Top of mind are the three developers: City Developments (CDL), Hongkong Land and UOL Group, which are trading at discounts to their net asset values (NAV).
CDL’s NAV was $10.10 based on historical cost accounting as of June 30, and $17.48 if investment properties are revalued at market. CDL last traded at $7.23, up 42% this year.
Hongkong Land’s NAV as of June 30 was US$13.62, compared to its last done price of US$6.31, 0.46 times NAV.
UOL Group’s end-June NAV was $13.59. Although UOL’s share price is up more than 66% this year, it is still trading at 0.63 times its NAV.
See also: Amova to launch two funds under EQDP in 1Q
Other stocks trading above $6 are Sembcorp Industries, Singapore Technologies Engineering (ST Engineering) and Singapore Airlines. At the end of 1H2025, Keppel was trading at $7.42 and it is now above $10. The most bullish call on Keppel is JP Morgan’s $12.50 price target by end-2026.
It wasn’t so long ago that Sembcorp was at around $7.80. A disappointing set of 1HFY2025 ended June 30 results, partly pressured by foreign exchange (forex) losses, set the stock back almost $2 and it is currently at $6.31 as of Nov 19.
Among the $10 aspirants, ST Engineering is probably the closest at $8.63. DBS Group Research has a target of $9.40 while CGS International has a target of $9.50. These appear to be more attainable targets and are probably stepping stones to $10.
See also: AR Capital to launch its EQDP-appointed fund in 'early 2026'
Read more about the latest updates from the equities market review group:
- Amova, Manulife IM, Lion Global reveal details of fund strategies chosen under MAS’s $5 bil EQDP
- MAS places $2.85 bil with six asset managers; launches $30 mil 'Value Unlock' programme
- SGX to reduce board lot sizes to 10 units for securities above $10
- SGX and Nasdaq to simplify dual listings by streamlining regulations and fundraising
Read more about the equities market review group and the Equity Market Development Programme:
- MAS consults on measures to enhance investor recourse for losses from market misconduct (October)
- More details on ‘Value Unlock’ programme for listcos to be unveiled in November: Chee Hong Tat (October)
- Fullerton launches first retail fund under EQDP to ‘value up’ SGX stocks (October)
- From America to Asia, ‘timing is right’ for SGX measures: Ng Kok Song (July)
- JPMAM’s EQDP-appointed fund strategy to focus on Asian equities with ‘majority’ allocated to Singapore stocks (July)
- MAS picks Avanda, Fullerton, JP Morgan under $5 bil Equity Market Development Programme (July)
- Equities market review group targeting ‘mid-sized but good-sized’ companies to list in Singapore (February)
- Proposing equity market changes a ‘balancing act’ that comes with ‘trade-offs’: Chee Hong Tat (February)
