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Singaporean (SGX) Market Analysis & Valuation

UpdatedDec 28, 2025
DataAggregated Company Financials
Companies504
  • 7D1.2%
  • 3M7.2%
  • 1Y23.3%
  • YTD22.3%

The market is up 1.2% in the last 7 days, led by the Financials and all sectors gaining ground. As for the past 12 months, the market is up 23%. As for the next few years, earnings are expected to grow by 7.5% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Dec 2025S$883.5bS$562.0bS$55.3b14.6x16x1.6x
Tue, 25 Nov 2025S$863.6bS$564.9bS$55.2b14.6x15.6x1.5x
Thu, 23 Oct 2025S$844.5bS$564.5bS$56.4b14.6x15x1.5x
Sat, 20 Sep 2025S$830.9bS$562.6bS$56.3b14.5x14.8x1.5x
Mon, 18 Aug 2025S$802.2bS$554.1bS$55.2b13.6x14.5x1.4x
Wed, 16 Jul 2025S$779.2bS$542.4bS$51.2b13x15.2x1.4x
Fri, 13 Jun 2025S$741.1bS$542.2bS$51.3b12.5x14.5x1.4x
Sun, 11 May 2025S$731.8bS$550.2bS$47.6b11.9x15.4x1.3x
Tue, 08 Apr 2025S$671.6bS$557.1bS$47.6b11x14.1x1.2x
Thu, 06 Mar 2025S$730.7bS$555.8bS$48.5b11.8x15.1x1.3x
Sat, 01 Feb 2025S$724.4bS$546.4bS$43.5b12x16.6x1.3x
Mon, 30 Dec 2024S$712.0bS$547.2bS$43.6b11.6x16.3x1.3x
Wed, 27 Nov 2024S$702.9bS$542.7bS$43.5b11.7x16.2x1.3x
Fri, 25 Oct 2024S$699.5bS$536.4bS$44.0b11.8x15.9x1.3x
Sun, 22 Sep 2024S$713.6bS$540.3bS$44.9b11.4x15.9x1.3x
Tue, 20 Aug 2024S$664.4bS$547.7bS$45.0b10.7x14.8x1.2x
Thu, 18 Jul 2024S$688.1bS$546.4bS$44.6b11.9x15.4x1.3x
Sat, 15 Jun 2024S$655.9bS$548.2bS$44.4b11.8x14.8x1.2x
Mon, 13 May 2024S$658.2bS$547.2bS$46.9b11.6x14x1.2x
Wed, 10 Apr 2024S$650.6bS$545.3bS$47.0b11.8x13.8x1.2x
Fri, 08 Mar 2024S$630.6bS$542.6bS$48.8b11x12.9x1.2x
Sun, 04 Feb 2024S$648.1bS$572.3bS$50.7b12.3x12.8x1.1x
Tue, 02 Jan 2024S$666.8bS$569.2bS$52.1b12.7x12.8x1.2x
Thu, 30 Nov 2023S$641.9bS$572.3bS$52.4b11.7x12.3x1.1x
Sat, 28 Oct 2023S$637.8bS$575.0bS$52.4b12.1x12.2x1.1x
Mon, 25 Sep 2023S$670.8bS$574.5bS$52.5b12.9x12.8x1.2x
Wed, 23 Aug 2023S$666.3bS$572.9bS$53.1b12.4x12.6x1.2x
Fri, 21 Jul 2023S$694.8bS$574.9bS$56.6b11.9x12.3x1.2x
Sun, 18 Jun 2023S$697.6bS$577.3bS$56.8b11.6x12.3x1.2x
Tue, 16 May 2023S$691.4bS$573.7bS$55.2b11.5x12.5x1.2x
Thu, 13 Apr 2023S$706.1bS$569.0bS$54.0b11.7x13.1x1.2x
Sat, 11 Mar 2023S$685.1bS$572.7bS$54.4b11x12.6x1.2x
Mon, 06 Feb 2023S$726.7bS$558.2bS$57.6b10.6x12.6x1.3x
Wed, 04 Jan 2023S$695.6bS$561.3bS$57.7b10.2x12x1.2x
Price to Earnings Ratio

12x


Total Market Cap: S$695.6bTotal Earnings: S$57.7bTotal Revenue: S$561.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14.1x20242025
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 16.0x 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 Market1.19%
Tech2.33%
Energy2.19%
Utilities2.00%
Financials1.82%
Materials1.42%
Industrials1.35%
Telecom0.89%
Healthcare0.68%
Consumer Staples0.43%
Consumer Discretionary0.31%
Real Estate0.27%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 23.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 48.4%, 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 48% over the next 5 years.
  • This is better than its past earnings growth rate of 4.5% per year.
  • In contrast, the Materials sector is expected to see its earnings decline by 18% 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$56.232.5%
+S$3.9b		29.1%PB2.3xFinancials
O39 Oversea-Chinese BankingS$19.811.3%
+S$1.2b		19.9%PB1.5xFinancials
U11 United Overseas BankS$35.131.2%
+S$710.4m		-2.5%PB1.2xFinancials
Z74 Singapore TelecommunicationsS$4.580.9%
+S$659.5m		47.7%PE12.2xTelecom
S63 Singapore Technologies EngineeringS$8.372.3%
+S$592.0m		82.0%PE33.9xIndustrials
See more

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BS6
S$3.45
Yangzijiang Shipbuilding (Holdings)
7D
2.4%
1Y
17.7%

If EPS Growth Is Important To You, Yangzijiang Shipbuilding (Holdings) (SGX:BS6) Presents An Opportunity

Dec 27
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U11
S$35.13
United Overseas Bank
7D
1.2%
1Y
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J36
US$66.65
Jardine Matheson Holdings
7D
-0.8%
1Y
60.9%

J36: Share Buyback And Margin Outlook Will Support A Steady Future

Analysts have modestly raised their price target on Jardine Matheson Holdings to approximately $73.58 from about $72.10, citing slightly improved profit margin expectations and a higher anticipated future price-to-earnings multiple, despite marginally softer long-term revenue growth assumptions and a lower discount rate. What's in the News Reaffirmed full year 2025 earnings guidance, signaling management confidence in the existing profit outlook despite a mixed macro backdrop (company guidance).
C6L
S$6.41
Singapore Airlines
7D
1.4%
1Y
-0.8%

C6L: Passenger Demand And Dividend Payouts Will Support Future Earnings Stability

Analysts have modestly raised their price target on Singapore Airlines to reflect a slightly lower perceived risk profile and stable long term growth and margin assumptions, while leaving their fair value estimate unchanged at approximately $6.17 per share. What's in the News Passenger traffic continued to grow in November 2025, with passengers carried rising to about 3.53 million and passenger load factor holding at 87.3%, indicating sustained demand strength (company operating statistics, November 2025).
D01
US$3.96
DFI Retail Group Holdings
7D
-2.2%
1Y
72.2%

D01: Higher Earnings Guidance Will Likely Mask Ongoing Margin And Revenue Weakness

Analysts have raised their price target for DFI Retail Group Holdings to approximately $3.58 from about $2.70. This change reflects updated expectations for slightly lower discount rates, modestly weaker revenue growth, improved profit margins, and a higher future earnings multiple.
K71U
S$0.97
Keppel REIT
7D
-2.0%
1Y
12.1%

K71U: Sydney Retail Acquisition Will Support Steady Income And Margin Outlook

Analysts have trimmed their price target on Keppel REIT by about S$0.02, citing a slightly higher discount rate as well as modestly improved revenue decline expectations, stronger profit margins, and a lower projected future P/E multiple. What's in the News Keppel REIT agreed to acquire a 75 percent effective interest in Top Ryde City Shopping Centre, a freehold retail mall in Sydney, for AUD 393.8 million, approximately SGD 334.8 million (Key Developments).
S63
S$8.37
Singapore Technologies Engineering
7D
2.3%
1Y
82.0%
D05
S$56.23
DBS Group Holdings
7D
2.5%
1Y
29.1%

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$19.81
Oversea-Chinese Banking
7D
1.3%
1Y
19.9%

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.
BN4
S$10.25
Keppel
7D
2.2%
1Y
49.9%

BN4 Will Maintain Fair Outlook As Earnings Assumptions Remain Largely Unchanged

Narrative Update on Keppel Analysts have modestly revised their price target on Keppel to reflect essentially unchanged fair value at approximately $11.00, supported by only marginal tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions. Valuation Changes Fair Value: Maintained at approximately SGD 11.00 per share, with no change in the modelled intrinsic value.
NS8U
US$0.21
Hutchison Port Holdings Trust
7D
-2.3%
1Y
31.9%

There's Reason For Concern Over Hutchison Port Holdings Trust's (SGX:NS8U) Price

Dec 05
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Z74
S$4.58
Singapore Telecommunications
7D
0.9%
1Y
47.7%
T82U
S$1.43
Suntec Real Estate Investment Trust
7D
-2.7%
1Y
22.2%
U06
S$3.14
Singapore Land Group
7D
-1.6%
1Y
77.4%

Singapore Land Group Limited's (SGX:U06) Price Is Out Of Tune With Earnings

Oct 24
Singapore Land Group Limited's (SGX:U06) Price Is Out Of Tune With Earnings
NTDU
US$0.98
NTT DC REIT
7D
-4.4%
1Y
n/a
H15
S$4.63
Hotel Properties
7D
-2.9%
1Y
29.0%

Returns On Capital Are Showing Encouraging Signs At Hotel Properties (SGX:H15)

Aug 18
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