We went deep into the Singapore market, and into the wild wild west world of small-cap players this week.

Not all small-cap players are volatile and risky. Some has strong fundamental business, and most of the time, they are underappreciated and does not receive much investor attention.

We are taking a look at 3 small-cap players that are trading at very cheap valuations and offer high share price upside.

Before we proceed, we have some interesting content this week that might change how you think about your portfolio!

Microsoft $MSFT ( ▼ 1.55% ) : Latest financial results exceeded expectations. Revenue was up by 19%, driven by 48% growth in its Azure cloud infrastructure business. Capital expenditures grew by 30%, as Microsoft looks to expand its AI infrastructure further. [Read More]

Alphabet $GOOG ( ▼ 1.45% ) : Alphabet also exceeded expectations in its latest quarter. Revenue was driven by its cloud business that grew by 35%, while it’s also increasing its capital expenditures. Despite the beat, the company suffered a steep 12% drop due to concerns on its AI spending [Read More]

Amazon $AMZN ( ▼ 1.41% ) : Meanwhile, Amazon missed expectations. Revenue was once again driven by its cloud business that expanded by 39%, and it stayed firm on its AI spending plans. Market rewarded it by selling the company down as it also registered negative cash flow [Read More]

Coca-Cola $KO ( ▲ 1.36% ) : Coca-Cola topped expectations as revenue grew by 7% while profits are up by 8.7%. So, it raised its guidance for earnings to grow by 11% and revenue to be up by 5% [Read More]

Starbucks $SBUX ( ▼ 1.74% ) : Starbucks results were mixed. Revenue was down by 4% due to the joint venture in China, but profits are up by six-fold [Read More]

SK Hynix $SKHY ( ▼ 7.95% ) : SK Hynix just recorded its record quarter and is announcing a US$75 billion shareholder return plan. Revenue quadrupled while operating profit was up by 7 times [Read More]

Mi Material IPO: Mi Material’s IPO is 2.2 times subscribed, with institutional fund managers from the EQDP program taking up some shares from the company. [Read More]

Keppel: Keppel’s 3Q 2026 earnings are up by 20%, but for 9M 2026, they are down by 40% due to impairment charges. New Keppel, which is the company’s new operating model, had earnings rose by 15% [Read More]

Sembcorp: Sembcorp is gauging demand for the listing of its Indian unit, Sembcorp Green Infra Ltd, that could raise up to US$394 million [Read More]

ST Engineering: ST Engineering has won a total of SG$5.6 billion of contracts in 3Q 2026. This brings total contracts wins for 2026 to SG$13.2 billion [Read More]

Markets move. Headlines catastrophise. But somewhere inside the noise is the story that matters — the opportunity, not the fear. 

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Info-Tech Systems sells cloud-based accounting software and human resource management software in Malaysia and Singapore.

💪 Investment Case: Valuations are cheap now with price-to-earnings ratio at 10.3 times compared to peers’ average of 21 times.

Dividend yield is at 5.0%, which is higher than the industry average of 1.2%, making this an attractive dividend play for a small-cap company.

❓  Market Analysts: Average target price is at SG$1.55 with an implied upside of +97.7%

MoneyMax Financial Services provides financial services, retails and trade luxury products in Malaysia and Singapore

💪 Investment Case: MoneyMax’s Price-to-Earnings growth (PEG) ratio is very attractive now at 0.8x. It’s relatively cheap to invest in its earnings growth now considering that analysts are expecting its earnings to grow by 7.8% in 2026.

This is quite a worthwhile deal now considering that its revenue and earnings are both up by 34% and 77% for 1H 2026.

Dividend yield is decent at 2.5%, but MoneyMax’s opportunity lies in its upside in share price.

❓ Market Analysts: Average target price of SG$0.855 with an implied upside of +90.5%.

Tiong Woon provides services for the oil & gas, petrochemical, infrastructure and construction sectors.

💪 Investment Case: Same story here with Tiong Woon. PEG is very cheap at 0.6 times. Tiong Woon’s earnings are projected to grow by 14.7%, and this earnings growth is very cheap to buy now. Additionally, its share price upside offers an attractive risk-reward ratio.

❓  Market Analysts: Average target price of SG$1.33 with implied upside of +51.1%.