Narrative Update • Aug 24
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Singaporean (SGX) Utilities Sector Analysis
UpdatedSep 20, 2026
DataAggregated Company Financials
Companies11
- 7D-2.7%
- 3M-5.4%
- 1Y-2.5%
- YTD-4.0%
Over the last 7 days, the Utilities industry has dropped 2.7%, driven by Sembcorp Industries declining 3.3%. As for the longer term, the industry's performance has been flat for the past year. Looking forward, earnings are forecast to grow by 24% annually.
Sector Valuation and Performance
Has the Singaporean Utilities Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 21 Sep 2026 | S$13.4b | S$10.7b | S$1.0b | 7.1x | 12.9x | 1.3x |
| Wed, 19 Aug 2026 | S$13.7b | S$10.6b | S$1.0b | 7.2x | 13.1x | 1.3x |
| Fri, 17 Jul 2026 | S$12.6b | S$9.8b | S$1.5b | 6.6x | 8.3x | 1.3x |
| Sun, 14 Jun 2026 | S$13.7b | S$9.8b | S$1.5b | 6.5x | 9.1x | 1.4x |
| Tue, 12 May 2026 | S$13.9b | S$9.8b | S$1.5b | 7.1x | 9.3x | 1.4x |
| Thu, 09 Apr 2026 | S$14.9b | S$9.8b | S$1.5b | 6.8x | 10x | 1.5x |
| Sat, 07 Mar 2026 | S$13.1b | S$9.8b | S$1.5b | 6.8x | 8.8x | 1.3x |
| Mon, 02 Feb 2026 | S$13.6b | S$10.4b | S$1.5b | 4.9x | 9x | 1.3x |
| Wed, 31 Dec 2025 | S$13.6b | S$10.4b | S$1.5b | 5.9x | 9x | 1.3x |
| Fri, 28 Nov 2025 | S$13.8b | S$10.4b | S$1.5b | 4.6x | 9.1x | 1.3x |
| Sun, 26 Oct 2025 | S$14.2b | S$10.4b | S$1.5b | 4.8x | 9.4x | 1.4x |
| Tue, 23 Sep 2025 | S$13.6b | S$10.4b | S$1.5b | 6.7x | 9x | 1.3x |
| Thu, 21 Aug 2025 | S$13.5b | S$10.3b | S$1.5b | 9x | 8.9x | 1.3x |
| Sat, 19 Jul 2025 | S$16.4b | S$10.6b | S$1.4b | 5.9x | 12x | 1.5x |
| Mon, 16 Jun 2025 | S$14.8b | S$10.6b | S$1.4b | 5.9x | 10.8x | 1.4x |
| Wed, 14 May 2025 | S$14.1b | S$10.7b | S$1.4b | 7.6x | 10.3x | 1.3x |
| Fri, 11 Apr 2025 | S$13.3b | S$10.8b | S$1.4b | 7.2x | 9.7x | 1.2x |
| Sun, 09 Mar 2025 | S$13.7b | S$10.8b | S$1.4b | 8.3x | 10.1x | 1.3x |
| Tue, 04 Feb 2025 | S$12.2b | S$10.8b | S$1.2b | 8.6x | 9.8x | 1.1x |
| Thu, 02 Jan 2025 | S$12.3b | S$10.8b | S$1.2b | 9x | 9.9x | 1.1x |
| Sat, 30 Nov 2024 | S$11.7b | S$10.8b | S$1.2b | 8.2x | 9.4x | 1.1x |
| Mon, 28 Oct 2024 | S$12.0b | S$10.8b | S$1.3b | 6.4x | 9.5x | 1.1x |
| Wed, 25 Sep 2024 | S$12.1b | S$10.8b | S$1.3b | 9.6x | 9.6x | 1.1x |
| Fri, 23 Aug 2024 | S$10.8b | S$10.8b | S$1.3b | 8.9x | 8.5x | 1x |
| Sun, 21 Jul 2024 | S$10.9b | S$11.3b | S$1.4b | 8.1x | 7.8x | 1x |
| Tue, 18 Jun 2024 | S$11.8b | S$11.4b | S$1.4b | 8.6x | 8.4x | 1x |
| Thu, 16 May 2024 | S$11.9b | S$10.7b | S$1.4b | 9.2x | 8.8x | 1.1x |
| Sat, 13 Apr 2024 | S$12.0b | S$10.8b | S$1.4b | 8.2x | 8.8x | 1.1x |
| Mon, 11 Mar 2024 | S$11.3b | S$10.7b | S$1.4b | 8.2x | 8.4x | 1.1x |
| Wed, 07 Feb 2024 | S$12.3b | S$11.6b | S$1.4b | 4.5x | 9x | 1.1x |
| Fri, 05 Jan 2024 | S$14.6b | S$13.7b | S$1.4b | 7.3x | 10.3x | 1.1x |
| Sun, 03 Dec 2023 | S$14.2b | S$13.7b | S$1.4b | 6.9x | 10x | 1x |
| Tue, 31 Oct 2023 | S$12.9b | S$13.7b | S$1.4b | 6.1x | 9.2x | 0.9x |
| Thu, 28 Sep 2023 | S$14.0b | S$13.7b | S$1.4b | 6.7x | 10x | 1x |
Price to Earnings Ratio
10x
Current Industry PE
- Investors are optimistic on the Singaporean Utilities industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 12.9x which is higher than its 3-year average PE of 9.6x.
- The industry is trading close to its 3-year average PS ratio of 1.2x.
Past Earnings Growth
- The earnings for companies in the Utilities industry have declined 9.6% per year over the last three years,
- Revenues have also declined 8.0% 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 Utilities sector?
| SG Market | -0.66% | |
| Utilities | -2.68% | |
| Water Utilities | 0.38% | |
| Electric Utilities | 0% | 0 |
| Renewable Energy | -1.00% | |
| Other Utilities | -3.20% | |
| Gas Utilities | -5.01% | |
Industry PE
- Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 11.4x.
- Analysts are expecting annual earnings growth of 24.8%, which is higher than its past year's earnings decline of 41.3% per year.
- Investors are most pessimistic about the Water Utilities industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 4.4x.
Forecasted Growth
- Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 25% over the next 5 years.
- This is better than its past earnings decline of 41% per year.
- In contrast, the Water Utilities industry is expected to see its earnings grow by 16% 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 | |
|---|---|---|---|---|---|
| BHK SIIC Environment Holdings | S$0.16 | 1.3% +S$5.2m | -11.7% | PE3.6x | |
| BEH China International Holdings | S$0.032 | 28.0% +S$548.8k | -5.9% | PS0.1x |