Valuetronics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/01/21	CIMB	Valuetronics	0.625	0.504	Reduce
06/01/21	DBS Vickers	Valuetronics	0.625	0.6	Hold	PER9.7x FY22
06/01/21	DMG & Partners	Valuetronics	0.625	0.55	Sell
06/01/21	Kim Eng	Valuetronics	0.625	0.6	Hold
06/01/21	UOB Kay Hian	Valuetronics	0.625	0.66	Hold
11/11/21	CIMB	Valuetronics	0.57	0.533	Reduce
11/11/21	DBS Vickers	Valuetronics	0.57	0.55	Hold	PER11x FY22
11/11/21	Kim Eng	Valuetronics	0.57	0.5	Sell
11/11/21	UOB Kay Hian	Valuetronics	0.57	0.52	Hold	PER12x FY22
11/22/21	DMG & Partners	Valuetronics	0.56	0.51	Sell
02/04/22	Kim Eng	Valuetronics	0.53	0.5	Sell
03/17/22	DMG & Partners	Valuetronics	0.51	0.51	Sell
05/27/22	DBS Vickers	Valuetronics	0.52	0.51	Hold	PER11x FY22
05/27/22	Lim & Tan	Valuetronics	0.52	0.52	Neutral
06/07/22	UOB Kay Hian	Valuetronics	0.525	0.52	Hold	PER11x FY23
06/07/22	DMG & Partners	Valuetronics	0.53	0.53	Neutral	DCF
07/22/22	DMG & Partners	Valuetronics	0.54	0.53	Neutral

Stock calls for 25 August 2022

Date	Analyst	Company	Last	Target	Call	Valuation
08/25/22	Kim Eng	ESR-Reit	0.41	0.55	Buy
08/25/22	Lim & Tan	Keppel Corp	7.01	8.69	Accumulate
08/25/22	UOB Kay Hian	Singtel	2.62	2.9	Buy	DCF
08/25/22	DMG & Partners	Singtel	2.62	3.55	Buy	Sum of parts
08/25/22	Lim & Tan	Singtel	2.62	3.15	Accumulate	PB2x

Updates on recent economic indicators. - Part 3

Things are not looking great for the global economy.  Let's take a look at the global chip sales first.

The chip sales have started to decline in nominal and percentage values.

The largest economy (Germany) in the EU has a sky-high inflation problem.  The PPI-CPI gap is so wide that it is indicating German producers can't earn a decent margin.

France and Germany's PMIs are contracting because of rising prices as consumers cut back their spending.

What about the EU?  The EU PMI is also contracting too.

What about the US then?

Well, the S&P Global US Composite and Services PMIs are already in the contraction zones.

UOL - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/01/21	CIMB	UOL	7.39	7.91	Add	RNAV
06/07/21	CIMB	UOL	7.37	8	Add	RNAV
06/21/21	Macquarie	UOL	7.27	9.4	Outperform	RNAV
08/13/21	Lim & Tan	UOL	7.23	0	Accumulate
08/13/21	OCBC	UOL	7.23	9.27	Buy	RNAV
09/16/21	CIMB	UOL	6.96	8	Add	RNAV
10/04/21	Macquarie	UOL	6.79	9.4	Outperform	RNAV
10/06/21	DBS Vickers	UOL	6.84	8.4	Buy	RNAV (30% discount)
10/18/21	CIMB	UOL	7.27	8	Add	RNAV
12/16/21	CIMB	UOL	7.1	8	Add
12/17/21	OCBC	UOL	7.04	9.27	Buy
12/24/21	Citi Research	UOL	6.99	8.87	Buy	RNAV (25% disc)
01/18/22	CIMB	UOL	7.11	8	Add
02/24/22	OCBC	UOL	7.24	9.27	Buy
03/01/22	CIMB	UOL	6.98	8	Add	RNAV
03/01/22	DBS Vickers	UOL	6.98	8.4	Buy
04/04/22	CIMB	UOL	7.06	8	Add	RNAV
05/18/22	CIMB	UOL	7.13	8	Add	RNAV
06/08/22	CIMB	UOL	7.35	8	Add	RNAV
06/15/22	DBS Vickers	UOL	7.2	8.4	Buy
07/18/22	CIMB	UOL	7.17	8	Add	RNAV
07/19/22	OCBC	UOL	7.29	8.56	Buy	RNAV
07/25/22	DBS Vickers	UOL	7.34	8.4	Buy	RNAV
08/15/22	DBS Vickers	UOL	7.34	8.4	Buy
08/15/22	CIMB	UOL	7.34	8	Add	RNAV
08/22/22	OCBC	UOL	7.39	8.52	Buy

UOB-Kay Hian - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/08/22	Lim & Tan	UOB-Kay Hian	1.65	0	Accumulate