With the Straits Times Index (STI) reaching historic peaks, investors may be questioning whether there are any untapped values hidden within the market.

When stock valuations seem high, it can mask individual gems trading below their true worth.

For discerning investors, this scenario can uncover significant opportunities.

Among the market noise at record levels, three well-established Singapore-listed companies are notably undervalued.

Hongkong Land

Hongkong Land is involved in property investment, management, and development, with prominent assets in Hong Kong, Singapore, and China.

Following the company’s strategy update on October 29, 2024, its shares surged over 27% within a week, continuing to climb to a recent 52-week high of US$6.46.

However, the company’s price-to-book (P/B) ratio remains low at 0.47 as of last Friday.

Trading at a substantial discount to book value, this discount reflects ongoing investor pessimism over China’s property sector, despite Hongkong Land's positive results.

According to its latest interim report, Hongkong Land’s committed vacancies in Hong Kong dropped to 6.9% at the end of June 2025 from 7.1% at the end of 2024.

This compares favorably to the wider Central Grade A office market, which has a vacancy rate of 11.8%.

Hongkong Land’s Net Asset Value (NAV) per share rose slightly to US$13.62 on June 30, 2025, from US$13.57 at the end of 2024.

The Group reported an underlying profit of US$320 million for the first half of 2025, excluding the impact of provisions in its Chinese mainland BTS (built-to-suit) business.

This is an 11% increase compared to the US$288 million earned in the first half of 2024.

An interim dividend of US$0.06 per share was proposed, consistent with the interim dividend of the previous year.

UOL Group

UOL Group, a property and hospitality conglomerate, owns a diverse array of properties across the globe, including commercial and residential developments.

Totaling approximately S$23 billion in assets, UOL Group also owns hotel brands such as Pan Pacific, PARKROYAL COLLECTION, and PARKROYAL.

The Group benefited from a robust residential market in the first half of 2025 (1H 2025).

Revenue from property development increased by 40% to nearly S$732 million, driven by successful launches such as Pinetree Hill and Watten House.

Despite their quality assets and healthy recurring income streams, UOL Group is trading below book value with a P/B ratio of 0.57 as of last Friday.

This is below the P/B ratios of its sector peers, such as CapitaLand Investment Limited (SGX: 9CI) at 1.11 and City Developments Limited (SGX: C09) at 0.68.

Revenue rose 22% to S$1.55 billion in the first six months, while pre-tax profit (excluding fair value and other gains or losses) reached a little over S$319 million.

This represents a 30% increase from the S$245.3 million reported in 1H24.

However, NAV per share for UOL Group dipped slightly to S$13.59 as of June 30, 2025, from S$13.65 at the end of 2024.

UOL typically declares a first and final dividend once a year.

For 2024, the total dividend payout was S$0.18 per share, slightly lower than FY2023’s S$0.20 which included a S$0.05 per share special dividend.

Wilmar International

Wilmar International, one of Asia’s largest agribusiness groups, operates over 1000 manufacturing plants worldwide.

Wilmar International’s revenue grew 6.3% year on year (YoY) to nearly US$33 billion in 1H2025.

Net profit also rose 2.6% YoY over the same period to almost US$595 million.

In the first half of 2025, the Group’s plantation and sugar milling business saw a more than threefold increase in pre-tax profit to US$202 million, supported by higher palm oil prices.

The Food Products division also recorded a 34% YoY increase in pre-tax profit.

Despite an improved performance amidst challenging external conditions, including uncertainty over tariffs and commodity price volatility, Wilmar International's stock is near its 52-week low of S$2.87 per share.

Wilmar International’s current P/B ratio of 0.69 is also below its historical levels of approximately 1.0.

With a strong regional market presence and a market capitalisation of around S$18.4 billion, Wilmar International offers a dividend yield of 4.7%, making it attractive for income investors with a long-term view.