OCBC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/08/23	JPM	OCBC	12.65	11.5	Underweight
05/10/23	DBS Vickers	OCBC	12.25	13	Hold
05/10/23	Lim & Tan	OCBC	12.25	14.88	Accumulate
05/11/23	UOB Kay Hian	OCBC	12.32	17.32	Buy	GGM, PB1.42x FY23
05/11/23	CIMB	OCBC	12.32	13.5	Add	GGM
05/11/23	DMG & Partners	OCBC	12.32	14	Buy	GGM, PB1.05x FY23
05/12/23	phillip	OCBC	12.3	14.96	Buy	GGM, PB1.29x FY22
05/18/23	CLSA	OCBC	12.13	16.2	Buy
05/19/23	Citi Research	OCBC	12.14	12.2	Hold
05/19/23	Kim Eng	OCBC	12.14	13.19	Hold
05/31/23	CIMB	OCBC	12.27	13.5	Add
06/12/23	Citi Research	OCBC	12.39	12.5	Hold
07/03/23	phillip	OCBC	12.28	14.96	Buy
07/04/23	DBS Vickers	OCBC	12.31	13	Hold	GGM, PB1x FY24
07/04/23	Citi Research	OCBC	12.31	12.5	Hold
07/05/23	Lim & Tan	OCBC	12.35	14	Accumulate
07/05/23	DMG & Partners	OCBC	12.35	13.2	Neutral	GGM, PB1x FY23
07/06/23	UOB Kay Hian	OCBC	12.23	17.32	Buy	GGM, PB1.42x FY23
07/13/23	UOB Kay Hian	OCBC	12.15	17.5	Buy
07/19/23	Kim Eng	OCBC	12.47	13.19	Hold
07/20/23	Citi Research	OCBC	12.64	12.7	Neutral
08/04/23	DBS Vickers	OCBC	13.04	13	Hold
08/04/23	Lim & Tan	OCBC	13.04	14	Accumulate
08/07/23	UOB Kay Hian	OCBC	13.04	18.22	Buy	GGM, PB1.45x FY24
08/07/23	DMG & Partners	OCBC	13.04	13.7	Neutral	GGM, PB1x FY23
08/07/23	DBS Vickers	OCBC	13.04	13.7	Hold	GGM, PB1x FY24
08/08/23	phillip	OCBC	13.02	14.96	Buy	GGM, PB1.29 FY22
08/08/23	CIMB	OCBC	13.02	14	Add
08/08/23	Citi Research	OCBC	13.02	12.7	Neutral
08/10/23	CLSA	OCBC	13.16	16.2	Overweight
09/04/23	UOB Kay Hian	OCBC	12.55	18.22	Buy	GGM, PB1.45x FY24
09/08/23	phillip	OCBC	12.6	14.96	Buy
09/08/23	Kim Eng	OCBC	12.6	13.6	Hold	DDM
10/02/23	CIMB	OCBC	12.81	14	Add
10/03/23	Citi Research	OCBC	12.8	12.7	Neutral	GGM, PB1x FY24
10/06/23	UOB Kay Hian	OCBC	12.75	18.22	Buy
10/13/23	phillip	OCBC	12.98	14.96	Buy
10/16/23	DBS Vickers	OCBC	12.98	13.19	Hold
10/17/23	DMG & Partners	OCBC	13	13.7	Neutral
10/18/23	UOB Kay Hian	OCBC	13.07	17.65	Buy	GGM, PB1.42x FY24
11/10/23	DBS Vickers	OCBC	13.06	13.7	Hold	GGM, PB1x FY24
11/10/23	Lim & Tan	OCBC	13.06	14.4	Accumulate
11/14/23	UOB Kay Hian	OCBC	12.97	17.35	Buy	GGM, PB1.42x FY24
11/14/23	phillip	OCBC	12.97	14.96	Buy	GGM, PB1.29x FY22
11/15/23	DMG & Partners	OCBC	12.95	13.7	Neutral
11/15/23	Citi Research	OCBC	12.95	13	Neutral
11/15/23	UBS	OCBC	12.95	12.97	Neutral
11/15/23	Kim Eng	OCBC	12.95	13.83	Hold	DDM
12/05/23	UOB Kay Hian	OCBC	12.64	17.35	Buy
01/02/24	UOB Kay Hian	OCBC	13	16.85	Buy
01/08/24	phillip	OCBC	12.97	14.96	Buy
01/22/24	UOB Kay Hian	OCBC	12.91	17	Buy	GGM, PB1.31x FY25, PB1.42x FY24
01/24/24	CIMB	OCBC	12.9	14	Add
01/30/24	DMG & Partners	OCBC	12.88	13.7	Neutral
02/01/24	Lim & Tan	OCBC	12.89	0	Accumulate
02/13/24	DBS Vickers	OCBC	12.95	13.7	Hold	GGM, PB1x FY24
02/19/24	UOB Kay Hian	OCBC	13.26	17	Buy
02/19/24	phillip	OCBC	13.26	14.96	Buy
02/19/24	DMG & Partners	OCBC	13.26	13.4	Neutral
02/28/24	CIMB	OCBC	13.31	14	Add	GGM
02/28/24	Lim & Tan	OCBC	13.31	14.2	Accumulate on weakness
02/29/24	UOB Kay Hian	OCBC	13.31	17.22	Buy	GGM, PB1.31x FY25
02/29/24	DBS Vickers	OCBC	13.31	14	Hold	GGM, PB1x FY24
03/01/24	phillip	OCBC	12.98	14.96	Buy	GGM, PB1.29x FY22
03/11/24	DMG & Partners	OCBC	13.18	13.1	Neutral
03/15/24	CIMB	OCBC	13.34	14	Add
04/03/24	UOB Kay Hian	OCBC	13.64	17.22	Buy	GGM, PB1.31x FY25
04/05/24	phillip	OCBC	13.76	14.96	Buy	GGM, PB1.29x FY22
04/05/24	Lim & Tan	OCBC	13.76	14.4	Accumulate on weakness
04/09/24	UOB Kay Hian	OCBC	13.73	18.15	Buy	GGM, PB1.37x FY25
04/15/24	DMG & Partners	OCBC	13.77	13.1	Neutral
04/17/24	DMG & Partners	OCBC	13.51	13.9	Neutral	GGM, PB1.07x FY25
05/03/24	UOB Kay Hian	OCBC	14.34	18.15	Buy	GGM, PB1.31x FY25
05/10/24	DBS Vickers	OCBC	13.91	14	Hold
05/10/24	Lim & Tan	OCBC	13.91	14.77	Hold
05/13/24	UOB Kay Hian	OCBC	14.12	18.1	Buy	GGM, PB1.36x FY25
05/13/24	DBS Vickers	OCBC	14.12	14.9	Hold	GGM, PB1x FY24
05/13/24	phillip	OCBC	14.12	15.4	Accumulate	GGM
05/13/24	DMG & Partners	OCBC	14.12	14.8	Neutral	GGM, PB1.13x

NikkoAM-STC Asia Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/25/24	phillip	NikkoAM-STC Asia Reit	0.766	0.82	Accumulate

Stock calls for 4 June 2024

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/24	Lim & Tan	ART	0.895	1.18	Accumulate
06/04/24	UOB Kay Hian	CDL Hospitality	0.98	1.48	Buy	DDM
06/04/24	DMG & Partners	Delfi	0.855	1.33	Buy	PER13x FY24
06/04/24	UOB Kay Hian	Far East Hospitality	0.63	0.82	Buy	DDM
06/04/24	UOB Kay Hian	Frasers Centrepoint Trust	2.17	2.71	Buy	DDM
06/04/24	UOB Kay Hian	Frasers Logistics	0.99	1.55	Buy	DDM
06/04/24	Lim & Tan	Keppel Corp	6.68	8.31	Accumulate
06/04/24	UOB Kay Hian	Keppel Reit	0.855	1.2	Buy	DDM
06/04/24	UOB Kay Hian	Lendlease Reit	0.55	0.96	Buy
06/04/24	CIMB	Mapletree Commercial	1.25	1.59	Add	DDM
06/04/24	DBS Vickers	SATS	2.84	3.6	Buy	EV/Ebitda8.3x FY25
06/04/24	Citi Research	SATS	2.84	3.01	Buy
06/04/24	UOB Kay Hian	SATS	2.84	3.22	Buy
06/04/24	OCBC	SATS	2.84	3.31	Buy

The US ISM PMI had contracted again in May 2024.

The prices subindex decreased significantly to 57 (-3.9) because of a massive cutback of US consumer spending which was reflected in new local order (Est’d -5.6).  The new local order also caused a dramatic decline in new order that couldn’t be reversed by an increase in new export order (50.6, +1.9).

Due to the dwindling consumer demand, the producers reduced their production (50.2, -1.1) by a smaller magnitude which caused an increase in customers’ inventories (48.3, +0.5) and also reduced some backlog order (42.4, -3).  Simultaneously, the producers also reduced their inventories marginally (47.9, -0.3). 

Overall, the PMI moved back into a contractionary phase (below 50) by decreasing to 48.7 (-0.5).  This contraction also corroborated the recent downward revision in the Q1 2024 GDP (1.3%).