UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/04/20	Amfrasers	UMS	0.82	0.67	Underperform	PER11x FY20
05/11/20	CIMB	UMS	0.795	0.98	Add
05/14/20	DBS Vickers	UMS	0.94	1.04	Buy	PER13x FY20
05/14/20	Kim Eng	UMS	0.94	0.96	Buy	Roe-g/Coe-g
05/21/20	Amfrasers	UMS	0.915	0.74	Underperform
06/23/20	Kim Eng	UMS	0.945	1	Buy	PB1x FY20
06/23/20	CIMB	UMS	0.945	0.96	Add
07/22/20	Amfrasers	UMS	0.975	0.89	Neutral	PER12x FY20
08/14/20	DBS Vickers	UMS	1.18	1.37	Buy	PER15x FY21
08/17/20	Amfrasers	UMS	1.08	1.17	Neutral	PER13x FY21
08/18/20	CIMB	UMS	1.06	1.1	Hold
08/18/20	Kim Eng	UMS	1.06	1.36	Buy
09/07/20	DBS Vickers	UMS	1.01	1.37	Buy
09/30/20	Kim Eng	UMS	0.955	1.36	Buy	PB2x FY21
10/12/20	Amfrasers	UMS	1.01	1.17	Outperform
10/13/20	DBS Vickers	UMS	1.03	1.37	Buy
11/16/20	DBS Vickers	UMS	0.995	1.36	Buy	PER14.9x FY21
11/17/20	CIMB	UMS	1.03	1.27	Add
11/17/20	Kim Eng	UMS	1.03	1.41	Buy	PB2.4x FY21
11/18/20	Lim & Tan	UMS	1	0	Buy
11/25/20	Amfrasers	UMS	1.06	1.22	Outperform	PER13x FY21
01/05/21	CIMB	UMS	1.15	1.27	Add	PB2.46x
01/06/21	DBS Vickers	UMS	1.14	1.36	Buy
01/13/21	Kim Eng	UMS	1.2	1.41	Buy
03/01/21	Kim Eng	UMS	1.15	1.34	Buy	PB2.5x FY21
03/01/21	DBS Vickers	UMS	1.15	1.36	Buy	PER14.9x FY21
03/10/21	DBS Vickers	UMS	1.1	1.57	Buy	PER17x
03/15/21	Kim Eng	UMS	1.16	1.57	Buy	PER15x FY21
03/16/21	UOB Kay Hian	UMS	1.2	1.65	Buy	PER14.9x FY21
03/19/21	Amfrasers	UMS	1.25	1.43	Outperform
03/26/21	CIMB	UMS	1.26	1.53	Add	GGM, PB2.9x
05/11/21	DBS Vickers	UMS	1.36	1.83	Buy	PER17x FY21
05/12/21	CIMB	UMS	1.28	1.58	Add	PB2.9x
05/12/21	Kim Eng	UMS	1.28	1.8	Buy	PER15x FY21
05/12/21	Amfrasers	UMS	1.28	1.51	Outperform	PER15x

Stock calls for 24 May 2021

Date	Analyst	Company	Last	Target	Call	Valuation
05/24/21	Lim & Tan	Frasers Logistics	1.44	1.65	Accumulate
05/24/21	CIMB	Grand Venture	0.735	1.12	Add
05/24/21	Phillip	Koufu	0.63	0.64	Neutral	PER18.5x FY21
05/24/21	UOB Kay Hian	Singtel	2.43	2.84	Buy	DCF
05/24/21	Amfrasers	Uni-Asia	0.665	0.91	Outperform	Sum of parts

Singapore covid cases have debunked US vaccines' high efficacy rates.

https://www.channelnewsasia.com/news/singapore/covid-19-vaccination-effectiveness-moh-ong-ye-kung-14869342

79% (300) of unvaccinated persons got infected while 21% (78) of vaccinated persons got infected.

How do we assess the true efficacy of a vaccine?

The aforesaid statistics were all exposed to the covid virus and represented the true efficacy of vaccination and the statistics debunked the high efficacy of any US vaccine (about 95%).

We cannot factor in the whole vaccinated population into our assessment against the infected vaccinated cases because this will give us a wrong conclusion since we are uncertain whether the vaccine is effective against the virus or the vaccinated people are not exposed to the virus at all.

Therefore, we can only evaluate those infected cases among vaccinated and unvaccinated people to determine the true efficacy since we are certain that they are all exposed to the virus.

Hopefully, our government will release such statistics continuously so that we can analyze the true efficacy rate of vaccination.

Baltic dry index - 2869

 Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 455

 Related stock: Sembcorp Marine & Cosco.

UG Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/23/20	CIMB	UG Healthcare	0.785	1.36	Buy	PER15x CY21
07/09/20	CIMB	UG Healthcare	1.8	2.1	Add
07/28/20	Phillip	UG Healthcare	1.75	2.7	Buy	PER15x FY21
08/13/20	Phillip	UG Healthcare	2.98	4.15	Buy	PER15x FY21
09/01/20	Lim & Tan	UG Healthcare	2.28	0	Accumulate
09/08/20	CIMB	UG Healthcare	2.45	4.8	Add
11/09/20	Phillip	UG Healthcare	0.965	1.35	Buy	PER14x FY22, Stock split 1-into-3
11/24/20	CIMB	UG Healthcare	0.68	1.7	Add
11/24/20	DMG & Partners	UG Healthcare	0.68	1.37	Buy
01/12/21	CIMB	UG Healthcare	0.665	1.7	Add
02/08/21	Phillip	UG Healthcare	0.79	1.03	Buy	PER7x FY22
02/08/21	CIMB	UG Healthcare	0.79	1.7	Add
02/08/21	DMG & Partners	UG Healthcare	0.79	0.95	Buy
03/23/21	DMG & Partners	UG Healthcare	0.59	0.75	Buy	DCF
05/12/21	CIMB	UG Healthcare	0.655	1.2	Add	DCF
05/14/21	Phillip	UG Healthcare	0.67	0.85	Buy	PER7x FY22

Tuan Sing - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/16/20	DBS Vickers	Tuan Sing	0.235	0.38	Buy	Sum of parts
08/11/20	DBS Vickers	Tuan Sing	0.275	0.44	Buy	Sum of parts
09/15/20	DBS Vickers	Tuan Sing	0.295	0.44	Buy	Sum of parts
01/06/21	DBS Vickers	Tuan Sing	0.315	0.44	Buy
03/09/21	DBS Vickers	Tuan Sing	0.315	0.46	Buy	Sum of parts
05/05/21	DBS Vickers	Tuan Sing	0.405	0.54	Buy	Sum of parts