Singaporean Undervalued over 20% based on DCF

DBS Group Holdings

Market Cap: S$163.5b

Provides commercial banking and financial services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally.

Oversea-Chinese Banking

Market Cap: S$100.4b

Provides financial services in Singapore, Malaysia, Indonesia, Greater China, rest of the Asia Pacific, and internationally.

United Overseas Bank

Market Cap: S$61.0b

Provides banking products and services worldwide.

CapitaLand Integrated Commercial Trust

Market Cap: S$17.7b

CapitaLand Integrated Commercial Trust (CICT or the Trust) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalization of US$14.2 billion or S$18.2 billion as at 31 December 2025.

Great Eastern Holdings

Market Cap: S$15.0b

An investment holding company, provides insurance products in Singapore, Malaysia, and rest of Asia.

CapitaLand Ascendas REIT

Market Cap: S$12.2b

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

Seatrium

Market Cap: S$8.1b

Provides engineering solutions to the offshore, marine, and energy industries.

City Developments

Market Cap: S$7.3b

City Developments Limited (CDL) is a leading global real estate company with a network spanning 168 locations in 29 countries and regions.

Mapletree Logistics Trust

Market Cap: S$5.9b

Mapletree Logistics Trust, the first Asia Pacific-focused logistics REIT in Singapore, was listed on the SGX-ST Main Board on 28 July 2005.

Mapletree Industrial Trust

Market Cap: S$5.6b

A real estate investment trust (“REIT”) listed on the Main Board of Singapore Exchange.

Keppel DC REIT

Market Cap: S$5.4b

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

First Resources

Market Cap: S$4.5b

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

Keppel REIT

Market Cap: S$4.4b

Keppel REIT is one of Asia’s leading real estate investment trusts with a portfolio of prime commercial assets in Asia Pacific’s key business districts.

Suntec Real Estate Investment Trust

Market Cap: S$4.3b

Suntec Real Estate Investment Trust holds properties in Suntec City, Singapore’s largest integrated commercial development (including one of Singapore’s largest shopping malls), a 66.3% interest in the Suntec Singapore Convention & Exhibition Centre, a one-third interest in One Raffles Quay, and a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall; Suntec REIT also holds a 100% interest in a commercial building located at 177 Pacific Highway, Sydney, a 100% interest in a commercial building located at 21 Harris Street, Pyrmont, Sydney, a 50.0% interest in the Southgate Complex, Melbourne, a 50.0% interest in a commercial building in Olderfleet 477 Collins Street, Melbourne, and a 100% interest in a commercial building located at 55 Currie Street, Adelaide, Australia, and further holds a 50.0% interest in Nova Properties and a 100% interest in The Minster Building, both located in London, United Kingdom; Suntec REIT is managed by an external manager, ESR Trust Management (Suntec) Limited (formerly known as ARA Trust Management (Suntec) Limited).

Mapletree North Asia Commercial Trust

Market Cap: S$4.2b

Listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 7 March 2013, Mapletree North Asia Commercial Trust ("MNACT") is the first real estate investment trust (“REIT”) that offers investors the opportunity to invest in best-in-class commercial properties situated in prime locations in China, in Hong Kong SAR, in Japan and in South Korea.

NetLink NBN Trust

Market Cap: S$3.8b

An investment holding company, owns, designs, builds, and operates the passive fibre network infrastructure for residential homes and non-residential premises, and non-building address point (NBAP) connections in mainland Singapore and its connected islands.

CapitaLand Ascott Trust

Market Cap: S$3.4b

CapitaLand Ascott Trust (CLAS) is the largest lodging trust in Asia Pacific with an asset value of S$8.9 billion as of 31 December 2025.

Keppel Infrastructure Trust

Market Cap: S$3.1b

A listed business trust.

ComfortDelGro

Market Cap: S$3.1b

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

iFAST

Market Cap: S$2.7b

Operates as a digital banking and wealth management platform in Singapore, Hong Kong, Malaysia, China, and the United Kingdom.

Hong Leong Asia

Market Cap: S$2.1b

An investment holding company, manufactures and distributes powertrain solutions and related products, building materials, and rigid packaging products in the People’s Republic of China, Singapore, Malaysia, and internationally.

Raffles Medical Group

Market Cap: S$1.9b

Provides private healthcare services in Singapore, Greater China, Vietnam, Cambodia, and Japan.

ESR-REIT

Market Cap: S$1.8b

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

China Aviation Oil (Singapore)

Market Cap: S$1.8b

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

Lendlease Global Commercial REIT

Market Cap: S$1.8b

Listed on 2 October 2019, Lendlease Global Commercial REIT (Lendlease REIT) is established with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of stabilized income producing real estate assets located globally, which are used primarily for retail and/or office purposes.

Starhill Global Real Estate Investment Trust

Market Cap: S$1.3b

A Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas.

AIMS APAC REIT

Market Cap: S$1.2b

A real estate investment trust listed on the Mainboard of the SGX-ST since 2007.

Far East Hospitality Trust

Market Cap: S$1.2b

A Singapore-Focused Hotel and Serviced Residence Hospitality Trust listed on the Main Board of The Singapore Exchange Securities Trading Limited.

Pan-United

Market Cap: S$1.1b

An investment holding company, engages in the concrete and logistics businesses in Singapore and internationally.

Zheneng Jinjiang Environment Holding

Market Cap: S$917.8m

Engages in the generation and sale of electricity and steam in the People’s Republic of China.

Yangzijiang Financial Holding

Market Cap: S$870.1m

An investment holding company, engages in the investment-related activities in the People's Republic of China and Singapore.

CSE Global

Market Cap: S$854.2m

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.

Soilbuild Construction Group

Market Cap: S$648.6m

An investment holding company, engages in the residential and business space properties construction in Singapore, Myanmar, Malaysia, and internationally.

Aztech Global

Market Cap: S$629.0m

Engages in the research, development, design, engineering, manufacture, and sale of IoT devices, data-communication products, LED lighting, and other electrical products.

Nam Cheong

Market Cap: S$573.3m

An investment holding company, provides shipbuilding and vessel chartering.

SIIC Environment Holdings

Market Cap: S$466.2m

An investment holding company, engages in the wastewater treatment, water supply, sludge treatment, solid waste incineration, and other environment related businesses primarily in the People's Republic of China.