DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
01/02/24	UOB Kay Hian	DBS	33.41	41.65	Buy
01/08/24	phillip	DBS	33.17	41.6	Buy
01/22/24	UOB Kay Hian	DBS	32.05	40.25	Buy	GGM, PB1.56x FY25
01/24/24	CIMB	DBS	31.81	35.3	Hold
01/31/24	Kim Eng	DBS	31.82	37.81	Buy	DDM
02/01/24	Lim & Tan	DBS	31.88	36.34	Accumulate
02/07/24	CIMB	DBS	31.65	35.3	Hold	GGM
02/07/24	Lim & Tan	DBS	31.65	36.3	Accumulate
02/07/24	Citi Research	DBS	31.65	35.4	Buy
02/08/24	DMG & Partners	DBS	32.45	36.1	Buy	GGM, PB1.43x
02/08/24	UOB Kay Hian	DBS	32.45	39.2	Buy	GGM, PB1.87x FY25
02/09/24	phillip	DBS	32.46	38.9	Buy	GGM, PB2.14x FY24
02/09/24	Lim & Tan	DBS	32.46	36.64	Accumulate
02/09/24	Citi Research	DBS	32.46	36.3	Buy	GGM, PB1.4x FY24
03/06/24	Lim & Tan	DBS	33.4	36.44	Accumulate
03/06/24	Citi Research	DBS	33.4	36.8	Buy
03/11/24	phillip	DBS	33.75	38.9	Buy	GGM, PB2.14x FY24
03/11/24	DMG & Partners	DBS	33.75	36.1	Buy	GGM, PB1.43x
03/20/24	OCBC	DBS	34.98	39	Buy
03/20/24	DMG & Partners	DBS	34.98	36.7	Buy
03/26/24	DMG & Partners	DBS	35.5	38.3	Buy	GGM, PB1.52x
03/26/24	Citi Research	DBS	35.5	40.4	Buy
04/01/24	phillip	DBS	36.03	38.9	Buy	GGM, PB2.14x FY24
04/09/24	UOB Kay Hian	DBS	35.55	43.25	Buy	GGM, PB1.68x FY25
04/15/24	DMG & Partners	DBS	36.12	38.3	Buy
04/22/24	OCBC	DBS	36.44	35.45	Hold
04/22/24	Citi Research	DBS	36.44	37.5	Buy
05/02/24	Lim & Tan	DBS	34.9	0	Accumulate
05/03/24	UOB Kay Hian	DBS	34.9	40.7	Buy	GGM, PB1.74x FY25
05/03/24	phillip	DBS	34.9	38.5	Accumulate	GGM, PB1.83x FY24
05/03/24	DMG & Partners	DBS	34.9	38.9	Buy	GGM, PB1.69x
06/27/24	UOB Kay Hian	DBS	35.69	41.4	Buy
06/27/24	DMG & Partners	DBS	35.69	38.9	Buy	GGM, PB1.44x FY25
07/04/24	UOB Kay Hian	DBS	37.96	41.4	Buy
07/04/24	Lim & Tan	DBS	37.96	39	Hold
07/15/24	phillip	DBS	37.93	38.5	Accumulate

Stock calls for 15 July 2024

Date	Analyst	Company	Last	Target	Call	Valuation
07/15/24	Lim & Tan	Capitaland Investment	2.81	3.68	Accumulate
07/15/24	DBS Vickers	CDL Hospitality	0.99	1.45	Buy
07/15/24	phillip	DBS	37.93	38.5	Accumulate
07/15/24	OCBC	Keppel DC Reit	1.99	1.88	Hold
07/15/24	DBS Vickers	Lendlease Reit	0.605	0.9	Buy
07/15/24	DBS Vickers	Mapletree Industrial	2.25	2.6	Buy
07/15/24	phillip	OCBC	15.28	15.4	Accumulate
07/15/24	UOB Kay Hian	Prime US Reit	0.129	0.28	Buy	DDM
07/15/24	DBS Vickers	Seatrium	1.48	3	Buy	PB1.5x FY24
07/15/24	Kim Eng	SIA	7.03	7.1	Hold	PB1.34x FY25
07/15/24	phillip	UOB	33.05	34.9	Buy
07/15/24	CIMB	Wilmar	3.17	3.94	Add	PER11x FY25
07/15/24	CIMB	Yangzijiang Shipping	2.25	2.5	Add

US core PPI had increased by 0.4% in June 2024.

With the latest core PPI at 0.4% in June 2024, it is unlikely that the core inflation will fall to 2% for the year 2024.

Just like we've stated previously, we would need to wait for 2-3 months of inflation data to ascertain the September FOMC move.

Baltic dry index - 1997

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 584

Related stock: Seatrium & Cosco.

NATO and the US are the axis of calumnies!

NATO tried to shift and pin its reprehensive act on China when the fundamental cause of the war was orchestrated by the US.

We had stated previously that Russia was not wrong to attack Ukraine (See below).

https://sg-stock.blogspot.com/2022/03/the-hard-truth-russia-is-not-wrong-to.html

Why and what had happened?

Nato and the US had promised that Nato would not expand eastward in 1990.  However, Nato and the US have been trying to deny this promise till today.  Contrary to its promise, Nato had doubled in size since 1990 and they even managed to coax Ukraine to join Nato successfully prior to the war.  Thus, Ukraine was the last straw that broke the camel's back.

https://www.theamericanconservative.com/when-washington-assured-russia-nato-would-not-expand/