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Singaporean (SGX) Market Analysis & Valuation

UpdatedDec 21, 2025
DataAggregated Company Financials
Companies504
  • 7D-0.3%
  • 3M4.7%
  • 1Y23.4%
  • YTD20.8%

The market has stayed flat over the 7 days. As for the longer term, the market has risen 23% in the past 12 months. Earnings are forecast to grow by 7.5% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Dec 2025S$872.8bS$563.2bS$55.3b14.6x15.8x1.5x
Wed, 19 Nov 2025S$865.4bS$564.3bS$55.2b14.9x15.7x1.5x
Fri, 17 Oct 2025S$836.3bS$564.0bS$56.4b14.7x14.8x1.5x
Sun, 14 Sep 2025S$836.8bS$562.4bS$56.3b14.4x14.9x1.5x
Tue, 12 Aug 2025S$800.3bS$542.4bS$52.2b14x15.3x1.5x
Thu, 10 Jul 2025S$766.2bS$542.0bS$51.3b12.9x14.9x1.4x
Sat, 07 Jun 2025S$742.1bS$548.8bS$51.4b12.6x14.4x1.4x
Mon, 05 May 2025S$727.4bS$549.9bS$47.7b11.7x15.3x1.3x
Wed, 02 Apr 2025S$745.8bS$556.7bS$47.6b11.8x15.7x1.3x
Fri, 28 Feb 2025S$733.4bS$548.9bS$48.9b12.1x15x1.3x
Sun, 26 Jan 2025S$716.4bS$544.8bS$43.2b12.1x16.6x1.3x
Tue, 24 Dec 2024S$707.7bS$546.8bS$43.6b11.9x16.2x1.3x
Thu, 21 Nov 2024S$708.6bS$542.3bS$43.4b11.5x16.3x1.3x
Sat, 19 Oct 2024S$705.8bS$535.4bS$44.0b11.8x16x1.3x
Mon, 16 Sep 2024S$701.9bS$541.3bS$44.9b11.2x15.6x1.3x
Wed, 14 Aug 2024S$650.3bS$544.4bS$44.7b10.7x14.5x1.2x
Fri, 12 Jul 2024S$683.2bS$547.4bS$44.6b11.9x15.3x1.2x
Sun, 09 Jun 2024S$662.0bS$548.0bS$44.4b11.7x14.9x1.2x
Tue, 07 May 2024S$649.6bS$539.5bS$49.0b11.9x13.3x1.2x
Thu, 04 Apr 2024S$647.0bS$546.1bS$47.1b11.8x13.7x1.2x
Sat, 02 Mar 2024S$620.0bS$542.5bS$49.7b11.4x12.5x1.1x
Mon, 29 Jan 2024S$645.3bS$571.8bS$51.8b12.3x12.5x1.1x
Wed, 27 Dec 2023S$648.7bS$569.7bS$52.1b12.4x12.4x1.1x
Fri, 24 Nov 2023S$646.5bS$573.5bS$52.4b11.9x12.3x1.1x
Sun, 22 Oct 2023S$640.9bS$575.2bS$52.5b12.1x12.2x1.1x
Tue, 19 Sep 2023S$680.8bS$574.2bS$52.5b12.8x13x1.2x
Thu, 17 Aug 2023S$677.7bS$574.0bS$53.2b12.8x12.7x1.2x
Sat, 15 Jul 2023S$692.7bS$574.3bS$56.6b12x12.2x1.2x
Mon, 12 Jun 2023S$680.8bS$578.6bS$56.8b11.3x12x1.2x
Wed, 10 May 2023S$697.7bS$570.7bS$54.7b11.5x12.7x1.2x
Fri, 07 Apr 2023S$709.5bS$566.6bS$54.4b11.6x13x1.3x
Sun, 05 Mar 2023S$695.6bS$571.5bS$54.5b11.1x12.8x1.2x
Tue, 31 Jan 2023S$723.7bS$558.4bS$58.3b10.6x12.4x1.3x
Thu, 29 Dec 2022S$699.8bS$561.4bS$57.8b10.2x12.1x1.2x
Price to Earnings Ratio

12.1x


Total Market Cap: S$699.8bTotal Earnings: S$57.8bTotal Revenue: S$561.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14.1x202320242025
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 15.8x which is higher than its 3-year average PE of 14.1x.
Past Earnings Growth
  • Both revenue and earnings for Singaporean listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Singaporean Market?

SG Market-0.28%
Energy1.70%
Consumer Discretionary0.74%
Real Estate0.62%
Healthcare0.53%
Materials0.45%
Financials0.24%
Utilities-0.47%
Tech-0.56%
Consumer Staples-0.76%
Industrials-1.33%
Telecom-2.41%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 23.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 49.1%, which is higher than its past year's earnings growth of 4.5% per year.
  • The Utilities sector is the least preferred by investors for future growth, which is trading below its 3-year average of 10.1x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings growth rate of 4.5% per year.
  • In contrast, the Materials sector is expected to see its earnings decline by 18% 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
O39 Oversea-Chinese BankingS$19.551.8%
+S$1.6b		19.3%PB1.5xFinancials
C09 City DevelopmentsS$7.988.7%
+S$571.8m		58.0%PE36.6xReal Estate
S58 SATSS$3.747.5%
+S$386.8m		4.2%PE21.5xIndustrials
9CI CapitaLand InvestmentS$2.692.3%
+S$299.3m		5.5%PE30.8xReal Estate
T82U Suntec Real Estate Investment TrustS$1.476.5%
+S$265.1m		25.6%PB0.7xReal Estate
See more

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9CI
S$2.69
CapitaLand Investment
7D
2.3%
1Y
5.5%
Y92
S$0.46
Thai Beverage
7D
-3.2%
1Y
-16.4%

Y92: Future Earnings Multiple Will Support Share Price Upside

Analysts have raised their price target on Thai Beverage slightly, citing a modest uplift in fair value to roughly in line with prior estimates of intrinsic worth, as small refinements to the discount rate, revenue growth, profit margin, and future valuation multiples support a marginally higher assessment of the companys long term earnings power. Valuation Changes Fair Value: nudged higher from SGD 0.558 to about SGD 0.560, reflecting a very small upward revision.
K71U
S$0.99
Keppel REIT
7D
3.1%
1Y
17.9%

K71U: Sydney Retail Acquisition Will Support Steady Income And Margin Outlook

Analysts have trimmed their price target on Keppel REIT by about S$0.02, citing a slightly higher discount rate as well as modestly improved revenue decline expectations, stronger profit margins, and a lower projected future P/E multiple. What's in the News Keppel REIT agreed to acquire a 75 percent effective interest in Top Ryde City Shopping Centre, a freehold retail mall in Sydney, for AUD 393.8 million, approximately SGD 334.8 million (Key Developments).
S63
S$8.18
Singapore Technologies Engineering
7D
-1.9%
1Y
80.6%
D05
S$54.87
DBS Group Holdings
7D
-0.3%
1Y
28.1%

D05: Dividend Resilience And Regional Digital Partnerships Will Shape Future Outlook

Analysts have slightly trimmed their price target on DBS Group Holdings, now expecting modestly softer discount rates and forward valuation multiples to cap upside to approximately SGD 56.17 per share, while still reflecting steady revenue growth and resilient profit margins. What's in the News DBS is persisting in its pursuit of a stake in Alliance Bank Malaysia, shifting to government-to-government talks as the deal becomes tied to broader negotiations over the Johor Singapore Special Economic Zone, with a roughly two year window seen as critical before Malaysia’s next general election (Key Developments).
O39
S$19.55
Oversea-Chinese Banking
7D
1.8%
1Y
19.3%

O39: Future Performance Will Reflect Stable Profitability And Measured Long Term Risk Balance

Narrative Update: Oversea-Chinese Banking Analyst Price Target Analysts have made only a marginal upward adjustment to their price target for Oversea-Chinese Banking, citing slightly lower discount rate assumptions and a modestly reduced forward price to earnings multiple as justification for the essentially unchanged fair value estimate of SGD 19.29. Valuation Changes Fair Value: Unchanged at approximately SGD 19.29 per share, reflecting a stable overall valuation view.
F17
S$2.18
GuocoLand
7D
5.8%
1Y
52.4%

GuocoLand (SGX:F17) Takes On Some Risk With Its Use Of Debt

Dec 15
GuocoLand (SGX:F17) Takes On Some Risk With Its Use Of Debt
S58
S$3.74
SATS
7D
7.5%
1Y
4.2%

S58: Future Dividends Will Drive Upside As Earnings Multiple Expands

Narrative Update on SATS Analyst Price Target Analysts have modestly raised their price target on SATS from approximately $3.99 to $4.02 per share, reflecting slightly lower perceived risk and a marginally higher future earnings multiple in their updated valuation models. What's in the News The Board of Directors has declared an interim dividend of 2 cents per share, with book closure on 24 November 2025 and payment on 5 December 2025 (company announcement).
H78
US$6.92
Hongkong Land Holdings
7D
-3.5%
1Y
60.2%

H78: Future Fee Income From Singapore Fund Will Drive Upside Potential

Narrative Update The analyst fair value estimate for Hongkong Land Holdings has been raised from 7.42 dollars to 8.66 dollars. Analysts attribute this change to a stronger expected profit margin and slightly higher valuation multiples, even though revenue growth assumptions have moderated and the discount rate is marginally higher.
BN4
S$10.03
Keppel
7D
-1.9%
1Y
49.7%

BN4 Will Maintain Fair Outlook As Earnings Assumptions Remain Largely Unchanged

Narrative Update on Keppel Analysts have modestly revised their price target on Keppel to reflect essentially unchanged fair value at approximately $11.00, supported by only marginal tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions. Valuation Changes Fair Value: Maintained at approximately SGD 11.00 per share, with no change in the modelled intrinsic value.
U14
S$8.68
UOL Group
7D
2.0%
1Y
70.5%
J36
US$67.20
Jardine Matheson Holdings
7D
-3.9%
1Y
67.0%

J36: Share Buybacks And Margin Stability Will Support Measured Upside Ahead

Analysts have raised their price target for Jardine Matheson Holdings from approximately $46.50 to $69.50, citing expectations of stabilizing revenues, a modestly stronger profit margin, and support for a higher future P/E multiple. What's in the News Reaffirmed full year 2025 earnings guidance, with profit expectations left unchanged, signaling confidence in the current outlook (company guidance) Board of Directors authorized a new share buyback plan on November 3, 2025, reinforcing capital return to shareholders (company announcement) Announced a share repurchase program of up to $250 million, with all repurchased shares to be cancelled and the program running through 2026, effectively reducing share capital (company announcement) Valuation Changes The fair value estimate has risen significantly from $46.50 to $69.50 per share, reflecting a higher assessed intrinsic value.
C09
S$7.98
City Developments
7D
8.7%
1Y
58.0%

C09: Higher Required Returns Will Support Stronger Long Term Earnings Outlook

Analysts have nudged their price target on City Developments modestly higher to reflect a fair value increase to about $8.20 from roughly $8.08, supported by expectations of slightly stronger long term earnings and a higher justified future valuation multiple, despite a steeper discount rate. Valuation Changes Fair Value Estimate: risen slightly from SGD 8.08 to about SGD 8.20 per share, reflecting a modest uplift in long-term expectations.
BS6
S$3.37
Yangzijiang Shipbuilding (Holdings)
7D
-3.4%
1Y
18.2%

Why Yangzijiang Shipbuilding (Holdings) Ltd. (SGX:BS6) Could Be Worth Watching

Nov 27
Why Yangzijiang Shipbuilding (Holdings) Ltd. (SGX:BS6) Could Be Worth Watching
Z74
S$4.54
Singapore Telecommunications
7D
-2.6%
1Y
45.5%
T82U
S$1.47
Suntec Real Estate Investment Trust
7D
6.5%
1Y
25.6%