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Tuesday, October 3, 2023

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.


Monday, October 2, 2023

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)