Stock calls for 4 November 2025

Date	Analyst	Company	Last	Target	Call	Valuation
11/04/25	DBS Vickers	Capitaland Investment	2.66	3.65	Buy	Sum of parts
11/04/25	Lim & Tan	Elite ComReit	0.36	0.4	Hold
11/04/25	DBS Vickers	Mapletree Commercial	1.48	1.65	Buy	Sum of parts
11/04/25	CIMB	Nanofilm	0.715	0.62	Reduce	BVPS
11/04/25	DBS Vickers	Netlink	0.985	1.08	Buy	DCF
11/04/25	Lim & Tan	Netlink	0.985	1.02	Accumulate on weakness
11/04/25	DBS Vickers	NTT DC Reit	1.01	1.2	Buy	DCF

Genting - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/24	UOB Kay Hian	Genting	0.83	1.25	Buy
07/25/24	CIMB	Genting	0.85	1.3	Add
08/15/24	DBS Vickers	Genting	0.815	1.05	Buy	EV/Ebitda8x FY24/25
08/15/24	UOB Kay Hian	Genting	0.815	1.18	Buy
08/15/24	Citi Research	Genting	0.815	1.14	Buy	Sum of parts
09/03/24	UOB Kay Hian	Genting	0.82	1.18	Buy	EV/Ebitda9x FY24
09/03/24	CIMB	Genting	0.82	1.21	Add
10/24/24	Citi Research	Genting	0.835	1.14	Buy	Sum of parts
11/08/24	UOB Kay Hian	Genting	0.84	1.12	Buy	EV/Ebitda9.3x FY25
11/08/24	DBS Vickers	Genting	0.84	1.05	Buy
11/11/24	DBS Vickers	Genting	0.79	0.95	Buy	Sum of parts
11/12/24	CIMB	Genting	0.78	1.05	Add
01/02/25	UOB Kay Hian	Genting	0.765	1.12	Buy	EV/Ebitda9.3x FY25
02/03/25	CIMB	Genting	0.755	1.05	Add	EV/Ebitda
02/21/25	UOB Kay Hian	Genting	0.775	1.12	Buy	EV/Ebitda9.3x FY25
02/21/25	DBS Vickers	Genting	0.775	0.95	Buy	Sum of parts
04/24/25	DBS Vickers	Genting	0.735	0.95	Buy	Sum of parts
04/25/25	CIMB	Genting	0.75	1.05	Add	EV/Ebitda8x
04/25/25	Citi Research	Genting	0.75	1.14	Buy	Sum of parts
05/15/25	UOB Kay Hian	Genting	0.735	0.9	Buy	EV/Ebitda8x FY25
05/16/25	DBS Vickers	Genting	0.715	0.9	Buy	DCF & EV/Ebitda6.5x FY25
07/10/25	DBS Vickers	Genting	0.74	0.8	Hold	DCF & EV/Ebitda5.3x FY26
07/10/25	CIMB	Genting	0.74	1.05	Add	EV/Ebitda8x
08/04/25	DBS Vickers	Genting	0.735	0.8	Hold	DCF & EV/Ebitda5.3x FY26
08/08/25	UOB Kay Hian	Genting	0.755	0.89	Hold	EV/Ebitda8x FY26
10/14/25	DBS Vickers	Genting	0.715	0.8	Hold	DCF & EV/Ebitda5.3x FY26

Frencken - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/06/24	OCBC	Frencken	1.53	1.74	Buy
07/08/24	DBS Vickers	Frencken	1.66	1.9	Buy	PER17x
08/01/24	DBS Vickers	Frencken	1.3	1.9	Buy	PER17x
08/08/24	Kim Eng	Frencken	1.27	1.77	Buy
08/19/24	DBS Vickers	Frencken	1.4	1.77	Buy	PER15x FY25
08/19/24	UOB Kay Hian	Frencken	1.4	1.74	Buy
08/26/24	DMG & Partners	Frencken	1.37	1.71	Buy	PER16x FY24/25
10/07/24	DBS Vickers	Frencken	1.35	1.77	Buy	PER15x FY25
10/15/24	UOB Kay Hian	Frencken	1.27	1.74	Buy	PER17x FY24
10/15/24	Kim Eng	Frencken	1.27	1.54	Buy
11/04/24	CIMB	Frencken	1.16	1.55	Add
11/20/24	UOB Kay Hian	Frencken	1.2	1.31	Buy	PER14x FY25
11/20/24	Lim & Tan	Frencken	1.2	1.66	Accumulate on weakness
11/21/24	DBS Vickers	Frencken	1.24	1.47	Buy	PER15x FY25
11/21/24	CIMB	Frencken	1.24	1.38	Add
11/21/24	Kim Eng	Frencken	1.24	1.5	Buy
11/22/24	DMG & Partners	Frencken	1.21	1.71	Buy	PER16x FY24/25
12/16/24	DMG & Partners	Frencken	1.17	1.71	Buy	PER16x FY24/25
01/20/25	DBS Vickers	Frencken	1.12	1.47	Buy	PER15x FY25
02/19/25	DMG & Partners	Frencken	1.14	1.71	Buy	PER16x FY24/25
02/28/25	DBS Vickers	Frencken	1.05	1.48	Buy	PER15x FY25
03/03/25	UOB Kay Hian	Frencken	1.04	1.16	Buy	PER12.5x FY25
03/06/25	CIMB	Frencken	1.08	1.4	Add
03/13/25	Kim Eng	Frencken	1.07	1.34	Buy	PER12x FY25/26
04/11/25	DBS Vickers	Frencken	0.955	1.48	Buy	PER15x FY25
04/22/25	UOB Kay Hian	Frencken	0.965	1.16	Buy	PER12.5x FY25
04/24/25	CIMB	Frencken	1.05	1.15	Add
05/21/25	DBS Vickers	Frencken	1.14	1.48	Buy	PER15x FY25
05/22/25	UOB Kay Hian	Frencken	1.13	1.4	Buy	PER15x FY25
05/22/25	CIMB	Frencken	1.13	1.27	Add
06/03/25	UOB Kay Hian	Frencken	1.14	1.4	Buy	PER15x FY25
06/11/25	Kim Eng	Frencken	1.15	1.34	Buy	PER12x FY25/26
06/11/25	DMG & Partners	Frencken	1.15	1.48	Buy
07/11/25	Phillip	Frencken	1.29	1.76	Buy	PER18x FY25
07/21/25	Kim Eng	Frencken	1.45	1.75	Buy
07/25/25	DBS Vickers	Frencken	1.62	2.03	Buy	PER20x FY25/26
07/28/25	CIMB	Frencken	1.67	1.91	Add	PER
08/05/25	UOB Kay Hian	Frencken	1.67	2.08	Buy	PER21x FY26
08/15/25	DBS Vickers	Frencken	1.54	2.03	Buy	PER20x FY25/26
08/20/25	Phillip	Frencken	1.45	1.76	Buy	PER18x FY25
08/26/25	DMG & Partners	Frencken	1.43	1.68	Buy	PER17x FY25
10/17/25	DBS Vickers	Frencken	1.42	2.03	Buy	PER20x FY25/26

Frasers Property - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/24	CIMB	Frasers Property	0.785	1.41	Add	RNAV (45% discount)
11/19/24	Lim & Tan	Frasers Property	0.925	1.31	Accumulate
05/13/25	CIMB	Frasers Property	0.815	1.41	Add	RNAV (45% discount)

Stock calls for 3 November 2025

Date	Analyst	Company	Last	Target	Call	Valuation
11/03/25	UOB Kay Hian	A-Reit	2.82	4.02	Buy	DDM
11/03/25	DBS Vickers	A-Reit	2.82	3.2	Buy	DCF
11/03/25	CIMB	A-Reit	2.82	3.27	Add	DDM
11/03/25	Lim & Tan	A-Reit	2.82	3.18	Accumulate on weakness
11/03/25	OCBC	Ascendas India Trust	1.21	1.42	Buy	DDM
11/03/25	UOB Kay Hian	ASL Marine	0.23	0.33	Buy	PER11.6x FY26
11/03/25	Lim & Tan	Coliwoo	0.6	0.8	Subscribe	PER15.4x FY26
11/03/25	Phillip	Keppel Corp	10.19	12.2	Buy	Sum of parts
11/03/25	UOB Kay Hian	Keppel DC Reit	2.39	2.65	Buy	DDM
11/03/25	UOB Kay Hian	Keppel Reit	1.05	1.2	Buy	DDM
11/03/25	UOB Kay Hian	Lendlease Reit	0.64	0.79	Buy	DDM
11/03/25	UOB Kay Hian	Mapletree Industrial	2.13	2.22	Hold	DDM
11/03/25	DBS Vickers	Prime US Reit	0.196	0.35	Buy	PB0.65x & DCF
11/03/25	DBS Vickers	Seatrium	2.17	2.96	Buy	PB1.5x
11/03/25	UOB Kay Hian	Sheng Siong	2.32	2.5	Buy	PER23x FY26
11/03/25	Kim Eng	Sheng Siong	2.32	2.55	Buy
11/03/25	DBS Vickers	SIA	6.63	6.5	Hold
11/03/25	Phillip	Suntec Reit	1.34	1.4	Accumulate	DDM
11/03/25	DMG & Partners	UMS	1.48	1.85	Buy
11/03/25	CIMB	Wilmar	3.13	3.6	Add
11/03/25	DMG & Partners	Wilmar	3.13	3	Neutral	Sum of parts

Baltic dry index - 1966

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 546

Related stock: Seatrium & Cosco.