Stock calls for 16 May 2024

Date	Analyst	Company	Last	Target	Call	Valuation
05/16/24	phillip	Comfortdelgro	1.41	1.63	Buy	DCF
05/16/24	DMG & Partners	Comfortdelgro	1.41	1.65	Buy	DCF
05/16/24	UOB Kay Hian	First Resources	1.42	1.65	Buy	PER8x FY24
05/16/24	DMG & Partners	First Resources	1.42	1.45	Neutral	PER11x FY24
05/16/24	Kim Eng	First Resources	1.42	1.45	Hold
05/16/24	CIMB	Food Empire	1.13	1.73	Add
05/16/24	Amfrasers	Food Empire	1.13	1.35	outperform	Sum of parts
05/16/24	CIMB	Frencken	1.4	1.7	Add
05/16/24	DMG & Partners	Golden Agri	0.265	0.26	Neutral	Sum of parts
05/16/24	CIMB	Hyphens Pharma	0.29	0.35	Add	DCF
05/16/24	DBS Vickers	Prime US Reit	0.111	0.07	Fully valued	PB0.11x
05/16/24	UOB Kay Hian	Riverstone	0.93	1.12	Buy	PER20x FY25
05/16/24	DBS Vickers	Seatrium	1.59	3	Buy	PB1.5x FY24, Share consol 20-into-1
05/16/24	DBS Vickers	SIA	6.81	6.1	Hold
05/16/24	Lim & Tan	SIA	6.81	0	Accumulate
05/16/24	Phillip	Silverlake	0.295	0.33	Accumulate	PER21x FY24
05/16/24	Kim Eng	Singtel	2.43	3.1	Buy
05/16/24	Phillip	Starhub	1.25	1.29	Accumulate	EV/Ebitda6.5x FY24
05/16/24	Phillip	Thai Beverage	0.5	0.63	Buy	PER16x FY24
05/16/24	DBS Vickers	Thai Beverage	0.5	0.69	Buy	Sum of parts, PER16x
05/16/24	DMG & Partners	Thai Beverage	0.5	0.71	Buy	Sum of parts

US inflation is unlikely to go below 3.5% in 2024 if it continues on its current monthly rate.

US inflation (yoy): 3.4% and US inflation (mom): 0.3%

Since the yearly inflation is affected by the prior year, it is more accurate to analyse the monthly rates.  The US monthly inflation has been sauntering between 0.3-0.4% persistently without any sign of easing.  If this continues throughout 2024, the US inflation won't go below 3.5% in 2024.

If we strip out the volatile factors (food, energy and shelter), we can see from the chart below that the sticky inflation has increased from 2023 and exceeded 3% in 2024.  Thus, we can have more certainty that the US Fed will hold its rates for now.

Hotel Properties (HPL) - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/13/23	DBS Vickers	Hotel Properties	3.91	4.35	Buy	RNAV (25% disc)
08/29/23	DBS Vickers	Hotel Properties	3.9	4.35	Buy	RNAV (25% disc)

HongKong Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/19/23	Lim & Tan	Hongkong Land	4.38	5.11	Accumulate
06/30/23	DBS Vickers	Hongkong Land	3.97	5.33	Buy	RNAV (55% discount)
07/26/23	CIMB	Hongkong Land	3.6	4	Hold	RNAV (60% disc)
08/01/23	DBS Vickers	Hongkong Land	3.67	4.56	Buy	RNAV (60% disc)
10/19/23	DBS Vickers	Hongkong Land	3.45	4.56	Buy
01/08/24	Morgan Stanley	Hongkong Land	3.44	3.8	Equal-weight	Cut from $5.90
03/08/24	Lim & Tan	Hongkong Land	3.15	3.76	Accumulate
03/11/24	DBS Vickers	Hongkong Land	3.24	3.98	Buy	RNAV (65% disc)
03/11/24	CIMB	Hongkong Land	3.24	3.6	Hold	RNAV

Hong Leong Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/12/23	CIMB	Hong Leong Asia	0.605	1	Add
01/16/24	CIMB	Hong Leong Asia	0.61	1	Add	Sum of parts
03/19/24	CIMB	Hong Leong Asia	0.605	1	Add	Sum of parts
04/19/24	CIMB	Hong Leong Asia	0.6	1	Add	Sum of parts