Parkway Life - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/22	Lim & Tan	Parkway Life	4.94	4.97	Hold
02/11/22	UOB Kay Hian	Parkway Life	4.62	4.72	Hold
03/04/22	DBS Vickers	Parkway Life	4.62	5.75	Buy	DCF
04/13/22	UOB Kay Hian	Parkway Life	4.81	4.82	Hold	DDM
04/26/22	CIMB	Parkway Life	4.96	5.05	Hold
04/26/22	UOB Kay Hian	Parkway Life	4.96	5.42	Hold	DDM
06/10/22	SAC Capital	Parkway Life	4.93	4.69	Hold
06/10/22	DBS Vickers	Parkway Life	4.93	5.5	Buy	DCF
08/10/22	Lim & Tan	Parkway Life	4.8	5.08	Hold
09/14/22	CIMB	Parkway Life	4.75	5.06	Hold
09/14/22	Citi Research	Parkway Life	4.75	5.02	Hold
09/16/22	UOB Kay Hian	Parkway Life	4.67	4.65	Hold
09/21/22	DBS Vickers	Parkway Life	4.62	5.5	Buy	DCF
09/21/22	Lim & Tan	Parkway Life	4.62	5	Hold
10/21/22	UOB Kay Hian	Parkway Life	3.81	4.13	Hold	DDM
11/02/22	Lim & Tan	Parkway Life	3.97	4.7	Hold
01/04/23	Lim & Tan	Parkway Life	3.77	4.64	Hold
01/30/23	UOB Kay Hian	Parkway Life	4	4.43	Hold	DDM
02/03/23	CIMB	Parkway Life	4.16	4.78	Accept Offer

Pan-United - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/22	Lim & Tan	PanUnited	0.335	0.5	Buy
03/14/22	Lim & Tan	PanUnited	0.35	0	Buy
03/14/22	phillip	PanUnited	0.35	0.46	Buy	PER16x FY22
03/21/22	Lim & Tan	PanUnited	0.35	0.54	Buy	EV/Ebitda5.6x
03/30/22	CIMB	PanUnited	0.385	0.53	Add	PER12.3x
03/30/22	SAC Capital	PanUnited	0.385	0.56	Buy	EV/Ebitda6.6x FY23
04/07/22	CIMB	PanUnited	0.41	0.56	Add
05/05/22	CIMB	PanUnited	0.4	0.56	Add
06/13/22	phillip	PanUnited	0.43	0.68	Buy	PER12x FY22
06/13/22	SAC Capital	PanUnited	0.43	0.53	Buy
08/05/22	CIMB	PanUnited	0.45	0.57	Add
08/11/22	SAC Capital	PanUnited	0.445	0.53	Buy
08/12/22	phillip	PanUnited	0.45	0.54	Buy	PER12x FY22
08/22/22	Lim & Tan	PanUnited	0.44	0.54	Buy
09/22/22	CIMB	PanUnited	0.43	0.57	Add
09/23/22	Lim & Tan	PanUnited	0.43	0.54	Buy	EV/Ebitda6.9x
12/12/22	phillip	PanUnited	0.405	0.54	Buy	PER12x FY23
12/14/22	Lim & Tan	PanUnited	0.405	0.5	Buy
01/13/23	CIMB	PanUnited	0.4	0.57	Add

Oxpay - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/15/22	Amfrasers	Oxpay	0.153	0.3	Outperform	PER18x FY22

Stock calls for 6 February 2023

Date	Analyst	Company	Last	Target	Call	Valuation
02/06/23	UOB Kay Hian	A-Reit	3	3.3	Buy	DDM
02/06/23	Lim & Tan	A-Reit	3	3.08	Hold
02/06/23	phillip	DBS	35.5	41.6	Buy
02/06/23	UOB Kay Hian	Digicore Reit	0.68	0.97	Buy
02/06/23	OCBC	Mapletree Commercial	1.83	1.81	Hold
02/06/23	Citi Research	Mapletree Commercial	1.83	1.9	Buy	DDM & RNAV
02/06/23	phillip	OCBC	13	14.22	Buy
02/06/23	phillip	UOB	30.16	35.7	Buy

The ISM PMI declined again in the US for January 2023.

The prices subindex had increased to 44.5 (+5.1) because of an uprise in employment subindex.  The new order continued its contractionary phase (42.5, 2.6) because the new local order decreased significantly (Est’d -5.8) which outweighed the increase in new export order (49.4, +3.2).  As the new order remained weak, the customers’ inventories (47.4, -0.8) and backlog orders (43.4, +2) stayed in the contractionary phase.  The backlog orders increased because the decline in production was lesser than the new order.

The production (48, -0.6) declined because of the weaker outlook. However, the employment improved to 50.6 (+0.2) because the producers preferred to get more workers due to the mismatch in the labour market.  The supplier’s delivery improved to 45.6 (-0.5) because of easing in supply and logistic disruption.  A lower delivery index means a faster delivery period.

As the new order continued to deteriorate, the producers reduced their inventories to 50.2 (-2.1) and local raw material (Est’d -4.8).  However, the producers increased their imports (47.8, +2.7) due to an easing in supply and logistical issues.

In conclusion, the above factors caused the PMI to decline to a 1 year low of 47.4 (-1) and the economy would enter into a recession in 2023.

Recent economic statistics for 1st week of February 2023.

IMF economic outlook growth projections:

Bloomberg has an even more optimistic growth projections (max: 6.7%) for China than the IMF.