Sembcorp Industries - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/21	Lim & Tan	Sembcorp Industries	1.77	0	Neutral
01/25/21	UOB Kay Hian	Sembcorp Industries	1.77	2.02	Buy
02/23/21	Lim & Tan	Sembcorp Industries	1.62	0	Accumulate
02/23/21	Citi Research	Sembcorp Industries	1.62	1.24	Sell
02/24/21	CIMB	Sembcorp Industries	1.66	1.97	Add	PB1x CY21
02/24/21	UOB Kay Hian	Sembcorp Industries	1.66	2	Buy
02/24/21	DBS Vickers	Sembcorp Industries	1.66	1.85	Buy
02/25/21	phillip	Sembcorp Industries	1.62	1.77	Accumulate	PB0.85x FY21
03/15/21	CIMB	Sembcorp Industries	1.82	1.97	Add	PB1x CY21
03/17/21	UOB Kay Hian	Sembcorp Industries	1.82	2	Buy	PB
04/08/21	UOB Kay Hian	Sembcorp Industries	1.95	2.27	Buy	PB
04/19/21	HSBC	Sembcorp Industries	1.94	2.61	Buy	Up from $1.68, PB1.3x FY21
04/19/21	Credit Suisse	Sembcorp Industries	1.94	2.4	Outperform	sum of parts, PB1.2x FY21
04/22/21	OCBC	Sembcorp Industries	2.18	2.5	Buy
04/22/21	Citi Research	Sembcorp Industries	2.18	2.55	Buy
05/28/21	UOB Kay Hian	Sembcorp Industries	2.15	2.59	Buy	PB1.2x
05/28/21	DBS Vickers	Sembcorp Industries	2.15	2.4	Buy	PB1.2x
05/28/21	CIMB	Sembcorp Industries	2.15	2.43	Add	PER15x
05/31/21	phillip	Sembcorp Industries	2.2	2.07	Neutral	PB1x FY21
06/21/21	UOB Kay Hian	Sembcorp Industries	2.16	2.59	Buy
07/07/21	UOB Kay Hian	Sembcorp Industries	2.18	2.59	Buy
08/02/21	DBS Vickers	Sembcorp Industries	2.09	2.4	Buy	PB1.2x FY21/22
08/02/21	CIMB	Sembcorp Industries	2.09	2.43	Add
08/02/21	Lim & Tan	Sembcorp Industries	2.09	0	Hold
08/10/21	UOB Kay Hian	Sembcorp Industries	2	2.59	Buy
08/10/21	OCBC	Sembcorp Industries	2	2.5	Buy
08/10/21	CIMB	Sembcorp Industries	2	2.51	Add
08/18/21	phillip	Sembcorp Industries	1.97	2.01	Neutral	PB1x FY21
09/27/21	UOB Kay Hian	Sembcorp Industries	1.85	2.59	Buy
09/29/21	CIMB	Sembcorp Industries	1.84	2.51	Add	PER15x CY22
10/20/21	UOB Kay Hian	Sembcorp Industries	1.96	2.59	Buy	PB1.2x
11/16/21	OCBC	Sembcorp Industries	2.04	2.5	Buy
11/18/21	DBS Vickers	Sembcorp Industries	2.04	2.4	Buy
11/18/21	CIMB	Sembcorp Industries	2.04	2.51	Add
11/22/21	UOB Kay Hian	Sembcorp Industries	2.03	2.59	Buy	PB1.2x
12/02/21	Lim & Tan	Sembcorp Industries	1.93	2.57	Buy
12/10/21	Lim & Tan	Sembcorp Industries	2	2.55	Buy
12/13/21	UOB Kay Hian	Sembcorp Industries	2.01	2.59	Buy
12/13/21	Citi Research	Sembcorp Industries	2.01	2.52	Buy
01/06/22	CIMB	Sembcorp Industries	2.03	2.51	Add	PER15x CY22
01/14/22	Citi Research	Sembcorp Industries	2.14	2.52	Buy

Stock calls for 25 January 2022

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/22	UOB Kay Hian	Frencken	1.67	2.06	Buy	PER13.1x FY22
01/25/22	DBS Vickers	Keppel DC Reit	2.25	2.8	Buy	DCF
01/25/22	CIMB	Keppel DC Reit	2.25	2.7	Add
01/25/22	Lim & Tan	Keppel DC Reit	2.25	2.66	Hold
01/25/22	DMG & Partners	OCBC	12.3	14.8	Buy
01/25/22	Lim & Tan	Parkway Life	4.94	4.97	Hold
01/25/22	UOB Kay Hian	Starhub	1.3	1.3	Hold	DCF

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

We haven't been analyzing the 4 US interest rates for a long time already and we will be analyzing the FED interest rates for 2022 for the very first time.

The US had created a new FED rate called the interest rate on reserve balance (IORB) which combined the previous IORR and IOER together.  Therefore, we will be analyzing the 3 US FED from now onwards.

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$1.71T 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 banks also do not expect the US FED to hike its benchmark rates in January 2022 because there is no sudden spike in any FED rate.

In conclusion, the US FED is unlikely to raise its official rates in January but the FED will likely make an announcement for the rate hikes in March as time is running out to contain the high inflation.

Why did President Xi warn the FED against hiking interest rates? - Part 2

https://www.cnbc.com/2022/01/24/fed-rate-hikes-will-intensify-a-global-debt-crisis-research-warns.html

President Xi (China) had already warned the FED against hiking rates last week but the US won't listen because the FED had to safeguard Biden's election in November 2022.

Therefore, we better prepare for a financial crisis in 2022 which we had predicted previously.

http://sg-stock.blogspot.com/2021/12/another-constellation-is-aligning-and.html

SBS Transit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/11/21	CIMB	SBS Transit	2.97	3.6	Add
03/08/21	CIMB	SBS Transit	3.02	3.6	Add
05/11/21	CIMB	SBS Transit	3.06	3.5	Add
08/13/21	CIMB	SBS Transit	3	3.5	Add	PER13.2x CY21
09/02/21	DBS Vickers	SBS Transit	3.03	3.44	Hold	PB1.74x
11/05/21	DBS Vickers	SBS Transit	3	3.44	Hold
11/12/21	DBS Vickers	SBS Transit	2.98	3.39	Hold	PB1.74x