Frasers Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/05/21	CIMB	Frasers Logistics	1.22	1.57	Add	DDM
02/11/21	OCBC	Frasers Logistics	1.41	1.62	Buy
02/23/21	DBS Vickers	Frasers Logistics	1.41	1.85	Buy
03/09/21	CIMB	Frasers Logistics	1.37	1.57	Add
03/17/21	OCBC	Frasers Logistics	1.4	1.62	Buy
04/12/21	CIMB	Frasers Logistics	1.47	1.57	Add	DDM
04/21/21	DBS Vickers	Frasers Logistics	1.47	1.85	Buy	DCF
05/07/21	DBS Vickers	Frasers Logistics	1.47	1.85	Buy	DCF
05/11/21	CIMB	Frasers Logistics	1.48	1.57	Add
05/24/21	Lim & Tan	Frasers Logistics	1.44	1.65	Accumulate
06/23/21	UOB Kay Hian	Frasers Logistics	1.38	1.79	Buy	DDM
06/23/21	DBS Vickers	Frasers Logistics	1.38	1.85	Buy
07/02/21	UOB Kay Hian	Frasers Logistics	1.43	1.79	Buy
08/05/21	DBS Vickers	Frasers Logistics	1.52	1.85	Buy	DCF
08/10/21	UOB Kay Hian	Frasers Logistics	1.52	1.79	Buy	DDM
08/11/21	CIMB	Frasers Logistics	1.53	1.62	Add
08/11/21	OCBC	Frasers Logistics	1.53	1.6	Buy
09/20/21	UOB Kay Hian	Frasers Logistics	1.49	1.79	Buy
10/19/21	UOB Kay Hian	Frasers Logistics	1.48	1.79	Buy	DDM
11/11/21	DBS Vickers	Frasers Logistics	1.48	1.85	Buy
11/12/21	UOB Kay Hian	Frasers Logistics	1.52	1.79	Buy	DDM

Stock calls for 17 December 2021

Date	Analyst	Company	Last	Target	Call	Valuation
12/17/21	Macquarie	Capitaland Integrated Commercial Trust	1.99	2.65	Outperform
12/17/21	Macquarie	Capitaland Investment	3.43	4.2	Outperform
12/17/21	Lim & Tan	Capitaland Investment	3.43	4	Accumulate
12/17/21	DMG & Partners	Comfortdelgro	1.38	1.9	Buy
12/17/21	Macquarie	DBS	32.33	36	outperform
12/17/21	Macquarie	Jardine C&C	21.2	26.5	Outperform	Sum of parts
12/17/21	Macquarie	Lendlease Reit	0.89	1	Outperform
12/17/21	Lim & Tan	Oxley	0.183	0.28	Buy
12/17/21	Macquarie	SGX	9.35	12.8	Outperform	DDM
12/17/21	Macquarie	Singtel	2.43	2.83	outperform	Sum of parts
12/17/21	Macquarie	Thai Beverage	0.665	0.86	Outperform	Sum of parts
12/17/21	DMG & Partners	Wilmar	4.13	5.05	Buy

Singapore's Nodx surged 24.2% y-o-y in November 2021.

https://sg.finance.yahoo.com/news/1-singapores-nov-exports-surge-004726871.html

Year on year changes (YOY):

November 2021: 24.2%

October 2021: 17.9%

September 2021: 12.3%

August 2021: 2.7%

July 2021: 12.7%

June 2021: 15.9%

May 2021: 8.8%

April 2021: 6%

March 2021: 12.1%

February 2021: 4.2%

January 2021: 12.8%

December 2020: 6.8%

November 2020: -4.9%

October 2020: -3.1%

September 2020: 5.9%

August 2020: 7.7%

July 2020: 6%

June 2020: 16.1% (Revised to 13.9%)

May 2020: -4.6%

April 2020: 9.7%

March 2020: 17.6%

February 2020: 3% (Revised to 3.1%)

January 2020: - 3.3%

December 2019: 2.4%

November 2019: - 5.9%

October 2019: - 12.3%

September 2019: -8.1%

August 2019: - 8.9%

July 2019: -11.2%

June 2019: -17.3%

May 2019: -15.9%

April 2019: -10%

March 2019: -11.7%

February 2019: 4.9%

January 2019: -10.1%

December 2018: -8.5%

November 2018: -2.6%

October 2018: 8.3%

September 2018: 8.3%

August 2018: 5%

July 2018: 11.8% (Corrected)

June 2018: 1.1%

May 2018: 15.5%

April 2018: 11.8%

March 2018: -2.7%

February 2018: -5.9%

January 2018: 13%

December 2017: 3.1%

November 2017: 9.1%

October 2017: 20.9%

September 2017: -1.1%

August 2017: 16.7%

July 2017: 8.5%

June 2017: 8.2%

May 2017: -1.2%

Apr 2017: -0.7%

Mar 2017: 16.5%

Feb 2017: 21.1%

Synopsis of US FED meeting.

Let's take a look at the latest FED dot plot chart first.  Basically, the chart is showing that there will be 3 rate hikes in 2022 and up to 4 rate hikes in 2023.

Let's compare the latest chart with the previous chart.  We could see that nobody was projecting the interest rate to hit beyond 0.75% in 2022 in the previous chart.

GDP and PCE data:

From the above table, we can see that the US will be experiencing diminishing GDP growth.  Furthermore, the core PCE inflation (FED's preferred inflation indicator) will be above 4% by the end of 2021.

We can conclude that the US will be facing a strong headwind in 2022 because it is never a good idea to increase interest rates when the GDP growth is declining.

Frasers Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/13/21	DBS Vickers	Frasers Hospitality Trust	0.555	0.85	Buy
05/04/21	DBS Vickers	Frasers Hospitality Trust	0.54	0.65	Buy	DCF
12/06/21	DBS Vickers	Frasers Hospitality Trust	0.47	0.65	Buy	DCF