UMS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/15/21	DBS Vickers	UMS	1.41	1.83	Buy
06/30/21	UOB Kay Hian	UMS	1.47	1.92	Buy
07/05/21	Kim Eng	UMS	1.53	1.8	Buy
07/29/21	UOB Kay Hian	UMS	1.56	1.92	Buy
08/02/21	CIMB	UMS	1.61	1.97	Add
08/16/21	DBS Vickers	UMS	1.75	2.16	Buy	PER17x FY22
08/17/21	Kim Eng	UMS	1.73	2.1	Buy	PER15x FY22
09/06/21	CIMB	UMS	1.7	1.97	Add
09/17/21	Kim Eng	UMS	1.72	2.1	Buy
10/11/21	Kim Eng	UMS	1.58	2.1	Buy
11/15/21	DBS Vickers	UMS	1.38	1.8	Buy	PER17x FY22
11/15/21	UOB Kay Hian	UMS	1.38	2.08	Buy
11/16/21	Kim Eng	UMS	1.41	1.71	Buy
11/17/21	CIMB	UMS	1.48	1.63	Add
11/17/21	UOB Kay Hian	UMS	1.48	1.66	Buy	Ex-Bonus
12/02/21	Kim Eng	UMS	1.49	1.71	Buy
01/17/22	DBS Vickers	UMS	1.44	1.8	Buy
02/03/22	Kim Eng	UMS	1.2	1.71	Buy
02/09/22	UOB Kay Hian	UMS	1.21	1.8	Buy	PER15.5x FY22
03/01/22	DBS Vickers	UMS	1.2	1.8	Buy
03/02/22	Lim & Tan	UMS	1.23	1.77	Buy
03/03/22	DBS Vickers	UMS	1.21	1.7	Buy	PER17x FY22
03/04/22	Kim Eng	UMS	1.21	1.42	Buy
04/04/22	SAC Capital	UMS	1.21	1.39	Hold	Cut from $1.8
04/28/22	UOB Kay Hian	UMS	1.18	1.45	Buy	PER15.4x FY22
05/11/22	DBS Vickers	UMS	1.14	1.7	Buy
05/11/22	Lim & Tan	UMS	1.14	1.52	Buy
05/12/22	Kim Eng	UMS	1.22	1.5	Buy
05/13/22	CIMB	UMS	1.16	1.63	Add	PER14.45x FY23
05/26/22	UOB Kay Hian	UMS	1.14	1.45	Buy	PER15.4x FY22
06/03/22	SAC Capital	UMS	1.17	1.55	Buy
06/30/22	DBS Vickers	UMS	1.12	1.7	Buy
07/26/22	DBS Vickers	UMS	1.16	1.7	Buy
08/15/22	DBS Vickers	UMS	1.21	1.7	Buy
08/15/22	CIMB	UMS	1.21	1.63	Add
08/16/22	UOB Kay Hian	UMS	1.24	1.4	Buy	PER11x FY23
08/16/22	DBS Vickers	UMS	1.24	1.83	Buy	PER15x FY22

UG Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/29/21	DMG & Partners	UG Healthcare	0.585	0.61	Neutral	DCF
07/13/21	CIMB	UG Healthcare	0.56	1.2	Add
08/31/21	CIMB	UG Healthcare	0.555	0.65	Add	PER11.2x CY23
08/31/21	DMG & Partners	UG Healthcare	0.555	0.57	Neutral
09/01/21	Phillip	UG Healthcare	0.535	0.63	Accumulate	PER8x FY22
09/28/21	DMG & Partners	UG Healthcare	0.345	0.37	Neutral	DCF
11/15/21	DMG & Partners	UG Healthcare	0.285	0.27	Neutral
11/17/21	CIMB	UG Healthcare	0.285	0.42	Add
02/15/22	DMG & Partners	UG Healthcare	0.27	0.29	Neutral
02/15/22	Phillip	UG Healthcare	0.27	0.32	Buy	PER5x FY22
02/17/22	CIMB	UG Healthcare	0.27	0.42	Add
05/19/22	Phillip	UG Healthcare	0.22	0.32	Buy
05/23/22	CIMB	UG Healthcare	0.22	0.42	Add

Stock calls for 22 August 2022

Date	Analyst	Company	Last	Target	Call	Valuation
08/22/22	DMG & Partners	Fu Yu	0.265	0.28	Neutral	DCF
08/22/22	DBS Vickers	Lendlease Reit	0.84	1.1	Buy
08/22/22	Lim & Tan	PanUnited	0.44	0.54	Buy
08/22/22	phillip	Q&M	0.405	0.6	Buy
08/22/22	Citi Research	SGX	10.01	11.24	Buy
08/22/22	CIMB	SGX	10.01	10.4	Hold
08/22/22	UOB Kay Hian	Singapore Post	0.62	0.61	Hold	PER21.3x
08/22/22	CIMB	Singapore Post	0.62	0.55	Reduce	PER15.8x FY23
08/22/22	Lim & Tan	Tuan Sing	0.36	0	Accept offer
08/22/22	OCBC	UOL	7.39	8.52	Buy

The recent Fed rate hikes are not working!

The US Fed is trying to do quantitative tightening (QT) but the rate hikes are not working.  Why?

The GS financial conditions have not tightened despite the recent rate hikes.  The value is not rising (tightening) but falling (easing) instead.

Why is the financial condition index (FCI) falling (easing)?

This is because the overseas USD is flowing back to the US with the rising US rates.  This can be seen with the rise in the USD index.

The Fed wanted to reduce the USD liquidity in the US financial system but it had caused overseas USD backflows with its rate hikes which flooded its monetary market.

Baltic dry index - 1279

Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 762

Related stock: Sembcorp Marine & Cosco.