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Singaporean (SGX) Market Analysis & Valuation

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies505
  • 7D0.4%
  • 3M4.0%
  • 1Y34.2%
  • YTD7.4%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 6.0%. More promisingly, the market is up 34% over the past year. Looking forward, earnings are forecast to grow by 5.0% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 20 Apr 2026S$962.1bS$531.7bS$60.4b14.8x15.9x1.8x
Wed, 18 Mar 2026S$942.6bS$532.5bS$60.4b13.8x15.6x1.8x
Fri, 13 Feb 2026S$950.4bS$558.9bS$56.2b15.4x16.9x1.7x
Sun, 11 Jan 2026S$901.3bS$562.5bS$55.3b15x16.3x1.6x
Tue, 09 Dec 2025S$863.3bS$563.5bS$55.3b15x15.6x1.5x
Thu, 06 Nov 2025S$850.2bS$566.0bS$56.6b14.8x15x1.5x
Sat, 04 Oct 2025S$847.3bS$563.2bS$56.4b14.8x15x1.5x
Mon, 01 Sep 2025S$818.7bS$562.4bS$56.3b13.7x14.5x1.5x
Wed, 30 Jul 2025S$803.1bS$542.1bS$50.7b13.9x15.8x1.5x
Fri, 27 Jun 2025S$742.4bS$541.1bS$51.3b12.9x14.5x1.4x
Sun, 25 May 2025S$733.4bS$548.4bS$51.7b12.3x14.2x1.3x
Tue, 22 Apr 2025S$713.1bS$550.7bS$47.4b11.4x15x1.3x
Thu, 20 Mar 2025S$735.2bS$555.6bS$47.7b11.5x15.4x1.3x
Sat, 15 Feb 2025S$727.7bS$545.0bS$45.0b11.8x16.2x1.3x
Mon, 13 Jan 2025S$714.2bS$548.1bS$43.6b11.6x16.4x1.3x
Wed, 11 Dec 2024S$718.9bS$544.6bS$43.5b11.7x16.5x1.3x
Fri, 08 Nov 2024S$704.2bS$537.9bS$44.5b11.7x15.8x1.3x
Sun, 06 Oct 2024S$713.9bS$542.3bS$45.0b11.7x15.9x1.3x
Tue, 03 Sep 2024S$685.2bS$545.8bS$44.8b11.2x15.3x1.3x
Thu, 01 Aug 2024S$683.4bS$546.7bS$44.6b11.7x15.3x1.2x
Sat, 29 Jun 2024S$660.5bS$548.6bS$44.4b12x14.9x1.2x
Mon, 27 May 2024S$658.4bS$547.1bS$44.5b11.7x14.8x1.2x
Wed, 24 Apr 2024S$652.2bS$547.8bS$46.8b11.9x13.9x1.2x
Fri, 22 Mar 2024S$644.6bS$544.4bS$47.1b11.5x13.7x1.2x
Sun, 18 Feb 2024S$648.6bS$554.4bS$49.7b12x13.1x1.2x
Tue, 16 Jan 2024S$655.3bS$570.7bS$51.9b12.3x12.6x1.1x
Thu, 14 Dec 2023S$641.5bS$572.4bS$52.3b12.2x12.3x1.1x
Sat, 11 Nov 2023S$640.4bS$574.8bS$53.7b12x11.9x1.1x
Mon, 09 Oct 2023S$662.9bS$573.9bS$52.4b12.4x12.6x1.2x
Wed, 06 Sep 2023S$677.5bS$573.6bS$52.4b12.9x12.9x1.2x
Fri, 04 Aug 2023S$694.4bS$582.0bS$56.3b12.1x12.3x1.2x
Sun, 02 Jul 2023S$682.8bS$579.5bS$56.8b11.9x12x1.2x
Tue, 30 May 2023S$634.2bS$568.2bS$51.7b11.3x12.3x1.1x
Thu, 27 Apr 2023S$705.3bS$569.6bS$54.0b11.6x13.1x1.2x
Price to Earnings Ratio

13.1x


Total Market Cap: S$705.3bTotal Earnings: S$54.0bTotal Revenue: S$569.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14.5x202420252026
Current Market PE
  • Investors are relatively neutral on the Singaporean market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 14.5x.
Past Earnings Growth
  • The earnings for Singaporean listed companies have grown 3.8% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.3% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits are increasing.

Sector Trends

Which sectors have driven the changes within the Singaporean Market?

SG Market0.43%
Tech6.03%
Energy3.58%
Consumer Discretionary3.11%
Materials3.03%
Healthcare1.40%
Real Estate1.27%
Utilities1.20%
Financials0.40%
Industrials-0.16%
Consumer Staples-0.84%
Telecom-1.18%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 48.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 12.1% which is higher than its past year's earnings decline of 4.4% per year.
  • The Utilities sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.9x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 24% over the next 5 years.
  • This is better than its past earnings growth rate of 4.2% 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
S68 Singapore ExchangeS$21.664.3%
+S$962.8m		57.5%PE35.6xFinancials
U14 UOL GroupS$10.686.8%
+S$575.8m		86.4%PE18.8xReal Estate
A17U CapitaLand Ascendas REITS$2.571.2%
+S$477.7m		-1.9%PB1.2xReal Estate
TQ5 Frasers PropertyS$1.1210.9%
+S$431.9m		43.6%PE19.1xReal Estate
J36 Jardine Matheson HoldingsUS$73.241.6%
+US$330.1m		73.2%PE19.4xIndustrials
See more

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Latest News

BN4
S$11.86
Keppel
7D
-1.8%
1Y
91.0%
A17U
S$2.57
CapitaLand Ascendas REIT
7D
1.2%
1Y
-1.9%
BS6
S$4.06
Yangzijiang Shipbuilding (Holdings)
7D
2.5%
1Y
80.4%
Y92
S$0.42
Thai Beverage
7D
-2.3%
1Y
-16.0%

Y92: Higher Margin Assumptions And Lower P/E Multiple Will Limit Future Upside

Analysts have trimmed their SGD price target on Thai Beverage, citing updated assumptions that combine a slightly lower fair value estimate and revenue growth outlook with a modestly higher profit margin and a reduced future P/E multiple. What's in the News Thai Beverage updated Clause 4 of its Memorandum of Association so that registered capital is Baht 25,169,999, divided into 25,169,999,999 shares with a par value of Baht 1 each, replacing the previous registered capital structure (Key Developments).
D05
S$57.24
DBS Group Holdings
7D
-0.5%
1Y
38.2%
J36
US$73.24
Jardine Matheson Holdings
7D
1.6%
1Y
73.2%
VC2
S$0.97
Olam Group
7D
12.1%
1Y
4.3%
5E2
S$2.35
Seatrium
7D
-3.7%
1Y
25.0%

5E2: FSRU Expansion And Offshore Wind Deliveries Will Support Future Upside Potential

Analysts have inched up their Seatrium price target from SGD2.73 to SGD2.78, reflecting refreshed assumptions around discount rate, revenue growth, profit margin and future P/E, without a clear consensus shift in one single driver. What's in the News Seatrium secured a new contract from Karpowership to convert an LNG carrier into a Floating Storage Regasification Unit, described as Karpowership’s first high capacity FSRU with planned regasification of up to 600 million standard cubic feet per day, with work scheduled to start in the third quarter of 2026 (Client announcement).
NS8U
US$0.20
Hutchison Port Holdings Trust
7D
-7.0%
1Y
41.8%
TQ5
S$1.12
Frasers Property
7D
10.9%
1Y
43.6%
S68
S$21.66
Singapore Exchange
7D
4.3%
1Y
57.5%

S68: New Bond Futures And Buybacks Will Support Stable Future Earnings

Analysts now set their SGD price target for Singapore Exchange at SGD 22.00, up slightly from SGD 21.80. This reflects small model adjustments to fair value, discount rate assumptions, revenue growth and profit margin forecasts, along with a modestly higher future P/E multiple.
C07
S$33.57
Jardine Cycle & Carriage
7D
-2.0%
1Y
32.6%

C07: Leadership Transition And Modest Dividend Increase Will Guide Future Earnings Multiple

Analysts have made a small upward adjustment to Jardine Cycle & Carriage's fair value estimate, lifting the implied price target from about SGD33.46 to around SGD33.70, citing updated assumptions on the discount rate, revenue growth, profit margin and forward P/E. What's in the News Jardine Cycle & Carriage plans leadership changes at the top, with Mr. Freddy Lee set to become Chief Executive Officer designate on 1 April 2026 and assume the CEO role on 1 May 2026 while continuing as an Executive Director on the board (Key Developments).
D01
US$4.10
DFI Retail Group Holdings
7D
-4.0%
1Y
68.7%

D01: Future Dividend And Retail Intelligence Pilot Will Support Higher Earnings Multiple

Analysts have increased their price target for DFI Retail Group Holdings to $5.70 per share. This reflects slightly higher assumed revenue growth and profit margins, as well as a modestly lower discount rate in their updated model.
U14
S$10.68
UOL Group
7D
6.8%
1Y
86.4%
O39
S$22.67
Oversea-Chinese Banking
7D
0.4%
1Y
39.5%
Z74
S$4.84
Singapore Telecommunications
7D
-0.6%
1Y
29.1%