Lim & Tan Securities Pte Ltd

April 25, 2025

Geo Energy Resources: A Coal Mining Company Poised for Growth

FSSTI Index and Market Overview

The FSSTI Index closed at 3,831.9, showing no change (0.0%) for the day, a -3.5% change Month-to-Date (MTD), and a 1.2% change Year-to-Date (YTD). Other key indices include: [[1]]

INDU Index: 40,093.4 (1D: 1.2%, MTD: -4.5%, YTD: -5.8%)
SPX Index: 5,484.8 (1D: 2.0%, MTD: -2.3%, YTD: -6.7%)
CCMP Index: 17,166.0 (1D: 2.7%, MTD: -0.8%, YTD: -11.1%)
UKX Index: 8,407.4 (1D: 0.1%, MTD: -2.0%, YTD: 2.9%)
NKY Index: 35,039.2 (1D: 0.5%, MTD: -1.6%, YTD: -12.2%)
HSI Index: 21,909.8 (1D: -0.7%, MTD: -5.2%, YTD: 9.2%)
SHCOMP Index: 3,297.3 (1D: 0.0%, MTD: -1.2%, YTD: -1.6%)
VIX Index: 26.5 (1D: -7.0%, MTD: 18.8%, YTD: 52.6%)

The daily market value was S\$1,586.1 million with a daily market volume of 1,176.8 million. The 52-week STI High was 4,005.2 and the Low was 3,198.4. [[1]]

Key Interest Rates

3 Mth SGD SORA: 2.4 (1D: -0.4%, MTD: -4.7%, YTD: -20.5%)
SG 10 YR Bond Yield: 2.5 (1D: 0.4%, MTD: -5.6%, YTD: -11.4%)
US 10 YR Bond Yield: 4.3 (1D: -1.5%, MTD: 2.6%, YTD: -5.6%)

As at 8.00am SG time. [[1]]

US Futures

Dow Jones: 40,263.0 (1D: 0.0%, MTD: -4.7%, YTD: -5.8%)
S&P 500: 5,530.8 (1D: 0.4%, MTD: -2.2%, YTD: -7.7%)
NASDAQ: 19,420.3 (1D: 0.5%, MTD: -0.1%, YTD: -9.5%)

On Thursday, the S&P 500 rose 2.0%, the tech-heavy Nasdaq composite increased 2.7%, and the Dow Jones moved up 1.2%. [[1]]

Commodities

Gold: 3,351.5 (1D: 0.1%, MTD: 7.3%, YTD: 27.7%)
Crude Oil: 63.6 (1D: 0.9%, MTD: -11.1%, YTD: -11.4%)
Baltic Dry: 1,300.0 (1D: 3.1%, MTD: -18.6%, YTD: 30.4%)
Crude Palm Oil: 4,059.0 (1D: 0.6%, MTD: -5.9%, YTD: -1.0%)

[[1]]

Idea of the Day: Geo Energy Resources (Geo)

Geo Energy Resources (Geo) is identified as a coal-mining company set to benefit from upcoming infrastructure development. EBITDA levels are projected to triple from US\$60 million in FY24 to US\$168 million in FY26F upon completion of the infrastructure. [[1]]

Geo will be able to transport larger volumes of coal more efficiently, save on current tolling costs, and generate additional revenue by charging third-party users. Given the reliance on coal in emerging countries like China and Indonesia, coupled with potential increased coal consumption, Geo is expected to remain a beneficiary of sustained coal demand. [[1]]

Addition of Coal Reserves

In 2024, Geo incurred costs removing overburden and surface debris to improve future coal access and achieve higher production volumes. 2025 is expected to be a better year, with the company targeting total coal sales of 10.5-11.5 million tonnes, an increase of 33%-46% yoy. [[2]]

Additionally, its newly acquired TRA coal mine has started to see meaningful contributions of 1.1mln tonnes in FY24. Geo has acquired an additional 15% of TRA at a 12.5% discount in Mar’25, bringing total effective interest to 75.1%. This will streamline ownership and enhance control over its TRA mining operations. Production volumes are expected to ramp up steadily over the next few years to 25mln tonnes by FY29, contributing significantly to the bottom line. [[2]]

Strategic Infrastructure Investment

Geo’s recent US\$150mln investment into a new 92 km hauling road and a jetty will pay off in 2 folds once completed in 1H26. Firstly, the transportation from Geo’s mines to the port will utilize trucks that can carry three to four times their current load and offer faster and safer navigation compared to the existing route. Secondly, Geo has the opportunity to establish a new recurring revenue stream by leasing its newly built infrastructure to other miners in the region. This will clear Geo’s bottleneck of an inefficient transportation system, which will feed into Geo’s earnings once infrastructure is completed. [[3]]

Sustained Demand for Coal in China

Despite China’s increasing commitment to tap into renewable energy, the demand for economic growth far exceeds the power output of existing clean energy sources. China continues to rely on coal, particularly imports from Indonesia, due to the lower quality of its domestic coal. With President Trump advocating for greater domestic coal usage, both the demand and price for quality coal are expected to remain robust. Given that Geo’s largest customer base is in China, this bodes well for Geo. [[4]]

Investment Recommendation

A BUY recommendation is initiated on Geo Energy Resources with a TP of S\$0.60, based on DCF (WACC: 12.5%). Major tailwinds include: [[4]]

Expected increase in 2025 coal sales
Addition of coal reserves
Strategic infrastructure investment for long-term growth
Attractive valuations with dividend returns

The FY25F net profit estimate of US\$63.0 mln (+68% yoy) results from Geo’s ability to improve production efficiency after incurring costs to strip out unwanted surface debris the previous year. Geo trades at just 5.9x forward P/E and 0.8x P/B with a FY25F/FY26F dividend yield of 5.1%/7.4% respectively, rendering the company an attractive stock. [[5]]

Other Highlights

Highest Consensus Forward Dividend Yield (%): [[6]]

DBS BANK 7.11
FRASERS LOGISTICS TRUST 7.00
MAPLETREE INDUSTRIAL TRUST 6.80
MAPLETREE LOGISTICS TRUST 6.72
VENTURE CORP 6.68

Lowest Consensus Forward P/E (X): [[6]]

YANGZIJIANG SHIPBUILDING 6.51
JARDINE CYCLE & CARRIAGE 7.35
JARDINE MATHESON 7.57
SINGAPORE AIRLINES 8.68
UOB BANK 9.56

Lowest Trailing P/B (X): [[6]]

HONGKONG LAND 0.31
UOL GROUP 0.42
JARDINE MATHESON 0.44
CITY DEVELOPMENTS 0.51
MAPLETREE PAN ASIA COMM TRUST 0.70

Lowest Trailing EV/EBITDA (X): [[6]]

YANGZIJIANG SHIPBUILDING 3.22
GENTING SINGAPORE 5.78
JARDINE CYCLE & CARRIAGE 5.96
DFI RETAIL GROUP 6.32
SATS 8.21

Suntec REIT Analysis

Suntec REIT (\$1.16, down 1 cent) announced improved distributable income of \$45.9 million for the period from 1 January to 31 March 2025 (“1Q 25”), 4.3% higher than the quarter ended 31 March 2024 (“1Q 24”). Distribution per unit (“DPU”) to unitholders was 1.563 cents or 3.4% higher year-on-year. [[6]]

All properties, except for 55 Currie Street, Adelaide, registered stronger operating performance. Distributable income improved due to the better performance, as well as lower financing costs. [[6]]

Mr. Chong Kee Hiong, Chief Executive Officer of the Manager, said, “Singapore Office, Retail, and Convention as well as the UK portfolios continued to deliver strong operating performances. Financing cost for the REIT also declined year-on-year arising from the refinancing efforts in FY24 and paring down of debt with proceeds from divestment of strata office units.” [[6]]

Suntec REIT also completed \$730 million refinancing due in 2025 and 2026, which would result in interest savings of approximately \$1.8 million per annum. [[7]]

Mr. Chong said, “Suntec REIT’s continual improvement in operating performance highlights the strong fundamentals of the properties. In light of the global macroeconomic uncertainties, we remain focused on strengthening the operating performance of our properties.” [[7]]

The interest rate easing cycle is expected to be gradual for major economies. Refinancing of debt due in 2025 is expected to be completed in first half of 2025. All-in financing cost is expected to remain elevated at approximately 4.0% based on current interest rates. [[7]]

Cautious demand for office spaces is expected in light of weaker business sentiments. Positive rent reversion is expected to be modest, in the range of 1% to 5%. The Singapore office portfolio is expected to remain stable, supported by healthy occupancies and past quarters of robust rent reversions. [[7]]

Committed occupancy is expected to remain above market level with positive rent reversion moderating. The weakened economic outlook weigh on retailers, who expect subdued retail sales due to cautious consumer spending. Stable performance is expected at Suntec City Mall, supported by high committed occupancy and past quarters of positive rent reversions. [[7]]

Long-term MICE growth in Singapore is expected with the strong support from Singapore Tourism Board as part of the Tourism 2040 roadmap. In view of the global uncertainty, Convention may see lower event attendees and event organizers reducing their budgets. The performance of Suntec Convention is expected to be stable. [[8]]

The office market vacancies of Melbourne and Adelaide CBD are expected to remain elevated with incentive levels continuing to be in the range of 40% to 45%. Demand in Adelaide continues to be driven by flight to quality, with preference for premium grade new developments. The performance of the Australia portfolio is expected to remain stable supported by the Sydney and Melbourne properties with occupancies above market levels. [[8]]

Weakening business sentiments is likely to impact demand for office space. However, occupancy and rent growth in Central London is expected to be supported by tight supply and increase in office utilisation. The United Kingdom Portfolio is expected to be stable with the portfolio committed occupancy remaining healthy and long WALE. [[8]]

Suntec REIT’s market cap stands at S\$3.4bln and currently trades at 0.6x PB, with a dividend yield of 5.4%. Consensus target price stands at S\$1.25, representing 8% upside from current share price. Given small upside to consensus but decent yield of 5.4% and also potential for another offer after the black-out period is over, a HOLD recommendation is maintained on Suntec REIT. [[8]]

Nike’s Expansion in China

Nike is opening a new creative studio in Shanghai, named Icon Studios, to create content including digital videos, product photography and projects across e-commerce, social media and live streaming. Nike has been adding new facilities in China, including a technology centre in Shenzhen and a sports research lab in Shanghai, to get closer to Chinese shoppers and recapture market share. [[9]]

China accounted for US\$7.5 billion in annual revenue in fiscal 2024, or 15 per cent of global sales, down from fiscal 2021 when sales of nearly US\$8.3 billion represented 19 per cent of the total. Nike’s new chief executive officer Elliott Hill visited China late last year, shortly after coming out of retirement to take the top job. [[9]]

Hill said in March that Shanghai is one of Nike’s five key cities – alongside Beijing, New York, Los Angeles and London. Nike has another Icon department in Los Angeles, which produces marketing imagery and video for the company’s products. Former Apple marketing executive Jason King is leading Icon for Nike in Shanghai. The management plans to add about two dozen employees to the group, with roles in production, video editing, business planning, operations and logistics, according to the listings. [[10]]

The in-house production studio will deliver “’China-right’ creative content at speed and scale”. [[10]]

Macro Market News Affecting US, Hong Kong, and China Markets

US: BCA Research wrote that the sharp drop in March’s NFIB survey reinforces defensive asset allocation, as small business sentiment weakens amid rising policy uncertainty. They remain overweight government bonds and underweight risk assets, while tactically shorting the January 2026 fed funds futures contract to hedge short-term inflation risk. They also maintain an overweight on gold within a commodity portfolio. [[10]]

The NFIB Small Business Optimism Index fell more than expected to 97.4 from 100.7, extending the post-election reversal in soft data as optimism gives way to policy risk. The tone was recessionary: Confidence and hiring plans declined further, while price pressures moderated. Only a net 21% of respondents expect better business conditions in six months, down from 52% in December, a decline not seen since the pandemic. [[11]]

Hiring difficulties alongside softer labor demand suggest tighter labor supply from restrictive immigration. Separately, BCA Research’s Global Fixed Income strategists continue to recommend long duration exposure, curve steepeners, and an underweight in corporate bonds relative to government bonds, as global recession risks rise. [[11]]

Outside the US, trade-related disinflation opens a near-term window for global bonds to outperform Treasuries. Once US labor data weakens, our colleagues expect Treasuries to lead again, with ample room for rate cuts. [[11]]

Share Transactions

Acquisitions: [[12]]

Hyphens Pharma: Tan Kia King acquired 88,000 shares at S\$0.285, new balance: 86,770,759 (28.09%)
Valuemax: Yeo Hiang Nam acquired 284,100 shares at S\$0.50, new balance: 740,731,124 (85.02%)
Audience Analytics: Ng Yan Meng acquired 76,000 shares at S\$0.28, new balance: 191,387,000 (84.05%)
Singpost: Temasek (via DBS) acquired 300,000 shares at S\$0.51, new balance: 495,558,681 (22.01%)
UMS Integration: Catcher Tech Co Ltd acquired 950,000 shares at S\$0.995, new balance: 36,350,000 (5.12%)
Zixing: Thomas Clive Khoo acquired 5,110,000 shares at S\$0.027, new balance: 179,320,000 (11.28%)
Unionsteel Holdings Ltd: Ang Yew Chye acquired 45,000 shares at S\$0.51, new balance: 14,482,429 (12.26%)

Disposals: [[12]]

CNMC Goldmine: Choo Chee Kong disposed of 750,000 shares at S\$0.38, new balance: 37,217,500 (9.18%)
Singpost: Temasek (via DBS) disposed of 350,000 shares at S\$0.55, new balance: 495,225,194 (21.99%)

Share Buybacks

Share buyback transactions for various companies: [[12], [13]]

Raffles Medical Group: 300,000 shares at \$0.99, Cumulative Purchases Of Mandate (%): 4.1
Capitaland Invest: 3,000,000 shares at \$2.45, Cumulative Purchases Of Mandate (%): 40.6
Global Investment Limited: 300,000 shares at \$0.124, Cumulative Purchases Of Mandate (%): 38.5
Venture: 25,000 shares at \$10.73, Cumulative Purchases Of Mandate (%): 17.4
Yangzijiang Shipbuilding: 1,000,000 shares at \$2.06, Cumulative Purchases Of Mandate (%): 3.8
SGX: 150,000 shares at \$12.75, Cumulative Purchases Of Mandate (%): 1.2
Pan United Corp: 60,000 shares at \$0.60, Cumulative Purchases Of Mandate (%): 4.2
DBS: 700,000 shares at \$38.19, Cumulative Purchases Of Mandate (%): 5.2*
UOB: 200,000 shares at \$35.30, Cumulative Purchases Of Mandate (%): 7.6
OCBC: 400,000 shares at \$16.42, Cumulative Purchases Of Mandate (%): 0.3
Innotek: 671,500 shares at \$0.366, Cumulative Purchases Of Mandate (%): 2.9
Oxley: 400,500 shares at \$0.067, Cumulative Purchases Of Mandate (%): 3.7
ST Engineering: 500,000 shares at \$6.27, Cumulative Purchases Of Mandate (%): 14.4
SEATRIUM: 2,900,000 shares at \$1.81, Cumulative Purchases Of Mandate (%): 48.2
Valuetronics: 200,000 shares at \$0.604, Cumulative Purchases Of Mandate (%): 16.9
SIA: 517,500 shares at \$6.27, Cumulative Purchases Of Mandate (%): 4.4
Olam: 500,000 shares at \$0.95, Cumulative Purchases Of Mandate (%): 5.8
Zheneng Jinjiang: 129,800 shares at \$0.44, Cumulative Purchases Of Mandate (%): 9.9
17 Live: 48,100 shares at \$0.795, Cumulative Purchases Of Mandate (%): 8.7

*5.2% of current buy back maximum mandate of 85,328,308 shares [[13]]

*15.3% of DBS’ \$3billion buy back target absolute \$ mandate [[13]]

Fund Flow Data

Top 10 Institution Net Buy (+) Stocks (S\$M) Week of 14 Apr: [[14]]

Singtel 157.1
DBS 59.3
ST Engineering 38.9
UOB 37.2
SGX 28.8
ComfortDelGro 9.7
Frasers Centrepoint Trust 9.6
SIA 8.9
Seatrium 7.7
Keppel DC REIT 5.2

Top 10 Institution Net Sell (-) Stocks (S\$M) Week of 14 Apr: [[14]]

Wilmar International (19.7)
OCBC (17.3)
Sembcorp Industries (7.6)
CapitaLand Ascendas REIT (7.3)
CapitaLand Investment (6.6)
Venture Corporation (6.5)
CapitaLand Integrated Commercial Trust (6.1)
Yangzijiang Shipbuilding (5.6)
Yangzijiang Financial (5.2)
ESR REIT (5.0)

Top 10 Retail Net Buy (+) Stocks (S\$M) Week of 14 Apr: [[14]]

OCBC 29.0
Yangzijiang Shipbuilding 18.3
Wilmar International 7.8
Yangzijiang Financial 7.1
Keppel 6.5
SATS 5.1
Venture Corporation 4.8
Aztech Global 4.3
CapitaLand Investment 4.0
UOB 3.4

Top 10 Retail Net Sell (-) Stocks (S\$M) Week of 14 Apr: [[14]]

Singtel (102.1)
SGX (28.0)
ST Engineering (25.1)
DBS (15.8)
Frasers Centrepoint Trust (10.4)
SIA (9.6)
ComfortDelGro (8.0)
CapitaLand Ascendas REIT (7.7)
Seatrium (6.1)
Frasers Logistics & Commercial Trust (5.2)

Institutional Investors net buy/sell (S\$M): [[15]]

Consumer Cyclicals: (1.0)
Consumer Non-Cyclicals: (23.7)
Energy/Oil & Gas: 0.1
Financial Services: 95.9
Health care: 0.6
Industrials: 64.9
Materials & Resources: 1.5
Real Estate (excl. REITs): (7.2)
REITs: (3.5)
Technology (Hardware/Software): (9.9)
Telcos: 161.5
Utilities: (6.2)

STI Constituents – Week of 14 Apr

Stocks with Institution and Retail Net Buy/Sell (S\$M): [[16]]

CapitaLand Ascendas REIT (A17U): Institution (-7.3), Retail (-7.7)
CapitaLand Integrated Commercial Trust (C38U): Institution (-6.1), Retail (-4.3)
CapitaLand Investment (9CI): Institution (-6.6), Retail (4.0)
City Developments (C09): Institution (-2.1), Retail (-2.9)
DBS (D05): Institution (59.3), Retail (-15.8)
DFI Retail Group (D01): Institution (1.8), Retail (-1.7)
Frasers Centrepoint Trust (J69U): Institution (9.6), Retail (-10.4)
Frasers Logistics & Commercial Trust (BUOU): Institution (2.8), Retail (-5.2)
Genting Singapore (G13): Institution (-0.8), Retail (-0.4)
Hongkong Land (H78): Institution (-4.0), Retail (-0.1)
Jardine Cycle & Carriage (C07): Institution (-0.1), Retail (0.0)
Jardine Matheson (J36): Institution (-0.1), Retail (-0.7)
Keppel (BN4): Institution (5.0), Retail (6.5)
Mapletree Industrial Trust (ME8U): Institution (2.1), Retail (-1.8)
Mapletree Logistics Trust (M44U): Institution (1.4), Retail (-2.5)
Mapletree Pan Asia Commercial Trust (N2IU): Institution (-4.5), Retail (-3.8)
OCBC (O39): Institution (-17.3), Retail (29.0)
SATS (S58): Institution (-3.4), Retail (5.1)
Seatrium (5E2): Institution (7.7), Retail (-6.1)
Sembcorp Industries (U96): Institution (-7.6), Retail (3.2)
SIA (C6L): Institution (8.9), Retail (-9.6)
SGX (S68): Institution (28.8), Retail (-28.0)
ST Engineering (S63): Institution (38.9), Retail (-25.1)
Singtel (Z74): Institution (157.1), Retail (-102.1)
Thai Beverage (Y92): Institution (-2.5), Retail (-0.7)
UOB (U11): Institution (37.2), Retail (3.4)
UOL Group (U14): Institution (-2.4), Retail (0.2)
Venture Corporation (V03): Institution (-6.5), Retail (4.8)
Wilmar International (F34): Institution (-19.7), Retail (7.8)
Yangzijiang Shipbuilding (BS6): Institution (-5.6), Retail (18.3)

Dividends / Special Distributions / Others

List of companies and their dividend information: [[17]]

OCBC: 41 cts Final & 16 cts Special, Ex-Dividend Date: 25 Apr, Payable: 9 May
Keppel Ltd: 19 ct Final, Ex-Dividend Date: 28 Apr, Payable: 9 May
UOB: 92 cts Final & 25 cts Special, Ex-Dividend Date: 28 Apr, Payable: 13 May
SCI: 17 cts Final, Ex-Dividend Date: 30 Apr, Payable: 13 May
Mapletree Logistics Trust: 1.955 cts (Jan-Mar’25), Ex-Dividend Date: 30 Apr, Payable: 13 June
Suntec REIT: 1.563 cts (Jan-Mar’25), Ex-Dividend Date: 2 May, Payable: 30 May
City Dev: 8 cts Final, Ex-Dividend Date: 2 May, Payable: 20 May
Intraco Ltd: 0.5 cents Final & 6 cts Capital Reduction, Ex-Dividend Date: 2 May, Payable: 15 May
YZJ Shipbuilding: 12 cts Final, Ex-Dividend Date: 2 May, Payable: 13 May
SBS Transit: 14.69 cts Final & 8.41 cts Special, Ex-Dividend Date: 2 May, Payable: 13 May
Capland Investment: 0.031:1 distribution of CICT, Ex-Dividend Date: 2 May, Payable: 13 May
Olam: 3.0 cts Final, Ex-Dividend Date: 5 May, Payable: 14 May
Haw Par Corp: 20 ct Final & \$1 Special, Ex-Dividend Date: 5 May, Payable: 21 May
Venture Corp: 50 cts Final, Ex-Dividend Date: 5 May, Payable: 19 May
Hong Leong Finance: 10ct Final, Ex-Dividend Date: 5 May, Payable: 22 May
Comfort Delgro: 4.25 cts Final, Ex-Dividend Date: 5 May, Payable: 14 May
Soilbuild Construction: 1 ct Final & 1 ct Special, Ex-Dividend Date: 6 May, Payable: 19 May
Samudera: 1 ct Final & 5.8 ct Special, Ex-Dividend Date: 7 May, Payable: 20 May
UMS: 2 cts Final, Ex-Dividend Date: 7 May, Payable: 23 May
China Sunsine: 2 cts Final & 1 ct Special, Ex-Dividend Date: 7 May, Payable: 22 May
Indofood Agri Resources Ltd: 1ct Final, Ex-Dividend Date: 7 May, Payable: 28 May
Innotek Ltd: 2 ct Final, Ex-Dividend Date: 8 May, Payable: 23 May
Wee Hur: 7 ct Special, Ex-Dividend Date: 8 May, Payable: 23 May
Valuemax: 2.68 cts Final, Ex-Dividend Date: 8 May, Payable: 22 May
China Aviation Oil: 3.72 cts Final, Ex-Dividend Date: 9 May, Payable: 27 May
Japfa Ltd: 1 ct Final, Ex-Dividend Date: 19 May, Payable: 27 May
Asian Enterprises: 0.5ct Final, Ex-Dividend Date: 19 May, Payable: 6 June
Jardine Cycle and Carriage: US84 cts Final, Ex-Dividend Date: 28 May, Payable: 13 June
SUTL: 5 ct Final, Ex-Dividend Date: 2 June, Payable: 19 June
UOB: 25 ct Special, Ex-Dividend Date: 15 Aug, Payable: 28 Aug

SGX Watch-List

List of companies under SGX Watch-List: [[10]]

Amos Group (Entry Date: 06-Jun-23)
Ascent Bridge Ltd (Entry Date: 04-Dec-19)
ASTI Holdings (Entry Date: 06-Jun-19)
British And Malayan Hldgs (Entry Date: 06-Jun-23)
CH Offshore (Entry Date: 06-Jun-23)
Cosmosteel (Entry Date: 05-Jun-18)
Datapulse Technology (Entry Date: 06-Jun-23)
Debao Property (Entry Date: 04-Dec-19)
Eneco Energy (Entry Date: 04-Dec-19)
Full Apex (Holdings) (Entry Date: 05-Jun-17)
GRP Limited (Entry Date: 06-Jun-23)
Interra Resources (Entry Date: 05-Dec-17)
Intraco Ltd (Entry Date: 06-Jun-23)
IPC Corp (Entry Date: 06-Jun-23)
Jadason Enterprises (Entry Date: 06-Jun-23)
Jasper Investments (Salt Investments) (Entry Date: 06-Jun-23)
Manufacturing Integration Technology (Entry Date: 06-Jun-23)
Metis Energy (Entry Date: 0

Singapore Stock Market Report: Geo Energy Buy Recommendation, Suntec REIT Hold, and Fund Flow Analysis (April 2025)