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

Singaporean (SGX) Market Analysis & Valuation

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies504
  • 7D-0.1%
  • 3M11.2%
  • 1Y28.9%
  • YTD7.4%

Over the last 7 days, the market has remained flat, although notably the Energy sector gained 4.3% in that time. More promisingly, the market is up 29% over the past year. 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
Fri, 20 Feb 2026S$948.5bS$559.7bS$56.2b15.1x16.9x1.7x
Sun, 18 Jan 2026S$919.5bS$564.6bS$55.3b15.1x16.6x1.6x
Tue, 16 Dec 2025S$875.3bS$562.6bS$55.3b14.7x15.8x1.6x
Thu, 13 Nov 2025S$874.6bS$563.8bS$55.5b14.5x15.8x1.6x
Sat, 11 Oct 2025S$847.9bS$564.5bS$56.4b14.9x15x1.5x
Mon, 08 Sep 2025S$826.7bS$562.9bS$56.3b14x14.7x1.5x
Wed, 06 Aug 2025S$798.2bS$543.3bS$52.3b14.1x15.3x1.5x
Fri, 04 Jul 2025S$759.2bS$540.8bS$51.3b12.9x14.8x1.4x
Sun, 01 Jun 2025S$732.4bS$548.5bS$51.4b12.5x14.2x1.3x
Tue, 29 Apr 2025S$722.2bS$552.0bS$47.5b11.5x15.2x1.3x
Thu, 27 Mar 2025S$742.1bS$555.9bS$47.6b11.9x15.6x1.3x
Sat, 22 Feb 2025S$732.8bS$544.1bS$46.2b11.9x15.9x1.3x
Mon, 20 Jan 2025S$715.9bS$547.8bS$43.6b11.9x16.4x1.3x
Wed, 18 Dec 2024S$714.8bS$545.9bS$43.6b11.6x16.4x1.3x
Fri, 15 Nov 2024S$707.6bS$542.5bS$43.5b11.6x16.3x1.3x
Sun, 13 Oct 2024S$696.3bS$534.4bS$44.0b11.6x15.8x1.3x
Tue, 10 Sep 2024S$689.1bS$545.0bS$44.7b11.1x15.4x1.3x
Thu, 08 Aug 2024S$647.8bS$543.7bS$44.2b11.1x14.7x1.2x
Sat, 06 Jul 2024S$671.7bS$547.7bS$44.6b11.9x15.1x1.2x
Mon, 03 Jun 2024S$661.5bS$548.2bS$44.5b11.8x14.9x1.2x
Wed, 01 May 2024S$655.2bS$547.5bS$46.6b12.1x14.1x1.2x
Fri, 29 Mar 2024S$645.7bS$546.0bS$47.1b11.8x13.7x1.2x
Sun, 25 Feb 2024S$641.2bS$550.2bS$49.5b11.8x12.9x1.2x
Tue, 23 Jan 2024S$644.2bS$571.7bS$52.0b12.2x12.4x1.1x
Thu, 21 Dec 2023S$643.5bS$570.6bS$52.2b12.6x12.3x1.1x
Sat, 18 Nov 2023S$647.3bS$574.0bS$52.5b12.1x12.3x1.1x
Mon, 16 Oct 2023S$664.0bS$574.9bS$52.5b12.5x12.7x1.2x
Wed, 13 Sep 2023S$674.4bS$573.8bS$52.5b12.9x12.9x1.2x
Fri, 11 Aug 2023S$697.0bS$582.3bS$56.4b12x12.4x1.2x
Sun, 09 Jul 2023S$673.2bS$578.7bS$56.8b11.8x11.9x1.2x
Tue, 06 Jun 2023S$679.9bS$579.9bS$56.9b11.3x12x1.2x
Thu, 04 May 2023S$700.5bS$570.6bS$54.3b11.6x12.9x1.2x
Sat, 01 Apr 2023S$700.9bS$568.8bS$54.1b11.6x13x1.2x
Mon, 27 Feb 2023S$700.3bS$564.5bS$58.1b11.3x12.1x1.2x
Price to Earnings Ratio

12.1x


Total Market Cap: S$700.3bTotal Earnings: S$58.1bTotal Revenue: S$564.5bTotal 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 Market-0.13%
Energy4.34%
Materials2.05%
Consumer Discretionary1.61%
Industrials1.56%
Utilities0.42%
Healthcare0.35%
Tech0.35%
Consumer Staples-0.081%
Telecom-0.51%
Real Estate-0.66%
Financials-0.86%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading close to its 3-year average PE ratio of 44.0x.
    • 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
O39 Oversea-Chinese BankingS$21.722.9%
+S$2.7b		22.5%PB1.6xFinancials
D05 DBS Group HoldingsS$57.991.6%
+S$2.6b		24.4%PB2.4xFinancials
Z74 Singapore TelecommunicationsS$5.042.6%
+S$2.1b		53.7%PE12.3xTelecom
BS6 Yangzijiang Shipbuilding (Holdings)S$3.738.7%
+S$1.2b		15.8%PE10.3xIndustrials
J36 Jardine Matheson HoldingsUS$78.252.7%
+US$603.3m		87.2%PE230.3xIndustrials
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

CC3
S$1.09
StarHub
7D
-3.5%
1Y
-12.1%
J36
US$78.25
Jardine Matheson Holdings
7D
2.7%
1Y
87.2%
BN4
S$12.93
Keppel
7D
2.5%
1Y
89.9%

BN4: Fair Outlook Will Rely On Expanding Asia Pacific Data Centre Pipeline

Analysts have lifted their fair value estimate for Keppel from SGD 11.26 to SGD 12.16, citing updated assumptions for revenue growth, profit margins and future P/E, along with a slightly lower discount rate. What's in the News Keppel expanded its data centre powerbank pipeline in Asia Pacific from more than 300 MW to over 1.0 GW of gross power capacity.
M44U
S$1.29
Mapletree Logistics Trust
7D
-0.8%
1Y
6.6%

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.
N2IU
S$1.44
Mapletree Pan Asia Commercial Trust
7D
-0.7%
1Y
24.1%

N2IU: Distribution Visibility Will Support Stronger Unit Pricing Ahead

Analysts have nudged their fair value estimate for Mapletree Pan Asia Commercial Trust slightly higher from SGD1.79 to SGD1.81, reflecting updated assumptions around discount rate, revenue growth, profit margin and future P/E. What's in the News Announced a distribution per unit of 2.05 Singapore cents for 1 October 2025 to 31 December 2025, comprising 1.60 Singapore cents of taxable income, 0.42 Singapore cent of tax exempt income and 0.03 Singapore cent of capital.
9CI
S$3.11
CapitaLand Investment
7D
-0.3%
1Y
26.9%

9CI: Expanded Asia Platforms And New Distribution Will Support Future Upside

Analysts have nudged their price target for CapitaLand Investment slightly higher to SGD3.49 from SGD3.44, citing updated assumptions around revenue growth, profit margins and future P/E multiples. What's in the News CapitaLand Investment incorporated a wide set of new wholly owned subsidiaries across Singapore, India, China, the United Arab Emirates and Korea, covering investment holding, fund management, business park management, hotel operations and treasury services as part of its ongoing business development (company announcement).
Z74
S$5.04
Singapore Telecommunications
7D
2.6%
1Y
53.7%
D05
S$57.99
DBS Group Holdings
7D
1.6%
1Y
24.4%
S68
S$17.90
Singapore Exchange
7D
-1.3%
1Y
39.8%
S63
S$10.18
Singapore Technologies Engineering
7D
1.7%
1Y
100.0%

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$6.90
Singapore Airlines
7D
-0.9%
1Y
5.3%

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).
CY6U
S$1.26
CapitaLand India Trust
7D
-2.3%
1Y
26.6%

Earnings Troubles May Signal Larger Issues for CapitaLand India Trust (SGX:CY6U) Shareholders

Feb 09
Earnings Troubles May Signal Larger Issues for CapitaLand India Trust (SGX:CY6U) Shareholders
O39
S$21.72
Oversea-Chinese Banking
7D
2.9%
1Y
22.5%

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.
U06
S$3.75
Singapore Land Group
7D
-1.1%
1Y
101.6%

There's Reason For Concern Over Singapore Land Group Limited's (SGX:U06) Price

Jan 26
There's Reason For Concern Over Singapore Land Group Limited's (SGX:U06) Price
G13
S$0.81
Genting Singapore
7D
5.2%
1Y
8.0%
BS6
S$3.73
Yangzijiang Shipbuilding (Holdings)
7D
8.7%
1Y
15.8%

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