First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/11/22	DMG & Partners	First Resources	1.6	1.6	Neutral
02/28/22	CIMB	First Resources	1.84	2.12	Add
02/28/22	DMG & Partners	First Resources	1.84	1.6	Neutral
03/01/22	DMG & Partners	First Resources	1.84	2	Neutral	PER10x FY22
03/01/22	Kim Eng	First Resources	1.84	1.88	Hold
03/16/22	UOB Kay Hian	First Resources	2.1	2.1	Buy
03/22/22	DBS Vickers	First Resources	2.01	2.5	Buy	DCF
04/12/22	DBS Vickers	First Resources	2.02	2.5	Buy
04/12/22	DMG & Partners	First Resources	2.02	2	Neutral
05/17/22	DMG & Partners	First Resources	2.11	2.2	Neutral	PER10x FY23
05/17/22	Kim Eng	First Resources	2.11	1.94	Sell
05/18/22	CIMB	First Resources	2.1	2.1	Hold
05/18/22	UOB Kay Hian	First Resources	2.1	2.3	Hold
06/23/22	UOB Kay Hian	First Resources	1.84	1.7	Hold
07/05/22	Kim Eng	First Resources	1.62	1.62	Hold
07/12/22	CIMB	First Resources	1.51	2.1	Hold	PER16x FY22
08/11/22	DMG & Partners	First Resources	1.45	1.5	Neutral	Sum of parts, PER8x FY23
08/15/22	DBS Vickers	First Resources	1.53	2.5	Buy
08/15/22	Kim Eng	First Resources	1.53	1.62	Buy
08/17/22	CIMB	First Resources	1.5	1.76	Add	PER11.6x FY23
09/13/22	UOB Kay Hian	First Resources	1.55	2.9	Buy
09/13/22	Kim Eng	First Resources	1.55	1.62	Buy
10/28/22	UOB Kay Hian	First Resources	1.49	1.7	Buy
11/07/22	UOB Kay Hian	First Resources	1.57	1.7	Buy
11/15/22	UOB Kay Hian	First Resources	1.71	1.85	Hold	PER9x FY23
11/15/22	DBS Vickers	First Resources	1.71	2.5	Buy
11/15/22	Kim Eng	First Resources	1.71	1.79	Buy
11/15/22	DMG & Partners	First Resources	1.71	1.75	Neutral	PER8x FY23
12/09/22	Kim Eng	First Resources	1.48	1.79	Buy
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

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/24/22	SAC Capital	First Reit	0.305	0.32	Hold	DDM
09/22/22	Lim & Tan	First Reit	0.275	0.32	Buy
11/24/22	SAC Capital	First Reit	0.25	0.33	Buy	PB0.8x FY22

Stock calls for 31 March 2023

Date	Analyst	Company	Last	Target	Call	Valuation
03/31/23	DMG & Partners	City Developments	7.37	9.75	Buy	RNAV (45% disc)
03/31/23	CIMB	Mapletree Logistics	1.7	1.88	Add	DDM
03/31/23	Citi Research	SATS	2.8	2.98	Buy	PER20x FY25
03/31/23	CIMB	Sembcorp Marine	0.115	0.19	Add
03/31/23	Citi Research	Sembcorp Marine	0.115	0.1	Sell
03/31/23	Lim & Tan	Sembcorp Marine	0.115	0.13	Accumulate