Ireit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/18/21	Amfrasers	Ireit	0.65	0.69	Outperform
08/13/21	Phillip	Ireit	0.645	0.75	Buy	DDM
08/27/21	DMG & Partners	Ireit	0.64	0.74	Buy
11/29/21	DBS Vickers	Ireit	0.635	0.76	Buy
02/28/22	DBS Vickers	Ireit	0.64	0.76	Buy
03/01/22	DBS Vickers	Ireit	0.645	0.7	Buy	DCF
05/13/22	DBS Vickers	Ireit	0.605	0.7	Buy
05/31/22	DMG & Partners	Ireit	0.615	0.74	Buy	DDM

Stock calls for 6 July 2022

Date	Analyst	Company	Last	Target	Call	Valuation
07/06/22	Lim & Tan	Bukit Sembawang	4.9	5.92	Buy
07/06/22	DBS Vickers	UOB	26.62	37	Buy

Int’l Cement - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/24/22	SAC Capital	Int’l Cement	0.027	0.062	Buy	Cut from $0.089

Innotek - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/07/21	UOB Kay Hian	Innotek	0.955	1.2	Buy
07/02/21	UOB Kay Hian	Innotek	0.96	1.2	Buy
08/04/21	UOB Kay Hian	Innotek	0.89	1.2	Buy
08/13/21	Lim & Tan	Innotek	0.915	0	Accumulate
09/08/21	UOB Kay Hian	Innotek	0.845	1.2	Buy	PER12x FY22
03/18/22	Lim & Tan	Innotek	0.63	0	Accumulate
04/06/22	Lim & Tan	Innotek	0.64	0	Accumulate

IHH Healthcare - Stock calls

 

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/21	UOB Kay Hian	IHH Healthcare	1.75	1.82	Buy	Ringgit $5.70 target price
08/31/21	CIMB	IHH Healthcare	2.04	2.24	Add	Ringgit $6.91 target price
08/31/21	DBS Vickers	IHH Healthcare	2.04	2.32	Buy	Sum of parts ($7.20 ringgit), Up from $2
08/31/21	UOB Kay Hian	IHH Healthcare	2.04	2.07	Buy	Sum of parts ($6.40 ringgit)
11/23/21	DBS Vickers	IHH Healthcare	2.13	2.32	Buy	Ringgit $7.20 target price
01/06/22	DBS Vickers	IHH Healthcare	2.2	2.32	Buy
01/08/22	UOB Kay Hian	IHH Healthcare	2.15	2.39	Buy	Sum of parts, Ringgit $7.40 target price, PER39.8x FY22
02/24/22	DBS Vickers	IHH Healthcare	2.03	2.32	Buy	Ringgit $7.20 target price
05/11/22	DMG & Partners	IHH Healthcare	2.03	2.38	Buy	Ringgit $7.50 target price
05/27/22	DBS Vickers	IHH Healthcare	2.01	2.55	Buy	Ringgit $7.90 target price
06/08/22	DBS Vickers	IHH Healthcare	2.03	2.45	Buy	Ringgit $7.90 target price

Stock calls for 5 July 2022

Date	Analyst	Company	Last	Target	Call	Valuation
07/05/22	Lim & Tan	AIMS AMP Cap Ind Reit	1.37	1.63	Accumulate
07/05/22	DBS Vickers	Capitaland Investment	3.8	4	Buy
07/05/22	CIMB	Capitaland Investment	3.8	4.59	Add
07/05/22	DBS Vickers	City Developments	7.98	10.5	Buy
07/05/22	Kim Eng	First Resources	1.62	1.62	Hold
07/05/22	DMG & Partners	Food Empire	0.515	0.95	Buy	PER13x FY22
07/05/22	CIMB	Frencken	1.11	1.72	Add
07/05/22	UOB Kay Hian	Rex	0.265	0.45	Buy	Sum of parts

Financial risks are rising in the US! - Part 3

Let's look at some data to corroborate our prognosis for the impending recession and financial crisis.

Before we embark on the chart interpretations, we need to know one of the valuation tools (see formula below) first.

Formula:

Price = Price Earnings Ratio (PER) x Earnings Per Share (EPS)

The PER has been trending lower in 2022 but the EPS has not reacted much in 2022.  The above chart is showing that EPS downgrades will happen soon and these downgrades will cause the stock valuations (prices) to fall further.

Why is the EPS falling soon?

Well, this is because of the declines in economic output caused by the bleak economic outlook.

The NFIB survey is showing that the percentage of firms expecting economic improvement has fallen to decades low.  In short, the bearish sentiment has reached a record high.

The bearish sentiment is corroborated by the declines in the economic output composite index (Eoci) below.  The Eoci will be entering the negative territory soon which indicates a recession (as represented by a shaded region).

How reliable is the Eoci?  Well, the Eoci has a high correlation to the S&P 500 and this will indicate an impending EPS downgrade soon.

The Citi economic surprise index (CESI) also indicates a bleak economic performance (Negative region).  When the CESI is positive, it means that the real GDP outperforms analysts' forecast and vice versa.

Last but not least, the real manufacturing and trade industries sales chart (% change y-o-y) is showing that the US economy is encountering a recession.  The chart is always in negative territory when a recession happens as indicated by a shaded region.

We had already projected on 1 May 2022 that the US would be in a recession.

http://sg-stock.blogspot.com/2022/05/will-us-be-heading-for-soft-or-hard.html

IFS Capital - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/21	Amfrasers	IFS Capital	0.186	0.29	Buy	BVPS