Mapletree Industrial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/14/24	UOB Kay Hian	Mapletree Industrial	2.18	2.93	Buy	DDM
07/02/24	UOB Kay Hian	Mapletree Industrial	2.11	2.78	Buy	DDM
07/15/24	DBS Vickers	Mapletree Industrial	2.25	2.6	Buy
07/29/24	Kim Eng	Mapletree Industrial	2.27	2.15	Hold
07/29/24	OCBC	Mapletree Industrial	2.27	2.71	Buy
07/29/24	DBS Vickers	Mapletree Industrial	2.27	2.6	Buy
09/26/24	UOB Kay Hian	Mapletree Industrial	2.44	3.03	Buy	DDM
10/01/24	DBS Vickers	Mapletree Industrial	2.43	2.6	Buy	DCF
10/03/24	UOB Kay Hian	Mapletree Industrial	2.5	3.05	Buy	DDM
10/04/24	Kim Eng	Mapletree Industrial	2.53	2.6	Buy
10/30/24	DBS Vickers	Mapletree Industrial	2.39	2.75	Buy	DCF
11/01/24	UOB Kay Hian	Mapletree Industrial	2.4	3.05	Buy	DDM
11/04/24	CIMB	Mapletree Industrial	2.4	2.82	Add	DDM
11/04/24	MorningStar	Mapletree Industrial	2.4	2.3	Hold
11/11/24	DBS Vickers	Mapletree Industrial	2.27	2.75	Buy	DCF
01/02/25	UOB Kay Hian	Mapletree Industrial	2.21	3.05	Buy	DDM
01/23/25	Lim & Tan	Mapletree Industrial	2.21	2.62	Accumulate
01/24/25	CIMB	Mapletree Industrial	2.21	2.82	Add	DDM
01/27/25	UOB Kay Hian	Mapletree Industrial	2.21	2.89	Buy	DDM
02/12/25	UOB Kay Hian	Mapletree Industrial	2.06	2.7	Buy	DDM
02/12/25	Kim Eng	Mapletree Industrial	2.06	2.3	Buy
03/06/25	UOB Kay Hian	Mapletree Industrial	2.01	2.7	Buy	DDM
03/17/25	DBS Vickers	Mapletree Industrial	2.08	2.6	Buy	DCF
04/01/25	UOB Kay Hian	Mapletree Industrial	2.1	2.7	Buy	DDM
04/24/25	Lim & Tan	Mapletree Industrial	2.05	2.45	Buy
05/02/25	DBS Vickers	Mapletree Industrial	2.02	2.6	Buy	DCF
05/02/25	Lim & Tan	Mapletree Industrial	2.02	2.42	Buy
05/05/25	UOB Kay Hian	Mapletree Industrial	2.02	2.73	Buy	DDM
05/05/25	CIMB	Mapletree Industrial	2.02	2.56	Add	DDM
05/07/25	Kim Eng	Mapletree Industrial	2.02	2.2	Buy
05/07/25	OCBC	Mapletree Industrial	2.02	2.46	Buy
06/13/25	DBS Vickers	Mapletree Industrial	1.95	2.6	Buy	DCF

Mapletree Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/03/24	UOB Kay Hian	Mapletree Commercial	1.22	1.9	Buy	PB
06/04/24	CIMB	Mapletree Commercial	1.25	1.59	Add	DDM
06/28/24	Lim & Tan	Mapletree Commercial	1.22	1.55	Accumulate
06/28/24	Citi Research	Mapletree Commercial	1.22	1.47	Buy
07/01/24	DBS Vickers	Mapletree Commercial	1.22	1.75	Buy	DCF
07/02/24	UOB Kay Hian	Mapletree Commercial	1.24	1.73	Buy
07/08/24	CIMB	Mapletree Commercial	1.23	1.58	Add	DDM
07/09/24	UOB Kay Hian	Mapletree Commercial	1.23	1.68	Buy	DDM
07/29/24	Kim Eng	Mapletree Commercial	1.28	1.3	Hold
09/10/24	DBS Vickers	Mapletree Commercial	1.41	1.75	Buy	DCF
10/07/24	DBS Vickers	Mapletree Commercial	1.51	1.75	Buy	DCF
10/25/24	DBS Vickers	Mapletree Commercial	1.41	1.8	Buy	DCF
10/25/24	Lim & Tan	Mapletree Commercial	1.41	1.52	Accumulate
10/25/24	Citi Research	Mapletree Commercial	1.41	1.47	Buy	DDM & RNAV
10/29/24	UOB Kay Hian	Mapletree Commercial	1.33	1.71	Buy	DDM
11/26/24	Macquarie	Mapletree Commercial	1.23	1.6	Buy
11/26/24	OCBC	Mapletree Commercial	1.23	1.54	Buy
01/02/25	UOB Kay Hian	Mapletree Commercial	1.21	1.71	Buy	DDM
01/24/25	DBS Vickers	Mapletree Commercial	1.19	1.8	Buy	DCF
01/27/25	UOB Kay Hian	Mapletree Commercial	1.2	1.6	Buy	DDM
01/27/25	OCBC	Mapletree Commercial	1.2	1.48	Buy
01/27/25	Citi Research	Mapletree Commercial	1.2	1.47	Buy
03/06/25	UOB Kay Hian	Mapletree Commercial	1.19	1.6	Buy	DDM
04/01/25	UOB Kay Hian	Mapletree Commercial	1.25	1.6	Buy	DDM
04/25/25	DBS Vickers	Mapletree Commercial	1.22	1.8	Buy	DCF
04/28/25	UOB Kay Hian	Mapletree Commercial	1.22	1.62	Buy	DDM
04/28/25	CIMB	Mapletree Commercial	1.22	1.48	Add	DDM
04/29/25	DBS Vickers	Mapletree Commercial	1.21	1.5	Buy	DCF
04/30/25	Kim Eng	Mapletree Commercial	1.22	1.3	Buy
04/30/25	OCBC	Mapletree Commercial	1.22	1.45	Buy
05/21/25	UOB Kay Hian	Mapletree Commercial	1.18	1.62	Buy	DDM

Manulife US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/24	DMG & Partners	Manulife US Reit	0.066	0.12	Trading Buy
08/06/24	DMG & Partners	Manulife US Reit	0.07	0.12	Trading Buy	DDM
08/07/24	CIMB	Manulife US Reit	0.073	0.22	Add	DDM
09/30/24	DBS Vickers	Manulife US Reit	0.124	0.1	Hold
09/30/24	Lim & Tan	Manulife US Reit	0.124	0.15	No Rating
10/01/24	DMG & Partners	Manulife US Reit	0.124	0.12	Neutral	DDM
01/10/25	DMG & Partners	Manulife US Reit	0.093	0.12	Neutral	DDM
05/13/25	DBS Vickers	Manulife US Reit	0.063	0.1	Hold
05/28/25	DMG & Partners	Manulife US Reit	0.062	0.7	Neutral	DDM

Stock calls for 16 June 2025

Date	Analyst	Company	Last	Target	Call	Valuation
06/16/25	DBS Vickers	CapitaRetail China	0.685	0.85	Buy
06/16/25	DBS Vickers	Hutchison Port	0.16	0.18	Buy	DCF
06/16/25	OCBC	Nanofilm	0.59	0.595	Hold
06/16/25	phillip	Propnex	1.07	1.33	Buy	DCF
06/16/25	Lim & Tan	Sembcorp Industries	6.89	7.79	Accumulate on weakness
06/16/25	Kim Eng	SIA		6.85	Hold
06/16/25	OCBC	SIA Engineering	3.08	3.5	Buy
06/16/25	DMG & Partners	Suntec Reit	1.14	1.35	Buy
06/16/25	UOB Kay Hian	Thai Beverage	0.46	0.45	Hold	Sum of parts

US inflation expectations were toned down because of the 90-day moratorium period.

1-year inflation expectations: 5.1%

5-year inflation expectations: 4.1%

The above inflation expectations were toned down because Trump put the severe tariffs on hold for 90 days.  Thus, the reduction was an anomaly and not an indication that the inflation was going down.

Baltic dry index - 1968

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 555

Related stock: Seatrium & Cosco.

Lion-Phillip - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
10/18/24	Phillip	Lion-Phillip	0.882	0.91	Accumulate
02/05/25	Phillip	Lion-Phillip	0.775	0.86	Accumulate

LHN - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/07/24	UOB Kay Hian	LHN	0.33	0.4	Buy	PER9x FY24
08/22/24	Lim & Tan	LHN	0.325	0.41	Accumulate
09/05/24	Kim Eng	LHN	0.34	0.43	Buy
09/20/24	UOB Kay Hian	LHN	0.355	0.4	Buy	PER9x FY24
12/03/24	Kim Eng	LHN	0.44	0.55	Buy
12/04/24	Phillip	LHN	0.44	0.56	Buy	PER6.5x FY25
12/31/24	Lim & Tan	LHN	0.51	0.56	Accumulate
03/06/25	Kim Eng	LHN	0.46	0.55	Buy
03/06/25	Lim & Tan	LHN	0.46	0.55	Accumulate
03/12/25	Phillip	LHN	0.46	0.56	Buy	PER6.5x FY25
04/16/25	Lim & Tan	LHN	0.42	0.56	Accumulate
05/16/25	Lim & Tan	LHN	0.495	0.56	Accumulate
05/19/25	Phillip	LHN	0.505	0.61	Buy	PER7x FY25
05/19/25	Kim Eng	LHN	0.505	0.55	Buy
05/26/25	Lim & Tan	LHN	0.505	0	Accumulate on weakness
06/03/25	Lim & Tan	LHN	0.515	0.6	Accumulate on weakness