CAUGHT! How Singapore Stole Indonesia's Trading Margins For 34 Years — DSI Just Ended It Four Singapore-listed companies. One Indonesian policy. One day. First Resources: −28%. Golden Agri-Resources: −18%. MP Evans Group: −24.2%. IJM Plantations: −21%. All collapsed on the same day Indonesia announced DSI — the one-gate export policy that puts $65 billion worth of palm oil, coal, and ferro alloy exports under direct state control. Here's what the market already knew that most people don't: First Resources earns SGD 770 million per year from Indonesia. That's 54% of its total revenue. It's listed in Singapore. Its profits are booked in Singapore. But every single one of its 249,000 hectares of plantations is in Indonesia — Indonesian land, Indonesian workers, Indonesian resources. When Indonesia changed one rule, the market immediately priced in what that arrangement was actually worth to Singapore. Then Singapore's Deputy Prime Minister Gan Kim Yong flew to Jakarta. Not to threaten. Not to negotiate from strength. To ask Indonesia to keep trading through Singapore's system. This video breaks down: — How Singapore built a commodity empire on Indonesia's resources — The three moves Indonesia is making that terrify Singapore — What Gan Kim Yong actually said in Jakarta — and what it really means — Why Singapore cannot fight back the way it wants to $150 billion per year. That's what Indonesia is reclaiming. Singapore just realized it can't stop them. #sellsingapore - @jongs_08