Stock calls for 24 December 2021

Date	Analyst	Company	Last	Target	Call	Valuation
12/24/21	Citi Research	City Developments	6.63	11.02	Buy	RNAV (25% disc)
12/24/21	Citi Research	UOL	6.99	8.87	Buy	RNAV (25% disc)

US core PCE inflation had hit 4.7% in November 2021.

The US FED preferred inflation indicator, core PCE price index, had hit 4.7% in November and it had been rising in 2021.

We will be upgrading our core PCE forecast again from 4% to 5% by the end of 2021.

Hong Leong Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/07/21	CIMB	Hong Leong Asia	0.825	1.18	Add	Sum of parts
04/28/21	UOB Kay Hian	Hong Leong Asia	1.04	1.38	Buy	PER12x FY22
06/07/21	DBS Vickers	Hong Leong Asia	0.965	1.14	Buy	Sum of parts
06/07/21	UOB Kay Hian	Hong Leong Asia	0.965	1.38	Buy
07/02/21	UOB Kay Hian	Hong Leong Asia	0.955	1.38	Buy
08/18/21	DBS Vickers	Hong Leong Asia	0.85	1.02	Buy	Sum of parts
08/19/21	UOB Kay Hian	Hong Leong Asia	0.855	1.38	Buy
08/20/21	CIMB	Hong Leong Asia	0.835	1.05	Add	Sum of parts
09/02/21	CIMB	Hong Leong Asia	0.87	1.05	Add	Sum of parts, PER10.5x CY22
09/24/21	DBS Vickers	Hong Leong Asia	0.81	1.02	Buy
10/22/21	UOB Kay Hian	Hong Leong Asia	0.87	1.38	Buy

Ho Bee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/27/21	UOB Kay Hian	Ho Bee	2.75	3.32	Buy	RNAV (40% discount)
06/11/21	DBS Vickers	Ho Bee	2.95	3.8	Buy	RNAV (40% discount)
06/29/21	Lim & Tan	Ho Bee	2.86	3.6	Accumulate
08/16/21	Lim & Tan	Ho Bee	2.84	3.8	Accumulate
10/06/21	DBS Vickers	Ho Bee	2.82	3.8	Buy
11/10/21	DBS Vickers	Ho Bee	2.83	3.8	Buy
12/16/21	Lim & Tan	Ho Bee	2.8	0	Accumulate on weakness

Hanwell - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/06/21	Amfrasers	Hanwell	0.4	0.42	Neutral	PER11x FY22

Stock calls for 23 December 2021

Date	Analyst	Company	Last	Target	Call	Valuation
12/23/21	Lim & Tan	Frasers Property	1.14	1.26	Accumulate
12/23/21	DMG & Partners	Genting	0.755	0.9	Buy
12/23/21	Amfrasers	LHN	0.3	0.44	Outperform
12/23/21	Lim & Tan	SPH	2.34	0	Accept offer	Accept Cuscaden & Reject Keppel

Great Eastern - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/02/21	Lim & Tan	Great Eastern	21.61	26	Accumulate

Grand Venture - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/23/21	CIMB	Grand Venture	0.54	0.605	Add	GGM, PB3.31x FY21
05/24/21	CIMB	Grand Venture	0.735	1.12	Add
06/11/21	CIMB	Grand Venture	0.85	1.12	Add	GGM, PB5.37x FY21
07/23/21	SAC Capital	Grand Venture	1.02	1.18	Buy	DCF, PER21.2x FY22
08/12/21	CIMB	Grand Venture	1.23	1.41	Add
08/13/21	SAC Capital	Grand Venture	1.23	1.3	Hold	DCF, PER22.2x FY22
10/08/21	CIMB	Grand Venture	1.27	1.41	Add
11/05/21	CIMB	Grand Venture	1.34	1.69	Add