What's the impacts of the projected increase of china credit impulse in 2023?

 China credit impulse vs PMI:

China credit impulse is projected to increase in 2023 and it has a tremendous impact on its PMI.  Furthermore, the increase in china credit impulse will also weaken the USD in 2023.

We've explained the relationship between China credit impulse and USD before and we won't reiterate it anymore.  Please click on the link below.

https://sg-stock.blogspot.com/2021/06/why-is-there-discrepancy-in.html

Is complacency rearing its head in the stock market?

 The chart below shows that recession fear is receding fast.  How valid it is?

Let's take a look at the yardstick first (10y-2y).

The chart above is showing that a recession (shaded) always happens after a yield curve inversion except for 2020 (caused by covid pandemic).  Thus, it is highly likely that we will be facing an impending recession as shown by the chart.

It looks like complacency has set in because recession fear is receding fast.

Thai Beverage - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/22	Kim Eng	Thai Beverage	0.66	0.99	Buy
02/04/22	UOB Kay Hian	Thai Beverage	0.655	0.85	Buy	Sum of parts
02/15/22	CIMB	Thai Beverage	0.66	0.91	Add	Sum of parts
02/15/22	DBS Vickers	Thai Beverage	0.66	0.92	Buy
02/15/22	UOB Kay Hian	Thai Beverage	0.66	0.9	Buy	Sum of parts
02/21/22	Phillip	Thai Beverage	0.71	0.765	Buy	PER18x FY22
04/01/22	UOB Kay Hian	Thai Beverage	0.715	0.9	Buy	Sum of parts
05/05/22	DBS Vickers	Thai Beverage	0.675	0.92	Buy
05/17/22	Phillip	Thai Beverage	0.68	0.8	Accumulate	PER18x FY22
05/17/22	Lim & Tan	Thai Beverage	0.68	0.9	Buy
05/17/22	CIMB	Thai Beverage	0.68	0.91	Add
05/17/22	DMG & Partners	Thai Beverage	0.68	0.97	Buy	Sum of parts
05/20/22	OCBC	Thai Beverage	0.705	0.88	Buy
06/01/22	DMG & Partners	Thai Beverage	0.695	0.97	Buy
06/02/22	UOB Kay Hian	Thai Beverage	0.695	1.05	Buy	Sum of parts
06/16/22	UOB Kay Hian	Thai Beverage	0.64	0.94	Buy	Sum of parts
07/28/22	OCBC	Thai Beverage	1.59	1.5	Hold
08/12/22	CIMB	Thai Beverage	0.68	0.88	Add	Sum of parts
08/15/22	Phillip	Thai Beverage	0.655	0.8	Buy	PER18x FY22
08/26/22	UOB Kay Hian	Thai Beverage	0.65	0.89	Buy	Sum of parts
08/29/22	OCBC	Thai Beverage	0.645	0.88	Buy
09/27/22	UOB Kay Hian	Thai Beverage	0.62	0.87	Buy	Sum of parts
10/21/22	CIMB	Thai Beverage	0.57	0.88	Add
11/18/22	DBS Vickers	Thai Beverage	0.615	0.84	Buy	Sum of parts
11/25/22	UOB Kay Hian	Thai Beverage	0.615	0.87	Buy	Sum of parts
11/28/22	UOB Kay Hian	Thai Beverage	0.61	0.73	Buy	Sum of parts
11/28/22	DBS Vickers	Thai Beverage	0.61	0.87	Buy	Sum of parts
11/28/22	DMG & Partners	Thai Beverage	0.61	0.91	Buy	Sum of parts
11/28/22	CIMB	Thai Beverage	0.61	0.88	Add
11/28/22	Lim & Tan	Thai Beverage	0.61	0.84	Accumulate
12/05/22	Phillip	Thai Beverage	0.64	0.8	Buy	PER18x F23
12/20/22	DMG & Partners	Thai Beverage	0.675	0.91	Buy
01/05/23	DMG & Partners	Thai Beverage	0.675	0.91	Buy
01/18/23	UOB Kay Hian	Thai Beverage	0.705	0.85	Buy	Sum of parts
02/10/23	CIMB	Thai Beverage	0.7	0.88	Add	Sum of parts
02/13/23	UOB Kay Hian	Thai Beverage	0.7	0.8	Buy	Sum of parts
02/13/23	Phillip	Thai Beverage	0.7	0.8	Accumulate	PER18x F23
02/13/23	DBS Vickers	Thai Beverage	0.7	0.87	Buy	PER14.5x FY23
02/14/23	DMG & Partners	Thai Beverage	0.675	0.91	Buy	Sum of parts

Suntec Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/18/22	DBS Vickers	Suntec Reit	1.54	1.9	Buy
01/21/22	DMG & Partners	Suntec Reit	1.55	1.72	Buy
01/27/22	CIMB	Suntec Reit	1.55	1.79	Add	DDM
01/27/22	DMG & Partners	Suntec Reit	1.55	1.77	Buy
01/27/22	Kim Eng	Suntec Reit	1.55	1.45	Hold	DDM
01/27/22	Lim & Tan	Suntec Reit	1.55	1.65	Hold
01/28/22	UOB Kay Hian	Suntec Reit	1.55	1.74	Buy	DDM
03/14/22	Kim Eng	Suntec Reit	1.69	1.8	Buy
03/14/22	OCBC	Suntec Reit	1.69	1.5	Sell
03/17/22	DMG & Partners	Suntec Reit	1.67	1.78	Buy
03/17/22	UOB Kay Hian	Suntec Reit	1.67	1.74	Buy
04/18/22	UOB Kay Hian	Suntec Reit	1.79	1.88	Buy	DDM
04/27/22	CIMB	Suntec Reit	1.84	1.79	Hold	DDM
04/27/22	Citi Research	Suntec Reit	1.84	1.56	Neutral
04/27/22	DBS Vickers	Suntec Reit	1.84	1.9	Buy
04/27/22	DMG & Partners	Suntec Reit	1.84	2	Buy	DDM
04/27/22	Kim Eng	Suntec Reit	1.84	2	Buy
04/27/22	Lim & Tan	Suntec Reit	1.84	0	Neutral
04/27/22	UOB Kay Hian	Suntec Reit	1.84	1.9	Hold	DDM
06/23/22	UBS	Suntec Reit	1.62	1.52	Sell	DDM, Cut from $1.70
07/18/22	DMG & Partners	Suntec Reit	1.57	1.95	Buy	DDM
07/27/22	DBS Vickers	Suntec Reit	1.59	1.9	Buy
07/27/22	Lim & Tan	Suntec Reit	1.59	1.75	Neutral
07/28/22	UOB Kay Hian	Suntec Reit	1.59	1.72	Hold	DDM
07/28/22	CIMB	Suntec Reit	1.59	1.79	Add	DDM
07/28/22	Kim Eng	Suntec Reit	1.59	1.85	Buy
07/28/22	Citi Research	Suntec Reit	1.59	1.85	Neutral
09/07/22	UOB Kay Hian	Suntec Reit	1.59	1.73	Hold	DDM
09/28/22	UOB Kay Hian	Suntec Reit	1.57	1.57	Hold	DDM
10/26/22	DMG & Partners	Suntec Reit	1.38	1.7	Buy	DDM
10/27/22	UOB Kay Hian	Suntec Reit	1.41	1.39	Hold	DDM
10/27/22	DBS Vickers	Suntec Reit	1.41	1.6	Buy
10/27/22	CIMB	Suntec Reit	1.41	1.55	Add	DDM
11/01/22	OCBC	Suntec Reit	1.29	1.24	Sell
11/04/22	JPM	Suntec Reit	1.28	1.25	Underweight
11/28/22	CLSA	Suntec Reit	1.38	1.2	Sell	cut from $1.45
11/28/22	Citi Research	Suntec Reit	1.38	1.4	Hold
12/06/22	Kim Eng	Suntec Reit	1.41	1.85	Buy
01/09/23	UOB Kay Hian	Suntec Reit	1.37	1.37	Hold
01/10/23	DMG & Partners	Suntec Reit	1.37	1.47	Neutral	DDM
01/20/23	DBS Vickers	Suntec Reit	1.37	1.6	Buy
01/25/23	UOB Kay Hian	Suntec Reit	1.39	1.4	Hold	DDM
01/25/23	Citi Research	Suntec Reit	1.39	1.4	Hold