Singaporean Potentially Undervalued Companies

Sasseur Real Estate Investment Trust

Market Cap: S$882.1m

Invests in a portfolio of real estate and related assets.

Digital Core REIT

Market Cap: US$671.6m

A pure-play data centre Singapore Real Estate Investment Trust (S-REIT) sponsored by Digital Realty, a global best-in-class pure-play listed data centre owner and operator.

Stoneweg Europe Stapled Trust

Market Cap: €874.8m

Stoneweg Europe Stapled Trust (“SERT”, formerly Cromwell European REIT and renamed as Stoneweg European REIT following the change in Sponsor) is a stapled group comprising Stoneweg European Real Estate Investment Trust and Stoneweg European Business Trust.

Riverstone Holdings

Market Cap: S$1.0b

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

Stoneweg Europe Stapled Trust

Market Cap: S$874.8m

Stoneweg Europe Stapled Trust (“SERT”, formerly Cromwell European REIT and renamed as Stoneweg European REIT following the change in Sponsor) is a stapled group comprising Stoneweg European Real Estate Investment Trust and Stoneweg European Business Trust.

Prudential

Market Cap: US$24.5b

Through its subsidiaries, provides life and health insurance, and asset management solutions to individuals in Asia and Africa.

First Resources

Market Cap: S$2.6b

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

LHN

Market Cap: S$344.1m

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

Keppel Pacific Oak US REIT

Market Cap: US$235.0m

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.

Yangzijiang Shipbuilding (Holdings)

Market Cap: S$11.5b

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

Civmec

Market Cap: S$589.9m

An investment holding company, provides construction and engineering services to the energy, resources, infrastructure, marine, and defense sectors in Australia.

China Everbright Water

Market Cap: S$715.2m

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

Singapore Telecommunications

Market Cap: S$71.2b

Provides telecommunication services to consumers and small businesses in Singapore, Australia, and internationally.

DFI Retail Group Holdings

Market Cap: US$4.2b

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

CNMC Goldmine Holdings

Market Cap: S$251.3m

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

Centurion

Market Cap: S$1.5b

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

IHH Healthcare Berhad

Market Cap: S$60.0b

An investment holding company, offers healthcare services in Malaysia, Singapore, Turkey, India, China, Japan, Europe, and internationally.

StarHub

Market Cap: S$1.9b

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

Kasikornbank

Market Cap: S$396.9b

Provides commercial banking products and services in Thailand and internationally.

UOL Group

Market Cap: S$6.3b

UOL Group Limited (UOL) is a leading Singapore-listed property and hospitality group with total assets of about $23 billion.

BRC Asia

Market Cap: S$1.1b

Engages in the prefabrication of steel reinforcement for use in concrete in Singapore, Australia, Brunei, Hong Kong, Indonesia, Malaysia, Thailand, India, and internationally.

CSE Global

Market Cap: S$472.3m

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.

UMS Integration

Market Cap: S$994.8m

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

Aztech Global

Market Cap: S$517.1m

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

Zixin Group Holdings

Market Cap: S$49.3m

An investment holding company, engages in the research and development, cultivation, production, supply, and sale of sweet potato snack food products in the People’s Republic of China.

Mermaid Maritime

Market Cap: S$223.1m

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

OUE Real Estate Investment Trust

Market Cap: S$1.8b

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 under management of S$5.8 billion as of 31 December 2024.

United Hampshire US Real Estate Investment Trust

Market Cap: US$292.5m

Listed on the Main Board of the Singapore Exchange on 12 March 2020, UHREIT is a Singapore real estate investment trust established with the principal investment strategy of investing in a diversified portfolio of stabilised income-producing (i) grocery-anchored and necessity-based retail properties (“Grocery & Necessity Properties”), and (ii) modern, climate-controlled self-storage facilities (“Self-Storage Properties”), located in the U.S.

Pacific Radiance

Market Cap: S$111.5m

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

Bank of China

Market Cap: S$1.8t

Provides various banking and financial services in Chinese Mainland, Hong Kong, Macao, Taiwan, and internationally.

Jardine Cycle & Carriage

Market Cap: S$11.2b

An investment holding company, engages in providing the financial services, heavy equipment, mining, construction and energy, agribusiness, infrastructure and logistics, information technology, and property businesses in Indonesia, Singapore, and Malaysia.

Keppel DC REIT

Market Cap: S$5.3b

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

First Real Estate Investment Trust

Market Cap: S$579.4m

First Real Estate Investment Trust (“First REIT” or the “Trust”), is a healthcare real estate investment trust focused on investing in diverse yield-accretive healthcare and healthcare-related real estate assets within and outside of Asia.

Singapore Telecommunications

Market Cap: S$71.2b

Provides telecommunication services to consumers and small businesses in Singapore, Australia, and internationally.

China Sunsine Chemical Holdings

Market Cap: S$705.5m

An investment holding company, manufactures and sells specialty chemicals in the People’s Republic of China, rest of Asia, America, Europe, and internationally.

ESR-REIT

Market Cap: S$2.2b

A leading New Economy and future-ready Asia Pacific S-REIT.