Singapore Stock Exchange - Equity Investments

Monday, February 20, 2023

ST Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/28/22	CIMB	ST Engineering	3.77	4.7	Add
02/28/22	Lim & Tan	ST Engineering	3.77	4.38	Accumulate
03/02/22	DBS Vickers	ST Engineering	3.95	4.7	Buy
03/02/22	DMG & Partners	ST Engineering	3.95	4.8	Buy
03/16/22	Lim & Tan	ST Engineering	4.02	4.43	Buy
03/24/22	Lim & Tan	ST Engineering	4.11	4.41	Accumulate
05/23/22	DMG & Partners	ST Engineering	4.09	4.8	Buy
05/31/22	Kim Eng	ST Engineering	4.06	4.75	Buy	DCF
06/01/22	DMG & Partners	ST Engineering	4.11	4.8	Buy	Sum of parts
06/06/22	UOB Kay Hian	ST Engineering	4.13	4.6	Buy	DCF, PER23.5x FY23
07/26/22	DMG & Partners	ST Engineering	4.1	4.8	Buy
08/03/22	CIMB	ST Engineering	4.08	4.58	Add
08/15/22	UOB Kay Hian	ST Engineering	4.06	4.4	Buy	DCF
08/15/22	DBS Vickers	ST Engineering	4.06	4.7	Buy
08/15/22	DMG & Partners	ST Engineering	4.06	4.6	Buy	Sum of parts
08/16/22	Citi Research	ST Engineering	4	3.49	Sell
08/16/22	CIMB	ST Engineering	4	4.53	Add
08/16/22	Kim Eng	ST Engineering	4	4.5	Buy
09/01/22	UOB Kay Hian	ST Engineering	3.73	4.07	Buy	DCF
09/01/22	Lim & Tan	ST Engineering	3.73	4.47	Accumulate
09/02/22	DMG & Partners	ST Engineering	3.78	4.6	Buy	Sum of parts
09/15/22	Lim & Tan	ST Engineering	3.72	4.61	Accumulate
10/06/22	CIMB	ST Engineering	3.52	3.95	Add
10/11/22	DMG & Partners	ST Engineering	3.35	4.1	Buy	Sum of parts
10/13/22	Kim Eng	ST Engineering	3.28	4.2	Buy	DCF
11/07/22	CIMB	ST Engineering	3.33	3.99	Add
11/08/22	DBS Vickers	ST Engineering	3.37	4.7	Buy
11/08/22	Lim & Tan	ST Engineering	3.37	4.2	Accumulate
11/09/22	DMG & Partners	ST Engineering	3.33	4.15	Buy	Sum of parts
11/29/22	UOB Kay Hian	ST Engineering	3.49	4.07	Buy	DCF
11/29/22	CIMB	ST Engineering	3.49	4.03	Add	DCF
11/29/22	Lim & Tan	ST Engineering	3.49	4.23	Accumulate	PER23x
11/30/22	Kim Eng	ST Engineering	3.49	4.3	Buy
11/30/22	Citi Research	ST Engineering	3.49	3.26	Sell
12/06/22	DBS Vickers	ST Engineering	3.45	4.1	Buy
12/15/22	Kim Eng	ST Engineering	3.39	4.3	Buy
12/20/22	DMG & Partners	ST Engineering	3.38	4.15	Buy
01/05/23	DMG & Partners	ST Engineering	3.37	4.15	Buy	Sum of parts
02/07/23	Morningstar	ST Engineering	3.75	4.74	Buy
02/09/23	CIMB	ST Engineering	3.7	4	Add
02/15/23	DMG & Partners	ST Engineering	3.64	4.15	Buy

Spindex - Stock calls

Analyst	Company	Last	Target	Call	Valuation
Lim & Tan	Spindex	1.31	0	Accumulate

Paragon Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/22	CIMB	Paragon Reit	0.98	1.03	Add	DDM
01/10/22	DBS Vickers	Paragon Reit	0.98	0.92	Hold
01/11/22	Lim & Tan	Paragon Reit	0.965	0	Neutral
01/12/22	Kim Eng	Paragon Reit	0.975	0.95	Hold
01/12/22	OCBC	Paragon Reit	0.975	0.95	Hold
04/04/22	CIMB	Paragon Reit	0.97	0.95	Hold
04/04/22	DBS Vickers	Paragon Reit	0.97	0.964	Hold
04/04/22	Kim Eng	Paragon Reit	0.97	0.95	Hold
04/04/22	Lim & Tan	Paragon Reit	0.97	0.96	Hold
07/08/22	Lim & Tan	Paragon Reit	0.905	0.94	Hold
10/10/22	DBS Vickers	Paragon Reit	0.89	0.964	Hold
10/10/22	Lim & Tan	Paragon Reit	0.89	0.98	Hold
10/10/22	CIMB	Paragon Reit	0.89	0.96	Hold
10/13/22	OCBC	Paragon Reit	0.875	0.9	Hold
01/26/23	DBS Vickers	Paragon Reit	0.975	1.1	Buy	DCF
02/14/23	DBS Vickers	Paragon Reit	0.97	1.1	Buy	DCF
02/14/23	Lim & Tan	Paragon Reit	0.97	1.01	Hold
02/20/23	CIMB	Paragon Reit	0.97	1.01	Hold

Stock calls for 20 February 2023

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/23	DBS Vickers	Aztech	0.835	1.02	Buy
02/20/23	DBS Vickers	GHY	0.405	0.43	Hold
02/20/23	DBS Vickers	Hotel Properties	3.54	4.35	Buy	RNAV (25% disc)
02/20/23	Kim Eng	Mapletree Commercial	1.72	1.65	Hold
02/20/23	DBS Vickers	Parkway Life	4.03	4.8	Buy	DCF
02/20/23	UOB Kay Hian	Sasseur	0.79	0.96	Buy	DDM
02/20/23	DBS Vickers	Sasseur	0.79	1.05	Buy
02/20/23	UOB Kay Hian	SIA Engineering	2.43	2.67	Buy	DCF
02/20/23	DBS Vickers	SIA Engineering	2.43	2.8	Buy
02/20/23	Phillip	Singtel	2.45	2.84	Accumulate	Sum of parts
02/20/23	CIMB	Paragon Reit	0.97	1.01	Hold

Is the US economy turning around?

The US leading economic index had ticked up slightly in January 2023. However, one month data won't make a trend and we needed to monitor the economic situation because it might just be an aberration.

The fund manager survey (FMS) also followed the US LEI and ticked upward recently but we still preferred to hold our horses and monitor the situation.

Recent economic statistics for February 2023.

CPI (y-o-y): 6.4%

The US CPI had been declining the the past few months because of the high base effects from the previous year. This will continue to affect the future CPI for the next few months as indicated by the chart (High base effects) below.

The US PPI was also facing the same high base effects from the previous year.

However, the sticky inflation chart is showing a different outcome. The chart below is showing a persistent high inflation in the US. Therefore, the US FED is unlikely to cut its fed rate in 2023.