As we speak’s funding panorama is dominated by trillion-dollar firms akin to Nvidia (NASDAQ: NVDA) and Alphabet (NASDAQ: GOOGL), that are driving on the thrill of the unreal intelligence wave.
Buyers who’re extra danger averse could select to place their hard-earned financial savings in blue chip gamers akin to DBS Group (SGX: D05), which has rewarded shareholders with rising dividends, bonus inventory points, and a rising share value, besides.
Nonetheless, many different shares are ignored, but provide the prospect of robust progress within the years forward.
Listed below are three ignored progress shares that might double within the subsequent 5 years.
On Holding AG (NYSE: ONON)
The On model has turn out to be extra distinguished in recent times.
You might need seen its emblem on outfits worn by tennis champ Iga Swiatek, featured in advertisements starring Zendaya, and even simply on the snazzy-looking sneakers of the particular person beside you within the health club.
On Holding AG, the Swiss mother or father firm of the On model, is definitely listed on the New York Inventory Trade.
With a market capitalization in extra of US$15 billion (as of 5 December 2025), it’s smaller than extra established rivals akin to Nike (NYSE: NKE) at US$97 billion, Adidas (EUR 29 billion), and Lululemon Athletica (US$22 billion).
On, which was based in 2010, has been rising shortly. Between 2022 and 2024, gross sales rose by 90% from CHF 1.22 billion to CHF 2.32 billion, with the corporate forecasting a 34% enhance in gross sales for 2025 on a relentless forex foundation.
Wanting forward, analysts anticipate On’s income in 2026 to develop by 22.6%. For comparability, Nike is anticipated to develop income by 5.2% over the identical interval.
On’s robust progress in income hinges on the corporate’s capacity to proceed executing properly and broaden its complete addressable market. For starters, the marketplace for footwear, which continues to be On’s core phase, is anticipated to achieve US$588 billion by 2030.
However On’s progress can even rely on it with the ability to obtain comparable ranges of success in different footwear-adjacent segments. For instance, in 2030, the sportswear market is anticipated to achieve US$646 billion.
Issues look promising for now. Income from the attire and equipment segments is rising quicker than in footwear. In On’s most up-to-date outcomes for the primary 9 months of 2025 (9M 2025), these rose by 83% and 127% respectively, in comparison with the identical year-ago interval, whereas footwear grew by solely 30%.
There additionally nonetheless stays loads of room for On to develop within the Asia Pacific area, the place it recorded progress of 107% for the 9M 2025 interval, in comparison with 19% for the Americas and 35% within the EMEA areas, respectively.
Nonetheless, earlier than loading up on On’s shares, do observe that competitors within the athleisure and footwear markets is fierce, and shoppers could be fickle. Not too long ago, worries over Lululemon’s failure to maintain up with competing manufacturers akin to Vuori and Alo Yoga have despatched its inventory value down by practically two-thirds from its peak in December 2023.
On’s enterprise has additionally confronted headwinds from latest commerce tensions. Almost 60% of On’s income in 9M 2025 was from the Americas however the firm makes most of its merchandise in Vietnam and a few in China. These worries despatched its inventory value down by greater than 50% from January this yr to the top of November, regardless of the corporate having raised its annual gross sales steering in every quarter, and administration having spoken of its capacity to “command a a lot increased promoting value”.
Keppel Corp (SGX: BN4)
Keppel Corp was based in 1968 as Keppel Shipyard and for a few years targeted on the offshore and marine (O&M) enterprise. The truth is, lower than 5 years in the past, it was the world’s largest oil rig builder.
It’s no shock, then, that many buyers should still view Keppel via an oil and fuel lens, with its share value linked to the volatility of vitality costs. Nonetheless, with its restructuring over the previous few years – together with the divestment of most of its O&M arm to SempCorp Marine to type Seatrium – Keppel now needs to be seen as an asset supervisor and operator, because it builds a rising stream of fee-based recurring revenue.
As extra buyers recognise these adjustments, and Keppel produces increased income and distributions to shareholders, the corporate’s shares may entice a better valuation.
In 9M 2025, internet revenue from what the corporate termed “New Keppel” elevated by 25% year-on-year (YoY). New Keppel excludes the corporate’s non-core portfolio, which accommodates its remaining O&M belongings, residential landbank, and different logistics and hospitality belongings.
As a part of its multi-year restructuring, Keppel can be rising its distributions to buyers. Between January 2022 and September 2025, it returned S$6.6 billion to shareholders within the type of money or different distributions – particularly, models of Keppel REIT and Seatrium. That is over a 3rd of its present market capitalisation of S$18.6 billion as of 5 December 2025.
By 2030, Keppel goals to have S$200 billion in belongings beneath administration (AUM), greater than double the S$91 billion it had as of June this yr. Dealmaking is likely one of the methods the corporate is making an attempt to achieve its aim. For instance, it acquired 50% of Aermont Capital in 2023, increasing its AUM by S$24 billion, and intends to amass the steadiness by 2028. With Aermont Capital, Keppel secured a foothold and alternatives for growth in Europe.
Given the excessive working leverage of the asset administration trade, a lot of the ensuing enhance in charges and income ought to circulate via to Keppel’s backside line, and so the quantity accessible to distribute to buyers.
Nonetheless, Keppel does face robust competitors from world-class buyers together with Blackstone, Brookfield Asset Administration, and Macquarie. As talked about earlier, Keppel can be relying on M&A as one of many methods to achieve its AUM-target, so discovering the precise offers and integrating the acquisitions properly can be key.
With a couple of extra years of a observe file as an asset supervisor, Keppel could begin to entice a better valuation, which might enhance its share value. For instance, its trailing price-to-earnings (P/E) ratio is 20.9, in comparison with 34.4 for Brookfield and 43.7 for Blackstone.
Capitaland Funding (SGX: 9CI)
One other Singapore-listed firm that has undergone a restructuring in recent times is Capitaland Funding (CLI), which was beforehand referred to as CapitaLand, an actual property developer which additionally owned stakes in varied listed REITs.
Much like Keppel, CLI underwent a restructuring in recent times, which noticed its actual property growth enterprise privatised by Temasek Holdings. The listed entity, in the meantime, pivoted to turning into an asset supervisor. At present, CLI’s enterprise consists of an actual property funding enterprise and real-estate-related fee-income companies, which embrace listed funds administration, non-public funds administration, lodging administration, and business administration.
Nonetheless, in contrast to Keppel, which has seen the market reward its efforts with a nearly-50% enhance in its inventory value from the beginning of the yr to five December, CLI has not been met with comparable enthusiasm by the market. Its inventory value is down over the identical interval.
This can be due to its poor latest monetary efficiency. Within the first half of 2025, income fell by 24% to S$1 billion, whereas internet revenue was down 27% to S$304 million.
But, there are a variety of catalysts which will result in a turnaround within the firm’s fortunes.
First, two of its Chinese language belongings had been listed on the Shanghai Inventory Trade in September this yr as CapitaLand Business C-REIT, China’s first international-sponsored retail C-REIT. There was robust demand for this providing, with institutional buyers oversubscribing by 254.5x, whereas the general public tranche was 535.2x oversubscribed. CapitaLand Commerce C-REIT managed to lift S$409 million in its itemizing.
CLI can faucet on this robust demand sooner or later with a view to recycle its capital, by promoting its mature Chinese language belongings to its publicly-listed C-REITs, and channeling these funds to higher-margin actions.
Second, CLI is partnering with events akin to Coronade Properties in Malaysia and SC Capital Companions Group. The previous will see CLI present its experience to form the retail element of Coronation Sq., an built-in growth by Coronade Properties. It’s located in Johor, is instantly related to the Fast Transit System hyperlink to Singapore, and will see robust curiosity given the thrill across the Johor-Singapore Particular Financial Zone. The latter permits CLI to broaden its presence in Japan, residence to one of many largest actual property markets on this planet that’s anticipated to generate income of US$533 billion in 2030.
Third, and maybe most importantly, there are latest media stories of a possible merger between CLI and Mapletree Investments. The merger, if it occurs, will create a large asset supervisor with S$195 billion in belongings beneath administration. Temasek Holdings owns 54% of CLI and all of Mapletree. A mixed CLI-Mapletree entity can be well-placed to be a dominant participant in the true property asset administration trade globally.
What Makes a Inventory a Potential “Doubler”?
The rule of 72 is an easy strategy to estimate how lengthy it takes to double an funding. The years to double = 72 / price of return (%). So, if a inventory manages to realize earnings progress of 15% a yr, it ought to take 72/15 = 4.8 years for earnings to double.
This price of progress is definitely attainable for a model like On, assuming it continues to broaden into new geographic and product markets.
Keppel and CLI are extra mature companies, and so could not see such robust progress. Nonetheless, there are nonetheless alternatives for them to extend their earnings, particularly for the reason that asset administration enterprise advantages from economies of scale. Higher scale ought to result in a disproportionate enhance in income, and distributions to shareholders, which ought to then result in increased valuations. The transfer to asset administration must also result in extra secure, recurring revenue streams, which must also assist a better valuation.
Lastly, a merger between CLI and Mapletree can be a game-changer, and permit CLI to scale up in a a lot quicker interval, though mega mergers do deliver their very own set of challenges.
Whereas none of those names can be thought of AI-plays, they will present diversification whereas sustaining the potential for attaining robust returns.
Conclusion – Get Good: Look The place Others Aren’t
The most important winners usually begin as ignored names hiding in plain sight. They might not be as massive as their friends, could also be pivoting to a distinction enterprise mannequin, or could have just lately underperformed. But, these are the very elements why they could have the power to shock on the upside within the years forward.
Good buyers examine the basics, recognise early momentum, and place themselves earlier than the group catches on.
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Disclosure: Silas owns shares in On and Keppel.
