Analysis Article • Apr 20
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Singaporean (SGX) Healthcare Sector Analysis
UpdatedMay 16, 2026
DataAggregated Company Financials
Companies28
- 7D-1.1%
- 3M-1.8%
- 1Y34.6%
- YTD-2.0%
Over the last 7 days, the Healthcare industry has dropped 1.1%, driven by a pullback from Haw Par of 3.9%. Meanwhile, Riverstone Holdings actually outperformed within the industry, gaining 19% in the last week. In the past year, the industry has gained 35%. Looking forward, earnings are forecast to grow by 25% annually.
Sector Valuation and Performance
Has the Singaporean Healthcare Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 17 May 2026 | S$12.0b | S$3.2b | S$344.7m | 17.2x | 34.8x | 3.7x |
| Tue, 14 Apr 2026 | S$11.9b | S$3.2b | S$348.2m | 16.8x | 34.2x | 3.7x |
| Thu, 12 Mar 2026 | S$11.5b | S$3.2b | S$352.7m | 16.3x | 32.6x | 3.6x |
| Sat, 07 Feb 2026 | S$10.0b | S$3.1b | S$295.8m | 15.5x | 33.7x | 3.2x |
| Mon, 05 Jan 2026 | S$10.1b | S$3.1b | S$295.7m | 15.4x | 34.2x | 3.3x |
| Wed, 03 Dec 2025 | S$9.5b | S$3.1b | S$294.8m | 15.4x | 32.2x | 3.1x |
| Fri, 31 Oct 2025 | S$9.5b | S$3.1b | S$300.1m | 15.4x | 31.7x | 3.1x |
| Sun, 28 Sep 2025 | S$9.1b | S$3.1b | S$307.4m | 15.3x | 29.6x | 3x |
| Tue, 26 Aug 2025 | S$9.4b | S$3.1b | S$390.4m | 14.7x | 24.1x | 3x |
| Thu, 24 Jul 2025 | S$9.3b | S$3.0b | S$365.9m | 12.6x | 25.3x | 3.1x |
| Sat, 21 Jun 2025 | S$8.5b | S$3.1b | S$372.6m | 12x | 22.8x | 2.7x |
| Mon, 19 May 2025 | S$8.5b | S$3.1b | S$368.0m | 13.2x | 23.1x | 2.7x |
| Wed, 16 Apr 2025 | S$8.8b | S$3.1b | S$372.9m | 12.2x | 23.7x | 2.9x |
| Fri, 14 Mar 2025 | S$9.1b | S$3.1b | S$372.8m | 12.4x | 24.4x | 2.9x |
| Sun, 09 Feb 2025 | S$8.8b | S$3.0b | S$352.5m | 17x | 25x | 3x |
| Tue, 07 Jan 2025 | S$8.8b | S$3.0b | S$349.4m | 16.6x | 25.2x | 3x |
| Thu, 05 Dec 2024 | S$9.0b | S$3.0b | S$350.0m | 16.7x | 25.7x | 3x |
| Sat, 02 Nov 2024 | S$8.6b | S$2.9b | S$341.0m | 16.3x | 25.2x | 2.9x |
| Mon, 30 Sep 2024 | S$8.7b | S$3.0b | S$362.2m | 15.9x | 23.9x | 2.9x |
| Wed, 28 Aug 2024 | S$8.4b | S$2.9b | S$346.1m | 16.4x | 24.4x | 2.9x |
| Fri, 26 Jul 2024 | S$8.8b | S$2.9b | S$361.1m | 18.3x | 24.4x | 3x |
| Sun, 23 Jun 2024 | S$8.7b | S$2.9b | S$364.5m | 17x | 23.9x | 3x |
| Tue, 21 May 2024 | S$8.7b | S$2.9b | S$367.1m | 15.9x | 23.8x | 3x |
| Thu, 18 Apr 2024 | S$8.4b | S$2.9b | S$357.5m | 15.7x | 23.4x | 2.9x |
| Sat, 16 Mar 2024 | S$8.3b | S$2.9b | S$414.2m | 13.9x | 20x | 2.8x |
| Mon, 12 Feb 2024 | S$8.2b | S$2.9b | S$400.8m | 14.9x | 20.5x | 2.9x |
| Wed, 10 Jan 2024 | S$9.3b | S$3.2b | S$441.2m | 15.8x | 21.1x | 2.9x |
| Fri, 08 Dec 2023 | S$9.0b | S$3.2b | S$440.8m | 15.4x | 20.5x | 2.8x |
| Sun, 05 Nov 2023 | S$11.9b | S$4.3b | S$580.5m | 15.7x | 20.5x | 2.7x |
| Tue, 03 Oct 2023 | S$12.7b | S$4.4b | S$596.0m | 15.9x | 21.3x | 2.9x |
| Thu, 31 Aug 2023 | S$12.9b | S$4.4b | S$600.3m | 16.3x | 21.4x | 2.9x |
| Sat, 29 Jul 2023 | S$13.5b | S$4.5b | S$648.4m | 16.7x | 20.8x | 3x |
| Mon, 26 Jun 2023 | S$13.5b | S$4.5b | S$647.4m | 14.8x | 20.9x | 3x |
| Wed, 24 May 2023 | S$14.4b | S$4.5b | S$650.2m | 15.3x | 22.1x | 3.2x |
Price to Earnings Ratio
22.1x
Current Industry PE
- Investors are optimistic on the Singaporean Healthcare industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 34.8x which is higher than its 3-year average PE of 25.2x.
- The 3-year average PS ratio of 3.0x is lower than the industry's current PS ratio of 3.7x.
Past Earnings Growth
- The earnings for companies in the Healthcare industry have declined 19% per year over the last three years,
- Revenues have also declined 10% per year.
- This means overall sales from these companies are declining and profits are subsequently falling as well.
Industry Trends
Which industries have driven the changes within the Singaporean Healthcare sector?
| SG Market | 0.74% | |
| Healthcare | -1.09% | |
| Medical Equipment | 4.95% | |
| Healthcare Services | -2.08% | |
| Pharma | -4.43% | |
Industry PE
- Investors are most optimistic about the Medical Equipment industry which is trading above its 3-year average PE ratio.
- Analysts are expecting annual earnings growth of 18.5%, which is higher than its past year's earnings decline of 18.8% per year.
Forecasted Growth
- Analysts are most optimistic on the Healthcare Services industry, expecting annual earnings growth of 50% over the next 5 years.
- This is roughly in line with its past earnings growth rate.
- In contrast, the Pharma industry is expected to see its earnings grow by 4.0% 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 | |
|---|---|---|---|---|---|
| AP4 Riverstone Holdings | S$0.91 | 19.0% +S$214.9m | 23.0% | PE21.6x | |
| 1B1 HC Surgical Specialists | S$0.39 | 4.0% +S$2.3m | 34.5% | PE6.6x | |
| 505 AsiaMedic | S$0.025 | 8.7% +S$2.3m | 108.3% | PE14.2x | |
| BFK Pharmesis International | S$0.36 | 1.4% +S$158.5k | -17.2% | PS1.4x |