Wilmar - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/07/22	UOB Kay Hian	Wilmar	4.01	5.5	Buy	Sum of parts
07/12/22	CIMB	Wilmar	4.13	5.69	Add
08/05/22	UOB Kay Hian	Wilmar	4.13	5.5	Buy	Sum of parts
08/05/22	DBS Vickers	Wilmar	4.13	6.67	Buy
08/05/22	Lim & Tan	Wilmar	4.13	5.71	Buy
08/08/22	Kim Eng	Wilmar	4.3	4.47	Hold
08/08/22	DMG & Partners	Wilmar	4.3	5.05	Buy	Sum of parts
08/10/22	CIMB	Wilmar	4.09	5.69	Add
08/10/22	Citi Research	Wilmar	4.09	6.08	Buy
08/11/22	DMG & Partners	Wilmar	4.15	4.95	Buy	Sum of parts
10/19/22	UOB Kay Hian	Wilmar	3.52	5.5	Buy	Sum of parts
10/20/22	CIMB	Wilmar	3.55	4.68	Add	Sum of parts
10/31/22	Lim & Tan	Wilmar	3.6	5.39	Accumulate
11/01/22	UOB Kay Hian	Wilmar	3.88	5.5	Buy	Sum of parts
11/01/22	CIMB	Wilmar	3.88	4.68	Add	Sum of parts
11/01/22	DMG & Partners	Wilmar	3.88	5.4	Buy	Sum of parts
11/01/22	Kim Eng	Wilmar	3.88	4.27	Hold
11/01/22	Citi Research	Wilmar	3.88	5.35	Buy
01/04/23	UOB Kay Hian	Wilmar	4.11	5.5	Buy	PER15.3x FY23
01/06/23	DMG & Partners	Wilmar	4.13	5.4	Buy
01/13/23	DBS Vickers	Wilmar	4.14	6.67	Buy	Sum of parts
02/22/23	UOB Kay Hian	Wilmar	3.98	5.5	Buy	PER14x FY23
02/22/23	DBS Vickers	Wilmar	3.98	6.67	Buy	Sum of parts
02/22/23	CIMB	Wilmar	3.98	4.82	Add	Sum of parts
02/22/23	Citi Research	Wilmar	3.98	5.35	Buy
03/13/23	DMG & Partners	Wilmar	3.94	4.65	Buy
04/18/23	UOB Kay Hian	Wilmar	4.09	5.5	Buy	Sum of parts
05/02/23	UOB Kay Hian	Wilmar	3.93	5.5	Buy	Sum of parts
05/02/23	OCBC	Wilmar	3.93	4.74	Buy
05/03/23	CIMB	Wilmar	3.93	4.63	Add	Sum of parts
05/03/23	DMG & Partners	Wilmar	3.93	4.4	Buy
07/10/23	DBS Vickers	Wilmar	3.67	5.3	Buy	PER12x FY24
07/10/23	Kim Eng	Wilmar	3.67	3.99	Hold	PER26x
07/11/23	DMG & Partners	Wilmar	3.68	4.4	Buy
07/17/23	UOB Kay Hian	Wilmar	3.81	4.35	Buy	Sum of parts
07/24/23	DMG & Partners	Wilmar	3.75	4.65	Buy	Sum of parts
08/01/23	CIMB	Wilmar	3.85	4.63	Add	Sum of parts
08/10/23	DBS Vickers	Wilmar	3.85	5.3	Buy
08/14/23	UOB Kay Hian	Wilmar	3.81	4.35	Buy	Sum of parts
08/14/23	Lim & Tan	Wilmar	3.81	4.72	Accumulate on weakness
08/14/23	Aletheia Capital	Wilmar	3.81	2.58	Sell	EV/Ebitda9.9x FY24
08/16/23	UOB Kay Hian	Wilmar	3.64	4.3	Buy	Sum of parts
08/16/23	OCBC	Wilmar	3.64	4.42	Buy
08/16/23	DMG & Partners	Wilmar	3.64	4.25	Buy
08/16/23	CIMB	Wilmar	3.64	4.05	Add	Sum of parts
08/16/23	Citi Research	Wilmar	3.64	4.38	Buy	PER12x FY24
10/19/23	UOB Kay Hian	Wilmar	3.58	3.8	Hold	Sum of parts
10/27/23	DBS Vickers	Wilmar	3.47	5.3	Buy	PER12x FY24
10/27/23	CIMB	Wilmar	3.47	4.05	Add	Sum of parts
10/31/23	DBS Vickers	Wilmar	3.54	4.3	Buy	PER13x FY24
10/31/23	DMG & Partners	Wilmar	3.54	4.25	Buy
11/06/23	UOB Kay Hian	Wilmar	3.64	3.8	Hold	Sum of parts

Vicplas - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/13/22	CIMB	Vicplas	0.2	0.27	Add
09/23/22	Lim & Tan	Vicplas	0.19	0.27	Buy
09/27/22	CIMB	Vicplas	0.185	0.27	Add	PER11x FY23

Stock calls for 15 November 2023

Date	Analyst	Company	Last	Target	Call	Valuation
11/15/23	Kim Eng	Bumitama	0.61	0.94	Buy
11/15/23	DBS Vickers	Comfortdelgro	1.31	1.67	Buy	PB1.3x & EV/Ebitda5x
11/15/23	Kim Eng	Comfortdelgro	1.31	1.55	Buy	DCF
11/15/23	DBS Vickers	Delfi	1.3	1.63	Buy	PER14.4x FY24
11/15/23	DMG & Partners	OCBC	12.95	13.7	Neutral
11/15/23	Citi Research	OCBC	12.95	13	Neutral
11/15/23	UBS	OCBC	12.95	12.97	Neutral
11/15/23	DBS Vickers	SATS	2.66	3.4	Buy	EV/Ebitda8.5x
11/15/23	CIMB	SATS	2.66	3	Add
11/15/23	UOB Kay Hian	SATS	2.66	2.9	Buy	EV/Ebitda9.7x FY25
11/15/23	Lim & Tan	UMS	1.26	1.51	Accumulate

Fund managers believe that the US bond yields have hit the peak!

The US fund managers are shifting their monies to the bond market because they believe that the bond yields have hit the peak.  As the bond yield and price have an inverse relationship, bond price will spike when bond yield falls.

US inflation was stagnant in October 2023.

October CPI = 0% (MOM), 3.2% (YOY)

Core CPI = 0.2% (MON),  4% (YOY)

The latest FED dot plot is showing 1 more rate hike (see below).