Hong Fok - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/23	UOB Kay Hian	Hong Fok	1.01	1.9	Buy

Ho Bee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/17/23	Lim & Tan	Ho Bee	2.01	3.8	Accumulate

Guocoland - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/23	DBS Vickers	GuocoLand	1.52	2.3	Buy
08/30/23	DBS Vickers	GuocoLand	1.5	2.3	Buy	RNAV (60% disc)
09/07/23	DBS Vickers	GuocoLand	1.53	2.3	Buy	RNAV (60% disc)
01/31/24	DBS Vickers	GuocoLand	1.47	2.3	Buy	RNAV (60% disc)
05/13/24	DBS Vickers	GuocoLand	1.52	2.3	Buy	RNAV (60% disc)

Stock calls for 26 July 2024

Date	Analyst	Company	Last	Target	Call	Valuation
07/26/24	Lim & Tan	ART	0.9	1.21	Accumulate
07/26/24	Lim & Tan	First Reit	0.255	0	Accumulate
07/26/24	Phillip	Frasers Centrepoint Trust	2.18	2.38	Accumulate	DDM
07/26/24	DMG & Partners	Frasers Centrepoint Trust	2.18	2.35	Neutral	DDM
07/26/24	DBS Vickers	Ifast Corp	7.11	9.57	Buy	DCF
07/26/24	Citi Research	Keppel DC Reit	1.89	1.91	Buy
07/26/24	OCBC	Mapletree Logistics	1.28	1.65	Buy
07/26/24	Citi Research	Mapletree Logistics	1.28	1.58	Buy	DDM & RNAV
07/26/24	CIMB	Mapletree Logistics	1.28	1.63	Add
07/26/24	phillip	OUE Commercial	0.275	0.33	Buy	DDM
07/26/24	Kiatnakin	Thai Beverage	0.5	0.81	Buy
07/26/24	JPM	Thai Beverage	0.5	0.64	Overweight
07/26/24	HSBC	Thai Beverage	0.5	0.59	Buy

US Q2 GDP, Core PCE and durable goods economic statistics!

The US Q2 2024 GDP increased by 2.8%. Let's break it down to see what had changed from Q1.

GDP  = Government spending + Investment + Consumption + Net Export

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

Q2 GDP (1st estimate) = 0.53 + 1.46 + 1.57  + (-0.72) = 2.84 (2.8)

We can see that Q2 GDP has improved compared to Q1 GDP with 3 components (G, I & C) increasing and 1 component (NE) decreasing.

The Q2 Core PCE had also decreased to 2.9% which meant that US inflation was declining which was favourable for a rate cut in 2024.

However, the durable goods order excluding defence declined by 7% in June 2024 which meant that consumers were cutting back on big ticket items such as cars, houses, home appliances, etc.  If this decline continues, the Q3 GDP is likely to be lower than Q2.

Great Eastern - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/14/24	EY	Great Eastern	26.17	25.6	Accept Offer	Offer @ $25.60

Grand Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/10/23	DBS Vickers	Grand Venture	0.49	0.6	Buy
05/10/23	Lim & Tan	Grand Venture	0.49	0.57	Buy
05/12/23	DBS Vickers	Grand Venture	0.5	0.56	Buy	PER12x FY24
05/17/23	CIMB	Grand Venture	0.505	0.54	Hold	PER10.4x FY24
07/11/23	CIMB	Grand Venture	0.51	0.51	Hold
08/11/23	DBS Vickers	Grand Venture	0.615	0.71	Buy	PER18x FY24
08/11/23	CIMB	Grand Venture	0.615	0.51	Hold
09/26/23	CIMB	Grand Venture	0.565	0.51	Reduce	PER11.3x CY24
10/19/23	CIMB	Grand Venture	0.515	0.62	Add	PER11.6x FY25
11/16/23	DBS Vickers	Grand Venture	0.495	0.71	Buy	PER18x FY24
11/17/23	DBS Vickers	Grand Venture	0.495	0.6	Buy	PER18x FY24
12/01/23	DBS Vickers	Grand Venture	0.505	0.6	Buy
01/05/24	CIMB	Grand Venture	0.535	0.62	Add	PER11.6x FY25
02/26/24	DBS Vickers	Grand Venture	0.485	0.58	Buy	PER18x FY24/25
02/27/24	CIMB	Grand Venture	0.485	0.62	Add
05/30/24	DBS Vickers	Grand Venture	0.525	0.58	Buy