Comfortdelgro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/23	phillip	Comfortdelgro	1.24	1.75	Buy
01/06/23	DMG & Partners	Comfortdelgro	1.23	1.8	Buy
01/11/23	Lim & Tan	Comfortdelgro	1.23	1.59	Buy
01/11/23	Citi Research	Comfortdelgro	1.23	1.63	Buy
01/13/23	DMG & Partners	Comfortdelgro	1.18	1.65	Buy	DCF
01/13/23	Citi Research	Comfortdelgro	1.18	1.63	Buy	PER17x FY23
02/02/23	UOB Kay Hian	Comfortdelgro	1.2	1.38	Hold	Sum of parts
02/23/23	DMG & Partners	Comfortdelgro	1.16	1.6	Buy	DCF
02/27/23	phillip	Comfortdelgro	1.2	1.63	Buy	DCF
02/27/23	DBS Vickers	Comfortdelgro	1.2	1.66	Buy	PB1.25x & EV/Ebitda5x
02/27/23	DMG & Partners	Comfortdelgro	1.2	1.4	Buy	DCF
02/27/23	Kim Eng	Comfortdelgro	1.2	1.45	Buy
02/27/23	OCBC	Comfortdelgro	1.2	1.43	Buy
02/27/23	Lim & Tan	Comfortdelgro	1.2	1.54	Accumulate
03/15/23	DMG & Partners	Comfortdelgro	1.16	1.4	Buy	DCF
04/04/23	DMG & Partners	Comfortdelgro	1.2	1.4	Buy	DCF
04/12/23	Lim & Tan	Comfortdelgro	1.2	1.49	Buy
04/14/23	UOB Kay Hian	Comfortdelgro	1.2	1.29	Hold
04/14/23	DBS Vickers	Comfortdelgro	1.2	1.66	Buy
05/16/23	UOB Kay Hian	Comfortdelgro	1.18	1.27	Hold
05/16/23	DBS Vickers	Comfortdelgro	1.18	1.62	Buy
05/16/23	Lim & Tan	Comfortdelgro	1.18	1.49	Buy
05/17/23	Kim Eng	Comfortdelgro	1.16	1.45	Buy	DCF
05/18/23	phillip	Comfortdelgro	1.12	1.57	Buy	DCF
05/19/23	DMG & Partners	Comfortdelgro	1.12	1.25	Buy	DCF
05/19/23	OCBC	Comfortdelgro	1.12	1.25	Buy
06/26/23	UOB Kay Hian	Comfortdelgro	1.17	1.27	Hold
06/26/23	Kim Eng	Comfortdelgro	1.17	1.45	Buy	DCF
06/27/23	Lim & Tan	Comfortdelgro	1.17	1.34	Accumulate
06/30/23	DMG & Partners	Comfortdelgro	1.2	1.35	Buy	DCF
07/04/23	Lim & Tan	Comfortdelgro	1.18	1.64	Accumulate
07/04/23	DBS Vickers	Comfortdelgro	1.18	1.62	Buy
07/05/23	UOB Kay Hian	Comfortdelgro	1.18	1.27	Hold	DCF
07/05/23	CIMB	Comfortdelgro	1.18	1.35	Add	PER15.4x FY24
07/07/23	DMG & Partners	Comfortdelgro	1.2	1.35	Buy	DCF
07/12/23	Lim & Tan	Comfortdelgro	1.2	1.37	Accumulate
07/14/23	UOB Kay Hian	Comfortdelgro	1.21	1.41	Buy	PER15x FY24
07/19/23	Lim & Tan	Comfortdelgro	1.23	1.39	Accumulate
08/11/23	UOB Kay Hian	Comfortdelgro	1.26	1.44	Buy	PER15x FY24
08/15/23	DBS Vickers	Comfortdelgro	1.27	1.62	Buy
08/15/23	Lim & Tan	Comfortdelgro	1.27	1.49	Buy
08/16/23	UOB Kay Hian	Comfortdelgro	1.27	1.53	Buy	PER15x FY24
08/16/23	DBS Vickers	Comfortdelgro	1.27	1.65	Buy	PB1.3x & EV/Ebitda5x
08/17/23	phillip	Comfortdelgro	1.29	1.57	Buy	DCF
08/17/23	Citi Research	Comfortdelgro	1.29	1.32	Buy	PER17x FY23
08/17/23	CIMB	Comfortdelgro	1.29	1.47	Add	PER16.2x FY24
08/17/23	Kim Eng	Comfortdelgro	1.29	1.5	Buy
08/17/23	OCBC	Comfortdelgro	1.29	1.31	Hold
08/17/23	DMG & Partners	Comfortdelgro	1.29	1.4	Buy
08/21/23	UOB Kay Hian	Comfortdelgro	1.29	1.56	Buy	PER15x FY24
09/04/23	UOB Kay Hian	Comfortdelgro	1.27	1.56	Buy	PER15x FY24
09/14/23	Lim & Tan	Comfortdelgro	1.26	1.51	Accumulate
09/14/23	UOB Kay Hian	Comfortdelgro	1.26	1.48	Buy
09/19/23	DBS Vickers	Comfortdelgro	1.28	1.65	Buy
10/04/23	UOB Kay Hian	Comfortdelgro	1.28	1.61	Buy	PER15x FY24
10/10/23	DBS Vickers	Comfortdelgro	1.33	1.65	Buy
10/10/23	CIMB	Comfortdelgro	1.33	1.55	Add	PER16.2x FY24
10/10/23	DMG & Partners	Comfortdelgro	1.33	1.46	Buy
11/15/23	DBS Vickers	Comfortdelgro	1.31	1.67	Buy	PB1.3x & EV/Ebitda5x
11/15/23	Kim Eng	Comfortdelgro	1.31	1.55	Buy	DCF
11/16/23	phillip	Comfortdelgro	1.33	1.57	Buy	DCF
11/17/23	UOB Kay Hian	Comfortdelgro	1.33	1.69	Buy
11/17/23	DMG & Partners	Comfortdelgro	1.33	1.5	Buy
11/17/23	CIMB	Comfortdelgro	1.33	1.55	Add

Stock calls for 30 November 2023

Date	Analyst	Company	Last	Target	Call	Valuation
11/30/23	UOB Kay Hian	Keppel Corp	6.43	9.09	Buy	Sum of parts
11/30/23	DBS Vickers	Manulife US Reit	0.091	0.1	Hold
11/30/23	UOB Kay Hian	Manulife US Reit	0.091	0.13	Buy	DDM
11/30/23	Kim Eng	Sembcorp Industries	5.16	6.3	Buy
11/30/23	Kim Eng	ST Engineering	3.72	4.2	Buy

US GDP growth is 5.2% for Q3 2023. Is it really that good?

Let's break up the GDP components for our analysis.

GDP growth=Government spendings+Investments+Consumptions+Net Exports

5.2% = 0.94% + 1.82% + 2.44% + (-0.04) = 5.16% (Rounded off to 5.2%)

As we can see from the GDP components, the 2 biggest contributors are Investments and consumptions.  The US consumers and firms are spending way beyond their means now and this can be reflected in the default and bankruptcy rates.

The US bankruptcy filings are at an elevated high in 2023.  Many US firms have overstretched themselves.

Thus, the latest US GDP growth may look good but it is seeding a bigger danger in the future because consumers and firms can't continue relying on debts for a long period.