Civmec - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/23	UOB Kay Hian	Civmec	0.58	1.18	Buy	PER12x FY23
01/10/23	Kim Eng	Civmec	0.575	0.94	Buy
01/10/23	Lim & Tan	Civmec	0.575	1.06	Buy
01/12/23	UOB Kay Hian	Civmec	0.58	1.1	Buy	PER11x FY23
02/01/23	Lim & Tan	Civmec	0.595	1.05	Buy
02/10/23	UOB Kay Hian	Civmec	0.655	1.1	Buy	PER11x FY23
02/10/23	DBS Vickers	Civmec	0.655	0.95	Buy	PER8.5x FY23/24
02/13/23	Kim Eng	Civmec	0.66	1	Buy	PER9x FY23
04/03/23	Lim & Tan	Civmec	0.685	0	Buy
04/05/23	UOB Kay Hian	Civmec	0.695	1.1	Buy	PER11x FY23
05/11/23	DBS Vickers	Civmec	0.705	0.95	Buy
05/11/23	Lim & Tan	Civmec	0.705	1.02	Buy
05/24/23	UOB Kay Hian	Civmec	0.705	1.23	Buy	PER11x FY24
05/24/23	Lim & Tan	Civmec	0.705	1.2	Buy
08/29/23	Lim & Tan	Civmec	0.815	1.23	Buy
08/30/23	UOB Kay Hian	Civmec	0.79	1.23	Buy	PER11x FY24
08/30/23	Kim Eng	Civmec	0.79	1.05	Buy	PER10x FY24
10/11/23	Lim & Tan	Civmec	0.795	1.14	Accumulate
11/01/23	UOB Kay Hian	Civmec	0.79	1.23	Buy	PER11x FY24
11/01/23	Kim Eng	Civmec	0.79	1.05	Buy
11/20/23	Lim & Tan	Civmec	0.775	1.25	Accumulate
02/15/24	UOB Kay Hian	Civmec	0.795	1.23	Buy	PER11x FY24
02/15/24	Lim & Tan	Civmec	0.795	1.14	Accumulate
03/04/24	UOB Kay Hian	Civmec	0.74	1.23	Buy	PER11x FY24

Stock calls for 26 April 2024

Date	Analyst	Company	Last	Target	Call	Valuation
04/26/24	DBS Vickers	Capitaland Investment	2.63	3.85	Buy	Sum of parts
04/26/24	OCBC	CapitaRetail China	0.67	0.86	Buy
04/26/24	Kim Eng	ESR-Reit	0.29	0.33	Buy
04/26/24	OCBC	First Reit	0.255	0.28	Buy
04/26/24	Phillip	Frasers Centrepoint Trust	2.17	2.38	Accumulate	DDM
04/26/24	UOB Kay Hian	Frasers Centrepoint Trust	2.17	2.71	Buy	DDM
04/26/24	DMG & Partners	Frasers Centrepoint Trust	2.17	2.35	Neutral	DDM
04/26/24	Kim Eng	Frasers Centrepoint Trust	2.17	2.4	Buy
04/26/24	DBS Vickers	Ifast Corp	6.94	9.57	Buy	DCF
04/26/24	UOB Kay Hian	Keppel Corp	6.86	8.89	Buy	Sum of parts
04/26/24	CIMB	Keppel Corp	6.86	8.98	Add	Sum of parts
04/26/24	Phillip	Keppel Corp	6.86	7.98	Accumulate	Sum of parts
04/26/24	Lim & Tan	Keppel Corp	6.86	8	Accumulate
04/26/24	DBS Vickers	Mapletree Industrial	2.27	2.6	Buy
04/26/24	Lim & Tan	Mapletree Industrial	2.27	2.59	Accumulate on weakness
04/26/24	CIMB	OUE Commercial	0.275	0.3	Hold	DDM
04/26/24	DBS Vickers	Sheng Siong	1.54	1.62	Hold
04/26/24	Phillip	Suntec Reit	1.1	1.41	Buy	DDM

US economy is hit with a double whammy (low GDP growth and high inflation)!

US Q1 GDP: 1.6% (Lower than expected)

Let's break the GDP down to see what had happened.

GDP growth = G + I + C + NE (net export)

Q1 GDP = 0.21 + 0.56 + 1.68 + (-0.86) = 1.59 (1.6)

We can immediately see that there's significant declines in G, C and NE when compared with the previous Q4 below.

Q4 2023 GDP Growth (3.4) = 0.79 (G)+0.15 (I)+2.2 (C)+0.25 (NE) = 3.39(3.4)

While the US GDP growth was weakening in Q1 2024, the US inflation was rising significantly in the same period.  This means that the US Fed can't reduce its rates to boost its GDP growth.  There is a possibility now that the US is facing a stagflation situation which is very difficult to resolve.