Singapore Post - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/11/21	CIMB	Singapore Post	0.65	0.77	Add	PER18.8x CY22
09/03/21	DBS Vickers	Singapore Post	0.655	0.69	Hold
09/08/21	OCBC	Singapore Post	0.66	0.78	Buy
11/05/21	CIMB	Singapore Post	0.665	0.9	Add
11/05/21	DBS Vickers	Singapore Post	0.665	0.69	Hold
11/08/21	UOB Kay Hian	Singapore Post	0.675	0.75	Hold	Sum of parts
02/28/22	CIMB	Singapore Post	0.635	0.9	Add
03/01/22	DBS Vickers	Singapore Post	0.63	0.7	Hold	DCF
03/02/22	UOB Kay Hian	Singapore Post	0.635	0.78	Buy	Buy @ $0.62, Sum of parts
04/26/22	UOB Kay Hian	Singapore Post	0.685	0.86	Buy	Sum of parts
04/27/22	CIMB	Singapore Post	0.715	0.9	Add

Singapore o&g - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/08/22	Lim & Tan	Singapore o&g	2.5	0	Accept offer

Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/21	UOB Kay Hian	Singapore Medical	0.33	0.48	Buy
03/10/22	UOB Kay Hian	Singapore Medical	0.305	0.53	Buy	PER14x FY22
04/28/22	Lim & Tan	Singapore Medical	0.33	0.5	Buy

Stock calls for 4 May 2022

Date	Analyst	Company	Last	Target	Call	Valuation
05/04/22	UOB Kay Hian	AEM	4.81	5.6	Buy	PER15.6x FY22
05/04/22	Phillip	ART	1.16	1.24	Accumulate	DDM
05/04/22	OCBC	CapitaRetail China	1.17	1.4	Buy
05/04/22	Kim Eng	CDL Hospitality	1.34	1.45	Buy	DDM
05/04/22	Lim & Tan	Civmec	0.65	1.05	Buy
05/04/22	CIMB	DBS	33.92	40.2	Add
05/04/22	Phillip	Fortress Minerals	0.455	0.66	Buy	PER11x FY23
05/04/22	UOB Kay Hian	Genting	0.81	1.08	Buy
05/04/22	OCBC	Mapletree Logistics	1.79	2	Buy
05/04/22	Jefferies	Mapletree Logistics	1.79	2	Buy
05/04/22	DBS Vickers	Micro-Mechanics	3.17	3.42	Hold	PER27x FY22
05/04/22	UOB Kay Hian	OCBC	12.39	14.88	Buy	GGM, PB1.2x FY23
05/04/22	CIMB	OCBC	12.39	14.2	Add
05/04/22	Phillip	Starhub	1.26	1.35	Accumulate	EV/Ebitda8x FY22
05/04/22	CIMB	UOB	29.99	35.6	Add
05/04/22	Phillip	Venture	18.15	20	Buy	PER16x FY22
05/04/22	DBS Vickers	Venture	18.15	22.7	Buy	PER19x FY22

The US ISM PMI had fallen to 1 year low in April 2022.

 

The prices subindex had eased to 84.6 (-2.5) but still remained at an elevated level based on the historical average. In view of the sky-high inflation, the producers reduced their inventories to 51.6 (-3.9) by purchasing lesser local raw material (Est’d -3.5) and importing lesser (51.4, -0.4).

The supplier’s deliveries increased to 67.2 (+1.8) which meant slower deliveries because of supply disruption from China. The producers still had difficulties finding workers because of a huge job mismatch between job demand and supply which caused a decrease in employment to 50.9 (-5.4).

The producers reduced their production (53.6, -0.9) because of declines in new orders (53.5, -0.3) and new export orders (52.7, -0.5). However, the slight increase in the new local order (Est’d +0.2) couldn’t reverse the downtrend in new orders.

Consequently, the declines in the new orders caused customers’ inventories to rise to 37.1 (+3) and the backlog of order to decrease to 56 (-4) since there were lesser unfilled orders.

Therefore, all these factors caused the PMI to decrease to 55.3 (-1.7) in April 2022. The front-loading orders phenomenon which was caused by the skyrocketing inflation seemed to be over as the consumers had cut back on their spending. Overall, the US PMI is expected to have a downward trajectory in 2022.

The number of producers anticipating higher new orders had fallen to 25.1 in April which meant that consumers were cutting back on their spending.

The number of producers expecting higher production had increased to 27.5%.  This meant that they would try to ramp up their production to replenish the low customers' inventories.

The number of producers who wanted to hire more workers had dropped to 21% because of the huge mismatch in job demand and supply.

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/12/21	CIMB	Silverlake	0.28	0.35	Add	PER16x CY22
08/27/21	DBS Vickers	Silverlake	0.265	0.38	Buy	PER19x FY22
08/30/21	CIMB	Silverlake	0.26	0.37	Add	PER16x CY22
02/15/22	CIMB	Silverlake	0.27	0.41	Add
02/15/22	DBS Vickers	Silverlake	0.27	0.39	Buy	PER18x