First Reit - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/02/25	phillip	First Reit	0.26	0.32	Buy	DDM
05/02/25	OCBC	First Reit	0.26	0.27	Buy
06/23/25	phillip	First Reit	0.26	0.32	Buy	DDM
07/31/25	Lim & Tan	First Reit	0.27	0.3	Hold
07/31/25	OCBC	First Reit	0.27	0.27	Hold
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

Stock calls for 23 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/23/26	DMG & Partners	A-Reit	2.57	3	Buy	DDM
04/23/26	DMG & Partners	AIMS AMP Cap Ind Reit	1.52	1.62	Buy	DDM
04/23/26	DMG & Partners	APAC Realty	0.61	0.7	Neutral
04/23/26	DMG & Partners	Bumitama	1.94	1.44	Neutral
04/23/26	DMG & Partners	Centurion	1.68	1.87	Buy	Sum of parts
04/23/26	DMG & Partners	City Developments	8.77	11.2	Buy
04/23/26	DMG & Partners	Coliwoo	0.49	0.85	Buy
04/23/26	DMG & Partners	CSE Global	1.36	1.48	Buy
04/23/26	DMG & Partners	Dairy Farm	4.35	4.74	Buy
04/23/26	DMG & Partners	Delfi	1.14	1.33	Buy
04/23/26	UOB Kay Hian	Digicore Reit	0.515	0.93	Buy	DDM
04/23/26	DBS Vickers	Digicore Reit	0.515	0.7	Buy	DCF
04/23/26	DMG & Partners	Elite ComReit	0.345	0.41	Buy
04/23/26	DBS Vickers	Genting	0.7	0.85	Buy	EV/Ebitda7.3x FY26
04/23/26	DMG & Partners	Golden Agri	0.305	0.3	Neutral
04/23/26	DMG & Partners	Ifast Corp	9.6	12.2	Buy
04/23/26	DMG & Partners	Info-Tech System	1.09	1.4	Buy
04/23/26	DMG & Partners	Keppel Reit	0.895	0.99	Neutral
04/23/26	DMG & Partners	Lum Chang Creations	0.99	1.13	Buy	PER15x FY26/27
04/23/26	DMG & Partners	Marco Polo	0.161	0.18	Buy	DCF & PER15x FY26
04/23/26	DMG & Partners	Nam Cheong	1.58	2.05	Buy
04/23/26	DBS Vickers	Nanofilm	1.02	1.65	Buy	PER30x FY26/27
04/23/26	CIMB	Nanofilm	1.02	1.4	Add	PER
04/23/26	phillip	OUE Commercial	0.365	0.45	Buy	DDM
04/23/26	CIMB	OUE Commercial	0.365	0.44	Add	DDM
04/23/26	Lim & Tan	OUE Commercial	0.365	0.44	Accumulate
04/23/26	DMG & Partners	Prime US Reit	0.18	0.28	Buy	DDM
04/23/26	DMG & Partners	Raffles Medical	1.02	1.3	Buy
04/23/26	DMG & Partners	Riverstone	0.765	0.87	Neutral
04/23/26	DMG & Partners	SGX	21.7	20.3	Neutral
04/23/26	DMG & Partners	Singtel	4.78	5.5	Buy
04/23/26	DMG & Partners	ST Engineering	11.25	12.3	Buy
04/23/26	DMG & Partners	Starhub	1.05	1	Sell	DCF
04/23/26	DMG & Partners	Stoneweg Reit	1.51	1.95	Buy
04/23/26	DMG & Partners	Suntec Reit	1.5	1.67	Buy
04/23/26	UOB Kay Hian	UI Boustead	0.82	1.16	Buy	DDM
04/23/26	DMG & Partners	UOB	37.02	39.5	Buy
04/23/26	DMG & Partners	Venture	16.56	17.42	Buy

Singapore minister Vivian has screwed up again! - Part 5

SG FM Vivian had misunderstood and misjudged the true intention of Indonesia.  He seemed to have lost touch with the true reality on regional geopolitics.

What did he say recently?

As stated previously in our post, Singapore, Malaysia, Indonesia and Thailand were the 4 littoral states guarding and maintaining the security of the strait of malacca.  By excluding Thailand and citing just 3 litorral states, FM Vivian was creating the impression that Thailand was not strategically aligned with us.  Was he trying to drive a wedge between Thailand and the other 3 states or trying to ostracize Thailand?

Indonesia had just debunked Vivian's statement as false by mooting a levy idea.  This reality had slapped Vivian right on his face because Indonesia was not strategically aligned with Singapore beside Thailand.  This kind of ramification is very precarious for Singapore and FM Vivian can't read the ground situation well.

Thailand has not spoken on this matter yet and it must be cognizant of FM Vivian's exclusive intention.  What if Thailand is on the Indonesia's side?  Singapore maritime industry will be severely impacted if there is a malacca toll.  Let's watch how this will unfold.

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)

Far East Hospitality - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/25	UOB Kay Hian	Far East Hospitality	0.535	0.76	Buy	DDM
03/21/25	Lim & Tan	Far East Hospitality	0.56	0.7	Accumulate
03/24/25	phillip	Far East Hospitality	0.6	0.73	Buy	DDM
04/08/25	UOB Kay Hian	Far East Hospitality	0.515	0.77	Buy	DDM
04/30/25	DBS Vickers	Far East Hospitality	0.555	0.75	Buy	DCF
05/02/25	phillip	Far East Hospitality	0.545	0.7	Buy	DDM
05/02/25	CIMB	Far East Hospitality	0.545	0.74	Add	DDM
05/30/25	UOB Kay Hian	Far East Hospitality	0.565	0.71	Buy	DDM
06/27/25	UOB Kay Hian	Far East Hospitality	0.565	0.78	Buy	DDM
07/30/25	DBS Vickers	Far East Hospitality	0.61	0.75	Buy	DCF
07/30/25	Lim & Tan	Far East Hospitality	0.61	0.64	Accumulate on weakness
07/31/25	phillip	Far East Hospitality	0.61	0.7	Buy	DDM
08/04/25	CIMB	Far East Hospitality	0.595	0.74	Add	DDM
09/30/25	UOB Kay Hian	Far East Hospitality	0.6	0.81	Buy	DDM
10/06/25	Lim & Tan	Far East Hospitality	0.61	0.66	Accumulate
10/30/25	DBS Vickers	Far East Hospitality	0.615	0.7	Buy	DCF
10/31/25	CIMB	Far East Hospitality	0.615	0.76	Add	DDM
12/08/25	DBS Vickers	Far East Hospitality	0.61	0.7	Buy	DCF
02/12/26	DBS Vickers	Far East Hospitality	0.625	0.7	Buy	DCF
02/12/26	Lim & Tan	Far East Hospitality	0.625	0.71	Accumulate
02/13/26	CIMB	Far East Hospitality	0.62	0.72	Add	DDM
02/16/26	UOB Kay Hian	Far East Hospitality	0.625	0.85	Buy	DDM
03/17/26	DBS Vickers	Far East Hospitality	0.565	0.75	Buy	RNAV (15% disc)

F&N - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
07/22/25	DBS Vickers	F&N	1.38	1.93	Unrated	Sum of parts
01/05/26	Lim & Tan	F&N	1.5	1.5	Hold
02/09/26	uSMART	F&N	1.5	1.91	Hold

Stock calls for 22 April 2026

Date	Analyst	Company	Last	Target	Call	Valuation
04/22/26	Lim & Tan	Beng Kuang Marine	0.49	0.59	Buy
04/22/26	CIMB	Dairy Farm	4.16	5.5	Add	PER
04/22/26	DBS Vickers	Hong Leong Asia	3.17	3.9	Buy	Sum of parts
04/22/26	UOB Kay Hian	Hong Leong Asia	3.17	4.9	Buy	Sum of parts
04/22/26	Kim Eng	Isoteam	0.084	0.12	Buy	PER11x FY26/27
04/22/26	UOB Kay Hian	Keppel Reit	0.91	1.13	Buy	DDM
04/22/26	DBS Vickers	Nam Cheong	1.54	1.9	Buy	PER12x FY26
04/22/26	CIMB	Nam Cheong	1.54	1.92	Add	PER
04/22/26	DBS Vickers	OUE Commercial	0.37	0.45	Buy	DCF
04/22/26	phillip	Phil AP Div Reit	0.878	1.14	Accumulate	Sum of parts
04/22/26	uSMART	Soon Hock	0.635	0.72	Buy