UOB Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/20	CIMB	UOB	26.7	29.1	Add
01/08/20	DMG & Partners	UOB	26.7	29.5	Buy
02/03/20	DBS Vickers	UOB	25.66	29.2	Buy
02/04/20	DMG & Partners	UOB	25.3	25.8	Neutral	GGM, PB1.11x FY20
02/24/20	phillip	UOB	25.68	27.8	Accumulate	GGM, PB1.2x FY20
02/24/20	DMG & Partners	UOB	25.68	25.2	Neutral	GGM, PB1.07x FY20
02/24/20	DBS Vickers	UOB	25.68	27.2	Buy	GGM, PB1.1x FY20
02/24/20	Citibank	UOB	25.68	26	Hold
02/24/20	Jefferies	UOB	25.68	27	Hold
03/02/20	DBS Vickers	UOB	24.48	27.2	Buy
03/04/20	Citibank	UOB	24.27	24.4	Hold
03/05/20	DBS Vickers	UOB	24	25.5	Hold	GGM, PB1x FY20
03/05/20	CIMB	UOB	24	24.91	Hold
03/05/20	OCBC	UOB	24	26.3	Hold	GGM, PB1.2x
03/09/20	Citibank	UOB	23.2	19.3	Sell
03/10/20	phillip	UOB	21.5	27.8	Accumulate
03/10/20	Jefferies	UOB	21.5	27	Hold
03/17/20	DBS Vickers	UOB	19.45	19	Hold	GGM, PB0.8x FY20
03/17/20	Jefferies	UOB	19.45	23	Hold
03/19/20	Macquarie	UOB	19.2	22.5	Outperform
03/19/20	Jefferies	UOB	19.2	19.5	Hold
03/23/20	DMG & Partners	UOB	18.96	20	Neutral	GGM, PB0.85x FY20
04/01/20	DBS Vickers	UOB	19.45	19	Hold
04/01/20	Jefferies	UOB	19.45	19.5	Hold
04/01/20	Citibank	UOB	19.45	19.3	Sell
04/08/20	Kim Eng	UOB	20.15	22.55	Buy
04/13/20	phillip	UOB	20.17	27.8	Accumulate
04/23/20	DBS Vickers	UOB	19.6	17.5	Hold	GGM, PB0.7x FY21
04/24/20	Macquarie	UOB	19.57	21.25	Outperform
05/06/20	Macquarie	UOB	19.9	21.25	Outperform
05/06/20	Lim & Tan	UOB	19.9	0	Buy
05/06/20	DMG & Partners	UOB	19.9	19.4	Neutral	GGM, PB0.83x FY20
05/08/20	DBS Vickers	UOB	19.88	17.5	Hold	GGM, PB0.7x FY21
05/08/20	Citi Research	UOB	19.88	18	Sell
05/08/20	Jefferies	UOB	19.88	19	Hold
05/11/20	phillip	UOB	19.9	20.7	Accumulate	GGM, PB0.9x FY20
05/11/20	Kim Eng	UOB	19.9	22.42	Buy
05/11/20	CIMB	UOB	19.9	19.04	Hold
05/14/20	OCBC	UOB	19.69	21.5	Hold	PB1x
06/01/20	DBS Vickers	UOB	19.5	17.5	Hold	GGM, PB0.7x FY21
06/08/20	phillip	UOB	22	20.7	Neutral
06/08/20	Citi Research	UOB	22	25	Buy
06/08/20	Lim & Tan	UOB	22	0	Hold
06/11/20	Macquarie	UOB	23.1	23	Neutral	PB
06/18/20	DMG & Partners	UOB	21.03	19.4	Neutral
06/26/20	Morgan Stanley	UOB	20.27	22.9	Overweight
07/01/20	CIMB	UOB	20.23	19.04	Hold	GGM
07/03/20	phillip	UOB	20.61	20.7	Neutral
07/21/20	Jefferies	UOB	20.55	22	Hold
07/21/20	Kim Eng	UOB	20.55	22.42	Buy
07/22/20	DBS Vickers	UOB	20.7	20.9	Hold	GGM, PB0.8x FY21
07/30/20	Macquarie	UOB	20.02	21	Neutral	PB
07/30/20	OCBC	UOB	20.02	21.5	Hold
07/30/20	Jefferies	UOB	20.02	20	Hold
08/04/20	Macquarie	UOB	19.07	21	Neutral	PB
08/06/20	Lim & Tan	UOB	19.42	0	Accumulate
08/07/20	Kim Eng	UOB	19.76	20.79	Hold	DDM
08/07/20	DMG & Partners	UOB	19.76	18.8	Neutral	GGM, PB0.8x FY20
08/07/20	DBS Vickers	UOB	19.76	22.2	Buy	GGM, PB0.9x FY21
08/07/20	CIMB	UOB	19.76	19.04	Hold
08/11/20	CIMB	UOB	19.58	20.58	Hold
08/11/20	Jefferies	UOB	19.58	18	Hold
08/12/20	Macquarie	UOB	19.65	20.85	Neutral
08/12/20	phillip	UOB	19.65	20.4	Accumulate	GGM, PB0.87x
09/02/20	Macquarie	UOB	19.62	20.85	Neutral
09/07/20	phillip	UOB	19.45	20.4	Accumulate
09/11/20	DBS Vickers	UOB	19.39	22.2	Buy	GGM, PB0.9x FY21
09/21/20	Kim Eng	UOB	19.21	20.79	Hold
10/01/20	CIMB	UOB	19.03	20.58	Hold
10/07/20	OCBC	UOB	19.53	21.5	Buy
10/12/20	phillip	UOB	19.45	20.4	Accumulate
10/21/20	Kim Eng	UOB	19.63	20.79	Hold
10/22/20	DBS Vickers	UOB	19.92	22.2	Buy
11/03/20	DBS Vickers	UOB	19.03	22.2	Buy	GGM, PB0.85x FY21
11/04/20	phillip	UOB	19.45	20.4	Accumulate
11/04/20	Lim & Tan	UOB	19.45	0	Accumulate
11/05/20	CIMB	UOB	19.8	22.52	Add	GGM
11/05/20	Kim Eng	UOB	19.8	21.24	Hold	DDM
11/06/20	OCBC	UOB	20.44	21.5	Buy
11/09/20	phillip	UOB	20.45	21.1	Accumulate	GGM, PB0.83x FY21
11/09/20	Jefferies	UOB	20.45	22	Hold
11/13/20	OCBC	UOB	21.6	24.3	Buy
11/18/20	Jefferies	UOB	22.04	25	Buy
11/24/20	DBS Vickers	UOB	23.13	24.8	Buy	GGM, PB1x FY21
11/25/20	Kim Eng	UOB	23.6	21.24	Sell
11/30/20	CIMB	UOB	23.06	27.72	Add	GGM, PB1.1x FY21
12/01/20	Macquarie	UOB	22.51	23.5	Outperform
12/07/20	phillip	UOB	23.05	21.1	Neutral
12/07/20	Kim Eng	UOB	23.05	21.24	Sell
12/16/20	Macquarie	UOB	22.89	26.25	Outperform
01/04/21	DBS Vickers	UOB	22.59	24.8	Buy
01/04/21	CIMB	UOB	22.59	27.72	Add
01/06/21	phillip	UOB	22.57	21.1	Neutral
01/12/21	OCBC	UOB	23.79	26.3	Buy	GGM, PB1.2x
01/25/21	Macquarie	UOB	23.7	26.25	Outperform
01/27/21	DBS Vickers	UOB	23.33	26.8	Buy	GGM, PB1.04x FY21
01/27/21	Kim Eng	UOB	23.33	25.57	Hold
02/02/21	Macquarie	UOB	23.55	26.6	Outperform
02/04/21	phillip	UOB	23.52	21.1	Neutral
02/17/21	DMG & Partners	UOB	24.02	21	Neutral
02/25/21	DBS Vickers	UOB	23.88	26.8	Buy	GGM, PB1.04x FY21
02/25/21	Lim & Tan	UOB	23.88	0	Accumulate
02/26/21	Macquarie	UOB	24.64	26.6	Outperform
02/26/21	DBS Vickers	UOB	24.64	27.6	Buy
02/26/21	Kim Eng	UOB	24.64	26.24	Hold
02/26/21	CIMB	UOB	24.64	27.72	Add	GGM
03/01/21	OCBC	UOB	24.62	27.3	Buy
03/01/21	DMG & Partners	UOB	24.62	26.4	Neutral	GGM, PB1.05x
03/03/21	phillip	UOB	24.99	28.7	Accumulate	PB1.17x

Stock calls for 3 March 2021

Date	Analyst	Company	Last	Target	Call	Valuation
03/03/21	DBS Vickers	Dasin Retail	0.725	0.74	Hold
03/03/21	DMG & Partners	DBS	26.94	30	Buy
03/03/21	DBS Vickers	HRnetGroup	0.585	0.5	Hold
03/03/21	CIMB	ISDN	0.61	0.72	Add	PER12x FY22
03/03/21	UOB Kay Hian	Japfa	0.94	1.17	Buy
03/03/21	DBS Vickers	Medtecs	0.955	1.25	Buy	PER9.5x FY21/22
03/03/21	CIMB	Nanofilm	5.04	5.52	Add
03/03/21	DMG & Partners	OCBC	11.08	12.5	Buy
03/03/21	Lim & Tan	Sunningdale	1.64	1.65	Accept offer	$1.65 cash offer
03/03/21	phillip	UOB	24.99	28.7	Accumulate	PB1.17x
03/03/21	OCBC	Venture	19.14	22.25	Buy

Is China fear-mongering the US economic risk?

https://finance.yahoo.com/news/china-warns-side-effects-us-093000238.html

No, I don't think China is fear-mongering the US economic risk.

This is because China has been deleveraging (monetary tightening) its own financial risks in January 2021 to reduce the impacts of the US economic risks that will spread to the world.  China also has not been giving out doles such as multiple free cheques to its citizens.

http://sg-stock.blogspot.com/2021/02/chinas-monetary-tightening-will-impact.html

Moreover, we've detected multiple market distortions in the US markets already.

http://sg-stock.blogspot.com/2021/02/market-distortions-are-precursors-of.html

Therefore, we can see that China is really concerned about the US economic risks and is doing exactly the opposite of US actions.  When the US is leveraging and China is deleveraging, the US economic risk will increase because there is an external opposing force that is countering its efficacy.

US ISM PMI increased to 60.8 in February 2021.

 

The prices increased further by 3.9 to 86 because of the rising freight costs.  This also impacted the supplier’s deliveries by +3.8 to 72 as a higher number indicated slower deliveries.  It seemed that the rising freight costs were deterring manufacturers from ordering raw materials.

http://sg-stock.blogspot.com/2021/01/the-us-inflation-is-coming-part-5.html

However, the producers ramped up their production (63.2, +2.5) further which resulted in inventories reduction (49.7, -1.1) and an increase in employment (54.4, +1.8) to prepare for a rebound in the customers’ inventories (32.5, -0.6) which was too low.  The increase in new order (64.8, +3.7) was due to higher new export and local orders.  This could be seen in the monthly US retail sales figure below.

https://www.cnbc.com/2021/02/24/us-retail-sales-to-rise-6point5percent-to-8point2percent-in-2021-national-retail-federation-says.html

All these resulted in the PMI that increased to 60.8 (+2.1) in Feb 2021.  This means that the US economy will still continue to improve unless there is another major lockdown due to the new covid variant.

Unusual - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/08/20	DMG & Partners	Unusual	0.285	0.42	Buy
01/09/20	UOB Kay Hian	Unusual	0.275	0.44	Buy
02/12/20	DMG & Partners	Unusual	0.2	0.38	Buy	DCF
02/14/20	DMG & Partners	Unusual	0.21	0.35	Buy	DCF
02/14/20	UOB Kay Hian	Unusual	0.21	0.32	Buy
04/06/20	DMG & Partners	Unusual	0.126	0.16	Buy	DCF
05/28/20	UOB Kay Hian	Unusual	0.135	0.123	Hold	Buy @ $0.111
06/11/20	DMG & Partners	Unusual	0.133	0.16	Buy	DCF

United Hamspire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/17/20	UOB Kay Hian	United Hamspire	0.58	0.92	Buy	DDM
01/11/21	UOB Kay Hian	United Hamspire	0.645	0.92	Buy
03/02/21	UOB Kay Hian	United Hamspire	0.67	0.95	Buy

Uni-Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/12/20	Amfrasers	Uni-Asia	0.56	0.62	Neutral
08/26/20	Amfrasers	Uni-Asia	0.45	0.54	Neutral