Ascendas Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/22	DMG & Partners	A-Reit	2.87	3.6	Buy
02/09/22	CIMB	A-Reit	2.8	3.2	Add	DDM
02/09/22	DBS Vickers	A-Reit	2.8	3.65	Buy
02/09/22	Jefferies	A-Reit	2.8	3.25	Buy
02/09/22	Kim Eng	A-Reit	2.8	3.65	Buy	DDM
02/09/22	Lim & Tan	A-Reit	2.8	3.41	Accumulate on weakness
02/09/22	UOB Kay Hian	A-Reit	2.8	3.92	Buy	DDM
02/11/22	OCBC	A-Reit	2.89	3.63	Buy
02/21/22	Phillip	A-Reit	2.83	3.52	Buy	DDM
02/21/22	Citi Research	A-Reit	2.83	3.16	Buy
03/03/22	OCBC	A-Reit	2.83	3.63	Buy
04/07/22	Lim & Tan	A-Reit	2.95	3.29	Hold
05/05/22	DBS Vickers	A-Reit	2.82	3.65	Buy
05/05/22	CIMB	A-Reit	2.82	3.2	Add	DDM
05/05/22	DMG & Partners	A-Reit	2.82	3.6	Buy	DDM
05/05/22	Lim & Tan	A-Reit	2.82	3.29	Accumulate
06/01/22	DMG & Partners	A-Reit	2.79	3.6	Buy
06/01/22	OCBC	A-Reit	2.79	3.43	Buy
06/03/22	DBS Vickers	A-Reit	2.79	3.65	Buy
07/08/22	DMG & Partners	A-Reit	2.89	3.6	Buy	DDM
08/03/22	UOB Kay Hian	A-Reit	2.96	3.45	Buy	DDM
08/03/22	DBS Vickers	A-Reit	2.96	3.65	Buy
08/03/22	DMG & Partners	A-Reit	2.96	3.6	Buy	DDM
08/05/22	Kim Eng	A-Reit	3.02	3.5	Buy
08/05/22	OCBC	A-Reit	3.02	3.34	Buy
09/15/22	DBS Vickers	A-Reit	2.86	3.65	Buy
09/15/22	CIMB	A-Reit	2.86	3.21	Add
09/15/22	Citi Research	A-Reit	2.86	3.16	Buy
09/21/22	DMG & Partners	A-Reit	2.82	3.6	Buy	DDM
09/28/22	Lim & Tan	A-Reit	2.7	3.2	Buy
09/28/22	UOB Kay Hian	A-Reit	2.7	3.21	Buy
10/03/22	UOB Kay Hian	A-Reit	2.69	3.7	Buy	DDM
10/07/22	Kim Eng	A-Reit	2.69	3.5	Buy	DDM
10/26/22	DMG & Partners	A-Reit	2.51	3.6	Buy
11/01/22	DBS Vickers	A-Reit	2.62	3.4	Buy
11/01/22	CIMB	A-Reit	2.62	2.98	Add	DDM
11/01/22	DMG & Partners	A-Reit	2.62	3.15	Buy	DDM
11/01/22	Lim & Tan	A-Reit	2.62	3.12	Buy
11/28/22	CLSA	A-Reit	2.71	3.2	Buy	Up from $2.90
12/09/22	CIMB	A-Reit	2.76	2.79	Add
12/20/22	DMG & Partners	A-Reit	2.69	3.15	Buy
12/28/22	Citi Research	A-Reit	2.7	3	Buy	Sum of parts
01/05/23	UOB Kay Hian	A-Reit	2.75	3.21	Buy
01/05/23	DMG & Partners	A-Reit	2.75	3.15	Buy
01/09/23	UOB Kay Hian	A-Reit	2.73	3.27	Buy
01/18/23	DBS Vickers	A-Reit	2.74	3.4	Buy
02/03/23	CIMB	A-Reit	2.94	3.06	Add	DDM
02/06/23	UOB Kay Hian	A-Reit	3	3.3	Buy	DDM
02/06/23	Lim & Tan	A-Reit	3	3.08	Hold
02/07/23	DMG & Partners	A-Reit	2.96	3.25	Buy	DDM

Yanlord - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/22	DBS Vickers	Yanlord	1.14	1.25	Hold	PER4.4x
01/24/22	OCBC	Yanlord	1.14	1.16	Hold
03/03/22	DBS Vickers	Yanlord	1.2	1.43	Buy	PER4.9x FY22
03/07/22	OCBC	Yanlord	1.2	1.44	Buy
06/09/22	OCBC	Yanlord	1.08	1.37	Buy
09/20/22	DBS Vickers	Yanlord	1.04	1.43	Buy

Yangzijiang Financial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/07/22	CIMB	Yangzijiang Financial	0.54	0.74	Add	PER9x & PB0.6x FY23
06/09/22	UOB Kay Hian	Yangzijiang Financial	0.525	0.91	Not Rated	PB0.84x
06/09/22	Lim & Tan	Yangzijiang Financial	0.525	0.74	Buy
07/13/22	Lim & Tan	Yangzijiang Financial	0.42	0.74	Buy
08/15/22	CIMB	Yangzijiang Financial	0.39	0.74	Add
11/23/22	Lim & Tan	Yangzijiang Financial	0.34	0.74	Buy
12/06/22	CIMB	Yangzijiang Financial	0.345	0.64	Add	Sum of parts (30% disc)
03/01/23	Lim & Tan	Yangzijiang Financial	0.35	0.64	Buy
03/02/23	CIMB	Yangzijiang Financial	0.365	0.64	Add	Sum of parts (30% disc)

Stock calls for 6 March 2023

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/23	UOB Kay Hian	Centurion	0.34	0.43	Buy	PER5.7x FY23, PB0.5x
03/06/23	UOB Kay Hian	Dairy Farm	3.07	3.72	Buy	PER30x FY23
03/06/23	DBS Vickers	Dairy Farm	3.07	3.8	Buy
03/06/23	Lim & Tan	Dairy Farm	3.07	3.3	Hold
03/06/23	Kim Eng	Frencken	0.98	1.15	Buy	PER9x FY23
03/06/23	DBS Vickers	Hongkong Land	4.53	5.33	Buy	RNAV (55% discount)
03/06/23	CIMB	IHH Healthcare	1.78	2.2	Add	Ringgit $7.33 target price
03/06/23	UOB Kay Hian	IHH Healthcare	1.78	2.04	Buy	Ringgit $6.80 target price
03/06/23	DBS Vickers	Mapletree Commercial	1.72	2	Buy
03/06/23	UOB Kay Hian	Mapletree Industrial	2.35	2.79	Buy	DDM
03/06/23	phillip	Propnex	1.87	2.4	Buy	DCF
03/06/23	phillip	Raffles Medical	1.39	1.76	Buy	DCF
03/06/23	phillip	Sheng Siong	1.66	1.98	Buy	PER22x
03/06/23	Lim & Tan	UMS	1.02	1.25	Buy

The US mortgage rate is rising towards 7% again!

The high mortgage rate will douse buyers' interest and keep the housing rentals high because the investors will want to recoup their monthly instalments and not subsidize the tenants to stay in their properties.

The ISM PMI had been contracting for 4 consecutive months already.

Estimated new local order = New orders (+4.5) - New export orders (+0.5) = 4

Estimated local raw material = Inventories (-0.1) - Imports (+2.1) = -2.2

The increase in the PMI was caused by a significant increase in new orders which included new local orders.  However, the producers were not optimistic about their future orders and went ahead to cut back on their production, employment and inventories which resulted in an increase in the backlog of orders.

The ISM PMI had been in the contractionary phase (below 50) for 4 consecutive months and this phenomenon won't bode well for the future US economic growth.

Baltic dry index - 1211

Related stock: Sembcorp Marine, Cosco & Pan Ocean.

US rig count (weekly) - 749

Related stock: Sembcorp Marine & Cosco.