % change (+0.2) = -3.3%

* Estimated local raw materials=Inventories % change (-0.5) - Imports % change (-2.6) = +1.9%

As we can see from the decrease in the estimated new local orders (local consumer demand), we can deduce that the increase in the US personal spending is unsustainable.  The ISM PMI has been contracting (below 50) for 7 months already and a recession is bound to happen in the US.

Baltic dry index - 919

 
Related stock: Sembcorp Marine, Cosco & Pan Ocean.

US rig count (weekly) - 696

Related stock: Sembcorp Marine & Cosco.

Valuetronics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/22	Kim Eng	Valuetronics	0.53	0.5	Sell
03/17/22	DMG & Partners	Valuetronics	0.51	0.51	Sell
05/27/22	DBS Vickers	Valuetronics	0.52	0.51	Hold	PER11x FY22
05/27/22	Lim & Tan	Valuetronics	0.52	0.52	Neutral
06/07/22	UOB Kay Hian	Valuetronics	0.525	0.52	Hold	PER11x FY23
06/07/22	DMG & Partners	Valuetronics	0.53	0.53	Neutral	DCF
07/22/22	DMG & Partners	Valuetronics	0.54	0.53	Neutral
11/18/22	UOB Kay Hian	Valuetronics	0.52	0.52	Hold	PER11x FY23
05/31/23	Lim & Tan	Valuetronics	0.54	0	Hold