Stock calls for 17 January 2023

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/23	CIMB	Capitaland Investment	3.85	4.5	Add	RNAV
01/17/23	CIMB	City Developments	7.89	8.97	Add	RNAV
01/17/23	DBS Vickers	Hongkong Land	4.9	5.93	Buy	RNAV (50% disc)
01/17/23	CIMB	Nanofilm	1.42	1.39	Hold
01/17/23	CIMB	SIA	5.83	5.97	Hold	PB0.9x FY23
01/17/23	CIMB	UOL	6.74	8	Add	RNAV

Isoteam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/22	DMG & Partners	Isoteam	0.112	0.12	Neutral	DCF
09/15/22	DMG & Partners	Isoteam	0.097	0.12	Buy	PER9x FY23

ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
04/06/22	CIMB	ISDN	0.645	0.96	Add	PER12.3x
06/15/22	CIMB	ISDN	0.525	0.7	Add	PER10.1x FY23
08/16/22	CIMB	ISDN	0.48	0.61	Add
11/10/22	CIMB	ISDN	0.385	0.39	Hold	PER8.6x FY23
11/21/22	CIMB	ISDN	0.385	0.42	Hold
01/05/23	CIMB	ISDN	0.475	0.55	Add	PER8.9x
01/16/23	CIMB	ISDN	0.565	0.61	Add

Ireit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/22	DBS Vickers	Ireit	0.64	0.76	Buy
03/01/22	DBS Vickers	Ireit	0.645	0.7	Buy	DCF
05/13/22	DBS Vickers	Ireit	0.605	0.7	Buy
05/31/22	DMG & Partners	Ireit	0.615	0.74	Buy	DDM
08/15/22	DBS Vickers	Ireit	0.605	0.68	Buy
08/15/22	DMG & Partners	Ireit	0.605	0.72	Buy	DDM
10/21/22	Lim & Tan	Ireit	0.485	0.69	Accumulate
11/10/22	DBS Vickers	Ireit	0.49	0.6	Buy
11/10/22	Lim & Tan	Ireit	0.49	0.69	Accumulate
11/14/22	DMG & Partners	Ireit	0.51	0.63	Buy	DDM
12/02/22	Lim & Tan	Ireit	0.53	0.69	Accumulate	DDM

Stock calls for 16 January 2023

Date	Analyst	Company	Last	Target	Call	Valuation
01/16/23	DBS Vickers	Ifast Corp	5.86	3.98	Fully Valued	DCF
01/16/23	UOB Kay Hian	IHH Healthcare	1.82	2.17	Buy	Ringgit $7.10 target price
01/16/23	CIMB	ISDN	0.565	0.61	Add
01/16/23	Lim & Tan	Mapletree Logistics	1.6	0	Hold
01/16/23	UOB Kay Hian	Raffles Medical	1.37	1.58	Buy	PER24.2x FY23
01/16/23	CIMB	SATS	2.89	3.21	Add

Is the US CPI really declining?

The US CPI had declined to 6.5% in Dec 2022 because of the low base effect in the prior year but this effect would dissipate soon in a few more months.

Inflationary sector:

The decline in the CPI was due to the lowering energy prices.

However, the sticky inflation was still elevating in the US.

Therefore, it is unlikely that the US Fed will reduce interest rate in 2023 unless the sticky inflation has started to decline.

Sinovac vs Pfizer: Which one is better?

 Let's take a look at the latest efficacy results for Sinovac and Pfizer.

Left axis: Age

Red: Sinovac

Blue: Pfizer

The chart showed that there was no efficacy difference between sinovac and pfizer after 2 shots.  However, sinovac is know to be much safer than pfizer.

Baltic dry index - 946

Related stock: Sembcorp Marine, Cosco & Pan Ocean.

US rig count (weekly) - 775

Related stock: Sembcorp Marine & Cosco.

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
03/18/22	Lim & Tan	Innotek	0.63	0	Accumulate
04/06/22	Lim & Tan	Innotek	0.64	0	Accumulate
11/28/22	Lim & Tan	Innotek	0.42	0.6	Buy	EV/Ebitda1.5x FY22