Stock calls for 31 July 2023

Date	Analyst	Company	Last	Target	Call	Valuation
07/31/23	Kim Eng	AEM	3.86	3.9	Hold	PER12x FY24
07/31/23	DBS Vickers	AEM	3.86	3.35	Hold
07/31/23	Phillip	ART	1.1	1.2	Accumulate	DDM
07/31/23	DBS Vickers	Ascendas India Trust	1.16	1.45	Buy	DDM
07/31/23	Kim Eng	CDL Hospitality	1.18	1.25	Buy
07/31/23	UOB Kay Hian	CSE Global	0.48	0.6	Buy	PER15x FY24
07/31/23	Lim & Tan	CSE Global	0.48	0.6	Buy
07/31/23	DBS Vickers	Dairy Farm	2.75	3.8	Buy
07/31/23	Lim & Tan	Far East Hospitality	0.635	0.75	Buy
07/31/23	CIMB	GKE	0.072	0.076	Hold	Sum of parts
07/31/23	UOB Kay Hian	ISDN	0.445	0.365	Buy
07/31/23	Phillip	Keppel Corp	7.2	7.7	Accumulate
07/31/23	UOB Kay Hian	Mapletree Industrial	2.27	2.89	Buy	DDM
07/31/23	OCBC	Mapletree Industrial	2.27	2.78	Buy
07/31/23	Kim Eng	Mapletree Industrial	2.27	2.3	Hold
07/31/23	DBS Vickers	Raffles Medical	1.34	1.48	Hold
07/31/23	UOB Kay Hian	Seatrium	0.143	0.19	Buy	PB1.5x
07/31/23	phillip	Sheng Siong	1.64	1.98	Buy	PER22x
07/31/23	DBS Vickers	Sheng Siong	1.64	1.76	Hold	PER18.9x
07/31/23	Citi Research	Sheng Siong	1.64	1.92	Buy
07/31/23	CIMB	Sheng Siong	1.64	1.88	Add
07/31/23	UOB Kay Hian	SIA	7.58	6.82	Sell	PB1.35x FY24
07/31/23	Phillip	SIA	7.58	6.8	Reduce	PB1.1x FY24
07/31/23	phillip	UOB	29.89	35.9	Buy	GGM, PB1.48x FY23

Another US recession indicator!

The US corporate loan demand has slumped significantly and this denotes there is no corporate intention to expand or upgrade its business due to a bleak outlook.

2 important economic updates for the last week of July 2023.

The US GDP growth for Q2 2023 was 2.4% which was a marginal improvement from Q1.  However, we believe that Q2 would be the best quarter for 2023 because the US consumption would decline further.

The excess household savings had been depleted and the US consumers couldn't support the US economy like before.

The June PCE index showed that the core PCE of 4.1% was still at an elevated level (double of Fed's target).  Thus, the US Fed won't reduce its rates in 2023.

Baltic dry index - 1110

Related stock: Sembcorp Marine, Cosco & Pan Ocean.

US rig count (weekly) - 664

Related stock: Sembcorp Marine & Cosco.

Micro-Mechanics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/01/22	DBS Vickers	Micro-Mechanics	3.14	3.42	Hold
10/18/22	DBS Vickers	Micro-Mechanics	2.73	2.97	Hold
10/31/22	DBS Vickers	Micro-Mechanics	2.76	2.32	Fully Valued
01/31/23	DBS Vickers	Micro-Mechanics	2.57	2.12	Fully Valued	PER23x FY23/24
01/31/23	Lim & Tan	Micro-Mechanics	2.57	2.32	Avoid
04/05/23	DBS Vickers	Micro-Mechanics	2.02	2.12	Fully Valued
05/02/23	DBS Vickers	Micro-Mechanics	2.1	1.75	Fully Valued	PER21x FY23/24