Date | Analyst | Company | Last | Target | Call | Valuation |
01/03/23 | CIMB | DBS | 33.92 | 36.5 | Hold | |
01/04/23 | UOB Kay Hian | DBS | 33.88 | 45 | Buy | |
01/05/23 | phillip | DBS | 34.02 | 41.6 | Buy | |
01/05/23 | DMG & Partners | DBS | 34.02 | 41.1 | Buy | GGM, PB1.67x |
01/06/23 | UOB Kay Hian | DBS | 34.78 | 46.95 | Buy | GGM, PB1.98x FY23 |
01/26/23 | UOB Kay Hian | DBS | 35.51 | 45.35 | Buy | GGM, PB1.95x FY23 |
01/31/23 | Kim Eng | DBS | 35.68 | 42.69 | Buy | |
02/06/23 | phillip | DBS | 35.5 | 41.6 | Buy | GGM, PB1.88x FY23 |
02/13/23 | Lim & Tan | DBS | 36.03 | 40.2 | Buy | |
02/14/23 | UOB Kay Hian | DBS | 35.32 | 45.8 | Buy | GGM, PB2.03x FY23 |
02/14/23 | DMG & Partners | DBS | 35.32 | 42 | Buy | GGM, PB1.76x |
02/14/23 | CIMB | DBS | 35.32 | 35.7 | Hold | |
02/14/23 | OCBC | DBS | 35.32 | 39 | Buy | |
02/28/23 | JPM | DBS | 34.34 | 37 | Neutral | |
03/08/23 | DMG & Partners | DBS | 33.84 | 42 | Buy | |
03/10/23 | Lim & Tan | DBS | 33.49 | 39.6 | Overweight | |
03/13/23 | Kim Eng | DBS | 33.18 | 39.12 | Buy | |
03/13/23 | Lim & Tan | DBS | 33.18 | 0 | Accumulate | |
03/15/23 | UOB Kay Hian | DBS | 32.33 | 42 | Buy | GGM, PB1.86x FY23 |
03/16/23 | CLSA | DBS | 32.97 | 43.8 | Buy | Up from $43.40 |
03/20/23 | phillip | DBS | 32.55 | 41.6 | Buy | |
04/03/23 | DMG & Partners | DBS | 33 | 39.8 | Buy | |
04/17/23 | UOB Kay Hian | DBS | 32.57 | 41.8 | Buy | GGM, PB1.85x FY23 |
04/21/23 | CIMB | DBS | 32.67 | 35.7 | Hold | |
05/03/23 | UOB Kay Hian | DBS | 32.95 | 41 | Buy | GGM, PB1.88x FY23 |
05/03/23 | DMG & Partners | DBS | 32.95 | 35.7 | Neutral | GGM, PB1.52x |
05/03/23 | CIMB | DBS | 32.95 | 35.3 | Hold | |
05/05/23 | phillip | DBS | 32.13 | 41.6 | Buy | GGM, PB1.9x FY23 |
05/08/23 | OCBC | DBS | 31.9 | 39 | Buy | |
05/18/23 | CLSA | DBS | 30.57 | 43.14 | Buy | |
05/23/23 | Lim & Tan | DBS | 30.91 | 37.5 | Accumulate | |
06/12/23 | Citi Research | DBS | 30.91 | 26.6 | Sell | GGM, PB1.12x FY23 |
06/23/23 | DMG & Partners | DBS | 31.04 | 33 | Neutral | GGM, PB1.4x FY23 |
07/03/23 | phillip | DBS | 31.51 | 41.6 | Buy | |
07/10/23 | DMG & Partners | DBS | 30.67 | 33 | Neutral | |
07/13/23 | UOB Kay Hian | DBS | 31.01 | 41.5 | Buy | |
07/19/23 | Kim Eng | DBS | 32.53 | 38.51 | Buy | |
07/20/23 | Citi Research | DBS | 32.55 | 27.1 | Sell | |
07/21/23 | CIMB | DBS | 32.74 | 35.5 | Hold | |
08/03/23 | Lim & Tan | DBS | 33.84 | 37.22 | Accumulate | |
08/04/23 | UOB Kay Hian | DBS | 33.76 | 44.35 | Buy | GGM, PB1.81x FY23 |
08/04/23 | phillip | DBS | 33.76 | 41.6 | Buy | GGM, PB1.9x FY23 |
08/04/23 | DMG & Partners | DBS | 33.76 | 36.3 | Neutral | GGM, PB1.47x |
08/10/23 | CLSA | DBS | 34.3 | 43.14 | Overweight | |
08/10/23 | Citi Research | DBS | 34.3 | 28.7 | Sell | |
09/04/23 | Lim & Tan | DBS | 33.3 | 37.52 | Buy | |
09/08/23 | phillip | DBS | 33.41 | 41.6 | Buy | |
10/02/23 | CIMB | DBS | 33.64 | 35.3 | Add | |
10/06/23 | UOB Kay Hian | DBS | 33.27 | 44.35 | Buy | |
10/13/23 | Kim Eng | DBS | 33.9 | 39.26 | Buy | |
10/16/23 | Citi Research | DBS | 33.77 | 28.7 | Sell | GGM, PB1.2x FY24 |
10/18/23 | UOB Kay Hian | DBS | 33.45 | 43.95 | Buy | GGM, PB1.79x FY24 |
11/02/23 | Lim & Tan | DBS | 33.03 | 0 | Accumulate | |
11/03/23 | DMG & Partners | DBS | 32.66 | 34.7 | Neutral | |
11/03/23 | Citi Research | DBS | 32.66 | 29 | Sell | |
11/06/23 | Lim & Tan | DBS | 33.29 | 37.68 | Accumulate | |
11/07/23 | Kim Eng | DBS | 33.75 | 37.81 | Buy | DDM |
11/07/23 | phillip | DBS | 33.75 | 41.6 | Buy | GGM, PB1.9x FY23 |
11/09/23 | UOB Kay Hian | DBS | 33.33 | 44.28 | Buy | GGM, PB1.8x FY24 |
Monday, December 4, 2023
DBS - Stock calls
Stock calls for 4 December 2023
Date | Analyst | Company | Last | Target | Call | Valuation |
12/04/23 | DBS Vickers | IHH Healthcare | 1.68 | 2.2 | Buy | |
12/04/23 | CIMB | Kimly | 0.31 | 0.36 | Hold | PER13x FY24 |
12/04/23 | DMG & Partners | Starhill | 0.495 | 0.56 | Buy |
Sunday, December 3, 2023
The US ISM PMI index remained in a contractionary phase (46.7) for 13 months already.
The US ISM PMI had remained at 46.7. Let's take a look at what happened here.
Let's calculate 2 unknown sub-indices (Estimated new local orders & local raw materials) first.
* Estimated new local orders=New orders % change (+2.8) - New export order % change (-3.4) = +6.2%
* Estimated local raw materials=Inventories % change (+1.5) - Imports % change (-1.7) = +3.2%
As we can see from the above, the ISM PMI (46.7) is being supported by the new local orders (est'd 6.2%) but it is still in a contractionary phase. We don't believe this is sustainable as the US retail sales have started to decline.
Saturday, December 2, 2023
US PCE index is still at an elevated high.
PCE:3%
Core PCE:3.5% (Fed's favoured indicator)
Friday, December 1, 2023
Daiwa House - Stock calls
Date | Analyst | Company | Last | Target | Call | Valuation |
02/24/23 | DBS Vickers | Daiwa House | 0.635 | 0.8 | Buy | DCF |
05/12/23 | DBS Vickers | Daiwa House | 0.57 | 0.8 | Buy | |
08/03/23 | Lim & Tan | Daiwa House | 0.615 | 0.77 | Accumulate | |
08/04/23 | DBS Vickers | Daiwa House | 0.61 | 0.8 | Buy | |
11/03/23 | Lim & Tan | Daiwa House | 0.52 | 0.8 | Accumulate |