Stock calls for 31 January 2022

Date	Analyst	Company	Last	Target	Call	Valuation
01/31/22	Kim Eng	ART	1.01	1.3	Buy	DDM
01/31/22	Kim Eng	Capitaland Integrated Commercial Trust	1.94	2.55	Buy	DDM
01/31/22	DMG & Partners	Capitaland Integrated Commercial Trust	1.94	2.2	Buy
01/31/22	Lim & Tan	CapitaRetail China	1.14	0	Accumulate
01/31/22	Lim & Tan	DBS	34.82	38.41	Accumulate
01/31/22	Phillip	Frasers Centrepoint Trust	2.26	2.64	Buy	DDM
01/31/22	CIMB	Frencken	1.6	2.07	Add
01/31/22	Kim Eng	Mapletree Logistics	1.69	2.35	Buy	DDM

What the factors contributing to US inflation in 2022?

 
The employment cost index had surged to 4.4% in Q4 2021 and would continue its upward trajectory in 2022.

What are other factors that will contribute to US inflation in 2022?

Besides the employment cost, the other primary inflation factors will be energy price, housing cost including rental, food cost, and imported supplies (imported inflation).

US Personal spending fell 0.6% in December 2021.

 
The decline (-0.6%) in US personal spending is expected because of the persistently high inflation.  The US retail sales also declined in December 2021.

http://sg-stock.blogspot.com/2022/01/us-retail-sales-declined-19-in-december.html

The declines in US personal spending and retail sales don't bode well for the US GDP in 2022 because consumer spending constitutes 70% of the US GDP.

Baltic dry index - 1381

 

Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 610

 Related stock: Sembcorp Marine & Cosco.

What are the risks in 2022? - Part 2

The Bank of America (Boa) has the most hawkish rate hikes of 7 times (0.25% per time) and this projection means that the US FED will hike a total of 1.75% in 2022.

https://finance.yahoo.com/news/bank-america-says-expects-seven-144612171.html

Furthermore, Boa has cut the US GDP growth to 3.6% in 2022.  Conversely, China has maintained a 5.5% GDP growth in 2022.

What are the risks in 2022?

The economists' survey showed that inflation was the biggest risk and concern while the covid pandemic was the lowest risk.

Thus, the traders are projecting at least 4 FED rate hikes for 2022, starting in March.

Consequently, the ECB will expire its PEPP (pandemic emergency program) in March 2022 and start to taper its APP in July 2022.

In a nutshell, the US and EU will be doing quantitative tapering while China will be conducting quantitative easing in 2022.

US core PCE inflation had hit 4.9% in December 2021.

 The US core PCE inflation reached 4.9% in December 2021 and this had approximately hit our year-end projection of 5% in 2021. 

http://sg-stock.blogspot.com/2021/12/us-core-pce-inflation-has-hit-47-in.html

We're happy to have predicted the US core PCE inflation more accurately than the US FED and US treasury.  Cheers!

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/21	UOB Kay Hian	Singtel	2.46	2.8	Buy	DCF
01/19/21	Kim Eng	Singtel	2.45	2.88	Buy	Sum of parts
01/26/21	UOB Kay Hian	Singtel	2.45	2.84	Buy	DCF
02/10/21	CIMB	Singtel	2.41	3.1	Add	Sum of parts
02/10/21	Citi Research	Singtel	2.41	3.48	Buy
02/11/21	UOB Kay Hian	Singtel	2.4	2.84	Buy
02/11/21	Lim & Tan	Singtel	2.4	0	Buy
02/15/21	Phillip	Singtel	2.38	2.44	Neutral	Sum of parts
02/15/21	Kim Eng	Singtel	2.38	2.88	Buy	Sum of parts
02/15/21	DMG & Partners	Singtel	2.38	3.1	Buy
04/05/21	DBS Vickers	Singtel	2.44	2.75	Buy
04/06/21	DMG & Partners	Singtel	2.48	3.1	Buy
04/06/21	Citi Research	Singtel	2.48	3.44	Buy
05/14/21	Lim & Tan	Singtel	2.41	0	Accumulate on weakness
05/18/21	CIMB	Singtel	2.37	3.1	Add	Sum of parts
05/18/21	Kim Eng	Singtel	2.37	2.88	Buy	DCF
05/24/21	UOB Kay Hian	Singtel	2.43	2.84	Buy	DCF
05/25/21	DBS Vickers	Singtel	2.44	2.93	Buy
05/28/21	DMG & Partners	Singtel	2.45	3.3	Buy
05/28/21	Kim Eng	Singtel	2.45	2.81	Buy
05/28/21	CIMB	Singtel	2.45	2.9	Add
05/28/21	Citi Research	Singtel	2.45	3.26	Buy
06/09/21	DBS Vickers	Singtel	2.37	3.01	Buy
06/09/21	Phillip	Singtel	2.37	2.32	Neutral
07/05/21	UOB Kay Hian	Singtel	2.27	2.84	Buy	DCF
07/13/21	DMG & Partners	Singtel	2.28	3	Buy
08/10/21	Kim Eng	Singtel	2.28	2.83	Buy	Sum of parts
08/12/21	DBS Vickers	Singtel	2.31	3.01	Buy
08/13/21	Macquarie	Singtel	2.37	2.84	outperform	DCF
08/13/21	UOB Kay Hian	Singtel	2.37	2.75	Buy	DCF
08/13/21	CIMB	Singtel	2.37	2.9	Add
08/13/21	DMG & Partners	Singtel	2.37	3	Buy
08/17/21	Phillip	Singtel	2.4	2.52	Accumulate	Sum of parts
08/27/21	DBS Vickers	Singtel	2.38	3.13	Buy	Sum of parts
09/01/21	Macquarie	Singtel	2.32	2.83	outperform	Sum of parts
09/01/21	Citi Research	Singtel	2.32	3.48	Buy
09/07/21	DMG & Partners	Singtel	2.38	3	Buy
09/13/21	CIMB	Singtel	2.4	2.9	Add
09/23/21	Lim & Tan	Singtel	2.47	2.94	Accumulate
09/23/21	DBS Vickers	Singtel	2.47	3.13	Buy
10/04/21	CIMB	Singtel	2.43	2.9	Add	Sum of parts
10/04/21	DMG & Partners	Singtel	2.43	3.37	Buy
10/04/21	UOB Kay Hian	Singtel	2.43	2.75	Buy	DCF, EV/Ebitda13x FY22
10/25/21	Lim & Tan	Singtel	2.57	3	Accumulate
11/08/21	CIMB	Singtel	2.54	2.9	Add	Sum of parts
11/12/21	Macquarie	Singtel	2.56	2.83	outperform	Sum of parts
11/12/21	UOB Kay Hian	Singtel	2.56	2.75	Buy	DCF
11/12/21	Lim & Tan	Singtel	2.56	3	Accumulate
11/12/21	Citi Research	Singtel	2.56	3.64	Buy
11/18/21	Phillip	Singtel	2.52	2.86	Buy	Sum of parts
11/30/21	DMG & Partners	Singtel	2.41	3.37	Buy
12/06/21	UOB Kay Hian	Singtel	2.38	2.75	Buy	DCF
12/09/21	DBS Vickers	Singtel	2.45	3.13	Buy
12/09/21	Citi Research	Singtel	2.45	3.58	Buy
12/17/21	Macquarie	Singtel	2.43	2.83	outperform	Sum of parts
12/21/21	Citi Research	Singtel	2.34	3.56	Buy
01/03/22	UOB Kay Hian	Singtel	2.32	2.75	Buy	DCF
01/12/22	Kim Eng	Singtel	2.42	2.83	Buy
01/24/22	DBS Vickers	Singtel	2.48	3.13	Buy