Mapletree Industrial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/25	UOB Kay Hian	Mapletree Industrial	2.21	3.05	Buy	DDM
01/23/25	Lim & Tan	Mapletree Industrial	2.21	2.62	Accumulate
01/24/25	CIMB	Mapletree Industrial	2.21	2.82	Add	DDM
01/27/25	UOB Kay Hian	Mapletree Industrial	2.21	2.89	Buy	DDM
02/12/25	UOB Kay Hian	Mapletree Industrial	2.06	2.7	Buy	DDM
02/12/25	Kim Eng	Mapletree Industrial	2.06	2.3	Buy
03/06/25	UOB Kay Hian	Mapletree Industrial	2.01	2.7	Buy	DDM
03/17/25	DBS Vickers	Mapletree Industrial	2.08	2.6	Buy	DCF
04/01/25	UOB Kay Hian	Mapletree Industrial	2.1	2.7	Buy	DDM
04/24/25	Lim & Tan	Mapletree Industrial	2.05	2.45	Buy
05/02/25	DBS Vickers	Mapletree Industrial	2.02	2.6	Buy	DCF
05/02/25	Lim & Tan	Mapletree Industrial	2.02	2.42	Buy
05/05/25	UOB Kay Hian	Mapletree Industrial	2.02	2.73	Buy	DDM
05/05/25	CIMB	Mapletree Industrial	2.02	2.56	Add	DDM
05/07/25	Kim Eng	Mapletree Industrial	2.02	2.2	Buy
05/07/25	OCBC	Mapletree Industrial	2.02	2.46	Buy
06/13/25	DBS Vickers	Mapletree Industrial	1.95	2.6	Buy	DCF
06/20/25	UOB Kay Hian	Mapletree Industrial	1.97	2.73	Buy	DDM
06/25/25	Lim & Tan	Mapletree Industrial	1.97	2.28	Buy
06/27/25	UOB Kay Hian	Mapletree Industrial	2	3.04	Buy	DDM
07/29/25	DBS Vickers	Mapletree Industrial	2.07	2.6	Buy	DCF
08/01/25	UOB Kay Hian	Mapletree Industrial	2.03	3.04	Buy	DDM
08/11/25	DBS Vickers	Mapletree Industrial	1.99	2.6	Buy	DCF
08/29/25	UOB Kay Hian	Mapletree Industrial	2.05	2.3	Hold	DDM
10/30/25	DBS Vickers	Mapletree Industrial	2.22	2.6	Buy	DCF
10/31/25	DBS Vickers	Mapletree Industrial	2.16	2.45	Buy	DCF
10/31/25	Lim & Tan	Mapletree Industrial	2.16	2.29	Accumulate
11/03/25	UOB Kay Hian	Mapletree Industrial	2.13	2.22	Hold	DDM
11/18/25	DBS Vickers	Mapletree Industrial	2.03	2.45	Buy	DCF
01/29/26	DBS Vickers	Mapletree Industrial	2.11	2.45	Buy	DCF
01/29/26	OCBC	Mapletree Industrial	2.11	2.34	Buy
01/29/26	Lim & Tan	Mapletree Industrial	2.11	2.21	Accumulate on weakness
01/30/26	UOB Kay Hian	Mapletree Industrial	2.1	2.22	Hold	DDM

Mapletree Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/25	UOB Kay Hian	Mapletree Commercial	1.21	1.71	Buy	DDM
01/24/25	DBS Vickers	Mapletree Commercial	1.19	1.8	Buy	DCF
01/27/25	UOB Kay Hian	Mapletree Commercial	1.2	1.6	Buy	DDM
01/27/25	OCBC	Mapletree Commercial	1.2	1.48	Buy
01/27/25	Citi Research	Mapletree Commercial	1.2	1.47	Buy
03/06/25	UOB Kay Hian	Mapletree Commercial	1.19	1.6	Buy	DDM
04/01/25	UOB Kay Hian	Mapletree Commercial	1.25	1.6	Buy	DDM
04/25/25	DBS Vickers	Mapletree Commercial	1.22	1.8	Buy	DCF
04/28/25	UOB Kay Hian	Mapletree Commercial	1.22	1.62	Buy	DDM
04/28/25	CIMB	Mapletree Commercial	1.22	1.48	Add	DDM
04/29/25	DBS Vickers	Mapletree Commercial	1.21	1.5	Buy	DCF
04/30/25	Kim Eng	Mapletree Commercial	1.22	1.3	Buy
04/30/25	OCBC	Mapletree Commercial	1.22	1.45	Buy
04/30/25	JPM	Mapletree Commercial	1.22	1.2	Neutral
05/21/25	UOB Kay Hian	Mapletree Commercial	1.18	1.62	Buy	DDM
06/27/25	UOB Kay Hian	Mapletree Commercial	1.25	1.8	Buy	DDM
07/31/25	DBS Vickers	Mapletree Commercial	1.31	1.5	Buy	DCF
07/31/25	Kim Eng	Mapletree Commercial	1.31	1.35	Buy	DDM
08/01/25	UOB Kay Hian	Mapletree Commercial	1.29	1.8	Buy	DDM
08/04/25	UOB Kay Hian	Mapletree Commercial	1.28	1.86	Buy	DDM
08/05/25	JPM	Mapletree Commercial	1.32	1.5	Overweight
09/01/25	UOB Kay Hian	Mapletree Commercial	1.38	1.86	Buy	DDM
09/25/25	DBS Vickers	Mapletree Commercial	1.42	1.6	Buy	Sum of parts
10/01/25	CIMB	Mapletree Commercial	1.43	1.51	Add	DDM
10/23/25	UOB Kay Hian	Mapletree Commercial	1.46	1.84	Buy	DDM
10/23/25	DBS Vickers	Mapletree Commercial	1.46	1.65	Buy	Sum of parts
10/23/25	CIMB	Mapletree Commercial	1.46	1.52	Add	DDM
10/23/25	Lim & Tan	Mapletree Commercial	1.46	1.52	Hold
10/27/25	MorningStar	Mapletree Commercial	1.47	1.52	Hold
10/27/25	OCBC	Mapletree Commercial	1.47	1.45	Hold
11/04/25	DBS Vickers	Mapletree Commercial	1.48	1.65	Buy	Sum of parts
12/12/25	CIMB	Mapletree Commercial	1.43	1.52	Add	DDM
01/02/26	UOB Kay Hian	Mapletree Commercial	1.47	1.84	Buy	DDM
01/20/26	Lim & Tan	Mapletree Commercial	1.47	1.55	Hold
02/02/26	UOB Kay Hian	Mapletree Commercial	1.46	1.84	Buy	DDM
02/02/26	DBS Vickers	Mapletree Commercial	1.46	1.65	Buy	Sum of parts
02/02/26	Kim Eng	Mapletree Commercial	1.46	1.55	Buy	DDM

Stock calls for 16 February 2026

Date	Analyst	Company	Last	Target	Call	Valuation
02/16/26	UOB Kay Hian	ASL Marine	0.32	0.43	Buy	PER12x FY27
02/16/26	UOB Kay Hian	BRC Asia	4.32	5.1	Buy	PER14x FY26
02/16/26	Phillip	BRC Asia	4.32	5.3	Buy	DCF
02/16/26	Phillip	Capitaland Investment	3.12	3.69	Buy	Sum of parts
02/16/26	Citi Research	DBS	57.06	63.6	Buy	GGM, PB2.6x
02/16/26	UOB Kay Hian	Far East Hospitality	0.625	0.85	Buy	DDM
02/16/26	UOB Kay Hian	Ifast Corp	9.39	11.77	Buy	PER32x FY26
02/16/26	DBS Vickers	Ifast Corp	9.39	12.15	Buy	Sum of parts
02/16/26	UOB Kay Hian	Keppel Reit	0.94	1.15	Buy	DDM
02/16/26	DBS Vickers	Lendlease Reit	0.625	0.75	Buy	DCF
02/16/26	Lim & Tan	Lendlease Reit	0.625	0.72	Accumulate
02/16/26	Citi Research	OCBC	21.11	24.5	Buy	GGM, PB1.8x FY26
02/16/26	phillip	Prime US Reit	0.215	0.32	Buy	DDM
02/16/26	DBS Vickers	Prime US Reit	0.215	0.33	Buy	PB0.65x & DCF
02/16/26	DMG & Partners	SGX	18.03	19	Neutral
02/16/26	Phillip	Singtel	4.91	5.35	Accumulate
02/16/26	Phillip	Starhub	1.13	1.01	Neutral
02/16/26	DBS Vickers	Thai Beverage	0.47	0.62	Buy	PER14x FY26
02/16/26	Phillip	Thomson Medical	0.05	0.071	Accumulate	Sum of parts
02/16/26	Lim & Tan	Tiong Woon	0.97	1.17	Buy
02/16/26	Citi Research	UOB	38.47	39	Hold	GGM, PB1.3x FY26

Baltic dry index - 2083

Related stock: Seatrium, Cosco  & Pan Ocean.

US rig count (weekly) - 551

Related stock: Seatrium & Cosco.

Red alert for bitcoin (BTC)! - Part 5

Standard Chartered Bank, a bitcoin bull, had predicted that BTC would fall to $50K before rebounding to $100K.  The bank had also cut the BTC target price by 50%.  The significant cut meant that the bank had  been overly ebullient and the latest target price might be too optimistic too.

Manulife US Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/10/25	DMG & Partners	Manulife US Reit	0.093	0.12	Neutral	DDM
05/13/25	DBS Vickers	Manulife US Reit	0.063	0.1	Hold
05/28/25	DMG & Partners	Manulife US Reit	0.062	0.7	Neutral	DDM

Lum Chang Creations - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/11/25	Lim & Tan	Lum Chang Creations	0.25	0.38	Subscribe	IPO $0.25
07/18/25	UOB Kay Hian	Lum Chang Creations	0.25	0.39	Buy	PER9.5x FY26
08/20/25	Lim & Tan	Lum Chang Creations	0.445	0.49	Accumulate	PER9.6x FY26
08/27/25	CIMB	Lum Chang Creations	0.55	0.81	Add	PER
12/02/25	Lim & Tan	Lum Chang Creations	0.475	0.7	Accumulate	PER11.7x FY26/27
01/07/26	CIMB	Lum Chang Creations	0.5	0.72	Add
02/13/26	CIMB	Lum Chang Creations	0.8	0.93	Add	PER