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Singaporean (SGX) Market Analysis & Valuation

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies504
  • 7D1.1%
  • 3M4.5%
  • 1Y21.8%
  • YTD20.8%

The market is up 1.1% over the last week, with the Financials sector leading the way, up 1.8%. In the last year, the market has climbed 22%. As for the next few years, earnings are expected to grow by 7.6% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Dec 2025S$872.8bS$563.1bS$55.3b14.5x15.8x1.6x
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
Sat, 28 Jan 2023S$726.9bS$557.9bS$57.9b10.6x12.6x1.3x
Mon, 26 Dec 2022S$697.1bS$562.1bS$57.8b10.4x12.1x1.2x
Price to Earnings Ratio

12.1x


Total Market Cap: S$697.1bTotal Earnings: S$57.8bTotal Revenue: S$562.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14.1x202320242025
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 15.8x which is higher than its 3-year average PE of 14.1x.
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 Market1.08%
Financials1.84%
Real Estate1.70%
Materials1.38%
Utilities1.32%
Healthcare0.74%
Industrials0.57%
Tech0.048%
Consumer Staples-0.10%
Energy-0.57%
Consumer Discretionary-0.58%
Telecom-0.67%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 23.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 48.8%, which is higher than its past year's earnings growth of 4.5% per year.
  • The Utilities sector is the least preferred by investors for future growth, which is trading below its 3-year average of 10.1x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings growth rate of 4.5% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 13% 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
O39 Oversea-Chinese BankingS$19.502.9%
+S$2.5b		16.9%PB1.4xFinancials
D05 DBS Group HoldingsS$55.121.3%
+S$2.1b		27.0%PB2.3xFinancials
U11 United Overseas BankS$34.731.3%
+S$743.5m		-5.0%PB1.2xFinancials
S58 SATSS$3.759.6%
+S$490.9m		4.2%PE21.5xIndustrials
C09 City DevelopmentsS$7.676.4%
+S$411.0m		50.7%PE35.2xReal Estate
See more

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S63
S$8.17
Singapore Technologies Engineering
7D
-0.5%
1Y
78.0%
D05
S$55.12
DBS Group Holdings
7D
1.3%
1Y
27.0%

D05: Dividend Resilience And Regional Digital Partnerships Will Shape Future Outlook

Analysts have slightly trimmed their price target on DBS Group Holdings, now expecting modestly softer discount rates and forward valuation multiples to cap upside to approximately SGD 56.17 per share, while still reflecting steady revenue growth and resilient profit margins. What's in the News DBS is persisting in its pursuit of a stake in Alliance Bank Malaysia, shifting to government-to-government talks as the deal becomes tied to broader negotiations over the Johor Singapore Special Economic Zone, with a roughly two year window seen as critical before Malaysia’s next general election (Key Developments).
O39
S$19.50
Oversea-Chinese Banking
7D
2.9%
1Y
16.9%

O39: Future Performance Will Reflect Stable Profitability And Measured Long Term Risk Balance

Narrative Update: Oversea-Chinese Banking Analyst Price Target Analysts have made only a marginal upward adjustment to their price target for Oversea-Chinese Banking, citing slightly lower discount rate assumptions and a modestly reduced forward price to earnings multiple as justification for the essentially unchanged fair value estimate of SGD 19.29. Valuation Changes Fair Value: Unchanged at approximately SGD 19.29 per share, reflecting a stable overall valuation view.
F17
S$2.16
GuocoLand
7D
6.9%
1Y
49.0%

GuocoLand (SGX:F17) Takes On Some Risk With Its Use Of Debt

Dec 15
GuocoLand (SGX:F17) Takes On Some Risk With Its Use Of Debt
U11
S$34.73
United Overseas Bank
7D
1.3%
1Y
-5.0%

U11: Future Returns Will Depend On Managing Asset Quality And Credit Costs

Analysts trimmed their price target on United Overseas Bank to S$38.00 from S$38.50, reflecting heightened concerns about asset quality that are expected to limit upside relative to peers. Analyst Commentary Bullish analysts note that the reaffirmed S$38 price target implies modest upside from current levels, suggesting that much of the asset quality risk is already reflected in the valuation.
S58
S$3.75
SATS
7D
9.6%
1Y
4.2%

S58: Future Dividends Will Drive Upside As Earnings Multiple Expands

Narrative Update on SATS Analyst Price Target Analysts have modestly raised their price target on SATS from approximately $3.99 to $4.02 per share, reflecting slightly lower perceived risk and a marginally higher future earnings multiple in their updated valuation models. What's in the News The Board of Directors has declared an interim dividend of 2 cents per share, with book closure on 24 November 2025 and payment on 5 December 2025 (company announcement).
K71U
S$0.97
Keppel REIT
7D
-5.8%
1Y
14.8%
AIY
S$9.27
iFAST
7D
-2.7%
1Y
24.1%

AIY: Upcoming Dividend Payout Will Support Earnings Confidence And Upside Momentum

Analysts have modestly raised their price target for iFAST to SGD 11.47, citing slightly higher assumed discount rates and forward price to earnings multiples while maintaining their positive view on the company’s robust revenue growth and profit margin outlook. What's in the News iFAST has announced a proposed tax exempt one tier third interim dividend of 2.30 cents per ordinary share for the financial year ending 31 December 2025.
J36
US$67.50
Jardine Matheson Holdings
7D
1.3%
1Y
63.9%

J36: Share Buybacks And Margin Stability Will Support Measured Upside Ahead

Analysts have raised their price target for Jardine Matheson Holdings from approximately $46.50 to $69.50, citing expectations of stabilizing revenues, a modestly stronger profit margin, and support for a higher future P/E multiple. What's in the News Reaffirmed full year 2025 earnings guidance, with profit expectations left unchanged, signaling confidence in the current outlook (company guidance) Board of Directors authorized a new share buyback plan on November 3, 2025, reinforcing capital return to shareholders (company announcement) Announced a share repurchase program of up to $250 million, with all repurchased shares to be cancelled and the program running through 2026, effectively reducing share capital (company announcement) Valuation Changes The fair value estimate has risen significantly from $46.50 to $69.50 per share, reflecting a higher assessed intrinsic value.
C09
S$7.67
City Developments
7D
6.4%
1Y
50.7%

C09: Higher Required Returns Will Support Stronger Long Term Earnings Outlook

Analysts have nudged their price target on City Developments modestly higher to reflect a fair value increase to about $8.20 from roughly $8.08, supported by expectations of slightly stronger long term earnings and a higher justified future valuation multiple, despite a steeper discount rate. Valuation Changes Fair Value Estimate: risen slightly from SGD 8.08 to about SGD 8.20 per share, reflecting a modest uplift in long-term expectations.
Y92
S$0.47
Thai Beverage
7D
-1.1%
1Y
-16.2%

Y92: Future Earnings Multiple Will Support Share Price Upside

Analysts have nudged their price target for Thai Beverage lower to reflect a modestly reduced fair value estimate of approximately 0.56, down from about 0.59. They attribute the change to slower expected revenue growth, slightly softer profit margins and a higher future earnings multiple.
8YZ
S$0.65
Yangzijiang Maritime Development
7D
-6.5%
1Y
n/a
G13
S$0.71
Genting Singapore
7D
-1.4%
1Y
-4.7%
9CI
S$2.64
CapitaLand Investment
7D
1.9%
1Y
3.1%
Z74
S$4.53
Singapore Telecommunications
7D
-0.7%
1Y
46.1%
AJBU
S$2.20
Keppel DC REIT
7D
-1.8%
1Y
2.8%