Stock calls for 3 July 2023

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/23	UOB Kay Hian	A-Reit	2.72	3.3	Buy
07/03/23	UOB Kay Hian	ART	1.08	1.39	Buy
07/03/23	DMG & Partners	Cromwell EUR	1.56	2.15	Buy	DDM
07/03/23	phillip	DBS	31.51	41.6	Buy
07/03/23	UOB Kay Hian	Frasers Logistics	1.25	1.56	Buy
07/03/23	DMG & Partners	Keppel Pacific	0.315	0.64	Buy	DDM
07/03/23	Lim & Tan	LHN	0.365	0.5	Buy	PER7.5x FY23
07/03/23	UOB Kay Hian	Mapletree Industrial	2.21	2.82	Buy
07/03/23	UOB Kay Hian	Mapletree Logistics	1.62	1.99	Buy	DDM
07/03/23	phillip	OCBC	12.28	14.96	Buy
07/03/23	CIMB	Raffles Medical	1.36	1.75	Add	EV/Ebitda24x FY24
07/03/23	UOB Kay Hian	UOB	28	35.7	Buy

US core PCE inflation shows that the US won't achieve its 2% inflation target in 2023.

US PCE inflation (yoy): 3.8%

US core PCE inflation (yoy): 4.6%

US core PCE (m-o-m): 0.3%

The average month-on-month core PCE was 0.4% for the past 5 months and the full year core PCE would be {[(1.004)^12]-1}*100% = 4.9%.  Thus, it is impossible for the US to achieve its 2% inflation target in 2023 unless there is a significant reduction in inflation which is caused by a recession.

Baltic dry index -1091

Related stock: Sembcorp Marine, Cosco & Pan Ocean.

US rig count (weekly) - 682

Related stock: Sembcorp Marine & Cosco.

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/01/22	UOB Kay Hian	Far East Hospitality	0.64	0.77	Buy
07/29/22	Lim & Tan	Far East Hospitality	0.65	0.73	Buy
08/01/22	Kim Eng	Far East Hospitality	0.64	0.8	Buy	DDM
08/02/22	UOB Kay Hian	Far East Hospitality	0.64	0.83	Buy
08/05/22	DBS Vickers	Far East Hospitality	0.64	0.78	Buy
09/28/22	UOB Kay Hian	Far East Hospitality	0.605	0.77	Buy
10/10/22	CIMB	Far East Hospitality	0.595	0.8	Add
10/27/22	Lim & Tan	Far East Hospitality	0.565	0.74	Accumulate
10/28/22	DBS Vickers	Far East Hospitality	0.58	0.7	Buy
11/08/22	CIMB	Far East Hospitality	0.61	0.73	Add
11/28/22	UOB Kay Hian	Far East Hospitality	0.62	0.71	Buy	DDM
12/06/22	Kim Eng	Far East Hospitality	0.62	0.8	Buy
01/03/23	UOB Kay Hian	Far East Hospitality	0.62	0.71	Buy
01/20/23	CIMB	Far East Hospitality	0.65	0.73	Add
02/10/23	Kim Eng	Far East Hospitality	0.67	0.8	Buy	DDM
02/14/23	DBS Vickers	Far East Hospitality	0.665	0.7	Buy
02/14/23	Lim & Tan	Far East Hospitality	0.665	0.72	Hold
02/15/23	UOB Kay Hian	Far East Hospitality	0.67	0.71	Buy	DDM
02/15/23	DBS Vickers	Far East Hospitality	0.67	0.74	Buy	DCF
02/15/23	CIMB	Far East Hospitality	0.67	0.79	Add
03/15/23	OCBC	Far East Hospitality	0.605	0.68	Buy
03/23/23	Lim & Tan	Far East Hospitality	0.575	0.74	Buy
04/25/23	CIMB	Far East Hospitality	0.61	0.79	Add
04/28/23	DBS Vickers	Far East Hospitality	0.61	0.74	Buy
05/02/23	Kim Eng	Far East Hospitality	0.62	0.8	Buy
05/09/23	Citi Research	Far East Hospitality	0.625	0.7	Buy	Sum of parts
06/30/23	CIMB	Far East Hospitality	0.615	0.79	Add