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

Excerpt from OCBC Group Research report.

Report Summary

• BUY Calls & Target Prices:
  • China Aviation Oil (CAO SP): BUY, Target Price SGD 2.48
  • Nordic Group (NRD SP): BUY, Target Price SGD 0.60
  • Nanofilm Technologies International Ltd (NANO SP): BUY, Target Price SGD 0.705
  • 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
• Key Actionable Ideas:
  • Singapore retail sector: Local malls expected to remain resilient due to quality, essential nature, and inbound tourist spending, despite retail leakage to Johor Bahru. Omnichannel offerings and rational e-commerce competition support coexistence with e-commerce. Near-term downside risks from Middle East conflict, depending on duration and intensity.
  • CapitaLand China Trust (CLCT SP): HOLD, Target Price SGD 0.655. Yield remains supportive at current levels.
  • First REIT (FIRT SP): HOLD, Target Price SGD 0.245. Proposed exit from Indonesia.
  • Sheng Siong Group (SSG SP): HOLD, Target Price SGD 2.78. Exploring growth opportunities in private malls.
• Sector Implications:
  • Rising geopolitical risks (Middle East conflict) remain a near-term concern for Singapore equities and REITs.
  • For REITs and Business Trusts, total expected returns including dividends are considered in their ratings.

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