Stock calls for 30 November 2021

Date	Analyst	Company	Last	Target	Call	Valuation
11/30/21	DBS Vickers	Keppel Reit	1.11	1.4	Buy
11/30/21	Lim & Tan	Keppel Reit	1.11	0	Hold
11/30/21	DMG & Partners	Singtel	2.41	3.37	Buy
11/30/21	SAC Capital	ST Group Food	0.15	0.26	Buy	DCF
11/30/21	UOB Kay Hian	Yangzijiang	1.3	2	Buy

The world economic conditions have deteriorated further. - Part 3

https://sg.finance.yahoo.com/news/china-factory-activity-edges-november-015502713.html

China manufacturing PMI has rebounded to 50.1 in November which is in the expansion territory.  This was just what we had expected in our previous projection.

http://sg-stock.blogspot.com/2021/11/the-world-economic-conditions-have.html

"Furthermore, China's GDP has also declined to 4.9% but we believe that this figure will be the trough for China since its GDP growth will rebound in Q4 due to the upcoming festive season (CNY)."

We continue to have our optimism as the manufacturing sector has to meet consumer demands for the upcoming CNY festival.

If you would like to know the relationship between PMI and GDP, please read our previous post below.

http://sg-stock.blogspot.com/2019/04/the-us-economy-has-flipped-and-fissures.html

Boustead Projects - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/21	CIMB	Boustead Projects	0.805	1.33	Add	RNAV (30% discount)
05/27/21	CIMB	Boustead Projects	1.11	1.4	Add
11/16/21	CIMB	Boustead Projects	0.99	1.4	Add

Boustead - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/18/21	CIMB	Boustead	0.905	1.4	Add	Sum of parts
06/01/21	CIMB	Boustead	1.22	1.4	Add	Sum of parts (20% discount)
11/16/21	CIMB	Boustead	1.02	1.4	Add	Sum of parts (20% discount)

BHG Retail - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/30/21	DBS Vickers	BHG Retail	0.55	0.6	Buy	DCF
08/30/21	DBS Vickers	BHG Retail	0.58	0.57	Hold

Stock calls for 29 November 2021

Date	Analyst	Company	Last	Target	Call	Valuation
11/29/21	DBS Vickers	Ireit	0.635	0.76	Buy
11/29/21	Phillip	Ix Biopharma	0.23	0.355	Buy	DCF
11/29/21	Lim & Tan	LHN	0.365	0	Take Profit
11/29/21	DMG & Partners	Marco Polo	0.029	0.04	Buy
11/29/21	DMG & Partners	ST Engineering	3.85	4.85	Buy
11/29/21	Phillip	Thai Beverage	0.695	0.765	Accumulate	PER18x FY22
11/29/21	DBS Vickers	Thai Beverage	0.695	0.92	Buy
11/29/21	UOB Kay Hian	Thai Beverage	0.695	0.92	Buy	Sum of parts
11/29/21	Lim & Tan	Thai Beverage	0.695	0	Accumulate on weakness

Baltic dry index - 2767

 Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 569

 Related stock: Sembcorp Marine & Cosco.

Aztech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/22/21	DBS Vickers	Aztech	1.38	1.85	Buy	PER17.9x FY21
04/23/21	UOB Kay Hian	Aztech	1.34	1.86	Buy	PER12.9x
04/23/21	CIMB	Aztech	1.34	1.91	Add	PER16x FY22
04/26/21	Kim Eng	Aztech	1.41	1.86	Buy	PER18x FY21
05/25/21	CIMB	Aztech	1.33	1.91	Add
06/25/21	UOB Kay Hian	Aztech	1.23	1.86	Buy
07/29/21	UOB Kay Hian	Aztech	1.23	1.86	Buy	PER18.4x FY21
08/02/21	DBS Vickers	Aztech	1.27	1.74	Buy	PER17.9x FY21
08/02/21	CIMB	Aztech	1.27	1.82	Add
08/02/21	Kim Eng	Aztech	1.27	1.86	Buy
09/06/21	CIMB	Aztech	1.07	1.82	Add
10/15/21	DBS Vickers	Aztech	1.09	1.67	Buy	PER17.9x FY21
10/15/21	UOB Kay Hian	Aztech	1.09	1.7	Buy	PER13.3x FY22
10/18/21	Kim Eng	Aztech	1.07	1.26	Buy	PER10x FY22