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.

Frasers Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/24	UOB Kay Hian	Frasers Logistics	0.99	1.55	Buy	DDM
08/01/24	DBS Vickers	Frasers Logistics	0.99	1.44	Buy
08/01/24	Citi Research	Frasers Logistics	0.99	1.24	Buy
08/22/24	UOB Kay Hian	Frasers Logistics	1.03	1.4	Buy
09/02/24	CIMB	Frasers Logistics	1.09	1.27	Add	DDM
10/18/24	DBS Vickers	Frasers Logistics	1.12	1.44	Buy
10/18/24	CIMB	Frasers Logistics	1.12	1.35	Add	DDM
11/07/24	UOB Kay Hian	Frasers Logistics	1.05	1.44	Buy	DDM
11/07/24	DBS Vickers	Frasers Logistics	1.05	1.3	Buy	DCF
11/11/24	OCBC	Frasers Logistics	1	1.28	Buy
11/11/24	Citi Research	Frasers Logistics	1	1.16	Buy
12/19/24	OCBC	Frasers Logistics	0.88	1.28	Buy
01/02/25	UOB Kay Hian	Frasers Logistics	0.88	1.33	Buy	DDM
01/02/25	JPM	Frasers Logistics	0.88	0.85	Underweight
02/05/25	DBS Vickers	Frasers Logistics	0.88	1.3	Buy	DCF
02/06/25	CIMB	Frasers Logistics	0.89	1.35	Add	DDM
02/10/25	UOB Kay Hian	Frasers Logistics	0.885	1.26	Buy	DDM
03/06/25	UOB Kay Hian	Frasers Logistics	0.85	1.26	Buy	DDM
03/06/25	OCBC	Frasers Logistics	0.85	1.14	Buy
04/01/25	UOB Kay Hian	Frasers Logistics	0.915	1.26	Buy	DDM
04/16/25	DBS Vickers	Frasers Logistics	0.87	1.1	Buy	DCF
05/07/25	DBS Vickers	Frasers Logistics	0.905	1.1	Buy	DCF
05/08/25	DBS Vickers	Frasers Logistics	0.865	1.05	Buy	DCF
05/08/25	CIMB	Frasers Logistics	0.865	1.11	Add	DDM
05/08/25	Lim & Tan	Frasers Logistics	0.865	1.06	Accumulate
05/08/25	OCBC	Frasers Logistics	0.865	1.07	Buy
05/13/25	JPM	Frasers Logistics	0.835	0.8	Underweight
05/16/25	UOB Kay Hian	Frasers Logistics	0.825	1.1	Buy	DDM
06/27/25	UOB Kay Hian	Frasers Logistics	0.835	1.23	Buy	DDM
07/17/25	DBS Vickers	Frasers Logistics	0.855	1.05	Buy	DCF
07/17/25	Lim & Tan	Frasers Logistics	0.855	1	Accumulate
08/01/25	UOB Kay Hian	Frasers Logistics	0.88	1.23	Buy	DDM
08/01/25	DBS Vickers	Frasers Logistics	0.88	1.05	Buy	DCF
08/05/25	UOB Kay Hian	Frasers Logistics	0.87	1.15	Buy	DDM
09/01/25	UOB Kay Hian	Frasers Logistics	0.91	1.15	Buy	DDM

Frasers Hospitality Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/29/24	Kim Eng	Frasers Hospitality Trust	0.42	0.51	Buy
08/05/24	DBS Vickers	Frasers Hospitality Trust	0.46	0.62	Buy	DCF
11/12/24	DBS Vickers	Frasers Hospitality Trust	0.425	0.62	Buy	DCF
11/12/24	Lim & Tan	Frasers Hospitality Trust	0.425	0.7	Accumulate	Previous offer price $0.70
11/13/24	DBS Vickers	Frasers Hospitality Trust	0.43	0.45	Hold	DCF
05/06/25	DBS Vickers	Frasers Hospitality Trust	0.65	0.7	Buy	Previous offer price $0.70
05/06/25	Lim & Tan	Frasers Hospitality Trust	0.65	0.66	Accumulate

Frasers Centrepoint Trust - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/04/24	UOB Kay Hian	Frasers Centrepoint Trust	2.17	2.71	Buy	DDM
06/26/24	DBS Vickers	Frasers Centrepoint Trust	2.15	2.7	Buy
06/26/24	DMG & Partners	Frasers Centrepoint Trust	2.15	2.35	Neutral
07/05/24	DBS Vickers	Frasers Centrepoint Trust	2.13	2.7	Buy
07/25/24	OCBC	Frasers Centrepoint Trust	2.19	2.46	Buy
07/25/24	Citi Research	Frasers Centrepoint Trust	2.19	2.51	Buy	DDM & RNAV
07/26/24	Phillip	Frasers Centrepoint Trust	2.18	2.38	Accumulate	DDM
07/26/24	DMG & Partners	Frasers Centrepoint Trust	2.18	2.35	Neutral	DDM
07/29/24	Kim Eng	Frasers Centrepoint Trust	2.2	2.4	Buy
10/07/24	DBS Vickers	Frasers Centrepoint Trust	2.3	2.7	Buy
10/07/24	Kim Eng	Frasers Centrepoint Trust	2.3	2.55	Buy
10/18/24	Phillip	Frasers Centrepoint Trust	2.28	2.38	Accumulate	DDM
10/28/24	UOB Kay Hian	Frasers Centrepoint Trust	2.25	2.79	Buy	DDM
10/28/24	Phillip	Frasers Centrepoint Trust	2.25	2.44	Accumulate	DDM
10/28/24	DBS Vickers	Frasers Centrepoint Trust	2.25	2.75	Buy	DCF
10/28/24	DMG & Partners	Frasers Centrepoint Trust	2.25	2.35	Neutral	DDM
10/28/24	Lim & Tan	Frasers Centrepoint Trust	2.25	2.48	Accumulate
10/28/24	OCBC	Frasers Centrepoint Trust	2.25	2.53	Buy	Up from $2.46
10/28/24	CIMB	Frasers Centrepoint Trust	2.25	2.68	Add
10/28/24	Kim Eng	Frasers Centrepoint Trust	2.25	2.5	Buy
10/30/24	Citi Research	Frasers Centrepoint Trust	2.25	2.5	Buy
11/21/24	UOB Kay Hian	Frasers Centrepoint Trust	2.13	2.79	Buy	DDM
11/25/24	Phillip	Frasers Centrepoint Trust	2.11	2.44	Accumulate	DDM
11/27/24	UOB Kay Hian	Frasers Centrepoint Trust	2.13	2.56	Buy	DDM
01/10/25	DMG & Partners	Frasers Centrepoint Trust	2.14	2.35	Neutral	DDM
01/24/25	Phillip	Frasers Centrepoint Trust	2.12	2.44	Buy	DDM
01/24/25	DMG & Partners	Frasers Centrepoint Trust	2.12	2.35	Buy	DDM
01/24/25	Citi Research	Frasers Centrepoint Trust	2.12	2.5	Buy	DDM & RNAV
01/24/25	Kim Eng	Frasers Centrepoint Trust	2.12	2.5	Buy
01/24/25	CIMB	Frasers Centrepoint Trust	2.12	2.68	Add
02/25/25	DBS Vickers	Frasers Centrepoint Trust	2.08	2.75	Buy	DCF
03/06/25	UOB Kay Hian	Frasers Centrepoint Trust	2.07	2.56	Buy	DDM
03/24/25	Phillip	Frasers Centrepoint Trust	2.11	2.44	Buy	DDM
03/26/25	Lim & Tan	Frasers Centrepoint Trust	2.21	2.49	Accumulate
03/26/25	JPM	Frasers Centrepoint Trust	2.21	2.35	Buy
04/08/25	UOB Kay Hian	Frasers Centrepoint Trust	2.1	2.79	Buy	DDM
04/24/25	DMG & Partners	Frasers Centrepoint Trust	2.27	2.39	Buy	DDM
04/29/25	DBS Vickers	Frasers Centrepoint Trust	2.25	2.7	Buy	DCF
04/29/25	Lim & Tan	Frasers Centrepoint Trust	2.25	2.49	Accumulate
04/30/25	UOB Kay Hian	Frasers Centrepoint Trust	2.26	2.73	Buy	DDM
04/30/25	DBS Vickers	Frasers Centrepoint Trust	2.26	2.75	Buy	DCF
05/02/25	Phillip	Frasers Centrepoint Trust	2.26	2.44	Accumulate	DDM
05/21/25	UOB Kay Hian	Frasers Centrepoint Trust	2.19	2.73	Buy	DDM
06/23/25	Phillip	Frasers Centrepoint Trust	2.23	2.44	Accumulate	DDM
06/27/25	UOB Kay Hian	Frasers Centrepoint Trust	2.26	3.07	Buy	DDM
07/25/25	DBS Vickers	Frasers Centrepoint Trust	2.2	2.75	Buy	DCF
07/28/25	Phillip	Frasers Centrepoint Trust	2.2	2.44	Accumulate	DDM
07/28/25	CIMB	Frasers Centrepoint Trust	2.2	2.44	Add	DDM
08/01/25	UOB Kay Hian	Frasers Centrepoint Trust	2.22	3.07	Buy	DDM
08/06/25	DMG & Partners	Frasers Centrepoint Trust	2.23	2.5	Buy	DDM
09/02/25	UOB Kay Hian	Frasers Centrepoint Trust	2.33	3.07	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
10/24/25	UOB Kay Hian	Frasers Centrepoint Trust	2.45	2.9	Buy	DDM
10/27/25	Phillip	Frasers Centrepoint Trust	2.4	2.74	Accumulate	DDM