Singapore’s stocks are set for a 15 percent tumble this year, putting them in the same league as Greece. Baring Asset Management Ltd. and UBS Group AG say shares need to get even cheaper before they’re prepared to buy.

Commodity trader Noble Group Ltd. and oil-rig builder Sembcorp Marine Ltd. fell at least 46 percent in 2015 through Monday amid a raw-materials price rout, while DBS Group Holdings Ltd. has been the biggest drag on the Straits Times Index as property prices decline and bad debts increase. Among developed markets tracked by Bloomberg, the only benchmark measure that has fared worse is the ASE Index in Athens, which is poised for a 24 percent plunge. “While some value could emerge if Singapore drops another 10 percent, there’s not a lot of things to be wildly excited about Singapore at the moment,” said Soo Hai Lim, a Hong Kong-based money manager at Baring. “Cheap valuations aren’t a good enough reason why these stocks would deliver the kind of performance we’re looking for. The growth outlook is still quite soft for 2016.”

Following this year’s slump, shares on the MSCI Singapore Index trade at 1.1 times the value of its companies’ net assets, compared with a multiple of 2 on a measure of global equities. The gap between the two widened this month to the most since May 2003. The MSCI All-Country World Index is heading for a 5.5 percent retreat in 2015.