Yangzijiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/14/20	DBS Vickers	Yangzijiang	1.16	1.68	Buy
01/20/20	UOB Kay Hian	Yangzijiang	1.16	1.46	Buy
02/01/20	DBS Vickers	Yangzijiang	0.97	1.68	Buy
03/02/20	OCBC	Yangzijiang	0.945	1.2	Buy	Sum of parts
03/02/20	UOB Kay Hian	Yangzijiang	0.945	1.4	Buy
03/02/20	DBS Vickers	Yangzijiang	0.945	1.5	Buy	Sum of parts, PB0.9x
03/17/20	UOB Kay Hian	Yangzijiang	0.8	1.25	Buy	PB0.72x
03/17/20	Citi Research	Yangzijiang	0.8	1.4	Buy
04/08/20	DBS Vickers	Yangzijiang	0.915	1.5	Buy	Sum of parts
04/14/20	UOB Kay Hian	Yangzijiang	0.94	1.25	Buy	PB0.72x
04/30/20	CIMB	Yangzijiang	0.975	1.37	Add	Sum of parts
04/30/20	Citi Research	Yangzijiang	0.975	1.35	Buy
05/04/20	UOB Kay Hian	Yangzijiang	0.985	1.22	Buy	PB0.78x
05/04/20	DBS Vickers	Yangzijiang	0.985	1.4	Buy	Sum of parts
06/15/20	DBS Vickers	Yangzijiang	0.98	1.4	Buy	Sum of parts
06/29/20	UOB Kay Hian	Yangzijiang	0.955	1.22	Buy	PB0.78x
08/06/20	Citi Research	Yangzijiang	0.935	1.35	Buy
08/06/20	CIMB	Yangzijiang	0.935	1.37	Add
08/07/20	UOB Kay Hian	Yangzijiang	0.97	1.17	Buy	PB0.68x
08/07/20	DBS Vickers	Yangzijiang	0.97	1.4	Buy	Sum of parts
09/01/20	DBS Vickers	Yangzijiang	0.915	1.4	Buy	Sum of parts
09/09/20	UOB Kay Hian	Yangzijiang	0.93	1.17	Buy
10/19/20	CIMB	Yangzijiang	0.97	1.37	Add	Sum of parts
10/27/20	UOB Kay Hian	Yangzijiang	0.96	1.17	Buy
11/06/20	CIMB	Yangzijiang	0.94	1.37	Add	Sum of parts
11/06/20	UOB Kay Hian	Yangzijiang	0.94	1.17	Buy
11/06/20	DBS Vickers	Yangzijiang	0.94	1.4	Buy	Sum of parts
12/01/20	Lim & Tan	Yangzijiang	0.88	0	Accumulate
12/04/20	DBS Vickers	Yangzijiang	0.91	1.4	Buy	Sum of parts
01/04/21	DBS Vickers	Yangzijiang	0.955	1.4	Buy
01/04/21	UOB Kay Hian	Yangzijiang	0.955	1.17	Buy
02/09/21	DBS Vickers	Yangzijiang	0.975	1.4	Buy
02/09/21	UOB Kay Hian	Yangzijiang	0.975	1.17	Buy
02/09/21	CIMB	Yangzijiang	0.975	1.37	Add	Sum of parts
02/09/21	Lim & Tan	Yangzijiang	0.975	0	Accumulate
03/01/21	UOB Kay Hian	Yangzijiang	1.07	1.25	Buy
03/01/21	DBS Vickers	Yangzijiang	1.07	1.5	Buy	Sum of parts
03/02/21	CIMB	Yangzijiang	1.08	1.54	Add	PB0.8x FY21
03/08/21	UOB Kay Hian	Yangzijiang	1.08	1.36	Buy

Stock calls for 8 March 2021

Date	Analyst	Company	Last	Target	Call	Valuation
03/08/21	Phillip	APTV	0.107	0.15	Buy	EV/Ebitda9x FY21
03/08/21	JP Morgan	Capitaland Integrated Commercial Trust	2.1	2.35	Overweight
03/08/21	CIMB	Comfortdelgro	1.61	1.7	Add
03/08/21	JP Morgan	Frasers Centrepoint Trust	2.48	2.55	Neutral
03/08/21	DBS Vickers	Fu Yu	0.29	0.35	Buy	PER13x FY21
03/08/21	CIMB	Fu Yu	0.29	0.355	Add
03/08/21	Phillip	Hyphens Pharma	0.31	0.34	Accumulate	DCF
03/08/21	JP Morgan	Keppel Reit	1.17	1.05	Underweight
03/08/21	JP Morgan	Mapletree Commercial	2	2.25	Overweight
03/08/21	Lim & Tan	Propnex	0.875	1	Buy	PER11.6x FY21
03/08/21	CIMB	SBS Transit	3.02	3.6	Add
03/08/21	JP Morgan	Suntec Reit	1.51	1.35	Underweight
03/08/21	UOB Kay Hian	Yangzijiang	1.08	1.36	Buy

The US inflation is coming - Part 11

https://www.cnbc.com/2021/03/07/investors-havent-grasped-inflation-is-dead-ahead-mark-zandi-warns.html

Another prominent US economist has come out to state that US inflation is dead ahead.

We had warned about the US inflation in September 2020 and also put a timeline on the impending inflation in our subsequent post in October 2020.

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

Moreover, we've discovered many market distortions in the US.

http://sg-stock.blogspot.com/2021/02/market-distortions-are-precursors-of.html

US covid cases will spike again soon! Why?

https://gov.texas.gov/news/post/governor-abbott-lifts-mask-mandate-opens-texas-100-percent

The US infection rate will spike again soon.  Why?

This is because the Texas governor (a Republican) has issued a mandate to open its state by rolling back all the covid measures.  There will be no mask, no social distancing, and no gathering restriction anymore.

Does Texas have the prerequisites to reopen its state?  Hell No!

First of all, many Texas people are mostly anti-vaxxers which help to explain the low vaccination rate (15%).

https://covidactnow.org/us/texas-tx/?s=1647586

As there are 4 covid variants in the US (Brazil, UK, South Africa, and the US), the infection rate has been climbing steadily in the US recently.

https://www.ksat.com/news/texas/2021/03/06/coronavirus-cases-related-deaths-rising-in-texas/

Without the covid measures, the Texas people will start to mingle and party days and nights.  Therefore, the Texas infection rate will climb even faster and this will spread to other states because Texas has about 29m population with 10% of its population being infected insofar.

What if other Republican governors also start to follow suits and reopen their states?

If Biden doesn't do anything to rein in the Republican governors, the US will be in serious trouble.

Why is China underestimating its GDP growth in 2021?

https://sg.finance.yahoo.com/news/chinas-focus-annual-gdp-targets-051050750.html

China has given its most recent GDP projection (above 6%) for 2021 but IMF and other economists have given a more optimistic projection of more than 8%.

Why is China less optimistic than IMF and other economists?

China will have a high GDP growth this year because of a low base in 2020 and this optimistic assessment can be derived from an export surge due to an outburst or a recovery in worldwide consumer spendings.

https://finance.yahoo.com/news/china-exports-surge-ago-lockdown-031133056.html

China is less optimistic in its own GDP projection because it is worried about the contagion in US economic risks.  This shows that China economists are very concerned about importing US inflation that will disrupt its own economy.

http://sg-stock.blogspot.com/2021/03/is-china-fear-mongering-us-economic-risk.html

http://sg-stock.blogspot.com/2021/03/us-fed-has-finally-acknowledged-that-us.html

I know it is counterfactual to talk about US inflation now since US inflation is still non-existent in the official statistics.  However, we cannot have this insouciance because there are already some preliminary signs.

Baltic dry index - 1829

 Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 403

 Related stock: Sembcorp Marine & Cosco.

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/13/20	UOB Kay Hian	Wing Tai	1.97	2.54	Buy
02/13/20	CIMB	Wing Tai	1.97	1.85	Hold
02/13/20	OCBC	Wing Tai	1.97	2.25	Buy
08/31/20	Lim & Tan	Wing Tai	1.71	0	Buy
09/01/20	CIMB	Wing Tai	1.72	1.98	Add	RNAV
09/02/20	UOB Kay Hian	Wing Tai	1.7	2.04	Buy	RNAV (30% discount)
09/03/20	OCBC	Wing Tai	1.71	2.01	Buy
09/15/20	Lim & Tan	Wing Tai	1.78	0	Buy
10/05/20	Lim & Tan	Wing Tai	1.74	0	Buy
01/21/21	Jefferies	Wing Tai	1.98	2.4	Buy