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Singaporean (SGX) Market Analysis & Valuation

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies505
  • 7D-0.2%
  • 3M5.3%
  • 1Y26.4%
  • YTD3.8%

Over the last 7 days, the market has remained flat, although notably the Energy sector gained 9.4% in that time. Meanwhile, the market is actually up 26% over the past year. As for the next few years, earnings are expected to grow by 5.1% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 17 Mar 2026S$926.6bS$533.5bS$60.5b13.9x15.3x1.7x
Thu, 12 Feb 2026S$947.1bS$559.1bS$55.5b15.2x17.1x1.7x
Sat, 10 Jan 2026S$901.3bS$562.3bS$55.3b15x16.3x1.6x
Mon, 08 Dec 2025S$867.3bS$563.4bS$55.3b15.1x15.7x1.5x
Wed, 05 Nov 2025S$851.4bS$565.7bS$56.6b14.8x15x1.5x
Fri, 03 Oct 2025S$843.8bS$562.8bS$56.4b14.8x15x1.5x
Sun, 31 Aug 2025S$818.7bS$562.2bS$56.3b13.8x14.6x1.5x
Tue, 29 Jul 2025S$806.1bS$541.5bS$50.6b13.7x15.9x1.5x
Thu, 26 Jun 2025S$739.3bS$542.0bS$51.3b12.7x14.4x1.4x
Sat, 24 May 2025S$733.4bS$548.3bS$51.9b12.4x14.1x1.3x
Mon, 21 Apr 2025S$706.8bS$551.6bS$47.4b11.4x14.9x1.3x
Wed, 19 Mar 2025S$733.1bS$555.5bS$47.7b11.6x15.4x1.3x
Fri, 14 Feb 2025S$728.3bS$546.2bS$45.0b11.8x16.2x1.3x
Sun, 12 Jan 2025S$714.3bS$548.2bS$43.6b11.6x16.4x1.3x
Tue, 10 Dec 2024S$717.4bS$544.4bS$43.5b11.7x16.5x1.3x
Thu, 07 Nov 2024S$696.6bS$538.6bS$44.2b11.7x15.8x1.3x
Sat, 05 Oct 2024S$713.9bS$541.3bS$45.0b11.7x15.9x1.3x
Mon, 02 Sep 2024S$682.1bS$545.7bS$44.9b11x15.2x1.2x
Wed, 31 Jul 2024S$681.0bS$546.9bS$44.5b11.7x15.3x1.2x
Fri, 28 Jun 2024S$662.4bS$548.7bS$44.4b11.8x14.9x1.2x
Sun, 26 May 2024S$658.4bS$547.1bS$44.5b11.7x14.8x1.2x
Tue, 23 Apr 2024S$636.0bS$547.6bS$46.8b11.8x13.6x1.2x
Thu, 21 Mar 2024S$636.3bS$545.1bS$47.1b11.4x13.5x1.2x
Sat, 17 Feb 2024S$648.5bS$554.6bS$49.7b12x13x1.2x
Mon, 15 Jan 2024S$654.4bS$570.5bS$51.9b12.4x12.6x1.1x
Wed, 13 Dec 2023S$641.9bS$571.9bS$52.3b12.3x12.3x1.1x
Fri, 10 Nov 2023S$646.0bS$574.6bS$53.7b12.2x12x1.1x
Sun, 08 Oct 2023S$662.9bS$573.9bS$52.4b12.4x12.6x1.2x
Tue, 05 Sep 2023S$679.4bS$572.5bS$52.4b13x13x1.2x
Thu, 03 Aug 2023S$698.0bS$581.2bS$56.2b12.2x12.4x1.2x
Sat, 01 Jul 2023S$682.8bS$580.2bS$56.9b11.9x12x1.2x
Mon, 29 May 2023S$684.2bS$580.2bS$56.9b11.3x12x1.2x
Wed, 26 Apr 2023S$705.8bS$569.9bS$54.0b11.6x13.1x1.2x
Fri, 24 Mar 2023S$601.1bS$557.4bS$48.1b11x12.5x1.1x
Price to Earnings Ratio

12.5x


Total Market Cap: S$601.1bTotal Earnings: S$48.1bTotal Revenue: S$557.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14.4x202420252026
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 14.4x.
Past Earnings Growth
  • The earnings for Singaporean listed companies have grown 7.9% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Singaporean Market?

SG Market-0.17%
Energy9.44%
Consumer Staples4.16%
Healthcare1.06%
Utilities0.71%
Tech0.45%
Financials0.089%
Telecom-0.80%
Industrials-0.99%
Real Estate-1.23%
Consumer Discretionary-1.80%
Materials-1.89%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 45.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 11.8% 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 below its 3-year average of 10.0x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 38% 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
D05 DBS Group HoldingsS$57.082.6%
+S$4.1b		26.8%PB2.4xFinancials
Z74 Singapore TelecommunicationsS$5.173.0%
+S$2.5b		53.4%PE12.6xTelecom
F34 Wilmar InternationalS$3.885.4%
+S$1.2b		17.9%PE13.4xConsumer Staples
U11 United Overseas BankS$36.881.7%
+S$1.2b		-1.3%PB1.3xFinancials
S68 Singapore ExchangeS$19.054.4%
+S$855.8m		48.2%PE31.3xFinancials
See more

Market Insights

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Why international stocks are starting to outpace the U.S.
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Stella Ong
From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
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What the next 25 years will look like 🔮

Latest News

C6L
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Singapore Airlines
7D
-0.9%
1Y
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C6L: Stable Load Factors And Margins Will Support Fairly Valued Returns

Analysts have lifted their Singapore Airlines price target slightly, from SGD6.80 to about SGD6.86. This reflects updated fair value work and a modestly lower discount rate, while revenue growth, profit margin and future P/E assumptions remain broadly in line with prior estimates.
J36
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S63
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S63: Contract Wins And Dividend Outlook Will Support Steady Returns

Analysts have adjusted their fair value estimate for Singapore Technologies Engineering from SGD 9.60 to SGD 10.84, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E levels. What's in the News Proposed final dividend of 6 cents per share and special tax exempt dividend of 5 cents per share for FY2025, subject to shareholder approval at the AGM scheduled for 23 April 2026 (company announcement).
BS6
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1Y
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S68
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Singapore Exchange
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4.4%
1Y
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S68: Elevated P/E Will Persist Despite Minor Discount Rate Adjustment

Analysts have inched their price target for Singapore Exchange slightly lower to SGD14.82 from SGD14.84, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E that are broadly consistent with their prior view. Valuation Changes Fair Value: decreased from SGD14.84 to SGD14.82, a slight reduction in the modelled estimate.
H78
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Hongkong Land Holdings
7D
3.5%
1Y
93.0%
C09
S$8.60
City Developments
7D
-6.2%
1Y
69.6%

C09: Higher Margin Outlook Will Likely Limit Future Share Price Upside

Analysts have raised their SGD fair value estimate for City Developments from SGD 5.30 to SGD 5.90, citing updated assumptions related to revenue growth, profit margins, and future P/E expectations. What's in the News City Developments declared an annual dividend of SGD 0.2500 per share.
U14
S$9.72
UOL Group
7D
-8.8%
1Y
66.2%
U11
S$36.88
United Overseas Bank
7D
1.7%
1Y
-1.3%
O39
S$21.10
Oversea-Chinese Banking
7D
0.8%
1Y
25.1%
H15
S$4.68
Hotel Properties
7D
-2.5%
1Y
32.2%
F34
S$3.88
Wilmar International
7D
5.4%
1Y
17.9%
D05
S$57.08
DBS Group Holdings
7D
2.6%
1Y
26.8%
G13
S$0.68
Genting Singapore
7D
-0.7%
1Y
-11.1%
Z74
S$5.17
Singapore Telecommunications
7D
3.0%
1Y
53.4%
F17
S$2.40
GuocoLand
7D
-4.0%
1Y
62.2%