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Singaporean (SGX) Industrials Sector Analysis

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies142
  • 7D2.0%
  • 3M-5.3%
  • 1Y18.9%
  • YTD7.1%

Over the last 7 days, the Industrials industry has dropped 1.0%, driven by Singapore Technologies Engineering declining 2.0%. Meanwhile, Jardine Matheson Holdings actually outperformed within the industry, gaining 7.2% in the last week. Over the past 12 months, the industry was up 17%. As for the next few years, earnings are expected to grow by 13% per annum.

Sector Valuation and Performance

Has the Singaporean Industrials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Jul 2026S$169.3bS$160.1bS$9.8b12.8x17.3x1.1x
Fri, 19 Jun 2026S$169.2bS$160.1bS$9.8b13.9x17.3x1.1x
Sun, 17 May 2026S$170.3bS$159.9bS$9.7b14.3x17.5x1.1x
Tue, 14 Apr 2026S$176.6bS$158.5bS$10.8b13.6x16.4x1.1x
Thu, 12 Mar 2026S$175.1bS$159.8bS$9.8b13.8x17.9x1.1x
Sat, 07 Feb 2026S$165.9bS$158.3bS$9.4b14.5x17.6x1x
Mon, 05 Jan 2026S$157.4bS$159.1bS$9.3b13.5x16.9x1x
Wed, 03 Dec 2025S$154.4bS$159.5bS$9.3b13.4x16.6x1x
Fri, 31 Oct 2025S$151.8bS$159.0bS$9.6b12.6x15.9x1x
Sun, 28 Sep 2025S$146.4bS$158.6bS$9.5b12x15.3x0.9x
Tue, 26 Aug 2025S$140.4bS$158.3bS$9.5b11.9x14.8x0.9x
Thu, 24 Jul 2025S$139.9bS$155.4bS$8.6b11x16.2x0.9x
Sat, 21 Jun 2025S$125.0bS$155.4bS$8.6b10.4x14.5x0.8x
Mon, 19 May 2025S$122.1bS$156.1bS$8.5b9.2x14.4x0.8x
Wed, 16 Apr 2025S$111.3bS$157.3bS$7.7b9.5x14.5x0.7x
Fri, 14 Mar 2025S$116.9bS$157.8bS$7.7b9.2x15.1x0.7x
Sun, 09 Feb 2025S$114.1bS$154.1bS$6.2b9.9x18.3x0.7x
Tue, 07 Jan 2025S$115.9bS$154.0bS$6.1b10.3x19.1x0.8x
Thu, 05 Dec 2024S$114.0bS$153.6bS$6.0b10.4x18.9x0.7x
Sat, 02 Nov 2024S$114.0bS$152.5bS$6.5b10.1x17.5x0.7x
Mon, 30 Sep 2024S$113.7bS$151.4bS$6.4b11x17.7x0.8x
Wed, 28 Aug 2024S$109.0bS$152.8bS$6.5b9.9x16.9x0.7x
Fri, 26 Jul 2024S$110.2bS$153.5bS$6.8b10.3x16.3x0.7x
Sun, 23 Jun 2024S$110.1bS$153.8bS$6.7b10.6x16.3x0.7x
Tue, 21 May 2024S$107.6bS$153.4bS$6.8b9.9x15.7x0.7x
Thu, 18 Apr 2024S$106.1bS$153.2bS$6.6b10.4x16x0.7x
Sat, 16 Mar 2024S$108.5bS$152.5bS$6.7b10x16.3x0.7x
Mon, 12 Feb 2024S$111.2bS$149.7bS$7.1b10x15.7x0.7x
Wed, 10 Jan 2024S$113.3bS$151.6bS$7.1b10.2x15.9x0.7x
Fri, 08 Dec 2023S$110.1bS$151.8bS$7.1b10.2x15.4x0.7x
Sun, 05 Nov 2023S$117.5bS$149.6bS$6.6b11.3x17.8x0.8x
Tue, 03 Oct 2023S$124.5bS$150.2bS$6.6b11.1x18.9x0.8x
Thu, 31 Aug 2023S$128.6bS$149.6bS$6.6b10.7x19.5x0.9x
Sat, 29 Jul 2023S$133.3bS$147.0bS$6.2b11x21.5x0.9x
Price to Earnings Ratio

21.5x


Total Market Cap: S$133.3bTotal Earnings: S$6.2bTotal Revenue: S$147.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Industrials Sector Price to Earnings3Y Average 16.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the Singaporean Industrials industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 16.7x.
  • The 3-year average PS ratio of 0.84x is lower than the industry's current PS ratio of 1.0x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 16% per year over the last three years.
  • Revenues for these companies have grown 2.9% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Singaporean Industrials sector?

SG Market1.02%
Industrials1.99%
Machinery4.43%
Marine and Shipping4.26%
Trade Distributors4.12%
Industrials3.37%
Electrical3.25%
Infrastructure2.94%
Airlines2.23%
Commercial Services1.69%
Building1.46%
Construction-0.086%
Professional Services-0.38%
Logistics-1.03%
Transportation-1.16%
Aerospace & Defense-2.01%
Industry PE
  • Investors are most optimistic about the Aerospace & Defense industry which is trading above its 3-year average PE ratio of 33.1x.
    • Analysts are expecting annual earnings growth of 21.8%, which is higher than its past year's earnings decline of 13.4% per year.
  • Investors are most pessimistic about the Marine and Shipping industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 7.3x.
Forecasted Growth
  • Analysts are most optimistic on the Electrical industry, expecting annual earnings growth of 27% over the next 5 years.
  • This is better than its past earnings decline of 5.5% per year.
  • In contrast, the Transportation industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
J36 Jardine Matheson HoldingsUS$65.316.0%
+US$1.1b		18.0%PE17.3x
BS6 Yangzijiang Shipbuilding (Holdings)S$3.947.9%
+S$1.1b		58.2%PE9.4x
C07 Jardine Cycle & CarriageS$27.994.0%
+S$426.9m		3.9%PE8.6x
S58 SATSS$4.784.4%
+S$297.3m		41.4%PE24.9x
5E2 SeatriumS$2.094.0%
+S$271.1m		-14.3%PE21.9x

Latest News

S59
S$3.29
SIA Engineering
7D
-1.8%
1Y
0.6%
NS8U
US$0.19
Hutchison Port Holdings Trust
7D
6.1%
1Y
0%
S58
S$4.78
SATS
7D
4.4%
1Y
41.4%
C52
S$1.33
ComfortDelGro
7D
-0.7%
1Y
-11.3%
J36
US$65.31
Jardine Matheson Holdings
7D
6.0%
1Y
18.0%
Narrative Update • Jul 15

J36: New CEO And Buybacks Will Support Future Re-Rating Potential

The analyst fair value estimate for Jardine Matheson Holdings has been revised from $73.58 to $86.07. Analysts point to fresh Buy and Overweight initiations at $90 targets and highlight company specific catalysts such as a new CEO, past restructuring templates and an increased focus on shareholder returns.
HQU
S$1.62
Oiltek International
7D
-5.8%
1Y
96.4%
C07
S$27.99
Jardine Cycle & Carriage
7D
4.0%
1Y
3.9%
S63
S$10.43
Singapore Technologies Engineering
7D
-3.2%
1Y
26.1%
C6L
S$7.65
Singapore Airlines
7D
0.7%
1Y
2.8%
Narrative Update • Jul 14

C6L: Persistent High Load Factors Will Eventually Expose Earnings Fragility

Analysts have adjusted their price target on Singapore Airlines to SGD6.77 from SGD6.59, citing updated assumptions around discount rates, revenue, profit margins and future P/E levels. What's in the News Singapore Airlines plans to seek shareholder approval at the AGM on 24 July 2026 for the adoption of a New Constitution, which would update the company bylaws.
H22
S$2.78
Hong Leong Asia
7D
6.5%
1Y
61.6%
5E2
S$2.09
Seatrium
7D
4.0%
1Y
-14.3%
Narrative Update • Jul 10

5E2: Deferred Prosecution Resolution Will Support Confidence In Future Earnings

The analyst price target for Seatrium has been revised slightly higher from SGD 3.05 to SGD 3.15. Analysts cite updated assumptions on revenue growth, profit margins and future P/E as the key drivers of this change.
BN4
S$11.35
Keppel
7D
-1.6%
1Y
39.1%
Narrative Update • Jul 09

BN4: Subsea Capacity Deals Will Support Higher Future Earnings Power

The analyst fair value estimate for Keppel has been revised from SGD 13.17 to SGD 16.00 as analysts factor in updated assumptions for revenue growth, profit margins, and future P/E expectations. What's in the News Keppel, through its Connectivity Division, signed an Indefeasible Right of Use agreement with a global technology company for a fibre pair on the Bifrost subsea cable system, the fourth of its five fibre pairs.
ZQM
S$0.64
Soilbuild Construction Group
7D
-3.0%
1Y
120.7%
E28
S$2.72
Frencken Group
7D
-5.2%
1Y
65.9%
BS6
S$3.94
Yangzijiang Shipbuilding (Holdings)
7D
7.9%
1Y
58.2%
S61
S$3.62
SBS Transit
7D
-2.2%
1Y
17.9%