9 undervalued stocks in Singapore (Feb 2026)

There are ~600+ stocks listed on the Singapore exchange. I’ve limited the dataset to the Straits Times Index (STI) constituent stocks, then use the SGX Stock Screener to filter for those with a Price-to-Book (PB) ratio of less than 1 which means that they are trading below their net asset value.

Are there still undervalued blue-chip stocks in the Singapore market today? As of 6 Feb 2026, we’ve identified 9 such stocks. Here’s the list:

9 undervalued stocks in Singapore (Feb 2026)

Name	Ticker	Price / Book	P/E Ratio	Dividend Yield	Market Cap	Industry
Hongkong Land Holdings Limited	H78	0.62	48.82	2.7%	18.58B	Real Estate Management & Development
Jardine Matheson Holdings Limited	J36	0.80	228.35	2.9%	22.55B	Industrial Conglomerates
UOL	U14	0.81	21.35	1.6%	9.33B	Real Estate Management & Development
Mapletree Pan Asia Commercial Trust	N2IU	0.81	11.28	5.5%	7.71B	Diversified REITs
Wilmar International Limited	F34	0.82	14.24	4.0%	21.6B	Food Products
Frasers Logistics & Commercial Trust	BUOU	0.91	18.48	5.9%	3.79B	Industrial REITs
Mapletree Logistics Trust	M44U	0.95	39.34	5.6%	6.68B	Industrial REITs
Frasers Centrepoint Trust	J69U	0.96	22.72	5.4%	4.54B	Retail REITs
City Developments Limited	C09	0.98	43.89	1.2%	8.51B	Real Estate Management & Development

1. Hongkong Land (H78): P/B 0.62

Hongkong Land is a property investment, development and management group, considered one of the Singapore’s blue-chip property stocks.

As its name suggests, most of its portfolio is concentrated in Hong Kong. It’s portfolio primarily comprises office and retail properties, and it made our list of Singapore Blue Chip stocks with Moats.

For the last few years after Covid, Hongkong Land struggled with poor performance and a declining share price due to its exposure to Hong Kong and China properties. Despite their strong dividend yield around 5%, investors would have still lost 5.58% after holding it for the past ten years till 2024.

However, in their long-awaited strategy update on 29 October 2024, the company announced that it is now pivoting to focus on property investment over development. Management aims to generate more recurring income and plans to exit the build-to-sell segment, which is largely residential, and focus on developing ultra-premium integrated commercial properties in Asia’s gateway cities. Hongkong Land also considered packaging some properties into REITs or private funds. By setting up a REIT, Hongkong Land could sell a portion of its properties while retaining a majority stake, much like other sponsors such as CapitaLand. This approach would allow the company to free up capital while still maintaining control over the properties. This also marked the start of a turnaround.

In their latest 1H2025 results announced on 29 July, Hongkong Land’s underlying profit, excluding China provisions, grew 11% to US$320 million supported by stable valuations and share buybacks, while capital recycling reached US$1.3 billion – 33% of the 2027 target. Despite lower contributions from Hong Kong due to soft office rents and ongoing LANDMARK renovations, Hongkong Land maintained a strong financial position with reduced net debt and an interim dividend of US6 cents per share.

Hongkong Land further announced the sale of its one-third stake in Marina Bay Financial Centre (MBFC) Tower 3 to Keppel Reit for S$1.45 billion on 11 December. Following that, the company launched its Singapore Central Private Real Estate Fund (SCPREF) on 3 February 2026, a Singapore-focused private fund with S$8.2 billion of assets under management at inception. As part of the fund’s seeding, Hongkong Land contributed its 33⅓% interests in MBFC Towers 1 and 2 and One Raffles Quay, alongside other prime Singapore commercial assets. This is in-line with Hongkong Land’s strategic shift from being primarily a direct owner of office assets to capital-recycling and fund management, unlocking value from mature buildings and generating recurring management fees while bringing in third-party capital.

While Hongkong Land remains the most undervalued stock on this list, it’s P/B has jumped from 0.51 in Jan last month to 0.62 due to its recent share price rally. it is now trading above both its historical average of 0.3, and the industry P/B of 0.4, with a dividend yield of 2.7%. Hongkong Land’s share price has also increased by 87% over the past year and 16% YTD, reflecting renewed investor interest following the company’s strategic initiatives.

2. Jardine Matheson Holdings (J36): P/B 0.80

Jardine Matheson (JDM) is a conglomerate with a diverse range of businesses under its umbrella, with a hand in sectors ranging from property to retail and even heavy machinery and construction. 

Given JDM’s complex business and size, Alvin had ranked it as “JOMO” in his Singapore Blue Chip Stocks ranking video.

It holds 75% of Jardine C&C, 52% of Hongkong Land and many more.

In its 1H2025 results announced on 1 August, JDM delivered revenue of US$17.078 bn, slight drop from the US$17.280 bn in 1H FY24. There was a 45% increase in underlying net profit to US$798 million (up 11% at constant exchange rates and excluding 2024 impairments), with stronger performance across most businesses. JDM continues to execute its strategic shift—highlighted by capital recycling at Hongkong Land and portfolio simplification at DFI Retail. Parent free cash flow rose 6% to US$585 million, gearing improved to 11% (3% lower), and the interim dividend was maintained at US$0.60 per share.

JDM has continued paying out dividends over the past few years despite the challenges and at the point of update, its dividend yield is about 2.9%. JDM is working on further portfolio simplification and capital recycling, with a goal to achieving its financial objectives and delivering superior 5-year total shareholder returns. One example is DFI Retail’s recent sale of Cold Storage and Giant.

Jardine Matheson is trading at a P/B of 0.80, up from 0.70 last month, following a 95% rally over the past year and 12% YTD rally. Its is now above its historical P/B of 0.6 but still below its industry average of 0.9.

Please keep in mind that JMD’s business is cyclical, such stocks are not that suitable for holding long term. Instead, you might want to rely on its momentum and consult related technical indicators if you wish to ride JDM’s price action.

3. UOL (U14): P/B 0.81

UOL is a real estate management company with an extensive portfolio of development and investment properties. It has geographical presence in 15 countries and total assets of $22.8 billion as at 30 June 2025.

For their latest 1H FY2025 financial results, reported on 13 Aug, UOL reported a 45% increase in attributable profit before fair value and other gains (operating PATMI) to $206.6 million. The increase was due to the strong performance of all business segments. Net attributable profit (PATMI) increased 58% yoy to $205.5 million due to strong performance from property development and property investments, and other gains from the disposal of PARKROYAL Yangon.

Group revenue rose 22% to $1.55 billion and pre-tax profit before fair value and other gains was up 30% yoy to $319.2 million, owing to higher operating profit from property development and property investments, as well as lower net finance expenses which fell 12% due to lower interest rate environment and hedging programme.

UOL’s share price has risen by 115% over the past year and 26.67% YTD, buoyed by strong Singapore property market tailwinds supporting developers.

At the point of update, UOL’s dividend yield is about 1.6%. Its P/B jumped from 0.64 last month to 0.81 this month, significantly higher than its historical P/B of 0.6.

4. Mapletree Pan Asia Commercial Trust (N2IU): P/B 0.81

Mapletree Pan Asia Commercial Trust (MPACT) is the renamed entity after Mapletree Commercial Trust (MCT) acquired and merged with Mapletree North Asia Commercial Trust on 3 Aug 2022. We covered the merger here.

MPACT now has 15 properties across five key gateway markets of Asia – four in Singapore, one in Hong Kong, two in China, seven in Japan and one in South Korea, with a portfolio valuation of S$15.5 billion as at 30 September 2025.

In its latest results released on 30 January 2026, MPACT reported 3Q FY25/26 gross revenue of S$219.4 million and net property income (NPI) of S$164.9 million, down 1.9% and 1.2% year-on-year, respectively. The decline was mainly due to the divestment of 2 properties in Japan in August 2025 and lower overseas contributions. However, operating expenses improved 4.0% year-on-year, aided by divestments and lower utility costs while favourable interest rate conditions and proactive debt reduction improved net finance costs by 10.2%. These improvements, along with higher Singapore asset performance (Singapore’s gross revenue and NPI grew 3.5% and 5.3% yoy), helped offset overseas challenges. As a result, distribution per unit (DPU) for 3Q FY25/26 increased 2.5% to 2.05 Singapore cents.

For YTD FY25/26, gross revenue and NPI fell 4.3% and 3.7% YoY to S$656.6.1 million and S$494.8 million, mainly due to weaker overseas performance. However, Singapore’s NPI (ex-Mapletree Anson) grew 4.8%, helping cushion the decline. Divestment proceeds used to reduce debt also lowered interest expenses. DPU for YTD FY25/26 held steady at 6.07 cents.

Singapore remains the key pillar of stability, providing resilience against overseas headwinds. VivoCity demonstrated exceptional all-round strength with 100% committed occupancy, achieving 10.1% NPI growth, 14.7% rental reversions and 4.4% yoy tenant sales growth in 3Q 25/26.

On the dividend yield front, MPACT is currently yielding 5.5%.

As of the latest update, MPACT is trading at a P/B of 0.81. While its share price is up around 20% over the past year, it is down about 2% year-to-date, underperforming several other stocks highlighted in this article despite the broader Singapore market reaching new highs. Compared to its historical P/B of 0.9, MPACT seems underpriced, reflecting investor’s concerns about the strength of its portfolio amidst weakness in its overseas properties.

5. Wilmar International Limited (F34): P/B 0.82

Wilmar International is a consumer goods and commodity conglomerate involved in the entire supply chain. Some of its business processes include the cultivation of palm oil and sugarcane, distribution of consumer food products as well as processing and distribution of animal feeds and industrial agri-products like biodiesel. 

Wilmar reported 1HFY25 results on 12 Aug with a 26% year-on-year increase in pre-tax profit to US$938 million, driven by stronger performances in its Plantation & Sugar Milling and Food Products segments, along with a significant rise in contributions from associates and joint ventures. Despite this, net profit rose a modest 3% to US$595 million due to higher tax expenses, while core net profit dipped 4% to US$584 million. Revenue grew 6% to US$32.89 billion, and the Group generated strong operating cash flow of US$1.80 billion and free cash flow of US$1.25 billion. An interim tax-exempt dividend of S$0.04 per share was declared.

For their latest quarter (3Q25), Wilmar delivered a strong operational performance (reported on 30 Oct), with core net profit rising 71.6% to US$357.2 million, supported by better results across all core segments. Sales volumes grew 6.5% for Food Products and 3.2% for Feed & Industrial Products.

Despite this, the Group reported a net loss of US$347.7 million due to a one-off US$712.3 million compensation payment ordered by the Indonesia Supreme Court relating to actions during the 2021 cooking oil shortage. For 9M2025, core net profit rose to US$940.9 million, though reported net profit fell to US$247.3 million.

Wilmar has been paying dividends since 2013. At the point of writing, its dividend yield is about 4.0% and is trading at a P/B of 0.82, up from 0.72 last month after a 13% jump in share prices, yet still below its historical average P/B of about 1.

6. Frasers Logistics & Commercial Trust (BUOU): P/B 0.91

Frasers Logistics & Commercial Trust (FLCT) is a REIT that gives you exposure to a portfolio of 113 industrial and commercial properties valued at ~S$6.9 billion (as at 31 December 2025) across five major developed markets.

FLCT reported 1H FY25 revenue of S$232.3 million and Adjusted Net Property Income (NPI) of S$161.3 million, representing yoy increases of 7.5% and 1.6% respectively. Growth was driven by new acquisitions and stronger overseas contributions along with full-year income from four German logistics properties acquired in March 2024. Despite higher revenue, distributable income fell to S$224.7 million (FY2024: S$255.5 million), mainly due to higher finance costs and tax expenses, partially offset by more management fees taken in units (69.8% vs. 49.7% previously).

It’s portfolio remained resilient in FY2025, supported by strong leasing momentum (18.1% of space committed) with +5.0% rental reversion on an incoming vs. outgoing rent basis and a stronger +29.5% on an average rent vs. average rent basis. FLCT achieved a healthy 95.1% portfolio occupancy as at 30 September 2025, supported by near-full occupancy in its logistics & industrial portfolio (99.7%), while the commercial portfolio stood at 86.1%.

DPU of 2.95 cents was declared for 2HFY25, bringing total FY2025 DPU to 5.95 cents, representing a 6.1% distribution yield. FLCT is currently trading at a P/B of 0.91, compared to its historical P/B of 1.2 and the industry sector’s P/B of 0.8.

Similar to MPACT, FLCT’s share price is up around 13% over the past year, but remains flat YTD, lagging the property developers and other stocks discussed despite a strong Singapore market backdrop.

7. Mapletree Logistics Trust (M44U): P/B 0.95

Mapletree Logistics Trust (MLT) offers exposure to logistics real estate across Asia. At at 30 September 2025, MLT owned 175 properties in 9 markets with an aggregate property valuation of S$13B, with an occupancy of 96.1% at a weighted average lease expiry of about 2.7 years.

In its latest 9M FY25/26 earnings reported on 26 January 2026, MLT reported a further decline in Gross Revenue of 2.9% yoy to S$531.7 million, and Net Property Income fell 2.9% yoy to S$458.7 million, mainly due to loss of contribution from divested properties and currency weakness.

Property expenses decreased by 2.6% due to absence of expenses from divested assets, currency depreciation against the SGD and lower property-related taxes and loss allowances, while borrowing cost decreased by 2.1%.

Distributable income for 9M 25/26 fell 9.8% to S$277.1M, with DPU 10.7% lower at 5.443 cents. Excluding divestment gains, adjusted DPU fell 4.8% y-o-y.

MLT’s recovery has lagged MPACT and FLCT, with its share price up 6.5% over the past year but down around 0.76% year-to-date. This relative underperformance likely reflects ongoing investor caution toward logistics assets, amid continued geopolitical and trade-related uncertainties.

As of the current update, Mapletree Logistics Trust is currently trading at a P/B of 0.95, with a dividend yield of 5.6%. Compared to its historical P/B of 1.2, and the historical P/B of its industry peers of 0.8, MLT seems to be slightly undervalued.

8. Frasers Centrepoint Trust (J69U): P/B 0.96

Frasers Centrepoint Trust (FCT) is one of the largest suburban retail mall owners in Singapore with nine retail malls and an office building located in the suburban regions of Singapore. It has been an on-again, off-again inclusion in our Undervalued Stocks list, with its P/B above 1.0 last month.

FCT reported its FY2025 results on 23 October, with FY25 gross revenue 10.8% higher y-o-y at $389.6 million and NPI increased 9.7% to $278.0 million. Growth was driven by contributions from Northpoint City South Wing (acquired May 2025), Tampines 1 (post-AEI), and broad-based strength across the portfolio.

With approximately 3.0 million square feet of net lettable area (NLA) and over 1,900 leases in its retail portfolio, FCT has a dominant position in the suburban retail space and robust operational metrics, with committed occupancy of 98.1% in its retail portfolio as at 30 September 2025.

Retail portfolio tenants’ sales 3.7% higher y-o-y while shopper traffic rose 1.6% y-o-y.

FCT declared a 2H25 DPU of 6.059 cents, bringing the full-year FY25 DPU to 12.113 cents. As of the current update, FCT dividend yield is at 5.4% and is currently trading at a P/B of 0.96. Compared to its historical P/B of 1.0, FCT seems to be slightly underpriced currently. However, similar to the other REITs in this list, FCT’s recovery has been more subdued, with the stock up 6% over the past year but down by 3% YTD.

9. City Developments (C09): P/B 0.98

City Developments Limited (CDL) is a real estate operating company with a diverse property portfolio of residential, commercial and hotel properties (M social and Millennium hotel brands) located worldwide. They are involved in property development, asset management and hotel operations. CDL also owns ~ 50% of iREIT Global which has a portfolio of commercial and retail properties across Europe.

CDL made headlines in March 2025 due to the high stakes boardroom dispute between its executive chairman, Kwek Leng Beng, and his son, CEO Sherman Kwek. Amid allegations of an attempted coup, corporate governance issues, lack of accountability, and the excessive influence of an advisor, lawsuits have been filed in the escalating battle between father and son. Although the lawsuit has since been withdrawn, the power struggle raises questions about how it may influence the company’s future direction and governance. In July 2025, CDL announced that Philip Yeo, a non-independent non-executive director at the company who served for the 16 years, would retire on 31 July, possibly marking another step toward leadership renewal within the company.

In their latest operational update for 1H 2025 on 13 Aug, CDL reported a 6.3% year-on-year increase in revenue to S$1.7 billion for 1H 2025, driven mainly by a 24.3% surge in property development revenue and strong Singapore residential sales, including full profit recognition from its Copen Grand EC project. The Group also made significant progress in capital recycling, securing over S$1.5 billion in contracted divestments year-to-date, with an additional S$465 million expected from the upcoming sale of its South Beach stake. Despite these gains, PATMI rose modestly to S$91.2 million, weighed down by S$63.1 million in unrealised net foreign exchange losses, primarily from USD-denominated intercompany loans. Excluding these currency effects, PATMI would have jumped 323% to S$154.3 million.

After factoring in fair value on investment properties, the Group’s net gearing ratio stands at 70% (FY 2024: 69%). CDL maintains $1.8 billion in cash reserves, $3.5 billion in liquidity and interest cover of 2.4x

As of the current update, City Dev is currently trading at a P/B of 0.98 up from 0.82 last month. This ia above both its historical P/B of 0.8 and their industry sector’s P/B of 0.8. CDL’s share price has shown strong momentum in recent months months, rebounding by 113% from its low in April 2025 and is up about 19% YTD.

Conclusion

I’ve listed 9 undervalued stocks in Singapore for February 2026, based on their Price-to-Book ratio and I hope this article gave you some investing ideas to research into. Several of the stocks have also rebounded since last month’s edition, reflecting the generally buoyant market sentiment in the Singapore market.

Also, please keep in mind that although PB may be a good primary filter of undervalued stocks, you should do your own deeper research into the fundamentals and performance of any company that you wish to invest in, given the challenges and macroeconomic headwinds that they might be facing.

If you’re not sure how to start, refer to our value investing guide, or join Alvin at his upcoming webinar where you’ll learn how you can pick undervalued stocks using Dr Wealth’s i3 investing strategy.