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Monday, December 4, 2023

DBS - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

01/03/23

CIMB

DBS

33.92

36.5

Hold


01/04/23

UOB Kay Hian

DBS

33.88

45

Buy


01/05/23

phillip

DBS

34.02

41.6

Buy


01/05/23

DMG & Partners

DBS

34.02

41.1

Buy

GGM, PB1.67x

01/06/23

UOB Kay Hian

DBS

34.78

46.95

Buy

GGM, PB1.98x FY23

01/26/23

UOB Kay Hian

DBS

35.51

45.35

Buy

GGM, PB1.95x FY23

01/31/23

Kim Eng

DBS

35.68

42.69

Buy


02/06/23

phillip

DBS

35.5

41.6

Buy

GGM, PB1.88x FY23

02/13/23

Lim & Tan

DBS

36.03

40.2

Buy


02/14/23

UOB Kay Hian

DBS

35.32

45.8

Buy

GGM, PB2.03x FY23

02/14/23

DMG & Partners

DBS

35.32

42

Buy

GGM, PB1.76x

02/14/23

CIMB

DBS

35.32

35.7

Hold


02/14/23

OCBC

DBS

35.32

39

Buy


02/28/23

JPM

DBS

34.34

37

Neutral


03/08/23

DMG & Partners

DBS

33.84

42

Buy


03/10/23

Lim & Tan

DBS

33.49

39.6

Overweight


03/13/23

Kim Eng

DBS

33.18

39.12

Buy


03/13/23

Lim & Tan

DBS

33.18

0

Accumulate


03/15/23

UOB Kay Hian

DBS

32.33

42

Buy

GGM, PB1.86x FY23

03/16/23

CLSA

DBS

32.97

43.8

Buy

Up from $43.40

03/20/23

phillip

DBS

32.55

41.6

Buy


04/03/23

DMG & Partners

DBS

33

39.8

Buy


04/17/23

UOB Kay Hian

DBS

32.57

41.8

Buy

GGM, PB1.85x FY23

04/21/23

CIMB

DBS

32.67

35.7

Hold


05/03/23

UOB Kay Hian

DBS

32.95

41

Buy

GGM, PB1.88x FY23

05/03/23

DMG & Partners

DBS

32.95

35.7

Neutral

GGM, PB1.52x

05/03/23

CIMB

DBS

32.95

35.3

Hold


05/05/23

phillip

DBS

32.13

41.6

Buy

GGM, PB1.9x FY23

05/08/23

OCBC

DBS

31.9

39

Buy


05/18/23

CLSA

DBS

30.57

43.14

Buy


05/23/23

Lim & Tan

DBS

30.91

37.5

Accumulate


06/12/23

Citi Research

DBS

30.91

26.6

Sell

GGM, PB1.12x FY23

06/23/23

DMG & Partners

DBS

31.04

33

Neutral

GGM, PB1.4x FY23

07/03/23

phillip

DBS

31.51

41.6

Buy


07/10/23

DMG & Partners

DBS

30.67

33

Neutral


07/13/23

UOB Kay Hian

DBS

31.01

41.5

Buy


07/19/23

Kim Eng

DBS

32.53

38.51

Buy


07/20/23

Citi Research

DBS

32.55

27.1

Sell


07/21/23

CIMB

DBS

32.74

35.5

Hold


08/03/23

Lim & Tan

DBS

33.84

37.22

Accumulate


08/04/23

UOB Kay Hian

DBS

33.76

44.35

Buy

GGM, PB1.81x FY23

08/04/23

phillip

DBS

33.76

41.6

Buy

GGM, PB1.9x FY23

08/04/23

DMG & Partners

DBS

33.76

36.3

Neutral

GGM, PB1.47x

08/10/23

CLSA

DBS

34.3

43.14

Overweight


08/10/23

Citi Research

DBS

34.3

28.7

Sell


09/04/23

Lim & Tan

DBS

33.3

37.52

Buy


09/08/23

phillip

DBS

33.41

41.6

Buy


10/02/23

CIMB

DBS

33.64

35.3

Add


10/06/23

UOB Kay Hian

DBS

33.27

44.35

Buy


10/13/23

Kim Eng

DBS

33.9

39.26

Buy


10/16/23

Citi Research

DBS

33.77

28.7

Sell

GGM, PB1.2x FY24

10/18/23

UOB Kay Hian

DBS

33.45

43.95

Buy

GGM, PB1.79x FY24

11/02/23

Lim & Tan

DBS

33.03

0

Accumulate


11/03/23

DMG & Partners

DBS

32.66

34.7

Neutral


11/03/23

Citi Research

DBS

32.66

29

Sell


11/06/23

Lim & Tan

DBS

33.29

37.68

Accumulate


11/07/23

Kim Eng

DBS

33.75

37.81

Buy

DDM

11/07/23

phillip

DBS

33.75

41.6

Buy

GGM, PB1.9x FY23

11/09/23

UOB Kay Hian

DBS

33.33

44.28

Buy

GGM, PB1.8x FY24

Stock calls for 4 December 2023

Date

Analyst

Company

Last

Target

Call

Valuation

12/04/23

DBS Vickers

IHH Healthcare

1.68

2.2

Buy


12/04/23

CIMB

Kimly

0.31

0.36

Hold

PER13x FY24

12/04/23

DMG & Partners

Starhill

0.495

0.56

Buy


Sunday, December 3, 2023

The US ISM PMI index remained in a contractionary phase (46.7) for 13 months already.

The US ISM PMI had remained at 46.7.  Let's take a look at what happened here.


Let's calculate 2 unknown sub-indices (Estimated new local orders & local raw materials) first.

* Estimated new local orders=New orders % change (+2.8) - New export order % change (-3.4) = +6.2%

* Estimated local raw materials=Inventories % change (+1.5) - Imports % change (-1.7) = +3.2%


As we can see from the above, the ISM PMI (46.7) is being supported by the new local orders (est'd 6.2%) but it is still in a contractionary phase.  We don't believe this is sustainable as the US retail sales have started to decline.