10 undervalued stocks in Singapore (Sep 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 2 Sep 2026, we’ve identified 10 such stocks. Here’s the list:

10 undervalued stocks in Singapore (Sep 2026)

Name	Ticker	Price / Book	P/E Ratio	Dividend Yield	Market Cap	Industry
Hongkong Land Holdings Limited	H78	0.56	7.57	3.3%	17.44B	Real Estate Management & Development
Jardine Matheson Holdings Limited	J36	0.61	15.43	4.1%	17.32B	Industrial Conglomerates
UOL	U14	0.64	14.64	2.0%	7.84B	Real Estate Management & Development
Mapletree Pan Asia Commercial Trust	N2IU	0.73	26.82	6.2%	6.71B	Diversified REITs
City Developments Limited	C09	0.80	9.02	3.7%	7.50B	Real Estate Management & Development
Frasers Logistics & Commercial Trust	BUOU	0.82	16.51	6.3%	3.59B	Industrial REITs
Wilmar International Limited	F34	0.84	13.03	3.9%	23.54B	Food Products
Mapletree Logistics Trust	M44U	0.85	23.3	6.2%	5.99B	Industrial REITs
Frasers Centrepoint Trust	J69U	0.92	19.28	5.5%	4.43B	Retail REITs
Genting Singapore	G13	0.92	24.00	6.3%	7.6B	Hotels, Restaurants & Leisure

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

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 0.56. 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 3.3%.

2. Jardine Matheson Holdings (J36): P/B 0.61

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 0.61 with a dividend yield of 4.1%. 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 0.64

UOL is a Singapore-listed property and hospitality group with a diversified portfolio of development and investment properties, hotels and serviced suites. It has geographical presence in 13 countries and total assets of about $23 billion as at 30 June 2026.

For 1H2026, UOL reported a 16% increase in attributable profit before fair value and other gains (operating PATMI) to $239.8 million, driven by stronger contributions from its property development and property investment businesses. Net attributable profit (PATMI) rose 23% to $252.2 million, while pre-tax profit before fair value and other gains/losses increased 17% to $373.1 million.

Interestingly, this came despite Group revenue falling 7% to $1.44 billion. Property development revenue declined 14% to $628.8 million, partly because UOL has been undertaking more projects through joint ventures, including PARKTOWN Residence and Skye at Holland. As a result, profits from these projects are reflected under its share of joint venture profits rather than revenue. UOL’s share of profits from joint ventures increased by $83.7 million year-on-year during the period.

UOL’s share price has corrected in the last few months but it remains up by 26.5% over the past year and 5% YTD.

At the point of update, UOL’s dividend yield is about 2.0%, with a total dividend of $0.25 per share for FY2025. P/B of 0.64 is now slightly higher than its historical P/B of 0.6.

4. Mapletree Pan Asia Commercial Trust (N2IU): P/B 0.73

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 which included 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 6.2%.

As of the latest update, MPACT is trading at a P/B of 0.73. Its share price has dropped by about 15% 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.

5. City Developments (C09): P/B 0.80

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.

CDL’s financial performance improved sharply in 1H2026, with revenue rising 61.1% year-on-year to S$2.72 billion and PATMI more than tripling to S$301.6 million. The improvement was driven mainly by property development, where revenue jumped 166.8% following the full recognition of the fully sold Lumina Grand after it obtained TOP in April 2026, alongside contributions from Newport Residences, Norwood Grand and Union Square Residences. CDL and its joint venture partners sold 352 residential units worth S$892.2 million during the half, while its Singapore development pipeline now stands at around 2,200 units, including the 570-unit Lucerne Grand targeted for launch in October 2026.

Its other businesses also improved, with global hotel RevPAR up 4.9% and hotel operations swinging from a S$84.4 million pre-tax loss to a S$42.0 million profit. However, net gearing rose from 71% at end-2025 to 75% after CDL deployed capital for two new Singapore GLS sites. CDL reported NAV of S$10.74 per share, although its RNAV rises to S$17.94 after factoring in the fair value of its investment properties and S$20.09 when hotel revaluations are included. Investors will also be watching the outcome of CDL’s strategic review, which is expected by end-September 2026 and will set out its future direction and capital allocation framework.

As of the current update, City Dev is currently trading at a P/B of 0.80 with a dividend yield of 3.7%, in line with both its historical P/B and industry average of 0.8.

6. Frasers Logistics & Commercial Trust (BUOU): P/B 0.82

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 6.3%.

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.

7. Wilmar International Limited (F34): P/B 0.84

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 1H2026, Wilmar reported revenue of US$38.56 billion, up 17.2% year-on-year, while profit before tax rose 12.8% to US$1.06 billion. Core net profit increased 9.9% to US$641.5 million, although reported net profit grew by a more modest 2.3% to US$608.9 million. Revenue growth was partly boosted by the consolidation of AWL Agri Business since December 2025. Operationally, both major downstream segments performed strongly: pre-tax profit from Food Products rose 56% to US$304.6 million, while Feed & Industrial Products profit increased 55% to US$591.0 million, helped by better refining margins, higher soybean crushing volumes and stronger feed demand in China.

This was partly offset by weaker upstream operations. Plantation & Sugar Milling pre-tax profit fell 32% to US$137.7 million due to weaker sugar prices, a US$24.7 million impairment on Indian sugar milling assets and lower palm production, while contributions from joint ventures and associates also declined. Wilmar generated US$521.9 million in operating cash flow during the half, while net gearing edged up from 0.91x to 0.93x as higher commodity prices increased working capital requirements; adjusted net gearing remained stable at 0.33x. The Board raised its interim dividend from S$0.04 to S$0.05 per share, and management said it expects full-year results to remain satisfactory despite continued geopolitical uncertainty.

Wilmar has been paying dividends since 2013. At the point of writing, its dividend yield is about 3.9% and is trading at a P/B of 0.84, still below its historical average P/B of about 1. Wilmar’s share price is up 26% YTD.

8. Mapletree Logistics Trust (M44U): P/B 0.85

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 down 6.5% over the past year and down around 13% 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 0.85, 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 0.92

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, at 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, a consortium comprising Frasers Property, FCT, Sunway MCL, Sekisui House and Lum Chang submitted the top bid of S$2.1 billion for the Bayshore Drive GLS site. If awarded, FCT, Sunway MCL and Sekisui House will develop and own the retail component, which includes a mall of about 238,000 sq ft in gross floor area.

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 5.5% and it is trading at a P/B of 0.92. 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.

10. Genting Singapore (G13): P/B 0.92

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.

For 1H2026, Genting Singapore reported revenue of S$1.20 billion, broadly stable year-on-year, as stronger non-gaming revenue offset weaker gaming performance. Gaming revenue fell 4% to S$804.4 million, while non-gaming revenue rose 6% to S$398.8 million, supported by refreshed attractions, hospitality and experiential offerings at Resorts World Sentosa. Adjusted EBITDA declined 8% to S$389.8 million, while net profit came in at S$156.1 million (down 34%), weighed down by higher depreciation, lower interest income and ongoing asset refresh works.

Genting Singapore continues to invest heavily in the RWS 2.0 transformation, following the openings of Singapore Oceanarium, WEAVE and The Laurus, with further upgrades planned for Hotel Michael, Crockfords Tower and other guest-facing areas through 2027 and 2028. RWS 2.0 remains on track for completion in 2030. Despite the ongoing investment cycle, the Group retains a strong balance sheet with S$8.1 billion in equity and S$2.9 billion in cash and cash equivalents as at 30 June 2026. The Board also maintained an interim dividend of 2.0 cents per share, highlighting its intention to provide stable shareholder returns while preserving sufficient financial flexibility for the redevelopment.

Genting Singapore’s share price fell 11% after its 1Q26 results, reflecting investor concerns over its weaker earnings. Although its 2Q26 performance subsequently improved, the shares have remained under pressure, trading at around S$0.62 as at 1 September 2026, close to their one-year lows.

Genting’s is currently trading at a P/B of 0.92 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.

Conclusion

I’ve listed 10 undervalued stocks in Singapore for September 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.