Stock calls for 11 July 2023

Date	Analyst	Company	Last	Target	Call	Valuation
07/11/23	DMG & Partners	Dairy Farm	2.84	3.09	Neutral
07/11/23	DMG & Partners	Golden Agri	0.24	0.31	Buy
07/11/23	CIMB	Grand Venture	0.51	0.51	Hold
07/11/23	Lim & Tan	Keppel Corp	6.47	7.56	Accumulate on weakness
07/11/23	UOB Kay Hian	Nanofilm	1.34	1.11	Sell	PER18x FY24
07/11/23	DBS Vickers	Nanofilm	1.34	1	Fully Valued
07/11/23	CIMB	Nanofilm	1.34	1.13	Reduce	PER14.3x FY24
07/11/23	Lim & Tan	Nanofilm	1.34	1.23	Sell
07/11/23	CIMB	Seatrium	0.13	0.19	Add
07/11/23	UOB Kay Hian	Singapore Post	0.46	0.46	Hold	PER21.3x
07/11/23	DMG & Partners	Wilmar	3.68	4.4	Buy

The current stock market is overvalued!

Logically speaking, the stock market PE ratio moves in sync with the real yield because the future price is being discounted to the present value using the risk-free rate.  However, there is a dislocation between the real yield and the stock market PE ratio now and this is an aberration which will be corrected in the future.  Thus, the PE ratio is more likely to move down in the future and this means the stock market will become a bear market. 

Grand Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/26/22	DBS Vickers	Grand Venture	0.685	1.4	Buy
08/12/22	CIMB	Grand Venture	0.7	0.85	Add
08/12/22	DBS Vickers	Grand Venture	0.7	1.07	Buy
10/17/22	CIMB	Grand Venture	0.505	0.4	Reduce	PER9.6x FY23
10/18/22	DBS Vickers	Grand Venture	0.455	0.57	Buy	PER12x FY23
11/09/22	DBS Vickers	Grand Venture	0.505	0.57	Buy
01/06/23	CIMB	Grand Venture	0.52	0.52	Hold	PER10.4x FY24
02/21/23	DBS Vickers	Grand Venture	0.52	0.57	Buy
02/22/23	DBS Vickers	Grand Venture	0.525	0.6	Buy	PER12x FY23/24
05/10/23	DBS Vickers	Grand Venture	0.49	0.6	Buy
05/10/23	Lim & Tan	Grand Venture	0.49	0.57	Buy
05/12/23	DBS Vickers	Grand Venture	0.5	0.56	Buy	PER12x FY24
05/17/23	CIMB	Grand Venture	0.505	0.54	Hold	PER10.4x FY24

Grand Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/01/22	Lim & Tan	Grand Bank	0.29	0	Accumulate
11/22/22	Lim & Tan	Grand Bank	0.275	0	Buy
03/13/23	Lim & Tan	Grand Bank	0.305	0	Buy
05/15/23	Lim & Tan	Grand Bank	0.3	0.5	Buy	PER10.2x FY23
07/07/23	Lim & Tan	Grand Bank	0.31	0.5	Buy

Golden Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/20/23	DMG & Partners	Golden Energy	0.895	0.973	Accept Offer	Offer @ $0.973
03/21/23	Amfrasers	Golden Energy	0.94	0.973	Accept Offer	Offer @ $0.973