Stock calls for 28 June 2024

Date	Analyst	Company	Last	Target	Call	Valuation
06/28/24	DMG & Partners	HRnetGroup	0.685	0.84	Buy	PER14x FY24/25
06/28/24	Lim & Tan	Mapletree Commercial	1.22	1.55	Accumulate
06/28/24	UOB Kay Hian	Valuetronics	0.635	0.78	Buy

Cryptos such as Bitcoin (BTC) are coming to an end! Why? - Part 4

Many people still don't understand why most governments won't keep cryptos as their reserves.  Let's recap below.

https://sg-stock.blogspot.com/2024/06/cryptos-such-as-bitcoin-btc-are-coming.html

Germany also wants to reduce its dependency on USD (dedollarization) and won't keep cryptos in its reserves.  Furthermore, cryptos can't be used in any worldwide CBDC payment system.  Thus, most governments won't keep something in their reserves that they can't use in cross border transactions.

The recent US and Germany's selloffs showed that our analysis was correct.  Cheers!

US economy is hit with a double whammy (low GDP growth and high inflation)! - Part 3

US Q1 GDP: 1.4%

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

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

Q1 GDP (1st estimate) = 0.21 + 0.56 + 1.68 + (-0.86) = 1.59 (1.6)

Q1 GDP (2nd estimate) = 0.23 + 0.57 + 1.34 + (-0.89) = 1.25 (1.3)

Q1 GDP (3rd estimate) = 0.31 + 0.77 + 0.98 + (-0.65) = 1.41 (1.4)

We could see from the GDP sub-components that Consumption and Net Export continued to depress the US economic growth.  The most significant factor is that consumption is affecting the US economy greatly with its continual falls and close to 70% of the US economy is supported by consumption.

Furthermore, the US core inflation (core PCE) is still at an elevated high of over 3% which is a far cry from the US targeted 2%.   If this inflation is sustained for 2024, the US Fed won't reduce its fed rate in 2024 despite having a weak GDP growth.  This phenomenon (weak GDP and high inflation) is known as stagflation and is very difficult to resolve.

Yangzijiang Financial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/21/23	Lim & Tan	Yangzijiang Financial	0.335	0.64	Buy
08/17/23	Lim & Tan	Yangzijiang Financial	0.36	0.64	Buy
08/22/23	CIMB	Yangzijiang Financial	0.355	0.55	Add	Sum of parts
09/18/23	Lim & Tan	Yangzijiang Financial	0.37	0.55	Buy
10/23/23	Lim & Tan	Yangzijiang Financial	0.34	0.55	Buy
11/28/23	CIMB	Yangzijiang Financial	0.32	0.55	Add	Sum of parts
03/01/24	CIMB	Yangzijiang Financial	0.345	0.45	Add	Sum of parts
03/12/24	Lim & Tan	Yangzijiang Financial	0.32	0.45	Buy
06/06/24	Lim & Tan	Yangzijiang Financial	0.325	0.45	Accumulate

Winking - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/04/24	UOB Kay Hian	Winking	0.265	0.35	Buy	PER17x FY24
04/29/24	Amfrasers	Winking	0.25	0.34	Outperform	DCF

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/28/23	Lim & Tan	Wing Tai	1.32	2.05	Accumulate
09/04/23	Lim & Tan	Wing Tai	1.35	1.8	Accumulate	PB0.44x

Stock calls for 27 June 2024

Date	Analyst	Company	Last	Target	Call	Valuation
06/27/24	CIMB	CDL Hospitality	0.955	1.25	Add	DDM
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
06/27/24	UOB Kay Hian	Digicore Reit	0.56	0.85	Buy	DDM
06/27/24	Kim Eng	First Reit	0.245	0.28	Buy	DDM
06/27/24	Lim & Tan	Netlink	0.825	0.96	Accumulate
06/27/24	UOB Kay Hian	OCBC	14.4	18.35	Buy
06/27/24	DMG & Partners	OCBC	14.4	14.8	Hold	GGM, PB1.06x FY25
06/27/24	JPM	ST Engineering	4.19	4.6	Buy
06/27/24	DMG & Partners	UOB	31.03	30.1	Neutral	GGM, PB0.99x FY25