OCBC Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/02/24	CIMB	OCBC	16.28	17.7	Add
12/02/24	Jefferies	OCBC	16.28	19	Buy
01/02/25	UOB Kay Hian	OCBC	16.69	21	Buy	GGM, PB1.6x FY25
01/03/25	phillip	OCBC	16.64	18.8	Accumulate
01/03/25	Citi Research	OCBC	16.64	17.2	Hold
01/06/25	UOB Kay Hian	OCBC	16.57	20.8	Buy	GGM, PB1.59x FY25
01/06/25	CIMB	OCBC	16.57	17.7	Add
01/13/25	MorningStar	OCBC	17.1	18	Hold	Up from $17
01/23/25	DMG & Partners	OCBC	17.03	16.8	Neutral	GGM, PB1.21x FY25
01/28/25	Jefferies	OCBC	17.09	19	Buy
02/05/25	IG	OCBC	17.26	19	Buy
02/19/25	Lim & Tan	OCBC	17.76	17.76	Hold
02/26/25	Lim & Tan	OCBC	17.6	17.8	Accumulate on weakness
02/27/25	phillip	OCBC	17.21	18.9	Accumulate	GGM, PB1.36x FY25
02/27/25	UOB Kay Hian	OCBC	17.21	21.1	Buy	GGM, PB1.57x FY25
02/27/25	DBS Vickers	OCBC	17.21	17.6	Hold	GGM, PB1.3x FY25
02/27/25	DMG & Partners	OCBC	17.21	19.1	Buy	GGM, PB1.33x FY25
03/12/25	Citi Research	OCBC	16.69	16.3	Hold	GGM, PB1.2x FY25
03/12/25	Jefferies	OCBC	16.69	18.5	Hold
03/21/25	phillip	OCBC	16.94	17.9	Accumulate
03/27/25	Lim & Tan	OCBC	17.25	18.4	Accumulate
04/07/25	UOB Kay Hian	OCBC	16.62	16.85	Hold	GGM, PB1.27x FY25
04/07/25	Lim & Tan	OCBC	16.62	0	Hold
04/07/25	Citi Research	OCBC	16.62	15.7	Hold
04/08/25	DBS Vickers	OCBC	15.47	14.4	Hold	GGM, PB1x FY26
04/10/25	Kim Eng	OCBC	14.42	14.94	Hold
04/15/25	UOB Kay Hian	OCBC	15.01	16.9	Buy	GGM, PB1.27x FY25
04/22/25	DMG & Partners	OCBC	16.25	17.5	Neutral
04/23/25	CIMB	OCBC	16.38	17.2	Hold	GGM
05/09/25	DBS Vickers	OCBC	16.16	14.4	Hold	GGM, PB1x FY26
05/09/25	Lim & Tan	OCBC	16.16	17	Accumulate
05/13/25	phillip	OCBC	16.23	17.1	Accumulate	GGM, PB1.3x FY25
05/13/25	UOB Kay Hian	OCBC	16.23	19.3	Buy	GGM, PB1.38x FY26
05/19/25	Jefferies	OCBC	16.32	17	Hold
06/06/25	Lim & Tan	OCBC	16.23	17.21	Accumulate on weakness
06/06/25	Citi Research	OCBC	16.23	15.8	Hold	GGM, PB1.2x
06/10/25	DMG & Partners	OCBC	16.37	17.5	Neutral	GGM, PB1.11x FY26
06/10/25	CIMB	OCBC	16.37	17.2	Hold	GGM
06/12/25	phillip	OCBC	16.16	17.6	Accumulate
06/19/25	Lim & Tan	OCBC	16.04	17.24	Accumulate
07/07/25	phillip	OCBC	16.48	17.6	Accumulate
07/16/25	CIMB	OCBC	17	17.2	Hold	GGM
07/18/25	UOB Kay Hian	OCBC	17.08	19.25	Buy	GGM, PB1.38x FY26
08/01/25	DBS Vickers	OCBC	16.87	14.4	Hold	GGM, PB1x FY26
08/01/25	Lim & Tan	OCBC	16.87	17.46	Hold
08/04/25	UOB Kay Hian	OCBC	16.79	20.15	Buy	GGM, PB1.44x FY26
08/04/25	phillip	OCBC	16.79	16.5	Neutral	GGM, PB1.25x FY25
08/04/25	DBS Vickers	OCBC	16.79	15.8	Hold	GGM, PB1.1x FY26
08/05/25	MorningStar	OCBC	16.9	18.5	Buy
08/11/25	Lim & Tan	OCBC	16.79	0	Hold
09/10/25	UOB Kay Hian	OCBC	16.76	20.4	Buy	GGM, PB1.46x FY26
10/17/25	DBS Vickers	OCBC	16.81	15.8	Hold	GGM, PB1.1x 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
11/07/25	Lim & Tan	OCBC	17.19	17.66	Accumulate on weakness
11/10/25	DBS Vickers	OCBC	17.78	19.8	Buy	GGM, PB1.4x FY26
11/10/25	phillip	OCBC	17.78	17	Neutral	GGM, PB1.29x FY25
11/10/25	UOB Kay Hian	OCBC	17.78	20.22	Buy	GGM, PB1.45x FY26
11/10/25	CIMB	OCBC	17.78	19.5	Add	GGM
11/10/25	DMG & Partners	OCBC	17.78	18.7	Neutral

NTT DC Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/08/25	Lim & Tan	NTT DC Reit	1.276	0	Subscribe
07/09/25	UOB Kay Hian	NTT DC Reit	1	0	Subscribe	USD
11/04/25	DBS Vickers	NTT DC Reit	1.01	1.2	Buy	DCF
11/13/25	Lim & Tan	NTT DC Reit	1.01	1.2	Accumulate on weakness

NikkoAM-STC Asia Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/10/25	phillip	NikkoAM-STC Asia Reit	0.763	0.82	Accumulate
11/26/25	phillip	NikkoAM-STC Asia Reit	0.831	0.84	Accumulate

Stock calls for 26 November 2025

Date	Analyst	Company	Last	Target	Call	Valuation
11/26/25	DMG & Partners	Capitaland Integrated Commercial Trust	2.37	2.69	Buy	DDM
11/26/25	DMG & Partners	City Developments	7.09	8.5	Buy
11/26/25	DMG & Partners	Comfortdelgro	1.44	1.75	Buy	DCF
11/26/25	DMG & Partners	Dairy Farm	3.41	4.05	Buy	Sum of parts
11/26/25	DMG & Partners	Frasers Centrepoint Trust	2.25	2.7	Buy	DDM
11/26/25	Phillip	Geo Energy	0.43	0.59	Buy	DCF
11/26/25	UOB Kay Hian	Hong Leong Asia	2.13	2.82	Buy	Sum of parts
11/26/25	DMG & Partners	Keppel Infrastructure	0.47	0.55	Buy
11/26/25	Lim & Tan	Kimly	0.385	0.4	Hold
11/26/25	phillip	NikkoAM-STC Asia Reit	0.831	0.84	Accumulate
11/26/25	DMG & Partners	Raffles Medical	0.975	1.15	Buy	Sum of parts
11/26/25	Lim & Tan	Seatrium	2.06	2.8	Accumulate on weakness
11/26/25	DMG & Partners	ST Engineering	8.3	9.4	Buy
11/26/25	DMG & Partners	Venture	14.99	16.66	Buy
11/26/25	DMG & Partners	Wee Hur	0.685	0.95	Add

Chinese citizens bashed PM Wong over Sino-Japan spat.

https://www.straitstimes.com/asia/east-asia/barbs-jibes-and-spin-by-chinese-netizens-over-pm-wongs-remarks-on-japan-china-spat

Who's at fault and who's in the wrong?

The Japanese PM must adhere to the UN charter principle of non-interference in domestic affairs of another country.  Thus, Japan has no right to intervene or send its military to defend Taiwan which is part of china (Under the one china policy - UN 2758).  This principle also extends to the UN (Article 2 (7)).

https://main.un.org/securitycouncil/en/content/purposes-and-principles-un-chapter-i-un-charter#rel5

PM Wong stated that South East Asia had already put the history aside and had moved forward.  Well, this was not entirely correct because Malaysians bashed PM Sanae for visiting KL Japanese cemetery in October 2025.

The Chinese had a valid reason to censure PM Wong because he should censure PM Sanae for being a troublemaker instead of telling China to put the history aside.  Even the former Japanese PM didn't support the current Japanese PM and he had urged PM Sanae to correct her mistake.

https://www.globaltimes.cn/page/202511/1348682.shtml

Furthermore, there are anti-Sanae protests in Japan now and they're demanding for her resignation.

Netlink - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/11/25	Lim & Tan	Netlink	0.855	1	Hold
02/11/25	Citi Research	Netlink	0.855	1.02	Buy
02/12/25	UOB Kay Hian	Netlink	0.85	0.98	Buy	DCF
03/04/25	Lim & Tan	Netlink	0.85	1	Hold
03/17/25	DBS Vickers	Netlink	0.87	0.98	Buy	DCF
03/28/25	UOB Kay Hian	Netlink	0.87	0.98	Buy	DCF
04/04/25	CIMB	Netlink	0.89	1	Add
05/16/25	Lim & Tan	Netlink	0.92	1	Hold
05/19/25	phillip	Netlink	0.91	0.87	Neutral
05/19/25	DBS Vickers	Netlink	0.91	0.98	Buy	DCF
05/19/25	CIMB	Netlink	0.91	1	Add	DDM
05/20/25	UOB Kay Hian	Netlink	0.91	0.98	Buy	DCF
06/23/25	DBS Vickers	Netlink	0.87	0.98	Buy	DCF
06/24/25	Lim & Tan	Netlink	0.875	0.98	Hold
06/30/25	UOB Kay Hian	Netlink	0.875	0.98	Buy	DCF
07/07/25	Kim Eng	Netlink	0.89	1	Buy
08/04/25	UOB Kay Hian	Netlink	0.895	0.98	Buy	DCF
08/05/25	Citi Research	Netlink	0.895	1.02	Buy	Div Yield 5.3%
10/08/25	Lim & Tan	Netlink	0.96	1	Accumulate on weakness
11/04/25	DBS Vickers	Netlink	0.985	1.08	Buy	DCF
11/04/25	Lim & Tan	Netlink	0.985	1.02	Accumulate on weakness
11/05/25	UOB Kay Hian	Netlink	0.98	1.01	Hold	DCF
11/05/25	phillip	Netlink	0.98	0.93	Neutral
11/05/25	CIMB	Netlink	0.98	1.05	Add	DDM

Nanofilm - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/20/25	DBS Vickers	Nanofilm	0.77	0.75	Hold
01/22/25	CIMB	Nanofilm	0.77	0.63	Reduce
02/27/25	DBS Vickers	Nanofilm	0.705	0.72	Hold	PER22x FY25
02/27/25	CIMB	Nanofilm	0.705	0.63	Reduce
02/28/25	UOB Kay Hian	Nanofilm	0.7	0.5	Sell
02/28/25	OCBC	Nanofilm	0.7	0.735	Hold
03/14/25	Lim & Tan	Nanofilm	0.66	0.55	Sell
04/03/25	OCBC	Nanofilm	0.63	0.665	Hold
04/09/25	OCBC	Nanofilm	0.49	0.595	Hold
04/22/25	UOB Kay Hian	Nanofilm	0.505	0.5	Sell	PER25x FY25
04/23/25	UOB Kay Hian	Nanofilm	0.54	0.46	Sell	PER23x FY25
04/23/25	DBS Vickers	Nanofilm	0.54	0.5	Hold	PER25x FY25
04/24/25	CIMB	Nanofilm	0.55	0.49	Reduce	PB
04/24/25	OCBC	Nanofilm	0.55	0.595	Hold
06/16/25	OCBC	Nanofilm	0.59	0.595	Hold
08/05/25	UOB Kay Hian	Nanofilm	0.735	0.46	Sell	PER23x FY25
08/05/25	OCBC	Nanofilm	0.735	0.61	Hold
08/06/25	OCBC	Nanofilm	0.73	0.715	Hold
08/14/25	DBS Vickers	Nanofilm	0.755	0.5	Hold	PER25x FY25
08/15/25	DBS Vickers	Nanofilm	0.73	0.71	Hold	PER29x FY26
09/11/25	OCBC	Nanofilm	0.82	0.79	Hold
10/22/25	OCBC	Nanofilm	0.69	0.79	Buy	PER
10/29/25	DBS Vickers	Nanofilm	0.705	0.71	Hold	PER29x FY26
11/04/25	CIMB	Nanofilm	0.715	0.62	Reduce	BVPS

Nam Cheong - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/23/25	DBS Vickers	Nam Cheong	0.555	1.05	Unrated
11/18/25	DBS Vickers	Nam Cheong	0.79	1.25	Buy	PER8x FY26

Stock calls for 25 November 2025

Date	Analyst	Company	Last	Target	Call	Valuation
11/25/25	DBS Vickers	Capitaland Integrated Commercial Trust	2.36	2.5	Buy
11/25/25	Lim & Tan	Capitaland Investment	2.63	3.39	Buy
11/25/25	Lim & Tan	CDL Hospitality	0.825	0.83	Hold
11/25/25	UOB Kay Hian	Frasers Logistics	0.95	1.22	Buy	DDM
11/25/25	DMG & Partners	Ireit	0.285	0.35	Buy	DDM
11/25/25	uSMART	Kimly	0.385	0.4	Hold
11/25/25	UOB Kay Hian	Parkway Life	4.02	5.42	Buy	DDM
11/25/25	CIMB	Sanli Env	0.29	0.47	Add
11/25/25	uSMART	Starhill	0.58	0.67	Buy
11/25/25	Amfrasers	Winking	0.255	0.31	Outperform	DCF

Metro - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/23/25	Lim & Tan	Metro	0.415	0	Hold

Mermaid Maritime - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/03/24	Lim & Tan	Mermaid Maritime	0.19	0.3	Buy
09/30/24	CIMB	Mermaid Maritime	0.158	0.2	Add
10/08/24	CIMB	Mermaid Maritime	0.18	0.2	Add
11/18/24	CIMB	Mermaid Maritime	0.128	0.16	Add
11/19/25	CIMB	Mermaid Maritime	0.126	0.14	Add