Elite ComReit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/07/21	CIMB	Elite ComReit	0.665	0.83	Add	DDM, $0.826 target price
07/22/21	DBS Vickers	Elite ComReit	0.665	0.8	Buy	DCF
08/04/21	DBS Vickers	Elite ComReit	0.67	0.8	Buy	DCF
08/05/21	CIMB	Elite ComReit	0.68	0.826	Add
09/02/21	CIMB	Elite ComReit	0.675	0.826	Add	DDM
11/02/21	CIMB	Elite ComReit	0.675	0.769	Add	DDM
11/02/21	DBS Vickers	Elite ComReit	0.675	0.8	Buy
02/22/22	CIMB	Elite ComReit	0.675	0.76	Add	DDM
02/22/22	DBS Vickers	Elite ComReit	0.675	0.8	Buy
03/01/22	CIMB	Elite ComReit	0.615	0.76	Add	DDM
03/03/22	DBS Vickers	Elite ComReit	0.645	0.8	Buy
05/05/22	CIMB	Elite ComReit	0.66	0.76	Add	DDM
05/09/22	DBS Vickers	Elite ComReit	0.655	0.75	Buy	DCF
05/19/22	UOB Kay Hian	Elite ComReit	0.64	0.87	Buy	DDM
06/03/22	UOB Kay Hian	Elite ComReit	0.66	0.83	Buy
08/08/22	UOB Kay Hian	Elite ComReit	0.61	0.79	Buy	DDM
08/15/22	CIMB	Elite ComReit	0.61	0.76	Add
08/16/22	DBS Vickers	Elite ComReit	0.605	0.7	Buy	DCF

Econ Healthcare - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/13/21	DBS Vickers	Econ Healthcare	0.3	0.4	Buy	DCF
11/18/21	DBS Vickers	Econ Healthcare	0.31	0.4	Buy	DCF
01/12/22	DBS Vickers	Econ Healthcare	0.29	0.28	Hold	DCF
06/03/22	DBS Vickers	Econ Healthcare	0.255	0.26	Hold	PER16.5x FY23

EC World Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/10/21	DBS Vickers	EC World Reit	0.815	0.9	Buy	DCF
08/10/21	DMG & Partners	EC World Reit	0.815	0.83	Trading Buy	DDM
11/10/21	DBS Vickers	EC World Reit	0.815	0.9	Buy	DCF
11/10/21	DMG & Partners	EC World Reit	0.815	0.87	Trading Buy	DDM
02/24/22	DBS Vickers	EC World Reit	0.755	0.85	Buy	DCF
02/24/22	DMG & Partners	EC World Reit	0.755	0.76	Neutral	DDM
04/11/22	DBS Vickers	EC World Reit	0.655	0.85	Buy	DCF
05/17/22	DBS Vickers	EC World Reit	0.615	0.7	Buy	DCF
05/17/22	DMG & Partners	EC World Reit	0.615	0.65	Neutral	DDM
06/28/22	DMG & Partners	EC World Reit	0.55	0.55	Neutral
07/12/22	DBS Vickers	EC World Reit	0.48	0.7	Buy
08/15/22	DBS Vickers	EC World Reit	0.55	0.7	Buy

Stock calls for 21 September 2022

Date	Analyst	Company	Last	Target	Call	Valuation
09/21/22	DMG & Partners	A-Reit	2.82	3.6	Buy	DDM
09/21/22	DBS Vickers	Parkway Life	4.62	5.5	Buy	DCF
09/21/22	Lim & Tan	Parkway Life	4.62	5	Hold
09/21/22	DBS Vickers	Sheng Siong	1.59	1.76	Buy
09/21/22	Amfrasers	SIA	5.32	5.5	Buy	Buy @ $5.28
09/21/22	UOB Kay Hian	Singtel	2.69	2.9	Buy	DCF
09/21/22	CIMB	Top Glove	0.215	0.156	Reduce	Ringgit target $0.50

What will the Fed do for its September meeting? - Part 2

Let's do our standard analysis on the US FED rates to forecast the FED outcome.

The Fedwatch tool is projecting a 75bp hike with a high probability in excess of 80%.

Let's start our 3 FED rates analysis now.

IORB: 2.4% vs 1.65% in August

The IORB (2.4%) is still within the current fed rate range of 2.25-2.5%.  No stress is detected.

EFFR: 2.33% vs 1.58% in August

The EFFR (2.33%) is still within the current fed rate range of 2.25-2.5%.  No stress is detected.

On RRP: 2.3% vs 1.55% in August (Fed is paying.)

On RP: No transaction at 2.5%. (Fed is receiving.)

EFFR: 2.33%

IORB: 2.4%

When the EFFR (2.33%) is lesser than IORB (2.4%), it means that the US is still under the monetary easing condition.  The high cash of US$2.24T 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 hike 75bp in September 2022 as stated because the Fed can still do an emergency hike if necessary.

The Chicago national financial condition index is also showing that the US is under the monetary easing condition (Negative).

If the financial condition index starts to creep into the positive zone, this means the US is likely to be in a recession already.

Don Agro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/23/21	Amfrasers	Don Agro	0.39	0.64	Buy	DCF