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
10/08/21	Kim Eng	First Resources	1.84	1.68	Hold
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
01/11/22	DMG & Partners	First Resources	1.6	1.6	Neutral
02/28/22	CIMB	First Resources	1.84	2.12	Add
02/28/22	DMG & Partners	First Resources	1.84	1.6	Neutral
03/01/22	Kim Eng	First Resources	1.84	1.88	Hold
03/01/22	DMG & Partners	First Resources	1.84	2	Neutral	PER10x FY22

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/24/22	SAC Capital	First Reit	0.305	0.32	Hold	DDM

Stock calls for 15 March 2022

Date	Analyst	Company	Last	Target	Call	Valuation
03/15/22	CIMB	Aztech	0.89	1.59	Add
03/15/22	phillip	Del Monte	0.355	0.63	Buy	PER12x FY22, up from $0.62
03/15/22	DBS Vickers	Hour Glass	2	2.62	Buy	DCF & PER14.5x
03/15/22	CIMB	ISDN	0.57	0.96	Add
03/15/22	DMG & Partners	Kimly	0.39	0.46	Buy	DCF (12% disc)
03/15/22	UOB Kay Hian	Manulife US Reit	0.63	0.8	Buy	DDM
03/15/22	CIMB	Nanofilm	2.51	3.5	Add
03/15/22	Amfrasers	Oxpay	0.153	0.3	Outperform
03/15/22	CIMB	Vicplas	0.205	0.28	Add

What will the US FED do for its March 2022 meeting?

Despite the US FED saying that it would support a 25bp interest rate hike in March 2022, we would still analyze the 3 FED rates to determine the Fed's move.

IORB: 0.15%

The IORB has been relatively stable at 0.15% and is within the FED range of 0 to 0.25%.

EFFR: 0.08%

The EFFR had been hovering between 0.07% and 0.08% for the past few months.

On RRP: 0.05% (Fed is paying.)

On RP: No transaction at 0.25%. (Fed is receiving.)

EFFR: 0.08%

IORB: 0.15%

When the EFFR (0.08%) is lesser than IORB (0.15%), it means that the US is still under the monetary easing condition.  The high cash of US$1.56T deposited with the US FED also shows that there is excess liquidity and the banks have nowhere to invest in other profitable investments.  Thus, we do not see any stress in the US financial system and the US FED will just hike 25bp in March 2022 as stated.

Furthermore, the CME Fedwatch tool is also projecting a 25bp in March 2022.  Conversely, the black swan event to watch out for will be the announcement of FED's asset sales.  If the FED begins to sell its assets in the 1st half of 2022 which is earlier than expected, this will cause the stock market to fall heavily.

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