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Singaporean (SGX) Market Analysis & Valuation

UpdatedSep 20, 2025
DataAggregated Company Financials
Companies510
  • 7D-0.6%
  • 3M12.5%
  • 1Y18.8%
  • YTD15.6%

In the last week, the market has been flat. More promisingly, the market is up 19% over the past year. As for the next few years, earnings are expected to grow by 6.5% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Fri, 02 Dec 2022S$702.5bS$564.1bS$57.8b10.4x12.1x1.2x
Sun, 30 Oct 2022S$654.5bS$560.4bS$54.7b10.1x12x1.2x
Tue, 27 Sep 2022S$688.9bS$563.3bS$54.8b10.4x12.6x1.2x
Price to Earnings Ratio

12.6x


Total Market Cap: S$688.9bTotal Earnings: S$54.8bTotal Revenue: S$563.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 13.8x202320242025
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 13.8x.
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 Market-0.61%
Tech1.90%
Telecom1.51%
Industrials1.10%
Healthcare0.78%
Materials0.61%
Consumer Discretionary-0.15%
Real Estate-0.62%
Energy-0.66%
Utilities-0.94%
Consumer Staples-1.58%
Financials-1.92%
Sector PE
  • Investors favour the Materials sector the most for future growth even though it's trading below its 3-year average PE ratio of 39.9x.
    • Analysts are expecting annual earnings decline of 20.9% which is lower than the prior year's growth of 11.3% per year.
  • The Utilities sector is the least preferred by investors for future growth, which is trading below its 3-year average of 10.2x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 51% 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 21% 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
Z74 Singapore TelecommunicationsS$4.411.6%
+S$1.2b		29.7%PE11.7xTelecom
S63 Singapore Technologies EngineeringS$8.494.2%
+S$1.1b		81.0%PE34.5xIndustrials
H78 Hongkong Land HoldingsUS$6.734.8%
+US$672.6m		83.4%PS8.2xReal Estate
BS6 Yangzijiang Shipbuilding (Holdings)S$3.303.4%
+S$432.9m		22.7%PE9.3xIndustrials
S68 Singapore ExchangeS$16.871.8%
+S$321.2m		50.0%PE27.9xFinancials
See more

Market Insights

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🥇 Gold Breaks Records While Oil Sinks: Commodities 2025 in Contrast
Richard Bowman avatar
Richard Bowman
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It’s been a while since we checked in on commodity markets, which, like other markets, are having quite the interesting year. In particular, gold continues its march upward, while oil remains in a slump. As for the rest, most have been up and down and ended up close to where they were a year ago. By the end, you’ll see why gold stocks still look cheap despite these record prices — and why oil stocks, oddly enough, look expensive even as crude declines.
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🥇 Gold Breaks Records While Oil Sinks: Commodities 2025 in Contrast
Last Week

🥇 Gold Breaks Records While Oil Sinks: Commodities 2025 in Contrast

Latest News

S68
S$16.87
Singapore Exchange
7D
1.8%
1Y
50.0%

Global Capital Flows And Multi-Asset Focus Will Expand Asia Trading

Singapore Exchange’s consensus price target has increased to SGD15.94, as analysts cite improved equity market flows, enhanced trading volumes, and expectations of structural operational improvements, despite reduced concerns over previous headwinds. Analyst Commentary Upgraded outlook due to company efforts to improve equity market flows.
BN4
S$8.77
Keppel
7D
1.4%
1Y
33.3%

Digital Infrastructure And Decarbonization Will Transform Urban Landscapes

Keppel’s latest valuation update shows virtually unchanged future P/E and revenue growth forecasts, supporting a marginally higher consensus analyst price target, up from SGD9.71 to SGD9.84. What's in the News Keppel commenced a share buyback program authorized to repurchase up to 90,741,740 shares (5% of issued capital).
S63
S$8.49
Singapore Technologies Engineering
7D
4.2%
1Y
81.0%

With EPS Growth And More, Singapore Technologies Engineering (SGX:S63) Makes An Interesting Case

Sep 17
With EPS Growth And More, Singapore Technologies Engineering (SGX:S63) Makes An Interesting Case
S59
S$3.28
SIA Engineering
7D
4.8%
1Y
35.0%
9CI
S$2.71
CapitaLand Investment
7D
-2.5%
1Y
-7.5%

These 4 Measures Indicate That CapitaLand Investment (SGX:9CI) Is Using Debt Extensively

Sep 15
These 4 Measures Indicate That CapitaLand Investment (SGX:9CI) Is Using Debt Extensively
F34
S$2.90
Wilmar International
7D
-1.7%
1Y
-7.6%

Wilmar International Limited (SGX:F34) Could Be Riskier Than It Looks

Sep 14
Wilmar International Limited (SGX:F34) Could Be Riskier Than It Looks
J36
US$60.55
Jardine Matheson Holdings
7D
-1.4%
1Y
61.5%

Southeast Asia Urbanization And Digital Investments Will Drive Expansion

The consensus analyst price target for Jardine Matheson Holdings has increased to $63.40, primarily reflecting improved consensus revenue growth forecasts, with the fair value revised upward from $62.03. Valuation Changes Summary of Valuation Changes for Jardine Matheson Holdings The Consensus Analyst Price Target has risen slightly from $62.03 to $63.40.
D05
S$50.47
DBS Group Holdings
7D
-2.5%
1Y
29.4%
H78
US$6.73
Hongkong Land Holdings
7D
4.8%
1Y
83.4%

Marquee Asset Repositioning And Asian Expansion Will Create Lasting Value

Hongkong Land Holdings’ fair value outlook remains stable as both the future P/E and discount rate saw only marginal changes, resulting in the consensus analyst price target holding steady at $6.36. What's in the News The company completed a $134 million share buyback, repurchasing this amount of shares between April 24 and July 28, 2025, fulfilling the buyback announced on April 24, 2025.
C38U
S$2.29
CapitaLand Integrated Commercial Trust
7D
-2.1%
1Y
9.0%

Heightened Singapore Exposure Will Worsen Office Earnings Volatility

CapitaLand Integrated Commercial Trust's fair value estimate was maintained at SGD2.43, as the slight decrease in its future P/E multiple was offset by a virtually unchanged discount rate. What's in the News Completed a follow-on equity offering raising SGD 600.0 million through issuance of 284,361,000 units at SGD 2.11 per unit.
Z74
S$4.41
Singapore Telecommunications
7D
1.6%
1Y
29.7%
E5H
S$0.30
Golden Agri-Resources
7D
-7.7%
1Y
9.1%
BS6
S$3.30
Yangzijiang Shipbuilding (Holdings)
7D
3.4%
1Y
22.7%
U11
S$34.63
United Overseas Bank
7D
-1.9%
1Y
5.1%

United Overseas Bank (SGX:U11) Has Announced A Dividend Of SGD1.10

Aug 10
United Overseas Bank (SGX:U11) Has Announced A Dividend Of SGD1.10
O39
S$16.46
Oversea-Chinese Banking
7D
-2.3%
1Y
6.4%

Oversea-Chinese Banking (SGX:O39) Will Pay A Smaller Dividend Than Last Year

Aug 06
Oversea-Chinese Banking (SGX:O39) Will Pay A Smaller Dividend Than Last Year
G07
S$15.30
Great Eastern Holdings
7D
2.9%
1Y
n/a