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Singaporean (SGX) Industrials Sector Analysis

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies145
  • 7D-3.5%
  • 3M13.7%
  • 1Y48.3%
  • YTD11.5%

Over the last 7 days, the Industrials industry has dropped 3.5%, driven by Jardine Matheson Holdings declining 8.5%. In contrast, Singapore Technologies Engineering has gained 9.8%. In the past year, the industry has gained 48%. Looking forward, earnings are forecast to grow by 14% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Mar 2026S$175.4bS$160.1bS$9.8b13.8x17.9x1.1x
Mon, 02 Feb 2026S$163.6bS$158.7bS$9.3b14.4x17.6x1x
Wed, 31 Dec 2025S$157.1bS$159.0bS$9.3b13.5x16.9x1x
Fri, 28 Nov 2025S$154.2bS$159.3bS$9.1b13.8x16.9x1x
Sun, 26 Oct 2025S$151.4bS$158.9bS$9.6b12.7x15.8x1x
Tue, 23 Sep 2025S$147.3bS$158.4bS$9.5b12.9x15.5x0.9x
Thu, 21 Aug 2025S$138.9bS$158.3bS$9.5b10.7x14.6x0.9x
Sat, 19 Jul 2025S$137.7bS$155.4bS$8.6b10.4x16x0.9x
Mon, 16 Jun 2025S$124.4bS$155.7bS$8.6b9.8x14.4x0.8x
Wed, 14 May 2025S$121.3bS$157.0bS$7.7b9.7x15.8x0.8x
Fri, 11 Apr 2025S$109.1bS$157.8bS$7.7b9.4x14.1x0.7x
Sun, 09 Mar 2025S$116.6bS$157.0bS$8.2b9.2x14.1x0.7x
Tue, 04 Feb 2025S$114.4bS$154.2bS$6.1b10.2x18.6x0.7x
Thu, 02 Jan 2025S$114.5bS$154.1bS$6.1b10.3x18.9x0.7x
Sat, 30 Nov 2024S$111.4bS$153.5bS$6.0b11.1x18.5x0.7x
Mon, 28 Oct 2024S$114.9bS$152.4bS$6.5b10.7x17.7x0.8x
Wed, 25 Sep 2024S$114.0bS$151.6bS$6.4b11x17.7x0.8x
Fri, 23 Aug 2024S$108.9bS$152.9bS$6.5b9.4x16.8x0.7x
Sun, 21 Jul 2024S$110.6bS$153.5bS$6.8b10.5x16.4x0.7x
Tue, 18 Jun 2024S$109.4bS$153.7bS$6.7b10.6x16.2x0.7x
Thu, 16 May 2024S$111.4bS$152.9bS$6.6b10.5x16.8x0.7x
Sat, 13 Apr 2024S$109.1bS$153.1bS$6.6b10.7x16.5x0.7x
Mon, 11 Mar 2024S$108.9bS$150.5bS$8.0b9.9x13.6x0.7x
Wed, 07 Feb 2024S$111.8bS$149.7bS$7.1b10.4x15.7x0.7x
Fri, 05 Jan 2024S$112.7bS$151.5bS$7.1b10.2x15.8x0.7x
Sun, 03 Dec 2023S$110.3bS$151.7bS$7.1b10.3x15.5x0.7x
Tue, 31 Oct 2023S$114.5bS$150.1bS$6.6b11.2x17.4x0.8x
Thu, 28 Sep 2023S$124.6bS$150.2bS$6.6b11x18.9x0.8x
Sat, 26 Aug 2023S$127.2bS$150.5bS$6.6b10.7x19.3x0.8x
Mon, 24 Jul 2023S$131.1bS$145.1bS$6.5b10.7x20.2x0.9x
Wed, 21 Jun 2023S$129.4bS$145.5bS$6.5b10.8x19.8x0.9x
Fri, 19 May 2023S$130.0bS$145.4bS$6.6b10.3x19.8x0.9x
Sun, 16 Apr 2023S$125.1bS$140.5bS$5.2b10.6x24.1x0.9x
Tue, 14 Mar 2023S$118.0bS$141.0bS$5.2b10.2x22.5x0.8x
Price to Earnings Ratio

22.5x


Total Market Cap: S$118.0bTotal Earnings: S$5.2bTotal Revenue: S$141.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Industrials Sector Price to Earnings3Y Average 17.3x202420252026
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 17.3x.
  • The 3-year average PS ratio of 0.82x is lower than the industry's current PS ratio of 1.1x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 23% per year over the last three years.
  • Revenues for these companies have grown 4.3% 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 Market-3.02%
Industrials-3.46%
Aerospace & Defense9.78%
Trade Distributors-0.76%
Commercial Services-1.01%
Professional Services-2.67%
Building-3.33%
Electrical-3.49%
Machinery-3.84%
Transportation-4.01%
Marine and Shipping-5.48%
Industrials-6.71%
Logistics-6.76%
Construction-7.36%
Airlines-7.38%
Infrastructure-8.28%
Industry PE
  • Investors are most optimistic about the Aerospace & Defense industry which is trading above its 3-year average PE ratio of 26.5x.
    • Analysts are expecting annual earnings growth of 21.6%, which is lower than the prior year's growth of 31.1% per year.
  • Investors are most pessimistic about the Logistics industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 1.7x.
Forecasted Growth
  • Analysts are most optimistic on the Electrical industry, expecting annual earnings growth of 36% over the next 5 years.
  • This is better than its past earnings decline of 26% per year.
  • In contrast, the Logistics industry is expected to see its earnings decline by 73% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
S63 Singapore Technologies EngineeringS$10.959.8%
+S$3.0b		78.6%PE73.7x
P52 Pan-UnitedS$1.435.9%
+S$56.0m		132.5%PE19.7x
S61 SBS TransitS$3.851.0%
+S$12.5m		42.6%PE19.7x
BEZ Beng Kuang MarineS$0.4012.9%
+S$9.4m		83.7%PE15.5x
1MZ Nam CheongS$1.411.4%
+S$8.0m		171.2%PE6.4x

Latest News

1MZ
S$1.41
Nam Cheong
7D
1.4%
1Y
171.2%
5LY
S$0.16
Marco Polo Marine
7D
0.6%
1Y
212.0%
BN4
S$12.27
Keppel
7D
-6.2%
1Y
81.2%

BN4: Fair Outlook Will Hinge On Asia Pacific Data Centre Expansion

Analysts have increased their fair value estimate for Keppel to SGD 12.44 from SGD 12.16, citing updated assumptions regarding the discount rate, revenue growth, profit margins, and forward P/E multiples. What's in the News Keppel announced a proposed special dividend of SGD 0.02 per share in cash, to be paid out of retained profits, with a record date of 5.00 pm on 28 April 2026, subject to conditions being met (company announcement).
P52
S$1.43
Pan-United
7D
5.9%
1Y
132.5%
S63
S$10.95
Singapore Technologies Engineering
7D
9.8%
1Y
78.6%
C07
S$34.06
Jardine Cycle & Carriage
7D
-3.7%
1Y
33.0%
S61
S$3.85
SBS Transit
7D
1.0%
1Y
42.6%
J36
US$75.51
Jardine Matheson Holdings
7D
-8.5%
1Y
91.2%
C6L
S$6.65
Singapore Airlines
7D
-7.4%
1Y
-3.6%

C6L: Stable Traffic And Margins Will Sustain Fairly Valued Returns

Analysts have raised their SGD fair value estimate for Singapore Airlines from SGD 6.20 to SGD 6.80, citing updated assumptions for revenue growth, profit margins, and future P/E multiples that collectively support a higher price target. What's in the News In January 2026, group passenger operations reported available seat capacity of 15,890.3 km millions and revenue passenger traffic of 13,757.2 km million, with 3,657,100 passengers carried and a passenger load factor of 86.6% (company operating results).
BS6
S$4.19
Yangzijiang Shipbuilding (Holdings)
7D
-3.5%
1Y
75.3%
NS8U
US$0.20
Hutchison Port Holdings Trust
7D
-11.1%
1Y
9.3%

NS8U: Lower Discount Rate And Firmer Margins Will Support Future Upside

Analysts have lifted their price target on Hutchison Port Holdings Trust from about $0.22 to roughly $0.26, citing updated assumptions around a lower discount rate, firmer revenue growth, improved profit margins and a more moderate future P/E of about 22x. What's in the News HPH Trust declared a distribution of 6.50 HK cents per unit for the period from 1 July 2025 to 31 December 2025.
S58
S$3.65
SATS
7D
-6.9%
1Y
17.7%

S58: Stable Dividend Outlook And Steady P/E Assumptions Will Support Fair Value

Analysts have made a small upward revision to their SATS price target to SGD4.11, reflecting slightly updated assumptions on discount rate, long term revenue growth, profit margin and future P/E. These changes leave their overall valuation view largely unchanged.
S59
S$3.22
SIA Engineering
7D
-8.5%
1Y
36.4%
BEZ
S$0.40
Beng Kuang Marine
7D
12.9%
1Y
83.7%
BFT
S$0.34
Lincotrade & Associates Holdings
7D
4.7%
1Y
n/a
G20
S$0.53
GP Industries
7D
1.9%
1Y
5.0%