Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Singaporean (SGX) Market Analysis & Valuation

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies504
  • 7D1.6%
  • 3M10.7%
  • 1Y29.4%
  • YTD7.7%

The market has climbed by 1.6% over the past week, with every sector up and the Financials sector leading the way. As for the past 12 months, the market is up 29%. Looking forward, earnings are forecast to grow by 7.7% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

Has the Singaporean Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 23 Feb 2026S$951.0bS$559.7bS$56.3b15.1x16.9x1.7x
Wed, 21 Jan 2026S$914.2bS$563.2bS$55.4b15.2x16.5x1.6x
Fri, 19 Dec 2025S$871.6bS$562.9bS$55.3b14.6x15.8x1.5x
Sun, 16 Nov 2025S$870.4bS$562.9bS$55.2b14.5x15.8x1.5x
Tue, 14 Oct 2025S$841.6bS$564.5bS$56.4b14.7x14.9x1.5x
Thu, 11 Sep 2025S$833.3bS$562.8bS$56.3b14.3x14.8x1.5x
Sat, 09 Aug 2025S$801.9bS$542.6bS$52.2b13.8x15.4x1.5x
Mon, 07 Jul 2025S$757.9bS$541.1bS$51.3b13x14.8x1.4x
Wed, 04 Jun 2025S$732.9bS$549.1bS$51.4b12.3x14.2x1.3x
Fri, 02 May 2025S$725.7bS$551.9bS$47.5b11.6x15.3x1.3x
Sun, 30 Mar 2025S$746.0bS$556.6bS$47.6b11.8x15.7x1.3x
Tue, 25 Feb 2025S$734.3bS$547.7bS$47.6b11.9x15.4x1.3x
Thu, 23 Jan 2025S$712.4bS$545.8bS$43.6b11.8x16.3x1.3x
Sat, 21 Dec 2024S$702.8bS$546.9bS$43.6b11.6x16.1x1.3x
Mon, 18 Nov 2024S$707.9bS$541.9bS$43.6b11.6x16.2x1.3x
Wed, 16 Oct 2024S$698.4bS$534.9bS$44.0b11.6x15.9x1.3x
Fri, 13 Sep 2024S$699.4bS$541.8bS$44.9b11.1x15.6x1.3x
Sun, 11 Aug 2024S$649.5bS$543.7bS$44.3b11x14.7x1.2x
Tue, 09 Jul 2024S$671.2bS$547.7bS$44.6b11.9x15x1.2x
Thu, 06 Jun 2024S$662.0bS$547.4bS$44.4b11.7x14.9x1.2x
Sat, 04 May 2024S$654.3bS$546.4bS$46.6b11.9x14.1x1.2x
Mon, 01 Apr 2024S$645.8bS$545.7bS$47.1b11.8x13.7x1.2x
Wed, 28 Feb 2024S$635.8bS$543.9bS$49.3b11.6x12.9x1.2x
Fri, 26 Jan 2024S$643.5bS$571.4bS$51.9b12.3x12.4x1.1x
Sun, 24 Dec 2023S$648.8bS$569.7bS$52.1b12.6x12.4x1.1x
Tue, 21 Nov 2023S$645.7bS$573.3bS$52.5b12x12.3x1.1x
Thu, 19 Oct 2023S$653.6bS$574.9bS$52.5b12.3x12.5x1.1x
Sat, 16 Sep 2023S$678.7bS$573.5bS$52.4b12.8x12.9x1.2x
Mon, 14 Aug 2023S$692.8bS$574.3bS$54.5b12.6x12.7x1.2x
Wed, 12 Jul 2023S$677.6bS$577.9bS$56.8b11.5x11.9x1.2x
Fri, 09 Jun 2023S$679.5bS$579.1bS$56.9b11.2x12x1.2x
Sun, 07 May 2023S$702.1bS$570.6bS$54.7b11.5x12.8x1.2x
Tue, 04 Apr 2023S$707.2bS$569.0bS$54.1b11.4x13.1x1.2x
Thu, 02 Mar 2023S$699.5bS$569.5bS$57.7b11.2x12.1x1.2x
Price to Earnings Ratio

12.1x


Total Market Cap: S$699.5bTotal Earnings: S$57.7bTotal Revenue: S$569.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14.3x202420252026
Current Market PE
  • Investors are optimistic on the Singaporean market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 16.9x which is higher than its 3-year average PE of 14.3x.
Past Earnings Growth
  • Both revenue and earnings for Singaporean listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Singaporean Market?

SG Market1.56%
Energy3.31%
Consumer Discretionary3.15%
Telecom2.39%
Industrials2.33%
Materials2.28%
Financials1.54%
Consumer Staples1.36%
Healthcare1.32%
Tech1.20%
Utilities1.04%
Real Estate0.39%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading close to its 3-year average PE ratio of 44.1x.
    • Analysts are expecting annual earnings growth of 9.4%, which is lower than the prior year's growth of 11.3% per year.
  • The Utilities sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 10.0x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings decline of 2.0% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline 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?

CompanyLast Price7D1YValuationSector
D05 DBS Group HoldingsS$58.152.2%
+S$3.8b		25.5%PB2.4xFinancials
Z74 Singapore TelecommunicationsS$5.023.7%
+S$3.0b		53.0%PE12.2xTelecom
O39 Oversea-Chinese BankingS$21.692.7%
+S$2.6b		22.6%PB1.6xFinancials
BS6 Yangzijiang Shipbuilding (Holdings)S$3.8611.2%
+S$1.5b		29.1%PE10.7xIndustrials
S63 Singapore Technologies EngineeringS$10.443.8%
+S$1.2b		104.7%PE42.3xIndustrials
See more

Market Insights

Header cover image
Alternatives part 2: 2026 and beyond 🔭
Richard Bowman avatar
Richard Bowman
|
|
Deep dive into the exciting world of Private Equity, Real Estate, Private Credit, Infrastructure & Transport and Hedge Funds.
Continue reading
Dotcom Bubble vs. Now 🫧
Last Week

Dotcom Bubble vs. Now 🫧

Latest News

J36
US$80.16
Jardine Matheson Holdings
7D
2.6%
1Y
95.5%

J36: Higher Margin Outlook Will Support Stronger Capital Returns And Earnings Profile

Analysts have raised their price target for Jardine Matheson Holdings from about $83.60 to around $94.20. They cite updated assumptions on discount rate, revenue growth, profit margins and future P/E, which they view as better reflecting the company’s current risk and earnings profile.
JYEU
S$0.60
Lendlease Global Commercial REIT
7D
-4.0%
1Y
18.6%
M44U
S$1.29
Mapletree Logistics Trust
7D
-0.8%
1Y
5.7%

M44U: Future Returns Will Reflect Priced China Rents And Softer Ex China Trends

Analysts have inched up their SGD fair value estimate for Mapletree Logistics Trust to SGD 1.44 from SGD 1.43, reflecting updated assumptions on discount rate, revenue growth, profit margins and a slightly lower future P/E multiple. They are also factoring in the recent downgrade to Neutral and the SGD 1.31 price target, as they see improving Mainland China rent reversion as largely reflected in the unit price and note softer rent trends outside China.
H78
US$8.71
Hongkong Land Holdings
7D
2.4%
1Y
93.1%

H78: Future Fund Recycling Will Expose Execution And Cash Flow Downside Risk

Analysts have slightly adjusted their price target for Hongkong Land Holdings to around $5.30 from about $5.43, reflecting updated views on discount rates, revenue growth, profit margins and future P/E multiples following recent research. Analyst Commentary Recent research around Hongkong Land Holdings highlights a mix of views, with some focusing on potential upside drivers and others flagging execution and valuation risks.
F34
S$3.53
Wilmar International
7D
-0.3%
1Y
11.0%

Is There An Opportunity With Wilmar International Limited's (SGX:F34) 47% Undervaluation?

Feb 16
Is There An Opportunity With Wilmar International Limited's (SGX:F34) 47% Undervaluation?
Z74
S$5.02
Singapore Telecommunications
7D
3.7%
1Y
53.0%
558
S$1.32
UMS Integration
7D
-2.9%
1Y
50.0%

Be Wary Of UMS Integration (SGX:558) And Its Returns On Capital

Feb 11
Be Wary Of UMS Integration (SGX:558) And Its Returns On Capital
D05
S$58.15
DBS Group Holdings
7D
2.2%
1Y
25.5%
A17U
S$2.70
CapitaLand Ascendas REIT
7D
-0.4%
1Y
6.7%

A17U: Expanded Singapore Industrial Portfolio Will Support Future Upside Potential

Analysts have trimmed their price target for CapitaLand Ascendas REIT slightly, maintaining it at S$3.24, reflecting updated views on discount rates, revenue growth and profit margins while keeping the overall valuation framework largely intact. What's in the News Completion of acquisition of a portfolio of three Singapore properties on 30 December 2025, including a ramp up logistics asset at 2 Pioneer Sector 1, a light industrial property at Tuas Connection, and a high specifications industrial property at 9 Kallang Sector (Key Developments).
S63
S$10.44
Singapore Technologies Engineering
7D
3.8%
1Y
104.7%

S63: Contract Momentum And Special Dividends Will Support Steady Forward Returns

Analysts have lifted their price target for Singapore Technologies Engineering from $9.22 to $9.60 as they factor in updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E multiples. What's in the News ST Engineering reported about $4.7b of new contracts in 4Q 2025 across Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom, bringing total contract wins for 2025 to $18.7b, compared with $12.6b in 2024 (company announcement).
C6L
S$6.96
Singapore Airlines
7D
-0.6%
1Y
4.7%

C6L: Steady Load Factors And Dividends Will Support Fairly Valued Returns

Analysts have raised their fair value estimate for Singapore Airlines from S$6.17 to S$6.20, attributing the change to small adjustments in discount rate assumptions, revenue growth expectations, profit margin forecasts and the projected future P/E multiple. What's in the News Monthly operating statistics for December 2025 show group passenger available seat capacity of 16,101.1 km millions and revenue passenger traffic of 14,158.4 km millions, with 3,755,100 passengers carried and a passenger load factor of 87.9% (company announcement).
O39
S$21.69
Oversea-Chinese Banking
7D
2.7%
1Y
22.6%

O39: Future Performance Will Reflect Stable Profitability And Fairly Valued Earnings Multiple

Narrative Update on Oversea-Chinese Banking Analysts have lifted their price target for Oversea-Chinese Banking to S$20.76 from S$19.80, pointing to updated assumptions around revenue growth, profit margins, and a slightly higher future P/E multiple that collectively support a higher fair value estimate. Valuation Changes Fair Value: Adjusted from SGD19.80 to about SGD20.76, reflecting a modest uplift in the estimated share valuation.
U11
S$38.80
United Overseas Bank
7D
1.1%
1Y
1.2%

U11: Future Returns Will Balance Asset Quality Risks And Limited Upside Potential

Analysts have adjusted their fair value estimate for United Overseas Bank to S$37.28 from S$35.84, reflecting updated assumptions around discount rate, revenue growth, profit margin and future P/E, while also acknowledging that recent concerns over asset quality could limit upside. Analyst Commentary Recent research views on United Overseas Bank are mixed, with the revised fair value estimate and a S$38 price target indicating that analysts see the shares as close to fully valued, especially when set against recent concerns over asset quality.
TQ5
S$1.08
Frasers Property
7D
-0.9%
1Y
27.8%
U10
S$3.27
UOB-Kay Hian Holdings
7D
-2.1%
1Y
66.8%
BS6
S$3.86
Yangzijiang Shipbuilding (Holdings)
7D
11.2%
1Y
29.1%

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