ISDN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/19/23	Lim & Tan	ISDN	0.515	0.61	Buy
06/27/23	CIMB	ISDN	0.51	0.37	Reduce	PER9.5x
07/31/23	UOB Kay Hian	ISDN	0.445	0.365	Buy
08/22/23	CIMB	ISDN	0.385	0.36	Reduce
02/19/24	UOB Kay Hian	ISDN	0.345	0.37	Buy
03/19/24	CIMB	ISDN	0.295	0.32	Hold

Ireit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/01/23	Lim & Tan	Ireit	0.485	0	Accumulate
06/07/23	DMG & Partners	Ireit	0.46	0.53	Neutral	DDM
07/14/23	Lim & Tan	Ireit	0.425	0.52	Accumulate on weakness
08/07/23	DBS Vickers	Ireit	0.425	0.45	Hold	DCF
09/13/23	DMG & Partners	Ireit	0.395	0.42	Neutral
11/09/23	DBS Vickers	Ireit	0.345	0.45	Hold
11/09/23	Lim & Tan	Ireit	0.345	0.44	Accumulate on weakness
01/02/24	DMG & Partners	Ireit	0.405	0.47	Buy
02/27/24	DBS Vickers	Ireit	0.37	0.44	Hold
04/30/24	DBS Vickers	Ireit	0.325	0.44	Hold
06/26/24	DMG & Partners	Ireit	0.3	0.47	Buy
07/12/24	DMG & Partners	Ireit	0.29	0.4	Buy	DDM

Stock calls for 2 August 2024

Date	Analyst	Company	Last	Target	Call	Valuation
08/02/24	CIMB	Japfa	0.335	0.43	Add	PB
08/02/24	CIMB	Keppel Corp	6.33	8.28	Add	Sum of parts
08/02/24	Lim & Tan	Keppel Corp	6.33	8.23	Accumulate
08/02/24	CIMB	OCBC	14.82	16.7	Add	GGM
08/02/24	Lim & Tan	OCBC	14.82	15.5	Hold
08/02/24	Citi Research	OCBC	14.82	14	Neutral	GGM, PB1.1x FY24
08/02/24	phillip	Sheng Siong	1.53	1.66	Accumulate	PER18x
08/02/24	Kim Eng	SIA	6.24	6.55	Hold
08/02/24	Phillip	SIA	6.24	5.3	Reduce
08/02/24	DBS Vickers	UOB	32.04	34.5	Buy
08/02/24	CIMB	UOB	32.04	36.4	Add	GGM

The latest US ISM PMI was very bad!

The latest PMI was very bad because it showed that local consumption (Est’d -2.1), production (45.9, - 2.6), employment (43.4, -5.9) and inventories (44.5, -0.9) fell simultaneously while the prices rose (52.9, +0.8). This meant that the producers were cutting back on their production because of declining local consumption. This also meant that the US would be facing an economic slowdown in the future and the inflation was unlikely to fall further.

What will the US Fed do for its July meeting? - Part 2

Just as we've expected, the US Fed has held its rates in July 2024 but it has signalled a possible cut in September 2024.

If there is any rebound in US inflation in the next 2 months, the US Fed will continue to hold its rates.