Stock calls for 15 December 2023

Date	Analyst	Company	Last	Target	Call	Valuation
12/15/23	DBS Vickers	Digicore Reit	0.64	0.9	Buy
12/15/23	DBS Vickers	Frasers Logistics	1.14	1.44	Buy
12/15/23	Lim & Tan	Keppel DC Reit	2.08	2.15	Hold
12/15/23	DBS Vickers	Keppel Reit	0.92	1.15	Buy
12/15/23	UOB Kay Hian	Kimly	0.315	0.36	Hold	PER12x FY24
12/15/23	DBS Vickers	Mapletree Commercial	1.49	2	Buy
12/15/23	DMG & Partners	ST Engineering	3.81	4.45	Buy
12/15/23	CIMB	Starhub	1.09	1.19	Hold
12/15/23	DBS Vickers	Thomson Medical	0.057	0.08	Unrated	EV/Ebitda23x FY25

The US is already in a recession on the main street.

The main street is feeling the brunt of a US recession in 2023 but the main economic indicators are still not reflecting the reality of the situation.  This is because the main economic indicators are usually lagging and will only reflect the reality many months later.  However, some precursory economic indicators (eg, PMI) are already projecting a US recession.

Previously, we had projected a US recession in 2023 but the main economic indicators had not reflected this insofar.  We believe that the main economic indicators will only reflect a US recession in 2024.

Grand Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/23	CIMB	Grand Venture	0.52	0.52	Hold	PER10.4x FY24
02/21/23	DBS Vickers	Grand Venture	0.52	0.57	Buy
02/22/23	DBS Vickers	Grand Venture	0.525	0.6	Buy	PER12x FY23/24
05/10/23	DBS Vickers	Grand Venture	0.49	0.6	Buy
05/10/23	Lim & Tan	Grand Venture	0.49	0.57	Buy
05/12/23	DBS Vickers	Grand Venture	0.5	0.56	Buy	PER12x FY24
05/17/23	CIMB	Grand Venture	0.505	0.54	Hold	PER10.4x FY24
07/11/23	CIMB	Grand Venture	0.51	0.51	Hold
08/11/23	DBS Vickers	Grand Venture	0.615	0.71	Buy	PER18x FY24
08/11/23	CIMB	Grand Venture	0.615	0.51	Hold
09/26/23	CIMB	Grand Venture	0.565	0.51	Reduce	PER11.3x CY24
10/19/23	CIMB	Grand Venture	0.515	0.62	Add	PER11.6x FY25
11/16/23	DBS Vickers	Grand Venture	0.495	0.71	Buy	PER18x FY24
11/17/23	DBS Vickers	Grand Venture	0.495	0.6	Buy	PER18x FY24
12/01/23	DBS Vickers	Grand Venture	0.505	0.6	Buy

Grand Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/13/23	Lim & Tan	Grand Bank	0.305	0	Buy
05/15/23	Lim & Tan	Grand Bank	0.3	0.5	Buy	PER10.2x FY23
07/07/23	Lim & Tan	Grand Bank	0.31	0.5	Buy
10/16/23	Lim & Tan	Grand Bank	0.315	0	Accumulate

Golden Energy - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/20/23	DMG & Partners	Golden Energy	0.895	0.973	Accept Offer	Offer @ $0.973
03/21/23	Amfrasers	Golden Energy	0.94	0.973	Accept Offer	Offer @ $0.973