Today’s investment landscape is dominated by trillion-dollar companies such as Nvidia (NASDAQ: NVDA) and Alphabet (NASDAQ: GOOGL), which are riding on the excitement of the artificial intelligence wave.
Investors who are more risk averse may choose to put their hard-earned savings in blue chip players such as DBS Group (SGX: D05), which has rewarded shareholders with increasing dividends, bonus stock issues, and a rising share price, to boot.
However, many other stocks are overlooked, yet offer the prospect of strong growth in the years ahead.
Here are three overlooked growth stocks that could double in the next five years.
On Holding AG (NYSE: ONON)
The On brand has become more prominent in recent years.
You might have seen its logo on outfits worn by tennis champ Iga Swiatek, featured in ads starring Zendaya, or even just on the snazzy-looking shoes of the person beside you in the gym.
On Holding AG, the Swiss parent company of the On brand, is actually listed on the New York Stock Exchange.
With a market capitalization in excess of US$15 billion (as of 5 December 2025), it’s smaller than more established competitors such as Nike (NYSE: NKE) at US$97 billion, Adidas (EUR 29 billion), and Lululemon Athletica (US$22 billion).
On, which was founded in 2010, has been growing quickly. Between 2022 and 2024, sales rose by 90% from CHF 1.22 billion to CHF 2.32 billion, with the company forecasting a 34% increase in sales for 2025 on a constant currency basis.
Looking ahead, analysts expect On’s revenue in 2026 to grow by 22.6%. For comparison, Nike is expected to grow revenue by 5.2% over the same period.
On’s strong growth in revenue hinges on the company’s ability to continue executing well and expand its total addressable market. For starters, the market for footwear, which is still On’s core segment, is expected to reach US$588 billion by 2030.
But On’s growth will also depend on it being able to achieve similar levels of success in other footwear-adjacent segments. For example, in 2030, the sportswear market is expected to reach US$646 billion.
Things look promising for now. Revenue from the apparel and accessories segments is growing faster than in footwear. In On’s most recent results for the first nine months of 2025 (9M 2025), these rose by 83% and 127% respectively, compared to the same year-ago period, whereas footwear grew by only 30%.
There also still remains plenty of room for On to grow in the Asia Pacific region, where it recorded growth of 107% for the 9M 2025 period, compared to 19% for the Americas and 35% in the EMEA regions, respectively.
However, before loading up on On’s shares, do note that competition in the athleisure and footwear markets is fierce, and consumers can be fickle. Recently, worries over Lululemon’s failure to keep up with competing brands such as Vuori and Alo Yoga have sent its stock price down by nearly two-thirds from its peak in December 2023.
On’s business has also faced headwinds from recent trade tensions. Nearly 60% of On’s revenue in 9M 2025 was from the Americas but the company makes most of its products in Vietnam and some in China. These worries sent its stock price down by more than 50% from January this year to the end of November, despite the company having raised its annual sales guidance in each quarter, and management having spoken of its ability to “command a much higher selling price”.
Keppel Corp (SGX: BN4)
Keppel Corp was founded in 1968 as Keppel Shipyard and for many years focused on the offshore and marine (O&M) business. In fact, less than five years ago, it was the world’s largest oil rig builder.
It’s no surprise, then, that many investors may still view Keppel through an oil and gas lens, with its share price linked to the volatility of energy prices. However, with its restructuring over the past few years – including the divestment of most of its O&M arm to SempCorp Marine to form Seatrium – Keppel now wants to be seen as an asset manager and operator, as it builds a growing stream of fee-based recurring income.
As more investors recognise these changes, and Keppel produces higher profits and distributions to shareholders, the company’s shares could attract a higher valuation.
In 9M 2025, net profit from what the company termed “New Keppel” increased by 25% year-on-year (YoY). New Keppel excludes the company’s non-core portfolio, which contains its remaining O&M assets, residential landbank, and other logistics and hospitality assets.
As part of its multi-year restructuring, Keppel is also increasing its distributions to investors. Between January 2022 and September 2025, it returned S$6.6 billion to shareholders in the form of cash or other distributions – namely, units of Keppel REIT and Seatrium. This is over a third of its current market capitalisation of S$18.6 billion as of 5 December 2025.
By 2030, Keppel aims to have S$200 billion in assets under management (AUM), more than double the S$91 billion it had as of June this year. Dealmaking is one of the ways the company is attempting to reach its goal. For example, it acquired 50% of Aermont Capital in 2023, expanding its AUM by S$24 billion, and intends to acquire the balance by 2028. With Aermont Capital, Keppel secured a foothold and opportunities for expansion in Europe.
Given the high operating leverage of the asset management industry, much of the resulting increase in fees and revenue should flow through to Keppel’s bottom line, and so the amount available to distribute to investors.
However, Keppel does face strong competition from world-class investors including Blackstone, Brookfield Asset Management, and Macquarie. As mentioned earlier, Keppel is also depending on M&A as one of the ways to reach its AUM-target, so finding the right deals and integrating the acquisitions well would be key.
With a few more years of a track record as an asset manager, Keppel may start to attract a higher valuation, which would increase its share price. For example, its trailing price-to-earnings (P/E) ratio is 20.9, compared to 34.4 for Brookfield and 43.7 for Blackstone.
Capitaland Investment (SGX: 9CI)
Another Singapore-listed company that has undergone a restructuring in recent years is Capitaland Investment (CLI), which was previously known as CapitaLand, a real estate developer which also owned stakes in various listed REITs.
Similar to Keppel, CLI underwent a restructuring in recent years, which saw its real estate development business privatised by Temasek Holdings. The listed entity, meanwhile, pivoted to becoming an asset manager. Currently, CLI’s business consists of a real estate investment business and real-estate-related fee-income businesses, which include listed funds management, private funds management, lodging management, and commercial management.
However, unlike Keppel, which has seen the market reward its efforts with a nearly-50% increase in its stock price from the start of the year to 5 December, CLI has not been met with similar enthusiasm by the market. Its stock price is down over the same period.
This may be because of its poor recent financial performance. In the first half of 2025, revenue fell by 24% to S$1 billion, while net profit was down 27% to S$304 million.
Yet, there are a number of catalysts that may lead to a turnaround in the company’s fortunes.
First, two of its Chinese assets were listed on the Shanghai Stock Exchange in September this year as CapitaLand Commercial C-REIT, China’s first international-sponsored retail C-REIT. There was strong demand for this offering, with institutional investors oversubscribing by 254.5x, while the public tranche was 535.2x oversubscribed. CapitaLand Commerce C-REIT managed to raise S$409 million in its listing.
CLI can tap on this strong demand in the future in order to recycle its capital, by selling its mature Chinese assets to its publicly-listed C-REITs, and channeling those funds to higher-margin activities.
Second, CLI is partnering with parties such as Coronade Properties in Malaysia and SC Capital Partners Group. The former will see CLI provide its expertise to shape the retail component of Coronation Square, an integrated development by Coronade Properties. It is situated in Johor, is directly connected to the Rapid Transit System link to Singapore, and should see strong interest given the excitement around the Johor-Singapore Special Economic Zone. The latter allows CLI to expand its presence in Japan, home to one of the largest real estate markets in the world that is expected to generate revenue of US$533 billion in 2030.
Third, and perhaps most significantly, there are recent media reports of a potential merger between CLI and Mapletree Investments. The merger, if it happens, will create a giant asset manager with S$195 billion in assets under management. Temasek Holdings owns 54% of CLI and all of Mapletree. A combined CLI-Mapletree entity would be well-placed to be a dominant player in the real estate asset management industry globally.
What Makes a Stock a Potential “Doubler”?
The rule of 72 is a simple way to estimate how long it takes to double an investment. The years to double = 72 / rate of return (%). So, if a stock manages to achieve earnings growth of 15% a year, it should take 72/15 = 4.8 years for earnings to double.
This rate of growth is certainly possible for a brand like On, assuming it continues to expand into new geographic and product markets.
Keppel and CLI are more mature businesses, and so may not see such strong growth. However, there are still opportunities for them to increase their earnings, especially since the asset management business benefits from economies of scale. Greater scale should lead to a disproportionate increase in profits, and distributions to shareholders, which should then lead to higher valuations. The move to asset management should also lead to more stable, recurring income streams, which should also support a higher valuation.
Finally, a merger between CLI and Mapletree would be a game-changer, and allow CLI to scale up in a much faster period, although mega mergers do bring their own set of challenges.
While none of these names would be considered AI-plays, they can provide diversification while maintaining the possibility of achieving strong returns.
Conclusion – Get Smart: Look Where Others Aren’t
The biggest winners often start as overlooked names hiding in plain sight. They may not be as big as their peers, may be pivoting to a difference business model, or may have recently underperformed. Yet, these are the very factors why they may have the ability to surprise on the upside in the years ahead.
Smart investors study the fundamentals, recognise early momentum, and position themselves before the crowd catches on.
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Disclosure: Silas owns shares in On and Keppel.
