Stock calls for 28 November 2022

Date	Analyst	Company	Last	Target	Call	Valuation
11/28/22	CLSA	A-Reit	2.71	3.2	Buy	Up from $2.90
11/28/22	CIMB	Boustead	0.785	1.35	Add
11/28/22	CLSA	Capitaland Integrated Commercial Trust	2.03	2.35	Buy	Cut from $2.57
11/28/22	CLSA	ESR-Reit	0.35	0.38	outperform	Cut from $0.50
11/28/22	UOB Kay Hian	Far East Hospitality	0.62	0.71	Buy	DDM
11/28/22	CLSA	Frasers Centrepoint Trust	2.06	2.1	Underperform	cut from $2.30
11/28/22	Lim & Tan	Innotek	0.42	0.6	Buy	EV/Ebitda1.5x FY22
11/28/22	CLSA	Keppel DC Reit	1.83	1.95	Outperform	Cut from $2
11/28/22	CLSA	Keppel Reit	0.875	0.95	Outperform	cut from $1.32
11/28/22	CLSA	Manulife US Reit	0.385	0.4	Outperform	cut from $0.65
11/28/22	CLSA	Mapletree Commercial	1.7	1.7	Underperform	Cut from $1.80
11/28/22	CLSA	Mapletree Industrial	2.23	2.2	Underperform	Cut from $3.10
11/28/22	CLSA	Mapletree Logistics	1.58	1.85	Buy	Cut from $2.06
11/28/22	Kim Eng	Sembcorp Industries	3.2	4	Buy
11/28/22	CLSA	Suntec Reit	1.38	1.2	Sell	cut from $1.45
11/28/22	UOB Kay Hian	Thai Beverage	0.61	0.73	Buy	Sum of parts
11/28/22	DBS Vickers	Thai Beverage	0.61	0.87	Buy	Sum of parts
11/28/22	DMG & Partners	Thai Beverage	0.61	0.91	Buy
11/28/22	CIMB	Thai Beverage	0.61	0.88	Add
11/28/22	Lim & Tan	Thai Beverage	0.61	0.84	Accumulate

China has more than 50% 6G patents now!

China is clearly the technology leader in 6G because it has more than 50% patents in the world.  Therefore, China will be setting the industrial standards for the next decade as it will also be the first to deploy 6G network. 

Recent economic statistics for this week.

 The global fund manager survey showed that stagflation risk was at its peak.

The US business activity has weakened further in November 2022.  It has been in a contraction zone for a few months already.

Baltic dry index - 1324

Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 784

Related stock: Sembcorp Marine & Cosco.

UG Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/29/21	DMG & Partners	UG Healthcare	0.585	0.61	Neutral	DCF
07/13/21	CIMB	UG Healthcare	0.56	1.2	Add
08/31/21	CIMB	UG Healthcare	0.555	0.65	Add	PER11.2x CY23
08/31/21	DMG & Partners	UG Healthcare	0.555	0.57	Neutral
09/01/21	Phillip	UG Healthcare	0.535	0.63	Accumulate	PER8x FY22
09/28/21	DMG & Partners	UG Healthcare	0.345	0.37	Neutral	DCF
11/15/21	DMG & Partners	UG Healthcare	0.285	0.27	Neutral
11/17/21	CIMB	UG Healthcare	0.285	0.42	Add
02/15/22	DMG & Partners	UG Healthcare	0.27	0.29	Neutral
02/15/22	Phillip	UG Healthcare	0.27	0.32	Buy	PER5x FY22
02/17/22	CIMB	UG Healthcare	0.27	0.42	Add
05/19/22	Phillip	UG Healthcare	0.22	0.32	Buy
05/23/22	CIMB	UG Healthcare	0.22	0.42	Add	PER11.2x CY23
08/31/22	Phillip	UG Healthcare	0.215	0.2	Neutral
08/31/22	CIMB	UG Healthcare	0.215	0.35	Add	PER9.6x CY23

Tuan Sing - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/10/21	DBS Vickers	Tuan Sing	0.545	0.66	Buy	Sum of parts (10% discount)
09/02/21	DBS Vickers	Tuan Sing	0.49	0.66	Buy	Sum of parts (10% discount)
10/01/21	DBS Vickers	Tuan Sing	0.49	0.66	Buy
01/05/22	DBS Vickers	Tuan Sing	0.455	0.66	Buy	Sum of parts
02/28/22	DBS Vickers	Tuan Sing	0.45	0.63	Buy	Sum of parts
08/22/22	Lim & Tan	Tuan Sing	0.36	0	Accept offer

TTJ - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/22	Lim & Tan	TTJ	0.169	0.23	Reject offer	Offer $0.23

Stock calls for 25 November 2022

Date	Analyst	Company	Last	Target	Call	Valuation
11/25/22	CIMB	Hyphens Pharma	0.3	0.4	Add	DCF
11/25/22	Lim & Tan	Keppel Corp	7.49	0	Accumulate on weakness
11/25/22	CIMB	Kimly	0.35	0.39	Hold
11/25/22	CIMB	Sembcorp Marine	0.133	0.19	Add	PB1.6x FY23
11/25/22	UOB Kay Hian	Thai Beverage	0.615	0.87	Buy	Sum of parts