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
08/08/24	DBS Vickers	Ireit	0.305	0.33	Hold	DCF
09/25/24	Lim & Tan	Ireit	0.31	0.37	Accumulate
11/13/24	DBS Vickers	Ireit	0.29	0.33	Hold	DDM
01/02/25	DMG & Partners	Ireit	0.285	0.34	Buy	DDM

Stock calls for 6 January 2025

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/25	Lim & Tan	17Live Group	0.94	1.8	Accumulate
01/06/25	DMG & Partners	Comfortdelgro	1.44	1.7	Buy	DCF
01/06/25	Kim Eng	CSE Global	0.43	0.64	Buy
01/06/25	UOB Kay Hian	DBS	43.62	46.5	Buy	GGM, PER1.97x FY25
01/06/25	DBS Vickers	Grand Venture	0.82	1.04	Buy	PER21x FY26
01/06/25	DBS Vickers	Keppel Infrastructure	0.445	0.57	Buy	DDM
01/06/25	UOB Kay Hian	OCBC	16.57	20.8	Buy	GGM, PB1.59x FY25
01/06/25	CIMB	OCBC	16.57	17.7	Add
01/06/25	CIMB	Oiltek	1.03	1.32	Add
01/06/25	Lim & Tan	Singapore Post	0.555	0.74	Accumulate on weakness
01/06/25	CIMB	UOB	36.58	39.5	Add

There are some underlying worries in the latest ISM PMI. Let's take a look at them.

The prices increased to 52.5 (+2.2) because of higher new order (52.5, +2.1), new export order (50, +1.3) and new local order (Est’d +0.8).  All these positive factors also caused the PMI to increase to 49.3 (+0.9).  Consequently, the higher consumer demands also caused the backlog of order (45.9, +4.1) to pile up because the production didn't catch up with the higher consumer demands.

However, there are some subcomponents that are showing worrying signs.  The producers cut back on employment (45.3, -2.8) and only increased the inventories (48.4, +0.3) marginally despite the higher production and consumer demands.  These actions meant that the producers were not confident of the recovery in the local and overseas consumer demands.

Baltic dry index - 1072

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 588

Related stock: Seatrium & Cosco.

Innotek - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/15/23	Lim & Tan	Innotek	0.42	0	Accumulate
03/11/24	Lim & Tan	Innotek	0.445	0	Accumulate
04/12/24	Lim & Tan	Innotek	0.51	0	Accumulate
05/30/24	Lim & Tan	Innotek	0.545	0	Accumulate
08/14/24	Lim & Tan	Innotek	0.515	0	Accumulate
12/04/24	Lim & Tan	Innotek	0.44	0	Accumulate on weakness

Indofood Agri - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/08/24	Lim & Tan	Indofood Agri	0.295	0	Accumulate