First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/15/23	Lim & Tan	First Reit	0.26	0.3	Buy
06/30/23	DBS Vickers	First Reit	0.26	0.3	Buy
08/01/23	DBS Vickers	First Reit	0.26	0.3	Buy
08/01/23	Lim & Tan	First Reit	0.26	0.3	Buy
09/15/23	Lim & Tan	First Reit	0.225	0.3	Buy
09/28/23	DBS Vickers	First Reit	0.225	0.3	Buy
11/01/23	DBS Vickers	First Reit	0.235	0.3	Buy
11/01/23	Lim & Tan	First Reit	0.235	0.3	Accumulate
02/21/24	DBS Vickers	First Reit	0.265	0.3	Buy
02/21/24	Lim & Tan	First Reit	0.265	0.3	Accumulate
03/26/24	Lim & Tan	First Reit	0.25	0.3	Accumulate
04/03/24	Lim & Tan	First Reit	0.25	0.3	Accumulate
04/24/24	DBS Vickers	First Reit	0.25	0.3	Buy
04/25/24	DBS Vickers	First Reit	0.25	0.29	Buy	DCF
04/26/24	OCBC	First Reit	0.255	0.28	Buy
06/27/24	Kim Eng	First Reit	0.245	0.28	Buy	DDM
07/05/24	phillip	First Reit	0.245	0.3	Buy	DDM
07/26/24	Lim & Tan	First Reit	0.255	0	Accumulate
07/29/24	OCBC	First Reit	0.255	0.28	Buy
07/29/24	Kim Eng	First Reit	0.255	0.28	Buy

Stock calls for 2 October 2024

Date	Analyst	Company	Last	Target	Call	Valuation
10/02/24	DMG & Partners	A-Reit	2.9	3.2	Buy
10/02/24	CIMB	ART	0.975	1.18	Add	DDM
10/02/24	OCBC	ART	0.975	1.08	Buy
10/02/24	Citi Research	ART	0.975	1.12	Buy	DDM & RNAV
10/02/24	DMG & Partners	Capitaland Integrated Commercial Trust	2.13	2.3	Buy	DDM
10/02/24	DMG & Partners	Comfortdelgro	1.49	1.65	Buy	DCF
10/02/24	Amfrasers	Geo Energy	0.275	0.68	outperform	DCF
10/02/24	Lim & Tan	Keppel Corp	6.64	7.74	Accumulate
10/02/24	DMG & Partners	Keppel Reit	0.96	1.05	Buy	DDM
10/02/24	DMG & Partners	Sheng Siong	1.54	1.86	Buy	PER21x FY24/25
10/02/24	CIMB	ST Engineering	4.64	5.3	Add
10/02/24	DBS Vickers	Thai Beverage	0.525	0.69	Buy	Sum of parts, PER16x

The US job gap is below 3m.

 US job gap: 2.723m

Although the US job gap had widened a bit in August, the overall trend gap is narrowing.  This means the US labour force is gradually finding it difficult to get jobs.

The US ISM PMI remained in a contractionary zone in September 2024.

 

The PMI remained the same at 47.2 from the previous reading but the prices declined significantly to 48.3 (-5.7) because of lower inventories and employment.

What had happened?

The producers reduced employment (43.9, -2.1), inventories (43.9, -6.4), imports (48.3, -1.3) and local raw material (Est’d – 5.1) but increased their production (49.8, +5) by using a smaller workforce to meet increases in new order (46.1, +1.5) caused by a rebound in new local order (Est’d +4.8).  Consequently, all these increments also led to increases in customers’ inventories (50, +1.6) and backlog of orders (44.1, +0.5).