Daiwa House - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/22	DBS Vickers	Daiwa House	0.815	0.95	Buy	DCF
03/18/22	DBS Vickers	Daiwa House	0.815	0.95	Buy	DCF
05/12/22	DBS Vickers	Daiwa House	0.805	0.95	Buy
08/04/22	DBS Vickers	Daiwa House	0.75	0.88	Buy
09/22/22	DBS Vickers	Daiwa House	0.67	0.88	Buy
11/09/22	Lim & Tan	Daiwa House	0.56	0.86	Buy
11/10/22	DBS Vickers	Daiwa House	0.575	0.75	Buy
02/24/23	DBS Vickers	Daiwa House	0.635	0.8	Buy	DCF

Dairy Farm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/02/22	DBS Vickers	Dairy Farm	2.65	3.96	Hold	Sum of parts
03/07/22	CIMB	Dairy Farm	2.64	2.9	Hold	PER16x FY23
03/07/22	DBS Vickers	Dairy Farm	2.64	3.01	Hold	Sum of parts
03/07/22	DMG & Partners	Dairy Farm	2.64	2.88	Neutral	PER18x FY22
03/07/22	UOB Kay Hian	Dairy Farm	2.64	3.65	Buy	PER21.1x FY22
03/07/22	Citi Research	Dairy Farm	2.64	2.9	Hold
05/20/22	DBS Vickers	Dairy Farm	2.78	3.01	Hold	Sum of parts
05/20/22	Lim & Tan	Dairy Farm	2.78	3	Neutral
05/24/22	UOB Kay Hian	Dairy Farm	2.75	2.87	Hold	PER23x
06/27/22	CIMB	Dairy Farm	2.97	2.7	Hold
07/29/22	DMG & Partners	Dairy Farm	2.78	2.71	Neutral	DCF
07/29/22	DBS Vickers	Dairy Farm	2.78	3.01	Hold
08/01/22	UOB Kay Hian	Dairy Farm	2.8	2.96	Hold	PER23x FY23
08/01/22	DBS Vickers	Dairy Farm	2.8	2.67	Hold
08/01/22	CIMB	Dairy Farm	2.8	2.6	Hold
08/01/22	Citi Research	Dairy Farm	2.8	2.83	Hold
11/10/22	DBS Vickers	Dairy Farm	2.42	3.07	Buy	PER17.5x FY23
11/10/22	Citi Research	Dairy Farm	2.42	2.36	Hold
11/14/22	UOB Kay Hian	Dairy Farm	2.49	2.96	Hold
12/14/22	DBS Vickers	Dairy Farm	2.87	3.9	Buy	PER17.4x FY23
01/06/23	DMG & Partners	Dairy Farm	3.01	2.71	Neutral
02/09/23	UOB Kay Hian	Dairy Farm	3.22	3.9	Buy	PER30x FY23
02/24/23	DBS Vickers	Dairy Farm	3.15	3.9	Buy
03/03/23	DMG & Partners	Dairy Farm	3.24	3.09	Neutral	DCF, PER20x
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	PER20.3x
03/06/23	Lim & Tan	Dairy Farm	3.07	3.3	Hold
03/07/23	Citi Research	Dairy Farm	3.19	3.16	Hold	Sum of parts China

Stock calls for 24 March 2023

Date	Analyst	Company	Last	Target	Call	Valuation
03/24/23	Citi Research	Capitaland Investment	3.52	4.68	Buy
03/24/23	Lim & Tan	CDL Hospitality	1.16	1.34	Buy
03/24/23	Phillip	LHN	0.28	0.47	Buy
03/24/23	DBS Vickers	Raffles Medical	1.42	1.48	Hold
03/24/23	DMG & Partners	Raffles Medical	1.42	1.7	Buy	DCF
03/24/23	DBS Vickers	Sembcorp Marine	0.113	0.09	Hold
03/24/23	CIMB	Sembcorp Marine	0.113	0.12	Add
03/24/23	UOB Kay Hian	SGX	8.93	9.57	Hold	PER22.2x FY23
03/24/23	DBS Vickers	Starhill	0.52	0.68	Buy
03/24/23	Lim & Tan	UOB	29.5	34.33	Buy

The US investors will be offloading stocks in 2023 and 2024.

The US households are projected to offload $750B and $500B in equities in 2023 and 2024 respectively. 

The latest FED dot plot graph and economic projections.

 The March 2023 Dot Plot chart is showing that the Fed rate will peak at 5.1%.

The latest economic projections showed that the FED had underestimated the severity of the PCE inflation and economic slowdown.