Stock calls for 2 April 2025

Date	Analyst	Company	Last	Target	Call	Valuation
04/02/25	DMG & Partners	Dairy Farm	2.33	3.03	Buy	Sum of parts
04/02/25	OCBC	Keppel Infrastructure	0.42	0.5	Buy
04/02/25	UOB Kay Hian	Keppel Pacific	0.2	0.24	Buy	DDM
04/02/25	CIMB	Q&M	0.3	0.43	Add
04/02/25	DBS Vickers	Sembcorp Industries	6.42	8	Buy	PER13x FY25
04/02/25	Lim & Tan	Sembcorp Industries	6.42	7.3	Accumulate
04/02/25	Lim & Tan	Singapore Post	0.615	0.75	Buy

The US ISM PMI dipped into contractionary zone again (49) and this might just be the beginning.

Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = -3.4 - (-1.8) = -1.6

Estimated Local Material: Inventories - Imports = 3.5 - 2.5 = 1

Although the latest ISM PMI was rather meaningless because it didn't fully factored in Trump's tariffs, we'll still do a simple analysis to perform a health check on the US manufacturing industry that was in a contractionary zone (below 50).

The PMI prices were rising despite the US consumers cutting back on their spendings (Local New Orders were -1.6).  The US producers also cut back on their production and employment to prepare for the economic slowdown induced by Trump's tariffs.

All these didn't bode well for the US economic growth because the subcomponents were depicting a stagflation (economic slowdown with rising inflation).

Marco Polo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/15/24	Lim & Tan	Marco Polo	0.05	0.068	Accumulate
01/30/24	UOB Kay Hian	Marco Polo	0.05	0.066	Buy
02/16/24	UOB Kay Hian	Marco Polo	0.055	0.07	Buy	PER9x FY24
02/20/24	DMG & Partners	Marco Polo	0.055	0.073	Buy	DCF
03/04/24	UOB Kay Hian	Marco Polo	0.055	0.07	Buy	PER9x FY24
03/21/24	Kim Eng	Marco Polo	0.059	0.088	Buy	PER11x FY24
03/22/24	UOB Kay Hian	Marco Polo	0.062	0.086	Buy	PER11x FY24
03/22/24	Lim & Tan	Marco Polo	0.062	0.077	Accumulate
04/03/24	UOB Kay Hian	Marco Polo	0.063	0.086	Buy	PER11x FY24
04/05/24	Lim & Tan	Marco Polo	0.066	0.083	Buy
04/08/24	Lim & Tan	Marco Polo	0.067	0.082	Buy	PER11x FY24
04/09/24	DMG & Partners	Marco Polo	0.066	0.081	Buy	DCF
04/17/24	Kim Eng	Marco Polo	0.07	0.088	Buy
04/17/24	Lim & Tan	Marco Polo	0.07	0.085	Accumulate
05/03/24	UOB Kay Hian	Marco Polo	0.069	0.086	Buy	PER11x FY24
05/15/24	Lim & Tan	Marco Polo	0.071	0.085	Accumulate
05/24/24	Lim & Tan	Marco Polo	0.068	0.083	Buy	PER11x FY24
05/28/24	DMG & Partners	Marco Polo	0.068	0.081	Buy	DCF
07/04/24	UOB Kay Hian	Marco Polo	0.058	0.086	Buy	PER11x FY24
07/05/24	Kim Eng	Marco Polo	0.06	0.09	Buy
08/23/24	Lim & Tan	Marco Polo	0.054	0.083	Accumulate
08/28/24	Kim Eng	Marco Polo	0.052	0.08	Buy
08/29/24	UOB Kay Hian	Marco Polo	0.051	0.061	Buy
09/17/24	Kim Eng	Marco Polo	0.054	0.08	Buy
09/20/24	Lim & Tan	Marco Polo	0.055	0.074	Buy
10/07/24	Lim & Tan	Marco Polo	0.058	0.074	Overweight
10/18/24	DMG & Partners	Marco Polo	0.053	0.08	Buy	DCF
11/01/24	UOB Kay Hian	Marco Polo	0.056	0.061	Buy	PER9.5x FY24
11/04/24	Kim Eng	Marco Polo	0.057	0.08	Buy
11/29/24	Lim & Tan	Marco Polo	0.052	0.065	Accumulate on weakness
12/04/24	Kim Eng	Marco Polo	0.053	0.08	Buy
12/06/24	UOB Kay Hian	Marco Polo	0.055	0.072	Buy	PER9.5x FY25
12/13/24	CIMB	Marco Polo	0.054	0.08	Add
01/03/25	Lim & Tan	Marco Polo	0.053	0	Accumulate on weakness
01/14/25	DMG & Partners	Marco Polo	0.054	0.08	Buy	DCF
01/20/25	Lim & Tan	Marco Polo	0.055	0.078	Accumulate on weakness
02/03/25	UOB Kay Hian	Marco Polo	0.055	0.072	Buy	PER9.5x FY25
03/04/25	UOB Kay Hian	Marco Polo	0.05	0.072	Buy	PER9.5x FY25
03/11/25	Lim & Tan	Marco Polo	0.05	0.0755	Buy