Yangzijiang Shipping - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/23	DBS Vickers	Yangzijiang Shipping	1.2	1.7	Buy	PB1.7x FY23, PER11x FY23
01/09/23	Lim & Tan	Yangzijiang Shipping	1.23	0	Buy
01/10/23	UOB Kay Hian	Yangzijiang Shipping	1.21	1.55	Buy	PER9x FY23
02/23/23	DBS Vickers	Yangzijiang Shipping	1.35	1.7	Buy	PB1.7x FY23
02/24/23	UOB Kay Hian	Yangzijiang Shipping	1.33	1.58	Buy	PER9x FY23
02/27/23	CIMB	Yangzijiang Shipping	1.32	1.66	Add
03/23/23	UOB Kay Hian	Yangzijiang Shipping	1.2	1.58	Buy	PER9x FY23
03/30/23	CIMB	Yangzijiang Shipping	1.24	1.66	Add
04/26/23	UOB Kay Hian	Yangzijiang Shipping	1.24	1.58	Buy	PER9x FY23
04/26/23	DBS Vickers	Yangzijiang Shipping	1.24	1.7	Buy
04/27/23	CIMB	Yangzijiang Shipping	1.24	1.66	Add	PB1.7x FY23
06/26/23	DBS Vickers	Yangzijiang Shipping	1.26	1.7	Buy	PB1.7x FY23
06/26/23	Lim & Tan	Yangzijiang Shipping	1.26	1.63	Buy
06/27/23	CIMB	Yangzijiang Shipping	1.35	1.66	Add	PB1.7x FY23
06/28/23	UOB Kay Hian	Yangzijiang Shipping	1.45	1.65	Buy	PER8.7x FY23/24
07/20/23	UOB Kay Hian	Yangzijiang Shipping	1.49	1.65	Buy
08/07/23	UOB Kay Hian	Yangzijiang Shipping	1.58	1.88	Buy	PER9.9x
08/07/23	CIMB	Yangzijiang Shipping	1.58	1.87	Add
08/07/23	Citi Research	Yangzijiang Shipping	1.58	1.84	Buy	PER10x FY24
08/08/23	DBS Vickers	Yangzijiang Shipping	1.66	1.9	Buy	PB1.7x FY23
09/21/23	CIMB	Yangzijiang Shipping	1.67	1.96	Add
09/26/23	UOB Kay Hian	Yangzijiang Shipping	1.71	1.88	Buy
11/03/23	DBS Vickers	Yangzijiang Shipping	1.49	1.9	Buy
11/06/23	UOB Kay Hian	Yangzijiang Shipping	1.52	1.92	Buy	PER10.1x
12/08/23	UOB Kay Hian	Yangzijiang Shipping	1.47	1.92	Buy	PER9.9x
12/12/23	CIMB	Yangzijiang Shipping	1.47	1.96	Add
01/18/24	DBS Vickers	Yangzijiang Shipping	1.58	1.9	Buy	PB1.7x FY24
01/18/24	Lim & Tan	Yangzijiang Shipping	1.58	1.88	Accumulate
01/19/24	CIMB	Yangzijiang Shipping	1.6	1.96	Add	PB
01/30/24	UOB Kay Hian	Yangzijiang Shipping	1.68	1.92	Buy	PER10.1x
03/01/24	UOB Kay Hian	Yangzijiang Shipping	1.75	2.19	Buy	PER9.4x
03/12/24	DBS Vickers	Yangzijiang Shipping	1.87	2.1	Buy	PB1.8x FY24
04/03/24	UOB Kay Hian	Yangzijiang Shipping	1.9	2.19	Buy	PER9.4x
04/03/24	Amfrasers	Yangzijiang Shipping	1.9	2	Buy

Yangzijiang Financial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/23	Lim & Tan	Yangzijiang Financial	0.35	0.64	Buy
03/02/23	CIMB	Yangzijiang Financial	0.365	0.64	Add	Sum of parts (30% disc)
04/06/23	Lim & Tan	Yangzijiang Financial	0.375	0.64	Buy
07/21/23	Lim & Tan	Yangzijiang Financial	0.335	0.64	Buy
08/17/23	Lim & Tan	Yangzijiang Financial	0.36	0.64	Buy
08/22/23	CIMB	Yangzijiang Financial	0.355	0.55	Add	Sum of parts
09/18/23	Lim & Tan	Yangzijiang Financial	0.37	0.55	Buy
10/23/23	Lim & Tan	Yangzijiang Financial	0.34	0.55	Buy
11/28/23	CIMB	Yangzijiang Financial	0.32	0.55	Add	Sum of parts
03/01/24	CIMB	Yangzijiang Financial	0.345	0.45	Add	Sum of parts
03/12/24	Lim & Tan	Yangzijiang Financial	0.32	0.45	Buy

Stock calls for 12 April 2024

Date	Analyst	Company	Last	Target	Call	Valuation
04/12/24	UOB Kay Hian	AEM	2.5	1.94	Hold
04/12/24	Lim & Tan	Broadway Industrial	0.127	0	Accumulate
04/12/24	DBS Vickers	ESR-Reit	0.305	0.34	Buy
04/12/24	Lim & Tan	Innotek	0.51	0	Accumulate
04/12/24	Kim Eng	LHN	0.33	0.45	Buy
04/12/24	CIMB	SATS	2.56	3.44	Add
04/12/24	Amfrasers	SIA Engineering	2.27	2.59	Outperform	DCF

US CPI comes in hot! - Part 2

Core inflation: 3.8% (yoy)

Although the US core CPI is 3.8%, the sticky inflation which excludes the volatile factors (food, energy & shelter) is much higher at over 5.1%.  The below chart shows that US inflation is deeply entrenched in the economy and it is hard for the US Fed to reduce its rates in 2024 unless the sticky inflation drops by 50%.

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/23	DBS Vickers	Wing Tai	1.52	2.05	Buy
02/13/23	Lim & Tan	Wing Tai	1.52	0	Accumulate
03/27/23	Lim & Tan	Wing Tai	1.49	1.95	Accumulate
08/28/23	Lim & Tan	Wing Tai	1.32	2.05	Accumulate
09/04/23	Lim & Tan	Wing Tai	1.35	1.8	Accumulate	PB0.44x