Stock calls for 14 May 2021

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/21	CIMB	APAC Realty	0.49	0.865	Add
05/14/21	DBS Vickers	APAC Realty	0.49	0.74	Buy	PER10x FY21
05/14/21	OCBC	Capitaland	3.57	4.03	Buy	RNAV
05/14/21	UOB Kay Hian	Comfortdelgro	1.63	1.95	Buy	PER17.9x FY21
05/14/21	Kim Eng	Comfortdelgro	1.63	1.88	Buy	DCF
05/14/21	DMG & Partners	Comfortdelgro	1.63	2.1	Buy	PER21x FY21
05/14/21	UOB Kay Hian	Food Empire	0.86	1.3	Buy
05/14/21	Kim Eng	Frencken	1.42	1.74	Buy
05/14/21	UOB Kay Hian	Frencken	1.42	1.72	Buy
05/14/21	DBS Vickers	Frencken	1.42	1.98	Buy	PER14.7x FY21
05/14/21	CIMB	Golden Agri	0.275	0.25	Reduce	Sum of parts
05/14/21	DMG & Partners	Kimly	0.345	0.42	Buy
05/14/21	Phillip	Manulife US Reit	0.735	0.84	Buy	DDM
05/14/21	CIMB	Netlink	0.975	1.1	Buy
05/14/21	Kim Eng	Netlink	0.975	1.13	Buy
05/14/21	OCBC	Netlink	0.975	1.1	Buy
05/14/21	UOB Kay Hian	OCBC	12.03	15.5	Buy
05/14/21	DMG & Partners	OCBC	12.03	14.3	Buy
05/14/21	Amfrasers	Sarine	0.57	0.82	Outperform
05/14/21	Lim & Tan	Singtel	2.41	0	Accumulate on weakness
05/14/21	UOB Kay Hian	ST Engineering	3.72	4.07	Buy	EV/Invested capital basis
05/14/21	Phillip	UG Healthcare	0.67	0.85	Buy	PER7x FY22

US inflation hit 4.2% in April 2021, the biggest increase since 2008.

https://sg.finance.yahoo.com/news/markets-fall-us-consumer-prices-145217855.html

This significant increase in US inflation is not due to the prior low base effect in 2020.  This is caused by excessive liquidity since 2020 and inflation is just rearing its head now.

http://sg-stock.blogspot.com/2021/05/the-us-stimulus-packages-under-trump.html

We've been warning about the US inflation in our numerous postings.

http://sg-stock.blogspot.com/2021/04/us-inflation-surges-26-yoy-biggest-gain.html

SPH - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/21/20	UOB Kay Hian	SPH	1.5	1.52	Hold	Sum of parts, Buy @ $1.30
05/21/20	Lim & Tan	SPH	1.5	0	Hold
05/22/20	DBS Vickers	SPH	1.56	1.57	Hold
06/24/20	UOB Kay Hian	SPH	1.36	1.52	Hold	Buy @ $1.30
06/25/20	CIMB	SPH	1.33	1.57	Hold
07/15/20	UOB Kay Hian	SPH	1.25	1.41	Hold	Sum of parts, Buy @ $1.20
07/15/20	CIMB	SPH	1.25	1.35	Hold	Sum of parts (25% disc)
07/15/20	OCBC	SPH	1.25	1.35	Hold	PER15x
07/16/20	DBS Vickers	SPH	1.25	1.26	Hold	Sum of parts
08/19/20	Lim & Tan	SPH	1.11	0	Hold
08/24/20	UOB Kay Hian	SPH	1.08	1.22	Hold	Sum of parts, Buy @ $1
08/31/20	DBS Vickers	SPH	1.09	1.26	Hold
10/14/20	DBS Vickers	SPH	1.05	1.09	Hold	Sum of parts
10/14/20	CIMB	SPH	1.05	1.1	Hold	Sum of parts (30% disc)
10/14/20	Lim & Tan	SPH	1.05	0	Hold
10/15/20	UOB Kay Hian	SPH	1	1.12	Hold	Sum of parts, Buy @ $1
11/23/20	Lim & Tan	SPH	1.25	0	Hold
01/07/21	CIMB	SPH	1.13	1.1	Hold	Sum of parts
01/20/21	CIMB	SPH	1.21	1.31	Hold	Sum of parts
01/21/21	UOB Kay Hian	SPH	1.22	1.22	Hold	Buy @ $1.05
03/30/21	UOB Kay Hian	SPH	1.5	1.74	Buy
03/31/21	CIMB	SPH	1.5	2.09	Add	Sum of parts
03/31/21	UOB Kay Hian	SPH	1.5	1.85	Buy	Sum of parts
03/31/21	Lim & Tan	SPH	1.5	0	Accumulate
04/06/21	OCBC	SPH	1.77	1.92	Buy	Sum of parts
05/07/21	CIMB	SPH	1.79	2.09	Add	$1.94 target, Sum of parts (20% disc)
05/07/21	OCBC	SPH	1.79	1.92	Hold
05/10/21	UOB Kay Hian	SPH	1.52	1.85	Buy	Sum of parts

Soilbuild Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/27/20	Amfrasers	Soilbuild Reit	0.38	0.48	Neutral
07/09/20	DBS Vickers	Soilbuild Reit	0.41	0.5	Buy
09/02/20	DBS Vickers	Soilbuild Reit	0.455	0.5	Buy	DCF
10/16/20	Lim & Tan	Soilbuild Reit	0.485	0	Hold
10/20/20	Amfrasers	Soilbuild Reit	0.49	0.48	Neutral
12/15/20	Lim & Tan	Soilbuild Reit	0.535	0	Accept offer