Delfi - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/17/23	UOB Kay Hian	Delfi	1.26	1.71	Buy	PER17x FY23
05/17/23	DBS Vickers	Delfi	1.26	1.52	Buy
05/17/23	Lim & Tan	Delfi	1.26	1.48	Accumulate
05/17/23	CIMB	Delfi	1.26	1.65	Add	PER15x FY24
05/25/23	Lim & Tan	Delfi	1.37	1.58	Accumulate	PER15.8x
06/08/23	UOB Kay Hian	Delfi	1.29	1.71	Buy	PER17x FY23
06/16/23	CIMB	Delfi	1.26	1.65	Add	PER15x FY24
08/08/23	DBS Vickers	Delfi	1.29	1.63	Buy	PER14.4x FY24
08/08/23	Lim & Tan	Delfi	1.29	1.58	Buy
08/10/23	UOB Kay Hian	Delfi	1.33	1.83	Buy	PER17x FY24
09/04/23	UOB Kay Hian	Delfi	1.25	1.83	Buy	PER17x FY24
10/03/23	DMG & Partners	Delfi	1.25	1.65	Buy	PER13x FY24
11/15/23	DBS Vickers	Delfi	1.3	1.63	Buy	PER14.4x FY24
11/16/23	CIMB	Delfi	1.21	1.56	Add	PER15x FY24
11/21/23	UOB Kay Hian	Delfi	1.16	1.76	Buy	PER17x FY24
01/10/24	DMG & Partners	Delfi	1.12	1.55	Buy
02/29/24	Lim & Tan	Delfi	0.955	0	Accumulate
03/04/24	UOB Kay Hian	Delfi	0.965	1.07	Hold	PER11x FY24
03/19/24	DMG & Partners	Delfi	0.905	1.33	Buy	PER13x FY24
04/09/24	Lim & Tan	Delfi	0.92	0	Accumulate
04/11/24	DMG & Partners	Delfi	0.925	1.33	Buy
04/17/24	Lim & Tan	Delfi	0.91	1.3	Accumulate	PER12.6x FY24

Stock calls for 2 May 2024

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/24	UOB Kay Hian	CDL Hospitality	0.975	1.48	Buy	DDM
05/02/24	DMG & Partners	CDL Hospitality	0.975	1.2	Buy	DDM
05/02/24	Citi Research	CDL Hospitality	0.975	0.85	Sell	Sum of parts
05/02/24	DBS Vickers	Cromwell EUR	1.49	2	Buy	DCF
05/02/24	Lim & Tan	DBS	34.9	0	Accumulate
05/02/24	phillip	Far East Hospitality	0.615	0.79	Buy	DDM
05/02/24	Lim & Tan	Far East Hospitality	0.615	0.77	Accumulate
05/02/24	UOB Kay Hian	Mapletree Logistics	1.35	1.89	Buy	DDM
05/02/24	OCBC	Parkway Life	3.59	4.29	Buy	DDM
05/02/24	Phillip	Singtel	2.38	2.8	Buy	Sum of parts
05/02/24	OCBC	Starhill	0.48	0.5	Hold
05/02/24	DMG & Partners	Wilmar	3.23	3.5	Neutral	Sum of parts
05/02/24	Citi Research	Wilmar	3.23	4.25	Buy	PER12x FY24

The ISM PMI had fallen back into a contractionary phase again!

The prices subindex had increased significantly to 60.9 (+5.1) because of sticky inflation which was rearing its head recently and this had been depicted in the recent inflation reports.

The decline in new order (49.1, -2.3) was because of a fall in new export order (48.7, -2.9) that outpaced the rise in new local order (Est’d +0.6).  This decline in export had already been reported in Q1 2024 US GDP growth report.

https://sg-stock.blogspot.com/2024/04/us-economy-is-hit-with-double-whammy.html

The backlog of order (45.4, -0.9) decreased because of higher production (51.3, -3.3) which exceeded new order and also resulted in the increase in customer’s inventories (47.8, +3.8).  Moreover, the expansive production (above 50) also caused an increase in employment (48.6, +1.2).

Overall, the PMI moved back into a contractionary phase (below 50) by decreasing to 49.2 (-1.1).  This contraction also corroborated the recent significant decline in the Q1 2024 GDP (1.6%).

The US economy is slowing down!

The US CCI has fallen to 97 because consumers are losing confidence in the US economy.  This had already been depicted in the latest GDP growth component (consumption) because the US consumers had started to cut back on their spendings.

The Consumption component in the GDP growth had fallen from 2.2 to 1.68 in the latest GDP figure.

https://sg-stock.blogspot.com/2024/04/us-economy-is-hit-with-double-whammy.html

Del Monte - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/08/23	Lim & Tan	Del Monte	0.158	0.4	Buy
12/14/23	Lim & Tan	Del Monte	0.152	0.2	Accumulate