Stock calls for 20 January 2023

Date	Analyst	Company	Last	Target	Call	Valuation
01/20/23	CIMB	ART	1.08	1.25	Add
01/20/23	CIMB	CDL Hospitality	1.3	1.3	Add
01/20/23	CIMB	Far East Hospitality	0.65	0.73	Add
01/20/23	DBS Vickers	GuocoLand	1.62	2.3	Buy
01/20/23	DBS Vickers	Mapletree Logistics	1.61	1.8	Buy
01/20/23	DMG & Partners	OCBC	12.59	15	Buy	GGM, PB1.1x FY23
01/20/23	DBS Vickers	SIA	5.82	6.8	Buy	EV/Ebitda6x FY23
01/20/23	DBS Vickers	Suntec Reit	1.37	1.6	Buy

Keppel Infrastructure - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/27/22	DBS Vickers	Keppel Infrastructure	0.55	0.61	Buy	DDM
03/24/22	Lim & Tan	Keppel Infrastructure	0.555	0.61	Buy
03/30/22	DBS Vickers	Keppel Infrastructure	0.56	0.6	Buy
07/28/22	DBS Vickers	Keppel Infrastructure	0.58	0.6	Buy
08/03/22	DBS Vickers	Keppel Infrastructure	0.585	0.63	Buy
10/21/22	DBS Vickers	Keppel Infrastructure	0.525	0.63	Buy

Keppel DC Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/25/22	CIMB	Keppel DC Reit	2.25	2.7	Add
01/25/22	DBS Vickers	Keppel DC Reit	2.25	2.8	Buy	DCF
01/25/22	Lim & Tan	Keppel DC Reit	2.25	2.66	Hold
01/28/22	Phillip	Keppel DC Reit	2.17	2.81	Buy	DDM
04/20/22	CIMB	Keppel DC Reit	2.22	2.62	Add
04/20/22	DBS Vickers	Keppel DC Reit	2.22	2.8	Buy
04/20/22	Citi Research	Keppel DC Reit	2.22	2.4	Hold
06/03/22	DBS Vickers	Keppel DC Reit	1.99	2.4	Buy
06/21/22	DBS Vickers	Keppel DC Reit	1.91	2.5	Buy
06/21/22	CIMB	Keppel DC Reit	1.91	2.63	Add	DDM
06/21/22	Lim & Tan	Keppel DC Reit	1.91	2.28	Hold
06/27/22	Citi Research	Keppel DC Reit	2.03	2.4	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	Lim & Tan	Keppel DC Reit	2.01	2.27	Hold
10/27/22	DBS Vickers	Keppel DC Reit	1.74	2.2	Buy	DCF
10/31/22	CIMB	Keppel DC Reit	1.81	2.12	Add	DDM
11/28/22	CLSA	Keppel DC Reit	1.83	1.95	Outperform	Cut from $2

Keppel Corp - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/07/22	Phillip	Keppel Corp	5.11	7.07	Buy	Sum of parts
01/21/22	Lim & Tan	Keppel Corp	5.31	6.7	Accumulate
01/24/22	DBS Vickers	Keppel Corp	5.38	6.2	Buy
01/26/22	UOB Kay Hian	Keppel Corp	5.31	6.74	Buy
01/28/22	Citi Research	Keppel Corp	5.29	6.35	Buy	Sum of parts (10% discount)
01/28/22	DBS Vickers	Keppel Corp	5.29	6.9	Buy	Sum of parts
01/28/22	Lim & Tan	Keppel Corp	5.29	6.67	Accumulate
01/28/22	UOB Kay Hian	Keppel Corp	5.29	6.94	Buy	Sum of parts
02/08/22	Amfrasers	Keppel Corp	5.89	6.22	Buy	Sum of parts
02/10/22	CIMB	Keppel Corp	6.04	7.2	Add
02/10/22	DBS Vickers	Keppel Corp	6.04	6.9	Buy
02/10/22	Lim & Tan	Keppel Corp	6.04	6.8	Accumulate
02/11/22	Phillip	Keppel Corp	6.03	7.07	Buy	Sum of parts
02/18/22	OCBC	Keppel Corp	6.08	7	Buy
03/14/22	UOB Kay Hian	Keppel Corp	6.13	6.94	Buy
04/01/22	CIMB	Keppel Corp	6.42	7.2	Add	Sum of parts
04/01/22	Lim & Tan	Keppel Corp	6.42	6.85	Buy
04/04/22	Phillip	Keppel Corp	6.46	7.07	Buy	Sum of parts, PB1x
04/22/22	UOB Kay Hian	Keppel Corp	6.65	7.25	Buy	Sum of parts
04/28/22	CIMB	Keppel Corp	6.66	7.2	Add	Sum of parts
04/28/22	UOB Kay Hian	Keppel Corp	6.66	10.11	Buy	Sum of parts
04/29/22	OCBC	Keppel Corp	6.86	8.78	Buy
05/09/22	Lim & Tan	Keppel Corp	6.79	0	Accumulate
05/24/22	Lim & Tan	Keppel Corp	6.77	7.6	Accumulate
06/01/22	Lim & Tan	Keppel Corp	6.89	7.6	Accumulate
06/15/22	CIMB	Keppel Corp	6.69	7.2	Add
06/15/22	Citi Research	Keppel Corp	6.69	7.45	Buy	Up from $6.35
07/07/22	UOB Kay Hian	Keppel Corp	6.45	10.11	Buy
07/14/22	CIMB	Keppel Corp	6.59	7.2	Add	Sum of parts
07/19/22	Lim & Tan	Keppel Corp	6.49	7.7	Accumulate
07/29/22	CIMB	Keppel Corp	6.77	9.37	Add	Sum of parts
08/01/22	Phillip	Keppel Corp	6.88	8.95	Buy	PB1.2x FY22
08/01/22	Lim & Tan	Keppel Corp	6.88	8.43	Accumulate
08/02/22	OCBC	Keppel Corp	6.96	8.78	Buy
08/02/22	UOB Kay Hian	Keppel Corp	6.96	10.11	Buy
08/16/22	CIMB	Keppel Corp	6.96	9.37	Add	Sum of parts
08/25/22	Lim & Tan	Keppel Corp	7.01	8.69	Accumulate
08/31/22	Lim & Tan	Keppel Corp	7.19	8.7	Buy
09/06/22	Lim & Tan	Keppel Corp	7.41	8.69	Accumulate
09/12/22	UOB Kay Hian	Keppel Corp	7.4	10.11	Buy	Sum of parts
09/29/22	Citi Research	Keppel Corp	6.76	7.45	Buy
10/04/22	Phillip	Keppel Corp	6.86	8.95	Buy	Sum of parts
10/17/22	Lim & Tan	Keppel Corp	6.68	8.79	Accumulate on weakness
10/28/22	UOB Kay Hian	Keppel Corp	6.65	10.11	Buy
11/11/22	Lim & Tan	Keppel Corp	7.1	9.09	Accumulate on weakness
11/14/22	UOB Kay Hian	Keppel Corp	7.24	10.11	Buy
11/25/22	Lim & Tan	Keppel Corp	7.49	0	Accumulate on weakness
12/14/22	Lim & Tan	Keppel Corp	7.44	9.18	Accumulate
01/04/23	UOB Kay Hian	Keppel Corp	7.27	10.11	Buy
01/05/23	Phillip	Keppel Corp	7.22	8.95	Buy
01/05/23	Lim & Tan	Keppel Corp	7.22	9.18	Accumulate