Singaporean Potentially Undervalued Companies

Sasseur Real Estate Investment Trust

Market Cap: S$725.4m

Invests in a portfolio of real estate and related assets.

Keppel Pacific Oak US REIT

Market Cap: US$188.0m

Keppel Pacific Oak US REIT (KORE) is a distinctive office REIT listed on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST) on 9 November 2017.

DFI Retail Group Holdings

Market Cap: US$2.9b

Operates as a retailer in Hong Kong, Mainland China, Macau, Taiwan, Singapore, Cambodia, Malaysia, Indonesia, and Brunei.

LHN

Market Cap: S$169.4m

An investment holding company, engages in space optimization, property development, facilities management services, and energy businesses in Singapore, Hong Kong, Myanmar, Indonesia, and Cambodia.

First Resources

Market Cap: S$2.3b

An investment holding company, engages in the palm oil production activities in Singapore, Indonesia, Europe, China, Malaysia, and internationally.

UOL Group

Market Cap: S$4.6b

Engages in the property and hospitality operations in Singapore, Australia, the United Kingdom, China, Malaysia, Indonesia, Thailand, Vietnam, Myanmar, Cambodia, Bangladesh, Japan, the United States, Canada, and Kenya.

CSE Global

Market Cap: S$282.3m

An investment holding company, engages in the provision of integrated industrial automation, information technology, and intelligent transport solutions in the Asia Pacific, the Americas, Europe, the Middle East, and Africa.

Digital Core REIT

Market Cap: US$597.3m

Digital Core REIT (SGX: DCRU) is a leading pure-play data centre REIT listed in Singapore and sponsored by Digital Realty (NYSE: DLR), the largest global data centre owner and operator.

Marco Polo Marine

Market Cap: S$142.6m

Operates as an integrated marine logistic company in Singapore, Indonesia, Taiwan, Thailand, Malaysia, and internationally.

OUE Real Estate Investment Trust

Market Cap: S$1.5b

OUE Real Estate Investment Trust (“OUE REIT”), formerly known as OUE Commercial Real Estate Investment Trust, is one of the largest diversified Singapore REITs (“S-REITs”) with total assets of S$6.3 billion as of 31 December 2023.

Mapletree Pan Asia Commercial Trust

Market Cap: S$6.0b

Mapletree Pan Asia Commercial Trust (“MPACT”) is a real estate investment trust (“REIT”) positioned to be the proxy to key gateway markets of Asia.

Keppel DC REIT

Market Cap: S$4.4b

Keppel DC REIT was listed on the Singapore Exchange on 12 December 2014 as the first pure-play data centre REIT in Asia.

ESR-REIT

Market Cap: S$1.6b

ESR-LOGOS REIT is a leading New Economy and future-ready Asia Pacific S-REIT.

Elite UK REIT

Market Cap: UK£166.4m

Operates as a real estate investment trust.

Riverstone Holdings

Market Cap: S$1.3b

An investment holding company, engages in the manufacture and distribution of cleanroom and healthcare gloves in Malaysia, Thailand, and China.

CNMC Goldmine Holdings

Market Cap: S$156.0m

An investment holding company, engages in the exploration and mining of gold deposits in Malaysia.

CapitaLand China Trust

Market Cap: S$1.0b

CapitaLand China Trust (CLCT) is Singapore’s largest China-focused real estate investment trust (REIT).

Daiwa House Logistics Trust

Market Cap: S$377.4m

Daiwa House Logistics Trust (“DHLT”) is a Singapore real estate investment trust (“REIT”) established with the investment strategy of principally investing in a portfolio of income-producing logistics and industrial real estate assets located across Asia.

Centurion

Market Cap: S$941.7m

Owns, develops, and manages workers and student accommodation assets in Singapore, Malaysia, Australia, the United Kingdom, and internationally.

Jardine Matheson Holdings

Market Cap: US$11.5b

Through its subsidiaries, operates in motor vehicles and related operations, property investment and development, food retailing, health and beauty, home furnishings, engineering and construction, and transport businesses in China, Southeast Asia, and internationally.

China Everbright Water

Market Cap: S$658.0m

Engages in the water environment management business in Mainland China and Germany.

Bumitama Agri

Market Cap: S$1.4b

An investment holding company, engages in the production of crude palm oil (CPO) and palm kernel (PK) in Indonesia.

Yangzijiang Shipbuilding (Holdings)

Market Cap: S$7.8b

An investment holding company, engages in the shipbuilding activities in the Greater China, Canada, Japan, Italy, Greece, Germany, Bulgaria, United Kingdom, Singapore, and internationally.

ISOTeam

Market Cap: S$46.0m

Operates in the building maintenance and estate upgrading industry in Singapore.

Kasikornbank

Market Cap: S$357.8b

Provides commercial banking products and services in Thailand and internationally.

CapitaLand Ascendas REIT

Market Cap: S$11.0b

CapitaLand Ascendas REIT (CLAR) is Singapore’s first and largest listed business space and industrial real estate investment trust.

Delfi

Market Cap: S$421.7m

An investment holding company, manufactures, markets, distributes, and sells chocolate, chocolate confectionery, and consumer products in Indonesia, Philippines, Malaysia, Singapore, and internationally.

Japfa

Market Cap: S$1.2b

An agri-food company, produces and sells protein staples, and packaged food products in Indonesia, Vietnam, India, Myanmar, and internationally.

StarHub

Market Cap: S$2.0b

Provides communications, entertainment, and digital solutions for individuals and corporations in Singapore.

UMS Integration

Market Cap: S$685.7m

An investment holding company, manufactures and markets precision machining components, and provides electromechanical assembly and final testing services.

Aztech Global

Market Cap: S$563.4m

Engages in the research, development, engineering, and manufacturing of IoT devices, data-communication products, and LED lighting products in Singapore, North America, China, Europe, Oceania, rest of ASEAN countries, and internationally.

Pacific Radiance

Market Cap: S$49.2m

An investment holding company, owns, operates, and manages offshore vessels and provides offshore support services.

Thai Beverage

Market Cap: S$12.2b

Produces and distributes alcoholic and non-alcoholic beverages, and food products in Thailand, Vietnam, Malaysia, Myanmar, Singapore, and internationally.

Mermaid Maritime

Market Cap: S$132.9m

Operates as a subsea and offshore services company in Thailand, Qatar, the United Arab Emirates, the United Kingdom, and Saudi Arabia.

Acrophyte Hospitality Trust

Market Cap: US$112.5m

Listed on the Singapore Exchange on 9 May 2019, ARA US Hospitality Trust is a hospitality stapled group comprising ARA US Hospitality Property Trust (“ARA H-REIT”) and ARA US Hospitality Management Trust (“ARA H-BT”).

Paragon REIT

Market Cap: S$2.7b

PARAGON REIT is a Singapore-based real estate investment trust established principally to invest in a portfolio of income-producing real estate primarily for retail purposes in AsiaPacific, as well as real estate-related assets.