Some companies are worth more than the market gives them credit for.
The catch? Investors often don’t know it.
The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) want to change that.
Their joint initiative, Value Unlock, nudges boards to create value and explain their growth plans better.
Companies work out why the market undervalues them, then build an equity story investors can follow.
SGX has published case studies of companies that put these ideas to work.
Three sit in the iEdge Singapore Next 50 Index, and each pulled a different lever.
So, do their latest results still back the story?
How did iFAST grow from a fund platform into a fintech group?
iFAST Corporation Ltd (SGX: AIY) started life as a Singapore-focused unit trust distribution platform.
In 2021, it set a five-year plan to become a global digital banking and wealth management platform.
Hong Kong came first.
iFAST’s ePension business, run with a consortium serving the city’s pension authority, brought in steady revenue.
In 2022, iFAST bought a licensed UK bank.
SGX points to FY2025 as the payoff.
Revenue crossed the S$500 million mark, while net profit rose 50.1% year on year (YoY) to S$100 million.
In the third quarter of 2026 (3Q2026), revenue climbed 23% YoY to S$167 million.
Net profit attributable to owners rose 24.5% YoY to S$32.4 million.
Assets under administration (AUA) hit a record S$36.8 billion, up 20%.
Dividends are growing even faster.
The third interim dividend rose 39.1% YoY to S$0.032 per share.
Management expects at least S$0.12 for FY2026, up from its April guidance of S$0.105.
On the flip side, iFAST’s debt, excluding lease liabilities, more than doubled to S$234.3 million after a S$120 million note issue in March 2026.
Can Centurion stay asset-light while it keeps expanding?
Centurion Corporation Limited (SGX: OU8) owns and manages accommodation for workers and students.
SGX says investors undervalued these assets.
Its asset-heavy model also weighed on returns and limited its debt capacity.
Centurion’s answer was to own less and manage more.
In September 2025, it listed Centurion Accommodation REIT (SGX: 8C8U), or CAREIT, with a S$1.84 billion seed portfolio of 14 assets.
It still earns recurring fees as sponsor and manager, and has put the proceeds into new projects.
SGX holds up FY2025 as the result.
Core net profit rose 26% to S$139.2 million and net gearing fell from 29% to 12%.
Core dividend rose 14% to S$0.04 per share, and shareholders also received a special distribution in specie of one CAREIT unit for every ten shares.
This year looks more mixed.
In the first half of 2026 (1H2026), revenue climbed 31% YoY to S$184.9 million, and core profit rose 34% to S$87.7 million.
Profit attributable to shareholders fell 64% to S$26.5 million.
A S$32.8 million fair value loss hurt, and more profit now flows to CAREIT’s minority unitholders.
Here’s the thing: net gearing doubled to 24% in six months as Centurion borrowed for acquisitions.
Management fee income rose 68%, yet came to just S$1.6 million.
The interim dividend stayed at S$0.02.
Has PropNex really outgrown the property cycle?
PropNex Limited (SGX: OYY) is Singapore’s largest listed real estate agency.
SGX says investors treated it as a bet on one heavily regulated property market, which kept the shares at a persistent discount.
To change that view, its chairman and CEO met investors and the media more often.
They argued that PropNex’s spread across property segments hedges against cooling measures in any one.
PropNex also committed to paying out 75% to 80% of profits as dividends.
Then came the first half of 2026 (1H2026).
Revenue rose just 0.7% YoY to S$603 million.
Agency commissions grew by S$23.3 million, but project marketing income fell by S$20.1 million as developers launched 22.2% fewer units.
Profit attributable to shareholders slipped 3.1% to S$40.9 million.
To put it simply, the agency arm softened the blow; it couldn’t absorb all of it.
The interim dividend stayed at S$0.05 per share, more than 90% of first-half earnings and above PropNex’s own policy.
Free cash flow also fell, from S$45 million to S$33.1 million.
With S$130.2million in cash and no borrowings, PropNex has room to keep paying for now.
Get Smart: Find the number that can break the story
A good equity story can help close a valuation gap, but it can’t do the work of the numbers.
So before you buy into a story, pick the one figure that would prove it wrong.
Then check it every results season.
With iFAST, it’s AUA.
The S$100 billion target for 2030 is about 2.7 times today’s S$36.8 billion.
Centurion’s number is net gearing, read alongside fee income.
At PropNex, watch the payout ratio – if it stays above policy, ask how long that can last.
If your number holds up, the story is earning its keep. If it slips, you have your early warning.
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Disclosure: The Smart Investor owns shares in iFAST.
