Comfortdelgro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/21	DBS Vickers	Comfortdelgro	1.67	1.96	Buy
01/05/21	phillip	Comfortdelgro	1.67	1.83	Buy
01/12/21	Kim Eng	Comfortdelgro	1.69	1.88	Buy	DCF
02/04/21	Kim Eng	Comfortdelgro	1.58	1.88	Buy	DCF
02/05/21	DMG & Partners	Comfortdelgro	1.59	1.9	Buy
02/11/21	CIMB	Comfortdelgro	1.58	1.7	Add
02/16/21	DBS Vickers	Comfortdelgro	1.58	1.99	Buy	PB1.5x FY21
02/16/21	UOB Kay Hian	Comfortdelgro	1.58	1.78	Buy
02/16/21	Citi Research	Comfortdelgro	1.58	1.8	Buy
02/16/21	Lim & Tan	Comfortdelgro	1.58	0	Accumulate
02/17/21	Macquarie	Comfortdelgro	1.57	1.7	Outperform	PER17x FY22
02/22/21	phillip	Comfortdelgro	1.58	1.83	Buy	DCF
03/08/21	CIMB	Comfortdelgro	1.61	1.7	Add
03/09/21	Kim Eng	Comfortdelgro	1.64	1.88	Buy	DCF
03/10/21	DMG & Partners	Comfortdelgro	1.7	1.9	Buy	DCF, PER19x FY21
03/11/21	UOB Kay Hian	Comfortdelgro	1.69	1.85	Buy
03/26/21	CIMB	Comfortdelgro	1.69	1.82	Add	PER16.8x CY22
03/30/21	Macquarie	Comfortdelgro	1.74	1.8	Outperform
04/01/21	Lim & Tan	Comfortdelgro	1.71	0	Accumulate
04/05/21	DBS Vickers	Comfortdelgro	1.75	1.99	Buy
04/05/21	Kim Eng	Comfortdelgro	1.75	1.88	Buy
04/23/21	DMG & Partners	Comfortdelgro	1.79	2.1	Buy	PER21x FY21
05/14/21	UOB Kay Hian	Comfortdelgro	1.63	1.95	Buy	PER17.9x FY21
05/14/21	Kim Eng	Comfortdelgro	1.63	1.88	Buy	DCF
05/14/21	DMG & Partners	Comfortdelgro	1.63	2.1	Buy	PER21x FY21
05/17/21	phillip	Comfortdelgro	1.58	1.83	Buy	DCF
06/01/21	CIMB	Comfortdelgro	1.7	1.82	Add
06/02/21	DBS Vickers	Comfortdelgro	1.7	1.99	Buy
06/07/21	UOB Kay Hian	Comfortdelgro	1.67	1.95	Buy
06/08/21	DMG & Partners	Comfortdelgro	1.68	2	Buy	DCF, PER22x FY21
06/10/21	Macquarie	Comfortdelgro	1.67	1.96	Outperform	Sum of parts
06/21/21	Kim Eng	Comfortdelgro	1.65	1.88	Buy	DCF
06/30/21	CIMB	Comfortdelgro	1.61	1.8	Add
07/15/21	CIMB	Comfortdelgro	1.6	1.9	Add
07/15/21	Kim Eng	Comfortdelgro	1.6	1.88	Buy
07/21/21	UOB Kay Hian	Comfortdelgro	1.57	1.9	Buy	Sum of parts
08/16/21	DBS Vickers	Comfortdelgro	1.62	1.94	Buy	PB1.53x FY21
08/16/21	UOB Kay Hian	Comfortdelgro	1.62	1.9	Buy	Sum of parts
08/16/21	Lim & Tan	Comfortdelgro	1.62	0	Accumulate
08/17/21	Macquarie	Comfortdelgro	1.67	1.96	Outperform	Sum of parts
08/17/21	Kim Eng	Comfortdelgro	1.67	1.88	Buy	DCF
08/25/21	phillip	Comfortdelgro	1.62	1.83	Buy	DCF
08/30/21	CIMB	Comfortdelgro	1.63	1.8	Add	PER16.8x FY22
08/30/21	DMG & Partners	Comfortdelgro	1.63	2.03	Buy	PER18x FY22
09/03/21	Macquarie	Comfortdelgro	1.61	1.93	Outperform	Sum of parts
09/06/21	DBS Vickers	Comfortdelgro	1.59	1.94	Buy	PB1.53x FY21
09/07/21	Lim & Tan	Comfortdelgro	1.62	0	Accumulate
09/17/21	Kim Eng	Comfortdelgro	1.55	1.88	Buy
10/07/21	Lim & Tan	Comfortdelgro	1.51	1.92	Buy
10/20/21	DMG & Partners	Comfortdelgro	1.56	2.1	Buy
11/08/21	DBS Vickers	Comfortdelgro	1.61	2.06	Buy	sum of parts, PB1.5x FY22
11/11/21	Macquarie	Comfortdelgro	1.61	1.93	Outperform	sum of parts, fair value $1.75
11/12/21	UOB Kay Hian	Comfortdelgro	1.56	1.99	Buy	PER19.2x FY22
11/15/21	phillip	Comfortdelgro	1.51	1.8	Buy	DCF
11/23/21	CIMB	Comfortdelgro	1.52	1.8	Add
12/03/21	DBS Vickers	Comfortdelgro	1.37	2.06	Buy

Civmec - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/13/21	Amfrasers	Civmec	0.745	0.86	Outperform	PER12x FY22
09/08/21	Amfrasers	Civmec	0.68	0.89	Outperform	PER12x FY22
10/19/21	UOB Kay Hian	Civmec	0.72	0.98	Buy	PER12x FY22
12/01/21	Lim & Tan	Civmec	0.68	0.98	Buy
12/06/21	UOB Kay Hian	Civmec	0.66	0.98	Buy	PER12x FY22

Stock calls for 6 December 2021

Date	Analyst	Company	Last	Target	Call	Valuation
12/06/21	DBS Vickers	ART	0.975	1.3	Buy
12/06/21	UOB Kay Hian	BRC Asia	1.49	1.76	Buy
12/06/21	CIMB	Capitaland Integrated Commercial Trust	2.06	2.57	Add	DDM
12/06/21	Kim Eng	Capitaland Integrated Commercial Trust	2.06	2.55	Buy
12/06/21	DMG & Partners	Capitaland Integrated Commercial Trust	2.06	2.2	Neutral
12/06/21	Lim & Tan	Capitaland Integrated Commercial Trust	2.06	2.4	Accumulate
12/06/21	DBS Vickers	CDL Hospitality	1.1	1.4	Buy	DCF
12/06/21	UOB Kay Hian	Civmec	0.66	0.98	Buy	PER12x FY22
12/06/21	DBS Vickers	Frasers Hospitality Trust	0.47	0.65	Buy	DCF
12/06/21	UOB Kay Hian	Lendlease Reit	0.86	1.03	Buy	DDM
12/06/21	Phillip	Manulife US Reit	0.695	0.84	Accumulate	DDM
12/06/21	UOB Kay Hian	Sembcorp Marine	0.083	0.11	Buy	PB0.74x FY22
12/06/21	DBS Vickers	SIA Engineering	2.23	2.65	Buy
12/06/21	UOB Kay Hian	Singtel	2.38	2.75	Buy	DCF
12/06/21	UOB Kay Hian	Uni-Asia	1.3	2.34	Buy	PER8x FY21
12/06/21	UOB Kay Hian	Wilmar	4.09	6	Buy

ISM PMI (November) indicated that US economy was having a diminishing marginal growth.

The prices had decreased to 82.4 (-3.3) but still remained at an elevated high because of persistent high freight costs, high crude prices, and high material prices which still maintained the supplier’s deliveries at a high level of 72.2 (-3.4) as a higher number indicated slower deliveries. The producers had a reduction in their inventories (56.8, -0.2) because of freight issues and higher costs. Consequently, the producers increased their imports (52.6, +3.5) and reduced their local raw materials (Estimated -3.7) to defray some costs.

The producers increased their employment (53.3, +1.3) to hike their production to 61.5 (+2.2) because of dwindling customers’ inventories (25.1, -6.6) which were used to meet existing consumer’s demands. However, all the orders were declining which showed that consumers were cutting back on their spendings due to the high inflation.

All the above factors caused the PMI to increase to 61.1 (+0.3) in November but the surge was deemed to be unsustainable because the producers were losing their confidence in the new export orders and local orders because of declining consumer spendings and personal savings rate (7.3%, lowest in 1 year).

In conclusion, the November PMI indicated that the US economic growth was already over the peak and would experience a diminishing marginal GDP growth in the future.

Baltic dry index - 3171

 Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 569

 Related stock: Sembcorp Marine & Cosco.