SINGAPORE (Jan 17): Frasers Property (FPL) – which gained just 3.68% last year – underperformed its peers City Developments (+42%), UOL Group (+37.5%) and CapitaLand (+26.2%), excluding dividends. Since the start of this year, CapitaLand is up a further 5%.

By all accounts, FPL is undervalued. At a closing price of $1.72 as at Jan 14, it is trading at a P/B of 0.67 times, lower than CDL’s one times price to book, CapitaLand’s 0.87 times and UOL’s 0.72 times.

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