Broker: OCBC Group Research
Date of Report: 9 April 2026

Excerpt from OCBC Group Research report

Report Summary

• Singapore Retail Sector: – Key idea: Singapore retail malls remain resilient despite cross-border shopping to Johor Bahru, supported by quality, essential services, narrowing price gaps, and inbound tourism. – Near-term downside risk from Middle East conflict, but impact depends on the duration and intensity of the situation. – Action: No explicit actionable rating or target price for the sector.
• Stocks with Actionable Calls and Target Prices:
  • First REIT (FIRT SP): HOLD, Target Price: SGD 0.245
  • CapitaLand China Trust (CLCT SP): HOLD, Target Price: SGD 0.655
  • Techtronic Industries (669 HK): BUY, Target Price: HKD 150.00
  • China Aviation Oil (CAO SP): BUY, Target Price: SGD 2.48
  • Nordic Group (NRD SP): BUY, Target Price: SGD 0.60
  • Nanofilm Technologies (NANO SP): BUY, Target Price: SGD 0.705
  • Sheng Siong Group (SSG SP): HOLD, Target Price: SGD 2.78
  • ST Engineering Ltd (STE SP): BUY, Target Price: SGD 12.50
  • Info-Tech Systems Ltd (ITSL SP): BUY, Target Price: SGD 1.30
  • ComfortDelGro Corporation (CD SP): BUY, Target Price: SGD 1.74

  Action: For BUY-rated stocks, consider accumulating at current levels for potential total returns above 10% over the next 12 months. For HOLD-rated stocks, maintain positions with limited upside.

• Sector Implications: – For REITs and Business Trusts, total expected returns including dividends apply to the rating system. – BUY: Expected total returns (excluding dividends) >10% (for large caps), >30% (for small caps). – HOLD: Expected total returns within +10%/-5% (large caps), +/-30% (small caps). – SELL: Expected total returns <-5% (large caps), <-30% (small caps).

Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can be the first to access the full report from the OCBC website: https://www.ocbc.com