Jumbo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/18/20	DMG & Partners	Jumbo	0.25	0.19	Sell	DCF
05/18/20	DBS Vickers	Jumbo	0.25	0.21	Fully Valued	PER18x FY21
05/18/20	CIMB	Jumbo	0.25	0.2	Reduce
06/16/20	DMG & Partners	Jumbo	0.29	0.19	Sell
08/28/20	DMG & Partners	Jumbo	0.345	0.19	Sell
09/11/20	DBS Vickers	Jumbo	0.325	0.21	Fully Valued
11/27/20	DBS Vickers	Jumbo	0.32	0.22	Fully Valued	PER20x FY21
11/30/20	UOB Kay Hian	Jumbo	0.33	0.27	Sell
11/30/20	DMG & Partners	Jumbo	0.33	0.19	Sell	DCF

Stock calls for 15 April 2021

Date	Analyst	Company	Last	Target	Call	Valuation
04/15/21	DMG & Partners	Fu Yu	0.32	0.37	Buy
04/15/21	DBS Vickers	GHY	0.755	1	Buy	Sum of parts, PER19.4x FY21
04/15/21	OCBC	Singapore Post	0.755	0.74	Hold
04/15/21	DMG & Partners	Suntec Reit	1.57	1.79	Buy

India protests U.S. Navy's transit through its exclusive economic zone.

https://www.reuters.com/article/us-india-usa-idUSKBN2BX07T

India is protesting against its QUAD Alliance (QA) and Indo-Pacific Alliance (IPA) member.

India, are you in your right state of mind? You are protesting against your big boss, do you know that? Do you wanna get kicked out of the QA and IPA?

Hahaha!

We had stated previously the QA was useless and India was one of the weak links in the QA and IPA.

http://sg-stock.blogspot.com/2021/02/will-quad-alliance-qa-have-any-impact.html

PS: we're not always right but we're seldom wrong too.  Therefore, you better sit up straight and listen when we tell you something. Heehee!

The US FED is lying again! - Part 2

https://sg.finance.yahoo.com/news/current-us-debt-level-very-165203158.html

The US FED is lying through his teeth again!

Being a US FED, he should know the true national debt figure but he deliberately stated a much smaller debt figure of US$22.96T instead of the real figure of US$28.17T.  Is he sleeping on the job?

https://www.usdebtclock.org/

Is the US able to service its debts? Hell No!

http://sg-stock.blogspot.com/2021/04/us-m1-money-supply-is-scary.html

The US cannot service its debts with its incoming revenues.  The only way to fulfill its debt obligations is to issue more USD which will depreciate the USD in the long term.  The US will try to support its USD in the short term so that it can continue to issue debts to cover its expenditures.  This is one of the reasons that the EU, Russia and China are moving away from the USD.

Let's get into the minds of fund managers! - Part 2.

Let's look at the Global FMS for April.

FMS shows that the treasury market selloff (yield spike) is the most important concern in April compared to March 2021 in which inflation was the most concerning factor.

http://sg-stock.blogspot.com/2021/03/lets-get-into-minds-of-fund-managers.html

The FM invested in the technology sector in April.

The FM thinks that the US stock market is in a late-stage bull market now.  This corroborated with our earlier post on the US stock market overvaluation.

http://sg-stock.blogspot.com/2021/04/is-us-stock-market-overvalued-part-3.html

Jiutian - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/24/20	Amfrasers	Jiutian	0.046	0.068	Outperform	PER8x
09/07/20	Amfrasers	Jiutian	0.05	0.068	Outperform
11/04/20	UOB Kay Hian	Jiutian	0.098	0.16	Buy	PER5x FY21
11/12/20	UOB Kay Hian	Jiutian	0.115	0.18	Buy	PER5x FY21
11/26/20	Amfrasers	Jiutian	0.086	0.14	Not Rated
01/18/21	CIMB	Jiutian	0.1	0.145	Add	PER5.7x FY22
02/03/21	Amfrasers	Jiutian	0.104	0.155	Not Rated
02/24/21	UOB Kay Hian	Jiutian	0.107	0.128	Buy	PER5x FY21
02/25/21	CIMB	Jiutian	0.096	0.135	Add	PER5.7x FY22
04/13/21	CIMB	Jiutian	0.102	0.135	Add	PER5.7x FY22

JEP - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/21/20	Phillip	JEP	0.19	0.158	Reduce	PB1x
10/27/20	UOB Kay Hian	JEP	0.175	0.2	Buy

Jardine Matheson - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/03/20	CIMB	Jardine Matheson	40.92	48.61	Add	PB0.78x FY20
12/02/20	CIMB	Jardine Matheson	54.52	54.68	Hold	PB0.85x
03/09/21	CIMB	Jardine Matheson	62	54.68	Hold	PB0.85x

Stock calls for 14 April 2021

Date	Analyst	Company	Last	Target	Call	Valuation
04/14/21	DMG & Partners	Frencken	1.59	1.77	Buy	PER14x
04/14/21	Macquarie	SGX	10.16	11.5	Outperform	DDM
04/14/21	CIMB	Sheng Siong	1.53	1.88	Add
04/14/21	UOB Kay Hian	SIA	5.53	4.4	Sell	PB1x FY22/23

US M1 money supply is scary!

 US M1 Money Supply Chart.

It is scary to look at how much money the US has issued to support its stimulus packages.  The US will issue more USD because of the US$2.3T infrastructure bill.  Hyperinflation will be awaiting the US if the US continues to issue more USD.

Therefore, it is imperative for the US to raise its corporate taxes since it has to support its additional stimulus packages and also to finance its deficit.

Let's look at the US deficit now.

The corporate tax income (US$15B) in march was not even enough to pay for the March US debt interest (Net interest US$31B).

The US has a deficit of US$1.7T for this year and it has no choice but to raise its corporate taxes to finance its deficit.  However, raising the corporate taxes won't be enough and the US has to find other means to fund its expenditures.

China's monetary tightening will impact the USD. Why? - Part 3

http://sg-stock.blogspot.com/2021/03/chinas-monetary-tightening-will-impact_9.html

The latest updates on China's credit impulse are below.

The upcoming QE tapering and China's monetary tightening will cause the US treasurys' yields to surge beyond expectations if these 2 events are allowed to materialize in 2021.

US inflation surges 2.6% yoy, the biggest gain since 2009.

https://www.reuters.com/article/us-usa-economy-inflation/u-s-consumer-prices-post-biggest-gain-in-over-8-1-2-years-idUSKBN2C01KU

We've nailed it again!  Just look at our analysis and prediction below.

http://sg-stock.blogspot.com/2020/10/the-us-inflation-is-coming-part-4.html

Let's look at US inflation in detail.

Important message from St. Louis Fed Bullard.

https://finance.yahoo.com/news/fed-bullard-says-75-vaccinations-171818709.html

St. Louis Fed Bullard has indicated something very important for the stock market.  He is proposing that the US Fed will likely commence QE tapering after vaccination reaches 75% to 80%.  In other words, the US Fed should terminate its bond purchase program after the US reaches its herd immunity.

What's the repercussion?

Well, the termination of the bond purchase program will push up the treasury's yields which will cause stock valuations to drop.  Please read below to understand the relationship between treasury's yield and the stock valuation.

http://sg-stock.blogspot.com/2021/01/the-us-fed-is-lying-again.html

Fed Bullard also recognizes in his speech that the US will face higher inflation in 2021.  We had warned about the higher US inflation much earlier.

http://sg-stock.blogspot.com/2021/03/the-us-inflation-is-coming-part-11.html