HRnet Group - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/07/22	CIMB	HRnetGroup	0.78	1.15	Add
08/12/22	Kim Eng	HRnetGroup	0.775	1.07	Buy	PER15x FY23
08/15/22	Phillip	HRnetGroup	0.79	1.18	Buy	PER12x FY22, Ex-cash
08/15/22	CIMB	HRnetGroup	0.79	1.08	Add	PER15.7x FY23
08/17/22	DMG & Partners	HRnetGroup	0.79	1.01	Buy	PER14x FY22
09/16/22	DBS Vickers	HRnetGroup	0.78	1.08	Buy	PER11.5x FY22/23, Ex-cash
09/20/22	DMG & Partners	HRnetGroup	0.785	1.01	Buy	PER14x FY22
10/04/22	DBS Vickers	HRnetGroup	0.74	1.08	Buy
10/10/22	Kim Eng	HRnetGroup	0.75	1.07	Buy	PER15x FY23
01/05/23	Phillip	HRnetGroup	0.8	1.18	Buy
01/05/23	CIMB	HRnetGroup	0.8	1	Add
02/24/23	DBS Vickers	HRnetGroup	0.815	1.08	Buy
02/24/23	Kim Eng	HRnetGroup	0.815	1.04	Buy	PER15x FY23
02/27/23	Phillip	HRnetGroup	0.81	0.98	Buy	PER12x FY23 Ex-cash
03/07/23	DMG & Partners	HRnetGroup	0.815	1	Buy	PER14x FY23
03/07/23	DBS Vickers	HRnetGroup	0.815	1.07	Buy	PER11.5x FY23
04/18/23	Kim Eng	HRnetGroup	0.805	1.04	Buy
04/25/23	Kim Eng	HRnetGroup	0.78	0.85	Hold	PER15x FY23
06/26/23	CIMB	HRnetGroup	0.775	0.8	Hold	PER13x FY24
06/28/23	DBS Vickers	HRnetGroup	0.755	0.86	Hold	PER10x FY23/24 Ex-cash
08/11/23	DBS Vickers	HRnetGroup	0.73	0.86	Hold
08/14/23	Phillip	HRnetGroup	0.745	0.88	Buy	PER12x FY23, Ex-cash
08/14/23	Kim Eng	HRnetGroup	0.745	0.8	Hold
08/14/23	DMG & Partners	HRnetGroup	0.745	0.91	Buy
09/20/23	DMG & Partners	HRnetGroup	0.75	0.91	Buy

Hour Glass - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/03/22	DBS Vickers	Hour Glass	1.97	2.12	Hold	PER9x FY23/24
05/26/23	DBS Vickers	Hour Glass	2	2.12	Hold

Stock calls for 3 October 2023.

Date	Analyst	Company	Last	Target	Call	Valuation
10/03/23	DMG & Partners	Delfi	1.25	1.65	Buy	PER13x FY24
10/03/23	Kim Eng	Dyna-Mac	0.4	0.51	Buy
10/03/23	DBS Vickers	Keppel Corp	6.78	8.3	Buy
10/03/23	Citi Research	OCBC	12.8	12.7	Neutral	GGM, PB1x FY24
10/03/23	DBS Vickers	Raffles Medical	1.26	1.48	Hold
10/03/23	Lim & Tan	Raffles Medical	1.26	1.71	Buy
10/03/23	DBS Vickers	Sembcorp Industries	5.17	7.15	Buy
10/03/23	Lim & Tan	Singtel	2.44	0	Accumulate

The ISM PMI has been in a contractionary phase for 11 consecutive months already.

PMI analysis:

The prices subindex had fallen significantly to 43.8 (-4.6) because the producers used more local raw material (Est’d +1.6) compared to imports (48.2, +0.2) and the continual improvement in supplier’s deliveries (46.4, -2.2).  The producers boosted their inventories (45.8, +1.8), employment (51.2, +2.7) and production (52.5, +2.5) to meet the increment in new order (49.2, +2.4).  The increase in new order was caused by increments in new export order (47.4, +0.9) and new local order (Est’d +1.5) and depleted the customers’ inventories (47.1, -1.6).  The backlog of order decreased to 42.4 (-1.7) because of the increase in production.  Overall, the PMI increased to 49 (+1.4) but it was still in a contractionary phase (below 50).  Thus, the US economy is set to enter into a recession because the US consumers have depleted their pandemic savings.

Hotel Properties - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/23	DBS Vickers	Hotel Properties	3.54	4.35	Buy	RNAV (25% disc)
03/02/23	DBS Vickers	Hotel Properties	3.55	4.35	Buy	RNAV (25% disc)
06/13/23	DBS Vickers	Hotel Properties	3.91	4.35	Buy	RNAV (25% disc)
08/29/23	DBS Vickers	Hotel Properties	3.9	4.35	Buy	RNAV (25% disc)