Broker: Lim & Tan Securities
Date of Report: 25 May 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Geo Energy Resources (RE4.SI)
  Action: BUY
  Target Price: S\$0.93
  Key Highlights:
  • Current price: S\$0.50 (as of report date), implying 86% upside to target price.
  • Geo Energy remains fundamentally strong, continues to benefit from high coal prices, and is progressing with its MBJ Integrated Infrastructure project, expected to enhance logistics efficiency and production economics in 2H 2026.
  • Consensus views the stock as materially undervalued, with MBJ infrastructure alone valued at US\$1.5bn, exceeding current market capitalisation, excluding its coal assets.
  • Dividend yield: 0.8%; Valuation: 10x forward PE, 1.1x PB.
  • Recommendation: Maintain BUY on Geo Energy Resources.
• UI Boustead REIT
  Action: ACCUMULATE
  Target Price: S\$1.03
  Key Highlights:
  • Current price: S\$0.78, implying 32% upside to target price.
  • Entered into agreements to co-invest in a build-to-suit aerospace facility in Seletar Aerospace Park with a 22.5-year lease and in-built rental escalations.
  • Estimated yield on cost for the development is 8.6%, higher than portfolio yield.
  • Capitalized at S\$1.1bn, trading at 1x book and 7.7% forward yield.
  • Recommendation: Maintain ACCUMULATE on UI Boustead REIT.

Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: https://www.limtan.com.sg