Food Empire - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/15/25	UOB Kay Hian	Food Empire	2.3	2.73	Buy	PER17x FY26
08/15/25	CIMB	Food Empire	2.3	2.94	Add
08/28/25	DBS Vickers	Food Empire	2.37	2.68	Unrated	Sum of parts
09/10/25	DMG & Partners	Food Empire	2.38	2.72	Buy
09/16/25	Kim Eng	Food Empire	2.62	2.92	Buy
09/17/25	UOB Kay Hian	Food Empire	2.59	3	Buy	PER18.7x FY26
09/19/25	CIMB	Food Empire	2.66	3.09	Add
09/25/25	Lim & Tan	Food Empire	2.65	2.99	Buy
09/25/25	DMG & Partners	Food Empire	2.65	2.95	Buy
10/14/25	UOB Kay Hian	Food Empire	2.3	3	Buy	PER18.7x FY26
11/06/25	Amfrasers	Food Empire	2.29	2.69	outperform	DCF
11/06/25	uSMART	Food Empire	2.29	2.97	Buy
11/13/25	UOB Kay Hian	Food Empire	2.35	3	Buy	PER19x FY26
11/13/25	Lim & Tan	Food Empire	2.35	2.99	Buy
11/17/25	CIMB	Food Empire	2.56	3.18	Add
01/05/26	UOB Kay Hian	Food Empire	2.45	3	Buy	PER19x FY26
02/02/26	UOB Kay Hian	Food Empire	2.7	3	Buy	PER19x FY26
02/03/26	DBS Vickers	Food Empire	2.7	3.4	Buy	Sum of parts
02/20/26	CIMB	Food Empire	3.02	4	Add
02/26/26	UOB Kay Hian	Food Empire	3.27	4.21	Buy	PER25x FY26
03/02/26	DBS Vickers	Food Empire	3.25	3.65	Buy	Sum of parts
03/09/26	Amfrasers	Food Empire	3.08	3.7	outperform	DCF
03/10/26	UOB Kay Hian	Food Empire	2.93	4.21	Buy	PER25x FY26
05/04/26	UOB Kay Hian	Food Empire	3.26	4.21	Buy	PER25x FY26
05/12/26	DBS Vickers	Food Empire	2.88	3.65	Buy	Sum of parts
06/03/26	UOB Kay Hian	Food Empire	3.02	4.21	Buy	PER25x FY26
06/03/26	DMG & Partners	Food Empire	3.02	3.87	Buy	Ex-bonus target $3.36
06/04/26	DBS Vickers	Food Empire	2.51	3.05	Buy	Sum of parts, Ex-bonus (1 for 5)
06/19/26	UOB Kay Hian	Food Empire	2.5	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
07/06/26	CLSA	Food Empire	2.53	3.6	outperform
07/13/26	CIMB	Food Empire	2.53	3.33	Add	PER
07/23/26	UOB Kay Hian	Food Empire	2.4	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
08/04/26	UOB Kay Hian	Food Empire	2.46	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)

First Sponsor - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/02/26	DBS Vickers	First Sponsor	1.02	1.3	Unrated

Stock calls for 4 August 2026

Date	Analyst	Company	Last	Target	Call	Valuation
08/04/26	DBS Vickers	APAC Realty	0.575	0.7	Hold	Sum of parts
08/04/26	Lim & Tan	APAC Realty	0.575	0	Accumulate
08/04/26	DMG & Partners	APAC Realty	0.575	0.74	Buy
08/04/26	UOB Kay Hian	Beng Kuang Marine	0.485	0.75	Buy	PER14x FY27
08/04/26	UOB Kay Hian	City Developments	7.84	11.5	Buy	RNAV (15% disc)
08/04/26	UOB Kay Hian	Food Empire	2.46	3.49	Buy	PER25x FY26, Ex-Bonus (1 for 5)
08/04/26	UOB Kay Hian	Hong Leong Asia	2.94	4.9	Buy	Sum of parts
08/04/26	UOB Kay Hian	Huationg Global	0.735	1.23	Buy	PER11x FY26
08/04/26	DBS Vickers	Lendlease Reit	0.575	0.75	Buy	DCF
08/04/26	DBS Vickers	Mapletree Commercial	1.32	1.55	Buy	DCF
08/04/26	UOB Kay Hian	NTT DC Reit	0.925	1.43	Buy	DDM
08/04/26	UOB Kay Hian	OCBC	28.87	31.6	Buy	GGM, PB2.12x FY27
08/04/26	UOB Kay Hian	Oiltek	1.46	2.78	Buy	PER28x FY27
08/04/26	DBS Vickers	Parkway Life	4.22	4.75	Buy	DCF
08/04/26	OCBC	Parkway Life	4.22	4.8	Buy
08/04/26	Lim & Tan	Parkway Life	4.22	4.88	Accumulate
08/04/26	UOB Kay Hian	Riverstone	0.855	1.1	Buy	PER25x FY27
08/04/26	UOB Kay Hian	SIA Engineering	3.15	3.75	Buy	PER21.2x FY28
08/04/26	UOB Kay Hian	Ultragreen	1.22	1.95	Buy	PER26x FY26
08/04/26	UOB Kay Hian	Valuetronics	1.06	1.88	Buy	PER19x FY28, Ex-cash
08/04/26	UOB Kay Hian	Venture	16.01	20.65	Buy	PER23.7x FY27

First Resources - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/12/25	DBS Vickers	First Resources	1.57	2	Buy	DCF
08/15/25	Kim Eng	First Resources	1.68	1.9	Buy
08/25/25	UOB Kay Hian	First Resources	1.76	1.85	Buy
08/26/25	DMG & Partners	First Resources	1.79	2.1	Buy	PER10x FY26
10/15/25	UOB Kay Hian	First Resources	1.7	1.97	Buy	PER8.5x FY26
10/15/25	DBS Vickers	First Resources	1.7	2.1	Buy	DCF
11/17/25	UOB Kay Hian	First Resources	2.05	2.3	Buy	PER10x FY26
01/05/26	UOB Kay Hian	First Resources	2.08	2.3	Buy	PER10x FY26
01/16/26	UOB Kay Hian	First Resources	1.97	2.5	Buy	PER10x FY26
03/02/26	UOB Kay Hian	First Resources	2.37	2.53	Buy	PER10x FY26
03/02/26	Kim Eng	First Resources	2.37	2.63	Buy	PER
03/02/26	DMG & Partners	First Resources	2.37	2.8	Buy
03/25/26	DBS Vickers	First Resources	2.72	3	Buy	PER10x FY26
03/25/26	DMG & Partners	First Resources	2.72	3.45	Buy
05/06/26	DBS Vickers	First Resources	3.75	5	Buy	PER14x FY26
05/18/26	CIMB	First Resources	3.9	4.39	Add	PER
05/18/26	DMG & Partners	First Resources	3.9	3.7	Neutral
06/15/26	UOB Kay Hian	First Resources	2.83	3.65	Buy	PER12x FY26
06/22/26	DMG & Partners	First Resources	3.17	3.7	Buy
07/13/26	DBS Vickers	First Resources	3.21	5	Buy	PER14x FY26
07/15/26	DMG & Partners	First Resources	3.38	3.7	Buy

First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
08/01/25	phillip	First Reit	0.275	0.31	Buy	DDM
09/22/25	phillip	First Reit	0.285	0.31	Buy	DDM
10/22/25	Lim & Tan	First Reit	0.28	0.31	Hold
10/23/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	phillip	First Reit	0.28	0.31	Buy	DDM
11/05/25	OCBC	First Reit	0.28	0.265	Hold
02/06/26	Lim & Tan	First Reit	0.275	0.31	Accumulate on weakness
02/09/26	phillip	First Reit	0.27	0.29	Accumulate	DDM
04/02/26	Lim & Tan	First Reit	0.245	0.27	Accumulate on weakness
04/02/26	OCBC	First Reit	0.245	0.245	Hold
04/06/26	phillip	First Reit	0.245	0.25	Accumulate	PB1x FY26
06/04/26	Lim & Tan	First Reit	0.235	0.245	Vote Yes
06/26/26	Lim & Tan	First Reit	0.225	0.24	Accumulate on weakness
08/03/26	phillip	First Reit	0.23	0.23	Accumulate	PB1x FY26

Far East Orchard - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
04/13/26	DBS Vickers	Far East Orchard	1.21	2	Unrated	RNAV (30% disc)

Stock calls for 3 August 2026

Date	Analyst	Company	Last	Target	Call	Valuation
08/03/26	Phillip	ART	0.905	1.08	Buy	DDM
08/03/26	phillip	First Reit	0.23	0.23	Accumulate	PB1x FY26
08/03/26	UOB Kay Hian	Frasers Logistics	0.99	1.33	Buy	DDM
08/03/26	Phillip	Keppel Corp	11.47	13.8	Buy	Sum of parts
08/03/26	DBS Vickers	Keppel Corp	11.47	13.3	Buy	Sum of parts
08/03/26	Lim & Tan	Keppel Corp	11.47	13.08	Buy
08/03/26	Lim & Tan	Lincotrade	0.335	0	Accumulate
08/03/26	CIMB	Riverstone	0.84	1	Add	PER
08/03/26	UOB Kay Hian	Seatrium	2.15	2.3	Hold	PB1.05x FY26
08/03/26	DBS Vickers	Seatrium	2.15	3	Buy	PB1.35x FY26
08/03/26	CIMB	Seatrium	2.15	2.52	Add	PB
08/03/26	Citi Research	Seatrium	2.15	2.7	Buy	PB1.2x FY27
08/03/26	Kim Eng	Seatrium	2.15	2.85	Buy
08/03/26	DBS Vickers	SIA	7.7	7.7	Hold	EV/Ebitda5x FY27