CGS International
Date of Report: August 7, 2025
Singapore Value Stocks Poised for Re-Rating: Full Analysis of 23 Uptrending SGX Plays
Summary: Singapore’s stock market is gathering momentum as the government’s S\$5bn Equity Market Development Programme (EMDP) drives liquidity, narrows valuation gaps, and attracts fresh capital. This comprehensive report by CGS International’s Singapore Research Team screens 23 Singapore-listed stocks trading below 10x P/E or 1x P/BV, all showing early to mid-uptrend momentum. Each is evaluated for technical and fundamental upside, with actionable entry, stop loss, and target price levels. Investors seeking value, growth, and technical confirmation should find multiple compelling opportunities across sectors.
Singapore’s Market Tailwinds: Policy, Liquidity, and Valuation Re-Rating
- The S\$5bn EMDP signals renewed commitment from policymakers to boost market liquidity and reduce valuation discounts versus regional peers.
- Screened stocks are below 10x P/E or 1x P/BV, with technical indicators pointing to sustained uptrends (1-3 months), and potential for extended runs (6-12 months).
- Investors are encouraged to accumulate on dips or ahead of technical breakouts, focusing on stocks with attractive value, improving fundamentals, and robust trading flows.
Top 23 Singapore Value Stocks: Quick Reference Table
| Ticker |
Name |
Market Cap (US\$m) |
Last Price (SGD) |
P/BV (x) |
P/E (x) |
Page |
| APTT SP |
Asian Pay Television Trust |
133.3 |
0.095 |
0.26 |
4.15 |
4 |
| AZTECH SP |
Aztech Global Ltd |
386.6 |
0.645 |
1.82 |
12.45 |
5 |
| BTH SP |
Banyan Tree Holdings Ltd |
457.9 |
0.690 |
0.79 |
14.02 |
6 |
| BKM SP |
Beng Kuang Marine Ltd |
40.3 |
0.255 |
2.37 |
4.32 |
7 |
| BAL SP |
Bumitama Agri Ltd |
1,117.9 |
0.825 |
1.29 |
8.00 |
8 |
In-Depth Stock Analysis: Company-by-Company Review
Asian Pay Television Trust (APTT SP)
- Sector: Communication Services – Media
- Share Price: S\$0.095, P/E: 4.15x, P/BV: 0.26x
- Technical View: Bullish uptrend intact, long-term upside to S\$0.140 (6-8 months), with accumulation zone at S\$0.090.
- Key Fundamentals:
- Stable net operating cash flow above S\$100m p.a. since 2013, driven by cable TV and broadband in Taiwan.
- Stable DPU (1–1.05 Scts since 2020), with FY25 yield guidance ~10%.
- Net gearing improved to 156.5%; NAV/share at S\$0.38 (trading at 75% discount to book).
- FY24 Net profit S\$47.8m, EPS 2.65 Scts, dividend yield 11.1%.
| Metric |
2020A |
2021A |
2022A |
2023A |
2024A |
| Revenue (SGD m) |
307.38 |
299.75 |
285.96 |
266.40 |
252.02 |
| Net Profit (SGD m) |
17.34 |
19.91 |
45.25 |
(406.55) |
47.82 |
| Dividend Yield (%) |
11.1 |
10.5 |
10.5 |
10.5 |
11.1 |
Aztech Global Ltd (AZTECH SP)
- Sector: Information Technology – Electronic Equipment
- Share Price: S\$0.645, P/E: 12.45x, P/BV: 1.82x
- Technical View: Early uptrend, target S\$1.02 (4-7 months), accumulate at S\$0.62 support.
- Highlights:
- 1H25 revenue S\$185.4m, net profit S\$16.1m, beating estimates despite subdued 1Q demand.
- Management optimistic: 12 new product orders, 7 new customers in 1H25.
- Net cash S\$214.5m (S\$0.38/share, 59% of market cap) supports R&D and potential special dividends from plant sale.
- Dividend yield: 12.3% in 2024, projected 3.4%-4.2% over 2025-2027.
Banyan Tree Holdings Ltd (BTH SP)
- Sector: Consumer Discretionary – Hotels, Restaurants & Leisure
- Share Price: S\$0.690, P/E: 14.02x, P/BV: 0.79x
- Technical View: Bullish uptrend, target S\$0.95 (6-8 months), support at S\$0.56.
- Highlights:
- FY24 net profit S\$69m, EBITDA margin 27% (near historical peak).
- Shift to asset-light model: By 2027, 90% of hotels will be fee-based (vs. 34% in 2009).
- Real Estate provides S\$621m unrecognised revenue, with S\$262m due in FY25.
- Trading below book: NAV/share S\$0.87 vs. price S\$0.69.
- Dividend yield: 1.9% in 2024 with potential for growth.
Beng Kuang Marine Ltd (BKM SP)
- Sector: Industrials – Commercial Services & Supplies
- Share Price: S\$0.255, P/E: 4.32x, P/BV: 2.37x
- Technical View: Bullish resumption, target S\$0.47 (6-10 months), support at S\$0.21.
- Highlights:
- Turnaround in FY23 from FPSO/FSO segment; FY24 EPS up 236% on higher demand.
- 1Q25 GPM rose to 36.4% (from 34.6% in FY24).
- Balance sheet strengthened: Net cash S\$14.68m, FCF S\$12.9m, borrowings cut.
- Dividend yield reached 2.4% in 2024.
Bumitama Agri Ltd (BAL SP)
- Sector: Consumer Staples – Food Products
- Share Price: S\$0.825, P/E: 8.00x, P/BV: 1.29x
- Technical View: Bullish, target S\$1.08 (6-12 months), support at S\$0.79.
- Highlights:
- FY24 total planted area: 187,021 ha (average age 13.8 years).
- Dividend yield: 6.6% in FY24, payout supported by strong FCF.
- Net gearing improved to 9.0% in 2024.
- ROE at 16.6%, PBV at 1.28x, indicating attractive valuation for sector.
Conclusion: Singapore Value Stocks Set for Outperformance
Singapore’s value stocks are riding a wave of policy tailwinds, technical uptrends, and improving fundamentals. The 23 highlighted names in this report span industries from communications, technology, and shipping to construction, agriculture, and retail finance. Each is carefully selected for deep value and technical strength, offering investors an actionable playbook for the next 6-12 months. With major indices poised for a re-rating and government support at their backs, Singapore’s undervalued stocks could deliver outsized returns for those who act strategically and accumulate during dips.
Disclaimer: This article is for informational purposes only. All investment decisions should be based on your own due diligence and risk assessment.
