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Friday, August 20, 2021

UOB Bank - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

05/06/20

Macquarie

UOB

19.9

21.25

Outperform


05/06/20

Lim & Tan

UOB

19.9

0

Buy


05/06/20

DMG & Partners

UOB

19.9

19.4

Neutral

GGM, PB0.83x FY20

05/08/20

DBS Vickers

UOB

19.88

17.5

Hold

GGM, PB0.7x FY21

05/08/20

Citi Research

UOB

19.88

18

Sell


05/08/20

Jefferies

UOB

19.88

19

Hold


05/11/20

phillip

UOB

19.9

20.7

Accumulate

GGM, PB0.9x FY20

05/11/20

Kim Eng

UOB

19.9

22.42

Buy


05/11/20

CIMB

UOB

19.9

19.04

Hold


05/14/20

OCBC

UOB

19.69

21.5

Hold

PB1x

06/01/20

DBS Vickers

UOB

19.5

17.5

Hold

GGM, PB0.7x FY21

06/08/20

phillip

UOB

22

20.7

Neutral


06/08/20

Citi Research

UOB

22

25

Buy


06/08/20

Lim & Tan

UOB

22

0

Hold


06/11/20

Macquarie

UOB

23.1

23

Neutral

PB

06/18/20

DMG & Partners

UOB

21.03

19.4

Neutral


06/26/20

Morgan Stanley

UOB

20.27

22.9

Overweight


07/01/20

CIMB

UOB

20.23

19.04

Hold

GGM

07/03/20

phillip

UOB

20.61

20.7

Neutral


07/21/20

Jefferies

UOB

20.55

22

Hold


07/21/20

Kim Eng

UOB

20.55

22.42

Buy


07/22/20

DBS Vickers

UOB

20.7

20.9

Hold

GGM, PB0.8x FY21

07/30/20

Macquarie

UOB

20.02

21

Neutral

PB

07/30/20

OCBC

UOB

20.02

21.5

Hold


07/30/20

Jefferies

UOB

20.02

20

Hold


08/04/20

Macquarie

UOB

19.07

21

Neutral

PB

08/06/20

Lim & Tan

UOB

19.42

0

Accumulate


08/07/20

Kim Eng

UOB

19.76

20.79

Hold

DDM

08/07/20

DMG & Partners

UOB

19.76

18.8

Neutral

GGM, PB0.8x FY20

08/07/20

DBS Vickers

UOB

19.76

22.2

Buy

GGM, PB0.9x FY21

08/07/20

CIMB

UOB

19.76

19.04

Hold


08/11/20

CIMB

UOB

19.58

20.58

Hold


08/11/20

Jefferies

UOB

19.58

18

Hold


08/12/20

Macquarie

UOB

19.65

20.85

Neutral


08/12/20

phillip

UOB

19.65

20.4

Accumulate

GGM, PB0.87x

09/02/20

Macquarie

UOB

19.62

20.85

Neutral


09/07/20

phillip

UOB

19.45

20.4

Accumulate


09/11/20

DBS Vickers

UOB

19.39

22.2

Buy

GGM, PB0.9x FY21

09/21/20

Kim Eng

UOB

19.21

20.79

Hold


10/01/20

CIMB

UOB

19.03

20.58

Hold


10/07/20

OCBC

UOB

19.53

21.5

Buy


10/12/20

phillip

UOB

19.45

20.4

Accumulate


10/21/20

Kim Eng

UOB

19.63

20.79

Hold


10/22/20

DBS Vickers

UOB

19.92

22.2

Buy


11/03/20

DBS Vickers

UOB

19.03

22.2

Buy

GGM, PB0.85x FY21

11/04/20

phillip

UOB

19.45

20.4

Accumulate


11/04/20

Lim & Tan

UOB

19.45

0

Accumulate


11/05/20

CIMB

UOB

19.8

22.52

Add

GGM

11/05/20

Kim Eng

UOB

19.8

21.24

Hold

DDM

11/06/20

OCBC

UOB

20.44

21.5

Buy


11/09/20

phillip

UOB

20.45

21.1

Accumulate

GGM, PB0.83x FY21

11/09/20

Jefferies

UOB

20.45

22

Hold


11/13/20

OCBC

UOB

21.6

24.3

Buy


11/18/20

Jefferies

UOB

22.04

25

Buy


11/24/20

DBS Vickers

UOB

23.13

24.8

Buy

GGM, PB1x FY21

11/25/20

Kim Eng

UOB

23.6

21.24

Sell


11/30/20

CIMB

UOB

23.06

27.72

Add

GGM, PB1.1x FY21

12/01/20

Macquarie

UOB

22.51

23.5

Outperform


12/07/20

phillip

UOB

23.05

21.1

Neutral


12/07/20

Kim Eng

UOB

23.05

21.24

Sell


12/16/20

Macquarie

UOB

22.89

26.25

Outperform


01/04/21

DBS Vickers

UOB

22.59

24.8

Buy


01/04/21

CIMB

UOB

22.59

27.72

Add


01/06/21

phillip

UOB

22.57

21.1

Neutral


01/12/21

OCBC

UOB

23.79

26.3

Buy

GGM, PB1.2x

01/25/21

Macquarie

UOB

23.7

26.25

Outperform


01/27/21

DBS Vickers

UOB

23.33

26.8

Buy

GGM, PB1.04x FY21

01/27/21

Kim Eng

UOB

23.33

25.57

Hold


02/02/21

Macquarie

UOB

23.55

26.6

Outperform


02/04/21

phillip

UOB

23.52

21.1

Neutral


02/17/21

DMG & Partners

UOB

24.02

21

Neutral


02/25/21

DBS Vickers

UOB

23.88

26.8

Buy

GGM, PB1.04x FY21

02/25/21

Lim & Tan

UOB

23.88

0

Accumulate


02/26/21

Macquarie

UOB

24.64

26.6

Outperform


02/26/21

DBS Vickers

UOB

24.64

27.6

Buy


02/26/21

Kim Eng

UOB

24.64

26.24

Hold


02/26/21

CIMB

UOB

24.64

27.72

Add

GGM

03/01/21

OCBC

UOB

24.62

27.3

Buy


03/01/21

DMG & Partners

UOB

24.62

26.4

Neutral

GGM, PB1.05x

03/03/21

phillip

UOB

24.99

28.7

Accumulate

PB1.17x

04/01/21

CIMB

UOB

25.83

27.72

Add


04/01/21

DBS Vickers

UOB

25.83

27.6

Buy


04/05/21

phillip

UOB

25.8

28.7

Accumulate


04/20/21

DBS Vickers

UOB

26.23

29.2

Buy

GGM, PB1.1x FY22

04/22/21

Macquarie

UOB

25.79

29

Outperform


05/06/21

OCBC

UOB

26.3

29

Buy

PB

05/06/21

Lim & Tan

UOB

26.3

0

Accumulate


05/07/21

phillip

UOB

26.03

28.7

Accumulate

GGM, PB1.17x FY21

05/07/21

Kim Eng

UOB

26.03

29.34

Buy


05/07/21

DMG & Partners

UOB

26.03

30.2

Buy


05/07/21

CIMB

UOB

26.03

28.84

Add


05/12/21

Macquarie

UOB

26.18

30

Outperform


06/02/21

DBS Vickers

UOB

26.31

29.2

Buy

GGM, PB1.1x FY22

06/07/21

phillip

UOB

26.1

28.7

Accumulate


06/07/21

Kim Eng

UOB

26.1

29.34

Buy


06/29/21

CIMB

UOB

25.75

28.84

Add


07/05/21

Macquarie

UOB

25.85

30

Outperform


07/09/21

phillip

UOB

25.58

28.7

Accumulate


07/23/21

DBS Vickers

UOB

25.92

29.2

Buy

PB

07/29/21

CIMB

UOB

25.92

28.84

Add


08/04/21

DBS Vickers

UOB

25.85

29.2

Buy

GGM, PB1.1x FY22

08/04/21

Lim & Tan

UOB

25.85

30

Buy


08/05/21

phillip

UOB

26.31

29

Accumulate

GGM, PB1.17x FY21

08/05/21

Kim Eng

UOB

26.31

29.34

Buy


08/06/21

Macquarie

UOB

26.49

30

Outperform


08/06/21

DMG & Partners

UOB

26.49

30.2

Buy


08/06/21

CIMB

UOB

26.49

29

Add


08/06/21

OCBC

UOB

26.49

30.5

Buy

GGM, PB1.32x

Unusual - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

05/28/20

UOB Kay Hian

Unusual

0.135

0.123

Hold

Buy @ $0.111

06/11/20

DMG & Partners

Unusual

0.133

0.16

Buy

DCF

Stock calls for 20 August 2021

Date

Analyst

Company

Last

Target

Call

Valuation

08/20/21

DBS Vickers

ARA Hospitality

0.495

0.75

Buy

DCF

08/20/21

Lim & Tan

Avi-Tech

0.41

0

Hold


08/20/21

CIMB

Hong Leong Asia

0.835

1.05

Add

Sum of parts

08/20/21

OCBC

Yanlord

1.19

1.2

Hold


US ISM PMI fell again in July 2021.

 


The prices had decreased to 85.7 (-6.4) but still remained high because of persistent high freight costs, high crude prices, and high material prices which still maintained the supplier’s deliveries at a high level of 72.5 (-2.6) as a higher number indicated slower deliveries.  The producers had a reduction on their inventories (48.9, +2.2) because of freight issues and higher costs which drove them to increase local raw material usages (Est’d +5.1).


The producers increase their employment to prepare for Q4 festival orders.  However, the supplier’s deliveries impeded their production capabilities (58.4, -2.4) and this caused further declines in the customers’ inventories.  My primary concern would be the  declines in new order (64.9, -1.1), new export order (55.7, -0.5) and new local order (Est’d -0.6) because these 3 indicators showed that overseas and local consumers were cutting back on their spendings.  Since the local consumption constituted 70% of the US GDP, a significant pull-back would affect the GDP growth tremendously.


The backlog of order increased to 65 (+0.5) because the producers couldn’t increase their production to meet customers’ demands due to supply chain disruption problems.


All the above factors caused the PMI to decrease to 59.5 (-1.1) which was the lowest since February 2021.  In conclusion, the June PMI indicated that the US economic growth was in a downward trajectory and would experience a diminishing marginal GDP growth in the future.

United Hamspire - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

12/17/20

UOB Kay Hian

United Hamspire

0.58

0.92

Buy

DDM

01/11/21

UOB Kay Hian

United Hamspire

0.645

0.92

Buy


03/02/21

UOB Kay Hian

United Hamspire

0.67

0.95

Buy


05/17/21

UOB Kay Hian

United Hamspire

0.69

0.95

Buy


United Global - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

08/18/21

SAC Capital

United Global

0.4

0.445

Hold


Uni-Asia - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

08/26/20

Amfrasers

Uni-Asia

0.45

0.54

Neutral


05/24/21

Amfrasers

Uni-Asia

0.665

0.91

Outperform

Sum of parts

06/25/21

Amfrasers

Uni-Asia

0.85

0.91

Outperform

Sum of parts

07/07/21

Amfrasers

Uni-Asia

0.93

1.42

Outperform

Sum of parts

08/17/21

Amfrasers

Uni-Asia

1.09

1.56

Buy

Sum of parts, PB0.73x FY21

Stock calls for 19 August 2021

Date

Analyst

Company

Last

Target

Call

Valuation

08/19/21

DMG & Partners

Bumitama

0.47

0.47

Neutral


08/19/21

UOB Kay Hian

Hong Leong Asia

0.855

1.38

Buy


08/19/21

Lim & Tan

Overseas Edu

0.26

0

Hold


08/19/21

Lim & Tan

Q&M

0.81

1

Buy


08/19/21

Amfrasers

Sasseur

0.935

0.97

Neutral

DDM

08/19/21

OCBC

Thai Beverage

0.68

0.91

Buy