Stock calls for 4 March 2024

Date	Analyst	Company	Last	Target	Call	Valuation
03/04/24	CIMB	APAC Realty	0.44	0.54	Add	DCF
03/04/24	Phillip	Capitaland Investment	2.71	3.38	Buy	Sum of parts
03/04/24	Phillip	China Aviation Oil	0.905	1.05	Buy	DCF
03/04/24	UOB Kay Hian	Civmec	0.74	1.23	Buy	PER11x FY24
03/04/24	UOB Kay Hian	Comfortdelgro	1.36	1.58	Buy	PER15x FY24
03/04/24	phillip	Comfortdelgro	1.36	1.63	Buy	DCF
03/04/24	UOB Kay Hian	Delfi	0.965	1.07	Hold	PER11x FY24
03/04/24	DMG & Partners	Food Empire	1.44	1.75	Buy	PER11x FY24
03/04/24	UOB Kay Hian	Mapletree Industrial	2.26	2.98	Buy	DDM
03/04/24	UOB Kay Hian	Marco Polo	0.055	0.07	Buy	PER9x FY24
03/04/24	phillip	Propnex	0.865	0.97	Accumulate	DCF
03/04/24	UOB Kay Hian	SATS	2.66	3.22	Buy	PER16.8x FY26
03/04/24	phillip	SATS	2.66	2.31	Reduce	DCF
03/04/24	UOB Kay Hian	Sembcorp Industries	5.09	7.49	Buy	PER13.6x
03/04/24	UOB Kay Hian	Singtel	2.34	2.99	Buy	DCF
03/04/24	Phillip	ST Engineering	3.97	4.5	Accumulate
03/04/24	DMG & Partners	ST Engineering	3.97	4.5	Buy	Sum of parts
03/04/24	Lim & Tan	ST Engineering	3.97	0	Accumulate
03/04/24	UOB Kay Hian	Venture	14	16.37	Buy	PER17x FY24

Baltic dry index - 2203

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 629

Related stock: Seatrium & Cosco.

US ISM PMI had continued to contract in February 2024.

 PMI: 47.8

PMI process chart:

From the PMI process chart, we could see that there was a significant drop in new local order (est'd -9.7) which caused the new order to drop to 49.2 (-3.3).  This drop in local consumption corroborated with our earlier warning for the waning US consumption (see below).

https://sg-stock.blogspot.com/2024/02/warning-us-consumption-had-started-to.html

The US PMI had been contracting for the the past 16 months and this would definitely impact the US economy.  The recession risk will get higher as the PMI contracts over a longer period.

Hour Glass - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/26/23	DBS Vickers	Hour Glass	2	2.12	Hold

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)