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Monday, September 30, 2019

Wing Tai - Stock calls

Date Analyst Company Last Target Call Valuation
02/14/19 OCBC Wing Tai 2.03 2.41 Buy
04/17/19 OCBC Wing Tai 2.06 2.41 Buy
05/14/19 OCBC Wing Tai 2.01 2.41 Buy
06/27/19 OCBC Wing Tai 2.05 2.41 Buy
07/15/19 OCBC Wing Tai 2.07 2.41 Buy

Wilmar - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 DMG & Partners Wilmar 3.16 3.58 Buy
01/03/19 UOB Kay Hian Wilmar 3.13 3.9 Buy
02/20/19 OCBC Wilmar 3.37 3.42 Hold
02/20/19 UBS Wilmar 3.37 3.8 Buy
02/22/19 DMG & Partners Wilmar 3.39 3.58 Buy
02/22/19 CIMB Wilmar 3.39 3.96 Add Sum of parts
02/22/19 UOB Kay Hian Wilmar 3.39 3.9 Buy
02/25/19 DMG & Partners Wilmar 3.26 3.63 Buy Sum of parts
02/25/19 DBS Vickers Wilmar 3.26 3.6 Buy DCF, PER15.4x FY19
03/12/19 CIMB Wilmar 3.2 3.96 Add Sum of parts
03/12/19 DBS Vickers Wilmar 3.2 3.6 Buy
03/13/19 DMG & Partners Wilmar 3.24 3.63 Buy
03/20/19 UOB Kay Hian Wilmar 3.3 3.9 Buy
04/08/19 UOB Kay Hian Wilmar 3.48 3.9 Buy
04/09/19 OCBC Wilmar 3.49 3.44 Hold PB0.9x
04/09/19 CIMB Wilmar 3.49 3.96 Add
05/02/19 UOB Kay Hian Wilmar 3.64 3.9 Buy
05/13/19 DMG & Partners Wilmar 3.51 3.8 Buy Sum of parts
05/13/19 DBS Vickers Wilmar 3.51 3.86 Buy DCF, PER15.6x FY19
05/16/19 DMG & Partners Wilmar 3.5 3.94 Buy Sum of parts
05/16/19 OCBC Wilmar 3.5 3.66 Hold PB0.95x
05/16/19 CIMB Wilmar 3.5 3.96 Add Sum of parts
06/06/19 DMG & Partners Wilmar 3.3 3.94 Buy
06/13/19 UOB Kay Hian Wilmar 3.41 3.9 Buy PER12.8x FY20
07/03/19 Kim Eng Wilmar 3.73 4.21 Buy DCF & PER17.5x FY20
07/09/19 UOB Kay Hian Wilmar 3.79 3.9 Buy
07/09/19 UBS Wilmar 3.79 4.5 Buy
07/15/19 DMG & Partners Wilmar 3.76 4.5 Buy Sum of parts
07/16/19 CIMB Wilmar 3.83 5.54 Add Normal target price is $3.96
07/16/19 DBS Vickers Wilmar 3.83 4.3 Buy Sum of parts, PER16.2x FY20
07/17/19 OCBC Wilmar 3.83 4.26 Buy Sum of parts
07/26/19 UOB Kay Hian Wilmar 4.06 4.5 Buy Sum of parts
08/14/19 DMG & Partners Wilmar 4.05 4.5 Buy Sum of parts
08/14/19 UOB Kay Hian Wilmar 4.05 4.5 Buy
08/15/19 UOB Kay Hian Wilmar 3.86 4.4 Buy
08/16/19 OCBC Wilmar 3.78 4.26 Buy
08/16/19 DBS Vickers Wilmar 3.78 4.25 Buy Sum of parts, PER16.3x FY20
08/22/19 CIMB Wilmar 3.81 4.58 Add
08/22/19 Kim Eng Wilmar 3.81 3.89 Hold
09/04/19 Kim Eng Wilmar 3.8 3.89 Hold DCF
09/11/19 DMG & Partners Wilmar 3.8 4.5 Buy Sum of parts
09/13/19 DBS Vickers Wilmar 3.86 4.25 Buy Sum of parts, PER16.3x FY20
09/24/19 UOB Kay Hian Wilmar 3.72 4.4 Buy
09/30/19 DMG & Partners Wilmar 3.72 4.75 Buy Sum of parts

Venture - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 DMG & Partners Venture 13.85 19 Buy PER14x FY19
01/07/19 UOB Kay Hian Venture 13.71 12.9 Hold
01/07/19 Lim & Tan Venture 13.71 0 Buy
01/08/19 Kim Eng Venture 14.44 17.48 Buy PB2x FY19, PER14.4x FY19
02/11/19 UOB Kay Hian Venture 15.72 12.9 Hold PER11x FY19, Buy @ $12.40
02/12/19 CIMB Venture 15.97 17.44 Add PER12.56x FY20
02/25/19 CIMB Venture 16.12 17.88 Add PER12.56x FY20
02/25/19 Kim Eng Venture 16.12 19.23 Buy Roe-g/Coe-g, PB2.2x FY19
02/25/19 DMG & Partners Venture 16.12 19 Buy
02/25/19 DBS Vickers Venture 16.12 21.7 Buy PER15.8x FY19
02/25/19 Lim & Tan Venture 16.12 0 Buy
02/25/19 OCBC Venture 16.12 20.89 Buy PER15x
03/19/19 DMG & Partners Venture 18 19 Buy
03/29/19 DBS Vickers Venture 17.8 21.7 Buy
04/03/19 Lim & Tan Venture 18.6 0 Hold
04/26/19 OCBC Venture 19.29 20.89 Buy PER15x FY19/20
04/26/19 DMG & Partners Venture 19.29 19 Neutral
04/26/19 DBS Vickers Venture 19.29 21.7 Buy PER15.8x FY19
04/29/19 CIMB Venture 17.52 17.88 Hold PER12.5x
04/29/19 Kim Eng Venture 17.52 19.74 Hold Roe-g/Coe-g, PB2.2x FY19
05/02/19 Lim & Tan Venture 16.97 0 Buy on weakness
05/03/19 UOB Kay Hian Venture 17.4 19.01 Hold Buy @ $17
06/11/19 Kim Eng Venture 15.7 19.74 Buy Roe-g/Coe-g, PB2.2x FY19
06/25/19 Lim & Tan Venture 17.3 0 Hold
06/26/19 DMG & Partners Venture 16.46 16.3 Neutral PER13x FY19
06/26/19 UOB Kay Hian Venture 16.46 17.91 Hold PER14x FY19, Buy at $15
06/26/19 CLSA Venture 16.46 17.3 Underperform
07/05/19 Lim & Tan Venture 16.35 0 Hold
07/15/19 DBS Vickers Venture 14.9 18.6 Buy PER13.7x FY20
07/15/19 UOB Kay Hian Venture 14.9 17.91 Hold
07/16/19 CIMB Venture 15 15.73 Hold PER12.5x CY20
07/22/19 Kim Eng Venture 15.54 19.74 Buy Roe-g/Coe-g
08/13/19 Kim Eng Venture 14.76 18.88 Buy Roe-g/Coe-g, PB2.2x FY19
08/13/19 DMG & Partners Venture 14.76 16.3 Buy PER13x FY19
08/13/19 CIMB Venture 14.76 16.28 Add PER12,5x
08/13/19 UOB Kay Hian Venture 14.76 17.7 Buy PER14x
08/13/19 DBS Vickers Venture 14.76 18.6 Buy PER13.7x FY20
08/13/19 Lim & Tan Venture 14.76 0 Hold
08/14/19 DIR Venture 15.28 17.9 Outperform
08/14/19 OCBC Venture 15.28 18.42 Buy PER14x
09/09/19 Kim Eng Venture 15.48 18.88 Buy Roe-g/Coe-g, PB2.2x FY19
09/11/19 Macquarie Venture 15.33 17.7 Outperform Roe-g/Coe-g,PER14x FY19
09/27/19 CIMB Venture 15.26 16.28 Add
09/30/19 Phillip Venture 15.27 17.68 Buy PER14x

Stock calls for 30 September 2019

Date Analyst Company Last Target Call Valuation
09/30/19 DMG & Partners Bumitama 0.58 0.6 Neutral PER16x FY20
09/30/19 DMG & Partners First Resources 1.6 1.9 Buy PER18x FY20
09/30/19 DMG & Partners Golden Agri 0.23 0.25 Neutral Sum of parts
09/30/19 CIMB Keppel Corp 5.98 8.41 Add Sum of parts
09/30/19 UOB Kay Hian Mapletree Commercial 2.34 2.38 Hold DDM
09/30/19 Kim Eng Mapletree Commercial 2.34 2.1 Hold
09/30/19 CIMB Mapletree Commercial 2.34 2.38 Hold DDM
09/30/19 DBS Vickers Mapletree North Asia 1.33 1.65 Buy DCF
09/30/19 Phillip Venture 15.27 17.68 Buy PER14x
09/30/19 DMG & Partners Wilmar 3.72 4.75 Buy Sum of parts

Sunday, September 29, 2019

The US aircraft carrier was expelled from South China Sea by China recently.

The recent satellite image in September 2019.  The yellow circle was the US aircraft carrier.

The image showed that the US aircraft carrier was surrounded by several China warships in the South China Sea recently.

This shocked the US navy because China responded fast and furious in numbers to oust the US navy from the South China Sea.

The US navy also has to watch out for DF-17 missiles in the South China Sea too.

Saturday, September 28, 2019

Baltic dry index - 1857

Today, Friday, September 27 2019, the Baltic Dry Index decreased by 106 points, reaching 1857 points.
Baltic Dry Index is compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore. The index is based on a daily survey of agents all over the world. Baltic Dry hit a temporary peak on May 20, 2008, when the index hit 11,793. The lowest level ever reached was on Wednesday the 10th of February 2016, when the index dropped to 290 points.
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Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count - 860


Related stock: Keppel Corp, Sembcorp Marine & Cosco.

The US government is eyeing to delist Chinese firms from US stock markets.

https://finance.yahoo.com/news/u-eyeing-possibility-delisting-chinese-161819351.html

The US government has taken a harder stance against China now.

Maybe the US thinks that it can force China to bend over for the upcoming trade talk but China has stated that it won't succumb to any threat or coercion.

I already suspected something was amiss when China was asked to cancel the US farm visits by Mnuchin.  Look like my hunch is right now.

The US congressional committees have approved the HK human rights and democracy act.

https://www.scmp.com/news/china/diplomacy/article/3030403/beijing-vows-retaliate-after-us-hong-kong-human-rights-bill

This is a blatant interference of HK internal affairs or rather the China's internal affairs which will severely strain the US-Sino relationship.

No sovereign country can accept a long-arm jurisdiction of a foreign country in its own internal affairs.

This move will definitely make China take a harder stance against the US-China trade issues.

Friday, September 27, 2019

Valuetronics - Stock calls

Date Analyst Company Last Target Call Valuation
01/04/19 UOB Kay Hian Valuetronics 0.66 0.87 Buy
01/07/19 DMG & Partners Valuetronics 0.675 0.82 Buy
01/08/19 Kim Eng Valuetronics 0.69 0.9 Buy PB1.9x FY19
02/14/19 Kim Eng Valuetronics 0.74 1.05 Buy ROE-g/COE-g, PB2.1x FY20
02/14/19 DMG & Partners Valuetronics 0.74 0.78 Neutral DCF
02/14/19 CIMB Valuetronics 0.74 0.73 Hold PER8.5x CY19
02/15/19 UOB Kay Hian Valuetronics 0.71 0.87 Buy
03/19/19 DMG & Partners Valuetronics 0.69 0.78 Neutral
03/21/19 Kim Eng Valuetronics 0.685 1.05 Buy PB2.1x FY20
04/09/19 Kim Eng Valuetronics 0.7 1.05 Buy
05/27/19 DMG & Partners Valuetronics 0.61 0.67 Neutral DCF
05/31/19 DMG & Partners Valuetronics 0.625 0.61 Neutral DCF
05/31/19 UOB Kay Hian Valuetronics 0.625 0.8 Buy
06/03/19 CIMB Valuetronics 0.605 0.63 Hold PER8x CY20
06/11/19 Kim Eng Valuetronics 0.64 0.99 Buy PB2x FY20
08/16/19 Kim Eng Valuetronics 0.62 0.94 Buy ROE-g/COE-g, PB1.9x FY20
08/16/19 DMG & Partners Valuetronics 0.62 0.61 Neutral DCF
08/16/19 UOB Kay Hian Valuetronics 0.62 0.8 Buy

UOL - Stock calls

Date Analyst Company Last Target Call Valuation
01/03/19 OCBC UOL 6.07 8.41 Buy
01/04/19 Lim & Tan UOL 6 0 Buy
01/17/19 DBS Vickers UOL 6.65 7.15 Hold
02/12/19 Lim & Tan UOL 6.57 0 Buy
02/27/19 CIMB UOL 6.77 8.45 Add RNAV
02/27/19 OCBC UOL 6.77 8.45 Buy RNAV
02/27/19 Lim & Tan UOL 6.77 0 Buy
02/28/19 DBS Vickers UOL 6.75 7.15 Hold RNAV (40% discount)
03/18/19 OCBC UOL 6.45 8.45 Buy RNAV
03/28/19 CIMB UOL 6.78 8.45 Add
04/02/19 OCBC UOL 7.11 8.45 Buy RNAV
04/16/19 DBS Vickers UOL 7.36 8.53 Buy RNAV (35% discount)
05/13/19 Lim & Tan UOL 7.26 0 Buy
05/13/19 CIMB UOL 7.26 8.45 Add RNAV (30% discount)
05/13/19 OCBC UOL 7.26 8.5 Buy
05/14/19 DBS Vickers UOL 7.08 8.53 Buy RNAV (35% discount)
06/07/19 CIMB UOL 6.8 8.45 Add
07/15/19 OCBC UOL 7.61 8.5 Buy
08/13/19 OCBC UOL 7.2 8.5 Buy
08/13/19 DBS Vickers UOL 7.2 8.53 Buy PB0.8x
08/13/19 Lim & Tan UOL 7.2 0 Buy on weakness
09/10/19 DBS Vickers UOL 7.47 8.53 Buy RNAV (35% discount)

UOB - Stock calls

Date Analyst Company Last Target Call Valuation
01/02/19 DMG & Partners UOB 24.57 30.8 Buy GGM, PB1.41x FY19
01/03/19 CIMB UOB 24.31 31 Add PER11.4x FY20
01/03/19 JP Morgan UOB 24.31 30 Overweight
01/04/19 phillip UOB 23.99 32.52 Buy
01/04/19 Jefferies UOB 23.99 31 Buy
01/29/19 DMG & Partners UOB 25.83 29.8 Buy GGM, PB1.37x FY19
01/29/19 CIMB UOB 25.83 32 Add GGM, PB1.4x CY19
01/31/19 Kim Eng UOB 25.3 30.5 Buy DDM
02/01/19 phillip UOB 25.19 32.52 Buy
02/12/19 Kim Eng UOB 25.34 30.5 Buy
02/22/19 DMG & Partners UOB 25.98 29.8 Buy PB1.35x FY19
02/25/19 Jefferies UOB 25.58 30 Buy PER12.3x FY19
02/25/19 OCBC UOB 25.58 28.3 Buy PB1.2x FY19
02/25/19 DBS Vickers UOB 25.58 29.2 Buy GGM, PB1.2x
02/25/19 phillip UOB 25.58 32.51 Buy GGM, PB1.4x FY19
02/25/19 Kim Eng UOB 25.58 29.71 Buy DDM
02/25/19 CIMB UOB 25.58 29 Add GGM, PB1.3x FY19
02/26/19 Macquarie UOB 25.39 30.5 Outperform PB
03/04/19 phillip UOB 25 32.5 Buy
03/07/19 Kim Eng UOB 25.1 29.71 Buy
03/11/19 CIMB UOB 24.91 29 Add
03/13/19 DMG & Partners UOB 25.04 29.8 Buy PB1.35x FY19
03/26/19 OCBC UOB 24.95 28.3 Buy
04/02/19 phillip UOB 25.42 32.5 Buy
04/02/19 DBS Vickers UOB 25.42 29.2 Buy
04/11/19 CIMB UOB 26.56 29 Add
04/12/19 Kim Eng UOB 26.53 29.71 Buy
04/18/19 phillip UOB 26.87 32.02 Buy GGM, PB1.4x FY19
04/22/19 DMG & Partners UOB 26.8 29.8 Buy
04/24/19 DMG & Partners UOB 26.99 30.8 Buy PB1.29x FY20
05/03/19 phillip UOB 27.75 32.5 Buy
05/03/19 DMG & Partners UOB 27.75 30.8 Buy GGM, PB1.29x FY20
05/03/19 DBS Vickers UOB 27.75 29.2 Buy GGM, PB1.2x FY19
05/03/19 CIMB UOB 27.75 29 Add GGM
05/06/19 Jefferies UOB 27.77 31 Buy PER12.4x FY19
05/06/19 OCBC UOB 27.77 28.9 Hold GGM, PB1.2x
05/06/19 phillip UOB 27.77 30.87 Accumulate GGM, PB1.4x FY19
05/06/19 CIMB UOB 27.77 29.58 Add GGM, PB1.3x
05/06/19 Lim & Tan UOB 27.77 0 Buy on weakness
05/07/19 OCBC UOB 25.85 27.3 Hold
05/16/19 CIMB UOB 25.1 29.58 Add GGM
05/22/19 Kim Eng UOB 24.83 28.97 Buy
06/03/19 CIMB UOB 23.5 29.58 Add
06/06/19 phillip UOB 24 30.9 Accumulate
06/06/19 DMG & Partners UOB 24 30.8 Buy
06/17/19 Kim Eng UOB 24.99 28.97 Buy
06/20/19 OCBC UOB 26.14 28.9 Buy
06/25/19 DBS Vickers UOB 25.86 29.2 Buy
07/01/19 Kim Eng UOB 26.13 28.97 Buy
07/02/19 OCBC UOB 26.61 29.4 Buy GGM, PB1.3x, PER11.3x
07/03/19 phillip UOB 26.55 30.9 Accumulate
07/08/19 DMG & Partners UOB 26.26 30.8 Buy PB1.29x FY20
07/22/19 CIMB UOB 26.94 29.58 Add
07/23/19 DBS Vickers UOB 26.8 29.2 Buy
08/02/19 DMG & Partners UOB 26.28 29.5 Buy GGM, PB1.24x FY20
08/02/19 Lim & Tan UOB 26.28 0 Buy on weakness
08/05/19 phillip UOB 26 28.6 Accumulate GGM, PB1.3x
08/05/19 DBS Vickers UOB 26 29.2 Buy GGM, PB1.2x FY19
08/05/19 Kim Eng UOB 26 29.13 Buy DDM
08/06/19 CIMB UOB 25.91 29.58 Add GGM, PB1.3x
08/20/19 CIMB UOB 25.15 29.54 Add
08/29/19 Macquarie UOB 24.41 27.2 Neutral PB
09/02/19 CIMB UOB 24.96 29.54 Add
09/05/19 phillip UOB 25.1 28.6 Accumulate
09/11/19 DMG & Partners UOB 25.77 29.5 Buy
09/26/19 Kim Eng UOB 25.38 29.13 Buy

Stock calls for 27 September 2019

Date Analyst Company Last Target Call Valuation
09/27/19 CIMB DBS 24.82 27.59 Hold
09/27/19 Lim & Tan Mapletree Commercial 2.36 0 Hold
09/27/19 CIMB OCBC 10.82 12.53 Hold
09/27/19 UOB Kay Hian Singtel 3.13 3.32 Hold DCF, Buy @ $3
09/27/19 CIMB Venture 15.26 16.28 Add

Thursday, September 26, 2019

China's beidou has 48 satellites now!

http://www.xinhuanet.com/english/2019-09/23/c_138414889.htm

China's beidou navigation system has 48 satellites now.

This BDS provides almost free SMS for its marine users because China doesn't want its marine users to use its BDS for chatting.  BDS will provide voice call and internet services in the future too.

Kudos to China for providing such services!

Unusual - Stock calls

Date Analyst Company Last Target Call Valuation
09/17/19 DMG & Partners Unusual 0.28 0.42 Buy DCF

Uni-Asia - Stock calls

Date Analyst Company Last Target Call Valuation
03/14/19 Amfrasers Uni-Asia 1.2 2.07 Buy Sum of parts, PB0.6x FY19, PER9.5x FY19
04/09/19 Amfrasers Uni-Asia 1.16 1.86 Buy Sum of parts, PB0.6x FY19, PER9.5x FY19
05/17/19 Amfrasers Uni-Asia 1.13 1.86 Buy Sum of parts, PB0.6x FY19, PER9.5x FY19
08/28/19 Amfrasers Uni-Asia 0.73 1.24 Buy Sum of parts, PB0.6x FY20, PER8.5x FY20
09/26/19 Amfrasers Uni-Asia 0.71 1.24 Buy Sum of parts, PB0.6x FY20, PER8.5x FY20

UMS - Stock calls

Date Analyst Company Last Target Call Valuation
02/26/19 DBS Vickers UMS 0.71 0.55 Fully Valued PER8x FY19
02/28/19 CIMB UMS 0.74 0.62 Reduce PB1.37x CY19
05/14/19 DBS Vickers UMS 0.615 0.55 Fully Valued PER8x FY19
05/16/19 DBS Vickers UMS 0.64 0.45 Fully Valued PER8x FY19/20
05/21/19 CIMB UMS 0.62 0.55 Reduce
08/16/19 DBS Vickers UMS 0.585 0.49 Fully Valued PER9x FY20

Stock calls for 26 September 2019

Date Analyst Company Last Target Call Valuation
09/26/19 Kim Eng DBS 24.73 28.05 Hold
09/26/19 UOB Kay Hian Jumbo 0.38 0.37 Hold Buy @ $0.33
09/26/19 CIMB Mapletree Industrial 2.49 2.44 Add DDM
09/26/19 Kim Eng OCBC 10.77 11.05 Neutral
09/26/19 DMG & Partners OCBC 10.77 11.5 Neutral GGM, PB1.07x FY20
09/26/19 Amfrasers Uni-Asia 0.71 1.24 Buy Sum of parts, PB0.6x FY20, PER8.5x FY20
09/26/19 Kim Eng UOB 25.38 29.13 Buy

Simple explanation of the relationship between an interest rate and GDP.

I understand that many people don't understand the relationship between an interest rate and GDP.  Therefore, I will try to explain it in a simple way with my recalled economic knowledge.

I will use the IS-LM (investment-saving & liquidity preference money supply) model to explain this relationship between the interest rate and GDP.  However, this IS-LM model is conceived in a perfect world environment which means that the aggregate demand and supply are a zero-sum game (equal balance) and this perfect world is not true in the real world.

The X-axis represents the interest rate and the Y-axis represents the real GDP output.

The IS-LM diagram is showing that a cut in interest rate will increase the real GDP output (Y) before the interest rate must be raised to prevent an overheating GDP (Y) which will cause the GDP (Y) to decline again.  Basically, the black dot on the IS-LM diagram will move in a cycle accordingly to the interest rate movements.

Since we have a visual understanding of the relationship between the interest rate and the real GDP output, we can move on to understand the real GDP output growth.  There is only real GDP output growth when there is additional production of goods and services.

Thus, the real GDP output growth formula (production function) is:
Y = A * f(K, L)

A=Productivity
K=Capital
L=Labour quantity

As we can see from the production function, K is affected by the interest rate movement because a cut in interest rate will lower the cost of capital which will encourage business investments in machinery and equipment to improve productivity (A).  The lower cost of capital will also encourage the hiring of labour to operate and maintain the additional equipment and new machinery.  In other words, K will affect A and L which in turn will push up Y.  This manipulation of K also applies to the service sector.

I hope our viewers will have a better understanding of the monetary policy (Interest rate) now after reading my post.

How many deaths must happen before the government takes action against cyclists? - Part 2

https://sg.news.yahoo.com/65-yearold-woman-involved-in-escooter-accident-in-bedok-north-dies-151436494.html

Another avoidable death!

The death toll will only increase as long as our government doesn't ban e-scooters on pedestrian paths.  This won't be the last death in SG.

We've stated this before.  I hope that our government will ban e-scooter like what France did to safeguard pedestrians.  Registration of e-scooter won't protect pedestrians from accidental death.

http://sg-stock.blogspot.com/2018/06/how-many-deaths-must-happen-before.html

http://sg-stock.blogspot.com/2018/06/httpwww.html

http://sg-stock.blogspot.com/2019/05/france-has-done-right-thing-for-its.html

Why did China cancel the US farm visits? - Part 2

https://www.cnbc.com/2019/09/23/trump-surprised-when-mnuchin-says-he-asked-china-to-cancel-farm-tour.html

If you look at the video carefully, you will notice that Trump is totally unaware of Mnuchin's doing.  It was Mnuchin who asked China to cancel the US farm visits but the media reported widely that China was the one cancelling the US farm visits.

http://sg-stock.blogspot.com/2019/09/why-did-china-cancel-us-farm-visits.html

It was pretty obvious that Mnuchin was trying to do some hanky panky things behind Trump's back and he was stuttering when Trump questioned him.

A billion dollar question: Will the US enter a recession? - Part 2

https://www.bangkokpost.com/opinion/opinion/1758639/fresh-qe-wont-stop-global-recession

A Thai PHD economist forecast that an unavoidable global recession was coming but a US PHD economist (Janet Yellen) didn't think so.

http://sg-stock.blogspot.com/2019/08/a-billion-dollar-question-will-us-enter.html

Why is there such a discrepancy?

Well, different people interpret the same set of data differently and this is the drawback of empirical research which is interpretation based on observation.  Thus, we can find economics noble laureates disagree amongst themselves too.  In fact, scientific researches are empirical in nature too.

We had stated previously that QE or ME should be used as a last resort because it was a double-edge sword.

https://sg-stock.blogspot.com/2019/09/monetary-easing-ma-policy-should-be.html