Stock calls for 30 September 2024

Date	Analyst	Company	Last	Target	Call	Valuation
09/30/24	DBS Vickers	Dairy Farm	2.18	3	Buy
09/30/24	DBS Vickers	Manulife US Reit	0.124	0.1	Hold
09/30/24	Lim & Tan	Manulife US Reit	0.124	0.15	No Rating
09/30/24	CIMB	Mermaid Maritime	0.158	0.2	Add
09/30/24	DBS Vickers	Sheng Siong	1.5	1.62	Hold
09/30/24	Lim & Tan	Wing Tai	1.36	0	Accumulate on weakness
09/30/24	phillip	Zixin	0.025	0.05	Buy	DCF

The US can't hide its slowing economy soon!

When the US Fed cut its rates by 50bps recently, we could tell that something was wrong with the US economy because the economic data didn't warrant such a massive cut unless the US had been fudging its data.  Thereafter, the US economic has been projected to slow down significantly in Q4 2024 and 2025.

Currently, the market is projecting another 50bps cut in November because the US is expected to announce poorer economic data.

The freight index has been trending up as shown below but the US has trimmed its consumption and net export growth instead.  These contradictory reductions by the US mean that the US is slowing down despite flourishing international trades.

https://sg-stock.blogspot.com/2024/09/baltic-dry-index-2110.html

https://sg-stock.blogspot.com/2024/09/us-q2-2024-gdp-update-finalized.html

Is a US recession coming?  Let's take a look at the yield curve inversions again.

The 10y-2y treasury yield has shown a disinversion already but the 10y-3m treasury yield has not.

Historically, the US recession will appear when the 10y-3m treasury yield curve has shown a disinversion.

Let's wait to see how this will pan out.

The US inflation has not much room to decline any further.

Core PCE (YOY): 2.7%

Core PCE (MOM): 0.1%

The Core PCE and 5-year inflation expectations showed that inflation was unlikely to decline much further because there was no negative growth (disinflation).

Michigan inflation expectations (5-year): 3.1%

Baltic dry index - 2110

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 587

Related stock: Seatrium & Cosco.

Digicore Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/07/23	UOB Kay Hian	Digicore Reit	0.41	0.67	Buy	DDM
06/07/23	Citi Research	Digicore Reit	0.41	0.67	Buy
06/07/23	DBS Vickers	Digicore Reit	0.41	0.9	Buy
07/28/23	DBS Vickers	Digicore Reit	0.52	0.9	Buy
08/01/23	UOB Kay Hian	Digicore Reit	0.5	0.62	Buy	DDM
09/05/23	DBS Vickers	Digicore Reit	0.565	0.9	Buy
09/07/23	UOB Kay Hian	Digicore Reit	0.565	0.73	Buy	DDM
10/05/23	UOB Kay Hian	Digicore Reit	0.525	0.69	Buy
10/24/23	DBS Vickers	Digicore Reit	0.48	0.9	Buy	DCF
11/02/23	Citi Research	Digicore Reit	0.5	0.67	Buy
11/03/23	UOB Kay Hian	Digicore Reit	0.55	0.69	Buy	DDM
12/15/23	DBS Vickers	Digicore Reit	0.64	0.9	Buy
01/03/24	UOB Kay Hian	Digicore Reit	0.655	0.77	Buy
02/21/24	UOB Kay Hian	Digicore Reit	0.57	0.79	Buy	DDM
02/21/24	Citi Research	Digicore Reit	0.57	0.7	Buy
03/07/24	Lim & Tan	Digicore Reit	0.61	0.76	Accumulate
04/25/24	DBS Vickers	Digicore Reit	0.61	0.75	Buy	DCF
06/27/24	UOB Kay Hian	Digicore Reit	0.56	0.85	Buy	DDM
07/11/24	UOB Kay Hian	Digicore Reit	0.65	0.8	Buy	DDM
07/25/24	DBS Vickers	Digicore Reit	0.62	0.75	Buy	DCF
07/25/24	UOB Kay Hian	Digicore Reit	0.62	0.81	Buy	DDM
07/25/24	Lim & Tan	Digicore Reit	0.62	0	Accumulate on weakness
07/25/24	Citi Research	Digicore Reit	0.62	0.7	Buy
09/09/24	DBS Vickers	Digicore Reit	0.59	0.75	Buy	DCF
09/18/24	UOB Kay Hian	Digicore Reit	0.595	0.88	Buy	DDM