Singapore Stock Exchange - Equity Investments

Thursday, June 2, 2022

BRC Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/24/21	Lim & Tan	BRC Asia	1.48	1.9	Accumulate
08/06/21	CIMB	BRC Asia	1.46	1.9	Add
08/06/21	Lim & Tan	BRC Asia	1.46	1.9	Accumulate
08/11/21	UOB Kay Hian	BRC Asia	1.51	2	Buy
08/30/21	Phillip	BRC Asia	1.52	1.79	Buy	PER11x FY22
09/21/21	UOB Kay Hian	BRC Asia	1.48	1.76	Buy
12/06/21	UOB Kay Hian	BRC Asia	1.49	1.76	Buy
12/07/21	CIMB	BRC Asia	1.5	2.1	Add
12/09/21	Phillip	BRC Asia	1.54	1.84	Buy	PER11x FY22
12/10/21	UOB Kay Hian	BRC Asia	1.56	1.91	Buy	PER8.8x FY22
01/03/22	UOB Kay Hian	BRC Asia	1.54	1.76	Buy
01/11/22	Lim & Tan	BRC Asia	1.54	2	Accumulate
01/27/22	CIMB	BRC Asia	1.56	2.1	Add
02/10/22	CIMB	BRC Asia	1.64	2.1	Add
02/11/22	Lim & Tan	BRC Asia	1.7	2	Accumulate
02/14/22	Phillip	BRC Asia	1.68	1.84	Buy	PER11x FY22
02/16/22	UOB Kay Hian	BRC Asia	1.69	2.02	Buy	PER8.8x FY22
03/14/22	Lim & Tan	BRC Asia	1.58	0	Buy
05/05/22	CIMB	BRC Asia	1.65	2.1	Add
05/12/22	CIMB	BRC Asia	1.65	2.5	Add
05/20/22	Phillip	BRC Asia	1.69	2.26	Buy	PER8x FY22
05/27/22	UOB Kay Hian	BRC Asia	1.7	2.15	Buy	PER7x FY22
05/31/22	SAC Capital	BRC Asia	1.77	1.92	Hold

Boustead Projects - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/16/21	CIMB	Boustead Projects	0.99	1.4	Add

Stock calls for 1 June 2022

Date	Analyst	Company	Last	Target	Call	Valuation
06/01/22	DMG & Partners	A-Reit	2.79	3.6	Buy
06/01/22	UOB Kay Hian	ART	1.16	1.32	Buy
06/01/22	DMG & Partners	Bumitama	0.725	0.95	Buy
06/01/22	DMG & Partners	City Developments	8.26	9.75	Buy
06/01/22	DMG & Partners	Comfortdelgro	1.44	1.77	Buy
06/01/22	CIMB	DBS	30.94	40.2	Add
06/01/22	DMG & Partners	DBS	30.94	38.1	Buy
06/01/22	DMG & Partners	ESR-Reit	0.41	0.53	Buy
06/01/22	UOB Kay Hian	Far East Hospitality	0.65	0.82	Buy
06/01/22	DMG & Partners	Food Empire	0.54	0.95	Buy
06/01/22	UOB Kay Hian	Frasers Centrepoint Trust	2.34	2.96	Buy
06/01/22	DMG & Partners	Genting	0.78	0.95	Buy
06/01/22	DMG & Partners	HRnetGroup	0.725	1.01	Buy
06/01/22	Lim & Tan	Keppel Corp	6.89	7.6	Accumulate
06/01/22	UOB Kay Hian	Lendlease Reit	0.82	1.01	Buy
06/01/22	DBS Vickers	MM2 Asia	0.056	0.06	Hold	Sum of parts
06/01/22	CIMB	OCBC	11.83	14.2	Add
06/01/22	UOB Kay Hian	SATS	4.38	4.75	Buy	DCF
06/01/22	DBS Vickers	SATS	4.38	4.5	Hold	PER30x FY23/24
06/01/22	Kim Eng	Singtel	2.59	3.02	Buy
06/01/22	OCBC	Singtel	2.59	3.06	Buy
06/01/22	CIMB	Singtel	2.59	3.2	Add
06/01/22	DMG & Partners	Singtel	2.59	3.55	Buy
06/01/22	Lim & Tan	Singtel	2.59	0	Buy
06/01/22	DMG & Partners	ST Engineering	4.11	4.8	Buy
06/01/22	DMG & Partners	Thai Beverage	0.695	0.97	Buy
06/01/22	CIMB	UOB	29.51	35.6	Add
06/01/22	DMG & Partners	Venture	17.92	22.75	Buy

Wednesday, June 1, 2022

Analyses of US main street economic indicators. - Part 9

Let's take a look at some recent economic data again.

The 1-year inflation expectation has started to go down to around 6% but the 3-year inflation expectation is rising towards 4% whilst the 5-year inflation expectation is relatively stable.

Why is the 1-year inflation expectation falling? We believe that the fall is due to the easing in supply disruption as shown in the turnaround in the logistics sector.

The shipping capacity had increased which meant that the freight rates would be lowered.

The number of container ships waiting at the ports had declined which meant that the cargo backlog had eased.

The high US inflation had caused consumer sentiment to fall quite significantly as shown below.

The real spending rose because of the high prices but the actual consumption had declined to 6.3%.

The core personal consumption expenditure (PCE) had also fallen which showed that the consumers had cut back on their spending across the board and the cutbacks were not specifically targeted.

The decline in PCE will also cause PMI to fall accordingly as the producers are less inclined to produce in anticipation of weaker demand ahead. As such, the GDP will also be affected negatively.