9 undervalued stocks in Singapore (Mar 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 11 Mar 2026, we’ve identified 9 such stocks. Here’s the list:

9 undervalued stocks in Singapore (Mar 2026)

Name	Ticker	Price / Book	P/E Ratio	Dividend Yield	Market Cap	Industry
Hongkong Land Holdings Limited	H78	0.56	13.59	3.1%	17.17B	Real Estate Management & Development
Jardine Matheson Holdings Limited	J36	0.75	214.26	3.1%	21.43B	Industrial Conglomerates
UOL	U14	0.75	18.25	1.7%	8.79B	Real Estate Management & Development
Mapletree Pan Asia Commercial Trust	N2IU	0.76	10.51	5.9%	7.18B	Diversified REITs
Wilmar International Limited	F34	0.79	12.23	4.0%	22.04B	Food Products
City Developments Limited	C09	0.85	12.76	2.8%	7.92B	Real Estate Management & Development
Frasers Logistics & Commercial Trust	BUOU	0.85	17.31	6.4%	3.55B	Industrial REITs
Mapletree Logistics Trust	M44U	0.87	36.10	6.2%	6.13B	Industrial REITs
Frasers Centrepoint Trust	J69U	0.95	22.52	5.4%	4.50B	Retail REITs

1. Hongkong Land (H78): P/B 0.56

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.

In the years following Covid-19, 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 a major pivot towards property investment rather than 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 strategic shift marked the beginning of a broader turnaround plan.

In its FY2025 results announced on 5 March 2026, Hongkong Land reported underlying profit of US$458 million, down 8% year-on-year, reflecting softer office rents in Hong Kong and lower development contributions. However, profit attributable to shareholders rebounded to US$1.26 billion, reversing a loss in the previous year mainly due to valuation movements and asset reclassifications. During the year, the group continued to execute its capital recycling strategy, achieving US$3.6 billion of asset disposals — about 90% of its 2027 target — while reducing net debt by around 30% to US$3.6 billion. The company also returned capital through US$330 million of share buybacks and raised its full-year dividend to US25 cents per share.

The company also made significant progress in executing its capital-recycling strategy. Hongkong Land 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 and subsequently launched its Singapore Central Private Real Estate Fund (SCPREF) on 3 February 2026. The Singapore-focused private fund debuted 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.

Hongkong Land remains the most undervalued stock on this list with a P/B of 0.56. 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 3.1%. Hongkong Land’s share price has also increased by 92% over the past year and 19% YTD, reflecting renewed investor interest following the company’s strategic initiatives.

2. Jardine Matheson Holdings (J36): P/B 0.75

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 FY2025 results announced on 10 March 2026, Jardine Matheson reported revenue of US$34.2 billion, a 4% decline year-on-year from US$35.8 billion in FY2024. Despite the drop in revenue, the group delivered stronger profitability with underlying net profit rising 11% to US$1.681 billion, compared with US$1.518 billion in the previous year.

Reported net profit came in at US$1.109 billion, reversing from a US$468 million loss in FY2024, which had been impacted by impairment charges. On an underlying basis, earnings per share increased to US$5.72, up from US$5.24 previously. Jardine Matheson also continued active capital management during the year, completing around US$4.8 billion of capital recycling across its portfolio.

The board declared a final dividend of US$1.75 per share, bringing the total FY2025 dividend to US$2.35 per share, representing a 4% increase year-on-year. and a dividend yield of about 3.1%. Overall, the results reflect Jardine Matheson’s continued transition toward a more active investment holding and capital allocation model, with portfolio restructuring and capital recycling across businesses such as Hongkong Land and DFI Retail aimed at improving long-term returns.

Jardine Matheson is trading at a P/B of 0.75. 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 0.75

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 its FY2025 results announced on 26 February 2026, UOL reported a 49% increase in attributable profit before fair value and other gains (operating PATMI) to $468.7 million, driven by stronger performance from its property development and property investment segments. Net attributable profit (PATMI) also rose 34% year-on-year to $481.7 million, supported by improved contributions across most business segments.

Group revenue increased 16% to $3.23 billion, mainly due to higher progressive revenue recognition from residential developments, as well as new revenue contributions from UPPERHOUSE at Orchard Boulevard. Revenue from property investments also rose 13% to $629.3 million, supported by the acquisition of an interest in 388 George Street in Sydney, improved performance at Singapore Land Tower following its asset enhancement initiative, and full-year contributions from Odeon 333. Pre-tax profit before fair value and other gains rose 33% to $708.0 million, due mainly to higher operating profits across most segments, stronger share of profits from development joint ventures, and lower net finance expenses amid declining borrowing costs.

UOL’s share price dropped slightly last month, but remains up by 85% over the past year and 22.64% YTD, buoyed by strong Singapore property market tailwinds supporting developers.

At the point of update, UOL’s dividend yield is about 1.7%, with a total dividend of $0.25 per share for FY2025. P/B of 0.75 is now significantly higher than its historical P/B of 0.6.

4. Mapletree Pan Asia Commercial Trust (N2IU): P/B 0.76

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 5.9%.

As of the latest update, MPACT is trading at a P/B of 0.76. Its share price has dropped by about 8% YTD. 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 0.79

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. 

For its FY2025 results announced on 26 February 2026, Wilmar reported revenue of US$70.42 billion, up 4.5% year-on-year, while profit before tax rose 19.8% to US$2.09 billion. Reported net profit increased 20.6% to US$1.41 billion, while core net profit rose 9.7% to US$1.28 billion.

The improvement was mainly driven by stronger margins in the Feed & Industrial Products segment and higher contributions from associates and joint ventures, which offset softer performance in some upstream operations. This reflects Wilmar’s diversified business model, where downstream consumer food demand and processing margins helped cushion volatility in agricultural commodity markets during the year.

The Group also generated operating cash flow of US$2.36 billion during the year. The board proposed a final dividend of S$0.10 per share, bringing the total FY2025 dividend to S$0.14 per share, including the interim dividend of S$0.04 per share.

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 0.79, still below its historical average P/B of about 1. Wilmar’s share price has also jumped 22% YTD and has continued to hold up even after the recent escalation of tensions in Iran.

6. City Developments (C09): P/B 0.85

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 FY 2025 reported on 26 Feb, CDL reported revenue of S$3.59 billion, up 9.7% year-on-year, while profit before tax more than doubled to S$771.5 million. PATMI tripled to S$629.7 million, driven by strong Singapore residential sales and substantial capital recycling gains, including the sale of its 50.1% stake in South Beach in 2H2025. The Group achieved its highest residential sales value in Singapore on record at S$4.35 billion, up 46% year-on-year, comprising 1,657 units sold.

CDL also secured around S$2 billion in global asset divestments during the year and maintained strong liquidity, with cash and undrawn committed credit facilities of S$4.2 billion. The board also proposed a total FY2025 ordinary dividend of 28.0 cents per share, representing a 40% payout ratio.

As of the current update, City Dev is currently trading at a P/B of 0.85. This is 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 14% YTD.

7. Frasers Logistics & Commercial Trust (BUOU): P/B 0.85

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.

For its FY2025 results announced on 7 November 2025, Frasers Logistics & Commercial Trust (FLCT) reported higher revenue of S$239.2 million for 2HFY2025 and adjusted net property income (NPI) of S$164.9 million, representing year-on-year increases of 3.7% and 2.2% respectively, supported by contributions from newly acquired assets and stronger income from its European portfolio.

Full year gross revenue and adjusted net property income (NPI) increased to S$471.5 million and S$326.1 million respectively, representing year-on-year increases of 5.6% and 1.9%. Despite the higher revenue, full-year distributable income declined to S$224.7 million (FY2024: S$255.5 million) and DPU fell to 5.95 Singapore cents, mainly due to higher finance costs, higher tax expenses and lower capital distributions from divestment gains.

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 6.4% distribution yield. FLCT is currently trading at a P/B of 0.85, compared to its historical P/B of 1.2 and the industry sector’s P/B of 0.8.

8. Mapletree Logistics Trust (M44U): P/B 0.87

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 0.87, with a dividend yield of 6.2%. 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.

9. Frasers Centrepoint Trust (J69U): P/B 0.95

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 0.95. Compared to its historical P/B of 1.0, FCT seems to be slightly underpriced currently.

Conclusion

I’ve listed 9 undervalued stocks in Singapore for March 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.