DBS - Stock calls

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

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

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.