Megachem - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/22/25	SAC Capital	Megachem	0.46	0.5	Hold

Stock calls for 24 November 2025

Date	Analyst	Company	Last	Target	Call	Valuation
11/24/25	Lim & Tan	BRC Asia	4.02	4.7	Accumulate on weakness
11/24/25	Kim Eng	Centurion	1.37	1.52	Buy
11/24/25	phillip	Elite ComReit	0.355	0.39	Buy	DDM
11/24/25	MorningStar	Hongkong Land	6.33	7.1	4-Star
11/24/25	Lim & Tan	Jardine Matheson	62.15	70.38	Accumulate on weakness
11/24/25	UBS	Sembcorp Industries	60.8	7.65	Overweight
11/24/25	Phillip	SIA	6.48	6.04	Neutral	PB1.2x FY26
11/24/25	Phillip	Thakral	1.67	2.12	Buy	Sum of parts

The US inflation expectation is still at an elevated high.

The 1-year inflation expectation is still way above normal (double from the previous year).  Thus, the US Fed will be prudent in cutting its rates any further.

Baltic dry index - 2275

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 554

Related stock: Seatrium & Cosco.

Marco Polo - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/04/24	UOB Kay Hian	Marco Polo	0.058	0.086	Buy	PER11x FY24
07/05/24	Kim Eng	Marco Polo	0.06	0.09	Buy
08/23/24	Lim & Tan	Marco Polo	0.054	0.083	Accumulate
08/28/24	Kim Eng	Marco Polo	0.052	0.08	Buy
08/29/24	UOB Kay Hian	Marco Polo	0.051	0.061	Buy
09/17/24	Kim Eng	Marco Polo	0.054	0.08	Buy
09/20/24	Lim & Tan	Marco Polo	0.055	0.074	Buy
10/07/24	Lim & Tan	Marco Polo	0.058	0.074	Overweight
10/18/24	DMG & Partners	Marco Polo	0.053	0.08	Buy	DCF
11/01/24	UOB Kay Hian	Marco Polo	0.056	0.061	Buy	PER9.5x FY24
11/04/24	Kim Eng	Marco Polo	0.057	0.08	Buy
11/29/24	Lim & Tan	Marco Polo	0.052	0.065	Accumulate on weakness
12/04/24	Kim Eng	Marco Polo	0.053	0.08	Buy
12/06/24	UOB Kay Hian	Marco Polo	0.055	0.072	Buy	PER9.5x FY25
12/13/24	CIMB	Marco Polo	0.054	0.08	Add
01/03/25	Lim & Tan	Marco Polo	0.053	0	Accumulate on weakness
01/14/25	DMG & Partners	Marco Polo	0.054	0.08	Buy	DCF
01/20/25	Lim & Tan	Marco Polo	0.055	0.078	Accumulate on weakness
02/03/25	UOB Kay Hian	Marco Polo	0.055	0.072	Buy	PER9.5x FY25
03/04/25	UOB Kay Hian	Marco Polo	0.05	0.072	Buy	PER9.5x FY25
03/11/25	Lim & Tan	Marco Polo	0.05	0.0755	Buy
04/30/25	UOB Kay Hian	Marco Polo	0.042	0.066	Buy	PER9.5x FY25
05/07/25	UOB Kay Hian	Marco Polo	0.041	0.072	Buy	PER9.5x FY25
05/15/25	CIMB	Marco Polo	0.044	0.072	Add
05/16/25	CIMB	Marco Polo	0.043	0.06	Add
06/09/25	DMG & Partners	Marco Polo	0.045	0.07	Buy
07/24/25	Kim Eng	Marco Polo	0.056	0.07	Buy
08/06/25	DMG & Partners	Marco Polo	0.058	0.07	Buy
08/19/25	Lim & Tan	Marco Polo	0.065	0.065	Hold
08/20/25	UOB Kay Hian	Marco Polo	0.063	0.076	Buy
08/22/25	Lim & Tan	Marco Polo	0.069	0.082	Buy	PER10x FY26
08/27/25	UOB Kay Hian	Marco Polo	0.067	0.088	Buy	PER11.3x FY26
08/27/25	Kim Eng	Marco Polo	0.067	0.09	Buy	PER11x FY26
09/08/25	Lim & Tan	Marco Polo	0.069	0.082	Buy	PER10x FY26
09/17/25	DMG & Partners	Marco Polo	0.074	0.085	Buy
09/25/25	Lim & Tan	Marco Polo	0.076	0.086	Buy
09/26/25	UOB Kay Hian	Marco Polo	0.077	0.088	Buy	PER11.3x FY26
10/06/25	CIMB	Marco Polo	0.079	0.1	Add	PER
10/23/25	DMG & Partners	Marco Polo	0.088	0.1	Buy
10/24/25	Kim Eng	Marco Polo	0.093	0.11	Buy	PER13.5x FY26
11/14/25	CIMB	Marco Polo	0.104	0.14	Add	PER
11/14/25	Lim & Tan	Marco Polo	0.104	0.11	Buy
11/17/25	UOB Kay Hian	Marco Polo	0.107	0.138	Buy	PER16x FY26
11/18/25	Kim Eng	Marco Polo	0.109	0.13	Buy	PER14x FY26

Mapletree Logistics - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/13/24	Citi Research	Mapletree Logistics	1.32	1.58	Buy	DDM & RNAV
06/14/24	Lim & Tan	Mapletree Logistics	1.33	1.61	Accumulate
06/26/24	DBS Vickers	Mapletree Logistics	1.32	1.75	Buy
06/26/24	Kim Eng	Mapletree Logistics	1.32	1.5	Buy
06/26/24	UOB Kay Hian	Mapletree Logistics	1.32	1.59	Buy
07/12/24	DBS Vickers	Mapletree Logistics	1.32	1.75	Buy	DCF
07/26/24	OCBC	Mapletree Logistics	1.28	1.65	Buy
07/26/24	Citi Research	Mapletree Logistics	1.28	1.58	Buy	DDM & RNAV
07/26/24	CIMB	Mapletree Logistics	1.28	1.63	Add
07/29/24	Kim Eng	Mapletree Logistics	1.3	1.32	Buy
07/30/24	UOB Kay Hian	Mapletree Logistics	1.3	1.58	Buy
09/11/24	DBS Vickers	Mapletree Logistics	1.43	1.75	Buy	PB1x
09/11/24	Lim & Tan	Mapletree Logistics	1.43	1.6	Accumulate
10/17/24	Kim Eng	Mapletree Logistics	1.42	1.6	Buy	DDM
10/23/24	DBS Vickers	Mapletree Logistics	1.41	1.75	Buy	PB1x
10/24/24	UOB Kay Hian	Mapletree Logistics	1.4	1.45	Hold	DDM
11/26/24	Macquarie	Mapletree Logistics	1.29	1.65	Buy
11/28/24	DBS Vickers	Mapletree Logistics	1.28	1.75	Buy	PB1x
11/28/24	Lim & Tan	Mapletree Logistics	1.28	1.63	Accumulate
12/16/24	Kim Eng	Mapletree Logistics	1.27	1.6	Buy	DDM
01/02/25	UOB Kay Hian	Mapletree Logistics	1.27	1.45	Hold	DDM
01/02/25	JPM	Mapletree Logistics	1.27	2.5	Overweight
01/02/25	CIMB	Mapletree Logistics	1.27	1.73	Add
01/03/25	UOB Kay Hian	Mapletree Logistics	1.29	1.41	Hold	DDM
01/17/25	Lim & Tan	Mapletree Logistics	1.27	1.56	Accumulate
01/22/25	DBS Vickers	Mapletree Logistics	1.27	1.75	Buy	PB1x
01/23/25	UOB Kay Hian	Mapletree Logistics	1.27	1.35	Hold	DDM
01/23/25	MorningStar	Mapletree Logistics	1.27	1.54	Buy
03/06/25	UOB Kay Hian	Mapletree Logistics	1.25	1.35	Hold	DDM
03/06/25	JPM	Mapletree Logistics	1.25	1.9	Underweight
04/01/25	UOB Kay Hian	Mapletree Logistics	1.31	1.35	Hold	DDM
04/24/25	DBS Vickers	Mapletree Logistics	1.21	1.55	Buy	DCF
04/25/25	UOB Kay Hian	Mapletree Logistics	1.16	1.31	Hold	DDM
04/25/25	CIMB	Mapletree Logistics	1.16	1.63	Add
05/13/25	DBS Vickers	Mapletree Logistics	1.08	1.55	Buy	DCF
05/21/25	UOB Kay Hian	Mapletree Logistics	1.09	1.31	Hold	DDM
06/27/25	UOB Kay Hian	Mapletree Logistics	1.16	1.43	Hold	DDM
07/24/25	DBS Vickers	Mapletree Logistics	1.21	1.55	Buy	DCF
07/24/25	OCBC	Mapletree Logistics	1.21	1.46	Buy
07/25/25	UOB Kay Hian	Mapletree Logistics	1.19	1.33	Hold	DDM
09/01/25	UOB Kay Hian	Mapletree Logistics	1.22	1.33	Hold	DDM
10/28/25	JPM	Mapletree Logistics	1.3	1.5	Overweight
10/29/25	DBS Vickers	Mapletree Logistics	1.33	1.55	Buy	DCF
10/30/25	CIMB	Mapletree Logistics	1.36	1.68	Add	DDM
10/31/25	UOB Kay Hian	Mapletree Logistics	1.35	1.38	Hold	DDM
11/18/25	DBS Vickers	Mapletree Logistics	1.29	1.55	Buy	DCF