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Tuesday, September 5, 2023

Stock calls for 4 September 2023

Date

Analyst

Company

Last

Target

Call

Valuation

09/04/23

UOB Kay Hian

Bumitama

0.55

0.65

Buy

PER6x FY24

09/04/23

UOB Kay Hian

Comfortdelgro

1.27

1.56

Buy

PER15x FY24

09/04/23

UOB Kay Hian

CSE Global

0.485

0.61

Buy

PER15x FY24

09/04/23

Lim & Tan

DBS

33.3

37.52

Buy


09/04/23

UOB Kay Hian

Delfi

1.25

1.83

Buy

PER17x FY24

09/04/23

Kim Eng

Food Empire

1.08

1.36

Buy

PER11x FY23

09/04/23

DBS Vickers

Ifast Corp

5.68

3.92

Fully Valued

DCF

09/04/23

UOB Kay Hian

Keppel Corp

6.94

9.09

Buy

Sum of parts

09/04/23

Lim & Tan

Keppel Corp

6.94

7.87

Buy


09/04/23

UOB Kay Hian

LHN

0.34

0.55

Buy

PER9x FY23

09/04/23

UOB Kay Hian

Mapletree Industrial

2.3

2.89

Buy

DDM

09/04/23

DBS Vickers

Mapletree Logistics

1.68

1.88

Buy

DCF

09/04/23

UOB Kay Hian

OCBC

12.55

18.22

Buy

GGM, PB1.45x FY24

09/04/23

UOB Kay Hian

Seatrium

0.145

0.19

Buy

PB1.5x FY24

09/04/23

UOB Kay Hian

Sembcorp Industries

5.35

7.2

Buy

PER13.6x

09/04/23

UOB Kay Hian

Thai Beverage

0.57

0.83

Buy

Sum of parts

09/04/23

SAC Capital

Uni-Asia

0.91

1.14

Buy

PB0.45x

09/04/23

Lim & Tan

Wing Tai

1.35

1.8

Accumulate

PB0.44x

Sunday, September 3, 2023

The ISM PMI has been contracting for 10 consecutive months already.


There are 1 important thing to note from the latest ISM PMI publication.

The new order (46.8, -0.5) declined because of worsening new local order (Est'd -0.8).  This means that the local consumer spending is still contracting.  As the chart indicates, almost all the subcomponents are in a contraction zone (below 50).

The ISM PMI has also been contracting for 10 consecutive months already.  With the weakening consumer spending, the 2nd half of 2023 won't be better than the 1st half.

3 important economic statistics for the past week.

The job gap has narrowed to 3m from 4m which means the labour market is softening.  This is to be expected because of depleting pandemic household savings and front-loading of purchases.

US GDP growth (2nd Qtr): 2.1%

The US GDP growth only increased marginally in the 2nd quarter and the first half of 2023 was estimated to be better than the latter half because household savings would not be available to boost the GDP growth in the 2nd half of 2023.  Thus, the US GDP growth for 2023 would not exceed 2.5% under the existing conditions.

The core PCE had increased marginally to 4.2%.  We had stated previously that the US inflation would remain relatively stable at this level (see below).

Baltic dry index - 1065

Related stock: Sembcorp Marine, Cosco & Pan Ocean.

US rig count (weekly) - 632

Related stock: Sembcorp Marine & Cosco.

Friday, September 1, 2023

Asia Enterprise - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

02/10/23

Lim & Tan

Asia Enterprise

0.159

0

Accumulate


Ascendas India Trust - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

07/15/22

DBS Vickers

Ascendas India Trust

1.13

1.7

Buy


07/15/22

Lim & Tan

Ascendas India Trust

1.13

1.51

Buy


08/02/22

DBS Vickers

Ascendas India Trust

1.2

1.7

Buy

DDM

11/01/22

DBS Vickers

Ascendas India Trust

1.12

1.5

Buy


12/07/22

Lim & Tan

Ascendas India Trust

1.15

1.4

Buy


12/13/22

DBS Vickers

Ascendas India Trust

1.12

1.5

Buy


12/30/22

Citi Research

Ascendas India Trust

1.12

1.5

Buy

Sum of parts

01/18/23

DBS Vickers

Ascendas India Trust

1.17

1.5

Buy


02/07/23

Lim & Tan

Ascendas India Trust

1.19

0

Hold


02/08/23

DBS Vickers

Ascendas India Trust

1.18

1.5

Buy


04/20/23

Citi Research

Ascendas India Trust

1.09

1.25

Buy


05/17/23

DBS Vickers

Ascendas India Trust

1.03

1.45

Buy

DDM

07/31/23

DBS Vickers

Ascendas India Trust

1.16

1.45

Buy

DDM