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

Singaporean (SGX) Market Analysis & Valuation

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies505
  • 7D-1.3%
  • 3M7.0%
  • 1Y27.3%
  • YTD4.0%

Over the last 7 days, the market has dropped 1.3%, driven by a loss of 3.5% in the Industrials sector. As for the longer term, the market has actually risen by 27% in the last year. Earnings are forecast to grow by 5.6% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Mar 2026S$927.4bS$533.1bS$59.2b13.9x15.7x1.7x
Fri, 06 Feb 2026S$940.8bS$561.2bS$55.9b15x16.8x1.7x
Sun, 04 Jan 2026S$888.1bS$562.2bS$55.3b14.9x16.1x1.6x
Tue, 02 Dec 2025S$867.6bS$563.3bS$55.3b14.8x15.7x1.5x
Thu, 30 Oct 2025S$856.5bS$564.1bS$56.5b14.9x15.2x1.5x
Sat, 27 Sep 2025S$822.8bS$564.0bS$56.4b14.4x14.6x1.5x
Mon, 25 Aug 2025S$814.3bS$561.8bS$56.3b13.8x14.5x1.4x
Wed, 23 Jul 2025S$798.1bS$542.5bS$51.0b13.4x15.6x1.5x
Fri, 20 Jun 2025S$734.3bS$543.1bS$51.3b12.5x14.3x1.4x
Sun, 18 May 2025S$735.3bS$550.1bS$48.7b12.2x15.1x1.3x
Tue, 15 Apr 2025S$679.3bS$552.4bS$47.5b11.3x14.3x1.2x
Thu, 13 Mar 2025S$722.1bS$555.7bS$47.7b11.8x15.1x1.3x
Sat, 08 Feb 2025S$724.1bS$545.7bS$43.7b11.8x16.6x1.3x
Mon, 06 Jan 2025S$718.2bS$548.6bS$43.7b11.6x16.4x1.3x
Wed, 04 Dec 2024S$716.9bS$544.9bS$43.5b11.7x16.5x1.3x
Fri, 01 Nov 2024S$690.4bS$536.6bS$43.8b11.6x15.8x1.3x
Sun, 29 Sep 2024S$710.0bS$539.0bS$44.9b11.4x15.8x1.3x
Tue, 27 Aug 2024S$673.7bS$546.6bS$44.9b10.9x15x1.2x
Thu, 25 Jul 2024S$683.6bS$546.9bS$44.6b11.9x15.3x1.2x
Sat, 22 Jun 2024S$658.3bS$548.5bS$44.4b11.8x14.8x1.2x
Mon, 20 May 2024S$658.6bS$546.4bS$46.9b11.6x14x1.2x
Wed, 17 Apr 2024S$640.1bS$548.2bS$46.8b11.8x13.7x1.2x
Fri, 15 Mar 2024S$638.9bS$543.3bS$47.1b11.6x13.6x1.2x
Sun, 11 Feb 2024S$633.9bS$554.4bS$49.8b11.8x12.7x1.1x
Tue, 09 Jan 2024S$656.8bS$570.7bS$52.2b12.5x12.6x1.2x
Thu, 07 Dec 2023S$638.6bS$572.2bS$52.3b12x12.2x1.1x
Sat, 04 Nov 2023S$654.9bS$573.8bS$51.7b12.2x12.7x1.1x
Mon, 02 Oct 2023S$672.0bS$574.4bS$52.5b12.8x12.8x1.2x
Wed, 30 Aug 2023S$676.1bS$572.7bS$52.7b13.2x12.8x1.2x
Fri, 28 Jul 2023S$705.2bS$575.7bS$56.8b12.2x12.4x1.2x
Sun, 25 Jun 2023S$682.3bS$579.8bS$56.8b11.5x12x1.2x
Tue, 23 May 2023S$688.9bS$579.1bS$56.6b11.4x12.2x1.2x
Thu, 20 Apr 2023S$711.2bS$570.0bS$54.0b11.5x13.2x1.2x
Sat, 18 Mar 2023S$686.6bS$571.0bS$54.2b11.2x12.7x1.2x
Price to Earnings Ratio

12.7x


Total Market Cap: S$686.6bTotal Earnings: S$54.2bTotal Revenue: S$571.0bTotal 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 3.0% 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 Market-1.29%
Consumer Staples2.56%
Telecom0.24%
Financials-0.30%
Energy-0.87%
Tech-1.16%
Utilities-2.25%
Consumer Discretionary-2.52%
Real Estate-2.65%
Healthcare-2.78%
Materials-3.45%
Industrials-3.50%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 44.8x.
    • 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 40% 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
S63 Singapore Technologies EngineeringS$11.096.8%
+S$2.2b		83.9%PE74.6xIndustrials
F34 Wilmar InternationalS$3.7110.1%
+S$2.1b		14.2%PE12.9xConsumer Staples
D05 DBS Group HoldingsS$55.721.3%
+S$2.0b		25.3%PB2.3xFinancials
Z74 Singapore TelecommunicationsS$4.991.8%
+S$1.5b		51.2%PE12.2xTelecom
H78 Hongkong Land HoldingsUS$8.405.7%
+US$962.4m		92.2%PE14.3xReal Estate
See more

Market Insights

Header cover image
What the next 25 years will look like 🔮
Richard Bowman avatar
Richard Bowman
The first 25 years of this century were shaped by a few notable themes: China, Tech, and low interest rates. Let's now look at the themes shaping the next quarter of the century.
Continue reading
Three contrarian investing ideas for a new market

Latest News

BS6
S$4.07
Yangzijiang Shipbuilding (Holdings)
7D
-4.9%
1Y
74.7%
S63
S$11.09
Singapore Technologies Engineering
7D
6.8%
1Y
83.9%

Record Order Book And Global Defense Demand Will Reshape Long Term Earnings Profile

Catalysts About Singapore Technologies Engineering Singapore Technologies Engineering is a global technology, defense and engineering group with businesses across commercial aerospace, defense and public security, and urban solutions and Satcom. What are the underlying business or industry changes driving this perspective?
C38U
S$2.34
CapitaLand Integrated Commercial Trust
7D
-2.5%
1Y
12.5%
C07
S$33.50
Jardine Cycle & Carriage
7D
-1.5%
1Y
30.0%

C07: Leadership Transition And Modest Dividend Uplift Will Shape Future Earnings Multiple

Analysts have raised their price target on Jardine Cycle & Carriage to SGD33.33 from SGD29.11, citing updated assumptions around revenue growth, discount rate, profit margins and future P/E. They view these assumptions as better reflecting the company’s current risk and return profile.
S68
S$18.37
Singapore Exchange
7D
5.0%
1Y
43.9%

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
US$8.40
Hongkong Land Holdings
7D
5.7%
1Y
92.2%
D01
US$4.75
DFI Retail Group Holdings
7D
10.5%
1Y
108.3%

D01: Future Earnings Multiple Will Likely Offset Softer Margins And Revenue

Analysts have lifted their price target on DFI Retail Group Holdings from $3.45 to $4.00. This reflects refreshed fair value work that incorporates a slightly lower discount rate, a smaller expected revenue decline, a reduced profit margin outlook, and a higher assumed future P/E multiple.
EB5
S$2.70
First Resources
7D
16.9%
1Y
63.6%
N2IU
S$1.36
Mapletree Pan Asia Commercial Trust
7D
-2.2%
1Y
10.6%

N2IU: Forward P/E And Distribution Outlook Will Support Balanced Risk Profile

Analysts have kept their SGD 1.57 price target for Mapletree Pan Asia Commercial Trust unchanged, citing revised inputs such as a slightly higher discount rate, a milder projected revenue contraction and a lower profit margin outlook, along with an updated forward P/E assumption. What's in the News Announced Distribution per Unit of 2.05 Singapore cents for 1 October 2025 to 31 December 2025, made up of 1.60 Singapore cents of taxable income, 0.42 Singapore cent of tax exempt income and 0.03 Singapore cent of capital per unit (Key Developments).
O39
S$20.86
Oversea-Chinese Banking
7D
-0.2%
1Y
25.7%
A17U
S$2.55
CapitaLand Ascendas REIT
7D
-1.9%
1Y
-1.5%
F34
S$3.71
Wilmar International
7D
10.1%
1Y
14.2%
D05
S$55.72
DBS Group Holdings
7D
1.3%
1Y
25.3%
9CI
S$2.84
CapitaLand Investment
7D
-1.0%
1Y
10.1%

9CI: Expanded Asia Fund Platforms Will Support Future Upside

Analysts have trimmed their price target on CapitaLand Investment to SGD3.49, reflecting a slightly higher discount rate and future P/E assumptions, alongside marginally lower profit margin expectations. What's in the News CapitaLand Investment has incorporated a wide slate of new subsidiaries across Singapore, India, China, the United Arab Emirates and Korea, mainly focused on investment holding, fund management, business park management, hotel operations and treasury services, as part of its ongoing business development (company announcement).
Z74
S$4.99
Singapore Telecommunications
7D
1.8%
1Y
51.2%
BUOU
S$0.94
Frasers Logistics & Commercial Trust
7D
-3.1%
1Y
6.2%