Stock calls for 27 July 2022

Date	Analyst	Company	Last	Target	Call	Valuation
07/27/22	DBS Vickers	AIMS AMP Cap Ind Reit	1.38	1.53	Buy	DCF
07/27/22	DBS Vickers	CapitaRetail China	1.17	1.55	Buy
07/27/22	CIMB	ESR-Reit	0.41	0.51	Add
07/27/22	DBS Vickers	Hutchison Port	0.24	0.37	Buy
07/27/22	UOB Kay Hian	Keppel Reit	1.1	1.41	Buy	DDM
07/27/22	DBS Vickers	Keppel Reit	1.1	1.4	Buy
07/27/22	Kim Eng	Keppel Reit	1.1	1.25	Buy	DDM
07/27/22	DMG & Partners	Keppel Reit	1.1	1.31	Buy	DDM
07/27/22	Lim & Tan	Keppel Reit	1.1	1.26	Neutral
07/27/22	Kim Eng	Mapletree Industrial	2.68	3	Buy
07/27/22	Citi Research	Mapletree Industrial	2.68	3.15	Buy
07/27/22	CIMB	Mapletree Industrial	2.68	2.97	Add
07/27/22	DBS Vickers	OUE Commercial	0.39	0.41	Hold
07/27/22	CIMB	SIA Engineering	2.41	2.92	Buy
07/27/22	DBS Vickers	Suntec Reit	1.59	1.9	Buy
07/27/22	Lim & Tan	Suntec Reit	1.59	1.75	Neutral

The fundamental principle of international law.

There is only 1 international court under the United Nations (UN) and it is the world court, a.k.a, the international court of justice.  If an international court under the UN can't be legally binding to an external party, an "international court" which is not under the UN can't be legally binding too.

The 2016 PCA ruling against China was illegal because China was not a party and was also not involved in the court proceeding.  A legally binding example would be the Singapore-Malaysia Pedra Branca lighthouse case in which Singapore signed a special agreement with Malaysia to proceed with the ICJ court proceeding on the sovereignty of the lighthouse.

The fundamental principle of international law is that an international court ruling is only legally binding between the parties involved and it cannot be imposed on an external party.

https://www.icj-cij.org/en/frequently-asked-questions

It is stated very clearly that an involved party must have access to the court and have accepted its jurisdiction in any 3 stated ways.  China had not accepted PCA's jurisdiction in 2016 because it was a unilateral PCA proceeding initiated by the Philippines without China's presence.

It is also stated very clearly that the court ruling is only legally binding to the party involved.

Oxpay - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/16/21	Amfrasers	Oxpay	0.29	0.42	Outperform	PER25x FY22
03/15/22	Amfrasers	Oxpay	0.153	0.3	Outperform	PER18x FY22

Oxley - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/31/21	UOB Kay Hian	Oxley	0.22	0.28	Buy	RNAV (40% discount)
12/17/21	Lim & Tan	Oxley	0.183	0.28	Buy

Overseas Edu - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/19/21	Lim & Tan	Overseas Edu	0.26	0	Hold
02/03/22	Lim & Tan	Overseas Edu	0.255	0	Hold
04/12/22	Lim & Tan	Overseas Edu	0.255	0	Hold

Stock calls for 26 July 2022

Date	Analyst	Company	Last	Target	Call	Valuation
07/26/22	DBS Vickers	AEM	4.2	6.04	Buy
07/26/22	UOB Kay Hian	Aztech	0.795	1.46	Buy	PER12.5x FY22
07/26/22	CIMB	Aztech	0.795	1.22	Add
07/26/22	Kim Eng	Aztech	0.795	1.39	Buy
07/26/22	DMG & Partners	Centurion	0.36	0.43	Buy	DCF
07/26/22	DMG & Partners	City Developments	7.76	9.75	Buy
07/26/22	DMG & Partners	DBS	31.26	38.1	Buy
07/26/22	DMG & Partners	Genting	0.81	0.95	Buy
07/26/22	DBS Vickers	Grand Venture	0.685	1.4	Buy
07/26/22	DBS Vickers	Ifast Corp	3.87	4.08	Hold	DCF
07/26/22	CIMB	Ifast Corp	3.87	4	Hold
07/26/22	DBS Vickers	Keppel DC Reit	2.01	2.5	Buy
07/26/22	CIMB	Keppel DC Reit	2.01	2.63	Add	DDM
07/26/22	DBS Vickers	Mapletree Industrial	2.65	3.05	Buy
07/26/22	OCBC	Mapletree Industrial	2.65	2.91	Buy
07/26/22	DBS Vickers	OUE Commercial	0.39	0.5	Buy
07/26/22	Citi Research	SATS	3.94	4.7	Buy
07/26/22	OCBC	SATS	3.94	4.72	Buy
07/26/22	DMG & Partners	Singtel	2.62	3.55	Buy
07/26/22	DMG & Partners	ST Engineering	4.1	4.8	Buy
07/26/22	DBS Vickers	UMS	1.16	1.7	Buy
07/26/22	DBS Vickers	Venture	17.47	22.7	Buy

Is the US Fed going to hike by 75bp in July 2022?

Let's do our standard analysis to forecast the upcoming rate hike.

The Fedwatch tool is showing a 75.1% probability of a 75bp rate hike.

Let's use the 3 FED rates analysis to determine the rate hike.

IORB: 1.65% vs 0.9% in June

The IORB (1.65%) is still within the current fed rate range of 1.5-1.75%.  No stress is detected.

EFFR: 1.58% vs 0.83% in June

The EFFR (1.58%) is still within the current fed rate range of 1.5-1.75%.  No stress is detected.

On RRP: 1.55% vs 0.8% in June (Fed is paying.)

On RP: No transaction at 1.75%. (Fed is receiving.)

EFFR: 1.58%

IORB: 1.65%

When the EFFR (1.58%) is lesser than IORB (1.65%), it means that the US is still under the monetary easing condition.  The high cash of US$2.19T deposited with the US FED also shows that there is excess liquidity and the banks have nowhere to invest in other profitable investments.  Thus, we do not see any stress in the US financial system and the US FED will hike 75bp in July 2022 as stated because the Fed can still do an emergency hike in August if necessary.