The US FED is under tremendous pressure to conduct QE tapering sooner than expected. Here's why!

Daily Reverse Repo: 

From the above chart, the US FED is getting a daily inflow of funds (a few hundred billion) instead of the FED's pronouncement to inject US$120B (Treasuries & MBS purchases) every month into the financial system.  This shows that bank lendings have slowed to a crawl and investors cannot find attractive returns elsewhere but to return the excess fund to the US FED.  This denotes excessive liquidity in the US financial system which the US FED has to address.  In a nutshell, there is no purpose to inject US$120B every month now as the US FED is getting a few hundred billion back daily.

We had already highlighted this in April 2021.

http://sg-stock.blogspot.com/2021/04/the-us-fed-is-draining-short-term-cash.html

Yanlord - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/29/20	Amfrasers	Yanlord	1.16	1.3	Outperform	Sum of parts
07/07/20	DBS Vickers	Yanlord	1.31	1.11	Hold
07/17/20	Amfrasers	Yanlord	1.34	1.45	Outperform	RNAV
08/18/20	OCBC	Yanlord	1.3	1.41	Buy
08/24/20	Amfrasers	Yanlord	1.25	1.52	Outperform
03/04/21	OCBC	Yanlord	1.16	1.24	Hold

Yangzijiang - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/04/20	UOB Kay Hian	Yangzijiang	0.985	1.22	Buy	PB0.78x
05/04/20	DBS Vickers	Yangzijiang	0.985	1.4	Buy	Sum of parts
06/15/20	DBS Vickers	Yangzijiang	0.98	1.4	Buy	Sum of parts
06/29/20	UOB Kay Hian	Yangzijiang	0.955	1.22	Buy	PB0.78x
08/06/20	Citi Research	Yangzijiang	0.935	1.35	Buy
08/06/20	CIMB	Yangzijiang	0.935	1.37	Add
08/07/20	UOB Kay Hian	Yangzijiang	0.97	1.17	Buy	PB0.68x
08/07/20	DBS Vickers	Yangzijiang	0.97	1.4	Buy	Sum of parts
09/01/20	DBS Vickers	Yangzijiang	0.915	1.4	Buy	Sum of parts
09/09/20	UOB Kay Hian	Yangzijiang	0.93	1.17	Buy
10/19/20	CIMB	Yangzijiang	0.97	1.37	Add	Sum of parts
10/27/20	UOB Kay Hian	Yangzijiang	0.96	1.17	Buy
11/06/20	CIMB	Yangzijiang	0.94	1.37	Add	Sum of parts
11/06/20	UOB Kay Hian	Yangzijiang	0.94	1.17	Buy
11/06/20	DBS Vickers	Yangzijiang	0.94	1.4	Buy	Sum of parts
12/01/20	Lim & Tan	Yangzijiang	0.88	0	Accumulate
12/04/20	DBS Vickers	Yangzijiang	0.91	1.4	Buy	Sum of parts
01/04/21	DBS Vickers	Yangzijiang	0.955	1.4	Buy
01/04/21	UOB Kay Hian	Yangzijiang	0.955	1.17	Buy
02/09/21	DBS Vickers	Yangzijiang	0.975	1.4	Buy
02/09/21	UOB Kay Hian	Yangzijiang	0.975	1.17	Buy
02/09/21	CIMB	Yangzijiang	0.975	1.37	Add	Sum of parts
02/09/21	Lim & Tan	Yangzijiang	0.975	0	Accumulate
03/01/21	UOB Kay Hian	Yangzijiang	1.07	1.25	Buy
03/01/21	DBS Vickers	Yangzijiang	1.07	1.5	Buy	Sum of parts
03/02/21	CIMB	Yangzijiang	1.08	1.54	Add	PB0.8x FY21
03/08/21	UOB Kay Hian	Yangzijiang	1.08	1.36	Buy	PER10x
04/21/21	UOB Kay Hian	Yangzijiang	1.36	1.76	Buy	PB
04/30/21	OCBC	Yangzijiang	1.46	1.45	Hold	Up from $1.18
05/03/21	UOB Kay Hian	Yangzijiang	1.43	1.76	Buy
05/04/21	DBS Vickers	Yangzijiang	1.47	1.8	Buy	Sum of parts
05/04/21	CIMB	Yangzijiang	1.47	1.63	Add
05/20/21	UOB Kay Hian	Yangzijiang	1.43	1.76	Buy	PB0.9x

Wing Tai - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/31/20	Lim & Tan	Wing Tai	1.71	0	Buy
09/01/20	CIMB	Wing Tai	1.72	1.98	Add	RNAV
09/02/20	UOB Kay Hian	Wing Tai	1.7	2.04	Buy	RNAV (30% discount)
09/03/20	OCBC	Wing Tai	1.71	2.01	Buy
09/15/20	Lim & Tan	Wing Tai	1.78	0	Buy
10/05/20	Lim & Tan	Wing Tai	1.74	0	Buy
01/21/21	Jefferies	Wing Tai	1.98	2.4	Buy
04/27/21	UOB Kay Hian	Wing Tai	1.93	2.04	Buy	RNAV (30% discount)