Stock calls for 3 November 2021

Date	Analyst	Company	Last	Target	Call	Valuation
11/03/21	DBS Vickers	Ascendas India Trust	1.4	1.8	Buy	PB1.25x
11/03/21	Phillip	Keppel Corp	5.32	7.07	Buy	Sum of parts
11/03/21	Kim Eng	Mapletree Commercial	2.19	2.35	Buy
11/03/21	Macquarie	OCBC	11.96	13.5	Outperform
11/03/21	DBS Vickers	OCBC	11.96	14	Buy	GGM, PB1.1x FY22
11/03/21	Lim & Tan	OCBC	11.96	0	Accumulate
11/03/21	DBS Vickers	OUE Commercial	0.45	0.5	Buy	DCF
11/03/21	Macquarie	UOB	27.39	33.5	Outperform
11/03/21	DBS Vickers	UOB	27.39	29.2	Buy	GGM, PB1.1x FY22
11/03/21	Lim & Tan	UOB	27.39	0	Accumulate

Singapore Medical - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/21	UOB Kay Hian	Singapore Medical	0.33	0.46	Buy	Up from $0.37
04/16/21	UOB Kay Hian	Singapore Medical	0.325	0.46	Buy
08/04/21	UOB Kay Hian	Singapore Medical	0.33	0.48	Buy

Silverlake - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/16/20	DBS Vickers	Silverlake	0.255	0.38	Buy	PER18x FY21
11/17/20	CIMB	Silverlake	0.265	0.39	Add
12/02/20	Amfrasers	Silverlake	0.27	0.29	Neutral	PER13x FY21
02/11/21	CIMB	Silverlake	0.26	0.33	Add	PER14.2x CY22
02/15/21	Amfrasers	Silverlake	0.26	0.26	Neutral	PER13x FY21
02/15/21	DBS Vickers	Silverlake	0.26	0.36	Buy
05/12/21	CIMB	Silverlake	0.24	0.31	Add	PER14.2x
05/12/21	DBS Vickers	Silverlake	0.24	0.33	Buy	PER18x FY22
07/12/21	CIMB	Silverlake	0.28	0.35	Add	PER16x CY22
08/27/21	DBS Vickers	Silverlake	0.265	0.38	Buy	PER19x FY22
08/30/21	CIMB	Silverlake	0.26	0.37	Add	PER16x CY22

SIIC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/19/21	Lim & Tan	SIIC	0.21	0	Accumulate on weakness

Stock calls for 2 November 2021

Date	Analyst	Company	Last	Target	Call	Valuation
11/02/21	UOB Kay Hian	ART	1.06	1.2	Buy	DDM
11/02/21	OCBC	CDL Hospitality	1.2	1.34	Buy
11/02/21	DBS Vickers	Elite ComReit	0.675	0.8	Buy
11/02/21	CIMB	Elite ComReit	0.675	0.769	Add	DDM
11/02/21	DBS Vickers	First Resources	1.74	1.83	Hold	DCF, PER15x FY22
11/02/21	UOB Kay Hian	SGX	9.82	11.65	Hold
11/02/21	DBS Vickers	SGX	9.82	10.2	Hold
11/02/21	CIMB	Sheng Siong	1.43	1.5	Hold	PER22x FY22
11/02/21	DMG & Partners	Sheng Siong	1.43	1.46	Neutral	PER20x FY22
11/02/21	DBS Vickers	Sheng Siong	1.43	1.58	Buy	PER21x FY22
11/02/21	UOB Kay Hian	SPH	2.12	2.15	Accept offer
11/02/21	DBS Vickers	Yangzijiang	1.4	1.95	Buy
11/02/21	CIMB	Yangzijiang	1.4	1.91	Add	Sum of parts

The world economic conditions have deteriorated further.

We've received numerous requests from our viewers to update our economic assessments for the US on its GDP growth and inflation.

Well, we can say that we've not changed our stances since our last video (4th YT video).  The US inflation is persistent and the US GDP growth is having diminishing marginal return.

The latest PCE inflation is at 4.4% which is the FED's preferred indicator and the recent GDP growth is at 2%.

Furthermore, China's GDP has also declined to 4.9% but we believe that this figure will be the trough for China since its GDP growth will rebound in Q4 due to the upcoming festive season (CNY).

All in all, we've decided to increase our core PCE inflation for the US to 4% (up from 3% in our last video) for the year-end.

We'll also try to do our 5th video soon to explain our analyses.  Basically, the US inflation will persist because of 3 fundamental reasons, namely, housing and rental, energy and wage.

The house price will keep rising which will force the rental to reset at a much higher rate because rental lags behind house price by 16-18 months.  The energy prices such as gas and oil will remain at an elevated high till next year while wages will keep rising to address the mismatch in jobs.