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Singaporean (SGX) Market Analysis & Valuation

UpdatedJun 05, 2026
DataAggregated Company Financials
Companies500
  • 7D0.7%
  • 3M2.6%
  • 1Y27.1%
  • YTD6.7%

The market has been flat in the last week, however the Materials sector is down 3.5%. As for the longer term, the market has risen 27% in the past 12 months. As for the next few years, earnings are expected to grow by 7.0% 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, 05 Jun 2026S$958.0bS$535.3bS$58.2b14.3x16.5x1.8x
Sun, 03 May 2026S$948.5bS$531.8bS$60.0b14.8x15.8x1.8x
Tue, 31 Mar 2026S$936.6bS$534.3bS$60.5b13.9x15.5x1.8x
Thu, 26 Feb 2026S$958.1bS$560.8bS$56.6b14.9x16.9x1.7x
Sat, 24 Jan 2026S$924.2bS$562.6bS$55.5b15.1x16.6x1.6x
Mon, 22 Dec 2025S$872.8bS$563.2bS$55.3b14.6x15.8x1.5x
Wed, 19 Nov 2025S$865.4bS$564.3bS$55.2b14.9x15.7x1.5x
Fri, 17 Oct 2025S$836.3bS$564.0bS$56.4b14.7x14.8x1.5x
Sun, 14 Sep 2025S$836.8bS$562.4bS$56.3b14.4x14.9x1.5x
Tue, 12 Aug 2025S$800.3bS$542.4bS$52.2b14x15.3x1.5x
Thu, 10 Jul 2025S$766.2bS$542.0bS$51.3b12.9x14.9x1.4x
Sat, 07 Jun 2025S$742.1bS$548.8bS$51.4b12.6x14.4x1.4x
Mon, 05 May 2025S$727.4bS$549.9bS$47.7b11.7x15.3x1.3x
Wed, 02 Apr 2025S$745.8bS$556.7bS$47.6b11.8x15.7x1.3x
Fri, 28 Feb 2025S$733.4bS$548.9bS$48.9b12.1x15x1.3x
Sun, 26 Jan 2025S$716.4bS$544.8bS$43.2b12.1x16.6x1.3x
Tue, 24 Dec 2024S$707.7bS$546.8bS$43.6b11.9x16.2x1.3x
Thu, 21 Nov 2024S$708.6bS$542.3bS$43.4b11.5x16.3x1.3x
Sat, 19 Oct 2024S$705.8bS$535.4bS$44.0b11.8x16x1.3x
Mon, 16 Sep 2024S$701.9bS$541.3bS$44.9b11.2x15.6x1.3x
Wed, 14 Aug 2024S$650.3bS$544.4bS$44.7b10.7x14.5x1.2x
Fri, 12 Jul 2024S$683.2bS$547.4bS$44.6b11.9x15.3x1.2x
Sun, 09 Jun 2024S$662.0bS$548.0bS$44.4b11.7x14.9x1.2x
Tue, 07 May 2024S$649.6bS$539.5bS$49.0b11.9x13.3x1.2x
Thu, 04 Apr 2024S$647.0bS$546.1bS$47.1b11.8x13.7x1.2x
Sat, 02 Mar 2024S$620.0bS$542.5bS$49.7b11.4x12.5x1.1x
Mon, 29 Jan 2024S$645.3bS$571.8bS$51.8b12.3x12.5x1.1x
Wed, 27 Dec 2023S$648.7bS$569.7bS$52.1b12.4x12.4x1.1x
Fri, 24 Nov 2023S$646.5bS$573.5bS$52.4b11.9x12.3x1.1x
Sun, 22 Oct 2023S$640.9bS$575.2bS$52.5b12.1x12.2x1.1x
Tue, 19 Sep 2023S$680.8bS$574.2bS$52.5b12.8x13x1.2x
Thu, 17 Aug 2023S$677.7bS$574.0bS$53.2b12.8x12.7x1.2x
Sat, 15 Jul 2023S$692.7bS$574.3bS$56.6b12x12.2x1.2x
Mon, 12 Jun 2023S$680.8bS$578.6bS$56.8b11.3x12x1.2x
Price to Earnings Ratio

12x


Total Market Cap: S$680.8bTotal Earnings: S$56.8bTotal Revenue: S$578.6bTotal 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 2.6% 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 Market0.75%
Financials2.95%
Consumer Discretionary1.26%
Consumer Staples0.94%
Healthcare-0.61%
Telecom-0.88%
Real Estate-1.00%
Energy-1.02%
Industrials-1.07%
Tech-1.29%
Utilities-1.65%
Materials-3.51%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 53.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 8.9% 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 15% 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$63.781.5%
+S$2.7b		41.4%PB2.6xFinancials
O39 Oversea-Chinese BankingS$23.942.3%
+S$2.4b		47.1%PB1.7xFinancials
U11 United Overseas BankS$38.552.5%
+S$1.6b		9.4%PB1.3xFinancials
C6L Singapore AirlinesS$6.972.8%
+S$598.7m		-1.7%PE18.5xIndustrials
S58 SATSS$3.993.6%
+S$206.8m		27.1%PE20.7xIndustrials
See more

Market Insights

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Latest News

O39
S$23.94
Oversea-Chinese Banking
7D
2.3%
1Y
47.1%
Narrative Update • Jun 04

O39: Future Performance Will Reflect Stable Margins And Dividend Support At Fair Valuation

Analysts have raised their price target for Oversea-Chinese Banking to SGD22.94 from SGD20.76, citing updated assumptions that incorporate the latest revenue growth outlook, profit margin estimates and future P/E expectations. What's in the News Oversea-Chinese Banking Corporation Limited proposed a special one-tier tax exempt dividend of $0.16 per ordinary share for the financial year ended 31 December 2025, to be tabled at its AGM on 16 April 2026.
F34
S$3.43
Wilmar International
7D
-4.5%
1Y
12.8%
Y92
S$0.43
Thai Beverage
7D
-4.4%
1Y
-8.5%
Narrative Update • Jun 03

Y92: Lower Revenue Assumptions And Modest Margins Will Constrain Future Upside Potential

Analysts have raised their price target on Thai Beverage to SGD0.39 from SGD0.37, citing updated assumptions that reflect their latest views on fair value, revenue growth, profit margins and future P/E. What's in the News No recent company specific news items or key developments are available from the referenced sources at this time.
J36
US$62.72
Jardine Matheson Holdings
7D
-5.5%
1Y
42.7%
Narrative Update • Jun 03

J36: Capital Recycling And Rising Dividends Will Support Further Re Rating

Analysts have trimmed their fair value estimate for Jardine Matheson Holdings from $84.00 to $82.50, citing a slightly higher discount rate, more moderate revenue growth assumptions, and updated views on private business value and shareholder return plans reflected in recent research. What's in the News Jardine Matheson reaffirmed full year 2026 profit guidance, indicating expectations are broadly in line with 2025 after adjusting for business disposals, according to recent company guidance.
U96
S$6.13
Sembcorp Industries
7D
-4.1%
1Y
-10.5%
D05
S$63.78
DBS Group Holdings
7D
1.5%
1Y
41.4%
U11
S$38.55
United Overseas Bank
7D
2.5%
1Y
9.4%
Narrative Update • Jun 02

U11: Future Returns Will Balance AI Partnership Upside And Asset Quality Risks

Analysts have modestly lifted their price target for United Overseas Bank to about SGD38.65 from roughly SGD37.28, citing updated assumptions around revenue growth, profit margins and future P/E. What's in the News UOB signed a Memorandum of Understanding with FPT Corporation to work together on AI, data analytics, intelligent automation, cloud, APIs and modern banking architecture, with an initial focus on Vietnam and other ASEAN markets.
S58
S$3.99
SATS
7D
3.6%
1Y
27.1%
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.
C07
S$28.34
Jardine Cycle & Carriage
7D
-4.3%
1Y
18.3%
Narrative Update • May 29

C07: Leadership Transition And Stable Dividends Will Support Future Earnings Multiple

Analysts have made a small upward adjustment to their fair value estimate for Jardine Cycle & Carriage, lifting the target from SGD33.48 to SGD33.60 as they refresh assumptions around the discount rate, revenue growth, profit margin and future P/E. What's in the News Jardine Cycle & Carriage plans a leadership transition, with Freddy Lee to become Chief Executive Officer on 1 May 2026 after serving as Group Finance Director and Executive Director.
S63
S$10.89
Singapore Technologies Engineering
7D
-4.3%
1Y
37.0%
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$4.29
Singapore Telecommunications
7D
-1.2%
1Y
10.0%
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...
H78
US$7.37
Hongkong Land Holdings
7D
-3.3%
1Y
35.0%
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).
C6L
S$6.97
Singapore Airlines
7D
2.8%
1Y
-1.7%
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...
G13
S$0.61
Genting Singapore
7D
2.5%
1Y
-12.8%
ULG
US$1.44
UltraGreen.ai
7D
5.1%
1Y
n/a
G07
S$15.81
Great Eastern Holdings
7D
0.6%
1Y
n/a