ST Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/21	DMG & Partners	ST Engineering	3.88	4.4	Buy
01/21/21	UOB Kay Hian	ST Engineering	3.86	3.65	Hold	Buy @ $3.40-3.45
02/17/21	DBS Vickers	ST Engineering	3.76	4.2	Buy
02/22/21	UOB Kay Hian	ST Engineering	3.75	4	Buy
02/22/21	OCBC	ST Engineering	3.75	4.3	Buy
02/22/21	DMG & Partners	ST Engineering	3.75	4.25	Buy
02/22/21	CIMB	ST Engineering	3.75	4	Add
02/22/21	JP Morgan	ST Engineering	3.75	4.8	Overweight
03/24/21	CIMB	ST Engineering	3.85	4	Add	DCF
03/24/21	UOB Kay Hian	ST Engineering	3.85	4	Hold
03/24/21	DMG & Partners	ST Engineering	3.85	4.25	Buy
04/07/21	DBS Vickers	ST Engineering	3.95	4.2	Buy
04/09/21	JP Morgan	ST Engineering	3.9	4.8	Overweight
04/12/21	DMG & Partners	ST Engineering	3.99	4.5	Buy
05/14/21	UOB Kay Hian	ST Engineering	3.72	4.07	Buy	EV/Invested capital basis
05/20/21	CIMB	ST Engineering	3.77	4	Add
05/27/21	DMG & Partners	ST Engineering	3.81	4.5	Buy
07/05/21	CIMB	ST Engineering	3.85	4.41	Add
07/06/21	UOB Kay Hian	ST Engineering	3.9	4.26	Buy	EV/Invested capital basis
08/05/21	DBS Vickers	ST Engineering	4.01	4.2	Buy	Sum of parts
08/05/21	Citi Research	ST Engineering	4.01	3.56	Sell
08/13/21	OCBC	ST Engineering	4.08	4.4	Buy
08/13/21	Citi Research	ST Engineering	4.08	3.68	Sell
08/16/21	DBS Vickers	ST Engineering	4.09	4.36	Buy	Sum of parts
08/17/21	UOB Kay Hian	ST Engineering	4.03	4.25	Hold
08/17/21	DMG & Partners	ST Engineering	4.03	4.5	Buy
09/10/21	DMG & Partners	ST Engineering	3.77	4.5	Buy
09/14/21	UOB Kay Hian	ST Engineering	3.76	4.25	Buy	EV/Invested capital basis
10/04/21	CIMB	ST Engineering	3.78	4.54	Add
10/04/21	DBS Vickers	ST Engineering	3.78	4.55	Buy	Sum of parts
10/04/21	Lim & Tan	ST Engineering	3.78	0	Hold
10/05/21	UOB Kay Hian	ST Engineering	3.88	4.05	Buy
10/05/21	DMG & Partners	ST Engineering	3.88	4.85	Buy
10/05/21	Citi Research	ST Engineering	3.88	3.65	Sell	PER20x FY22
11/10/21	DBS Vickers	ST Engineering	3.81	4.55	Buy
11/11/21	CIMB	ST Engineering	3.84	4.54	Add	DCF
11/19/21	DBS Vickers	ST Engineering	3.98	4.6	Buy	Sum of parts
11/29/21	DMG & Partners	ST Engineering	3.85	4.85	Buy
12/13/21	UOB Kay Hian	ST Engineering	3.78	4.05	Buy

Stock calls for 3 February 2022

Date	Analyst	Company	Last	Target	Call	Valuation
02/03/22	Kim Eng	AEM	4.51	6.23	Buy
02/03/22	UOB Kay Hian	ART	1.02	1.29	Buy	DDM
02/03/22	Kim Eng	Aztech	0.845	1.26	Buy
02/03/22	UOB Kay Hian	Aztech	0.845	1.55	Buy
02/03/22	UOB Kay Hian	Capitaland Integrated Commercial Trust	1.94	2.45	Buy	DDM
02/03/22	Lim & Tan	Capitaland Investment	3.45	4	Accumulate
02/03/22	DBS Vickers	CapitaRetail China	1.18	1.6	Buy
02/03/22	OCBC	CDL Hospitality	1.13	1.3	Buy
02/03/22	DMG & Partners	China Aviation Oil	0.935	1.09	Buy
02/03/22	Kim Eng	Frencken	1.64	2.5	Buy
02/03/22	Lim & Tan	Overseas Edu	0.255	0	Hold
02/03/22	CIMB	Sembcorp Industries	2.28	2.96	Add	Sum of parts
02/03/22	Lim & Tan	Singtel	2.43	3.11	Accumulate
02/03/22	Kim Eng	UMS	1.2	1.71	Buy

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US ISM PMI declined in January 2022 as projected.

We had projected the ISM PMI to decline in January 2022.

http://sg-stock.blogspot.com/2022/01/us-ism-pmi-declined-in-december-2021-as.html

The prices subindex had increased to 76.1 (+7.9) which was a significant rise because of imported inflation and rising employment costs. However, the high inflation was causing the producers to reduce their inventories to 53.2 (-1.4).

The easing in the supply disruptions helped the producers to increase their imports (55.1, +1.3) and reduce the delay in supplier’s deliveries to 64.6 (-0.3) since a lower number indicated faster deliveries.

The producers reduced their inventories (53.2, -1.4) because they saw reduction in new order (57.9, -3.1), particularly from new local order (Est’d -3.2) because the consumers cut back on their purchases due to high US inflation.

The producers increased their employment (54.5, +0.6) to maintain a slightly lower production (57.8, -1.6) in order to increase their low customers’ inventories (33, +1.3). Subsequently, the continuous reduction in new order had caused the backlog of order to decrease to 56.4 (-6.4) since the producers had fewer orders to fulfill.

All the above factors caused the PMI to decrease to 57.6 (-6.4) in January 2022 and this decline was being projected in our earlier PMI analysis.

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

The ISM PMI sub-indices also indicated a weakening PMI in the future and we would like to highlight 2 important sub-indices below.

The new order subindex was showing 75% of the producers didn't expect the orders would rise in the future.

The employment subindex was showing that at least 80% of the producers didn't expect an increase in employment in the future.

Last but not least, the US would have a downward PMI trend in 2022 as projected below.

http://sg-stock.blogspot.com/2022/01/analyses-of-us-main-street-economic_20.html