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Tuesday, April 2, 2024

ST Engineering - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

01/05/23

DMG & Partners

ST Engineering

3.37

4.15

Buy

Sum of parts

02/07/23

Morningstar

ST Engineering

3.75

4.74

Buy


02/09/23

CIMB

ST Engineering

3.7

4

Add


02/15/23

DMG & Partners

ST Engineering

3.64

4.15

Buy


02/22/23

Lim & Tan

ST Engineering

3.58

4.23

Accumulate


02/24/23

DBS Vickers

ST Engineering

3.55

4.1

Buy


02/24/23

Lim & Tan

ST Engineering

3.55

4.12

Accumulate on weakness


02/27/23

UOB Kay Hian

ST Engineering

3.56

4

Buy

DCF

02/27/23

DMG & Partners

ST Engineering

3.56

4.1

Buy

Sum of parts

02/28/23

DBS Vickers

ST Engineering

3.54

4.2

Buy


02/28/23

CIMB

ST Engineering

3.54

4

Add


02/28/23

OCBC

ST Engineering

3.54

4.2

Buy

Cut from $4.50

02/28/23

Kim Eng

ST Engineering

3.54

4.1

Buy


03/17/23

CIMB

ST Engineering

3.44

4

Add


03/20/23

Lim & Tan

ST Engineering

3.46

4.12

Accumulate


03/28/23

DMG & Partners

ST Engineering

3.63

4.1

Buy

Sum of parts

03/29/23

DBS Vickers

ST Engineering

3.62

4.2

Buy


04/10/23

Kim Eng

ST Engineering

3.68

4.1

Buy


04/12/23

Citi Research

ST Engineering

3.73

3.35

Sell


04/17/23

Lim & Tan

ST Engineering

3.62

0

Accumulate


04/18/23

DMG & Partners

ST Engineering

3.65

4.1

Buy

Sum of parts

04/24/23

DBS Vickers

ST Engineering

3.73

4.2

Buy


05/09/23

DMG & Partners

ST Engineering

3.65

4.05

Buy

Sum of parts

05/16/23

UOB Kay Hian

ST Engineering

3.62

4

Buy

DCF

05/16/23

CIMB

ST Engineering

3.62

4

Add


05/16/23

Kim Eng

ST Engineering

3.62

4.1

Buy


05/16/23

Citi Research

ST Engineering

3.62

3.35

Sell

PER22x FY23

05/18/23

Lim & Tan

ST Engineering

3.68

3.92

Accumulate


06/09/23

Lim & Tan

ST Engineering

3.65

3.92

Accumulate


06/12/23

DMG & Partners

ST Engineering

3.66

4.05

Buy

Sum of parts

06/26/23

Lim & Tan

ST Engineering

3.61

3.89

Accumulate


07/20/23

DMG & Partners

ST Engineering

3.66

4.05

Buy


08/03/23

DMG & Partners

ST Engineering

3.69

4.25

Buy

Sum of parts

08/11/23

Lim & Tan

ST Engineering

3.74

4.04

Accumulate


08/14/23

UOB Kay Hian

ST Engineering

3.78

4.2

Buy

DCF

08/14/23

DBS Vickers

ST Engineering

3.78

4.2

Buy


08/14/23

Citi Research

ST Engineering

3.78

3.76

Hold

PER20x FY23

08/14/23

Kim Eng

ST Engineering

3.78

4.2

Buy


08/14/23

DMG & Partners

ST Engineering

3.78

4.5

Buy


08/14/23

CIMB

ST Engineering

3.78

4.27

Add


09/18/23

OCBC

ST Engineering

3.93

4.45

Buy


09/25/23

DMG & Partners

ST Engineering

3.83

4.5

Buy


09/26/23

Phillip

ST Engineering

3.86

4.5

Buy

DCF

10/10/23

DMG & Partners

ST Engineering

3.81

4.45

Buy


10/20/23

Lim & Tan

ST Engineering

3.79

4.43

Accumulate

Consensus target $4.30

11/10/23

DBS Vickers

ST Engineering

3.82

4.2

Buy


11/14/23

UOB Kay Hian

ST Engineering

3.76

4.2

Buy

DCF

11/14/23

Phillip

ST Engineering

3.76

4.5

Buy

DCF

11/14/23

Lim & Tan

ST Engineering

3.76

0

Accumulate


11/14/23

DBS Vickers

ST Engineering

3.76

4.5

Buy


11/14/23

DMG & Partners

ST Engineering

3.76

4.45

Buy


11/14/23

CIMB

ST Engineering

3.76

4.27

Add


11/30/23

Kim Eng

ST Engineering

3.72

4.2

Buy


12/13/23

DBS Vickers

ST Engineering

3.78

4.5

Buy


12/13/23

Lim & Tan

ST Engineering

3.78

0

Accumulate


12/15/23

DMG & Partners

ST Engineering

3.81

4.45

Buy


01/02/24

Phillip

ST Engineering

3.89

4.5

Buy


02/13/24

DBS Vickers

ST Engineering

3.77

4.5

Buy

PER21.5x FY24/25

02/13/24

CIMB

ST Engineering

3.77

4.36

Add


02/19/24

DMG & Partners

ST Engineering

3.91

4.45

Buy


02/21/24

DMG & Partners

ST Engineering

3.92

4.5

Buy

Sum of parts

02/21/24

CIMB

ST Engineering

3.92

4.36

Add


03/01/24

UOB Kay Hian

ST Engineering

3.98

4.5

Buy

DCF

03/04/24

Phillip

ST Engineering

3.97

4.5

Accumulate


03/04/24

DMG & Partners

ST Engineering

3.97

4.5

Buy

Sum of parts

03/04/24

Lim & Tan

ST Engineering

3.97

0

Accumulate


03/06/24

OCBC

ST Engineering

3.92

4.6

Buy


03/12/24

DBS Vickers

ST Engineering

3.97

4.8

Buy

PER21x FY24

03/26/24

CIMB

ST Engineering

3.99

4.36

Add


04/02/24

DBS Vickers

ST Engineering

4.02

4.8

Buy


Spindex - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

02/07/24

Lim & Tan

Spindex

0.81

0

Hold


Stock calls for 2 April 2024

Date

Analyst

Company

Last

Target

Call

Valuation

04/02/24

Lim & Tan

A-Reit

2.78

3.13

Accumulate


04/02/24

Lim & Tan

Hwa Par

9.73

0

Accumulate


04/02/24

UOB Kay Hian

Keppel Reit

0.87

1.26

Buy

DDM

04/02/24

Kim Eng

Keppel Reit

0.87

1

Buy


04/02/24

DBS Vickers

SATS

2.59

3.4

Buy


04/02/24

OCBC

Seatrium

0.087

0.155

Buy


04/02/24

DBS Vickers

SIA

6.43

6.1

Hold


04/02/24

DBS Vickers

SIA Engineering

2.27

2.8

Buy


04/02/24

DBS Vickers

ST Engineering

4.02

4.8

Buy


04/02/24

DBS Vickers

UMS

1.35

1.84

Buy


04/02/24

DBS Vickers

Venture

14.13

16.9

Buy


The US ISM PMI increased to 50.3 in March 2024.

The ISM PMI increased to 50.3 in March 2024 and was the 1st month of expansion after 16 months of contraction.


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 (+2.2) - New export order % change (0) = +2.2%

* Estimated local raw materials=Inventories % change (+2.9) - Imports % change (0) = +2.9%


From these 2 sub-indices, we could derive that the increase in ISM PMI was driven by local consumption.  This was indeed surprising because the US consumers continue to spend in the headwinds of inflation and economic uncertainty.


As the saying goes, 1 month of data doesn't make a trend and we'll need to continue to observe the future PMIs to confirm the expansion trajectory.