Stock calls for 5 April 2023

Date	Analyst	Company	Last	Target	Call	Valuation
04/05/23	DBS Vickers	ART	1.02	1.3	Buy
04/05/23	DBS Vickers	CDL Hospitality	1.22	1.6	Buy
04/05/23	UOB Kay Hian	Civmec	0.695	1.1	Buy	PER11x FY23
04/05/23	DBS Vickers	GuocoLand	1.63	2.3	Buy
04/05/23	Lim & Tan	Jardine Matheson	48.89	65.46	Accumulate
04/05/23	DBS Vickers	Micro-Mechanics	2.02	2.12	Fully Valued
04/05/23	DBS Vickers	Nanofilm	1.65	1.33	Hold
04/05/23	UOB Kay Hian	RH Petrogas	0.2	0.25	Buy
04/05/23	DBS Vickers	Starhill	0.53	0.68	Buy

The equity sentiment worsened slightly in March 2023.

The equity sentiment had been in a downward trajectory which synchronized with the consecutive PMI contractions.  However, this indicator has not crossed into the extreme bearishness zone which means that it is still not a good time to buy into stocks.

The latest ISM PMI showed that the US economy was decelerating!

The latest ISM PMI index was a very bad figure because all the subindices were in a contractionary zone (Below 50-Red).  This had resulted in the PMI price to fall due to the weaker demand.

The ISM PMI had been in a consecutive decline for 5 months already.  As the ISM PMI is a precursory indicator, the real economy will reflect the recessionary phenomenon at least 6 months (earliest) later.

Frasers Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/08/22	Lim & Tan	Frasers Logistics	1.39	0	Hold
02/08/22	OCBC	Frasers Logistics	1.39	1.66	Buy
02/09/22	CIMB	Frasers Logistics	1.4	1.56	Add
02/09/22	UOB Kay Hian	Frasers Logistics	1.4	1.79	Buy
03/03/22	OCBC	Frasers Logistics	1.44	1.66	Buy
05/06/22	DBS Vickers	Frasers Logistics	1.45	1.85	Buy
05/09/22	DBS Vickers	Frasers Logistics	1.44	1.75	Buy	DCF
05/09/22	CIMB	Frasers Logistics	1.44	1.56	Add	DDM
05/09/22	Lim & Tan	Frasers Logistics	1.44	1.67	Accumulate on weakness
05/10/22	OCBC	Frasers Logistics	1.45	1.61	Buy
06/14/22	Lim & Tan	Frasers Logistics	1.33	1.58	Accumulate
06/28/22	DBS Vickers	Frasers Logistics	1.37	1.75	Buy
08/08/22	DBS Vickers	Frasers Logistics	1.43	1.75	Buy
08/08/22	CIMB	Frasers Logistics	1.43	1.53	Add	DDM
09/08/22	UOB Kay Hian	Frasers Logistics	1.35	1.6	Buy	DDM
09/28/22	UOB Kay Hian	Frasers Logistics	1.25	1.51	Buy	DDM
10/10/22	UOB Kay Hian	Frasers Logistics	1.21	1.51	Buy
11/11/22	DBS Vickers	Frasers Logistics	1.13	1.55	Buy
11/11/22	OCBC	Frasers Logistics	1.13	1.37	Buy
11/14/22	UOB Kay Hian	Frasers Logistics	1.18	1.48	Buy	DDM
12/15/22	DBS Vickers	Frasers Logistics	1.16	1.55	Buy
01/05/23	UOB Kay Hian	Frasers Logistics	1.17	1.48	Buy
01/09/23	UOB Kay Hian	Frasers Logistics	1.17	1.56	Buy	DDM
01/18/23	DBS Vickers	Frasers Logistics	1.2	1.55	Buy
02/02/23	CIMB	Frasers Logistics	1.3	1.55	Add
02/03/23	CIMB	Frasers Logistics	1.3	1.38	Add	DDM
02/23/23	DBS Vickers	Frasers Logistics	1.24	1.55	Buy
04/04/23	UOB Kay Hian	Frasers Logistics	1.31	1.56	Buy

Frasers Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/28/22	DBS Vickers	Frasers Hospitality Trust	0.44	0.65	Buy
01/28/22	Kim Eng	Frasers Hospitality Trust	0.44	0.5	Hold
05/09/22	Kim Eng	Frasers Hospitality Trust	0.66	0.55	Hold
06/13/22	Kim Eng	Frasers Hospitality Trust	0.66	0.7	Accept Offer	Offer @ $0.70
06/14/22	Lim & Tan	Frasers Hospitality Trust	0.69	0.7	Accept Offer	Offer @ $0.70
11/07/22	DBS Vickers	Frasers Hospitality Trust	0.45	0.58	Buy	DCF
02/10/23	Kim Eng	Frasers Hospitality Trust	0.49	0.54	Buy	DDM