Hour Glass - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/03/22	DBS Vickers	Hour Glass	1.97	2.12	Hold	PER9x FY23/24
05/26/23	DBS Vickers	Hour Glass	2	2.12	Hold

Stock calls for 3 October 2023.

Date	Analyst	Company	Last	Target	Call	Valuation
10/03/23	DMG & Partners	Delfi	1.25	1.65	Buy	PER13x FY24
10/03/23	Kim Eng	Dyna-Mac	0.4	0.51	Buy
10/03/23	DBS Vickers	Keppel Corp	6.78	8.3	Buy
10/03/23	Citi Research	OCBC	12.8	12.7	Neutral	GGM, PB1x FY24
10/03/23	DBS Vickers	Raffles Medical	1.26	1.48	Hold
10/03/23	Lim & Tan	Raffles Medical	1.26	1.71	Buy
10/03/23	DBS Vickers	Sembcorp Industries	5.17	7.15	Buy
10/03/23	Lim & Tan	Singtel	2.44	0	Accumulate

The ISM PMI has been in a contractionary phase for 11 consecutive months already.

PMI analysis:

The prices subindex had fallen significantly to 43.8 (-4.6) because the producers used more local raw material (Est’d +1.6) compared to imports (48.2, +0.2) and the continual improvement in supplier’s deliveries (46.4, -2.2).  The producers boosted their inventories (45.8, +1.8), employment (51.2, +2.7) and production (52.5, +2.5) to meet the increment in new order (49.2, +2.4).  The increase in new order was caused by increments in new export order (47.4, +0.9) and new local order (Est’d +1.5) and depleted the customers’ inventories (47.1, -1.6).  The backlog of order decreased to 42.4 (-1.7) because of the increase in production.  Overall, the PMI increased to 49 (+1.4) but it was still in a contractionary phase (below 50).  Thus, the US economy is set to enter into a recession because the US consumers have depleted their pandemic savings.

Hotel Properties - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/23	DBS Vickers	Hotel Properties	3.54	4.35	Buy	RNAV (25% disc)
03/02/23	DBS Vickers	Hotel Properties	3.55	4.35	Buy	RNAV (25% disc)
06/13/23	DBS Vickers	Hotel Properties	3.91	4.35	Buy	RNAV (25% disc)
08/29/23	DBS Vickers	Hotel Properties	3.9	4.35	Buy	RNAV (25% disc)

Hongkong Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/20/22	DBS Vickers	Hongkong Land	4.91	5.95	Buy	RNAV (50% disc)
08/01/22	DBS Vickers	Hongkong Land	5.19	6.14	Buy
11/14/22	DBS Vickers	Hongkong Land	4.25	6.14	Buy
11/14/22	CIMB	Hongkong Land	4.25	4.7	Hold
01/17/23	DBS Vickers	Hongkong Land	4.9	5.93	Buy	RNAV (50% disc)
03/03/23	Lim & Tan	Hongkong Land	4.63	5.19	Buy on weakness
03/06/23	DBS Vickers	Hongkong Land	4.53	5.33	Buy	RNAV (55% discount)
03/08/23	CIMB	Hongkong Land	4.5	4.4	Hold
04/04/23	Lim & Tan	Hongkong Land	4.4	5.11	Accumulate
05/19/23	Lim & Tan	Hongkong Land	4.38	5.11	Accumulate
06/30/23	DBS Vickers	Hongkong Land	3.97	5.33	Buy	RNAV (55% discount)
08/01/23	DBS Vickers	Hongkong Land	3.67	4.56	Buy	RNAV (60% disc)
07/26/23	CIMB	Hongkong Land	3.6	4	Hold	RNAV (60% disc)