Stock calls for 18 January 2023

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/23	DBS Vickers	A-Reit	2.74	3.4	Buy
01/18/23	DMG & Partners	APAC Realty	0.595	0.6	Neutral
01/18/23	DBS Vickers	APAC Realty	0.595	0.59	Hold
01/18/23	DBS Vickers	ART	1.09	1.3	Buy
01/18/23	DBS Vickers	Ascendas India Trust	1.17	1.5	Buy
01/18/23	DBS Vickers	Capitaland Integrated Commercial Trust	2.07	2.2	Buy
01/18/23	DBS Vickers	Frasers Centrepoint Trust	2.12	2.6	Buy
01/18/23	DBS Vickers	Frasers Logistics	1.2	1.55	Buy
01/18/23	CIMB	GKE	0.087	0.094	Hold
01/18/23	DBS Vickers	Lendlease Reit	0.68	1	Buy
01/18/23	DBS Vickers	Mapletree Commercial	1.8	2	Buy
01/18/23	UOB Kay Hian	Prime US Reit	0.415	0.78	Buy	DDM
01/18/23	UOB Kay Hian	Thai Beverage	0.705	0.85	Buy	Sum of parts

Singapore Nodx declined for December 2022.

https://www.channelnewsasia.com/singapore/singapore-exports-december-drop-third-month-decline-nodx-3210496

Year-on-year changes:

December 2022: -20.6%

November 2022: -14.6%

October 2022: -5.6%

September 2022: 3.1%

August 2022: 11.4%

July 2022: 7%

June 2022: 9%

May 2022: 12.4%

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%

Japfa - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/22/22	CIMB	Japfa	0.625	0.65	Hold
02/22/22	DBS Vickers	Japfa	0.625	0.67	Hold
03/02/22	DBS Vickers	Japfa	0.6	0.67	Hold	PER7.9x FY22
03/03/22	UOB Kay Hian	Japfa	0.605	0.63	Hold	Sum of parts
03/31/22	CIMB	Japfa	0.72	0.81	Add	PER13.1x FY22
05/06/22	UOB Kay Hian	Japfa	0.605	0.63	Hold	Sum of parts, PER9.1x FY22, Buy @ $0.56
06/23/22	CIMB	Japfa	0.57	0.81	Add	Sum of parts
08/01/22	UOB Kay Hian	Japfa	0.585	0.63	Hold	Sum of parts, PER9.1x FY22, Buy @ $0.56
09/01/22	CIMB	Japfa	0.6	0.81	Add	Sum of parts
11/02/22	UOB Kay Hian	Japfa	0.53	0.57	Hold	Sum of parts, PER10.3x FY23
11/02/22	CIMB	Japfa	0.53	0.72	Add	Sum of parts
01/04/23	CIMB	Japfa	0.315	0.42	Add	PER8x FY24, Cut from $0.65

Japan Foods - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/29/22	DMG & Partners	Japan Foods	0.42	0.55	Buy	Sum of parts
05/27/22	DMG & Partners	Japan Foods	0.42	0.55	Buy	Sum of parts
07/04/22	DMG & Partners	Japan Foods	0.425	0.55	Buy	Sum of parts
11/21/22	DMG & Partners	Japan Foods	0.425	0.6	Buy
12/07/22	DMG & Partners	Japan Foods	0.425	0.6	Buy	Sum of parts

Ix Biopharma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/03/22	Phillip	Ix Biopharma	0.131	0.25	Buy	DCF

Stock calls for 17 January 2023

Date	Analyst	Company	Last	Target	Call	Valuation
01/17/23	CIMB	Capitaland Investment	3.85	4.5	Add	RNAV
01/17/23	CIMB	City Developments	7.89	8.97	Add	RNAV
01/17/23	DBS Vickers	Hongkong Land	4.9	5.93	Buy	RNAV (50% disc)
01/17/23	CIMB	Nanofilm	1.42	1.39	Hold
01/17/23	CIMB	SIA	5.83	5.97	Hold	PB0.9x FY23
01/17/23	CIMB	UOL	6.74	8	Add	RNAV

Isoteam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/22	DMG & Partners	Isoteam	0.112	0.12	Neutral	DCF
09/15/22	DMG & Partners	Isoteam	0.097	0.12	Buy	PER9x FY23