Singapore firms could pursue more asset sales and restructuring after recent disposals validated values not reflected in share prices, with Singtel alone potentially realising up to $23b.

Singtel alone could realise up to $23b through Airtel stake sales and a data-centre IPO. Singapore-listed companies are expected to pursue more asset sales, listings, and restructuring as recent disposals helped validate valuations not fully reflected in their share prices. Singtel alone could realise $21b to $23b through further stake sales and a potential data-centre listing, equivalent to 23% to 25% of its sum-of-the-parts valuation, according to a DBS Group Research report. DBS said conglomerates and property companies had historically traded below their book values or revalued net asset values because investors were uncertain whether those valuations would be realised. The report cited Keppel as an example of a company that had progressed from announcing a transformation to completing asset sales and returning capital to shareholders.