Broker: Lim & Tan Securities
Date of Report: 2 April 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• First REIT:
  Action: Accumulate on Weakness
  Target Price: S\$0.27 (10% potential upside)
  Key Idea: First REIT announced proposed divestments of its Indonesia portfolio (S\$471.5m, at a small premium to valuation) with the aim to fully exit Indonesia, reduce currency risk, and refocus on growth in developed markets. Special Distribution of S\$9.7m expected. Leverage to fall to 16.7%, with S\$18.8m annual interest cost savings. Awaiting clarity on new market entries (Singapore, Japan, Australia, and non-healthcare sectors).
• OKP Holdings:
  Action: BUY (Top pick in construction sector)
  Target Price: S\$1.03 (49.3% upside potential)
  Key Idea: OKP delivered strong FY2025 results: revenue up 22.9% to S\$223.5m, robust order book (S\$588m), strong cash position (~40% of market cap), 2.9% dividend yield. Major new contract: S\$258.3m Land Transport Authority cycling path project. Valuations remain attractive at 7.4x forward PE. Minimal impact from war on costs such as steel and oil.

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