Narrative Update • Jul 09
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Singaporean (SGX) Financials Sector Analysis
UpdatedJul 13, 2026
DataAggregated Company Financials
Companies22
- 7D6.8%
- 3M20.1%
- 1Y47.4%
- YTD28.4%
The Financials industry is up 6.8% in the last week, with DBS Group Holdings up 5.8%. This means that the industry has gained 47% over the past year. Looking forward, earnings are forecast to grow by 6.4% annually.
Sector Valuation and Performance
Has the Singaporean Financials Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 14 Jul 2026 | S$449.2b | S$60.0b | S$25.1b | 17.2x | 17.9x | 7.5x |
| Thu, 11 Jun 2026 | S$391.2b | S$60.5b | S$25.2b | 14.9x | 15.5x | 6.5x |
| Sat, 09 May 2026 | S$374.1b | S$60.4b | S$25.1b | 15.4x | 14.9x | 6.2x |
| Mon, 06 Apr 2026 | S$371.9b | S$60.3b | S$25.1b | 15x | 14.8x | 6.2x |
| Wed, 04 Mar 2026 | S$357.8b | S$60.3b | S$25.3b | 14.5x | 14.1x | 5.9x |
| Fri, 30 Jan 2026 | S$368.7b | S$59.4b | S$25.6b | 14.5x | 14.4x | 6.2x |
| Sun, 28 Dec 2025 | S$344.1b | S$59.4b | S$25.6b | 13.1x | 13.4x | 5.8x |
| Tue, 25 Nov 2025 | S$325.2b | S$59.5b | S$25.6b | 11.9x | 12.7x | 5.5x |
| Thu, 23 Oct 2025 | S$321.8b | S$60.8b | S$26.8b | 11.2x | 12x | 5.3x |
| Sat, 20 Sep 2025 | S$314.3b | S$60.7b | S$26.8b | 12.5x | 11.7x | 5.2x |
| Mon, 18 Aug 2025 | S$306.7b | S$53.0b | S$25.8b | 11.8x | 11.9x | 5.8x |
| Wed, 16 Jul 2025 | S$296.5b | S$52.8b | S$26.0b | 11.2x | 11.4x | 5.6x |
| Fri, 13 Jun 2025 | S$283.0b | S$52.8b | S$26.0b | 10.9x | 10.9x | 5.4x |
| Sun, 11 May 2025 | S$280.4b | S$52.8b | S$26.1b | 10.7x | 10.7x | 5.3x |
| Tue, 08 Apr 2025 | S$258.9b | S$52.6b | S$26.2b | 10x | 9.9x | 4.9x |
| Thu, 06 Mar 2025 | S$295.0b | S$52.6b | S$26.3b | 10.8x | 11.2x | 5.6x |
| Sat, 01 Feb 2025 | S$289.8b | S$51.8b | S$25.4b | 11.1x | 11.4x | 5.6x |
| Mon, 30 Dec 2024 | S$280.3b | S$51.8b | S$25.4b | 10.4x | 11x | 5.4x |
| Wed, 27 Nov 2024 | S$273.9b | S$51.7b | S$25.4b | 10.7x | 10.8x | 5.3x |
| Fri, 25 Oct 2024 | S$256.5b | S$50.3b | S$24.7b | 10.2x | 10.4x | 5.1x |
| Sun, 22 Sep 2024 | S$268.1b | S$57.7b | S$25.6b | 10.5x | 10.5x | 4.6x |
| Tue, 20 Aug 2024 | S$248.2b | S$57.7b | S$25.6b | 9.6x | 9.7x | 4.3x |
| Thu, 18 Jul 2024 | S$260.3b | S$56.4b | S$25.0b | 10.2x | 10.4x | 4.6x |
| Sat, 15 Jun 2024 | S$246.0b | S$56.4b | S$25.0b | 9.7x | 9.8x | 4.4x |
| Mon, 13 May 2024 | S$244.9b | S$56.4b | S$25.0b | 9.7x | 9.8x | 4.3x |
| Wed, 10 Apr 2024 | S$230.6b | S$55.5b | S$24.6b | 9.6x | 9.4x | 4.2x |
| Fri, 08 Mar 2024 | S$219.8b | S$55.6b | S$24.6b | 9.2x | 8.9x | 4x |
| Sun, 04 Feb 2024 | S$216.1b | S$61.5b | S$24.8b | 8.8x | 8.7x | 3.5x |
| Tue, 02 Jan 2024 | S$223.0b | S$61.7b | S$25.0b | 9.4x | 8.9x | 3.6x |
| Thu, 30 Nov 2023 | S$215.2b | S$61.7b | S$25.0b | 9.9x | 8.6x | 3.5x |
| Sat, 28 Oct 2023 | S$217.8b | S$60.5b | S$24.2b | 9.9x | 9x | 3.6x |
| Mon, 25 Sep 2023 | S$220.4b | S$60.5b | S$24.2b | 10.6x | 9.1x | 3.6x |
| Wed, 23 Aug 2023 | S$216.1b | S$60.5b | S$24.2b | 12.3x | 8.9x | 3.6x |
| Fri, 21 Jul 2023 | S$218.6b | S$57.2b | S$22.3b | 12.2x | 9.8x | 3.8x |
Price to Earnings Ratio
9.8x
Current Industry PE
- Investors are optimistic on the Singaporean Financials industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 17.9x which is higher than its 3-year average PE of 11.2x.
- The 3-year average PS ratio of 5.0x is lower than the industry's current PS ratio of 7.5x.
Past Earnings Growth
- The earnings for companies in the Financials industry have grown 4.0% per year over the last three years, while revenues have remained mostly flat.
- This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.
Industry Trends
Which industries have driven the changes within the Singaporean Financials sector?
| SG Market | 3.04% | |
| Financials | 6.77% | |
| Banks | 7.26% | |
| Insurance | 5.87% | |
| Capital Markets | 2.07% | |
| Diversified Financial | 0.49% | |
| Consumer Finance | 0.097% | |
Industry PE
- Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 19.8x.
- Analysts are expecting annual earnings growth of 10.0%, which is higher than its past year's earnings growth of 6.8% per year.
- Investors are most pessimistic about the Insurance industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 12.1x.
Forecasted Growth
- Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 14% over the next 5 years.
- This is roughly in line with its past earnings growth rate.
- In contrast, the Banks industry is expected to see its earnings grow by 6.1% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| D05 DBS Group Holdings | S$70.79 | 5.8% +S$11.0b | 52.9% | PB2.9x | |
| O39 Oversea-Chinese Banking | S$27.48 | 7.8% +S$8.9b | 61.6% | PB2x | |
| U11 United Overseas Bank | S$43.98 | 8.5% +S$5.7b | 19.3% | PB1.5x | |
| G07 Great Eastern Holdings | S$17.95 | 10.5% +S$1.6b | n/a | PE14.3x | |
| S68 Singapore Exchange | S$24.42 | 1.2% +S$299.3m | 56.1% | PE40.1x |
