Stock calls for 15 March 2022

Date	Analyst	Company	Last	Target	Call	Valuation
03/15/22	CIMB	Aztech	0.89	1.59	Add
03/15/22	phillip	Del Monte	0.355	0.63	Buy	PER12x FY22, up from $0.62
03/15/22	DBS Vickers	Hour Glass	2	2.62	Buy	DCF & PER14.5x
03/15/22	CIMB	ISDN	0.57	0.96	Add
03/15/22	DMG & Partners	Kimly	0.39	0.46	Buy	DCF (12% disc)
03/15/22	UOB Kay Hian	Manulife US Reit	0.63	0.8	Buy	DDM
03/15/22	CIMB	Nanofilm	2.51	3.5	Add
03/15/22	Amfrasers	Oxpay	0.153	0.3	Outperform
03/15/22	CIMB	Vicplas	0.205	0.28	Add

What will the US FED do for its March 2022 meeting?

Despite the US FED saying that it would support a 25bp interest rate hike in March 2022, we would still analyze the 3 FED rates to determine the Fed's move.

IORB: 0.15%

The IORB has been relatively stable at 0.15% and is within the FED range of 0 to 0.25%.

EFFR: 0.08%

The EFFR had been hovering between 0.07% and 0.08% for the past few months.

On RRP: 0.05% (Fed is paying.)

On RP: No transaction at 0.25%. (Fed is receiving.)

EFFR: 0.08%

IORB: 0.15%

When the EFFR (0.08%) is lesser than IORB (0.15%), it means that the US is still under the monetary easing condition.  The high cash of US$1.56T deposited with the US FED also shows that there is excess liquidity and the banks have nowhere to invest in other profitable investments.  Thus, we do not see any stress in the US financial system and the US FED will just hike 25bp in March 2022 as stated.

Furthermore, the CME Fedwatch tool is also projecting a 25bp in March 2022.  Conversely, the black swan event to watch out for will be the announcement of FED's asset sales.  If the FED begins to sell its assets in the 1st half of 2022 which is earlier than expected, this will cause the stock market to fall heavily.

Far East Orchard - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/26/21	DBS Vickers	Far East Orchard	1.11	1.7	Buy	Sum of parts
08/05/21	DBS Vickers	Far East Orchard	1.13	1.7	Buy	Sum of parts
11/10/21	DBS Vickers	Far East Orchard	1.12	1.7	Buy	Sum of parts

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/21	UOB Kay Hian	Far East Hospitality	0.62	0.74	Buy
02/15/21	Kim Eng	Far East Hospitality	0.585	0.7	Buy	DDM
02/16/21	UOB Kay Hian	Far East Hospitality	0.59	0.72	Buy
02/17/21	CIMB	Far East Hospitality	0.595	0.639	Add
02/17/21	OCBC	Far East Hospitality	0.595	0.66	Buy
03/09/21	OCBC	Far East Hospitality	0.575	0.66	Buy
03/24/21	CIMB	Far East Hospitality	0.62	0.745	Add	DDM
04/05/21	DBS Vickers	Far East Hospitality	0.64	0.7	Buy
05/03/21	CIMB	Far East Hospitality	0.63	0.745	Add	DDM
05/04/21	UOB Kay Hian	Far East Hospitality	0.61	0.72	Buy	DDM
05/27/21	UOB Kay Hian	Far East Hospitality	0.575	0.71	Buy	DDM
06/07/21	UOB Kay Hian	Far East Hospitality	0.6	0.71	Buy
07/07/21	CIMB	Far East Hospitality	0.59	0.745	Add
08/02/21	CIMB	Far East Hospitality	0.58	0.745	Add	DDM
08/02/21	Kim Eng	Far East Hospitality	0.58	0.7	Buy	DDM
08/03/21	OCBC	Far East Hospitality	0.595	0.64	Buy
08/16/21	UOB Kay Hian	Far East Hospitality	0.585	0.71	Buy
09/08/21	CIMB	Far East Hospitality	0.615	0.745	Add	DDM
10/04/21	UOB Kay Hian	Far East Hospitality	0.6	0.71	Buy
11/01/21	UOB Kay Hian	Far East Hospitality	0.645	0.71	Buy	DDM
12/03/21	DBS Vickers	Far East Hospitality	0.575	0.78	Buy
12/03/21	CIMB	Far East Hospitality	0.575	0.745	Add	DDM
12/03/21	Lim & Tan	Far East Hospitality	0.575	0.69	Accumulate
01/06/22	UOB Kay Hian	Far East Hospitality	0.6	0.74	Buy	DDM
01/07/22	CIMB	Far East Hospitality	0.595	0.745	Add
02/16/22	DBS Vickers	Far East Hospitality	0.585	0.78	Buy
02/16/22	Kim Eng	Far East Hospitality	0.585	0.7	Buy	DDM
02/18/22	CIMB	Far East Hospitality	0.605	0.746	Add
02/22/22	UOB Kay Hian	Far East Hospitality	0.6	0.76	Buy	DDM
03/08/22	DBS Vickers	Far East Hospitality	0.58	0.78	Buy

F&N - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/08/21	Lim & Tan	F & N	1.45	0	Neutral