Broker: OCBC Group Research
Date of Report: 10 April 2026

Excerpt from OCBC Group Research report.

Report Summary

• Actionable BUY Calls & Target Prices:
  • Boustead Singapore Ltd (BOCS SP): BUY, Target Price: SGD2.45
  • CapitaLand India Trust (CLINT SP): BUY, Target Price: SGD1.37
  • China Aviation Oil (CAO SP): BUY, Target Price: SGD2.48
  • Hong Leong Asia Ltd (HLA SP): BUY, Target Price: SGD4.20
  • Info-Tech Systems Integrators (ITSL SP): BUY, Target Price: SGD1.30
  • Nordic Group Ltd (NRD SP): BUY, Target Price: SGD0.60
  • OUE REIT (OUEREIT SP): BUY, Target Price: SGD0.40
  • Parkway Life REIT (PREIT SP): BUY, Target Price: SGD4.83
  • Stoneweg Europe Stapled Trust (SERT SP): BUY, Target Price: EUR1.88
• Key Themes:
  • Singapore equity market reforms (EQDP, tax incentives, and improved liquidity) are driving a positive re-rating of small/mid-cap (SMID) stocks, with a focus on value unlocking and income generation.
  • Investors are advised to focus on SMID stocks with strong capital allocation, shareholder engagement, and alignment with Singapore’s structural growth (AI, defence, digitalisation).
  • Market reforms and deployment of EQDP funds are expected to continue supporting liquidity, narrowing risk premiums, and supporting valuation re-ratings for selected SMID names.
• Highlights & Implications:
  • All nine highlighted stocks are rated BUY, with potential upsides ranging from 11% to 44% based on fair value estimates.
  • Info-Tech Systems Integrators (ITSL SP) and Nordic Group Ltd (NRD SP) are specifically showcased for their strong earnings growth and positive technical outlooks.
  • Policy support, capital recycling, higher dividend payouts, and improved investor engagement are expected to act as catalysts for further re-rating of SMID stocks.
  • Investors seeking actionable opportunities may consider accumulating the preferred SMID picks, focusing on both value and income, with clear upside potential from current levels.

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 Group Research website: https://www.ocbc.com/group/research