Stock calls for 6 January 2025

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/25	Lim & Tan	17Live Group	0.94	1.8	Accumulate
01/06/25	DMG & Partners	Comfortdelgro	1.44	1.7	Buy	DCF
01/06/25	Kim Eng	CSE Global	0.43	0.64	Buy
01/06/25	UOB Kay Hian	DBS	43.62	46.5	Buy	GGM, PER1.97x FY25
01/06/25	DBS Vickers	Grand Venture	0.82	1.04	Buy	PER21x FY26
01/06/25	DBS Vickers	Keppel Infrastructure	0.445	0.57	Buy	DDM
01/06/25	UOB Kay Hian	OCBC	16.57	20.8	Buy	GGM, PB1.59x FY25
01/06/25	CIMB	OCBC	16.57	17.7	Add
01/06/25	CIMB	Oiltek	1.03	1.32	Add
01/06/25	Lim & Tan	Singapore Post	0.555	0.74	Accumulate on weakness
01/06/25	CIMB	UOB	36.58	39.5	Add

There are some underlying worries in the latest ISM PMI. Let's take a look at them.

The prices increased to 52.5 (+2.2) because of higher new order (52.5, +2.1), new export order (50, +1.3) and new local order (Est’d +0.8).  All these positive factors also caused the PMI to increase to 49.3 (+0.9).  Consequently, the higher consumer demands also caused the backlog of order (45.9, +4.1) to pile up because the production didn't catch up with the higher consumer demands.

However, there are some subcomponents that are showing worrying signs.  The producers cut back on employment (45.3, -2.8) and only increased the inventories (48.4, +0.3) marginally despite the higher production and consumer demands.  These actions meant that the producers were not confident of the recovery in the local and overseas consumer demands.

Baltic dry index - 1072

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 588

Related stock: Seatrium & Cosco.

Innotek - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/15/23	Lim & Tan	Innotek	0.42	0	Accumulate
03/11/24	Lim & Tan	Innotek	0.445	0	Accumulate
04/12/24	Lim & Tan	Innotek	0.51	0	Accumulate
05/30/24	Lim & Tan	Innotek	0.545	0	Accumulate
08/14/24	Lim & Tan	Innotek	0.515	0	Accumulate
12/04/24	Lim & Tan	Innotek	0.44	0	Accumulate on weakness

Indofood Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/08/24	Lim & Tan	Indofood Agri	0.295	0	Accumulate

IHH Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/01/23	DBS Vickers	IHH Healthcare	1.69	2.2	Buy
07/14/23	UOB Kay Hian	IHH Healthcare	1.64	1.99	Buy	Ringgit $6.80 target price
08/30/23	DBS Vickers	IHH Healthcare	1.75	2.2	Buy
12/04/23	DBS Vickers	IHH Healthcare	1.68	2.2	Buy
12/06/23	UOB Kay Hian	IHH Healthcare	1.67	1.844	Buy	Ringgit $6.40 target price, PER39.7x FY24
12/06/23	CIMB	IHH Healthcare	1.67	2.22	Add	Ringgit $7.70
03/01/24	DBS Vickers	IHH Healthcare	1.77	2.18	Buy	Ringgit $7.60 target price, Sum of parts
08/30/24	DBS Vickers	IHH Healthcare	1.9	2.18	Buy
08/30/24	Kim Eng	IHH Healthcare	1.9	2.05	Buy	Ringgit $7.13, Sum of parts
12/02/24	DBS Vickers	IHH Healthcare	2.19	2.58	Buy	Ringgit $8.50 target price, Sum of parts
12/02/24	Lim & Tan	IHH Healthcare	2.19	2.4	Hold
12/30/24	Kim Eng	IHH Healthcare	2.19	2.43	Buy	Ringgit $7.97, Sum of parts