First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/07/23	UOB Kay Hian	First Resources	1.52	1.85	Buy	PER9x FY23
03/02/23	UOB Kay Hian	First Resources	1.63	1.55	Hold	PER9x FY23
03/02/23	CIMB	First Resources	1.63	1.88	Add
03/02/23	DMG & Partners	First Resources	1.63	1.6	Neutral	PER8x FY23
05/15/23	Kim Eng	First Resources	1.39	1.85	Buy
05/15/23	DMG & Partners	First Resources	1.39	1.2	Sell	PER8x FY23
05/15/23	UOB Kay Hian	First Resources	1.39	1.55	Hold	PER9x FY23
07/12/23	DBS Vickers	First Resources	1.5	2	Buy	DCF
07/18/23	UOB Kay Hian	First Resources	1.47	1.55	Hold	PER9x FY24
07/24/23	DMG & Partners	First Resources	1.48	1.4	Neutral	PER10x FY24
07/26/23	UOB Kay Hian	First Resources	1.57	1.65	Hold
08/14/23	Kim Eng	First Resources	1.54	1.83	Buy
08/17/23	DMG & Partners	First Resources	1.5	1.5	Neutral
09/12/23	Kim Eng	First Resources	1.52	1.83	Buy
10/25/23	UOB Kay Hian	First Resources	1.42	1.65	Buy	PER8x FY24
11/14/23	UOB Kay Hian	First Resources	1.43	1.65	Buy	PER8x FY24
11/14/23	DBS Vickers	First Resources	1.43	2	Buy	DCF
11/20/23	DMG & Partners	First Resources	1.41	1.45	Neutral
12/05/23	UOB Kay Hian	First Resources	1.4	1.65	Buy
01/08/24	DBS Vickers	First Resources	1.44	2	Buy	DCF
02/05/24	UOB Kay Hian	First Resources	1.48	1.65	Buy	PER8x FY24

Stock calls for 21 February 2024

Date	Analyst	Company	Last	Target	Call	Valuation
02/21/24	UOB Kay Hian	Digicore Reit	0.57	0.79	Buy	DDM
02/21/24	DBS Vickers	First Reit	0.265	0.3	Buy
02/21/24	Lim & Tan	First Reit	0.265	0.3	Accumulate
02/21/24	DBS Vickers	Sasseur	0.68	1.05	Buy
02/21/24	UOB Kay Hian	Sembcorp Industries	5.81	7.49	Buy	PER13.6x
02/21/24	Kim Eng	Sembcorp Industries	5.81	6.3	Buy
02/21/24	DBS Vickers	SIA	7.37	7	Hold
02/21/24	CIMB	SIA	7.37	7.3	Hold
02/21/24	Lim & Tan	SIA	7.37	7.21	Take Profit
02/21/24	CGS	SIA Engineering	2.33	2.7	Add
02/21/24	DMG & Partners	ST Engineering	3.92	4.5	Buy	Sum of parts
02/21/24	CGS	ST Engineering	3.92	4.36	Add

US conference board leading index declined in January 2024.

CB leading index: -0.4% (m-o-m)

The Leading Economic Index (LEI) provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term.

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/18/23	SAC Capital	First Reit	0.255	0.3	Buy
04/21/23	OCBC	First Reit	0.26	0.31	Buy	PB1x FY23
04/26/23	OCBC	First Reit	0.255	0.3	Buy
04/26/23	Lim & Tan	First Reit	0.255	0.3	Buy
06/15/23	Lim & Tan	First Reit	0.26	0.3	Buy
06/30/23	DBS Vickers	First Reit	0.26	0.3	Buy
08/01/23	DBS Vickers	First Reit	0.26	0.3	Buy
08/01/23	Lim & Tan	First Reit	0.26	0.3	Buy
09/15/23	Lim & Tan	First Reit	0.225	0.3	Buy
09/28/23	DBS Vickers	First Reit	0.225	0.3	Buy
11/01/23	DBS Vickers	First Reit	0.235	0.3	Buy
11/01/23	Lim & Tan	First Reit	0.235	0.3	Accumulate