Stock calls for 11 March 2022

Date	Analyst	Company	Last	Target	Call	Valuation
03/11/22	Amfrasers	Rex	0.39	0.54	Outperform	DCF
03/11/22	DBS Vickers	Sarine	0.515	0.45	Fully Valued	PER15.5x FY22
03/11/22	CIMB	SATS	3.9	4.77	Add	DCF
03/11/22	UOB Kay Hian	Wilmar	4.61	5.5	Buy	Sum of parts, PER17x FY22

US CPI hit 7.9% in February 2022.

CPI: 7.9%

Core CPI: 6.4%

CPI (m-o-m): 0.8%

CPI breakdown:

The CPI breakdown showed that energy, commodities, and vehicles were the 3 main contributors to the February CPI.  The CPI has not yet factored in the war-related inflation and higher rentals.  Therefore, we expect the CPI to stay elevated unless the US FED jolts the economy with a large interest rate hike.

US job mismatch will push up wages.

We can see from the chart that the gap between job openings and hires is still very huge and this will continue to push up wages because of the significant job mismatch.  Wage is a sticky inflation factor because it will fall easily after rising.  It is akin to getting a pay rise and your pay won't fall unless you get demoted.

EC World Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/25/21	DBS Vickers	EC World Reit	0.72	0.8	Buy	DCF
03/05/21	DMG & Partners	EC World Reit	0.73	0.76	Neutral
05/18/21	DMG & Partners	EC World Reit	0.75	0.83	Trading Buy
08/10/21	DBS Vickers	EC World Reit	0.815	0.9	Buy	DCF
11/10/21	DBS Vickers	EC World Reit	0.815	0.9	Buy	DCF

Don Agro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/23/21	Amfrasers	Don Agro	0.39	0.64	Buy	DCF

Digicore Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/07/21	UOB Kay Hian	Digicore Reit	1.01	1.18	Buy	DDM
01/14/22	DBS Vickers	Digicore Reit	1.18	1.4	Buy	DCF
02/14/22	UOB Kay Hian	Digicore Reit	1.16	1.32	Buy	DDM

Stock calls for 10 March 2022

Date	Analyst	Company	Last	Target	Call	Valuation
03/10/22	UOB Kay Hian	Centurion	0.415	0.45	Buy	PER8.4x FY22 & PB0.6x FY22
03/10/22	Lim & Tan	Civmec	0.64	1.05	Buy
03/10/22	Kim Eng	Comfortdelgro	1.36	1.76	Buy	DCF
03/10/22	UOB Kay Hian	DBS	32.36	35.8	Buy	GGM, PB1.5x FY23
03/10/22	DBS Vickers	Netlink	0.965	1.05	Buy	DCF
03/10/22	DBS Vickers	OCBC	11.48	15.1	Buy	GGM, PB1.2x FY23
03/10/22	UOB Kay Hian	Singapore Medical	0.305	0.53	Buy	PER14x FY22
03/10/22	Lim & Tan	Top Glove	0.555	0	Neutral

China inflation was starting to ease before the Ukraine war.

China inflating was easing before the Ukraine war which gave the central banker some leeway to increase its quantitative easing to boost its GDP growth.

However, the recent Ukraine war may disrupt the easing in inflation temporarily because of some price spikes in energy, food, and commodities.  No matter what, China is still in a better position than the US to handle high inflation.

Delfi - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/21	DBS Vickers	Delfi	0.71	0.98	Buy
02/26/21	DBS Vickers	Delfi	0.76	0.96	Buy	PER18x FY21
03/11/21	Lim & Tan	Delfi	0.755	0	Accumulate
08/11/21	DBS Vickers	Delfi	0.845	0.96	Buy	PER18x FY21
08/17/21	DBS Vickers	Delfi	0.845	1.06	Buy	PER18x FY21/22
09/13/21	CIMB	Delfi	0.775	1.02	Add	PER20x FY22
10/27/21	CIMB	Delfi	0.745	1.02	Add
11/17/21	DBS Vickers	Delfi	0.745	1.07	Buy	PER18x FY22
11/17/21	CIMB	Delfi	0.745	1.02	Add
11/18/21	Lim & Tan	Delfi	0.755	0	Accumulate
02/23/22	DBS Vickers	Delfi	0.75	1.07	Buy
02/24/22	DBS Vickers	Delfi	0.785	1.1	Buy	PER18x FY22
02/24/22	CIMB	Delfi	0.785	1.09	Add

Del Monte - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/25/21	phillip	Del Monte	0.38	0.6	Buy	PER13x FY22