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Singaporean (SGX) Market Analysis & Valuation

UpdatedJul 25, 2026
DataAggregated Company Financials
Companies502
  • 7D1.4%
  • 3M8.1%
  • 1Y24.1%
  • YTD14.8%

The market is up 1.4% over the last week, with the Financials sector leading the way, up 2.2%. As for the past 12 months, the market is up 24%. As for the next few years, earnings are expected to grow by 7.0% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

Has the Singaporean Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 25 Jul 2026S$1.0tS$535.5bS$58.2b14.1x17.7x1.9x
Mon, 22 Jun 2026S$976.0bS$536.3bS$58.1b14x16.8x1.8x
Wed, 20 May 2026S$968.5bS$534.4bS$59.1b14.4x16.4x1.8x
Fri, 17 Apr 2026S$963.3bS$531.9bS$60.4b14.8x15.9x1.8x
Sun, 15 Mar 2026S$926.6bS$533.5bS$60.5b13.9x15.3x1.7x
Tue, 10 Feb 2026S$940.2bS$560.5bS$56.1b15x16.8x1.7x
Thu, 08 Jan 2026S$900.4bS$561.4bS$55.2b14.8x16.3x1.6x
Sat, 06 Dec 2025S$867.4bS$563.3bS$55.3b15.1x15.7x1.5x
Mon, 03 Nov 2025S$852.9bS$565.1bS$56.6b14.8x15.1x1.5x
Wed, 01 Oct 2025S$828.3bS$563.3bS$56.4b14.4x14.7x1.5x
Fri, 29 Aug 2025S$815.9bS$562.1bS$56.3b14x14.5x1.5x
Sun, 27 Jul 2025S$808.8bS$540.9bS$50.6b13.7x16x1.5x
Tue, 24 Jun 2025S$731.7bS$543.7bS$51.3b12.6x14.3x1.3x
Thu, 22 May 2025S$733.6bS$548.7bS$48.6b12.2x15.1x1.3x
Sat, 19 Apr 2025S$706.8bS$551.6bS$47.4b11.4x14.9x1.3x
Mon, 17 Mar 2025S$723.6bS$555.7bS$47.7b11.6x15.2x1.3x
Wed, 12 Feb 2025S$723.8bS$546.8bS$44.8b11.7x16.1x1.3x
Fri, 10 Jan 2025S$723.6bS$548.2bS$43.7b11.9x16.6x1.3x
Sun, 08 Dec 2024S$717.5bS$544.6bS$43.5b11.9x16.5x1.3x
Tue, 05 Nov 2024S$692.9bS$535.6bS$43.8b11.7x15.8x1.3x
Thu, 03 Oct 2024S$711.4bS$539.9bS$44.9b11.6x15.9x1.3x
Sat, 31 Aug 2024S$681.5bS$545.4bS$44.9b11x15.2x1.2x
Mon, 29 Jul 2024S$678.3bS$546.7bS$44.6b11.9x15.2x1.2x
Wed, 26 Jun 2024S$660.3bS$548.2bS$44.4b11.9x14.9x1.2x
Fri, 24 May 2024S$659.8bS$546.8bS$44.6b11.7x14.8x1.2x
Sun, 21 Apr 2024S$636.0bS$547.6bS$46.8b11.8x13.6x1.2x
Tue, 19 Mar 2024S$635.3bS$544.1bS$47.0b11.4x13.5x1.2x
Thu, 15 Feb 2024S$635.2bS$554.9bS$49.9b12x12.7x1.1x
Sat, 13 Jan 2024S$654.4bS$570.5bS$52.0b12.5x12.6x1.1x
Mon, 11 Dec 2023S$643.4bS$572.2bS$52.3b12.1x12.3x1.1x
Wed, 08 Nov 2023S$659.6bS$573.9bS$52.1b12.3x12.7x1.1x
Fri, 06 Oct 2023S$670.8bS$574.9bS$52.5b12.3x12.8x1.2x
Sun, 03 Sep 2023S$679.2bS$572.7bS$52.4b13.4x13x1.2x
Tue, 01 Aug 2023S$709.6bS$580.0bS$56.3b12.1x12.6x1.2x
Price to Earnings Ratio

12.6x


Total Market Cap: S$709.6bTotal Earnings: S$56.3bTotal Revenue: S$580.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14.9x202420252026
Current Market PE
  • Investors are optimistic on the Singaporean market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 17.7x which is higher than its 3-year average PE of 14.9x.
Past Earnings Growth
  • The earnings for Singaporean listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have declined 2.6% per year.
  • This means that the cost of doing business could be reducing since sales have declined yet profits have remained steady.

Sector Trends

Which sectors have driven the changes within the Singaporean Market?

SG Market1.36%
Energy2.71%
Financials2.21%
Tech2.18%
Industrials1.94%
Consumer Staples1.21%
Materials0.97%
Healthcare0.79%
Consumer Discretionary0.63%
Real Estate-0.062%
Telecom-0.95%
Utilities-1.55%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 56.6x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 10.2% which is higher than its past year's earnings decline of 3.3% per year.
  • The Utilities sector is the least preferred by investors for future growth, which is trading below its 3-year average of 9.5x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings decline of 8.6% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 11% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
D05 DBS Group HoldingsS$73.942.8%
+S$5.6b		50.7%PB3.1xFinancials
O39 Oversea-Chinese BankingS$29.091.9%
+S$2.4b		69.3%PB2.1xFinancials
BS6 Yangzijiang Shipbuilding (Holdings)S$4.0010.2%
+S$1.5b		57.5%PE9.6xIndustrials
U11 United Overseas BankS$43.322.0%
+S$1.4b		16.6%PB1.5xFinancials
G07 Great Eastern HoldingsS$20.385.6%
+S$1.0b		n/aPE16.2xFinancials
See more

Market Insights

Header cover image
Healthcare just hit its lowest market weight since 1994. But dig deeper into the sector, and the collapse starts to look like a costume in some ways.
Continue reading
A brand’s strength doesn’t always last

Latest News

C6L
S$7.55
Singapore Airlines
7D
-1.3%
1Y
-0.3%
5E2
S$2.13
Seatrium
7D
7.0%
1Y
-12.3%
VC2
S$1.35
Olam Group
7D
11.6%
1Y
23.9%
Z74
S$4.39
Singapore Telecommunications
7D
-1.1%
1Y
7.3%
D05
S$73.94
DBS Group Holdings
7D
2.8%
1Y
50.7%
Narrative Update • Jul 24

D05: Future Wealth AUM Ambitions And Steady Dividends Will Support Platform Appeal

Analysts have lifted their price target for DBS Group Holdings to SGD 69.89 from SGD 62.15, reflecting updated assumptions around slightly lower discount rates, adjusted revenue growth of 6.70% and a future P/E of 18.53x, alongside a broadly stable profit margin profile. What's in the News DBS Group Holdings reportedly targets more than S$1tn in wealth assets under management by 2030.
AJBU
S$2.25
Keppel DC REIT
7D
-3.0%
1Y
-3.0%
O39
S$29.09
Oversea-Chinese Banking
7D
1.9%
1Y
69.3%
U11
S$43.32
United Overseas Bank
7D
2.0%
1Y
16.6%
Narrative Update • Jul 22

U11: Future Returns Will Reflect ASEAN FDI Tailwinds And AI Partnership Progress

Analysts have raised their price target on United Overseas Bank from SGD40.53 to about SGD42.47 after adjusting their models to reflect updated fair value estimates, a slightly lower discount rate, steady profit margins, and a modestly higher assumed future P/E multiple. What’s in the News for United Overseas Bank United Overseas Bank highlighted Southeast Asia as a beneficiary of global supply chain shifts, with foreign direct investments to the region reported at $244b in 2025 and Singapore recorded at $151b in inflows, according to recent comments cited in regional news coverage.
S68
S$23.65
Singapore Exchange
7D
-1.0%
1Y
49.1%
Narrative Update • Jul 15

S68: Rising Trading Activity And Sustainability Efforts Will Keep Shares Fairly Valued

Analysts have lifted their Singapore Exchange price target by SGD1.00 to SGD22.33, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E estimates. What's in the News for Singapore Exchange Singapore Exchange reported securities daily average value of S$1.8b for the full fiscal year, which was 35% higher year on year and described as the highest level in 18 years, with full year securities turnover of S$455.7b, source: SGX results summary.
S63
S$10.60
Singapore Technologies Engineering
7D
1.6%
1Y
19.5%
C09
S$7.48
City Developments
7D
-2.9%
1Y
17.2%
Narrative Update • Jul 14

C09: Higher Hospitality Utilisation And Upgrade Will Support Future Repricing

Analysts have raised their fair value estimate for City Developments from SGD 9.01 to SGD 12.11, reflecting updated views on earnings, divestments and valuation. These changes are also evident in the higher Street price target of SGD 9.78.
U14
S$9.40
UOL Group
7D
-2.1%
1Y
34.3%
D01
US$3.43
DFI Retail Group Holdings
7D
-4.7%
1Y
-3.1%
G07
S$20.38
Great Eastern Holdings
7D
5.6%
1Y
n/a
C38U
S$2.44
CapitaLand Integrated Commercial Trust
7D
-1.2%
1Y
10.4%
Narrative Update • Jun 22

C38U: Paragon Acquisition And Portfolio Rebalance Will Support Future Income Upside

Analysts have maintained their fair value estimate for CapitaLand Integrated Commercial Trust at SGD2.69, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E that together point to a marginally more conservative valuation profile. What’s in the News for CapitaLand Integrated Commercial Trust Unitholders approved CapitaLand Integrated Commercial Trust’s proposed S$3.9 billion acquisition of Orchard Road mall Paragon at an extraordinary general meeting, giving the go ahead for the purchase of the freehold asset with potential redevelopment options, according to recent news reports.
BS6
S$4.00
Yangzijiang Shipbuilding (Holdings)
7D
10.2%
1Y
57.5%