The ISM PMI has been in a contractionary phase for 11 consecutive months already.

PMI analysis:

The prices subindex had fallen significantly to 43.8 (-4.6) because the producers used more local raw material (Est’d +1.6) compared to imports (48.2, +0.2) and the continual improvement in supplier’s deliveries (46.4, -2.2).  The producers boosted their inventories (45.8, +1.8), employment (51.2, +2.7) and production (52.5, +2.5) to meet the increment in new order (49.2, +2.4).  The increase in new order was caused by increments in new export order (47.4, +0.9) and new local order (Est’d +1.5) and depleted the customers’ inventories (47.1, -1.6).  The backlog of order decreased to 42.4 (-1.7) because of the increase in production.  Overall, the PMI increased to 49 (+1.4) but it was still in a contractionary phase (below 50).  Thus, the US economy is set to enter into a recession because the US consumers have depleted their pandemic savings.

Hotel Properties - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/23	DBS Vickers	Hotel Properties	3.54	4.35	Buy	RNAV (25% disc)
03/02/23	DBS Vickers	Hotel Properties	3.55	4.35	Buy	RNAV (25% disc)
06/13/23	DBS Vickers	Hotel Properties	3.91	4.35	Buy	RNAV (25% disc)
08/29/23	DBS Vickers	Hotel Properties	3.9	4.35	Buy	RNAV (25% disc)

Hongkong Land - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/20/22	DBS Vickers	Hongkong Land	4.91	5.95	Buy	RNAV (50% disc)
08/01/22	DBS Vickers	Hongkong Land	5.19	6.14	Buy
11/14/22	DBS Vickers	Hongkong Land	4.25	6.14	Buy
11/14/22	CIMB	Hongkong Land	4.25	4.7	Hold
01/17/23	DBS Vickers	Hongkong Land	4.9	5.93	Buy	RNAV (50% disc)
03/03/23	Lim & Tan	Hongkong Land	4.63	5.19	Buy on weakness
03/06/23	DBS Vickers	Hongkong Land	4.53	5.33	Buy	RNAV (55% discount)
03/08/23	CIMB	Hongkong Land	4.5	4.4	Hold
04/04/23	Lim & Tan	Hongkong Land	4.4	5.11	Accumulate
05/19/23	Lim & Tan	Hongkong Land	4.38	5.11	Accumulate
06/30/23	DBS Vickers	Hongkong Land	3.97	5.33	Buy	RNAV (55% discount)
08/01/23	DBS Vickers	Hongkong Land	3.67	4.56	Buy	RNAV (60% disc)
07/26/23	CIMB	Hongkong Land	3.6	4	Hold	RNAV (60% disc)

Hong Leong Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/24/22	CIMB	Hong Leong Asia	0.735	1.05	Add
01/13/23	CIMB	Hong Leong Asia	0.65	1.05	Add
01/27/23	CIMB	Hong Leong Asia	0.68	1.1	Add	Sum of parts
03/14/23	CIMB	Hong Leong Asia	0.66	1.1	Add	Sum of parts
09/12/23	CIMB	Hong Leong Asia	0.605	1	Add

Stock calls for 2 October 2023

Date	Analyst	Company	Last	Target	Call	Valuation
10/02/23	CIMB	Capitaland Investment	3.1	4.3	Add	RNAV
10/02/23	CIMB	DBS	33.64	35.3	Add
10/02/23	DBS Vickers	ESR-Reit	0.28	0.38	Buy
10/02/23	Lim & Tan	Keppel Corp	6.8	7.88	Accumulate
10/02/23	CIMB	OCBC	12.81	14	Add
10/02/23	DMG & Partners	Raffles Medical	1.25	1.75	Buy	DCF
10/02/23	phillip	Sasseur	0.67	0.9	Buy	DDM
10/02/23	Lim & Tan	Seatrium	0.13	0.17	Accumulate
10/02/23	Lim & Tan	Sembcorp Industries	5.09	6.64	Accumulate
10/02/23	DBS Vickers	Singtel	2.42	3.18	Buy
10/02/23	Citi Research	Singtel	2.42	2.85	Buy	Sum of parts
10/02/23	CIMB	UOB	28.5	33.3	Add
10/02/23	CIMB	UOL	6.42	8.2	Add	RNAV
10/02/23	Citi Research	UOL	6.42	9.08	Buy	RNAV (25% disc)