Updates on recent economic indicators.

 

From the data above, we can conclude that the US PMI will continue to trend lower and the US economy will continue to slow down further.

Furthermore, consumer demand has been destroyed by sky-high inflation as portrayed by the declines in semiconductor sales.  Chip sales are a reliable indicator because chips are used ubiquitously in devices and equipment.  The world economy looks set to decline because chip sales growth is a precursory indicator.

The real final sales growth had declined after removing the inflation factor.

Furthermore, the collapse in consumer demand has caused inventories to build up rapidly.

The S&P EPS is projected to fall because of the collapse in consumer demand.

In conclusion, the future economic growth is bleak as indicated by the latest economic data.

Baltic dry index - 1560

Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 764

Related stock: Sembcorp Marine & Cosco.

Sheng Siong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/10/21	Lim & Tan	Sheng Siong	1.57	0	Hold
08/02/21	DMG & Partners	Sheng Siong	1.57	1.61	Neutral	PER23x FY22
08/02/21	Kim Eng	Sheng Siong	1.57	1.33	Sell	PER19.5x FY22
08/02/21	phillip	Sheng Siong	1.57	1.69	Accumulate	PER25x FY22
08/03/21	CIMB	Sheng Siong	1.54	1.6	Hold
08/03/21	DBS Vickers	Sheng Siong	1.54	1.77	Buy
08/05/21	OCBC	Sheng Siong	1.54	1.73	Buy
09/02/21	Citi Research	Sheng Siong	1.51	1.3	Sell
10/29/21	Citi Research	Sheng Siong	1.42	1.34	Sell
10/29/21	DBS Vickers	Sheng Siong	1.42	1.77	Buy
10/29/21	Lim & Tan	Sheng Siong	1.42	0	Hold
11/01/21	phillip	Sheng Siong	1.42	1.69	Buy	PER25x FY22
11/02/21	CIMB	Sheng Siong	1.43	1.5	Hold	PER22x FY22
11/02/21	DBS Vickers	Sheng Siong	1.43	1.58	Buy	PER21x FY22
11/02/21	DMG & Partners	Sheng Siong	1.43	1.46	Neutral	PER20x FY22
02/24/22	DBS Vickers	Sheng Siong	1.52	1.58	Buy
02/25/22	DBS Vickers	Sheng Siong	1.49	1.76	Buy
02/25/22	UOB Kay Hian	Sheng Siong	1.49	1.63	Hold	PER21x FY22
02/28/22	Citi Research	Sheng Siong	1.52	1.34	Sell
02/28/22	DMG & Partners	Sheng Siong	1.52	1.51	Neutral	PER19x FY22
03/03/22	phillip	Sheng Siong	1.51	1.75	Buy	PER23x
04/11/22	DMG & Partners	Sheng Siong	1.51	1.51	Neutral	PER19x FY22
04/27/22	DBS Vickers	Sheng Siong	1.53	1.76	Buy
04/27/22	Lim & Tan	Sheng Siong	1.53	0	Hold
04/28/22	CIMB	Sheng Siong	1.52	1.6	Hold
04/28/22	Citi Research	Sheng Siong	1.52	1.34	Sell
04/29/22	phillip	Sheng Siong	1.53	1.75	Buy
04/29/22	UOB Kay Hian	Sheng Siong	1.53	1.69	Hold	PER20x FY22
05/05/22	DMG & Partners	Sheng Siong	1.54	1.51	Neutral	PER19x FY22
05/24/22	DMG & Partners	Sheng Siong	1.52	1.78	Buy	PER19x FY22
07/13/22	UOB Kay Hian	Sheng Siong	1.6	1.91	Buy	PER21x FY23
07/13/22	DMG & Partners	Sheng Siong	1.6	1.78	Buy
08/01/22	UOB Kay Hian	Sheng Siong	1.6	1.91	Buy	PER21x FY23
08/01/22	phillip	Sheng Siong	1.6	1.86	Buy	PER23x
08/01/22	DMG & Partners	Sheng Siong	1.6	1.78	Buy	PER19x FY22
08/01/22	CIMB	Sheng Siong	1.6	1.85	Add
08/01/22	Citi Research	Sheng Siong	1.6	1.79	Buy