Singaporean Potentially Undervalued Companies

Manulife US Real Estate Investment Trust

Market Cap: US$139.5m

Manulife US Real Estate Investment Trust (“Manulife US REIT” or “MUST”) is the first pure-play U.S.

ComfortDelGro

Market Cap: S$3.1b

Provides public transportation services in Singapore, the United Kingdom, Australia, China, and Malaysia.

Frencken Group

Market Cap: S$597.9m

An investment holding company, provides original design, original equipment, and diversified integrated manufacturing solutions worldwide.

ESR-REIT

Market Cap: S$2.2b

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

Golden Agri-Resources

Market Cap: S$3.5b

An investment holding company, operates as an integrated palm oil plantation company in Singapore, India, Pakistan, China, rest of Asia, the United States, Europe, and the Middle East.

Elite UK REIT

Market Cap: UK£213.5m

Operates as a real estate investment trust.

Sembcorp Industries

Market Cap: S$10.8b

An investment holding company, engages in providing industrial and urban solutions in Singapore, the United Kingdom, China, India, rest of Asia, the Middle East, and internationally.

AMTD IDEA Group

Market Cap: S$97.1m

An investment holding company, provides capital market solutions in China, Hong Kong, Europe, the United States, and Southeast Asia.

Halcyon Agri

Market Cap: S$654.0m

Halcyon Agri Corporation Limited, an investment holding company, originates, produces, and distributes natural rubber products in Singapore, China, the United States, Canada, Europe, rest of Asia, and internationally.

China Yuanbang Property Holdings

Market Cap: S$10.5m

An investment holding company, develops, manages, markets, and sells residential and commercial properties in the People's Republic of China.

Keong Hong Holdings

Market Cap: S$42.3m

An investment holding company, engages in the building construction, and property and hotel development activities in Singapore and Maldives.

GSS Energy

Market Cap: S$9.6m

An investment holding company, engages in the precision engineering business in Singapore, Indonesia, China, Thailand, and internationally.

Heatec Jietong Holdings

Market Cap: S$3.7m

Provides piping and heat exchanger services for the marine, petrochemical, and oil and gas industries in Singapore, the People’s Republic of China, and the Philippines.

Alpina Holdings

Market Cap: S$57.1m

Provides integrated building services, mechanical and electrical engineering services, and alteration and addition works to public and private sector projects in Singapore.

Pasture Holdings

Market Cap: S$10.2m

Operates as a pharmaceutical products and medical supply company in Japan, Hong Kong, Canada, Singapore, and internationally.

China Aviation Oil (Singapore)

Market Cap: S$1.1b

Trades in and supplies jet fuel to civil aviation industry worldwide.

ABR Holdings

Market Cap: S$84.4m

An investment holding company, manufactures and sells ice creams in Singapore and Malaysia.

Mooreast Holdings

Market Cap: S$35.2m

Provides total mooring solutions in Singapore, Europe, the Asia Pacific, the Middle East, Oceania, South America, and internationally.

Daiwa House Logistics Trust

Market Cap: S$395.4m

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.

JB Foods

Market Cap: S$171.5m

An investment holding company, engages in the production and sale of cocoa ingredient products primarily in Singapore, Malaysia, Indonesia, the People’s Republic of China, and the United States.

Sing Investments & Finance

Market Cap: S$319.2m

Provides f financial products and services to individuals and corporations in Singapore.

Kencana Agri

Market Cap: S$63.1m

Operates as a plantation company in Indonesia, Malaysia, and internationally.

Hafary Holdings

Market Cap: S$208.8m

An investment holding company, engages in import, export, dealing, distribution, wholesale, and trading in building materials.

CP ALL

Market Cap: S$400.0b

Operates and franchises convenience stores under the 7-Eleven name to other retailers primarily in Thailand, Malaysia, and internatinally.

Union Gas Holdings

Market Cap: S$119.1m

An investment holding company, provides fuel products in Singapore and Indonesia.

PetroChina

Market Cap: S$1.7t

Engages in a range of petroleum related products, services, and activities in Mainland China and internationally.

Katrina Group

Market Cap: S$10.3m

An investment holding company, owns and operates restaurants and cafes.

Atlantic Navigation Holdings (Singapore)

Market Cap: S$45.5m

An investment holding company, provides marine logistic services, ship repair, fabrication, and other marine services in Qatar, Saudi Arabia, Oman, and internationally.

F J Benjamin Holdings

Market Cap: S$13.1m

An investment holding company, engages in the brand building and management, and development of retail and distribution networks for international luxury and lifestyle brands in Southeast Asia.

Tritech Group

Market Cap: S$11.5m

An investment holding company, engages in the engineering, and water-related and environmental businesses in Singapore.

Uni-Asia Group

Market Cap: S$62.9m

Operates as an alternative investment company in Japan, Asia, and internationally.

Indofood Agri Resources

Market Cap: S$509.5m

Operates as a vertically integrated agribusiness company in Singapore, Indonesia, China, Nigeria, Timor Leste, and internationally.

CapitaLand China Trust

Market Cap: S$1.3b

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

HL Global Enterprises

Market Cap: S$29.1m

An investment holding company, engages in the hospitality and restaurant, and property development businesses in Singapore, Malaysia, and the People’s Republic of China.

Envictus International Holdings

Market Cap: S$106.5m

An investment holding company, engages in the sale of food and beverage products in Malaysia, Africa, ASEAN countries, and the United States.

Yangzijiang Shipbuilding (Holdings)

Market Cap: CN¥11.3b

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