Stock calls for 23 June 2021

Date	Analyst	Company	Last	Target	Call	Valuation
06/23/21	DBS Vickers	Cromwell EUR	2.37	3	Buy	DCF
06/23/21	Lim & Tan	Food Empire	0.89	1.2	Accumulate
06/23/21	UOB Kay Hian	Frasers Logistics	1.38	1.79	Buy	DDM
06/23/21	DBS Vickers	Frasers Logistics	1.38	1.85	Buy
06/23/21	DBS Vickers	Hutchison Port	0.23	0.32	Buy	DCF
06/23/21	OCBC	Mapletree Industrial	2.78	3.41	Buy
06/23/21	DMG & Partners	SGX	11.02	12.3	Buy
06/23/21	DBS Vickers	Vicom	2.06	2.13	Hold	DCF & PER34x FY21

Webcast #2 - The current inflation is a real and present danger! - Part 2

Prominent economist Mark Zandi and Billionaire investor Ray Dalio had warned about the US inflation headwinds recently.

https://www.bnnbloomberg.ca/dalio-summers-still-see-u-s-overheating-risk-after-hawkish-fed-1.1619729

https://www.cnbc.com/2021/06/20/10percent-to-20percent-correction-may-be-underway-due-to-inflation-mark-zandi.html

We had also warned about the US inflation in our recent webcast.

https://sg-stock.blogspot.com/2021/06/webcast-2-current-inflation-is-real-and.html

It will be very difficult for the US FED to unwind its assets purchases and conduct QE tapering without hurting the US economy unless there is another big economy that is doing QE.

China is making good use of the opportunity to deleverage when the US is leveraging.  Consequently, China can minimize any serious economic damage because the US QE programs are supporting the worldwide markets.

Why is Sinovac so well-received in Singapore?

https://sg.news.yahoo.com/singaporeans-chinese-nationals-queue-sinovac-090029387.html

I've tried to book for Sinovac too but to no avail.  I will continue to try until I can book it.

Why do I prefer to take the Sinovac vaccine?

First of all, China had administered 1B vaccines and nothing serious had happened in China.

I had also compared the side effects between BNT and Sinovac.

http://sg-stock.blogspot.com/2021/02/comparative-side-effects-between.html

In HK, the Sinovac vaccine has no serious side effects.

Furthermore, Sinovac targeted only high-risk groups in its final trial in Brazil.  The selected medical workers had daily exposure to the covid virus as they were treating and caring for the covid patients.  This kind of stringent and vigorous trial was not conducted for the US and UK vaccines.  This final trial in Brazil showed a 50.4% efficacy when the medics had daily exposure to the virus.

http://sg-stock.blogspot.com/2021/01/is-sinovacs-vaccine-so-lousy.html

The Indonesia study which comprised of about 130,000 medics (high-risk groups again) showed high efficacy rates (more than 90%) too.

https://asia.nikkei.com/Spotlight/Coronavirus/COVID-vaccines/Indonesia-study-shows-China-s-Sinovac-vaccine-highly-effective

However, some media highlighted 350 medics (7%) who were infected recently out of 5,000 medics in a specific Indonesia region to cast doubts on Sinovac's efficacy.  In the Brazilian final trial, the stated medics' efficacy rate was only 50.4% but the real-life medics' statistics were much higher at more than 90%.

Therefore, I've full confidence in Sinovac.

Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/20	DMG & Partners	Food Empire	0.505	0.75	Buy	PER12x FY20
05/15/20	UOB Kay Hian	Food Empire	0.49	0.63	Buy	PER12.6x FY20
05/27/20	Lim & Tan	Food Empire	0.515	0.63	Accumulate	PER12.3x FY20
06/09/20	DMG & Partners	Food Empire	0.55	0.75	Buy	PER12x FY20
08/13/20	UOB Kay Hian	Food Empire	0.56	0.85	Buy	PER12.3x FY21
08/14/20	DMG & Partners	Food Empire	0.62	0.75	Buy	PER12x FY20
09/01/20	UOB Kay Hian	Food Empire	0.625	0.85	Buy
09/02/20	Lim & Tan	Food Empire	0.62	0.72	Accumulate	PER11x
10/16/20	DMG & Partners	Food Empire	0.585	0.75	Buy
11/13/20	DMG & Partners	Food Empire	0.575	0.8	Buy
11/13/20	UOB Kay Hian	Food Empire	0.575	0.88	Buy
12/09/20	UOB Kay Hian	Food Empire	0.595	0.88	Buy
12/10/20	Lim & Tan	Food Empire	0.595	0.72	Accumulate	PER11x
01/14/21	UOB Kay Hian	Food Empire	0.75	0.88	Buy	PER12.3x FY21
01/18/21	UOB Kay Hian	Food Empire	0.75	0.95	Buy
02/08/21	DMG & Partners	Food Empire	0.875	1.27	Buy
02/09/21	UOB Kay Hian	Food Empire	0.955	1.3	Buy
03/02/21	DMG & Partners	Food Empire	0.915	1.27	Buy
03/04/21	Lim & Tan	Food Empire	0.905	0	Accumulate on weakness
05/14/21	UOB Kay Hian	Food Empire	0.86	1.3	Buy
05/17/21	DMG & Partners	Food Empire	0.84	1.27	Buy
06/07/21	UOB Kay Hian	Food Empire	0.915	1.3	Buy

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/21/20	Phillip	First Sponsor	1.25	1.65	Buy	RNAV (30% discount)
10/28/20	Phillip	First Sponsor	1.28	1.56	Buy	RNAV (30% discount)
02/18/21	Phillip	First Sponsor	1.33	1.56	Buy	Sum of parts (20% discount)
04/29/21	Phillip	First Sponsor	1.39	1.55	Accumulate	Sum of parts (20% discount)

First Ship Lease Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/22/21	Phillip	First Ship Lease Trust	0.085	0.105	Buy	PB1x FY22
02/24/21	Phillip	First Ship Lease Trust	0.085	0.105	Accumulate	PB0.9x FY22
05/03/21	Phillip	First Ship Lease Trust	0.09	0.03	Accumulate	PB0.9x FY22

Stock calls for 22 June 2021

Date	Analyst	Company	Last	Target	Call	Valuation
06/22/21	UOB Kay Hian	Frencken	1.69	2.13	Buy