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
06/15/22	DBS Vickers	Far East Orchard	1.09	1.7	Buy

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/07/21	UOB Kay Hian	Far East Hospitality	0.6	0.71	Buy
07/07/21	CIMB	Far East Hospitality	0.59	0.745	Add
08/02/21	CIMB	Far East Hospitality	0.58	0.745	Add	DDM
08/02/21	Kim Eng	Far East Hospitality	0.58	0.7	Buy	DDM
08/03/21	OCBC	Far East Hospitality	0.595	0.64	Buy
08/16/21	UOB Kay Hian	Far East Hospitality	0.585	0.71	Buy
09/08/21	CIMB	Far East Hospitality	0.615	0.745	Add	DDM
10/04/21	UOB Kay Hian	Far East Hospitality	0.6	0.71	Buy
11/01/21	UOB Kay Hian	Far East Hospitality	0.645	0.71	Buy	DDM
12/03/21	CIMB	Far East Hospitality	0.575	0.745	Add	DDM
12/03/21	DBS Vickers	Far East Hospitality	0.575	0.78	Buy
12/03/21	Lim & Tan	Far East Hospitality	0.575	0.69	Accumulate
01/06/22	UOB Kay Hian	Far East Hospitality	0.6	0.74	Buy	DDM
01/07/22	CIMB	Far East Hospitality	0.595	0.745	Add
01/07/22	Citi Research	Far East Hospitality	0.595	0.7	Buy
02/16/22	DBS Vickers	Far East Hospitality	0.585	0.78	Buy
02/16/22	Kim Eng	Far East Hospitality	0.585	0.7	Buy	DDM
02/18/22	CIMB	Far East Hospitality	0.605	0.746	Add
02/22/22	UOB Kay Hian	Far East Hospitality	0.6	0.76	Buy	DDM
03/08/22	DBS Vickers	Far East Hospitality	0.58	0.78	Buy
04/28/22	Lim & Tan	Far East Hospitality	0.68	0.78	Buy
04/29/22	CIMB	Far East Hospitality	0.68	0.78	Add
04/29/22	Citi Research	Far East Hospitality	0.68	0.7	Buy
04/29/22	DBS Vickers	Far East Hospitality	0.68	0.78	Buy
04/29/22	Kim Eng	Far East Hospitality	0.68	0.8	Buy
04/29/22	UOB Kay Hian	Far East Hospitality	0.68	0.82	Buy	DDM
06/01/22	UOB Kay Hian	Far East Hospitality	0.65	0.82	Buy
06/03/22	UOB Kay Hian	Far East Hospitality	0.65	0.78	Buy

F & N - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/08/21	Lim & Tan	F & N	1.45	0	Neutral

Stock calls for 17 June 2022

Date	Analyst	Company	Last	Target	Call	Valuation
06/17/22	DBS Vickers	AEM	4.2	6.04	Buy
06/17/22	CIMB	AEM	4.2	6.85	Add
06/17/22	UOB Kay Hian	Marco Polo	0.028	0.043	Buy	PB1.1x FY22
06/17/22	DMG & Partners	Unusual	0.135	0.14	Neutral	DCF

China is reducing its US treasuries.

China has been reducing its US treasuries and it will be an awakening call when its holding falls below US$1T.  Let's see if China will try to maintain the US$1T threshold.

Analyses of US main street economic indicators. - Part 10

Why did we ignore the previous ISM PMI by stating that it was an aberration? Well, the New York manufacturing index proves that we're right.  The NY manufacturing index has contracted again (-1.2).

The monthly US retail sales have been declining consecutively for a few months and the latest month (May) has indicated a contraction (-0.3).  This shows that US consumers have been cutting back on their spending due to the sky-high inflation.

The US inventories to sales ratio is on an upward trend which is indicating a buildup of stocks because of declining sales as stated by the declining US retail sales.

The US mortgage rate has also hit a recent high which doesn't bode well for the real estate sector.

With the declining US retail sales, falling manufacturing activities, and rising interest rates, it will be hard for the US to avoid a recession.

After hiking the Fed rate by 75bp, the US FED has also downgraded the US GDP growth to 1.7% from 2.8% and upgraded its PCE inflation outlook to 5.2% for 2022.  This shows that the US FED is unable to contain the sky-high inflation.

Excelpoint - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/14/22	Lim & Tan	Excelpoint	1.78	0	Vote in favour	$1.93 cash