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Singaporean (SGX) Industrials Sector Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies144
  • 7D1.4%
  • 3M10.4%
  • 1Y43.2%
  • YTD5.4%

The Industrials industry is up 1.9% in the last week, with Singapore Technologies Engineering up 4.7%. This takes the industry's 12 month performance to a gain of 43%. Looking forward, earnings are forecast to grow by 13% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 20 Jan 2026S$165.7bS$159.1bS$9.3b14.4x17.8x1x
Thu, 18 Dec 2025S$154.4bS$159.2bS$9.3b12.6x16.6x1x
Sat, 15 Nov 2025S$153.0bS$159.3bS$9.1b13.4x16.8x1x
Mon, 13 Oct 2025S$149.5bS$158.8bS$9.5b12.7x15.7x0.9x
Wed, 10 Sep 2025S$142.4bS$158.3bS$9.5b12.5x15x0.9x
Fri, 08 Aug 2025S$142.7bS$156.8bS$9.5b12x15.1x0.9x
Sun, 06 Jul 2025S$128.0bS$155.2bS$8.6b9.7x14.9x0.8x
Tue, 03 Jun 2025S$122.1bS$155.9bS$8.6b9.7x14.2x0.8x
Thu, 01 May 2025S$119.5bS$157.1bS$7.7b9.8x15.6x0.8x
Sat, 29 Mar 2025S$119.8bS$158.0bS$7.7b9.5x15.5x0.8x
Mon, 24 Feb 2025S$117.5bS$154.6bS$8.1b10.2x14.4x0.8x
Wed, 22 Jan 2025S$114.5bS$154.0bS$6.1b10.1x18.9x0.7x
Fri, 20 Dec 2024S$112.8bS$153.9bS$6.1b10.2x18.6x0.7x
Sun, 17 Nov 2024S$111.4bS$153.8bS$6.0b10.7x18.5x0.7x
Tue, 15 Oct 2024S$114.2bS$152.0bS$6.5b10.1x17.7x0.8x
Thu, 12 Sep 2024S$109.1bS$151.9bS$6.4b10.2x16.9x0.7x
Sat, 10 Aug 2024S$104.0bS$151.4bS$6.1b10x17.1x0.7x
Mon, 08 Jul 2024S$109.5bS$153.6bS$6.7b10.6x16.3x0.7x
Wed, 05 Jun 2024S$110.5bS$153.7bS$6.8b10.5x16.2x0.7x
Fri, 03 May 2024S$110.4bS$153.0bS$6.6b10.6x16.7x0.7x
Sun, 31 Mar 2024S$108.6bS$152.8bS$6.7b10.1x16.3x0.7x
Tue, 27 Feb 2024S$110.5bS$149.8bS$7.1b10.5x15.6x0.7x
Thu, 25 Jan 2024S$112.4bS$151.8bS$7.1b10.1x15.7x0.7x
Sat, 23 Dec 2023S$111.7bS$151.4bS$7.1b10.2x15.7x0.7x
Mon, 20 Nov 2023S$110.5bS$152.0bS$7.1b10.3x15.5x0.7x
Wed, 18 Oct 2023S$122.5bS$150.2bS$6.6b11.1x18.6x0.8x
Fri, 15 Sep 2023S$126.9bS$149.9bS$6.6b11x19.3x0.8x
Sun, 13 Aug 2023S$131.4bS$149.7bS$6.6b10x19.8x0.9x
Tue, 11 Jul 2023S$128.4bS$145.6bS$6.5b10.6x19.7x0.9x
Thu, 08 Jun 2023S$124.1bS$145.6bS$6.5b10.7x19x0.9x
Sat, 06 May 2023S$128.1bS$140.3bS$5.2b10.9x24.7x0.9x
Mon, 03 Apr 2023S$123.8bS$140.5bS$5.2b10.9x23.9x0.9x
Wed, 01 Mar 2023S$118.1bS$137.7bS$7.8b10x15.2x0.9x
Fri, 27 Jan 2023S$126.5bS$138.1bS$8.1b9.4x15.7x0.9x
Price to Earnings Ratio

15.7x


Total Market Cap: S$126.5bTotal Earnings: S$8.1bTotal Revenue: S$138.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Industrials Sector Price to Earnings3Y Average 17.2x202420252026
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 17.2x.
  • The 3-year average PS ratio of 0.81x 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 5.0% per year over the last three years.
  • Revenues for these companies have grown 4.8% 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 Market1.21%
Industrials1.38%
Commercial Services5.39%
Aerospace & Defense4.68%
Construction3.01%
Industrials2.76%
Logistics1.14%
Building0.94%
Marine and Shipping0.79%
Electrical0.63%
Trade Distributors0.57%
Transportation0%0
Professional Services-0.57%
Airlines-0.93%
Infrastructure-1.02%
Machinery-2.57%
Industry PE
  • Investors are most optimistic about the Aerospace & Defense industry which is trading above its 3-year average PE ratio of 25.6x.
    • Analysts are expecting annual earnings growth of 15.6%, which is lower than the prior year's growth of 57.9% 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 2.2x.
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 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$9.533.0%
+S$872.3m		101.9%PE38.6x
J36 Jardine Matheson HoldingsUS$74.882.0%
+US$417.3m		83.3%PE221.3x
C07 Jardine Cycle & CarriageS$35.781.1%
+S$150.2m		27.8%PE13.2x
S58 SATSS$3.861.3%
+S$74.3m		6.6%PE22.2x
NS8U Hutchison Port Holdings TrustUS$0.212.4%
+US$43.6m		31.3%PE18.8x

Latest News

H22
S$2.67
Hong Leong Asia
7D
-2.2%
1Y
182.5%
BN4
S$10.79
Keppel
7D
-0.4%
1Y
58.4%

BN4: Fair Outlook Will Depend On Expanding Data Centre Power Capacity

Analysts have raised their fair value estimate for Keppel from $10.99 to $11.26, citing slightly lower discount rate assumptions, a modestly higher profit margin outlook and an adjusted future P/E expectation. What's in the News Keppel expanded its data centre powerbank pipeline in Asia Pacific from more than 300 MW to over 1.0 GW of gross power capacity, positioning the business to scale its data centre portfolio more quickly in key markets (Key Developments).
LCC
S$0.67
Lum Chang Creations
7D
22.9%
1Y
n/a
L19
S$0.66
Lum Chang Holdings
7D
20.2%
1Y
133.9%

Lum Chang Holdings Limited's (SGX:L19) Shares Climb 30% But Its Business Is Yet to Catch Up

Jan 16
Lum Chang Holdings Limited's (SGX:L19) Shares Climb 30% But Its Business Is Yet to Catch Up
NS8U
US$0.21
Hutchison Port Holdings Trust
7D
2.4%
1Y
31.3%
5E2
S$2.12
Seatrium
7D
-7.4%
1Y
-5.8%

5E2: Offshore Contracts Will Support Long-Term Earnings Resilience

Analysts have trimmed their price target for Seatrium, citing slightly higher required returns and softer assumptions for revenue and margins. Together, these factors point to a fair value revision from about S$2.82 to roughly S$2.73 per share.
C52
S$1.48
ComfortDelGro
7D
1.4%
1Y
6.5%
S58
S$3.86
SATS
7D
1.3%
1Y
6.6%
S63
S$9.53
Singapore Technologies Engineering
7D
3.0%
1Y
101.9%
J36
US$74.88
Jardine Matheson Holdings
7D
2.0%
1Y
83.3%

J36: Share Buybacks Will Signal Stronger Capital Returns And Supportive Earnings Outlook

Analysts have lifted their price target for Jardine Matheson Holdings from US$68.10 to US$83.60, citing updated assumptions around the discount rate, revenue growth, profit margins, and future P/E that they see as better reflecting the company’s potential value. What's in the News Jardine Matheson Holdings reaffirmed its earnings guidance for the full year 2025, with profit guidance remaining unchanged.
C07
S$35.78
Jardine Cycle & Carriage
7D
1.1%
1Y
27.8%

C07: Management Changes And Modest Assumptions Will Likely Fail To Support Earnings Multiple

Analysts have trimmed their price target for Jardine Cycle & Carriage to $29.14 from $29.19, citing modest tweaks to the discount rate and future P/E assumptions while keeping revenue growth and profit margin expectations effectively unchanged. What's in the News Group Finance Director Hsu Hai Yeh is ceasing his role at Jardine Cycle & Carriage to take up the Chief Financial Officer position at principal subsidiary PT Astra International Tbk in Indonesia, subject to Astra shareholder approval in November (company announcement).
S56
S$1.08
Samudera Shipping Line
7D
-7.7%
1Y
31.7%
BS6
S$3.48
Yangzijiang Shipbuilding (Holdings)
7D
-7.0%
1Y
20.4%

If EPS Growth Is Important To You, Yangzijiang Shipbuilding (Holdings) (SGX:BS6) Presents An Opportunity

Dec 27
If EPS Growth Is Important To You, Yangzijiang Shipbuilding (Holdings) (SGX:BS6) Presents An Opportunity
S59
S$3.40
SIA Engineering
7D
-7.6%
1Y
43.5%
8YZ
S$0.61
Yangzijiang Maritime Development
7D
-1.6%
1Y
n/a
F9D
S$1.78
Boustead Singapore
7D
-4.3%
1Y
74.5%