Singapore Stock Exchange - Equity Investments

Monday, September 2, 2024

ST Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/09/23	DMG & Partners	ST Engineering	3.65	4.05	Buy	Sum of parts
05/16/23	UOB Kay Hian	ST Engineering	3.62	4	Buy	DCF
05/16/23	CIMB	ST Engineering	3.62	4	Add
05/16/23	Kim Eng	ST Engineering	3.62	4.1	Buy
05/16/23	Citi Research	ST Engineering	3.62	3.35	Sell	PER22x FY23
05/18/23	Lim & Tan	ST Engineering	3.68	3.92	Accumulate
06/09/23	Lim & Tan	ST Engineering	3.65	3.92	Accumulate
06/12/23	DMG & Partners	ST Engineering	3.66	4.05	Buy	Sum of parts
06/26/23	Lim & Tan	ST Engineering	3.61	3.89	Accumulate
07/20/23	DMG & Partners	ST Engineering	3.66	4.05	Buy
08/03/23	DMG & Partners	ST Engineering	3.69	4.25	Buy	Sum of parts
08/11/23	Lim & Tan	ST Engineering	3.74	4.04	Accumulate
08/14/23	UOB Kay Hian	ST Engineering	3.78	4.2	Buy	DCF
08/14/23	DBS Vickers	ST Engineering	3.78	4.2	Buy
08/14/23	Citi Research	ST Engineering	3.78	3.76	Hold	PER20x FY23
08/14/23	Kim Eng	ST Engineering	3.78	4.2	Buy
08/14/23	DMG & Partners	ST Engineering	3.78	4.5	Buy
08/14/23	CIMB	ST Engineering	3.78	4.27	Add
09/18/23	OCBC	ST Engineering	3.93	4.45	Buy
09/25/23	DMG & Partners	ST Engineering	3.83	4.5	Buy
09/26/23	Phillip	ST Engineering	3.86	4.5	Buy	DCF
10/10/23	DMG & Partners	ST Engineering	3.81	4.45	Buy
10/20/23	Lim & Tan	ST Engineering	3.79	4.43	Accumulate	Consensus target $4.30
11/10/23	DBS Vickers	ST Engineering	3.82	4.2	Buy
11/14/23	UOB Kay Hian	ST Engineering	3.76	4.2	Buy	DCF
11/14/23	Phillip	ST Engineering	3.76	4.5	Buy	DCF
11/14/23	Lim & Tan	ST Engineering	3.76	0	Accumulate
11/14/23	DBS Vickers	ST Engineering	3.76	4.5	Buy
11/14/23	DMG & Partners	ST Engineering	3.76	4.45	Buy
11/14/23	CIMB	ST Engineering	3.76	4.27	Add
11/30/23	Kim Eng	ST Engineering	3.72	4.2	Buy
12/13/23	DBS Vickers	ST Engineering	3.78	4.5	Buy
12/13/23	Lim & Tan	ST Engineering	3.78	0	Accumulate
12/15/23	DMG & Partners	ST Engineering	3.81	4.45	Buy
01/02/24	Phillip	ST Engineering	3.89	4.5	Buy
02/13/24	DBS Vickers	ST Engineering	3.77	4.5	Buy	PER21.5x FY24/25
02/13/24	CIMB	ST Engineering	3.77	4.36	Add
02/19/24	DMG & Partners	ST Engineering	3.91	4.45	Buy
02/21/24	DMG & Partners	ST Engineering	3.92	4.5	Buy	Sum of parts
02/21/24	CIMB	ST Engineering	3.92	4.36	Add
03/01/24	UOB Kay Hian	ST Engineering	3.98	4.5	Buy	DCF
03/04/24	Phillip	ST Engineering	3.97	4.5	Accumulate
03/04/24	DMG & Partners	ST Engineering	3.97	4.5	Buy	Sum of parts
03/04/24	Lim & Tan	ST Engineering	3.97	0	Accumulate
03/06/24	OCBC	ST Engineering	3.92	4.6	Buy
03/12/24	DBS Vickers	ST Engineering	3.97	4.8	Buy	PER21x FY24
03/26/24	CIMB	ST Engineering	3.99	4.36	Add
04/02/24	DBS Vickers	ST Engineering	4.02	4.8	Buy
04/08/24	DMG & Partners	ST Engineering	3.99	4.5	Buy	Sum of parts
05/06/24	DMG & Partners	ST Engineering	3.94	4.5	Buy	Sum of parts
05/13/24	DBS Vickers	ST Engineering	3.98	4.8	Buy
05/13/24	Citi Research	ST Engineering	3.98	4.62	Buy
05/14/24	Phillip	ST Engineering	4.03	4.9	Buy	DCF
05/14/24	UOB Kay Hian	ST Engineering	4.03	4.5	Buy	DCF
05/14/24	CIMB	ST Engineering	4.03	4.36	Add
05/14/24	Lim & Tan	ST Engineering	4.03	0	Accumulate
06/18/24	Lim & Tan	ST Engineering	3.98	0	Accumulate
06/19/24	Kim Eng	ST Engineering	4.03	4.3	Buy
06/24/24	DMG & Partners	ST Engineering	4.04	4.5	Buy	Sum of parts
06/25/24	DBS Vickers	ST Engineering	4.1	4.8	Buy
06/26/24	Lim & Tan	ST Engineering	4.14	4.53	Accumulate
06/26/24	Kim Eng	ST Engineering	4.14	4.6	Buy	Sum of parts
06/27/24	JPM	ST Engineering	4.19	4.6	Buy
07/08/24	DBS Vickers	ST Engineering	4.26	4.8	Buy
07/16/24	UOB Kay Hian	ST Engineering	4.38	4.95	Buy	DCF
07/22/24	DMG & Partners	ST Engineering	4.45	5	Buy	Sum of parts
07/22/24	CIMB	ST Engineering	4.45	5	Add
08/14/24	OCBC	ST Engineering	4.28	4.83	Buy
08/15/24	DBS Vickers	ST Engineering	4.47	5	Buy
08/15/24	UOB Kay Hian	ST Engineering	4.47	4.95	Buy	DCF
08/15/24	Citi Research	ST Engineering	4.47	5.12	Buy	PER20x FY25
08/19/24	Phillip	ST Engineering	4.56	5	Accumulate	DCF
08/20/24	DMG & Partners	ST Engineering	4.58	5	Buy	Sum of parts
09/02/24	DMG & Partners	ST Engineering	4.45	5	Buy	Sum of parts

Stock calls for 2 September 2024

Date	Analyst	Company	Last	Target	Call	Valuation
09/02/24	CIMB	A-Reit	2.88	3.06	Add	DDM
09/02/24	DBS Vickers	CDL Hospitality	0.935	1.2	Buy
09/02/24	CIMB	Frasers Logistics	1.09	1.27	Aad	DDM
09/02/24	SAC Capital	Isoteam	0.065	0.084	Buy
09/02/24	DBS Vickers	Sembcorp Industries	4.93	7.35	Buy	PER14x FY24
09/02/24	Lim & Tan	Sembcorp Industries	4.93	6.75	Accumulate
09/02/24	Kim Eng	SIA	6.28	6.55	Hold
09/02/24	Phillip	Singtel	3.13	3.44	Accumulate	Sum of parts
09/02/24	DMG & Partners	ST Engineering	4.45	5	Buy	Sum of parts

Is the US fudging its GDP growth? Let's look at the prima facie evidence.

In the past, China was accused of fudging its economic growth when its GDP was growing at a burgeoning rate whilst its electricity power consumption was falling. This was an uncanny phenomenon because China was a manufacturing hub and producing goods for the global suppliers.

Now, the US seems to be following the China's path. The US GDP growth grew from 1.9% in 2022 to 2.5% in 2023 while its electricity power consumption had fallen by 2%. This was also an uncanny phenomenon because EVs had been popularised and IEA had stated that the power consumption drop was due to the slower economic growth. However, the US had pronounced a higher economic growth for 2023 instead. Can we still trust the US economic statistics for 2024?

US GDP for 2022 & 2023 (1.9% vs 2.5%)

Sunday, September 1, 2024

Latest US PCE statistics.

Core PCE (YOY): 2.6%

Core PCE (MOM): 0.2%

PCE (MOM): 0.2%

We can see from the chart below that the US PCE inflation is starting an upward monthly trend. In other words, this means there is not much room for the US inflation to decline any further. As such, there is a high chance that the US Fed will only cut its rates by 0.25% in September 2024 so as not to provide an oomph for any inflation spike.