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Friday, March 4, 2022

City Developments - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

01/19/21

CIMB

City Developments

7.66

10.1

Add


01/21/21

Jefferies

City Developments

7.64

11

Buy


02/25/21

Macquarie

City Developments

7.33

8.2

Outperform

RNAV (40% discount)

03/01/21

UOB Kay Hian

City Developments

7.36

8.5

Buy


03/02/21

CIMB

City Developments

7.57

8.97

Add


03/02/21

OCBC

City Developments

7.57

9.12

Buy


03/02/21

DMG & Partners

City Developments

7.57

8.7

Buy


03/02/21

Citi Research

City Developments

7.57

11.02

Buy


04/05/21

CIMB

City Developments

8.28

8.97

Add

RNAV

04/22/21

DBS Vickers

City Developments

7.87

10.5

Buy


04/27/21

UOB Kay Hian

City Developments

8.01

8.5

Buy

RNAV

05/20/21

UOB Kay Hian

City Developments

7.39

8.5

Buy

RNAV

05/21/21

Macquarie

City Developments

7.47

8.9

Outperform

RNAV

05/21/21

OCBC

City Developments

7.47

9.12

Buy

RNAV

05/21/21

CIMB

City Developments

7.47

8.97

Add

RNAV

06/11/21

CIMB

City Developments

7.65

8.97

Add

RNAV

06/21/21

Macquarie

City Developments

7.34

8.95

Outperform

RNAV

06/21/21

UOB Kay Hian

City Developments

7.34

8.5

Buy

RNAV

07/09/21

Citi Research

City Developments

7.01

11.02

Buy

RNAV (25% discount)

07/09/21

Lim & Tan

City Developments

7.01

9.3

Accumulate


07/13/21

Macquarie

City Developments

6.94

8.95

Outperform

RNAV

08/12/21

DBS Vickers

City Developments

6.61

10.5

Buy

PB0.9x

08/12/21

Lim & Tan

City Developments

6.61

0

Accumulate


08/13/21

UOB Kay Hian

City Developments

6.76

8.5

Buy

RNAV

08/13/21

Macquarie

City Developments

6.76

9.55

Outperform


08/13/21

DIR

City Developments

6.76

9.35

Buy

RNAV (25% disc), Up from $9.28

08/13/21

UBS

City Developments

6.76

9.7

Buy

RNAV (30% discount)

08/13/21

Citi Research

City Developments

6.76

11.02

Buy


08/13/21

DMG & Partners

City Developments

6.76

8.5

Buy


09/13/21

DBS Vickers

City Developments

6.67

10.5

Buy


09/13/21

Lim & Tan

City Developments

6.67

9.23

Accumulate


09/13/21

BoA

City Developments

6.67

8

Buy


09/13/21

Citi Research

City Developments

6.67

11.02

Buy


09/13/21

CLSA

City Developments

6.67

9

Buy

RNAV (20% disc), up from $7.52 (30% disc)

09/16/21

CIMB

City Developments

7.06

8.97

Add

RNAV

09/20/21

phillip

City Developments

7.25

9.19

Buy

RNAV (35% discount)

09/23/21

Macquarie

City Developments

7.11

9.55

Outperform

RNAV

10/01/21

DBS Vickers

City Developments

6.91

10.5

Buy


10/04/21

Macquarie

City Developments

6.81

9.55

Outperform

RNAV

10/05/21

CIMB

City Developments

6.92

8.97

Add

RNAV

11/17/21

Lim & Tan

City Developments

7.22

9.15

Accumulate


11/18/21

CIMB

City Developments

7.25

8.97

Add


11/22/21

DMG & Partners

City Developments

7.17

9

Buy


11/24/21

UOB Kay Hian

City Developments

7.06

8.5

Buy

RNAV (40% discount)

12/03/21

DBS Vickers

City Developments

6.78

10.5

Buy


12/07/21

Lim & Tan

City Developments

6.83

9

Accumulate


12/13/21

UOB Kay Hian

City Developments

6.99

8.5

Buy


12/15/21

Macquarie

City Developments

7.1

9.9

Outperform

RNAV (45% discount)

12/16/21

CIMB

City Developments

6.97

8.97

Add


12/16/21

DMG & Partners

City Developments

6.97

9

Buy


12/20/21

Lim & Tan

City Developments

6.78

9.2

Accumulate


12/24/21

Citi Research

City Developments

6.63

11.02

Buy

RNAV (25% disc)

01/07/22

phillip

City Developments

6.88

9.19

Buy


01/17/22

DMG & Partners

City Developments

7.11

9

Buy


01/18/22

CIMB

City Developments

7.1

8.97

Add


01/19/22

DBS Vickers

City Developments

7.13

10.5

Buy


02/24/22

DBS Vickers

City Developments

7.24

10.5

Buy


02/15/22

Lim & Tan

City Developments

7.01

9.05

Accumulate


China Sunsine - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

02/03/21

Amfrasers

China Sunsine

0.48

0.53

Outperform


03/05/21

CIMB

China Sunsine

0.495

0.61

Add


04/12/21

UOB Kay Hian

China Sunsine

0.57

0.695

Buy


05/03/21

CIMB

China Sunsine

0.565

0.66

Add

PB1.05x FY21

05/21/21

Amfrasers

China Sunsine

0.51

0.68

Outperform

DCF

08/18/21

CIMB

China Sunsine

0.52

0.68

Add


08/23/21

UOB Kay Hian

China Sunsine

0.51

0.695

Buy


09/15/21

Amfrasers

China Sunsine

0.52

0.68

Outperform


09/30/21

CIMB

China Sunsine

0.495

0.695

Add


10/21/21

CIMB

China Sunsine

0.515

0.77

Add


02/25/22

UOB Kay Hian

China Sunsine

0.49

0.695

Buy

PER6.4x FY22

China Everbright - Stock calls

Date

Analyst

Company

Last

Target

Call

Valuation

11/19/21

Lim & Tan

China Everbright

0.295

0.34

Buy


01/05/22

Lim & Tan

China Everbright

0.33

0.4

Accumulate


Stock calls for 3 March 2021

Date

Analyst

Company

Last

Target

Call

Valuation

03/03/22

OCBC

A-Reit

2.83

3.63

Buy


03/03/22

OCBC

ART

1.04

1.22

Buy


03/03/22

OCBC

Capitaland Integrated Commercial Trust

2.12

2.44

Buy


03/03/22

DBS Vickers

China Aviation Oil

0.91

0.85

Hold

PER11x FY22

03/03/22

DMG & Partners

China Aviation Oil

0.91

1

Neutral


03/03/22

DMG & Partners

Comfortdelgro

1.41

1.77

Buy


03/03/22

CIMB

CSE Global

0.475

0.57

Add


03/03/22

DBS Vickers

Elite ComReit

0.645

0.8

Buy


03/03/22

OCBC

Frasers Logistics

1.44

1.66

Buy


03/03/22

DMG & Partners

Frencken

1.62

2.1

Buy

PER14x FY22

03/03/22

DMG & Partners

Golden Agri

0.305

0.315

Neutral


03/03/22

Lim & Tan

Golden Agri

0.305

0

Accumulate


03/03/22

UOB Kay Hian

Japfa

0.605

0.63

Hold

Sum of parts

03/03/22

OCBC

Mapletree Industrial

2.58

3.3

Buy


03/03/22

Lim & Tan

Raffles Medical

1.16

1.42

Accumulate


03/03/22

phillip

Sembcorp Industries

2.73

2.94

Accumulate

PB1.2x FY22

03/03/22

phillip

Sheng Siong

1.51

1.75

Buy

PER23x

03/03/22

DBS Vickers

UMS

1.21

1.7

Buy

PER17x FY22

03/03/22

DBS Vickers

Yanlord

1.2

1.43

Buy

PER4.9x FY22

Thursday, March 3, 2022

US FED has indicated that it will only do an interest rate hike of a quarter point in March 2022.

 
Look like the die is cast in stone for now.  Should we cheer for that?

Although the US FED has indicated that it will only do a quarter-point hike in March 2022, the FED may indicate its asset sales much earlier to rein in its excessive liquidity and high inflation.  Furthermore, a bigger rate hike later (in the 2nd half of 2022) will cause President Biden to lose his mid-term election in November 2022.

Does this quarter-point hike call for a celebration?  Not really!

US ISM PMI increased in February 2022.


 

The prices subindex had decreased slightly to 75.6 (-0.5) which still remained at an elevated high because of imported inflation and rising employment costs. In view of the rising inflation, the producers increased their inventories to 53.6 (+0.4) which boosted imports (55.4, +0.3) and local raw material (Est’d +0.1).

However, the supplier’s deliveries increased to 66.1 (+1.5) because of slower deliveries. The producers also had difficulties finding workers because of a huge job mismatch between job demand and supply. As a result, the producers were expected to increase their workers in the future as shown by the table below.


The producers ramped up their production (58.5, +0.7) to meet increasing orders but they still couldn’t fulfill the overwhelming orders. Thus, the customers’ inventories slumped further to 31.8 (-1.2). Furthermore, the backlog of order increased significantly (65, +8.6) because the producers couldn’t fulfill all the orders.


The new order (61.7, +3.8), new export order (57.1, +3.4) and new local order (Est’d +0.4) increased because customers were front-loading their orders due to rising inflation expectations.


Therefore, all these factors caused the PMI to increase 58.6 (+1) in February 2022. This front-loading phenomenon looks set to continue further because of the ongoing Russia-Ukraine war and the US PMI will continue expanding before declining. Overall, the US PMI is expected to have a downward trajectory in 2022.