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Singaporean (SGX) Industrials Sector Analysis

UpdatedSep 16, 2025
DataAggregated Company Financials
Companies146
  • 7D1.4%
  • 3M15.1%
  • 1Y34.6%
  • YTD26.2%

In the last week, the Industrials industry is up 1.6%, with Singapore Technologies Engineering leading the way, up 2.9%. In the last 12 months, the industry was up 35%. As for the next few years, earnings are expected to grow by 11% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 16 Sep 2025S$145.2bS$158.4bS$9.5b12.5x15.3x0.9x
Thu, 14 Aug 2025S$142.4bS$157.5bS$9.5b11.6x15x0.9x
Sat, 12 Jul 2025S$131.6bS$155.3bS$8.6b9.8x15.3x0.8x
Mon, 09 Jun 2025S$124.9bS$155.9bS$8.6b9.9x14.5x0.8x
Wed, 07 May 2025S$120.4bS$156.6bS$7.6b9.9x15.7x0.8x
Fri, 04 Apr 2025S$118.2bS$157.9bS$7.7b9.9x15.3x0.7x
Sun, 02 Mar 2025S$114.3bS$157.2bS$8.3b9.6x13.8x0.7x
Tue, 28 Jan 2025S$114.6bS$153.6bS$6.0b10.3x19x0.7x
Thu, 26 Dec 2024S$113.1bS$153.7bS$6.0b10.2x18.7x0.7x
Sat, 23 Nov 2024S$112.9bS$153.7bS$6.0b11x18.7x0.7x
Mon, 21 Oct 2024S$114.8bS$152.1bS$6.5b10.3x17.7x0.8x
Wed, 18 Sep 2024S$112.8bS$151.7bS$6.4b10.3x17.5x0.7x
Fri, 16 Aug 2024S$107.5bS$153.0bS$6.5b8.9x16.6x0.7x
Sun, 14 Jul 2024S$110.9bS$153.4bS$6.7b10.6x16.5x0.7x
Tue, 11 Jun 2024S$110.6bS$153.7bS$6.7b10.6x16.4x0.7x
Thu, 09 May 2024S$110.7bS$153.0bS$6.6b10.3x16.7x0.7x
Sat, 06 Apr 2024S$109.2bS$152.8bS$6.7b9.9x16.4x0.7x
Mon, 04 Mar 2024S$110.1bS$150.7bS$8.0b9.9x13.7x0.7x
Wed, 31 Jan 2024S$112.9bS$151.9bS$7.1b10.2x15.8x0.7x
Fri, 29 Dec 2023S$113.9bS$151.2bS$7.1b10.4x16x0.8x
Sun, 26 Nov 2023S$110.4bS$151.9bS$7.1b10.2x15.5x0.7x
Tue, 24 Oct 2023S$113.8bS$150.2bS$6.6b11x17.3x0.8x
Thu, 21 Sep 2023S$126.1bS$150.0bS$6.6b11.1x19.2x0.8x
Sat, 19 Aug 2023S$126.6bS$149.7bS$6.6b10.5x19.2x0.8x
Mon, 17 Jul 2023S$132.2bS$144.9bS$6.5b10.8x20.4x0.9x
Wed, 14 Jun 2023S$127.6bS$145.4bS$6.5b10.6x19.6x0.9x
Fri, 12 May 2023S$128.3bS$140.4bS$5.2b10.9x24.8x0.9x
Sun, 09 Apr 2023S$125.2bS$140.5bS$5.2b10.7x24.1x0.9x
Tue, 07 Mar 2023S$122.5bS$141.0bS$5.3b10.2x22.9x0.9x
Thu, 02 Feb 2023S$126.8bS$138.3bS$8.1b9.6x15.7x0.9x
Sat, 31 Dec 2022S$119.9bS$137.8bS$7.6b9.1x15.8x0.9x
Mon, 28 Nov 2022S$119.7bS$138.3bS$7.6b9.2x15.8x0.9x
Wed, 26 Oct 2022S$111.7bS$133.4bS$6.0b8.8x18.6x0.8x
Fri, 23 Sep 2022S$125.5bS$133.4bS$6.0b9.2x20.8x0.9x
Price to Earnings Ratio

20.8x


Total Market Cap: S$125.5bTotal Earnings: S$6.0bTotal Revenue: S$133.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Industrials Sector Price to Earnings3Y Average 17.4x202320242025
Current Industry PE
  • Investors are pessimistic on the Singaporean Industrials industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 15.2x which is lower than its 3-year average PE of 17.4x.
  • The industry is trading close to its 3-year average PS ratio of 0.80x.
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 5.9% 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 Market0.89%
Industrials1.42%
Trade Distributors3.50%
Electrical2.92%
Aerospace & Defense2.88%
Marine and Shipping2.61%
Industrials2.50%
Construction2.15%
Commercial Services1.42%
Professional Services1.08%
Infrastructure1.01%
Transportation0.67%
Machinery0.16%
Building-0.91%
Airlines-1.06%
Logistics-2.64%
Industry PE
  • Investors are most optimistic about the Aerospace & Defense industry which is trading above its 3-year average PE ratio of 23.8x.
    • Analysts are expecting annual earnings growth of 12.6%, which is lower than the prior year's growth of 57.9% per year.
  • Investors are most pessimistic about the Airlines industry, which is trading below its 3-year average of 14.8x.
Forecasted Growth
  • Analysts are most optimistic on the Electrical industry, expecting annual earnings growth of 39% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Logistics industry is expected to see its earnings decline by 79% 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$8.172.9%
+S$717.3m		76.8%PE33.2x
C07 Jardine Cycle & CarriageS$29.285.8%
+S$632.4m		7.9%PE10.8x
J36 Jardine Matheson HoldingsUS$61.021.8%
+US$306.2m		65.3%PE177.9x
BN4 KeppelS$8.751.3%
+S$198.7m		38.2%PE17.5x
F9D Boustead SingaporeS$1.8212.3%
+S$98.3m		83.8%PE9.4x

Latest News

S59
S$3.20
SIA Engineering
7D
2.2%
1Y
33.3%

SIA Engineering (SGX:S59) Has A Rock Solid Balance Sheet

Sep 15
SIA Engineering (SGX:S59) Has A Rock Solid Balance Sheet
BEC
S$4.40
BRC Asia
7D
-1.3%
1Y
93.0%

BRC Asia Limited's (SGX:BEC) 26% Price Boost Is Out Of Tune With Earnings

Sep 15
BRC Asia Limited's (SGX:BEC) 26% Price Boost Is Out Of Tune With Earnings
C07
S$29.28
Jardine Cycle & Carriage
7D
5.8%
1Y
7.9%

Southeast Asia Urban Trends And EV Moves Will Drive Mixed Outcomes

The upward revision in Jardine Cycle & Carriage's consensus price target reflects improved revenue growth expectations and a higher projected P/E multiple, raising fair value from SGD22.93 to SGD24.53. Valuation Changes Summary of Valuation Changes for Jardine Cycle & Carriage The Consensus Analyst Price Target has risen from SGD22.93 to SGD24.53.
J36
US$61.02
Jardine Matheson Holdings
7D
1.8%
1Y
65.3%

Southeast Asia Urbanization And Digital Investments Will Drive Expansion

The consensus analyst price target for Jardine Matheson Holdings has increased to $63.40, primarily reflecting improved consensus revenue growth forecasts, with the fair value revised upward from $62.03. Valuation Changes Summary of Valuation Changes for Jardine Matheson Holdings The Consensus Analyst Price Target has risen slightly from $62.03 to $63.40.
BKX
S$0.55
Yongmao Holdings
7D
-17.9%
1Y
-7.6%

Does Yongmao Holdings (SGX:BKX) Have A Healthy Balance Sheet?

Sep 11
Does Yongmao Holdings (SGX:BKX) Have A Healthy Balance Sheet?
V5Q
S$2.57
Soilbuild Construction Group
7D
-8.2%
1Y
195.4%
H22
S$2.45
Hong Leong Asia
7D
-1.6%
1Y
193.4%

Is It Time To Consider Buying Hong Leong Asia Ltd. (SGX:H22)?

Sep 05
Is It Time To Consider Buying Hong Leong Asia Ltd. (SGX:H22)?
S63
S$8.17
Singapore Technologies Engineering
7D
2.9%
1Y
76.8%

Investments In MRO Capacities And International Expansion Will Strengthen Future Competitiveness

With the Future P/E and Discount Rate remaining effectively unchanged, analysts have made only a minimal downward revision to Singapore Technologies Engineering’s fair value, decreasing the consensus price target from SGD8.72 to SGD8.62. What's in the News ST Engineering secured approximately $4.7 billion in new contracts in Q2 2025 across Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom segments.
S08
S$0.43
Singapore Post
7D
-4.4%
1Y
-6.5%

The Returns On Capital At Singapore Post (SGX:S08) Don't Inspire Confidence

Aug 27
The Returns On Capital At Singapore Post (SGX:S08) Don't Inspire Confidence
F83
S$0.12
COSCO SHIPPING International (Singapore)
7D
-2.4%
1Y
-5.4%

Additional Considerations Required While Assessing COSCO SHIPPING International (Singapore)'s (SGX:F83) Strong Earnings

Aug 19
Additional Considerations Required While Assessing COSCO SHIPPING International (Singapore)'s (SGX:F83) Strong Earnings
P52
S$1.26
Pan-United
7D
5.9%
1Y
147.1%
BS6
S$3.19
Yangzijiang Shipbuilding (Holdings)
7D
0.6%
1Y
25.6%
BN4
S$8.75
Keppel
7D
1.3%
1Y
38.2%
5E2
S$2.34
Seatrium
7D
-0.4%
1Y
40.1%
F9D
S$1.82
Boustead Singapore
7D
12.3%
1Y
83.8%
C6L
S$6.51
Singapore Airlines
7D
-1.1%
1Y
0.2%