No, the peak of this cynical cycle is already over. Expect DBS to drift gradually downward.

$Singtel(Z74.SI)$  IPO debut on 1 Nov 1993, intra day high at $5. It took more than 32 years to break the historical record high!

$Boustead(F9D.SI)$ Boustead update and target price Boustead Industrial Fund shareholders, including Metro and AP SG 21, have collectively agreed to divest the fund to IU Boustead, paving the way for a proposed REIT portfolio of $1.9 billion. This transaction crystallises asset value and creates optionality for cash proceeds, sponsor fees, or retained units. Updated target price (TP) — summary - Base-case TP: S$2.60 (≈ +19%) - Bull-case TP: S$3.00+ (≈ +38%+) How I translated these into TPs (high level) - If Boustead realises material cash or units from the divestment (sale to the REIT), it can reduce debt, pay special dividends, or retain a sponsor stake that generates recurring fees — each action supports a higher share price. - The base TP (S$

$JMH USD(J36.SI)$  

$HongkongLand USD(H78.SI)$  You must have heard many people saying, "No $10, no sell!". Let's examine:- Core Strategic Pillars - Concentrating on ultra-premium, integrated commercial properties in Asia’s gateway cities (Hong Kong, Singapore, Shanghai). - Moving away from the build-to-sell development model, which had historically contributed significantly to profits but carried higher volatility. - Portfolio Anchors - Flagship assets in Central (Hong Kong), Marina Bay (Singapore), and West Bund (Shanghai) are positioned as growth engines. - Portfolio Recycling - Selective divestment of investment properties to unlock capital (targeting up to USD 10bn over 10 years). - Funds redeployed into expanding the ultra-premium portfolio. Tactical Imp

$JMH USD(J36.SI)$  

$JMH USD(J36.SI)$  

$JMH USD(J36.SI)$  

$JMH USD(J36.SI)$  

$JMH USD(J36.SI)$  

$DFIRG USD(D01.SI)$  

$DFIRG USD(D01.SI)$  

$DFIRG USD(D01.SI)$  

$DFIRG USD(D01.SI)$  

$DFIRG USD(D01.SI)$  

$JMH USD(J36.SI)$   - Mandarin Oriental delisting: Executed “on the cheap” and clean — textbook consolidation to tighten control and unlock optionality. - Subsidiary strength: Performance aligned across the group; no visible drag, giving JMH room to move decisively. - Leadership reset: New boss in, sharpening competencies and strategy with an operator’s mindset instead of caretaker mode. - Shake-up underway: Structure, incentives, and capital allocation getting rewired — signals of intent, not optics. - Big moves plotting: Positioning for monetisation pathways (asset optimisation, brand leverage, capital recycling) with execution discipline front and center. --- Why it matters for JMH holders - Control premium: Consolidation of MO reduces f

$SingPost(S08.SI)$  Announcement of domestic postal hike of 10 cents. Ok lah, better than nothing. But I am still expecting more help from the government for the sustainability of the domestic postal operation. Also the expansion of its services especially the expanded touchpoint network is to eat into the local courier market. Noted that Ninja Van had given up on small scale individual parcel service. This is where Singpost can compete best and muscle in with secured postal lockers in 2500 touchpoints islandwide, accessible within 10 mins walk. This expansion is essentially SingPost locking in its consumer moat - ensuring that even as volume shrink, its network density and accessibility remains unmatched.

$DFIRG USD(D01.SI)$  

$DFIRG USD(D01.SI)$  Thank you, DFI Retail Group, for the generosity extended to the victims of Tai Po fire tragedy. This donation aligns with your corporate motto well - sustainably serving the communities for generations.

$DFIRG USD(D01.SI)$ Shiok