10 undervalued stocks in Singapore (Aug 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 5 Aug 2026, we’ve identified 10 such stocks. Here’s the list:

10 undervalued stocks in Singapore (Aug 2026)

Name	Ticker	Price / Book	P/E Ratio	Dividend Yield	Market Cap	Industry
Hongkong Land Holdings Limited	H78	0.54	7.37	3.4%	17.31B	Real Estate Management & Development
Jardine Matheson Holdings Limited	J36	0.67	17.02	3.8%	18.66B	Industrial Conglomerates
UOL	U14	0.72	17.48	1.8%	8.42B	Real Estate Management & Development
City Developments Limited	C09	0.75	11.35	3.6%	7.01B	Real Estate Management & Development
Mapletree Pan Asia Commercial Trust	N2IU	0.76	27.66	6.0%	7.03B	Diversified REITs
Wilmar International Limited	F34	0.87	13.46	3.5%	24.35B	Food Products
Frasers Logistics & Commercial Trust	BUOU	0.87	17.49	6.0%	3.76B	Industrial REITs
Mapletree Logistics Trust	M44U	0.89	24.49	5.9%	6.35B	Industrial REITs
Genting Singapore	G13	0.93	19.64	6.3%	7.68B	Hotels, Restaurants & Leisure
Frasers Centrepoint Trust	J69U	0.95	20.00	5.3%	4.63B	Retail REITs

1. Hongkong Land (H78): P/B 0.54

Hongkong Land is a property investment, development and management group, with over US$50 billion in assets under management, one of Singapore’s blue-chip property stocks.Its portfolio, concentrated mostly in Hong Kong, comprises primarily office and retail properties.

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. Investors would have lost 5.58% over the ten years to 2024 despite a ~5% dividend yield. 

That changed with a long-awaited strategy update on 29 October 2024: a major pivot from development to property investment, exiting the build-to-sell segment to focus on ultra-premium commercial real estate in Asia’s gateway cities, alongside a plan to recycle capital via REITs/private funds while retaining management control — much like CapitaLand’s sponsor model.

The turnaround has been playing out since. FY2025 results (announced on 5 March 2026), showed underlying profit down 8% to US$458 million on softer office rents in Hong Kong and lower development contributions but profit attributable to shareholders rebounded to US$1.26 billion on valuation gains, with US$3.6 billion of assets recycled (~90% of target), net debt down ~30%, and the full-year dividend raised to US25¢. A key milestone came in February 2026 with the launch of the Singapore Central Private Real Estate Fund (SCPREF) — an S$8.2 billion fund seeded with Hongkong Land’s MBFC Towers 1&2 and One Raffles Quay stakes, marking its shift toward fund management and recurring fee income alongside direct ownership.

Momentum continued into 1H2026: interim results (28 July 2026) showed underlying profit up 11% to US$259 million, EPS up 14%, and NAV per share up 3% to US$14.71. Capital recycling reached US$3.7 billion (93% of the 2027 target), gearing fell to 11%, and the interim dividend was raised to US¢8.0 (from US¢6.0). Management upgraded full-year guidance, now expecting underlying profit growth broadly in line with H1’s double-digit pace.

Hongkong Land remains the most undervalued stock on this list with a P/B of 0.54. 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 3.4%.

2. Jardine Matheson Holdings (J36): P/B 0.67

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. 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.

In its interim results for the 1H26, released on 30 July 2026, Jardine Matheson reported underlying net profit of US$735 million, up 9% year-on-year adjusted for disposals, while reported net profit rose 3% to US$542 million. Parent free cash flow grew 21% to US$709 million, keeping the parent balance sheet net cash positive, and the Board raised the interim dividend by 8% to US$0.65 per share. At its first-ever Investor Day in June, the group set 2030 targets — including at least 9% p.a. total shareholder return, 5% p.a. dividend growth, and US$4 billion of capital recycling — and initiated a new US$500 million share buyback programme. It also announced its first major acquisition in some time, the US$2.4 billion purchase of Australia’s I-MED Radiology Network, expected to close in Q4 2026. 

Jardine Matheson is trading at a P/B of 0.67 with a dividend yield of 3.8%. 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 0.72

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 $22.5 billion as at 31 Dec 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 has corrected slightly in the last few months but it remains up by 40% over the past year and 13% YTD, buoyed by strong Singapore property market tailwinds supporting developers.

At the point of update, UOL’s dividend yield is about 1.8%, with a total dividend of $0.25 per share for FY2025. P/B of 0.72 is now significantly higher than its historical P/B of 0.6.

4. City Developments (C09): P/B 0.75

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.

In its 1Q26 operational update released on 20 May, Singapore residential sales fell 68% year-on-year to S$609.6 million due to fewer launches, with strong pricing achieved in the luxury segment. The group secured a S$709.3 million Tanjong Rhu GLS site, the first private residential GLS there in 30 years, and also plans to launch the 570-unit Lucerne Grand condominium in 3Q26. Commercial occupancy remained healthy, while hotel performance was a bright spot with global RevPAR up 4.3% to S$144.80, led by Australasia (+17.7%) and Singapore (+7.5%). CDL also divested Fortune Centre as part of its capital recycling programme, and management remains focused on portfolio optimisation amid ongoing geopolitical and macroeconomic uncertainties.

As of the current update, City Dev is currently trading at a P/B of 0.75 with a dividend yield of 3.6%, in line with both its historical P/B and industry average of 0.8.

5. 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$15.2 billion as at 31 March 2026.

In its 1Q FY26/27 results released on 30 July 2026, MPACT reported gross revenue of S$206.5 million and NPI of S$154.8 million, down 5.6% and 6.8% year-on-year respectively, as overseas headwinds — a stronger Singapore dollar and the absence of contributions from FY25/26 divestments — continued to weigh on the portfolio. Singapore’s gross revenue and NPI grew 2.1% and 1.0% respectively, led by VivoCity, which delivered 8.9% higher NPI and a 13.5% rental uplift with near-full occupancy, while the Festival Walk reconfiguration completed in July is now tracking close to 50% ROI. Lower finance expenses (down 18.4% year-on-year) from proactive refinancing partly cushioned the overseas softness, and DPU came in at 1.96 Singapore cents, down 2.5% year-on-year.

On the capital management front, aggregate leverage stood at 37.7% with the weighted average all-in cost of debt reduced further to 2.94%. Net asset value per unit stood at S$1.73 as at 31 March 2026.

On the dividend yield front, MPACT is currently yielding 6.0%.

As of the latest update, MPACT is trading at a P/B of 0.76. Its share price has dropped by about 12% YTD. Compared to its historical P/B of 0.9, MPACT seems underpriced, reflecting investor’s concerns about the strength of its portfolio and weakness in its overseas properties.

6. Wilmar International Limited (F34): P/B 0.87

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.

In its 1Q26 results released on 29 April 2026, revenue surged 21.9% to US$19.75 billion, though much of the jump reflected the first full-quarter consolidation of AWL Agri Business with organic growth at a more modest 7.6%. Core net profit fell 23% to US$264.2 million, hit by temporary mark-to-market hedging losses from Iran war-related commodity volatility, which is expected to reverse as physical contracts are settled. Weaker associate contributions and softer palm oil and sugar performance added to the drag. The outlook remains cautious with geopolitical tensions and evolving trade policies as key variables for the rest of the year.

Wilmar has been paying dividends since 2013. At the point of writing, its dividend yield is about 3.5% and is trading at a P/B of 0.87, still below its historical average P/B of about 1. Wilmar’s share price is up 30% YTD.

7. Frasers Logistics & Commercial Trust (BUOU): P/B 0.87

Frasers Logistics & Commercial Trust (FLCT) is a REIT that gives you exposure to a portfolio of 114 industrial and commercial properties valued at ~S$7.1 billion (as at 30 June 2026) across five major developed markets.

For its 1HFY26 results announced on 5 May 2026, FLCT reported revenue of S$238.9 million and adjusted net property income of S$167.0 million, representing year-on-year increases of 2.8% and 3.6% respectively. The growth was driven by positive rental reversions and annual rent review increments from its Australian and European logistics & industrial segments, full contribution from 2 Tuas South Link 1 (acquired November 2024), and favourable currency tailwinds. This was partially offset by the divestment of 357 Collins Street in September 2025, higher vacancies in its commercial properties, and higher non-recoverable land taxes in Australia.

The logistics & industrial portfolio demonstrated exceptional strength with near-full occupancy of 99.7% and YTD rental reversions of +9.3% on an incoming vs. outgoing rent basis and +23.2% on an average rent vs. average rent basis. The commercial portfolio, while lagging at 88.4% occupancy, showed signs of stabilisation. Overall portfolio occupancy stood at 96.1% as at 30 June 2026 with a WALE of 4.9 years.

Distribution income for 1HFY26 declined by 1.0% to $111.9 million and DPU was down 1.7% y-o-y at 2.95 cents, representing an annualised distribution yield of 6.9% based on the closing price of S$0.895 as at 31 March 2026. Current dividend yield stands at 6.0%.

On the capital management front, aggregate leverage for 3QFY26 remained healthy at 35.4% with an interest coverage ratio of 4.6 times and cost of borrowings stable at 3.2% per annum.

8. Mapletree Logistics Trust (M44U): P/B 0.89

Mapletree Logistics Trust (MLT) offers exposure to logistics real estate across Asia. At at 30 June 2026, MLT owned 175 properties in 9 markets with an aggregate property valuation of S$13.1B, with an occupancy of 96.4% at a weighted average lease expiry of about 2.5 years.

In its 1Q FY26/27 results announced on 28 July 2026, MLT reported gross revenue and NPI of S$178.9 million and S$156.4 million, up 0.8% and 2.0% year-on-year respectively, helped by a recent India acquisition and full-quarter contribution from its completed Singapore redevelopment, partly offset by divested properties and weaker regional currencies. Lower borrowing costs (down 2.7% year-on-year) lifted distributable income by 1.1%, with available DPU edging up 0.2% to 1.816 cents. Portfolio occupancy held steady at 96.4%, with rental reversion of 2.3% excluding China (0.9% including China, as China’s reversion continued improving to -1.8% from -2.0%). Post-quarter, MLT proposed divesting two China properties and a Singapore property for a combined ~S$155 million, continuing its portfolio rejuvenation strategy. Gearing stood at 40.5%, with the weighted average borrowing cost maintained at 2.6% per annum.

MLT’s share price is up 5% over the past year but down around 7.5% 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 0.89, with a dividend yield of 5.9%. 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. Genting Singapore (G13): P/B 0.93

A new entry to the Undervalued Stocks list in May, Genting Singapore (SGX: G13) is a leading integrated resort developer and operator, best known for Resorts World Sentosa—one of Asia’s premier destinations for gaming, entertainment, and hospitality. The company derives its revenue from casino operations, hotels, attractions, and retail.

In its latest FY2025 results announced on 24 February 2026, Genting Singapore reported revenue of S$2,452.1 million and Adjusted EBITDA of S$815.8 million. Revenue declined modestly by 3% year-on-year, as gaming revenue was impacted by a lower win rate, partially offset by strengthening non-gaming revenue in the second half of the year as newly refreshed attractions and hospitality offerings drove improved guest engagement. Adjusted EBITDA declined 15% year-on-year, reflecting ramp-up costs associated with new launches, operating costs incurred during temporary closures, and ongoing infrastructure upgrades as part of the RWS 2.0 transformation programme. Net profit declined by 33%, further impacted by lower interest income from declining market interest rates and fair value losses on portfolio investments.

FY2025 was characterised by management as a deliberate transition year, with the Group advancing a significant phase of its asset refresh programme at RWS while maintaining live operations. The ongoing repositioning of RWS as an experience-based integrated resort destination is intended to lay the foundation for the next phase of growth.

Despite the earnings pressure, Genting Singapore’s balance sheet remains strong, with total equity of S$8.2 billion and cash balances in excess of S$3.2 billion as at 31 December 2025. Total dividends for FY2025 were maintained at 4.0 cents per share, unchanged from FY2024, comprising an interim dividend of 2.0 cents and a proposed final dividend of 2.0 cents per share.

In its 1Q26 quarterly business overview released on 12 May 2026, revenue came in at S$607.6 million with Adjusted EBITDA of S$179.0 million, both down around 3% and 24% year-on-year respectively. Gaming revenue fell 8%, while non-gaming revenue grew 8%, supported by higher visitation to Universal Studios Singapore and the Singapore Oceanarium. Net profit declined 55% to S$65.2 million, partly reflecting the high base from 1Q25. Sequentially, however, results improved with Adjusted EBITDA up 6% from 4Q25 and net profit rose 7%, suggesting the business is gradually stabilising. The group flagged that Middle East conflict and geopolitical tensions are pushing up energy, freight and logistics costs while elevated airfares are weighing on travel demand. Genting’s share price dropped by 11% after the results was released, reflecting investor’s concerns over its performance.It is now down by almost 30% YTD.

Genting’s is currently trading at a P/B of 0.90 with a dividend yield of 6.3%. With the RWS 2.0 refresh progressing and a fortress balance sheet providing a strong buffer, Genting Singapore may appeal to patient investors willing to look through the near-term earnings reset.

10. 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.

In its latest 1HFY26 results announced on 24 April 2026, FCT reported gross revenue of S$221.9 million and NPI of S$160.8 million, both up 20.3% and 20.2% year-on-year respectively. Growth was primarily driven by the contribution from Northpoint City South Wing, which was acquired in May 2025, and higher passing rents across most malls, partially offset by the divestment of Yishun 10 Retail Podium and the ongoing AEI at Hougang Mall. Distribution to unitholders amounted to S$125.0 million, 13.6% higher year-on-year, with 1HFY26 DPU rising 1.4% year-on-year to 6.136 cents.

With approximately 3.0 million square feet of net lettable area and over 1,900 leases in its retail portfolio, FCT maintained its dominant position in the suburban retail space. Committed occupancy improved to 99.8% as at 31 March 2026, up from 98.1% in the previous quarter, with average rental reversion of +6.5% on an average-to-average basis. Shopper traffic grew 1.8% year-on-year while tenants’ sales rose 3.2% year-on-year.

In July 2026, FCT announced two major portfolio moves. It proposed divesting White Sands mall for S$467.0 million — an 8.4% premium to independent valuation and a net gain of approximately S$32.4 million — with proceeds earmarked to pay down debt and reduce aggregate leverage from 40.0% to a pro forma 36.5%. Separately, FCT entered its first ground-up development, joining a consortium (FCT 50%, alongside Sunway-MCL and Sekisui House) in a S$2.1 billion winning bid for the Bayshore Drive GLS site, where it will develop a ~238,000 sq ft mixed-use retail component at an estimated 5% yield on cost, targeted for completion by end-2030.

In its 3Q FY26 business update (27 July 2026), FCT reported retail portfolio committed occupancy of 99.6% (excluding Hougang Mall and NEX, both under asset enhancement), with YTD shopper traffic and tenant sales up 2.0% and 1.8% year-on-year respectively. Aggregate leverage stood at 40.4% as at 30 June 2026, with quarterly cost of debt easing to 3.0% and interest coverage at 3.66 times. 

As of the current update, FCT’s dividend yield is 5.3% and it is trading at a P/B of 0.95. Compared to its historical P/B of 1.0, FCT appears modestly underpriced, supported by a resilient suburban retail portfolio and a healthy near-term AEI pipeline.

Conclusion

I’ve listed 10 undervalued stocks in Singapore for August 2026, based on their Price-to-Book ratio and I hope this article gave you some investing ideas to research into.

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 how you can become an AI-powered Investor.