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Monday, May 31, 2021

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)