Emperador - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/11/22	UOB Kay Hian	Emperador	0.48	0.53	Hold	PER30x FY23

Stock calls for 28 December 2022

Date	Analyst	Company	Last	Target	Call	Valuation
12/28/22	Citi Research	A-Reit	2.7	3	Buy	Sum of parts
12/28/22	Citi Research	Digicore Reit	0.53	0.82	Buy

Elite ComReit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/22/22	CIMB	Elite ComReit	0.675	0.76	Add	DDM
02/22/22	DBS Vickers	Elite ComReit	0.675	0.8	Buy
03/01/22	CIMB	Elite ComReit	0.615	0.76	Add	DDM
03/03/22	DBS Vickers	Elite ComReit	0.645	0.8	Buy
05/05/22	CIMB	Elite ComReit	0.66	0.76	Add	DDM
05/09/22	DBS Vickers	Elite ComReit	0.655	0.75	Buy	DCF
05/19/22	UOB Kay Hian	Elite ComReit	0.64	0.87	Buy	DDM
06/03/22	UOB Kay Hian	Elite ComReit	0.66	0.83	Buy
08/08/22	UOB Kay Hian	Elite ComReit	0.61	0.79	Buy	DDM
08/15/22	CIMB	Elite ComReit	0.61	0.76	Add
08/16/22	DBS Vickers	Elite ComReit	0.605	0.7	Buy	DCF
11/08/22	DBS Vickers	Elite ComReit	0.49	0.53	Hold	DCF
11/09/22	CIMB	Elite ComReit	0.49	0.59	Add

Econ Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/22	DBS Vickers	Econ Healthcare	0.29	0.28	Hold	DCF
06/03/22	DBS Vickers	Econ Healthcare	0.255	0.26	Hold	PER16.5x FY23
11/11/22	DBS Vickers	Econ Healthcare	0.2	0.22	Hold	PER15.5x FY23/24

EC World Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/24/22	DBS Vickers	EC World Reit	0.755	0.85	Buy	DCF
02/24/22	DMG & Partners	EC World Reit	0.755	0.76	Neutral	DDM
04/11/22	DBS Vickers	EC World Reit	0.655	0.85	Buy	DCF
05/17/22	DBS Vickers	EC World Reit	0.615	0.7	Buy	DCF
05/17/22	DMG & Partners	EC World Reit	0.615	0.65	Neutral	DDM
06/28/22	DMG & Partners	EC World Reit	0.55	0.55	Neutral
07/12/22	DBS Vickers	EC World Reit	0.48	0.7	Buy
08/15/22	DBS Vickers	EC World Reit	0.55	0.7	Buy
10/04/22	DBS Vickers	EC World Reit	0.525	0.7	Buy
10/10/22	DMG & Partners	EC World Reit	0.52	0.55	Neutral	DDM
11/10/22	DBS Vickers	EC World Reit	0.44	0.55	Buy
11/21/22	DBS Vickers	EC World Reit	0.485	0.4	Fully Valued

Stock calls for 27 December 2022

Date	Analyst	Company	Last	Target	Call	Valuation
12/27/22	Lim & Tan	Sembcorp Marine	0.139	0.14	Hold

The latest economic statistics in December 2022.

The latest US PCE (yoy) is 5.5%.

Although the PCE is declining, the US leading economic indicator (LEI) is worsening as shown on the chart. This means the US economic conditions will continue to deteriorate and a recession is bound to happen next year because a recession always happen with a negative LEI.

Baltic dry index - 1515

Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 776

Related stock: Sembcorp Marine & Cosco.

Digicore Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
04/22/22	DBS Vickers	Digicore Reit	0.985	1.3	Buy	DCF
04/22/22	UOB Kay Hian	Digicore Reit	0.985	1.1	Hold	DDM
06/03/22	DBS Vickers	Digicore Reit	0.97	1.3	Buy
07/01/22	UOB Kay Hian	Digicore Reit	0.77	0.98	Buy	DDM
07/01/22	DBS Vickers	Digicore Reit	0.77	1.3	Buy
07/22/22	DBS Vickers	Digicore Reit	0.75	1.15	Buy	DCF
08/01/22	UOB Kay Hian	Digicore Reit	0.87	0.98	Buy
08/01/22	DBS Vickers	Digicore Reit	0.87	1.15	Buy
09/23/22	UOB Kay Hian	Digicore Reit	0.79	0.98	Buy	DDM
09/23/22	DBS Vickers	Digicore Reit	0.79	1.15	Buy
09/28/22	UOB Kay Hian	Digicore Reit	0.715	0.9	Buy
10/27/22	DBS Vickers	Digicore Reit	0.57	0.9	Buy
11/21/22	DBS Vickers	Digicore Reit	0.585	0.9	Buy	DCF
12/14/22	Lim & Tan	Digicore Reit	0.615	0.87	Buy