UOB - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
02/26/21	Jefferies	UOB	24.64	28.5	Buy
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
04/01/21	CIMB	UOB	25.83	27.72	Add
04/01/21	DBS Vickers	UOB	25.83	27.6	Buy
04/05/21	phillip	UOB	25.8	28.7	Accumulate
04/20/21	DBS Vickers	UOB	26.23	29.2	Buy	GGM, PB1.1x FY22
04/22/21	Macquarie	UOB	25.79	29	Outperform
04/22/21	Jefferies	UOB	25.79	29.5	Buy
05/06/21	OCBC	UOB	26.3	29	Buy	PB
05/06/21	Lim & Tan	UOB	26.3	0	Accumulate
05/07/21	phillip	UOB	26.03	28.7	Accumulate	GGM, PB1.17x FY21
05/07/21	Kim Eng	UOB	26.03	29.34	Buy
05/07/21	DMG & Partners	UOB	26.03	30.2	Buy
05/07/21	CIMB	UOB	26.03	28.84	Add
05/12/21	Macquarie	UOB	26.18	30	Outperform
06/02/21	DBS Vickers	UOB	26.31	29.2	Buy	GGM, PB1.1x FY22
06/07/21	phillip	UOB	26.1	28.7	Accumulate
06/07/21	Kim Eng	UOB	26.1	29.34	Buy
06/29/21	CIMB	UOB	25.75	28.84	Add
07/05/21	Macquarie	UOB	25.85	30	Outperform
07/09/21	phillip	UOB	25.58	28.7	Accumulate
07/23/21	DBS Vickers	UOB	25.92	29.2	Buy	PB
07/29/21	CIMB	UOB	25.92	28.84	Add
08/04/21	DBS Vickers	UOB	25.85	29.2	Buy	GGM, PB1.1x FY22
08/04/21	Lim & Tan	UOB	25.85	30	Buy
08/05/21	phillip	UOB	26.31	29	Accumulate	GGM, PB1.17x FY21
08/05/21	Kim Eng	UOB	26.31	29.34	Buy
08/06/21	Macquarie	UOB	26.49	30	Outperform
08/06/21	DMG & Partners	UOB	26.49	30.2	Buy
08/06/21	CIMB	UOB	26.49	29	Add
08/06/21	OCBC	UOB	26.49	30.5	Buy	GGM, PB1.32x
09/01/21	CIMB	UOB	25.58	29	Add
09/02/21	Macquarie	UOB	25.65	31.8	Outperform	PB
09/16/21	DMG & Partners	UOB	25.6	30.2	Buy
10/01/21	DBS Vickers	UOB	25.85	29.2	Buy
10/20/21	Macquarie	UOB	26.77	33.5	Outperform
10/20/21	Kim Eng	UOB	26.77	29.34	Buy
10/22/21	DMG & Partners	UOB	26.8	30.2	Buy
11/03/21	Macquarie	UOB	27.39	33.5	Outperform	PB
11/03/21	DBS Vickers	UOB	27.39	29.2	Buy	GGM, PB1.1x FY22
11/03/21	Lim & Tan	UOB	27.39	0	Accumulate
11/05/21	phillip	UOB	27.2	29	Accumulate	GGM, PB1.17x FY21
11/05/21	Kim Eng	UOB	27.2	31.15	Buy	DDM
11/08/21	Macquarie	UOB	27.58	33	Outperform	PB
11/08/21	Jefferies	UOB	27.58	32.5	Buy
11/10/21	DBS Vickers	UOB	27.9	31	Buy	GGM, PB1.2x FY22
11/10/21	DMG & Partners	UOB	27.9	33.5	Buy	GGM, PB1.2x
11/10/21	CIMB	UOB	27.9	30.3	Add
12/01/21	DBS Vickers	UOB	25.47	31	Buy
12/03/21	Macquarie	UOB	26.2	33	Outperform	PB
01/10/22	Macquarie	UOB	28.29	33	Outperform	PB
01/10/22	Jefferies	UOB	28.29	33	Buy
01/11/22	DMG & Partners	UOB	29.16	33.5	Buy	GGM, PB1.2x FY22
01/12/22	Kim Eng	UOB	29.33	31.15	Buy
01/14/22	OCBC	UOB	29.18	34.8	Buy
01/17/22	phillip	UOB	29.93	31.3	Buy	GGM, PB1.26x FY21
01/17/22	DBS Vickers	UOB	29.93	34.2	Buy	GGM, PB1.3x FY22
01/17/22	Jefferies	UOB	29.93	33.5	Buy
01/17/22	CIMB	UOB	29.93	33.5	Add
01/18/22	Lim & Tan	UOB	30.18	0	Accumulate
02/09/22	phillip	UOB	32.65	31.3	Accumulate

Unusual - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/23/21	DMG & Partners	Unusual	0.138	0.14	Neutral	Cut from $0.16

Stock calls for 14 February 2022

Date	Analyst	Company	Last	Target	Call	Valuation
02/14/22	Phillip	BRC Asia	1.68	1.84	Buy	PER11x FY22
02/14/22	CIMB	DBS	37.25	39.2	Add	GGM
02/14/22	UOB Kay Hian	Digicore Reit	1.16	1.32	Buy	DDM
02/14/22	Lim & Tan	Grand Bank	0.305	0	Accumulate on weakness
02/14/22	Amfrasers	Grand Venture	1.1	1.37	Buy
02/14/22	UOB Kay Hian	MM2 Asia	0.05	0.115	Buy	Sum of parts
02/14/22	Amfrasers	Rex	0.39	0.5	Outperform
02/14/22	phillip	SGX	9.75	10.78	Neutral	PER25x FY22
02/14/22	UOB Kay Hian	Singtel	2.55	2.75	Buy	DCF
02/14/22	Lim & Tan	Spindex	1.31	0	Accumulate
02/14/22	UOB Kay Hian	Starhub	1.33	1.3	Hold	DCF
02/14/22	Phillip	Starhub	1.33	1.35	Neutral	EV/Ebitda8x FY22
02/14/22	DBS Vickers	Starhub	1.33	1.31	Hold	DCF
02/14/22	Kim Eng	Starhub	1.33	1.45	Hold

mRNA vaccine booster efficacy can only last 4 months.

https://sg.finance.yahoo.com/news/covid-booster-efficacy-wanes-significantly-220805373.html

The latest US study shows that mRNA vaccine booster efficacy will wane significantly after 4 months.  Therefore, it looks like we'll need the 4th booster again this year.  Sigh!

US consumer sentiment fell further!

The fall in US consumer sentiment will translate into weaker consumer spending in the future because consumers will rein in their spending when they don't feel confident about the future.  This doesn't bode well for the US because consumer spending constitutes 70% of US GDP.

Baltic dry index - 1977

 
Related stock: Sembcorp Marine, Cosco & Pan ocean.

US rig count (weekly) - 635

 Related stock: Sembcorp Marine & Cosco.

How high should be the FED fund rate be given the present inflation and economic condition?

Based on the current inflation and economic condition, the Taylor Rule estimate is projecting that the Fed fund rate should be at 11% instead of the current 0-0.25% range.

This shows that the FED is way behind the inflation curve and it has to ramp up the interest rate in an aggressive manner.

However, the economic condition is deteriorating in 2022 as stated by the Citi economic surprise index because the real economic situation is underperforming.  The current Citi economic surprise index is in the negative value now (10 Feb 2022).  Please click below for the explanation.

http://sg-stock.blogspot.com/2021/12/how-likely-is-us-fed-behind-inflation.html

This doesn't bode well for the US as increasing the FED rate aggressively in an economic downturn is a perfect recipe for a major disaster (financial crisis).

United Hampshire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/21	UOB Kay Hian	United Hampshire	0.645	0.92	Buy
03/02/21	UOB Kay Hian	United Hampshire	0.67	0.95	Buy
05/17/21	UOB Kay Hian	United Hampshire	0.69	0.95	Buy
10/06/21	Lim & Tan	United Hampshire	0.665	0.87	Buy	DDM
10/08/21	HSBC	United Hampshire	0.68	0.85	Buy
01/12/22	UOB Kay Hian	United Hampshire	0.66	0.95	Buy	DDM