ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/21	CIMB	ISDN	0.425	0.65	Add
01/07/21	CIMB	ISDN	0.43	0.72	Add	PER12x FY22
02/08/21	CIMB	ISDN	0.715	0.72	Hold
03/03/21	CIMB	ISDN	0.61	0.72	Add	PER12x FY22
04/29/21	CIMB	ISDN	0.705	0.844	Add	PER12.5x FY22
06/28/21	CIMB	ISDN	0.685	0.844	Add	PER12.5x FY22
07/05/21	Amfrasers	ISDN	0.73	0.85	Outperform	PER14x
07/29/21	CIMB	ISDN	0.71	0.844	Add	PER12.5x CY22
08/17/21	CIMB	ISDN	0.7	0.85	Add
09/14/21	CIMB	ISDN	0.675	0.85	Add
11/15/21	CIMB	ISDN	0.65	1	Add
01/06/22	CIMB	ISDN	0.715	1	Add
02/28/22	CIMB	ISDN	0.65	0.96	Add
03/15/22	CIMB	ISDN	0.57	0.96	Add

Stock calls for 31 March 2022

Date	Analyst	Company	Last	Target	Call	Valuation
03/31/22	Lim & Tan	Comfortdelgro	1.49	1.77	Accumulate
03/31/22	CIMB	Japfa	0.72	0.81	Add	PER13.1x FY22
03/31/22	Lim & Tan	Tianjin Zhongxin	1.08	1.6	Buy
03/31/22	DMG & Partners	Venture	17.81	22.8	Buy	PER19x FY22

The US 2 and 10 years treasury yield spread is narrowing and is on the verge to invert.

The US treasury yield spread (2 & 10 years) is approaching zero and negative territory.

What does this mean?

Historically, whenever there is a yield inversion between 2 and 10 years treasury yield, a recession will happen within 2 years after the yield inversion.

Therefore, the earliest recession year will be in 2023 if this yield inversion happens now.

Ireit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/21	Phillip	Ireit	0.66	0.68	Accumulate
02/22/21	Phillip	Ireit	0.645	0.68	Accumulate
03/01/21	Phillip	Ireit	0.655	0.7	Accumulate	DDM
05/06/21	DBS Vickers	Ireit	0.64	0.76	Buy	DCF
05/17/21	Phillip	Ireit	0.635	0.68	Accumulate	DDM
06/18/21	Amfrasers	Ireit	0.65	0.69	Outperform
08/13/21	Phillip	Ireit	0.645	0.75	Buy	DDM
08/27/21	DMG & Partners	Ireit	0.64	0.74	Buy
11/29/21	DBS Vickers	Ireit	0.635	0.76	Buy
02/28/22	DBS Vickers	Ireit	0.64	0.76	Buy
03/01/22	DBS Vickers	Ireit	0.645	0.7	Buy	DCF

Int’l Cement - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/24/22	SAC Capital	Int’l Cement	0.027	0.062	Buy	Cut from $0.089

Innotek - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/21	Amfrasers	Innotek	0.65	0.73	Outperform	EV/Ebita5x, PE13.5x FY21
02/09/21	UOB Kay Hian	Innotek	0.74	0.82	Buy	PER10x FY21
03/04/21	Lim & Tan	Innotek	0.695	0	Accumulate on weakness
04/19/21	UOB Kay Hian	Innotek	0.9	1.2	Buy	PER12x FY22
05/21/21	Amfrasers	Innotek	0.905	1.12	Outperform	EV/Ebitda5.5x, PER14.3x FY22
06/07/21	UOB Kay Hian	Innotek	0.955	1.2	Buy
07/02/21	UOB Kay Hian	Innotek	0.96	1.2	Buy
08/04/21	UOB Kay Hian	Innotek	0.89	1.2	Buy
08/13/21	Lim & Tan	Innotek	0.915	0	Accumulate
09/08/21	UOB Kay Hian	Innotek	0.845	1.2	Buy	PER12x FY22
03/18/22	Lim & Tan	Innotek	0.63	0	Accumulate

Stock calls for 30 March 2022

Date	Analyst	Company	Last	Target	Call	Valuation
03/30/22	DBS Vickers	Centurion	0.36	0.42	Buy	DCF
03/30/22	Lim & Tan	City Developments	7.88	9.23	Buy
03/30/22	DBS Vickers	Keppel Infrastructure	0.56	0.6	Buy
03/30/22	SAC Capital	PanUnited	0.385	0.56	Buy	EV/Ebitda6.6x FY23
03/30/22	CIMB	PanUnited	0.385	0.53	Add	PER12.3x
03/30/22	DMG & Partners	Prime US Reit	0.76	1.02	Buy	DDM
03/30/22	UOB Kay Hian	Raffles Medical	1.17	1.34	Hold
03/30/22	UOB Kay Hian	SGX	9.82	9.33	Hold	PER23.7x FY22