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Singaporean (SGX) Market Analysis & Valuation

UpdatedApr 13, 2026
DataAggregated Company Financials
Companies504
  • 7D1.5%
  • 3M4.9%
  • 1Y40.5%
  • YTD7.0%

The Real Estate and Industrials sectors drove a 1.5% in the market over the last week. As for the past 12 months, the market is up 40%. Looking forward, earnings are forecast to grow by 5.0% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 13 Apr 2026S$957.3bS$532.1bS$60.4b14.4x15.8x1.8x
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
Price to Earnings Ratio

13.2x


Total Market Cap: S$711.2bTotal Earnings: S$54.0bTotal Revenue: S$570.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14.5x202420252026
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 14.5x.
Past Earnings Growth
  • The earnings for Singaporean listed companies have grown 3.8% 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 Market1.46%
Tech7.13%
Materials4.79%
Healthcare3.77%
Real Estate2.99%
Industrials2.46%
Energy1.77%
Consumer Discretionary1.62%
Consumer Staples1.46%
Utilities1.35%
Financials0.70%
Telecom-1.87%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 47.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 11.9% 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 close to its 3-year average of 9.9x.
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 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
U11 United Overseas BankS$37.421.4%
+S$854.5m		13.7%PB1.3xFinancials
O39 Oversea-Chinese BankingS$22.580.6%
+S$590.2m		48.7%PB1.6xFinancials
S68 Singapore ExchangeS$20.762.0%
+S$438.6m		60.3%PE34.1xFinancials
S63 Singapore Technologies EngineeringS$11.321.1%
+S$376.0m		67.2%PE76.6xIndustrials
U10 UOB-Kay Hian HoldingsS$3.9010.8%
+S$370.2m		122.9%PE15.9xFinancials
See more

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Latest News

EB5
S$2.90
First Resources
7D
-4.0%
1Y
89.5%
S63
S$11.32
Singapore Technologies Engineering
7D
1.1%
1Y
67.2%

S63: Contract Wins And FY2025 Dividends Will Underpin Steady Returns

Analysts have nudged their price target for Singapore Technologies Engineering slightly higher from SGD11.26 to SGD11.41. This reflects updated assumptions around the discount rate, revenue growth, profit margin and future P/E multiples.
J36
US$72.11
Jardine Matheson Holdings
7D
-2.9%
1Y
81.8%
C6L
S$6.58
Singapore Airlines
7D
-0.6%
1Y
6.0%

C6L: Stable Traffic And Load Factors Will Support Fairly Valued Returns

Analysts have trimmed their Singapore Airlines price target slightly, now seeing fair value at about SGD6.80 compared with roughly SGD6.86 before, reflecting updated assumptions around discount rate, revenue growth, profit margins and future P/E. What's in the News In February 2026, passenger operations reported available seats of 10,922.3 km millions, revenue passenger traffic of 9,267.8 km millions, 2,107,100 passengers carried, and a passenger load factor of 84.9% (Announcement of Operating Results).
U96
S$6.96
Sembcorp Industries
7D
2.7%
1Y
13.5%

U96: India Renewables M&A Pipeline Will Sustain Balanced Returns Into 2026

Analysts have adjusted their SGD price target for Sembcorp Industries slightly, reflecting updated views on future profit margins and P/E expectations, while keeping other key assumptions broadly in line. What's in the News Sembcorp Industries and Hexa Climate Solutions are reported to be in talks to acquire Enel Group's entire India renewable business.
ULG
US$1.40
UltraGreen.ai
7D
-2.1%
1Y
n/a
U10
S$3.90
UOB-Kay Hian Holdings
7D
10.8%
1Y
122.9%
S68
S$20.76
Singapore Exchange
7D
2.0%
1Y
60.3%

S68: New Bond Futures And Buybacks Will Support Stable Future Earnings

Analysts now set their SGD price target for Singapore Exchange at SGD 22.00, up slightly from SGD 21.80. This reflects small model adjustments to fair value, discount rate assumptions, revenue growth and profit margin forecasts, along with a modestly higher future P/E multiple.
D01
US$4.27
DFI Retail Group Holdings
7D
-2.7%
1Y
97.7%

D01: Future Dividend And Retail Intelligence Pilot Will Support Higher Earnings Multiple

Analysts have increased their price target for DFI Retail Group Holdings to $5.70 per share. This reflects slightly higher assumed revenue growth and profit margins, as well as a modestly lower discount rate in their updated model.
BN4
S$12.08
Keppel
7D
1.7%
1Y
101.7%

BN4: Fair Outlook Will Rely On Data Centre Expansion And Downgrade Risks

Analysts have trimmed their SGD price target for Keppel by SGD0.19 to reflect a slightly higher discount rate, modestly lower profit margin assumptions and a marginally reduced forward P/E multiple, even as projected revenue growth is adjusted higher. Analyst Commentary Recent research, including a downgrade from JPMorgan, highlights a mix of optimism and caution around Keppel, with views clustered around how the revised assumptions feed into valuation, execution risk and growth expectations.
D05
S$57.52
DBS Group Holdings
7D
-0.2%
1Y
48.2%
O39
S$22.58
Oversea-Chinese Banking
7D
0.6%
1Y
48.7%
8YZ
S$0.62
Yangzijiang Maritime Development
7D
19.2%
1Y
n/a
U11
S$37.42
United Overseas Bank
7D
1.4%
1Y
13.7%
BWM
S$0.60
Zheneng Jinjiang Environment Holding
7D
-6.3%
1Y
39.5%
Z74
S$4.87
Singapore Telecommunications
7D
-3.2%
1Y
39.1%