Ix Biopharma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/19/21	Phillip	Ix Biopharma	0.255	0.445	Buy	DCF
04/08/21	Phillip	Ix Biopharma	0.255	0.445	Buy	DCF
06/14/21	Phillip	Ix Biopharma	0.24	0.445	Buy	DCF
10/20/21	Phillip	Ix Biopharma	0.235	0.335	Buy	DCF
11/29/21	Phillip	Ix Biopharma	0.23	0.355	Buy	DCF

Isoteam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/22	DMG & Partners	Isoteam	0.112	0.12	Neutral	DCF

ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/21	CIMB	ISDN	0.425	0.65	Add
01/07/21	CIMB	ISDN	0.43	0.72	Add	PER12x FY22
02/08/21	CIMB	ISDN	0.715	0.72	Hold
03/03/21	CIMB	ISDN	0.61	0.72	Add	PER12x FY22
04/29/21	CIMB	ISDN	0.705	0.844	Add	PER12.5x FY22
06/28/21	CIMB	ISDN	0.685	0.844	Add	PER12.5x FY22
07/05/21	Amfrasers	ISDN	0.73	0.85	Outperform	PER14x
07/29/21	CIMB	ISDN	0.71	0.844	Add	PER12.5x CY22
08/17/21	CIMB	ISDN	0.7	0.85	Add
09/14/21	CIMB	ISDN	0.675	0.85	Add
11/15/21	CIMB	ISDN	0.65	1	Add
01/06/22	CIMB	ISDN	0.715	1	Add
02/28/22	CIMB	ISDN	0.65	0.96	Add
03/15/22	CIMB	ISDN	0.57	0.96	Add

Stock calls for 31 March 2022

Date	Analyst	Company	Last	Target	Call	Valuation
03/31/22	Lim & Tan	Comfortdelgro	1.49	1.77	Accumulate
03/31/22	CIMB	Japfa	0.72	0.81	Add	PER13.1x FY22
03/31/22	Lim & Tan	Tianjin Zhongxin	1.08	1.6	Buy
03/31/22	DMG & Partners	Venture	17.81	22.8	Buy	PER19x FY22

The US 2 and 10 years treasury yield spread is narrowing and is on the verge to invert.

The US treasury yield spread (2 & 10 years) is approaching zero and negative territory.

What does this mean?

Historically, whenever there is a yield inversion between 2 and 10 years treasury yield, a recession will happen within 2 years after the yield inversion.

Therefore, the earliest recession year will be in 2023 if this yield inversion happens now.

Ireit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/21	Phillip	Ireit	0.66	0.68	Accumulate
02/22/21	Phillip	Ireit	0.645	0.68	Accumulate
03/01/21	Phillip	Ireit	0.655	0.7	Accumulate	DDM
05/06/21	DBS Vickers	Ireit	0.64	0.76	Buy	DCF
05/17/21	Phillip	Ireit	0.635	0.68	Accumulate	DDM
06/18/21	Amfrasers	Ireit	0.65	0.69	Outperform
08/13/21	Phillip	Ireit	0.645	0.75	Buy	DDM
08/27/21	DMG & Partners	Ireit	0.64	0.74	Buy
11/29/21	DBS Vickers	Ireit	0.635	0.76	Buy
02/28/22	DBS Vickers	Ireit	0.64	0.76	Buy
03/01/22	DBS Vickers	Ireit	0.645	0.7	Buy	DCF

Int’l Cement - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/24/22	SAC Capital	Int’l Cement	0.027	0.062	Buy	Cut from $0.089