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Singaporean (SGX) Market Analysis & Valuation

UpdatedJun 01, 2026
DataAggregated Company Financials
Companies499
  • 7D-0.6%
  • 3M1.8%
  • 1Y28.5%
  • YTD6.9%

Over the last 7 days, the market has remained flat, although notably the Information Technology sector gained 5.6% in that time. Meanwhile, the market is actually up 28% over the past year. Looking forward, earnings are forecast to grow by 6.8% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 02 Jun 2026S$959.6bS$534.2bS$58.2b14.5x16.5x1.8x
Thu, 30 Apr 2026S$942.8bS$532.2bS$60.1b14.7x15.7x1.8x
Sat, 28 Mar 2026S$936.2bS$533.7bS$60.5b13.9x15.5x1.8x
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
Price to Earnings Ratio

12x


Total Market Cap: S$679.5bTotal Earnings: S$56.9bTotal Revenue: S$579.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14.6x202420252026
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 16.5x which is higher than its 3-year average PE of 14.6x.
Past Earnings Growth
  • The earnings for Singaporean listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have declined 2.7% per year.
  • This means that the cost of doing business could be reducing since sales have declined yet profits have remained steady.

Sector Trends

Which sectors have driven the changes within the Singaporean Market?

SG Market-0.63%
Tech5.61%
Utilities2.61%
Materials0.52%
Consumer Discretionary0.35%
Financials0.22%
Healthcare-0.24%
Real Estate-0.60%
Consumer Staples-1.18%
Industrials-1.26%
Energy-3.72%
Telecom-5.13%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 52.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 9.3% which is higher than its past year's earnings decline of 3.3% per year.
  • The Utilities sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.8x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings decline of 8.6% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 11% 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$62.841.4%
+S$2.4b		40.3%PB2.6xFinancials
S63 Singapore Technologies EngineeringS$11.382.5%
+S$873.9m		42.1%PE76.8xIndustrials
C6L Singapore AirlinesS$6.782.1%
+S$441.1m		-4.8%PE18xIndustrials
F34 Wilmar InternationalS$3.592.0%
+S$437.0m		18.5%PE12.4xConsumer Staples
S58 SATSS$3.858.1%
+S$428.4m		25.0%PE19.9xIndustrials
See more

Market Insights

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U11
S$37.60
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7D
-0.8%
1Y
5.8%
S58
S$3.85
SATS
7D
8.1%
1Y
25.0%
Narrative Update • May 31

S58: Lower Discount Rate Will Support Future Upside Potential

Analysts have nudged their SATS price target slightly higher to SGD4.42 from SGD4.41, citing updated assumptions around revenue growth, profit margin and a lower discount rate, partly offset by a more conservative future P/E multiple. Valuation Changes Fair Value: From SGD4.41 to SGD4.42, a slight upward adjustment in the intrinsic value estimate.
U96
S$6.39
Sembcorp Industries
7D
2.9%
1Y
-2.7%
Narrative Update • May 31

U96: India Renewables Expansion And Higher Dividends Will Support Balanced Returns

Analysts have slightly adjusted their SGD fair value estimate for Sembcorp Industries to SGD 6.94 from SGD 6.96, citing updated assumptions related to discount rates, profit margins and future P/E multiples. What's in the News Shareholders approved a final dividend of 16.0 cents per share at the April 29, 2026 annual general meeting, bringing Sembcorp Industries' total dividend for fiscal 2025 to 25.0 cents per share (Key Developments).
AWX
S$10.40
AEM Holdings
7D
6.9%
1Y
752.5%
S63
S$11.38
Singapore Technologies Engineering
7D
2.5%
1Y
42.1%
Narrative Update • May 29

S63: Record Contracts And Special Dividend Will Support Measured Forward Returns

The analyst price target for Singapore Technologies Engineering has shifted from SGD$12.17 to SGD$11.58. Analysts attribute this change to updated assumptions around discount rates, revenue growth, profit margins and a slightly lower future P/E multiple, which are cited as the key drivers of this recalibration.
Z74
S$4.34
Singapore Telecommunications
7D
-3.1%
1Y
13.3%
Analysis Article • May 28

Concerns Surrounding Singapore Telecommunications' (SGX:Z74) Performance

Singapore Telecommunications Limited's ( SGX:Z74 ) stock didn't jump after it announced some healthy earnings. We think...
9CI
S$2.54
CapitaLand Investment
7D
-2.7%
1Y
1.2%
J36
US$66.38
Jardine Matheson Holdings
7D
-2.4%
1Y
49.3%
H78
US$7.62
Hongkong Land Holdings
7D
-1.9%
1Y
45.1%
Narrative Update • May 27

H78: Dividend And Buyback Programme Will Support Future Share Re Rating

Analysts have raised their price target on Hongkong Land Holdings from about $9.88 to approximately $10.03, citing updated assumptions for revenue growth, profit margins, discount rate, and future P/E multiples. What's in the News Proposed final dividend for the year ended 31 December 2025 is US$0.19 per share, with a total payout of US$408.9m, compared with US$375.1m for 2024 (company announcement).
5E2
S$2.12
Seatrium
7D
-3.6%
1Y
4.4%
Narrative Update • May 27

5E2: Offshore Projects And Share Buybacks Will Support Future Upside Potential

Analysts have kept their SGD fair value estimate for Seatrium steady at SGD2.78, with only slight tweaks to inputs such as the discount rate and future P/E assumptions. This guides their unchanged SGD price target view.
C6L
S$6.78
Singapore Airlines
7D
2.1%
1Y
-4.8%
Analysis Article • May 25

Singapore Airlines' (SGX:C6L) Problems Go Beyond Weak Profit

Singapore Airlines Limited's ( SGX:C6L ) recent weak earnings report didn't cause a big stock movement. However, we...
D05
S$62.84
DBS Group Holdings
7D
1.4%
1Y
40.3%
Narrative Update • May 25

D05: Steady Guidance And Dividends Will Frame Outlook And Expansion Prospects

Analysts have modestly raised their price target for DBS Group Holdings to SGD 60.04 from SGD 57.93, citing updated assumptions around revenue growth, profit margins and forward P/E multiples. What's in the News DBS issued earnings guidance for 2026, indicating that total income is expected to be around 2025 levels, which helps you frame revenue expectations for the next year (Corporate guidance).
D01
US$4.00
DFI Retail Group Holdings
7D
-4.5%
1Y
47.6%
BS6
S$3.64
Yangzijiang Shipbuilding (Holdings)
7D
-1.6%
1Y
64.7%
New Narrative • May 11

Yangzijiang Shipbuilding Aims for a 30% Profit Margin Boost

Investment Memorandum Yangzijiang Shipbuilding (Holdings) Ltd. (SGX: BS6) 1.
VC2
S$1.25
Olam Group
7D
5.0%
1Y
38.9%
New Narrative • May 04

Reorganization And Deleveraging Will Support Earnings Quality And Resilient Agricultural Demand

Catalysts About Olam Group Olam Group operates globally across food, feed, and agricultural supply chains, connecting upstream sourcing and processing with customers that require essential commodities and ingredients. What are the underlying business or industry changes driving this perspective?
F34
S$3.59
Wilmar International
7D
2.0%
1Y
18.5%