First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/21	DBS Vickers	First Resources	1.29	1.83	Buy
07/19/21	UOB Kay Hian	First Resources	1.33	1.65	Buy
08/02/21	DMG & Partners	First Resources	1.36	1.5	Buy
08/16/21	Kim Eng	First Resources	1.4	1.81	Buy	PER14x FY22
08/16/21	UOB Kay Hian	First Resources	1.4	1.4	High-Risk
10/08/21	DMG & Partners	First Resources	1.84	1.7	Neutral	PER12x FY22
10/08/21	Kim Eng	First Resources	1.84	1.68	Hold
11/02/21	DBS Vickers	First Resources	1.74	1.83	Hold	DCF, PER15x FY22
11/10/21	DMG & Partners	First Resources	1.63	1.7	Neutral
11/16/21	CIMB	First Resources	1.58	1.76	Add
11/16/21	UOB Kay Hian	First Resources	1.58	1.65	Hold	PER11x FY22
12/08/21	DBS Vickers	First Resources	1.51	1.83	Buy	DCF
01/11/22	DMG & Partners	First Resources	1.6	1.6	Neutral
02/28/22	CIMB	First Resources	1.84	2.12	Add
02/28/22	DMG & Partners	First Resources	1.84	1.6	Neutral
03/01/22	DMG & Partners	First Resources	1.84	2	Neutral	PER10x FY22
03/01/22	Kim Eng	First Resources	1.84	1.88	Hold
03/16/22	UOB Kay Hian	First Resources	2.1	2.1	Buy
03/22/22	DBS Vickers	First Resources	2.01	2.5	Buy	DCF
04/12/22	DBS Vickers	First Resources	2.02	2.5	Buy
04/12/22	DMG & Partners	First Resources	2.02	2	Neutral
05/17/22	DMG & Partners	First Resources	2.11	2.2	Neutral	PER10x FY23
05/17/22	Kim Eng	First Resources	2.11	1.94	Sell
05/18/22	CIMB	First Resources	2.1	2.1	Hold
05/18/22	UOB Kay Hian	First Resources	2.1	2.3	Hold
06/23/22	UOB Kay Hian	First Resources	1.84	1.7	Hold
07/05/22	Kim Eng	First Resources	1.62	1.62	Hold
07/12/22	CIMB	First Resources	1.51	2.1	Hold	PER16x FY22
08/11/22	DMG & Partners	First Resources	1.45	1.5	Neutral	Sum of parts, PER8x FY23
08/15/22	DBS Vickers	First Resources	1.53	2.5	Buy
08/15/22	Kim Eng	First Resources	1.53	1.62	Buy
08/17/22	CIMB	First Resources	1.5	1.76	Add	PER11.6x FY23
09/13/22	UOB Kay Hian	First Resources	1.55	2.9	Buy
09/13/22	Kim Eng	First Resources	1.55	1.62	Buy

Stock calls for 26 September 2022

Date	Analyst	Company	Last	Target	Call	Valuation
09/26/22	UOB Kay Hian	ART	1.09	1.36	Buy	DDM
09/26/22	Lim & Tan	MM2 Asia	0.048	0.09	Buy

What's the market sentiment for September 2022?

Let's take a look at the September dot plot first.

It is without a doubt that the Fed rates will be above 4% by the end of 2022 and 2023.

The Global Fund Manager Survey (FMS) in September is showing an underweight rating (negative) in equities.

The FMS is also indicating a high probability of a recession now.

Baltic dry index - 1816

 
Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 764

Related stock: Sembcorp Marine & Cosco.

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/24/22	SAC Capital	First Reit	0.305	0.32	Hold	DDM
09/22/22	Lim & Tan	First Reit	0.275	0.32	Buy

Far East Orchard - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/26/21	DBS Vickers	Far East Orchard	1.11	1.7	Buy	Sum of parts
08/05/21	DBS Vickers	Far East Orchard	1.13	1.7	Buy	Sum of parts
11/10/21	DBS Vickers	Far East Orchard	1.12	1.7	Buy	Sum of parts
06/15/22	DBS Vickers	Far East Orchard	1.09	1.7	Buy