Stock calls for 27 May 2022

Date	Analyst	Company	Last	Target	Call	Valuation
05/27/22	UOB Kay Hian	BRC Asia	1.7	2.15	Buy	PER7x FY22
05/27/22	DBS Vickers	IHH Healthcare	2.01	2.55	Buy	Ringgit $7.90 target price
05/27/22	DMG & Partners	Japan Foods	0.42	0.55	Buy	Sum of parts
05/27/22	DMG & Partners	SGX	9.8	10.4	Neutral
05/27/22	Lim & Tan	Singtel	2.73	0	Buy
05/27/22	DBS Vickers	Valuetronics	0.52	0.51	Hold	PER11x FY22
05/27/22	Lim & Tan	Valuetronics	0.52	0.52	Neutral

Will the US be heading for a soft or hard landing? - Part 8

It looks increasingly probable that the US can't contain its sky-high inflation because the US Fed has no strong conviction to do so.  The swap market is indicating that the US Fed won't hike its fed rate beyond 3%.

No wonder CBO is projecting that the high inflation will last into 2023.

Furthermore, IIF has cut its global GDP growth forecast by half for 2022.

All these gloomy projections don't bode well for 2022.

China had been reducing its US treasuries since November 2021.

What's happening here? Is China taking revenge by selling its US treasuries?  No, China is not being vindictive by selling its US treasuries.  Actually, we had explained this in our post in 2018.

http://sg-stock.blogspot.com/2018/11/the-more-us-tries-to-hurt-china-more-it.html

APTV - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/16/21	Phillip	APTV	0.131	0.15	Buy	EV/Ebitda9x FY21
11/16/21	Phillip	APTV	0.138	0.15	Accumulate	EV/Ebitda9x FY21
03/09/22	Phillip	APTV	0.134	0.15	Accumulate	EV/Ebitda9x FY21

APAC Realty - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/13/21	CIMB	APAC Realty	0.815	0.94	Add
08/13/21	DBS Vickers	APAC Realty	0.815	1.05	Buy	PER14x FY21
08/16/21	CIMB	APAC Realty	0.89	0.96	Add
08/18/21	DMG & Partners	APAC Realty	0.93	0.88	Neutral	PER13x
10/07/21	DBS Vickers	APAC Realty	0.76	1.05	Buy
11/15/21	DBS Vickers	APAC Realty	0.835	0.88	Hold	PER10x
11/16/21	CIMB	APAC Realty	0.835	0.996	Add
11/17/21	DMG & Partners	APAC Realty	0.81	0.9	Neutral
12/17/21	DMG & Partners	APAC Realty	0.685	0.9	Neutral
02/24/22	CIMB	APAC Realty	0.7	0.93	Add
02/25/22	DBS Vickers	APAC Realty	0.675	0.67	Hold
02/25/22	DMG & Partners	APAC Realty	0.675	0.75	Neutral
04/04/22	DMG & Partners	APAC Realty	0.78	0.75	Neutral	DCF
04/26/22	DBS Vickers	APAC Realty	0.805	0.67	Hold
04/26/22	CIMB	APAC Realty	0.805	0.93	Add

Aoxin Q&M - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/19/21	UOB Kay Hian	Aoxin Q&M	0.27	0.37	Buy	PER16x FY22
01/21/22	UOB Kay Hian	Aoxin Q&M	0.245	0.37	Buy	PER16x FY22

Stock calls for 26 May 2022

Date	Analyst	Company	Last	Target	Call	Valuation
05/26/22	UOB Kay Hian	CDL Hospitality	1.27	1.57	Buy	DDM
05/26/22	Lim & Tan	Civmec	0.645	1	Buy
05/26/22	DBS Vickers	Keppel Pacific	0.685	0.86	Buy	DCF
05/26/22	DBS Vickers	Manulife US Reit	0.59	0.7	Buy	DCF
05/26/22	OCBC	Netlink	0.99	1.07	Buy
05/26/22	DBS Vickers	Prime US Reit	0.715	0.88	Buy	DCF
05/26/22	UOB Kay Hian	UMS	1.14	1.45	Buy	PER15.4x FY22

Analyses of US main street economic indicators. - Part 8

The US economic prognosis is getting worse.  Why?  Let's take a look at the recent economic indicators.

The Richmond Fed manufacturing index (-9) is showing a reduction in US manufacturing activities after the declines in New York and Philadelphia manufacturing indexes.

The US retail sales are having diminishing growth because of the decline in sales volumes and high inflation.  We had already explained this in our previous post below.

http://sg-stock.blogspot.com/2022/04/us-retail-sales-plunged-again.html

The rise in the inventory to sales spread is depicting the decline in sales volume because the consumers reduce their purchases (quantities) due to the high inflation.

Next, we would like to highlight that excessive liquidity is still highly prevalent in the US financial system because the overnight repo market has breached the US$2T mark for the first time.  What does this mean?

This means that the investors can't find any good investment opportunities in a dour economy but to park their monies with the FED to earn the measly 0.8% risk-free interest rate.

Furthermore, many prominent experts are starting to give very negative economic and financial prognoses.

Last but not least, all these factors cause the put/call ratio to surge because the investors turn bearish and increase their hedging.

Amara - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/11/21	Lim & Tan	Amara	0.37	0	Accumulate