Stock calls for 18 May 2022

Date	Analyst	Company	Last	Target	Call	Valuation
05/18/22	CIMB	City Developments	8.16	8.97	Add	RNAV
05/18/22	Lim & Tan	CSE Global	0.47	0.53	Hold
05/18/22	CIMB	First Resources	2.1	2.1	Hold
05/18/22	UOB Kay Hian	First Resources	2.1	2.3	Hold
05/18/22	DBS Vickers	Frencken	1.33	2.09	Buy
05/18/22	Kim Eng	Genting	0.78	0.83	Hold
05/18/22	OCBC	Golden Agri	0.28	0.3	Hold
05/18/22	UOB Kay Hian	Lendlease Reit	0.775	1.01	Buy	DDM
05/18/22	UOB Kay Hian	Netlink	0.98	1.05	Hold	DCF, EV/Ebitda16x FY23
05/18/22	Lim & Tan	Netlink	0.98	1.02	Hold
05/18/22	OCBC	Singapore Post	0.71	0.85	Buy
05/18/22	CIMB	UOL	7.13	8	Add	RNAV

Will the US be heading for a soft or hard landing? - Part 6

The most recent New York Empire State Manufacturing index had indicated a sharp deceleration (-11.6) in the US economy.  This index is a prelude to how the ISM PMI will perform next.

Morgan Stanley (MS) had also indicated a very bearish prognosis for the US economy after Goldman Sachs.  The 15% drop in the stocks was derived from a mixture of factors which included the gordon growth model, PMI and equity risk premium.  I've looked at the complex model and its basis of assumptions, and I can tell you guys that the MS prognosis (15% drop) is very reasonable.

Moreover, the former FED, Ben Bernanke, had also issued his warning of economic malaise in the US because the current US FED made a mistake by not hiking rates earlier and this made the US way behind the inflation curve.

Singapore Nodx grew 6.4% year-on-year in April 2022.

https://www.channelnewsasia.com/business/singapore-exports-nodx-slower-pace-april-2689106

Year on year changes (YOY):

April 2022: 6.4%

March 2022: 7.7%

February 2022: 9.5%

January 2022: 17.6%

December 2021: 18.4%

November 2021: 24.2%

October 2021: 17.9%

September 2021: 12.3%

August 2021: 2.7%

July 2021: 12.7%

June 2021: 15.9%

May 2021: 8.8%

April 2021: 6%

March 2021: 12.1%

February 2021: 4.2%

January 2021: 12.8%

December 2020: 6.8%

November 2020: -4.9%

October 2020: -3.1%

September 2020: 5.9%

August 2020: 7.7%

July 2020: 6%

June 2020: 16.1% (Revised to 13.9%)

May 2020: -4.6%

April 2020: 9.7%

March 2020: 17.6%

February 2020: 3% (Revised to 3.1%)

January 2020: - 3.3%

December 2019: 2.4%

November 2019: - 5.9%

October 2019: - 12.3%

September 2019: -8.1%

August 2019: - 8.9%

July 2019: -11.2%

June 2019: -17.3%

May 2019: -15.9%

April 2019: -10%

March 2019: -11.7%

February 2019: 4.9%

January 2019: -10.1%

December 2018: -8.5%

November 2018: -2.6%

October 2018: 8.3%

September 2018: 8.3%

August 2018: 5%

July 2018: 11.8% (Corrected)

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%

May 2017: -1.2%

Apr 2017: -0.7%

Mar 2017: 16.5%

Feb 2017: 21.1%

United Hampshire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/06/21	Lim & Tan	United Hampshire	0.665	0.87	Buy	DDM
10/08/21	HSBC	United Hampshire	0.68	0.85	Buy
01/12/22	UOB Kay Hian	United Hampshire	0.66	0.95	Buy	DDM
03/25/22	UOB Kay Hian	United Hampshire	0.62	0.97	Buy	DDM

United Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/18/21	SAC Capital	United Global	0.4	0.445	Hold

Uni-Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/25/21	Amfrasers	Uni-Asia	0.85	0.91	Outperform	Sum of parts
07/07/21	Amfrasers	Uni-Asia	0.93	1.42	Outperform	Sum of parts
08/17/21	Amfrasers	Uni-Asia	1.09	1.56	Buy	Sum of parts, PB0.73x FY21
10/29/21	UOB Kay Hian	Uni-Asia	1.4	2.34	Buy	PER8x FY21
11/16/21	UOB Kay Hian	Uni-Asia	1.32	2.34	Buy	PER8x FY21
11/22/21	Amfrasers	Uni-Asia	1.32	1.56	Buy	Sum of parts
12/06/21	UOB Kay Hian	Uni-Asia	1.3	2.34	Buy	PER8x FY21
01/03/22	UOB Kay Hian	Uni-Asia	1.23	2.34	Buy	PER8x FY22
03/04/22	Amfrasers	Uni-Asia	1.13	1.66	Outperform	Sum of parts
03/21/22	UOB Kay Hian	Uni-Asia	1.13	2.48	Buy	PER6x FY22