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Wednesday, October 21, 2026

Hot news: Russia has won the Ukraine war!

As we've projected previously, Ukraine would lose the war.  We are correct on the outcome but wrong on the timeline.


As stated previously, this Ukraine war was orchestrated by the US to raid Ukraine.  Who are winners and losers?  The US, Russia and China are the winners and the EU and Ukraine are the losers.  Why?

Winner:
1. US had taken Ukraine's black soil lands (fertile) and minerals.
2. Russia had occupied at least 20% of Ukraine.
3. China had conquered Russia consumer market and also got cheap Russian oil supplies.

Loser:
1. EU had lost cheap Russian oil and gas.
2. Ukraine had accumulated a few hundreds billions in debts from the EU that it couldn't repay for decades.
3. Ukraine had lost many ukrainian lives.
4. Ukraine had lost fertile lands and minerals to the US.



Russia has won the Ukraine war because Ukraine is willing to cede about 25% of its territory to Russia in exchange for a peace deal with Russia.

Zelensky has put himself in a dangerous position now because he has lost about 25% of Urkaine under his rein, ceded fertile lands and minerals to the US, accumulated a few hundreds billions debts and also caused the losses of many ukrainian lives.  He has to seek political asylum from the US if he wants to stay alive after signing the peace deal because his opposition will try to exterminate a traitor like him.

We've never wavered in our confidence about Russia's ability and capability to win the Ukraine war despite the misinformation campaigns conducted by the US and EU.  Although we're wrong on the timing, we've been vindicated by the outcome.  Cheers!

Capitaland Integrated Commercial Trust - Stock calls


Date

Analyst

Company

Last

Target

Call

Valuation

08/01/25

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.2

2.72

Buy

DDM

08/06/25

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.24

2.79

Buy

DDM

08/06/25

CIMB

Capitaland Integrated Commercial Trust

2.24

2.45

Add

DDM

08/06/25

DMG & Partners

Capitaland Integrated Commercial Trust

2.24

2.44

Buy

DDM

08/26/25

DBS Vickers

Capitaland Integrated Commercial Trust

2.26

2.5

Buy


09/01/25

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.28

2.79

Buy

DDM

10/13/25

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.34

2.79

Buy

DDM

10/28/25

DBS Vickers

Capitaland Integrated Commercial Trust

2.41

2.5

Buy


10/29/25

CIMB

Capitaland Integrated Commercial Trust

2.4

2.71

Add

DDM

10/30/25

DMG & Partners

Capitaland Integrated Commercial Trust

2.41

2.44

Buy

DDM

11/25/25

DBS Vickers

Capitaland Integrated Commercial Trust

2.36

2.5

Buy


11/26/25

DMG & Partners

Capitaland Integrated Commercial Trust

2.37

2.69

Buy

DDM

12/17/25

Lim & Tan

Capitaland Integrated Commercial Trust

2.33

0

Accumulate


12/22/25

DMG & Partners

Capitaland Integrated Commercial Trust

2.34

2.69

Buy

DDM

01/07/26

Lim & Tan

Capitaland Integrated Commercial Trust

2.39

2.54

Accumulate


01/15/26

DBS Vickers

Capitaland Integrated Commercial Trust

2.42

2.5

Buy


01/19/26

Lim & Tan

Capitaland Integrated Commercial Trust

2.42

2.56

Accumulate


02/06/26

DBS Vickers

Capitaland Integrated Commercial Trust

2.38

2.5

Buy


02/06/26

Lim & Tan

Capitaland Integrated Commercial Trust

2.38

2.84

Accumulate


02/09/26

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.45

2.95

Buy

DDM

02/09/26

DBS Vickers

Capitaland Integrated Commercial Trust

2.45

2.8

Buy


02/09/26

Kim Eng

Capitaland Integrated Commercial Trust

2.45

2.6

Buy


02/09/26

DMG & Partners

Capitaland Integrated Commercial Trust

2.45

2.69

Buy

DDM

02/13/26

DMG & Partners

Capitaland Integrated Commercial Trust

2.47

2.73

Buy

DDM

02/23/26

JPM

Capitaland Integrated Commercial Trust

2.42

2.75

Buy

Up from $2.60

03/05/26

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.4

2.95

Buy

DDM

04/01/26

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.35

2.95

Buy

DDM

04/10/26

DMG & Partners

Capitaland Integrated Commercial Trust

2.34

2.73

Buy

DDM

04/21/26

CIMB

Capitaland Integrated Commercial Trust

2.39

2.74

Add

DDM

04/21/26

Lim & Tan

Capitaland Integrated Commercial Trust

2.39

2.67

Accumulate


04/21/26

Citi Research

Capitaland Integrated Commercial Trust

2.39

2.81

Buy

Sum of parts

05/04/26

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.36

2.95

Buy

DDM

05/19/26

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.25

3.06

Buy

DDM

06/02/26

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.27

3.06

Buy

DDM

06/11/26

Lim & Tan

Capitaland Integrated Commercial Trust

2.33

2.7

Accumulate on weakness


06/29/26

DMG & Partners

Capitaland Integrated Commercial Trust

2.4

2.75

Buy

DDM

07/01/26

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.37

3.06

Buy

DDM

07/01/26

Lim & Tan

Capitaland Integrated Commercial Trust

2.37

0

Buy


07/09/26

CIMB

Capitaland Integrated Commercial Trust

2.41

2.74

Add

DDM

07/15/26

DMG & Partners

Capitaland Integrated Commercial Trust

2.43

2.75

Buy

DDM

07/21/26

DBS Vickers

Capitaland Integrated Commercial Trust

2.45

2.8

Buy


08/12/26

OCBC

Capitaland Integrated Commercial Trust

2.59

2.69

Buy


08/13/26

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.49

3.06

Buy

DDM

08/25/26

Kim Eng

Capitaland Integrated Commercial Trust

2.41

2.7

Buy


09/01/26

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.37

3.06

Buy

DDM

10/01/26

Uob Kay Hian

Capitaland Integrated Commercial Trust

2.23

3.06

Buy

DDM

10/14/26

DMG & Partners

Capitaland Integrated Commercial Trust

2.22

2.75

Buy

DDM



Bumitama - Stock calls


Date

Analyst

Company

Last

Target

Call

Valuation

08/12/25

DBS Vickers

Bumitama

0.84

1.3

Buy

DCF

08/12/25

OCBC

Bumitama

0.84

1.05

Buy


08/13/25

Kim Eng

Bumitama

0.92

0.94

Buy


08/27/25

OCBC

Bumitama

1.12

1.2

Buy


08/28/25

OCBC

Bumitama

1.09

1.2

Hold


08/28/25

DMG & Partners

Bumitama

1.09

0.88

Neutral


08/28/25

UOB Kay Hian

Bumitama

1.09

0.9

Hold


09/22/25

DMG & Partners

Bumitama

1.13

1.1

Neutral


10/17/25

UOB Kay Hian

Bumitama

1.28

1.2

Hold

PER9.5x FY26

10/23/25

OCBC

Bumitama

1.33

1.3

Hold


10/23/25

DBS Vickers

Bumitama

1.33

1.9

Buy

DCF

11/14/25

UOB Kay Hian

Bumitama

1.48

1.4

Hold

PER11x FY26

11/14/25

DBS Vickers

Bumitama

1.48

1.9

Buy

PER16.4x FY26

01/14/26

DBS Vickers

Bumitama

1.3

1.9

Buy

PER16.4x FY26

02/27/26

OCBC

Bumitama

1.33

1.5

Buy


03/02/26

UOB Kay Hian

Bumitama

1.32

1.45

Buy

PER11x FY27

03/19/26

DBS Vickers

Bumitama

1.66

1.9

Buy

PER16.4x FY26

04/07/26

DBS Vickers

Bumitama

1.9

2.3

Buy

PER20.4x FY26

04/23/26

DMG & Partners

Bumitama

1.94

1.44

Sell


05/13/26

UOB Kay Hian

Bumitama

1.82

2.01

Buy

PER14x FY26

05/13/26

DBS Vickers

Bumitama

1.82

2.3

Buy

PER20.4x FY26

05/13/26

OCBC

Bumitama

1.82

2.2

Buy

PER

05/14/26

DMG & Partners

Bumitama

1.87

1.7

Neutral


06/15/26

UOB Kay Hian

Bumitama

1.67

2.01

Buy

PER14x FY26

07/13/26

DBS Vickers

Bumitama

1.69

2.3

Buy

PER20.4x FY26

08/17/26

UOB Kay Hian

Bumitama

1.86

2.15

Buy

PER14x FY27

08/17/26

DBS Vickers

Bumitama

1.86

2.3

Buy

PER20.4x FY26

08/17/26

Kim Eng

Bumitama

1.86

2.06

Buy

PER

09/22/26

OCBC

Bumitama

2.43

2.4

Hold

PER

09/24/26

DBS Vickers

Bumitama

2.1

3

Buy

PER20.4x FY27

09/30/26

UOB Kay Hian

Bumitama

2.1

2.54

Buy


10/13/26

DBS Vickers

Bumitama

1.93

3

Buy

PER20.4x FY27



Bukit Sembawang - Stock calls


Date

Analyst

Company

Last

Target

Call

Valuation

12/01/25

DBS Vickers

Bukit Sembawang

4.17

5.88

Buy

RNAV (45% disc)

09/16/26

DBS Vickers

Bukit Sembawang

4.35

5.88

Unrated

RNAV (45% disc)



Stock calls for 21 October 2026


Date

Analyst

Company

Last

Target

Call

Valuation

10/21/26

Lim & Tan

Far East Hospitality

0.505

0.645

Buy


10/21/26

Lim & Tan

Grand Banks Yacht

0.74

1.49

Buy

PER14.8x

10/21/26

DBS Vickers

Keppel Reit

0.785

1

Buy

PB0.8x

10/21/26

UOB Kay Hian

Keppel Reit

0.785

1.06

Buy

DDM

10/21/26

DBS Vickers

Lendlease Reit

0.525

0.75

Buy

DCF

10/21/26

DBS Vickers

Stoneweg Reit

1.43

1.9

Buy

DCF




What will the US Fed do for its upcoming October FOMC? - Part 2

 The die is cast in stone already!  The latest Fedwatch tool is indicating more than 85% of a Fed hold.

We can confidently say that the US Fed will hold its rates in its October FOMC meeting.  Therefore, this upcoming FOMC is a non-market event and the focus will be on 3 November US mid-term election.  Insofar, the Republicans are projected to lose both congress houses (senate & representatives).

What's the danger of Trump losing both congress houses?  Well, the risk of him getting impeached is very high after he has lost control of both congress houses.  Let's watch how this will unfold.

Tuesday, October 20, 2026

BRC Asia - Stock calls


Date

Analyst

Company

Last

Target

Call

Valuation

08/21/25

CIMB

BRC Asia

3.64

4

Add

PER

08/22/25

Phillip

BRC Asia

3.76

4.1

Accumulate

DCF

08/22/25

CIMB

BRC Asia

3.76

4.3

Add


08/25/25

Lim & Tan

BRC Asia

3.92

3.92

Hold


09/05/25

UOB Kay Hian

BRC Asia

4.05

4.69

Buy

PER14x FY26

10/10/25

CIMB

BRC Asia

4.33

5.3

Add

PER

10/31/25

Phillip

BRC Asia

4.22

4.1

Neutral

DCF

11/24/25

Lim & Tan

BRC Asia

4.02

4.7

Accumulate on weakness


12/01/25

Phillip

BRC Asia

3.93

5.1

Buy

DCF

12/01/25

CIMB

BRC Asia

3.93

4.9

Add

PER

12/05/25

UOB Kay Hian

BRC Asia

4.01

4.9

Buy

PER14x FY26

02/12/26

Phillip

BRC Asia

4.23

5.1

Buy


02/16/26

UOB Kay Hian

BRC Asia

4.32

5.1

Buy

PER14x FY26

02/16/26

Phillip

BRC Asia

4.32

5.3

Buy

DCF

04/01/26

CIMB

BRC Asia

4.67

5.4

Add


05/11/26

Lim & Tan

BRC Asia

4.7

5.2

Accumulate


05/13/26

UOB Kay Hian

BRC Asia

4.49

5.3

Buy

PER14x FY26

05/13/26

CIMB

BRC Asia

4.49

5.5

Add

EV/Ebitda

05/14/26

Phillip

BRC Asia

4.58

5.3

Buy

DCF

08/19/26

UOB Kay Hian

BRC Asia

4.32

5.3

Buy

PER13x FY27

08/24/26

Phillip

BRC Asia

4.26

5.3

Buy

DCF

08/25/26

CIMB

BRC Asia

4.23

5.5

Add

EV/Ebitda

09/01/26

UOB Kay Hian

BRC Asia

4.24

5.3

Buy

PER13x FY27