Singapore Stock Exchange - Equity Investments

Monday, September 16, 2024

Aztech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/05/23	UOB Kay Hian	Aztech	0.82	1	Buy	PER8.6x FY23
05/05/23	DBS Vickers	Aztech	0.82	1.05	Buy	PER8.5x FY23
05/05/23	CIMB	Aztech	0.82	1.02	Add
05/05/23	Lim & Tan	Aztech	0.82	1.04	Buy
06/27/23	CIMB	Aztech	0.705	1.01	Add
07/20/23	UOB Kay Hian	Aztech	0.695	1	Buy	PER8.6x FY23
07/24/23	CIMB	Aztech	0.7	1.11	Add
07/24/23	Lim & Tan	Aztech	0.7	1	Accumulate
07/24/23	Kim Eng	Aztech	0.7	0.93	Buy	PER8x FY23
08/29/23	Kim Eng	Aztech	0.79	0.93	Buy
08/29/23	CIMB	Aztech	0.79	1.11	Add
08/31/23	UOB Kay Hian	Aztech	0.815	1	Buy	PER8.6x FY23
09/12/23	CIMB	Aztech	0.8	1.11	Add
10/11/23	CIMB	Aztech	0.825	1.23	Add
10/17/23	UOB Kay Hian	Aztech	0.855	1.11	Buy	PER8.2x FY24
10/17/23	DBS Vickers	Aztech	0.855	1.25	Buy	PER8.5x FY24
11/01/23	Kim Eng	Aztech	0.9	1.08	Buy
02/23/24	DBS Vickers	Aztech	0.87	1.25	Buy
02/23/24	Lim & Tan	Aztech	0.87	1.13	Accumulate
02/26/24	UOB Kay Hian	Aztech	0.92	1.25	Buy	PER9x FY24
02/26/24	CIMB	Aztech	0.92	1.23	Add
02/26/24	Kim Eng	Aztech	0.92	1.14	Buy
04/24/24	CIMB	Aztech	0.935	1.23	Add	DDM
04/24/24	DBS Vickers	Aztech	0.935	1.25	Buy
04/24/24	UOB Kay Hian	Aztech	0.935	1.25	Buy	PER9x FY24
07/31/24	CIMB	Aztech	1.02	1.21	Add
07/31/24	DBS Vickers	Aztech	1.02	1.27	Buy
07/31/24	Kim Eng	Aztech	1.02	1.14	Buy

Ascendas India Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/17/23	DBS Vickers	Ascendas India Trust	1.03	1.45	Buy	DDM
07/31/23	DBS Vickers	Ascendas India Trust	1.16	1.45	Buy	DDM
09/12/23	DBS Vickers	Ascendas India Trust	1.17	1.45	Buy
10/27/23	DBS Vickers	Ascendas India Trust	0.96	1.35	Buy	DDM
11/16/23	DBS Vickers	Ascendas India Trust	1.1	1.35	Buy	DDM
01/25/24	DBS Vickers	Ascendas India Trust	1.09	1.35	Buy	DDM
01/30/24	DBS Vickers	Ascendas India Trust	1.06	1.15	Buy	DDM
03/19/24	OCBC	Ascendas India Trust	1.02	1.18	Buy	DDM
04/25/24	DBS Vickers	Ascendas India Trust	0.995	1.3	Buy	DDM
05/03/24	DBS Vickers	Ascendas India Trust	1.03	1.3	Buy	DDM
05/03/24	Lim & Tan	Ascendas India Trust	1.03	1.26	Accumulate
07/22/24	Lim & Tan	Ascendas India Trust	1.03	1.28	Accumulate
07/31/24	DBS Vickers	Ascendas India Trust	1.09	1.3	Buy	DDM

Stock calls for 16 September 2024

Date	Analyst	Company	Last	Target	Call	Valuation
09/16/24	Lim & Tan	Civmec	0.94	1.2	Accumulate	PER10.1x
09/16/24	UOB Kay Hian	SGX	11.23	11.62	Hold
09/16/24	Citi Research	SGX	11.23	12.7	Buy	DDM
09/16/24	CIMB	SGX	11.23	12.5	Hold
09/16/24	Phillip	Thomson Medical	0.05	0.061	Buy	Sum of parts

What will the US Fed do for its September FOMC?

Well, the time has come again for the US Fed to decide on its fed rates. What will the US fed do in September?

It is already cast in stone that the US Fed will cut its rates. The only question is either a 25bp or 50bp cut. Let's take a look at the Fedwatch tool.

The Fedwatch tool is showing a 50-50 probability for 25 & 50bp cut.

What's our take on this? We expect the US Fed to do a 25bp rate cut because the US inflation may rebound later as the 5-year Michigan inflation expectation has risen to 3.1% and the monthly core inflation is also on an upward trend.

Michigan inflation expectation (5yr): 3.1%