CDP
| Security | # shares | Price S$ | % |
|---|---|---|---|
| DBS | 440 | 56.36 | 3.97 |
| UOB | 400 | 35.06 | 2.25 |
| OCBC Bank | 700 | 19.76 | 2.22 |
| SGX | 3,200 | 16.96 | 8.42 |
| ST Engineering | 6,900 | 8.42 | 9.31 |
| Powermatic Data | 13,800 | 3.20 | 7.08 |
| Sheng Siong | 19,100 | 2.63 | 8.05 |
| TheHourGlass | 19,600 | 2.25 | 7.07 |
| VICOM Ltd | 21,500 | 1.64 | 5.65 |
| Micro-Mechanics | 18,400 | 1.62 | 4.78 |
| UMS | 31,200 | 1.42 | 7.10 |
| Credit Bureau Asia | 30,100 | 1.30 | 6.27 |
| Riverstone | 40,500 | 0.87 | 5.65 |
| Info-Tech | 41,400 | 0.78 | 5.17 |
| China Sunsine | 41,800 | 0.80 | 5.36 |
| HRnetGroup | 21,900 | 0.75 | 2.63 |
| Nanofilm | 36,100 | 0.585 | 3.38 |
| Kimly | 27,000 | 0.39 | 1.69 |
| HC Surgical | 35,500 | 0.365 | 2.08 |
| Audience Analytics | 38,900 | 0.26 | 1.62 |
YTD Dividends Received = S$18,656
YTD SBL Fees Received = S$777
Trades
- Bought 41,400 shares of Info-Tech Systems Limited.
SRS
| Security | # shares | Price S$ | % |
|---|---|---|---|
| TheHourGlass | 5,000 | 2.25 | 7.80 |
| Micro-Mechanics | 5,400 | 1.62 | 6.06 |
| NetLink NBN Trust | 108,000 | 0.965 | 72.24 |
| HRnetGroup | 7,500 | 0.75 | 3.90 |
| Nanofilm | 12,500 | 0.585 | 5.07 |
| HC Surgical | 19,500 | 0.365 | 4.93 |
Trades
None
Singapore Savings Bonds
| Security | Amount | Coupon Now |
|---|---|---|
| GX22120S | S$14,000 | 3.58% |
| GX23010Z | S$15,000 | 2.95% |
| GX23110V | S$20,000 | 3.21% |
| GX23120Z | S$20,000 | 3.30% |
| GX24060A | S$20,000 | 3.26% |
| GX24070S | S$20,000 | 3.26% |
| GX24080W | S$20,000 | 3.19% |
YTD Coupons Received = S$4,146
Speculative Play
| Security | # shares | Price US$ |
|---|---|---|
| Kep Pacific Oak REIT | 70,000 | 0.235 |
Trades
None
Commentary:
In the blink of an eye, Year 2025 has come to a close.
What an eventful year it has been. In the political arena, U.S. President Donald J. Trump announced sweeping tariffs on both friends and foes alike, throwing the global economy into disarray. At the same time, the war of words escalated between U.S. and China. New Japanese Prime Minister Sanae Takaichi joined the fray, angering China with her parliamentary remarks that a potential Chinese attack on Taiwan could constitute a "survival-threatening situation" for Japan, potentially requiring a military response. There has been rumour that Chinese President Xi Jinping told his military staff to be ready for the Taiwan invasion by Year 2027 [news]. The situation has never been more volatile. (This video [link] summarizes what may happen if the Taiwan invasion occurs.)
Despite the wild swings due to the U.S. tariffs, global equity markets performed admirably well and ended 2025 on a high note. The S&P 500 Index closed up 16.4 percent YoY. The MSCI World Index returned 19.5 percent over the same period. Even our local Straits Times Index ("STI") found a tailwind, logging a positive 22.7 percent YoY.
One interesting observation is that the iEdge Singapore Next 50 Index, which tracks the performance of the next fifty largest companies listed on the SGX Mainboard (excluding the thirty largest companies by market capitalization) performed better, logging a positive 26.7 percent return in 2025.
This hints of investor participation in the broader Singapore stock market, not just in the main STI constituents. There is some doubt though whether the momentum can be sustained [commentary].
In the fixed income space, the U.S. Federal Reserve implemented three 25-basis point rate cuts in September, October and December 2025 respectively. This led to the fall in interest rate on our shores. Gone are the days when SGD fixed deposits can earn a yield above 3 percent. With SSB and SGS Treasury yield hovering in the paltry 1+ percent range, and Singapore's core inflation hitting as high as 1.2 percent [news], there is little margin for consolation. I doubt I will be buying these bonds anytime soon.
On the commodities side, gold price continued its stellar trajectory past US$4,500 per ounce before hitting a selloff near the year end [source]. There is a report stating that central banks' purchase of the yellow metal had picked up significantly in the last few months of the year [report]. Likewise, silver also found a following among investors. Silver spot price rose more than two-fold from US$30 to US$78 per ounce [source]. This reeks of speculative fervour in the market. The precious metals have become even more precious. That said, I am not a fan of non-productive assets, so gold and silver do not have a place in my portfolio.
Conversely, cryptocurrencies like Bitcoin went on a roller-coaster ride, going as high as US$124k before ending the year lower at US$88k [source]. Ethereum followed suit, hitting a peak of US$4.8k before closing lower close to US$3k [source]. The extreme volatility in cryptocurrencies is too much for my weak heart. You can call me old-school, but I wouldn't touch cryptos with a ten-foot pole.
Best-selling author Robert Kiyosaki offers a different perspective on holding precious metals and cryptos:
However, I do not think public trust in state institutions is going to disappear overnight. So...not a reason for me to get on board the bandwagon yet.
2025 had shaped up to be a fruitful year for my personal life too.
At the workplace, my boss put me on trial for a new senior role in the team. It involved co-ordinating effort between different stakeholders in the company to resolve client issues effectively. I believe I had placed my best foot forward. Whether my performance had been up to mark or not, I will know during my annual job review in February 2026.
In the family, my older boy is coping well in HCI. His academic result is satisfactory so far, and he was chosen to be a student councillor, which was what he had set out to achieve in 2025. My younger boy had performed well in his P5 studies too. He participated in a few Robotics competitions through the year, representing his school as well as outside. I am glad he received the Edusave Scholarship Award and the EAGLES Award this year. I hope my younger boy will qualify for DSA-Sec come June 2026, and that he will score well for his PSLE, which is a major milestone for every child in Singapore.
My CDP portfolio closed the year with a market value of S$624,131. This is a significant change from the same time last year (2024: S$431,135). One reason is because I have invested in a few new counters in 2025. I would have liked to put more money to work in the market, but valuations are a bit stretched at the moment, especially for the local bank stocks. I shall be patient and wait for a more opportune time. (Sure, I may miss out on the fat dividends, but note that the market operates in cycles. As retracement occurs, there is *always* a better opportunity down the road when Mr. Market comes knocking.)
In December, I initiated a new position in Info-Tech Systems Limited ("Info-Tech"), a Singapore-headquartered company supplying HRM software to mid-market firms in Singapore, Malaysia, Hong Kong and India. Info-Tech charges customers upfront and renders its services over the subscription period. Based on its reported results over the past few years, this asset-light company has a visible recurring revenue stream, healthy margins and double-digit ROE. Info-Tech is also net cash at the moment, which is appealing. My positive experience with Silverlake Axis Limited in the past (now delisted) is also one reason why I favour software companies.
DBS digiWealth (former NAV Planner) puts my current net worth somewhere around S$1.77M:
This is an uptick from S$1.45M in 2024. I shall continue to build up my source of dividend income as I grow older. I aim to retire (or at least semi-retire) after my 55th birthday. That is when my kids are grown up and can take care of themselves, and I can pursue my interest to travel and see the world. Less than a decade to go!
That's it, folks. Before I sign off, let me share a piece of good news: the CPF Basic Healthcare Sum has been adjusted to S$79,000 in 2026. If you have spare cash, this is a good chance to top up your Medisave Account and earn some tax relief at the same time.
Wishing you a wonderful start to the Year 2026, my friends!
What an eventful year it has been. In the political arena, U.S. President Donald J. Trump announced sweeping tariffs on both friends and foes alike, throwing the global economy into disarray. At the same time, the war of words escalated between U.S. and China. New Japanese Prime Minister Sanae Takaichi joined the fray, angering China with her parliamentary remarks that a potential Chinese attack on Taiwan could constitute a "survival-threatening situation" for Japan, potentially requiring a military response. There has been rumour that Chinese President Xi Jinping told his military staff to be ready for the Taiwan invasion by Year 2027 [news]. The situation has never been more volatile. (This video [link] summarizes what may happen if the Taiwan invasion occurs.)
Despite the wild swings due to the U.S. tariffs, global equity markets performed admirably well and ended 2025 on a high note. The S&P 500 Index closed up 16.4 percent YoY. The MSCI World Index returned 19.5 percent over the same period. Even our local Straits Times Index ("STI") found a tailwind, logging a positive 22.7 percent YoY.
 |
| One-year chart of the Straits Times Index. (Source: TradingView) |
One interesting observation is that the iEdge Singapore Next 50 Index, which tracks the performance of the next fifty largest companies listed on the SGX Mainboard (excluding the thirty largest companies by market capitalization) performed better, logging a positive 26.7 percent return in 2025.
This hints of investor participation in the broader Singapore stock market, not just in the main STI constituents. There is some doubt though whether the momentum can be sustained [commentary].
In the fixed income space, the U.S. Federal Reserve implemented three 25-basis point rate cuts in September, October and December 2025 respectively. This led to the fall in interest rate on our shores. Gone are the days when SGD fixed deposits can earn a yield above 3 percent. With SSB and SGS Treasury yield hovering in the paltry 1+ percent range, and Singapore's core inflation hitting as high as 1.2 percent [news], there is little margin for consolation. I doubt I will be buying these bonds anytime soon.
On the commodities side, gold price continued its stellar trajectory past US$4,500 per ounce before hitting a selloff near the year end [source]. There is a report stating that central banks' purchase of the yellow metal had picked up significantly in the last few months of the year [report]. Likewise, silver also found a following among investors. Silver spot price rose more than two-fold from US$30 to US$78 per ounce [source]. This reeks of speculative fervour in the market. The precious metals have become even more precious. That said, I am not a fan of non-productive assets, so gold and silver do not have a place in my portfolio.
Conversely, cryptocurrencies like Bitcoin went on a roller-coaster ride, going as high as US$124k before ending the year lower at US$88k [source]. Ethereum followed suit, hitting a peak of US$4.8k before closing lower close to US$3k [source]. The extreme volatility in cryptocurrencies is too much for my weak heart. You can call me old-school, but I wouldn't touch cryptos with a ten-foot pole.
Best-selling author Robert Kiyosaki offers a different perspective on holding precious metals and cryptos:
However, I do not think public trust in state institutions is going to disappear overnight. So...not a reason for me to get on board the bandwagon yet.
2025 had shaped up to be a fruitful year for my personal life too.
At the workplace, my boss put me on trial for a new senior role in the team. It involved co-ordinating effort between different stakeholders in the company to resolve client issues effectively. I believe I had placed my best foot forward. Whether my performance had been up to mark or not, I will know during my annual job review in February 2026.
In the family, my older boy is coping well in HCI. His academic result is satisfactory so far, and he was chosen to be a student councillor, which was what he had set out to achieve in 2025. My younger boy had performed well in his P5 studies too. He participated in a few Robotics competitions through the year, representing his school as well as outside. I am glad he received the Edusave Scholarship Award and the EAGLES Award this year. I hope my younger boy will qualify for DSA-Sec come June 2026, and that he will score well for his PSLE, which is a major milestone for every child in Singapore.
My CDP portfolio closed the year with a market value of S$624,131. This is a significant change from the same time last year (2024: S$431,135). One reason is because I have invested in a few new counters in 2025. I would have liked to put more money to work in the market, but valuations are a bit stretched at the moment, especially for the local bank stocks. I shall be patient and wait for a more opportune time. (Sure, I may miss out on the fat dividends, but note that the market operates in cycles. As retracement occurs, there is *always* a better opportunity down the road when Mr. Market comes knocking.)
DBS digiWealth (former NAV Planner) puts my current net worth somewhere around S$1.77M:
This is an uptick from S$1.45M in 2024. I shall continue to build up my source of dividend income as I grow older. I aim to retire (or at least semi-retire) after my 55th birthday. That is when my kids are grown up and can take care of themselves, and I can pursue my interest to travel and see the world. Less than a decade to go!
That's it, folks. Before I sign off, let me share a piece of good news: the CPF Basic Healthcare Sum has been adjusted to S$79,000 in 2026. If you have spare cash, this is a good chance to top up your Medisave Account and earn some tax relief at the same time.
Wishing you a wonderful start to the Year 2026, my friends!
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