Overseas Education - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/23/23	Lim & Tan	Overseas Edu	0.26	0	Hold
04/24/23	Lim & Tan	Overseas Edu	0.25	0	Hold

Stock calls for 2 August 2023

Date	Analyst	Company	Last	Target	Call	Valuation
08/02/23	Amfrasers	AEM	3.75	4.15	Buy
08/02/23	Lim & Tan	ART	1.12	0	Hold
08/02/23	Uob Kay Hian	Capitaland Integrated Commercial Trust	2.04	2.2	Buy	DDM
08/02/23	DBS Vickers	Capitaland Integrated Commercial Trust	2.04	2.3	Buy
08/02/23	DMG & Partners	Capitaland Integrated Commercial Trust	2.04	2	Neutral	DDM
08/02/23	Lim & Tan	Capitaland Integrated Commercial Trust	2.04	0	Hold
08/02/23	Citi Research	Dairy Farm	2.64	3.28	Buy
08/02/23	DMG & Partners	Dairy Farm	2.64	2.92	Neutral	Sum of parts
08/02/23	CIMB	Far East Hospitality	0.645	0.77	Add
08/02/23	Kim Eng	Far East Hospitality	0.645	0.8	Buy
08/02/23	DBS Vickers	Frasers Logistics	1.24	1.55	Buy
08/02/23	Kim Eng	LHN	0.38	0.54	Buy
08/02/23	CIMB	OUE Commercial	0.295	0.36	Hold	DDM
08/02/23	phillip	Raffles Medical	1.32	1.76	Buy	DCF
08/02/23	CIMB	Raffles Medical	1.32	1.77	Add
08/02/23	Kim Eng	Raffles Medical	1.32	1.65	Buy

The US PMI has contracted for 9 consecutive months already!

The prices subindex had increased to 42.6 (+0.8) because of persistently high core PCE.  Despite the higher new order, the producers were pessimistic about the economic outlook and cut back on their employment (44.4, -3.7).  There was no supply and logistic disruption anymore as indicated by the low supplier’s deliveries (46.1, +0.4).

The new order (47.3, +1.7) increased because of higher new local order (Est’d +2.8) versus the lower new export order (46.2, -1.1).  The producers increased their inventories (46.1, +2.1), local raw material (Est’d +1.8) and import (49.6, +0.3) to meet the higher new local order, and also increased their production (48.3, +1.6) and customers’ inventories (48.7, +2.5).  The backlog of order increased to 42.8 (+4.1) because the production couldn’t fulfil the higher new order.

Overall, the PMI increased to 46.4 (+0.4) but it was still in a contractionary phase.  Thus, the US economy is still set to enter into a recession because the US consumers have depleted their pandemic savings.

OUE Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/26/22	DBS Vickers	OUE Commercial	0.39	0.5	Buy
07/27/22	DBS Vickers	OUE Commercial	0.39	0.41	Hold
08/02/22	CIMB	OUE Commercial	0.38	0.39	Hold
11/07/22	DBS Vickers	OUE Commercial	0.32	0.35	Hold
01/31/23	DBS Vickers	OUE Commercial	0.37	0.35	Hold
02/02/23	CIMB	OUE Commercial	0.355	0.36	Hold
05/05/23	DBS Vickers	OUE Commercial	0.33	0.35	Hold
07/27/23	DBS Vickers	OUE Commercial	0.305	0.35	Hold