Ukraine is in a worse situation than before because of Zelensky.

Despite all the good advices (not joining NATO) from Angela Merkel and Henry Kissinger, Zelensky went ahead to change the Ukraine's constitution to join NATO.  After 3 warring years, high debt accumulations and massive losses of young Ukrainians (20-40 years old), he has decided to back down by giving up on joining NATO.

The US and EU have failed to use Ukraine to grind Russia down and this has just dawned on the stupid Zelensky in which he has realized that he can't continue any further because his soldiers' average age is about 50 now.  The entire young working group (20-40years) has been wiped out by the war and this will take at least a few decades to recover because the country is heavily in debts.

Stamford Tyres - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
06/30/25	Lim & Tan	Stamford Tyres	0.215	0	Hold

ST Engineering - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/03/24	DBS Vickers	ST Engineering	4.53	5.4	Buy
12/10/24	CIMB	ST Engineering	4.55	5.3	Add
12/16/24	DMG & Partners	ST Engineering	4.53	5.2	Buy	Sum of parts
01/03/25	Phillip	ST Engineering	4.65	5	Accumulate	DCF
01/21/25	DMG & Partners	ST Engineering	4.68	5.2	Buy	Sum of parts
02/07/25	DBS Vickers	ST Engineering	4.83	5.4	Buy
02/07/25	CIMB	ST Engineering	4.83	5.3	Add
02/07/25	Citi Research	ST Engineering	4.83	5.12	Buy	PER20x FY25
02/18/25	DMG & Partners	ST Engineering	5	5.2	Buy	Sum of parts
02/20/25	DBS Vickers	ST Engineering	5.11	5.4	Buy
02/28/25	UOB Kay Hian	ST Engineering	5.11	5.55	Buy	PER20.7x FY26
02/28/25	Citi Research	ST Engineering	5.11	6.1	Buy
03/03/25	Phillip	ST Engineering	5.41	6.1	Accumulate	DCF
03/03/25	CIMB	ST Engineering	5.41	5.6	Add
03/03/25	DBS Vickers	ST Engineering	5.41	6	Buy	PER22x FY25
03/03/25	Lim & Tan	ST Engineering	5.41	5.74	Accumulate on weakness
03/03/25	Kim Eng	ST Engineering	5.41	5.7	Buy
03/03/25	DMG & Partners	ST Engineering	5.41	5.9	Buy
03/03/25	OCBC	ST Engineering	5.41	7.75	Buy
03/18/25	Lim & Tan	ST Engineering	6.32	6.45	Accumulate on weakness
03/18/25	Citi Research	ST Engineering	6.32	7.22	Buy
03/19/25	UOB Kay Hian	ST Engineering	6.38	6.8	Buy	PER23.5x FY26
03/19/25	Lim & Tan	ST Engineering	6.38	6.55	Accumulate on weakness
03/19/25	CIMB	ST Engineering	6.38	7.4	Add
03/20/25	DMG & Partners	ST Engineering	6.57	7.8	Buy
04/04/25	DBS Vickers	ST Engineering	6.75	7.5	Buy
04/14/25	DMG & Partners	ST Engineering	6.67	7.8	Buy
04/29/25	Lim & Tan	ST Engineering	7.35	8	Accumulate
05/07/25	DMG & Partners	ST Engineering	7.49	8.3	Buy
05/09/25	Lim & Tan	ST Engineering	7.51	8	Accumulate
05/09/25	Citi Research	ST Engineering	7.51	8.3	Hold
05/13/25	Phillip	ST Engineering	7.63	8.2	Accumulate	DCF
05/13/25	UOB Kay Hian	ST Engineering	7.63	7.37	Hold	PER24.6x FY26
05/28/25	DBS Vickers	ST Engineering	7.57	7.7	Hold
06/04/25	OCBC	ST Engineering	8.01	8.54	Buy
06/04/25	Kim Eng	ST Engineering	8.01	8.3	Hold
06/17/25	DMG & Partners	ST Engineering	7.96	8.9	Buy
06/26/25	Citi Research	ST Engineering	7.95	8.3	Hold	PER22.5x FY27
06/27/25	DMG & Partners	ST Engineering	7.87	8.65	Buy
07/17/25	DBS Vickers	ST Engineering	8.34	7.7	Hold
07/21/25	DMG & Partners	ST Engineering	8.4	8.7	Buy
08/06/25	DMG & Partners	ST Engineering	8.88	8.7	Buy
08/15/25	UOB Kay Hian	ST Engineering	8.4	8.56	Hold	PER25.6x FY27
08/15/25	CIMB	ST Engineering	8.4	8.7	Hold	PER
08/18/25	Phillip	ST Engineering	8.46	8.2	Neutral	DCF
08/19/25	DMG & Partners	ST Engineering	8.14	9.1	Buy
08/19/25	Kim Eng	ST Engineering	8.14	8.4	Hold	PER31x FY25
09/01/25	OCBC	ST Engineering	7.68	8.9	Buy
09/05/25	Lim & Tan	ST Engineering	7.95	8.73	Accumulate
09/23/25	DMG & Partners	ST Engineering	8.53	9.1	Buy
10/08/25	OCBC	ST Engineering	9.01	9.03	Hold
10/22/25	DMG & Partners	ST Engineering	8.25	9.1	Buy
11/13/25	Phillip	ST Engineering	8.29	8.2	Neutral	DCF
11/13/25	UOB Kay Hian	ST Engineering	8.29	9.05	Buy	PER26.1x FY27
11/13/25	DBS Vickers	ST Engineering	8.29	9.4	Buy
11/13/25	CIMB	ST Engineering	8.29	9.5	Add	PER
11/26/25	DMG & Partners	ST Engineering	8.3	9.4	Buy

Spindex - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/29/25	Lim & Tan	Spinidex	1.34	1.43	Wait	Offer @ $1.43

Stock calls for 15 December 2025

Date	Analyst	Company	Last	Target	Call	Valuation
12/15/25	Lim & Tan	ESR-Reit	2.74	3.3	Accumulate
12/15/25	MorningStar	Hongkong Land	7.15	7.4	3-Star	Up from $7.10
12/15/25	Kim Eng	Keppel Reit	0.96	1	Hold	DDM
12/15/25	Amfrasers	Raffles Education	0.107	0.34	outperform	DCF
12/15/25	phillip	Sembcorp Industries	5.92	7.1	Buy	EV/Ebitda8.3x FY26

Is Singapore going to lose its sea hub status for taking sides?

It looks like SG is losing its sea hub status for taking sides.  What are our neighbours (Malaysia and Indonesia) doing? They're getting cozy with China instead of taking sides and this has benefitted them.

Trump is proposing a new world order (Core 5) by abandoning the EU.

President Trump is proposing a new core 5 to replace G7 and abandoning the EU.

The EU abandonment is not a surprise at all because the US has been trying to break up the EU ever since the advent of the EURO currency.  President Trump also tried to break up the EU by persuading 4 EU nations to leave the EU bloc.

The US has proven itself to be an untrusted, unreliable and incredible partner and ally.

Baltic dry index - 2205

Related stock: Seatrium, Cosco & Pan Ocean.

US rig count (weekly) - 548

Related stock: Seatrium & Cosco

Chinese citizens bashed PM Wong over Sino-Japan spat. - Part 10

Is China taking revanchism against Singapore now?

China has revised its Hainan port policies to compete more effectively with Singapore.  Is this a retaliation against PM Wong?  I just find the timing very uncanny.

Soon Hock - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
11/27/25	UOB Kay Hian	Soon Hock	0.59	0.68	Buy	PB1x FY26

Soilbuild Construction - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/17/25	Lim & Tan	Soilbuild Construction	0.77	0	Accumulate on weakness
04/14/25	Phillip	Soilbuild Construction	0.83	0.97	Accumulate	PER3.5x FY26
05/07/25	SAC Capital	Soilbuild Construction	0.81	1.1	Buy
07/03/25	Lim & Tan	Soilbuild Construction	0.865	0.97	Accumulate
08/15/25	Phillip	Soilbuild Construction	1.86	2.68	Buy	PER5.9x FY26
09/29/25	Phillip	Soilbuild Construction	2.73	3.41	Buy	PER7.5x FY26
10/07/25	CIMB	Soilbuild Construction	3.19	4.21	Add	PER
10/15/25	DBS Vickers	Soilbuild Construction	3.33	4.7	Unrated	PER12x FY26
10/31/25	Phillip	Soilbuild Construction	3.49	3.41	Neutral

Singtel - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/03/24	Kim Eng	Singtel	3.13	3.65	Buy
12/03/24	DMG & Partners	Singtel	3.13	3.6	Buy
12/04/24	MorningStar	Singtel	3.13	3.46	4-Star	Up from $3.37
01/07/25	DMG & Partners	Singtel	3.08	3.6	Buy
01/10/25	Kim Eng	Singtel	3.08	3.65	Buy
01/20/25	CIMB	Singtel	3.14	3.7	Add
01/21/25	UOB Kay Hian	Singtel	3.15	3.58	Buy	DCF
01/22/25	HSBC	Singtel	3.13	3.7	Buy	Up from $3.65
02/05/25	CIMB	Singtel	3.24	3.7	Add
02/19/25	DBS Vickers	Singtel	3.33	3.82	Buy	Sum of parts
02/19/25	DMG & Partners	Singtel	3.33	3.6	Buy
02/19/25	Citi Research	Singtel	3.33	3.8	Buy
02/20/25	UOB Kay Hian	Singtel	3.37	3.6	Buy	DCF
02/20/25	Phillip	Singtel	3.37	3.77	Accumulate	EV/Ebitda6x FY25
02/20/25	DBS Vickers	Singtel	3.37	3.93	Buy	Sum of parts
02/20/25	DMG & Partners	Singtel	3.37	3.8	Buy	Sum of parts
02/20/25	Lim & Tan	Singtel	3.37	3.75	Accumulate
02/20/25	Kim Eng	Singtel	3.37	3.72	Buy	Sum of parts
03/28/25	UOB Kay Hian	Singtel	3.4	3.6	Buy	DCF
04/21/25	Kim Eng	Singtel	3.75	3.96	Buy	Sum of parts
04/24/25	DMG & Partners	Singtel	3.76	3.8	Buy	Sum of parts
05/05/25	DBS Vickers	Singtel	3.8	3.93	Buy	Sum of parts (20% disc)
05/14/25	CIMB	Singtel	3.71	4	Hold
05/20/25	DBS Vickers	Singtel	3.79	4.27	Buy	Sum of parts (15% disc)
05/22/25	Lim & Tan	Singtel	3.85	4	Accumulate on weakness
05/23/25	UOB Kay Hian	Singtel	3.95	4.58	Buy	Sum of parts
05/23/25	DBS Vickers	Singtel	3.95	4.4	Buy	Sum of parts
05/23/25	Citi Research	Singtel	3.95	4.3	Buy
05/26/25	Phillip	Singtel	3.88	4.4	Accumulate	EV/Ebitda7x
05/26/25	DMG & Partners	Singtel	3.88	4.5	Buy
05/26/25	OCBC	Singtel	3.88	4.51	Buy	Up from $4
06/17/25	CIMB	Singtel	3.95	4.1	Hold
06/19/25	DBS Vickers	Singtel	3.97	4.3	Buy	Sum of parts
06/19/25	Kim Eng	Singtel	3.97	4.3	Buy
06/20/25	DBS Vickers	Singtel	3.91	4.58	Buy	EV/Ebitda18.5x
06/20/25	HSBC	Singtel	3.91	4.45	Buy
07/01/25	Lim & Tan	Singtel	3.82	4.4	Accumulate
07/11/25	UOB Kay Hian	Singtel	4.01	4.58	Buy	Sum of parts
07/11/25	Citi Research	Singtel	4.01	4.46	Buy
07/22/25	DMG & Partners	Singtel	4.15	4.7	Buy
08/06/25	DMG & Partners	Singtel	4	4.7	Buy
08/07/25	Kim Eng	Singtel	4.01	4.3	Buy
08/14/25	UOB Kay Hian	Singtel	4.06	4.56	Buy	Sum of parts
08/14/25	Phillip	Singtel	4.06	4.4	Accumulate	Ev/Ebitda7x
08/14/25	DBS Vickers	Singtel	4.06	4.58	Buy	Sum of parts (15% disc)
08/15/25	Lim & Tan	Singtel	4.07	4.4	Accumulate
08/15/25	DMG & Partners	Singtel	4.07	4.7	Buy
08/22/25	DBS Vickers	Singtel	4.11	5.04	Buy	Sum of parts (10% disc)
09/01/25	Phillip	Singtel	4.31	4.86	Accumulate	Ev/Ebitda8x
09/02/25	CIMB	Singtel	4.33	4.8	Add
09/02/25	HSBC	Singtel	4.33	4.75	Buy
09/08/25	DMG & Partners	Singtel	4.39	4.9	Buy
09/10/25	Kim Eng	Singtel	4.31	4.75	Buy
09/19/25	OCBC	Singtel	4.35	5.1	Buy
09/30/25	Kim Eng	Singtel	4.12	4.62	Buy	Sum of parts
09/30/25	Citi Research	Singtel	4.12	4.92	Buy
10/30/25	DMG & Partners	Singtel	4.31	4.9	Buy
11/07/25	DBS Vickers	Singtel	4.5	5.04	Buy	Sum of parts (10% disc)
11/07/25	Kim Eng	Singtel	4.5	4.62	Buy	Sum of parts
11/10/25	Lim & Tan	Singtel	4.63	4.73	Accumulate on weakness
11/12/25	Lim & Tan	Singtel	4.62	5	Accumulate on weakness
11/13/25	UOB Kay Hian	Singtel	4.72	5.2	Buy	Sum of parts
11/13/25	CIMB	Singtel	4.72	5.2	Add	PER
11/17/25	Phillip	Singtel	4.86	5.35	Accumulate
12/09/25	Citi Research	Singtel	4.56	5.08	Buy	Sum of parts
12/12/25	DBS Vickers	Singtel	4.56	5.71	Buy	Sum of parts