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Tuesday, March 7, 2023

Ascendas Reit - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

01/21/22

DMG & Partners

A-Reit

2.87

3.6

Buy


02/09/22

CIMB

A-Reit

2.8

3.2

Add

DDM

02/09/22

DBS Vickers

A-Reit

2.8

3.65

Buy


02/09/22

Jefferies

A-Reit

2.8

3.25

Buy


02/09/22

Kim Eng

A-Reit

2.8

3.65

Buy

DDM

02/09/22

Lim & Tan

A-Reit

2.8

3.41

Accumulate on weakness


02/09/22

UOB Kay Hian

A-Reit

2.8

3.92

Buy

DDM

02/11/22

OCBC

A-Reit

2.89

3.63

Buy


02/21/22

Phillip

A-Reit

2.83

3.52

Buy

DDM

02/21/22

Citi Research

A-Reit

2.83

3.16

Buy


03/03/22

OCBC

A-Reit

2.83

3.63

Buy


04/07/22

Lim & Tan

A-Reit

2.95

3.29

Hold


05/05/22

DBS Vickers

A-Reit

2.82

3.65

Buy


05/05/22

CIMB

A-Reit

2.82

3.2

Add

DDM

05/05/22

DMG & Partners

A-Reit

2.82

3.6

Buy

DDM

05/05/22

Lim & Tan

A-Reit

2.82

3.29

Accumulate


06/01/22

DMG & Partners

A-Reit

2.79

3.6

Buy


06/01/22

OCBC

A-Reit

2.79

3.43

Buy


06/03/22

DBS Vickers

A-Reit

2.79

3.65

Buy


07/08/22

DMG & Partners

A-Reit

2.89

3.6

Buy

DDM

08/03/22

UOB Kay Hian

A-Reit

2.96

3.45

Buy

DDM

08/03/22

DBS Vickers

A-Reit

2.96

3.65

Buy


08/03/22

DMG & Partners

A-Reit

2.96

3.6

Buy

DDM

08/05/22

Kim Eng

A-Reit

3.02

3.5

Buy


08/05/22

OCBC

A-Reit

3.02

3.34

Buy


09/15/22

DBS Vickers

A-Reit

2.86

3.65

Buy


09/15/22

CIMB

A-Reit

2.86

3.21

Add


09/15/22

Citi Research

A-Reit

2.86

3.16

Buy


09/21/22

DMG & Partners

A-Reit

2.82

3.6

Buy

DDM

09/28/22

Lim & Tan

A-Reit

2.7

3.2

Buy


09/28/22

UOB Kay Hian

A-Reit

2.7

3.21

Buy


10/03/22

UOB Kay Hian

A-Reit

2.69

3.7

Buy

DDM

10/07/22

Kim Eng

A-Reit

2.69

3.5

Buy

DDM

10/26/22

DMG & Partners

A-Reit

2.51

3.6

Buy


11/01/22

DBS Vickers

A-Reit

2.62

3.4

Buy


11/01/22

CIMB

A-Reit

2.62

2.98

Add

DDM

11/01/22

DMG & Partners

A-Reit

2.62

3.15

Buy

DDM

11/01/22

Lim & Tan

A-Reit

2.62

3.12

Buy


11/28/22

CLSA

A-Reit

2.71

3.2

Buy

Up from $2.90

12/09/22

CIMB

A-Reit

2.76

2.79

Add


12/20/22

DMG & Partners

A-Reit

2.69

3.15

Buy


12/28/22

Citi Research

A-Reit

2.7

3

Buy

Sum of parts

01/05/23

UOB Kay Hian

A-Reit

2.75

3.21

Buy


01/05/23

DMG & Partners

A-Reit

2.75

3.15

Buy


01/09/23

UOB Kay Hian

A-Reit

2.73

3.27

Buy


01/18/23

DBS Vickers

A-Reit

2.74

3.4

Buy


02/03/23

CIMB

A-Reit

2.94

3.06

Add

DDM

02/06/23

UOB Kay Hian

A-Reit

3

3.3

Buy

DDM

02/06/23

Lim & Tan

A-Reit

3

3.08

Hold


02/07/23

DMG & Partners

A-Reit

2.96

3.25

Buy

DDM

Yanlord - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

01/07/22

DBS Vickers

Yanlord

1.14

1.25

Hold

PER4.4x

01/24/22

OCBC

Yanlord

1.14

1.16

Hold


03/03/22

DBS Vickers

Yanlord

1.2

1.43

Buy

PER4.9x FY22

03/07/22

OCBC

Yanlord

1.2

1.44

Buy


06/09/22

OCBC

Yanlord

1.08

1.37

Buy


09/20/22

DBS Vickers

Yanlord

1.04

1.43

Buy


Yangzijiang Financial - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

06/07/22

CIMB

Yangzijiang Financial

0.54

0.74

Add

PER9x & PB0.6x FY23

06/09/22

UOB Kay Hian

Yangzijiang Financial

0.525

0.91

Not Rated

PB0.84x

06/09/22

Lim & Tan

Yangzijiang Financial

0.525

0.74

Buy


07/13/22

Lim & Tan

Yangzijiang Financial

0.42

0.74

Buy


08/15/22

CIMB

Yangzijiang Financial

0.39

0.74

Add


11/23/22

Lim & Tan

Yangzijiang Financial

0.34

0.74

Buy


12/06/22

CIMB

Yangzijiang Financial

0.345

0.64

Add

Sum of parts (30% disc)

03/01/23

Lim & Tan

Yangzijiang Financial

0.35

0.64

Buy


03/02/23

CIMB

Yangzijiang Financial

0.365

0.64

Add

Sum of parts (30% disc)

Stock calls for 6 March 2023

Date

Analyst

Company

Last

Target

Call

Valuation

03/06/23

UOB Kay Hian

Centurion

0.34

0.43

Buy

PER5.7x FY23, PB0.5x

03/06/23

UOB Kay Hian

Dairy Farm

3.07

3.72

Buy

PER30x FY23

03/06/23

DBS Vickers

Dairy Farm

3.07

3.8

Buy


03/06/23

Lim & Tan

Dairy Farm

3.07

3.3

Hold


03/06/23

Kim Eng

Frencken

0.98

1.15

Buy

PER9x FY23

03/06/23

DBS Vickers

Hongkong Land

4.53

5.33

Buy

RNAV (55% discount)

03/06/23

CIMB

IHH Healthcare

1.78

2.2

Add

Ringgit $7.33 target price

03/06/23

UOB Kay Hian

IHH Healthcare

1.78

2.04

Buy

Ringgit $6.80 target price

03/06/23

DBS Vickers

Mapletree Commercial

1.72

2

Buy


03/06/23

UOB Kay Hian

Mapletree Industrial

2.35

2.79

Buy

DDM

03/06/23

phillip

Propnex

1.87

2.4

Buy

DCF

03/06/23

phillip

Raffles Medical

1.39

1.76

Buy

DCF

03/06/23

phillip

Sheng Siong

1.66

1.98

Buy

PER22x

03/06/23

Lim & Tan

UMS

1.02

1.25

Buy


Monday, March 6, 2023

The US mortgage rate is rising towards 7% again!

The high mortgage rate will douse buyers' interest and keep the housing rentals high because the investors will want to recoup their monthly instalments and not subsidize the tenants to stay in their properties.

The ISM PMI had been contracting for 4 consecutive months already.

Estimated new local order = New orders (+4.5) - New export orders (+0.5) = 4
Estimated local raw material = Inventories (-0.1) - Imports (+2.1) = -2.2

The increase in the PMI was caused by a significant increase in new orders which included new local orders.  However, the producers were not optimistic about their future orders and went ahead to cut back on their production, employment and inventories which resulted in an increase in the backlog of orders.

The ISM PMI had been in the contractionary phase (below 50) for 4 consecutive months and this phenomenon won't bode well for the future US economic growth.

Saturday, March 4, 2023

Why did Warren Buffett sell TSMC shares?

Many analysts don't understand Warren's rationale for selling TSMC shares.  Thus, we'll reveal the truth here.

Warren Buffett sold TSMC shares after comparing the latest production costs and profit margins between Taiwan TSMC and US TSMC.

The latest production cost and margin for Taiwan TSMC:
5nm chip production cost: US$6,400 per wafer
3nm chip production cost: US$14,600 per wafer
Profit margin: 50-60%

Since US TSMC will begin its first 5nm chip production, we'll provide the related projected statistics.
Projected US 5nm chip: US$11,800
Projected US margin: 15%

It is a no brainer that Taiwan TSMC will be subsidizing US TSMC in the future when the US TSMC starts its operations.  No wonder Warren Buffett sold TSMC shares after making a comparative analysis.