Singapore Stock Exchange - Equity Investments

Tuesday, November 1, 2022

Nanofilm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/25/21	DBS Vickers	Nanofilm	5.28	6.22	Buy
07/22/21	Jefferies	Nanofilm	6.26	6.5	Buy
08/05/21	CIMB	Nanofilm	6.15	5.52	Add
08/16/21	Citi Research	Nanofilm	5.92	7.85	High-Risk
08/16/21	DBS Vickers	Nanofilm	5.92	6.22	Buy
08/16/21	DBS Vickers	Nanofilm	4.25	4.18	Hold	PEG0.83x
08/17/21	CIMB	Nanofilm	4.25	5.05	Add	PER34x FY22
08/18/21	Jefferies	Nanofilm	3.82	4.5	Hold
08/18/21	UOB Kay Hian	Nanofilm	3.82	4	Hold
10/15/21	CIMB	Nanofilm	3.68	4.02	Add
10/15/21	Citi Research	Nanofilm	3.68	4.08	Hold
10/15/21	DBS Vickers	Nanofilm	3.68	4.05	Hold	PEG0.75x
10/15/21	Jefferies	Nanofilm	3.68	3.9	Hold
10/15/21	UOB Kay Hian	Nanofilm	3.68	3.9	Hold	PER28x FY22
12/09/21	DBS Vickers	Nanofilm	3.99	4.96	Buy	PEG0.92x
12/21/21	Lim & Tan	Nanofilm	3.72	4.28	Hold
01/19/22	CIMB	Nanofilm	3.3	3.92	Add	PER22.25x, PEG1x
01/21/22	DBS Vickers	Nanofilm	2.99	4.12	Buy
01/24/22	Citi Research	Nanofilm	2.95	3.92	Buy
01/24/22	UOB Kay Hian	Nanofilm	2.95	2.67	Hold	PEG1x FY22, PER22x FY22
02/24/22	DBS Vickers	Nanofilm	2.87	4.12	Buy
02/24/22	Jefferies	Nanofilm	2.87	3	Hold
02/25/22	CIMB	Nanofilm	2.8	3.5	Add
02/25/22	UOB Kay Hian	Nanofilm	2.8	2.72	Hold	PEG1x FY22, PER23x FY22
03/15/22	CIMB	Nanofilm	2.51	3.5	Add
04/20/22	CIMB	Nanofilm	2.76	3.5	Add
04/20/22	Citi Research	Nanofilm	2.76	3.92	Buy
04/20/22	DBS Vickers	Nanofilm	2.76	4.12	Buy
04/20/22	Jefferies	Nanofilm	2.76	2.9	Hold
04/21/22	UOB Kay Hian	Nanofilm	2.8	2.72	Hold	PER23x FY22
06/29/22	DBS Vickers	Nanofilm	2.39	3.7	Buy	PER32x FY22
07/01/22	CIMB	Nanofilm	2.33	3.07	Add
07/25/22	DBS Vickers	Nanofilm	2.15	3.21	Buy	PER30x FY22
08/15/22	UOB Kay Hian	Nanofilm	2.23	2.72	Buy	PER20x FY23
08/15/22	Citi Research	Nanofilm	2.23	3.18	Buy
08/18/22	DBS Vickers	Nanofilm	2.32	3.21	Buy
08/19/22	CIMB	Nanofilm	2.33	3.05	Add
09/05/22	UOB Kay Hian	Nanofilm	2.35	2.72	Buy	PEG1x FY23, PER20x FY23
09/29/22	Lim & Tan	Nanofilm	2.08	2.85	Buy
09/29/22	Citi Research	Nanofilm	2.08	3.18	Buy
10/17/22	UOB Kay Hian	Nanofilm	1.89	2.72	Buy	PEG1x FY23, PER20x FY23

Stock calls for 31 october 2022

Date	Analyst	Company	Last	Target	Call	Valuation
10/31/22	DBS Vickers	CDL Hospitality	1.12	1.35	Buy
10/31/22	CIMB	CDL Hospitality	1.12	1.3	Add	DDM
10/31/22	DMG & Partners	CDL Hospitality	1.12	1.15	Neutral	DDM
10/31/22	Citi Research	CDL Hospitality	1.12	1.15	Sell
10/31/22	UOB Kay Hian	Frasers Centrepoint Trust	2.08	2.46	Buy	DDM
10/31/22	CIMB	Keppel DC Reit	1.81	2.12	Add	DDM
10/31/22	DBS Vickers	Mapletree Commercial	1.67	2	Buy
10/31/22	UOB Kay Hian	Mapletree Logistics	1.52	1.87	Buy	DDM
10/31/22	DBS Vickers	Micro-Mechanics	2.76	2.32	Fully Valued
10/31/22	UOB Kay Hian	Sheng Siong	1.56	1.91	Buy	PER21x FY23
10/31/22	phillip	Sheng Siong	1.56	1.86	Buy	PER22x
10/31/22	Citi Research	Sheng Siong	1.56	1.79	Buy
10/31/22	DMG & Partners	UOB	27.06	31.4	Buy
10/31/22	Kim Eng	UOB	27.06	33.77	Buy
10/31/22	Lim & Tan	Wilmar	3.6	5.39	Accumulate

Monday, October 31, 2022

Recent economic updates: EU and US

Let's take a look at the recent economic statistics.

The EU PMI is still in a contractionary zone (below 50).

Due to the contractionary PMI, EU stocks are expected to decline in 2022.

The US Q3 GDP growth was 2.6% but the true economic conditions underlying the headline growth were bleak. Why?

The Q3 GDP growth was propped up by net exports which contributed 2.77% to the overall growth. This meant that the other 3 GDP factors (Government spending, Investment and consumption) contributed to a net growth of -0.17%.

GDP Growth = (G+I+C)+Net exports

2.6% = (-0.17) + 2.77

Thus, 3/4 of the economists projected an impending US recession in the foreseeable future.

As the US is still unable to contain its sky-high inflation, it will continue to raise its Fed rates. The Fed terminal rate is projected to be at 5% in 2023 compared to the current rate of 3-3.25%.

Since the Fed rates will continue to climb, the US mortgage rates will also rise accordingly. The recent 30-year mortgage rate had already breached the 7% mark.