Stock calls for 23 October 2025

Date	Analyst	Company	Last	Target	Call	Valuation
10/23/25	OCBC	Bumitama	1.33	1.3	Hold
10/23/25	DBS Vickers	Digicore Reit	0.485	0.68	Buy	DCF
10/23/25	phillip	Elite ComReit	0.355	0.39	Buy	DDM
10/23/25	phillip	First Reit	0.28	0.31	Buy	DDM
10/23/25	DBS Vickers	Frasers Centrepoint Trust	2.44	2.75	Buy	DCF
10/23/25	Lim & Tan	Frasers Centrepoint Trust	2.44	2.56	Hold
10/23/25	UOB Kay Hian	Mapletree Commercial	1.46	1.84	Buy	DDM
10/23/25	DBS Vickers	Mapletree Commercial	1.46	1.65	Buy	Sum of parts
10/23/25	CIMB	Mapletree Commercial	1.46	1.52	Add	DDM
10/23/25	Lim & Tan	Mapletree Commercial	1.46	1.52	Hold
10/23/25	DMG & Partners	Marco Polo	0.088	0.1	Buy
10/23/25	phillip	Phillip Sing Income ETF	1.422	1.59	Accumulate	Sum of parts
10/23/25	Kim Eng	Sanli Env	0.311	0.5	Buy
10/23/25	Phillip	Stoneweg Reit	1.53	1.86	Buy	DDM

CSOP iEdge SREIT ETF - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/12/24	phillip	CSOP iEdge SREIT ETF	0.723	0.87	Buy
07/10/24	phillip	CSOP iEdge SREIT ETF	0.82	0.845	Accumulate
02/05/25	phillip	CSOP iEdge SREIT ETF	0.704	0.805	Accumulate

CSE Global - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/24	UOB Kay Hian	CSE Global	0.39	0.56	Buy	PER15x FY24
07/08/24	UOB Kay Hian	CSE Global	0.405	0.56	Buy
07/24/24	Kim Eng	CSE Global	0.455	0.64	Buy
08/06/24	Lim & Tan	CSE Global	0.435	0.59	Accumulate
08/08/24	UOB Kay Hian	CSE Global	0.465	0.6	Buy
09/09/24	Kim Eng	CSE Global	0.465	0.64	Buy
11/01/24	UOB Kay Hian	CSE Global	0.43	0.59	Buy	PER13x FY25
11/04/24	Lim & Tan	CSE Global	0.43	0.6	Accumulate
11/06/24	Kim Eng	CSE Global	0.425	0.6	Buy
11/18/24	Lim & Tan	CSE Global	0.435	0.6	Buy
11/29/24	DMG & Partners	CSE Global	0.465	0.58	Buy	PER13x FY25
12/02/24	Amfrasers	CSE Global	0.465	0.6	Outperform	DCF
12/30/24	Kim Eng	CSE Global	0.435	0.6	Buy
01/02/25	UOB Kay Hian	CSE Global	0.415	0.59	Buy	PER13x FY25
01/06/25	Kim Eng	CSE Global	0.43	0.64	Buy
02/20/25	Lim & Tan	CSE Global	0.465	0.6	Buy
02/27/25	UOB Kay Hian	CSE Global	0.465	0.61	Buy	PER11x FY25
02/27/25	Lim & Tan	CSE Global	0.465	0	Sell
03/21/25	Amfrasers	CSE Global	0.465	0.6	Outperform	DCF
03/21/25	Kim Eng	CSE Global	0.465	0.67	Buy
05/06/25	Lim & Tan	CSE Global	0.425	0.62	Accumulate on weakness
05/06/25	Kim Eng	CSE Global	0.425	0.58	Buy
05/16/25	UOB Kay Hian	CSE Global	0.445	0.61	Buy	PER11x FY25
05/22/25	DMG & Partners	CSE Global	0.44	0.63	Buy
05/23/25	CIMB	CSE Global	0.44	0.68	Add
06/30/25	Kim Eng	CSE Global	0.55	0.7	Buy
07/17/25	Kim Eng	CSE Global	0.63	0.7	Buy
08/08/25	UOB Kay Hian	CSE Global	0.695	0.85	Buy	PER15.6x FY25
08/18/25	CIMB	CSE Global	0.645	0.86	Add	PER
09/05/25	DMG & Partners	CSE Global	0.69	0.86	Buy
09/22/25	CIMB	CSE Global	0.725	0.86	Add	PER
10/14/25	UOB Kay Hian	CSE Global	0.73	0.85	Buy	PER15.6x FY25
10/21/25	Kim Eng	CSE Global	0.665	0.84	Buy	PER

Cromwell EUR - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/26/24	DMG & Partners	Cromwell EUR	1.41	2.05	Buy
07/01/24	phillip	Cromwell EUR	1.4	1.91	Buy	DDM
08/08/24	DBS Vickers	Cromwell EUR	1.43	1.9	Buy	DCF
08/08/24	DMG & Partners	Cromwell EUR	1.43	1.9	Buy
08/12/24	phillip	Cromwell EUR	1.41	1.91	Buy	DDM
09/10/24	OCBC	Cromwell EUR	1.54	1.87	Buy	DDM
09/23/24	phillip	Cromwell EUR	1.62	1.91	Buy	DDM
10/18/24	phillip	Cromwell EUR	1.6	1.91	Buy	DDM
11/05/24	DBS Vickers	Cromwell EUR	1.65	1.9	Buy	DCF
11/06/24	phillip	Cromwell EUR	1.64	1.95	Buy	DDM
11/07/24	OCBC	Cromwell EUR	1.61	1.89	Buy
11/13/24	DMG & Partners	Cromwell EUR	1.64	1.9	Buy	DDM
12/26/24	Lim & Tan	Cromwell EUR	1.59	1.89	Accumulate

Stock calls for 22 October 2025

Date	Analyst	Company	Last	Target	Call	Valuation
10/22/25	Lim & Tan	First Reit	0.28	0.31	Hold
10/22/25	OCBC	Nanofilm	0.69	0.79	Buy	PER
10/22/25	Lim & Tan	Sanli Env	0.31	0.44	Buy
10/22/25	DBS Vickers	Sheng Siong	2.18	2.6	Buy	PER23.7x FY26
10/22/25	DMG & Partners	ST Engineering	8.25	9.1	Buy

Credit Bureau - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/15/24	CIMB	Credit Bureau	0.905	1.3	Add	DCF
02/26/25	CIMB	Credit Bureau	1.18	1.3	Add	DCF

Creative Tech - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/26/24	Lim & Tan	Creative Tech	1.2	1	Sell	BV
10/10/24	Lim & Tan	Creative Tech	1.28	0	Avoid

Cosmosteel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/25	Lim & Tan	Cosmosteel	0.225	0.2	Hold	Offer price $0.20
06/24/25	Lim & Tan	Cosmosteel	0.23	0.25	Accept Offer	Offer price $0.25
07/25/25	Lim & Tan	Cosmosteel	0.25	0.25	Accept Offer	Offer price $0.25

Stock calls for 21 October 2025

Date	Analyst	Company	Last	Target	Call	Valuation
10/21/25	Kim Eng	Aztech	0.635	0.61	Hold	PER
10/21/25	Kim Eng	CSE Global	0.665	0.84	Buy	PER
10/21/25	UOB Kay Hian	DBS	52	55.25	Hold	GGM, PB2.25x FY26
10/21/25	UOB Kay Hian	OCBC	16.73	20.12	Buy	GGM, PB1.45x FY26
10/21/25	DMG & Partners	OCBC	16.73	17.5	Neutral	GGM, PB1.11x FY26
10/21/25	Kim Eng	Sanli Env	0.285	0.38	Buy	PER15x FY26/27
10/21/25	phillip	UOB	34.3	34.6	Accumulate	GGM, PB1.23x FY25
10/21/25	Lim & Tan	Wilmar	2.95	3	Avoid

Singapore NODX in September rebounded to 6.9%.

Year-on-year changes:

September 2025: 6.9%

August 2025: -11.3%

July 2025: -4.6%

June 2025: 13%

May 2025: -3.5%

April 2025:12.4%

March 2025: 5.4%

February 2025: 7.6%

January 2025: -2.1%

December 2024: 9%

November 2024: 3.4%

October 2024: -4.6%

September 2024: 2.7%

August 2024: 10.7%

July 2024: 15.7%

June 2024: -8.7%

May 2024: -0.1%

April 2024: -9.6%

March 2024: -20.7%

February 2024: -0.1%

January 2024: +16.8%

December 2023: -1.5%

November 2023: 1%

October 2023: -3.4%

September 2023: -13.2%

August 2023: -20.1%

July 2023: -20.2%

June 2023: -15.5%

May 2023: -14.7%

April 2023: -9.8%

March 2023: -8.3%

February 2023: -15.6%

January 2023: -25%

Baltic dry index - 2069

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 548

Related stock: Seatrium & Cosco.

CordLife - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/14/25	Lim & Tan	CordLife	0.16	0.25	Accept Offer