Singapore Stock Exchange - Equity Investments

Monday, April 4, 2022

Jumbo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/20/21	DBS Vickers	Jumbo	0.34	0.21	Fully Valued	PER18x FY22
09/28/21	DBS Vickers	Jumbo	0.295	0.21	Fully Valued
11/25/21	Lim & Tan	Jumbo	0.3	0	Hold
01/14/22	Lim & Tan	Jumbo	0.315	0	Hold

Jiutian - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/21	CIMB	Jiutian	0.1	0.145	Add	PER5.7x FY22
02/03/21	Amfrasers	Jiutian	0.104	0.155	Not Rated
02/24/21	UOB Kay Hian	Jiutian	0.107	0.128	Buy	PER5x FY21
02/25/21	CIMB	Jiutian	0.096	0.135	Add	PER5.7x FY22
04/13/21	CIMB	Jiutian	0.102	0.135	Add	PER5.7x FY22
04/29/21	CIMB	Jiutian	0.1	0.15	Add
05/06/21	UOB Kay Hian	Jiutian	0.096	0.138	Buy	PER5x FY21
05/18/21	Amfrasers	Jiutian	0.096	0.145	Outperform	PER7x FY22
07/12/21	Amfrasers	Jiutian	0.086	0.145	Outperform	PER7x FY22
10/19/21	CIMB	Jiutian	0.091	0.14	Add
11/12/21	CIMB	Jiutian	0.079	0.14	Add
01/11/22	UOB Kay Hian	Jiutian	0.078	0.14	Buy	PER5x FY21
01/20/22	CIMB	Jiutian	0.083	0.15	Add
03/01/22	CIMB	Jiutian	0.082	0.15	Add

Jardine Matheson - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/09/21	CIMB	Jardine Matheson	62	54.68	Hold	PB0.85x
03/04/22	Lim & Tan	Jardine Matheson	59.12	65.5	Accumulate	Average target

Stock calls for 4 April 2022

Date	Analyst	Company	Last	Target	Call	Valuation
04/04/22	DMG & Partners	APAC Realty	0.78	0.75	Neutral
04/04/22	CIMB	City Developments	7.92	8.97	Add	RNAV
04/04/22	DMG & Partners	City Developments	7.92	9.25	Buy
04/04/22	Jefferies	DBS	35.55	32	Hold
04/04/22	Kim Eng	Frasers Centrepoint Trust	2.44	2.9	Buy
04/04/22	Amfrasers	Hyphens Pharma	0.29	0.38	Outperform	PER15x FY22
04/04/22	Phillip	Keppel Corp	6.46	7.07	Buy	Sum of parts
04/04/22	Jefferies	OCBC	12.4	12.5	Hold
04/04/22	DBS Vickers	SPH Reit	0.97	0.964	Hold
04/04/22	CIMB	SPH Reit	0.97	0.95	Hold
04/04/22	Kim Eng	SPH Reit	0.97	0.95	Hold
04/04/22	Lim & Tan	SPH Reit	0.97	0.96	Hold
04/04/22	SAC Capital	UMS	1.21	1.39	Hold	Cut from $1.8
04/04/22	Jefferies	UOB	31.96	32	Hold
04/04/22	CIMB	UOL	7.06	8	Add	RNAV
04/04/22	Lim & Tan	Yangzijiang	1.54	1.75	Buy

Sunday, April 3, 2022

Another constellation is aligning and a big financial crisis is brewing this time. - Part 14

It had been a while since our last update in December 2021 and we would like to get in touch with the reality in 2022.

What has been going on in 2022?

The global fund manager survey had shown that their existential worries had changed to the consequences of the Russia-Ukraine war and global recession.

Top US banks are projecting the Fed rate to reach at least 2.5% by the end of 2022.

The current FED rate range is between 0.25-0.5% and the mortgage rates have surged to 4.67%. What's gonna happen to the mortgage rate when the FED rate range is at least 2.5%? I think the mortgage rate will be above 6% when the FED rate is at least 2.5% and this will be very taxing on homeowners.

Consequently, investors had increased their short positions in March 2022 because of worsening economic conditions.

There is a strong correlation between the technology stock market and central bank liquidity. The QE had been boosting the technology market but the tide would change when quantitative tapering (QT) was implemented. The US FED is projected to reduce its US$9T assets by 50% which is likely to begin in the 2nd half of 2022. Can you imagine what will happen to the technology stocks when the QT starts?

Last but not least, the EU has stated that it will begin its QT in Q3 2022. Therefore, it is getting likely that the financial crisis will happen in the 2nd half of 2022.