Beranda

RESEARCH

Company Update

14 Juni 2022

Macro & Market Perspective June 14, 2022 2

Prepare for another high volatility, stay awake and don’t stay away

Key Takeaways
• Major US stock indices fell and entering the bearish zone while benchmark 10- year UST note yield jumped to the highest level in a decade after May-22 CPI data release
• Markets to expect Fed to raise benchmark policy rate by +300 bps in the rest of 5 meeting with the end of year FFR target set at 3.75-4.00% FY22F
• The implication for more hawkish Fed would trigger capital outflows from EM countries
• Assuming risk free rate at 7.4-7.5%, JCI valuation wise would be around 12.8- 13.2x P/E at 6,383-6,551
• Stay awake of the market, raise cash and reduce heavy weight index and high beta stock for the tactical purpose to hedge the portfolio

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