[SINGAPORE] DBS Group Research expects Singapore equities’ value-unlocking theme to gain renewed traction, supported by catalysts such as the S$5 billion Equity Development Market Programme introduced in 2025.

“In Singapore, many listed Singapore conglomerates and property companies historically traded at persistent discounts to intrinsic value. This is gradually changing as companies execute asset sales (at or above book value), validating those conservative valuations,” DBS analysts said in a Tuesday (Aug 4) note.

DBS noted that value-unlocking typically unfolds across three distinct phases:

• an “expectations” phase where strategic reviews have been signalled,
• a “delivery” phase where tangible asset sales and restructuring have been executed, and
• a “reward” phase where the value realised is translated into shareholder benefits.

The analysts also highlighted seven “deep-value” companies to watch, at different stages of the value-unlocking cycle.

“Their valuations have yet to fully reflect successful execution,” they said, expecting scope for their selected names to recover from recent share price declines.

“The market is increasingly rewarding companies that demonstrate a credible route to monetise under-utilised assets, recycle capital, simplify complex corporate structures and return surplus cash to shareholders,” they added.