Yangzijiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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	Citi Research	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	PER10x
03/08/21	Citi Research	Yangzijiang	1.08	1.45	Buy
04/21/21	UOB Kay Hian	Yangzijiang	1.36	1.76	Buy	PB
04/30/21	OCBC	Yangzijiang	1.46	1.45	Hold	Up from $1.18
05/03/21	UOB Kay Hian	Yangzijiang	1.43	1.76	Buy
05/03/21	Citi Research	Yangzijiang	1.43	1.73	Buy
05/04/21	DBS Vickers	Yangzijiang	1.47	1.8	Buy	Sum of parts
05/04/21	CIMB	Yangzijiang	1.47	1.63	Add
05/20/21	UOB Kay Hian	Yangzijiang	1.43	1.76	Buy	PB0.9x
06/07/21	UOB Kay Hian	Yangzijiang	1.47	1.76	Buy
06/15/21	DBS Vickers	Yangzijiang	1.4	1.8	Buy
06/25/21	CIMB	Yangzijiang	1.39	1.63	Add	PB1x
07/01/21	UOB Kay Hian	Yangzijiang	1.41	1.9	Buy	PER9.3x, PB1x FY22
07/22/21	Lim & Tan	Yangzijiang	1.36	1.64	Accumulate
07/22/21	Citi Research	Yangzijiang	1.36	1.8	Buy
08/02/21	DBS Vickers	Yangzijiang	1.37	1.8	Buy	Sum of parts, PER10x FY21
08/02/21	CIMB	Yangzijiang	1.37	1.91	Add	Sum of parts
08/10/21	UOB Kay Hian	Yangzijiang	1.5	2	Buy
08/12/21	DBS Vickers	Yangzijiang	1.49	1.95	Buy	Sum of parts
08/12/21	OCBC	Yangzijiang	1.49	1.63	Hold
09/03/21	DBS Vickers	Yangzijiang	1.66	1.95	Buy
09/06/21	CIMB	Yangzijiang	1.62	1.91	Add	Sum of parts
09/20/21	UOB Kay Hian	Yangzijiang	1.48	2	Buy	PER
10/01/21	DBS Vickers	Yangzijiang	1.38	1.95	Buy
11/02/21	DBS Vickers	Yangzijiang	1.4	1.95	Buy
11/02/21	CIMB	Yangzijiang	1.4	1.91	Add	Sum of parts
11/30/21	UOB Kay Hian	Yangzijiang	1.3	2	Buy
12/02/21	Citi Research	Yangzijiang	1.29	1.8	Buy	Sum of parts
12/08/21	DBS Vickers	Yangzijiang	1.32	1.95	Buy
12/10/21	CIMB	Yangzijiang	1.31	1.91	Add
01/26/22	DBS Vickers	Yangzijiang	1.26	1.95	Buy
01/26/22	UOB Kay Hian	Yangzijiang	1.26	2	Buy

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/21	Jefferies	Wing Tai	1.98	2.4	Buy
04/27/21	UOB Kay Hian	Wing Tai	1.93	2.04	Buy	RNAV (30% discount)
08/27/21	Lim & Tan	Wing Tai	1.83	2	Accumulate

Stock calls for 17 February 2022

Date	Analyst	Company	Last	Target	Call	Valuation
02/17/22	Amfrasers	Hour Glass	2.01	2.32	Buy	DCF
02/17/22	UOB Kay Hian	Ifast Corp	6.36	9.84	Buy	DCF
02/17/22	CIMB	Lendlease Reit	0.84	0.954	Add
02/17/22	Phillip	Manulife US Reit	0.665	0.86	Buy	DDM
02/17/22	CIMB	Netlink	0.975	1.1	Add
02/17/22	DBS Vickers	OUE Commercial	0.43	0.5	Buy	DCF
02/17/22	DBS Vickers	Prime US Reit	0.83	1	Buy
02/17/22	CIMB	Singtel	2.55	3.3	Add
02/17/22	Kim Eng	Singtel	2.55	2.98	Buy
02/17/22	Phillip	Singtel	2.55	2.86	Accumulate	Sum of parts
02/17/22	Citi Research	Singtel	2.55	3.56	Buy	Sum of parts (10% discount)
02/17/22	OCBC	Singtel	2.55	2.98	Buy
02/17/22	CIMB	UG Healthcare	0.27	0.42	Add
02/17/22	DBS Vickers	UOB	32.75	37	Buy	GGM, PB1.4x FY22
02/17/22	OCBC	UOB	32.75	36.5	Buy
02/17/22	Kim Eng	UOB	32.75	36.69	Buy

Singapore Nodx increased 17.6% yoy in January 2022.

https://www.theedgesingapore.com/news/singapore-economy/singapores-nodx-176-january-expands-121-2021

Year on year changes (YOY):

January 2022: 17.6%

December 2021: 18.4%

November 2021: 24.2%

October 2021: 17.9%

September 2021: 12.3%

August 2021: 2.7%

July 2021: 12.7%

June 2021: 15.9%

May 2021: 8.8%

April 2021: 6%

March 2021: 12.1%

February 2021: 4.2%

January 2021: 12.8%

December 2020: 6.8%

November 2020: -4.9%

October 2020: -3.1%

September 2020: 5.9%

August 2020: 7.7%

July 2020: 6%

June 2020: 16.1% (Revised to 13.9%)

May 2020: -4.6%

April 2020: 9.7%

March 2020: 17.6%

February 2020: 3% (Revised to 3.1%)

January 2020: - 3.3%

December 2019: 2.4%

November 2019: - 5.9%

October 2019: - 12.3%

September 2019: -8.1%

August 2019: - 8.9%

July 2019: -11.2%

June 2019: -17.3%

May 2019: -15.9%

April 2019: -10%

March 2019: -11.7%

February 2019: 4.9%

January 2019: -10.1%

December 2018: -8.5%

November 2018: -2.6%

October 2018: 8.3%

September 2018: 8.3%

August 2018: 5%

July 2018: 11.8% (Corrected)

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%

May 2017: -1.2%

Apr 2017: -0.7%

Mar 2017: 16.5%

Feb 2017: 21.1%

The rosy US retail sales didn't bode well for its economy.

 The US retail sales rose 3.8% month on month.

However, the US retail sales declined year on year.

What is happening to US retail sales?

The US retail sales increased month-on-month because of frontloading by the consumers in view of higher inflation but the overall retail sales declined year-on-year because the consumers cut back on their spendings after they've used up the pandemic doles given by the US government.

This doesn't bode well for the US economy because the monthly rise in consumer spending is unsustainable.

China has more firepower to boost its economy than the US.

PPI: 9.1%

CPI: 0.9%

China has more firepower to boost its economy than the US because China has low inflation while the US has high inflation.  Thus, China is in a much better position to handle any financial crisis better than the US since China can do quantitative easing but the US can't do it.  The US had printed too much money in the last 2 years to manage the detrimental effects caused by the pandemic but China didn't.

IMF predicts slower global growth in 2022 and 2023

The IMF has forecast deteriorating global growth in 2022 and 2023.  This doesn't bode well for the world as many central bankers are hiking their interest rates to contain inflation.  This will be a perfect recipe for a financial crisis!