Singaporean Undervalued over 20% based on DCF

DBS Group Holdings

Market Cap: S$138.6b

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$76.6b

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

Singapore Telecommunications

Market Cap: S$66.2b

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

United Overseas Bank

Market Cap: S$60.5b

Provides banking products and services worldwide.

Wilmar International

Market Cap: S$18.5b

Operates as an agribusiness company in the People's Republic of China, South East Asia, India, Europe, Australia, New Zealand, Africa, and internationally.

Keppel

Market Cap: S$15.5b

An investment holding company, engages in the infrastructure, real estate, and connectivity businesses in Singapore, China, Hong Kong, other Far East and ASEAN countries, and internationally.

Great Eastern Holdings

Market Cap: S$12.2b

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

Yangzijiang Shipbuilding (Holdings)

Market Cap: S$10.4b

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

Mapletree Pan Asia Commercial Trust

Market Cap: S$7.0b

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

UOL Group

Market Cap: S$5.9b

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

Frasers Centrepoint Trust

Market Cap: S$4.5b

Frasers Centrepoint Trust (“FCT”) is a leading developer-sponsored retail real estate investment trust (“REIT”) and the largest suburban retail mall owner by net lettable area in Singapore with assets under management of approximately $7.1 billion.

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$3.5b

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.

SIA Engineering

Market Cap: S$3.5b

Engages in the provision of maintenance, repair, and overhaul (MRO) services in Singapore, Philippines, Japan, Malaysia, Cambodia, and the United States of America.

ComfortDelGro

Market Cap: S$3.4b

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

Frasers Logistics & Commercial Trust

Market Cap: S$3.3b

Frasers Logistics & Commercial Trust (“FLCT”) is a Singapore-listed real estate investment trust with a portfolio comprising 114 industrial and commercial properties, worth approximately S$6.8 billion, diversified across five major developed markets – Australia, Germany, Singapore, the United Kingdom and the Netherlands.

ESR-REIT

Market Cap: S$2.2b

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

Raffles Medical Group

Market Cap: S$1.9b

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

Ho Bee Land

Market Cap: S$1.4b

A real estate company founded in 1987.

Stoneweg Europe Stapled Trust

Market Cap: €891.6m

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.

Hour Glass

Market Cap: S$1.3b

An investment holding company, engages in the retailing and distribution of watches, jewellry, and other luxury products in Singapore, Hong Kong, Japan, Australia, New Zealand, Malaysia, Thailand, and Vietnam.

NTT DC REIT

Market Cap: US$968.9m

Primarily invests in data center assets owned and operated by NTT DATA.

Far East Hospitality Trust

Market Cap: S$1.2b

Far East H-Trust is a Singapore-Focused Hotel and Serviced Residence Hospitality Trust listed on the Main Board of The Singapore Exchange Securities Trading Limited (“SGX-ST”).

Yanlord Land Group

Market Cap: S$1.1b

A real estate developer focusing on developing high-end fully-fitted residential, commercial and integrated property projects in strategically selected key and high-growth cities in the PRC and Singapore.

AIMS APAC REIT

Market Cap: S$1.1b

Managed by the Manager, AIMS APAC REIT (“AA REIT”) is a real estate investment trust listed on the Mainboard of the SGX-ST since 2007.

PropNex

Market Cap: S$1.1b

An investment holding company, provides real estate services in Singapore.

Riverstone Holdings

Market Cap: S$1.1b

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

Boustead Singapore

Market Cap: S$806.3m

An investment holding company, provides energy engineering, real estate, geospatial, and healthcare technology solutions in Singapore, Australia, Malaysia, the United States, Europe, rest of the Asia Pacific, North and South America, the Middle East, and Africa.

Pan-United

Market Cap: S$767.8m

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

China Everbright Water

Market Cap: S$715.2m

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

ValueMax Group

Market Cap: S$678.0m

An investment holding company, engages in the pawnbroking, moneylending, jewelry and watches retailing, and gold trading businesses primarily in Singapore.

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.

VICOM

Market Cap: S$577.9m

An investment holding company, provides motor vehicle inspection; and non-vehicle testing, inspection, and consultancy services in Singapore.

Aztech Global

Market Cap: S$501.7m

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.

CSE Global

Market Cap: S$483.1m

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.

Nanofilm Technologies International

Market Cap: S$472.5m

Provides nanotechnology solutions in Singapore, China, Japan, and Vietnam.