A-Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/22	DMG & Partners	A-Reit	2.87	3.6	Buy
02/09/22	CIMB	A-Reit	2.8	3.2	Add	DDM
02/09/22	DBS Vickers	A-Reit	2.8	3.65	Buy
02/09/22	Jefferies	A-Reit	2.8	3.25	Buy
02/09/22	Kim Eng	A-Reit	2.8	3.65	Buy	DDM
02/09/22	Lim & Tan	A-Reit	2.8	3.41	Accumulate on weakness
02/09/22	UOB Kay Hian	A-Reit	2.8	3.92	Buy	DDM
02/11/22	OCBC	A-Reit	2.89	3.63	Buy
02/21/22	Phillip	A-Reit	2.83	3.52	Buy	DDM
02/21/22	Citi Research	A-Reit	2.83	3.16	Buy
03/03/22	OCBC	A-Reit	2.83	3.63	Buy
04/07/22	Lim & Tan	A-Reit	2.95	3.29	Hold
05/05/22	DBS Vickers	A-Reit	2.82	3.65	Buy
05/05/22	CIMB	A-Reit	2.82	3.2	Add	DDM
05/05/22	DMG & Partners	A-Reit	2.82	3.6	Buy	DDM
05/05/22	Lim & Tan	A-Reit	2.82	3.29	Accumulate
06/01/22	DMG & Partners	A-Reit	2.79	3.6	Buy
06/01/22	OCBC	A-Reit	2.79	3.43	Buy
06/03/22	DBS Vickers	A-Reit	2.79	3.65	Buy
07/08/22	DMG & Partners	A-Reit	2.89	3.6	Buy	DDM
08/03/22	UOB Kay Hian	A-Reit	2.96	3.45	Buy	DDM
08/03/22	DBS Vickers	A-Reit	2.96	3.65	Buy
08/03/22	DMG & Partners	A-Reit	2.96	3.6	Buy	DDM
08/05/22	Kim Eng	A-Reit	3.02	3.5	Buy
08/05/22	OCBC	A-Reit	3.02	3.34	Buy
09/15/22	DBS Vickers	A-Reit	2.86	3.65	Buy
09/15/22	CIMB	A-Reit	2.86	3.21	Add
09/15/22	Citi Research	A-Reit	2.86	3.16	Buy
09/21/22	DMG & Partners	A-Reit	2.82	3.6	Buy	DDM
09/28/22	Lim & Tan	A-Reit	2.7	3.2	Buy
09/28/22	UOB Kay Hian	A-Reit	2.7	3.21	Buy
10/03/22	UOB Kay Hian	A-Reit	2.69	3.7	Buy	DDM
10/07/22	Kim Eng	A-Reit	2.69	3.5	Buy	DDM
10/26/22	DMG & Partners	A-Reit	2.51	3.6	Buy
11/01/22	DBS Vickers	A-Reit	2.62	3.4	Buy
11/01/22	CIMB	A-Reit	2.62	2.98	Add	DDM
11/01/22	DMG & Partners	A-Reit	2.62	3.15	Buy	DDM
11/01/22	Lim & Tan	A-Reit	2.62	3.12	Buy
11/28/22	CLSA	A-Reit	2.71	3.2	Buy	Up from $2.90

Yoma - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/25/21	Phillip	Yoma	0.129	0.12	Neutral	PB0.45x

Yanlord - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/20/21	OCBC	Yanlord	1.19	1.2	Hold
01/07/22	DBS Vickers	Yanlord	1.14	1.25	Hold	PER4.4x
01/24/22	OCBC	Yanlord	1.14	1.16	Hold
03/03/22	DBS Vickers	Yanlord	1.2	1.43	Buy	PER4.9x FY22
03/07/22	OCBC	Yanlord	1.2	1.44	Buy
06/09/22	OCBC	Yanlord	1.08	1.37	Buy
09/20/22	DBS Vickers	Yanlord	1.04	1.43	Buy

Stock calls for 5 December 2022

Date	Analyst	Company	Last	Target	Call	Valuation
12/05/22	Phillip	BRC Asia	1.83	2.3	Buy	PER7x FY22
12/05/22	DMG & Partners	Frasers Centrepoint Trust	2.01	2.09	Neutral	DDM
12/05/22	DBS Vickers	Union Gas	0.46	0.48	Hold	PER24x FY23
12/05/22	CIMB	SATS	2.67	3.17	Add
12/05/22	phillip	SGX	9.13	11.71	Buy
12/05/22	Phillip	Thai Beverage	0.64	0.8	Buy	PER18x F23

US ISM PMI is having a downtrend for 2022.

From this table, we could tell that the November PMI was being supported by new export orders but the overall new orders still declined.  This meant that the local consumer demand had deteriorated significantly due to the high inflation.  Many of the subcomponents of the PMI index had continued to worsen.  Thus, the ISM PMI will continue to fall unless there is a reversal in consumer spending which won't happen soon.

ISM PMI line chart 2022

Baltic dry index - 1324

Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 784

Related stock: Sembcorp Marine & Cosco.

This chart tells you why the world needs china more than the US.

The world bank had stated recently that China contributed 38.6% per se to world economic growth compared to 25.7% by G7.

The US only contributed 18.6% despite being the largest economy in the world? Why?

This is because the US has been adopting coercive economic policies which are detrimental to world growth.  The recent example was the US chips act which prevented western chips companies from dealing with China.

As the US continues to isolate itself, China will continue to boost worldwide economic growth and make more countries dependent on China.

Is co-exist policy or zero covid policy better? The truth is out! - Part 2.

Harvard economist had tabulated the total economic cost of long covid.  This is an underestimated calculation because there are about 100m cases now in the US.

https://sg-stock.blogspot.com/2022/10/is-co-exist-policy-or-zero-covid-policy.html

Recent economic updates.

 The September dot plot showed that the Fed would hike its rate by 50bp.

The MLIV survey showed that stagflation was the major concern in 2023 for investors.

Yangzijiang Financial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/07/22	CIMB	Yangzijiang Financial	0.54	0.74	Add	PER9x & PB0.6x FY23
06/09/22	UOB Kay Hian	Yangzijiang Financial	0.525	0.91	Not Rated	PB0.84x
06/09/22	Lim & Tan	Yangzijiang Financial	0.525	0.74	Buy
07/13/22	Lim & Tan	Yangzijiang Financial	0.42	0.74	Buy
08/15/22	CIMB	Yangzijiang Financial	0.39	0.74	Add
11/23/22	Lim & Tan	Yangzijiang Financial	0.34	0.74	Buy