Singapore Stock Exchange - Equity Investments

Friday, December 2, 2022

Yangzijiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/07/21	UOB Kay Hian	Yangzijiang	1.47	1.76	Buy
06/15/21	DBS Vickers	Yangzijiang	1.4	1.8	Buy
06/25/21	CIMB	Yangzijiang	1.39	1.63	Add	PB1x
07/01/21	UOB Kay Hian	Yangzijiang	1.41	1.9	Buy	PER9.3x, PB1x FY22
07/22/21	Citi Research	Yangzijiang	1.36	1.8	Buy
07/22/21	Lim & Tan	Yangzijiang	1.36	1.64	Accumulate
08/02/21	CIMB	Yangzijiang	1.37	1.91	Add	Sum of parts
08/02/21	DBS Vickers	Yangzijiang	1.37	1.8	Buy	Sum of parts, PER10x FY21
08/10/21	UOB Kay Hian	Yangzijiang	1.5	2	Buy
08/12/21	DBS Vickers	Yangzijiang	1.49	1.95	Buy	Sum of parts
08/12/21	OCBC	Yangzijiang	1.49	1.63	Hold
09/03/21	DBS Vickers	Yangzijiang	1.66	1.95	Buy
09/06/21	CIMB	Yangzijiang	1.62	1.91	Add	Sum of parts
09/20/21	UOB Kay Hian	Yangzijiang	1.48	2	Buy	PER
10/01/21	DBS Vickers	Yangzijiang	1.38	1.95	Buy
11/02/21	CIMB	Yangzijiang	1.4	1.91	Add	Sum of parts
11/02/21	DBS Vickers	Yangzijiang	1.4	1.95	Buy
11/30/21	UOB Kay Hian	Yangzijiang	1.3	2	Buy
12/02/21	Citi Research	Yangzijiang	1.29	1.8	Buy	Sum of parts
12/08/21	DBS Vickers	Yangzijiang	1.32	1.95	Buy
12/10/21	CIMB	Yangzijiang	1.31	1.91	Add
01/26/22	Citi Research	Yangzijiang	1.26	1.98	Buy
01/26/22	DBS Vickers	Yangzijiang	1.26	1.95	Buy
01/26/22	UOB Kay Hian	Yangzijiang	1.26	2	Buy
02/28/22	DBS Vickers	Yangzijiang	1.4	1.95	Buy
03/01/22	DBS Vickers	Yangzijiang	1.38	2.15	Buy	Sum of parts
03/01/22	UOB Kay Hian	Yangzijiang	1.38	1.95	Buy	PER9.3x FY22
03/28/22	Citi Research	Yangzijiang	1.46	1.98	Buy
03/28/22	Lim & Tan	Yangzijiang	1.46	1.73	Buy
04/01/22	DBS Vickers	Yangzijiang	1.53	2.15	Buy	Sum of parts
04/04/22	Lim & Tan	Yangzijiang	1.54	1.75	Buy
04/05/22	CIMB	Yangzijiang	1.56	2.41	Add	Sum of parts
04/06/22	UOB Kay Hian	Yangzijiang	1.58	1.95	Buy	PER9.3x FY22
04/22/22	OCBC	Yangzijiang	1.54	0.95	Buy	Ex-Entitlement
05/20/22	CIMB	Yangzijiang	0.89	1.63	Add
06/29/22	UOB Kay Hian	Yangzijiang	0.945	1.16	Buy	Sum of parts
07/07/22	CIMB	Yangzijiang	0.93	1.63	Add
08/05/22	DBS Vickers	Yangzijiang	0.92	1.38	Buy	PB1.5x, PER12x FY22
08/08/22	Lim & Tan	Yangzijiang	0.925	1.3	Accumulate
08/10/22	UOB Kay Hian	Yangzijiang	0.935	1.16	Buy	Sum of parts
08/10/22	DBS Vickers	Yangzijiang	0.935	1.4	Buy
09/09/22	DBS Vickers	Yangzijiang	0.9	1.4	Buy
09/09/22	CIMB	Yangzijiang	0.9	1.63	Add
10/06/22	UOB Kay Hian	Yangzijiang	1.04	1.44	Buy	PER9x FY22/23
10/07/22	Lim & Tan	Yangzijiang	1.1	0	Buy
10/27/22	CIMB	Yangzijiang	1.22	1.63	Add
11/14/22	UOB Kay Hian	Yangzijiang	1.38	1.44	Buy
11/14/22	DBS Vickers	Yangzijiang	1.38	1.4	Buy
11/15/22	UOB Kay Hian	Yangzijiang	1.39	1.55	Hold	PER9x FY23
11/15/22	DBS Vickers	Yangzijiang	1.39	1.7	Buy	PB1.7x FY23, PER11x FY23
12/02/22	CIMB	Yangzijiang	1.4	1.63	Add

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/27/21	Lim & Tan	Wing Tai	1.83	2	Accumulate
06/27/22	DBS Vickers	Wing Tai	1.76	2.05	Buy	RNAV (50% disc)
08/26/22	Lim & Tan	Wing Tai	1.61	2.05	Accumulate
08/29/22	DBS Vickers	Wing Tai	1.68	2.05	Buy
09/12/22	DBS Vickers	Wing Tai	1.66	2.05	Buy
11/01/22	DBS Vickers	Wing Tai	1.52	2.05	Buy
11/11/22	Lim & Tan	Wing Tai	1.47	1.95	Accumulate

Stock calls for 2 December 2022

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/22	UOB Kay Hian	BRC Asia	1.82	2.42	Buy	PER7x FY23
12/02/22	DBS Vickers	BRC Asia	1.82	2.22	Buy	PER8.2x FY23
12/02/22	CIMB	BRC Asia	1.82	2.5	Add
12/02/22	DMG & Partners	City Developments	8.31	9.75	Buy	RNAV (45% disc)
12/02/22	Lim & Tan	Civmec	0.585	0	Buy
12/02/22	Lim & Tan	Ireit	0.53	0.69	Accumulate	DDM
12/02/22	CIMB	Yangzijiang	1.4	1.63	Add

The latest study showed that omicron's pathogenicity was more lethal for elderly and infants.

The so-called "mildness" of omicron had been debunked by the latest study. The vulnerable groups (infants and elderly) had depicted the true severity of omicron because they're the least to be affected by exogenous factors (vaccines & covid drugs) that would skew the data. Although the elderly group is usually the first group to be vaccinated, most of them have pre-existing medical conditions that make them vulnerable. The infant group is the most suitable segment to determine the pathogenicity of covid because they're unvaccinated.