Stock calls for 2 November 2023

Date	Analyst	Company	Last	Target	Call	Valuation
11/02/23	UOB Kay Hian	A-Reit	2.6	3.13	Buy	DDM
11/02/23	Lim & Tan	DBS	33.03	0	Accumulate
11/02/23	Citi Research	Digicore Reit	0.5	0.67	Buy
11/02/23	Lim & Tan	Frasers Logistics	1.04	1.35	Neutral
11/02/23	DBS Vickers	Frasers Logistics	1.04	1.55	Buy
11/02/23	UOB Kay Hian	Frencken	1.06	1.23	Buy	PER12.6x FY24
11/02/23	DMG & Partners	HRnetGroup	0.695	0.91	Buy
11/02/23	CIMB	Japfa	0.21	0.28	Add	PB0.5x FY24
11/02/23	UOB Kay Hian	Parkway Life	3.35	4.19	Buy	DDM
11/02/23	UOB Kay Hian	Sheng Siong	1.55	1.97	Buy	PER21x FY24

The US Fed is expected to remain status quo again in November 2023. - Part 2

The US Fed left its rate as expected because the US job situation was still buoyant.

The US ISM PMI had a sharp drop in October 2023.

The US ISM PMI had declined to 46.7.  Let's take a look at what happened here.

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

* Estimated new local orders=New orders % change (-3.7) - New export order % change (+2) = -5.7%

* Estimated local raw materials=Inventories % change (-2.5) - Imports % change (-0.3) = -2.2%

We can see that the significant decline in the ISM PMI is caused by sharp drops in new orders (45.5, -3.7) and new local orders (est'd -5.7).  In short, the US consumers had cut back on their spendings.

The ISM PMI had declined for 12 consecutive months already and the US GDP should be reflecting the true main street situation soon.

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/30/22	DBS Vickers	Silverlake	0.36	0.48	Buy	PER18x
08/31/22	CIMB	Silverlake	0.36	0.42	Add
09/01/22	Phillip	Silverlake	0.36	0.49	Buy	PER20x FY23
11/15/22	DBS Vickers	Silverlake	0.315	0.48	Buy	PER18x
11/15/22	CIMB	Silverlake	0.315	0.44	Add
11/17/22	Phillip	Silverlake	0.335	0.49	Buy	PER20x FY23
02/15/23	DBS Vickers	Silverlake	0.37	0.48	Buy	PER18x
02/15/23	CIMB	Silverlake	0.37	0.44	Add
02/16/23	Phillip	Silverlake	0.355	0.49	Buy	PER20x FY23
04/21/23	Phillip	Silverlake	0.33	0.49	Buy	PER20x FY23
05/16/23	DBS Vickers	Silverlake	0.335	0.42	Buy	PER17x FY23/24
05/16/23	CIMB	Silverlake	0.335	0.41	Add
05/17/23	Phillip	Silverlake	0.33	0.49	Buy	PER21x FY23
08/28/23	DBS Vickers	Silverlake	0.26	0.35	Buy	PER15x FY24
08/28/23	CIMB	Silverlake	0.26	0.37	Add
08/29/23	Phillip	Silverlake	0.265	0.38	Buy	PER20x FY23

SIIC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/20/23	Lim & Tan	SIIC	0.192	0.36	Buy	DDM