First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/06/21	DBS Vickers	First Resources	1.38	1.7	Buy
01/11/21	UOB Kay Hian	First Resources	1.49	1.75	Buy	PER12x FY21
01/14/21	UOB Kay Hian	First Resources	1.69	1.85	Buy
01/15/21	DMG & Partners	First Resources	1.63	1.9	Buy	PER15x FY21
02/02/21	UOB Kay Hian	First Resources	1.55	1.85	Buy
02/03/21	DBS Vickers	First Resources	1.59	1.83	Buy	DCF
03/01/21	Kim Eng	First Resources	1.45	1.88	Buy	PER17x FY21
03/01/21	UOB Kay Hian	First Resources	1.45	1.7	Buy
03/01/21	DMG & Partners	First Resources	1.45	1.6	Neutral	PER14x FY22
03/15/21	DBS Vickers	First Resources	1.44	1.83	Buy
04/22/21	DMG & Partners	First Resources	1.47	1.7	Buy
05/18/21	UOB Kay Hian	First Resources	1.43	1.65	Buy
05/18/21	CIMB	First Resources	1.43	1.69	Add	PER16x
05/18/21	DMG & Partners	First Resources	1.43	1.6	Buy
06/02/21	DBS Vickers	First Resources	1.29	1.83	Buy
07/19/21	UOB Kay Hian	First Resources	1.33	1.65	Buy
08/02/21	DMG & Partners	First Resources	1.36	1.5	Buy
08/16/21	Kim Eng	First Resources	1.4	1.81	Buy	PER14x FY22
08/16/21	UOB Kay Hian	First Resources	1.4	1.4	High-Risk
10/08/21	DMG & Partners	First Resources	1.84	1.7	Neutral	PER12x FY22
11/02/21	DBS Vickers	First Resources	1.74	1.83	Hold	DCF, PER15x FY22
11/10/21	DMG & Partners	First Resources	1.63	1.7	Neutral
11/16/21	UOB Kay Hian	First Resources	1.58	1.65	Hold	PER11x FY22
11/16/21	CIMB	First Resources	1.58	1.76	Add
12/08/21	DBS Vickers	First Resources	1.51	1.83	Buy	DCF

Far East Orchard - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/26/21	DBS Vickers	Far East Orchard	1.11	1.7	Buy	Sum of parts
08/05/21	DBS Vickers	Far East Orchard	1.13	1.7	Buy	Sum of parts
11/10/21	DBS Vickers	Far East Orchard	1.12	1.7	Buy	Sum of parts

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/21	UOB Kay Hian	Far East Hospitality	0.62	0.74	Buy
02/15/21	Kim Eng	Far East Hospitality	0.585	0.7	Buy	DDM
02/16/21	UOB Kay Hian	Far East Hospitality	0.59	0.72	Buy
02/17/21	CIMB	Far East Hospitality	0.595	0.639	Add
02/17/21	OCBC	Far East Hospitality	0.595	0.66	Buy
03/09/21	OCBC	Far East Hospitality	0.575	0.66	Buy
03/24/21	CIMB	Far East Hospitality	0.62	0.745	Add	DDM
04/05/21	DBS Vickers	Far East Hospitality	0.64	0.7	Buy
05/03/21	CIMB	Far East Hospitality	0.63	0.745	Add	DDM
05/04/21	UOB Kay Hian	Far East Hospitality	0.61	0.72	Buy	DDM
05/27/21	UOB Kay Hian	Far East Hospitality	0.575	0.71	Buy	DDM
06/07/21	UOB Kay Hian	Far East Hospitality	0.6	0.71	Buy
07/07/21	CIMB	Far East Hospitality	0.59	0.745	Add
08/02/21	CIMB	Far East Hospitality	0.58	0.745	Add	DDM
08/02/21	Kim Eng	Far East Hospitality	0.58	0.7	Buy	DDM
08/03/21	OCBC	Far East Hospitality	0.595	0.64	Buy
08/16/21	UOB Kay Hian	Far East Hospitality	0.585	0.71	Buy
09/08/21	CIMB	Far East Hospitality	0.615	0.745	Add	DDM
10/04/21	UOB Kay Hian	Far East Hospitality	0.6	0.71	Buy
11/01/21	UOB Kay Hian	Far East Hospitality	0.645	0.71	Buy	DDM
12/03/21	DBS Vickers	Far East Hospitality	0.575	0.78	Buy
12/03/21	CIMB	Far East Hospitality	0.575	0.745	Add	DDM
12/03/21	Lim & Tan	Far East Hospitality	0.575	0.69	Accumulate

Stock calls for 14 December 2021

Date	Analyst	Company	Last	Target	Call	Valuation
12/14/21	UOB Kay Hian	Koufu	0.67	0.77	Buy	PER17x FY22

The US is at a crossroad now and it may trigger a stock crash. - Part 2

As stated previously in Part 1, the FED was already behind the inflation curve.

Goldman Sachs (GS) has also updated its rate hike projections below.

GS is predicting that the US FED will double its tapering speed from US$15B to US$30B per month and also implement 3 rate hikes in 2022.  Consequently, the fast and furious moves by the FED will trigger high volatilities in the financial market.

The US is at a crossroad now and it may trigger a stock crash.

The US had reported persistently high inflation (+6.8%) recently and it was already behind the inflation curve.

Let's look at the CPI components.

The energy sectors and vehicle sectors are the primary causes for this elevated inflation.

What's gonna happen then?

The US FED will expedite its QE tapering by reducing its asset purchases because interest rate hikes can only be implemented after QE tapering is completed.  Thereafter, the interest rates will rise in the US and cause stock market correction or crash.

The US stock market (S&P) is already in a dicey position now. Why?  Let's take a look at the charts below.

The divergence in the high yield option-adjusted spread (OAS) and S&P 500 in 2020 showed that a crash was in the offing as depicted by the chart.  Let's take a look now.

The same phenomenon is happening between the 30-year treasury yield and S&P.

Is the US stock market in a dicey situation?  Time will tell!

F&N - Stock calls

Date	Analyst	Company	Last	Target	Call
11/08/21	Lim & Tan	F & N	1.45	0	Neutral