Stock calls for 30 November 2023

Date	Analyst	Company	Last	Target	Call	Valuation
11/30/23	UOB Kay Hian	Keppel Corp	6.43	9.09	Buy	Sum of parts
11/30/23	DBS Vickers	Manulife US Reit	0.091	0.1	Hold
11/30/23	UOB Kay Hian	Manulife US Reit	0.091	0.13	Buy	DDM
11/30/23	Kim Eng	Sembcorp Industries	5.16	6.3	Buy
11/30/23	Kim Eng	ST Engineering	3.72	4.2	Buy

US GDP growth is 5.2% for Q3 2023. Is it really that good?

Let's break up the GDP components for our analysis.

GDP growth=Government spendings+Investments+Consumptions+Net Exports

5.2% = 0.94% + 1.82% + 2.44% + (-0.04) = 5.16% (Rounded off to 5.2%)

As we can see from the GDP components, the 2 biggest contributors are Investments and consumptions.  The US consumers and firms are spending way beyond their means now and this can be reflected in the default and bankruptcy rates.

The US bankruptcy filings are at an elevated high in 2023.  Many US firms have overstretched themselves.

Thus, the latest US GDP growth may look good but it is seeding a bigger danger in the future because consumers and firms can't continue relying on debts for a long period.

Civmec - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/23	UOB Kay Hian	Civmec	0.58	1.18	Buy	PER12x FY23
01/10/23	Kim Eng	Civmec	0.575	0.94	Buy
01/10/23	Lim & Tan	Civmec	0.575	1.06	Buy
01/12/23	UOB Kay Hian	Civmec	0.58	1.1	Buy	PER11x FY23
02/01/23	Lim & Tan	Civmec	0.595	1.05	Buy
02/10/23	UOB Kay Hian	Civmec	0.655	1.1	Buy	PER11x FY23
02/10/23	DBS Vickers	Civmec	0.655	0.95	Buy	PER8.5x FY23/24
02/13/23	Kim Eng	Civmec	0.66	1	Buy	PER9x FY23
04/03/23	Lim & Tan	Civmec	0.685	0	Buy
04/05/23	UOB Kay Hian	Civmec	0.695	1.1	Buy	PER11x FY23
05/11/23	DBS Vickers	Civmec	0.705	0.95	Buy
05/11/23	Lim & Tan	Civmec	0.705	1.02	Buy
05/24/23	UOB Kay Hian	Civmec	0.705	1.23	Buy	PER11x FY24
05/24/23	Lim & Tan	Civmec	0.705	1.2	Buy
08/29/23	Lim & Tan	Civmec	0.815	1.23	Buy
08/30/23	UOB Kay Hian	Civmec	0.79	1.23	Buy	PER11x FY24
08/30/23	Kim Eng	Civmec	0.79	1.05	Buy	PER10x FY24
10/11/23	Lim & Tan	Civmec	0.795	1.14	Accumulate
11/01/23	UOB Kay Hian	Civmec	0.79	1.23	Buy	PER11x FY24
11/01/23	Kim Eng	Civmec	0.79	1.05	Buy
11/20/23	Lim & Tan	Civmec	0.775	1.25	Accumulate