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Singaporean (SGX) Market Analysis & Valuation

UpdatedApr 23, 2026
DataAggregated Company Financials
Companies506
  • 7D-0.02%
  • 3M4.2%
  • 1Y31.1%
  • YTD7.7%

The Information Technology sector gained 4.9% while the market remained flat over the last week. As for the longer term, the market has risen 31% in the past 12 months. Earnings are forecast to grow by 5.1% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 23 Apr 2026S$964.3bS$531.9bS$60.4b14.7x16x1.8x
Sat, 21 Mar 2026S$944.7bS$532.5bS$60.6b13.8x15.6x1.8x
Mon, 16 Feb 2026S$936.8bS$559.0bS$56.2b14.9x16.7x1.7x
Wed, 14 Jan 2026S$912.7bS$562.5bS$55.3b15x16.5x1.6x
Fri, 12 Dec 2025S$864.7bS$563.1bS$55.3b14.8x15.6x1.5x
Sun, 09 Nov 2025S$863.1bS$563.6bS$55.4b14.5x15.6x1.5x
Tue, 07 Oct 2025S$847.7bS$564.0bS$56.4b14.7x15x1.5x
Thu, 04 Sep 2025S$823.3bS$563.4bS$56.4b13.9x14.6x1.5x
Sat, 02 Aug 2025S$787.2bS$543.3bS$52.2b13.9x15.1x1.4x
Mon, 30 Jun 2025S$747.2bS$541.4bS$51.3b12.9x14.6x1.4x
Wed, 28 May 2025S$732.4bS$548.5bS$51.4b12.2x14.3x1.3x
Fri, 25 Apr 2025S$725.2bS$551.7bS$47.4b11.7x15.3x1.3x
Sun, 23 Mar 2025S$738.7bS$555.6bS$47.7b11.8x15.5x1.3x
Tue, 18 Feb 2025S$731.6bS$544.8bS$45.1b11.8x16.2x1.3x
Thu, 16 Jan 2025S$709.7bS$547.5bS$43.6b11.5x16.3x1.3x
Sat, 14 Dec 2024S$717.9bS$545.7bS$43.6b11.8x16.5x1.3x
Mon, 11 Nov 2024S$711.1bS$539.3bS$44.3b11.6x16x1.3x
Wed, 09 Oct 2024S$710.4bS$541.9bS$45.0b11.4x15.8x1.3x
Fri, 06 Sep 2024S$684.9bS$545.2bS$44.8b11.1x15.3x1.3x
Sun, 04 Aug 2024S$669.8bS$544.2bS$43.8b11.6x15.3x1.2x
Tue, 02 Jul 2024S$661.6bS$548.5bS$44.6b12x14.8x1.2x
Thu, 30 May 2024S$660.3bS$547.2bS$44.5b11.6x14.8x1.2x
Sat, 27 Apr 2024S$654.0bS$547.5bS$46.8b11.7x14x1.2x
Mon, 25 Mar 2024S$643.6bS$545.8bS$47.1b11.5x13.7x1.2x
Wed, 21 Feb 2024S$652.1bS$553.9bS$49.8b12.1x13.1x1.2x
Fri, 19 Jan 2024S$643.4bS$572.1bS$52.0b12.3x12.4x1.1x
Sun, 17 Dec 2023S$646.3bS$571.1bS$52.2b12.4x12.4x1.1x
Tue, 14 Nov 2023S$640.4bS$574.9bS$54.0b12.1x11.9x1.1x
Thu, 12 Oct 2023S$665.7bS$573.8bS$52.4b12.4x12.7x1.2x
Sat, 09 Sep 2023S$673.4bS$574.0bS$52.5b12.9x12.8x1.2x
Mon, 07 Aug 2023S$693.0bS$584.1bS$57.8b12.1x12x1.2x
Wed, 05 Jul 2023S$683.2bS$579.2bS$56.8b11.8x12x1.2x
Fri, 02 Jun 2023S$675.6bS$580.1bS$56.9b11.3x11.9x1.2x
Sun, 30 Apr 2023S$701.8bS$569.8bS$53.7b11.6x13.1x1.2x
Price to Earnings Ratio

13.1x


Total Market Cap: S$701.8bTotal Earnings: S$53.7bTotal Revenue: S$569.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14.5x202420252026
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 14.5x.
Past Earnings Growth
  • The earnings for Singaporean listed companies have grown 4.0% 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-0.022%
Tech4.88%
Consumer Discretionary2.36%
Energy2.09%
Materials1.91%
Real Estate1.47%
Consumer Staples0.88%
Industrials0.55%
Healthcare-0.024%
Financials-0.88%
Utilities-2.26%
Telecom-2.61%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 48.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 12.4% 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 23% 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
BS6 Yangzijiang Shipbuilding (Holdings)S$4.215.3%
+S$826.5m		94.0%PE10.3xIndustrials
C38U CapitaLand Integrated Commercial TrustS$2.494.2%
+S$762.5m		16.4%PB1.2xReal Estate
S68 Singapore ExchangeS$21.702.7%
+S$620.4m		55.7%PE35.7xFinancials
TQ5 Frasers PropertyS$1.1914.4%
+S$588.9m		46.9%PE20.3xReal Estate
U14 UOL GroupS$10.846.0%
+S$516.5m		88.2%PE19.1xReal Estate
See more

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Latest News

C38U
S$2.49
CapitaLand Integrated Commercial Trust
7D
4.2%
1Y
16.4%
S68
S$21.70
Singapore Exchange
7D
2.7%
1Y
55.7%

S68: New Bond Futures And Buybacks Will Support Balanced Returns Ahead

Analysts have adjusted their price target for Singapore Exchange to SGD19.96 from SGD17.51, linking this change to updated assumptions for revenue growth, profit margins, discount rate, and future P/E multiples in their valuation models. What's in the News SGX Derivatives plans to launch Asia Pacific Government Bond Futures on 20 April, offering contracts on baskets of government bonds from India, Indonesia, Malaysia, Thailand and the Philippines, referenced to FTSE Russell’s Asia Pacific Liquid Government Bond Index Series (Key Developments).
BS6
S$4.21
Yangzijiang Shipbuilding (Holdings)
7D
5.3%
1Y
94.0%
Y92
S$0.41
Thai Beverage
7D
-3.5%
1Y
-18.0%

Y92: Higher Margin Assumptions And Lower P/E Multiple Will Limit Future Upside

Analysts have trimmed their SGD price target on Thai Beverage, citing updated assumptions that combine a slightly lower fair value estimate and revenue growth outlook with a modestly higher profit margin and a reduced future P/E multiple. What's in the News Thai Beverage updated Clause 4 of its Memorandum of Association so that registered capital is Baht 25,169,999, divided into 25,169,999,999 shares with a par value of Baht 1 each, replacing the previous registered capital structure (Key Developments).
C09
S$8.77
City Developments
7D
4.7%
1Y
79.0%

C09: Dividend Payout And Upcoming Meeting Will Support Steady Future Earnings Outlook

Analysts have trimmed their SGD fair value estimate for City Developments slightly from SGD10.33 to about SGD10.25. This reflects lower revenue growth assumptions, partly offset by a marginally higher profit margin outlook and a slightly reduced future P/E multiple.
U96
S$6.89
Sembcorp Industries
7D
-3.0%
1Y
8.8%
H78
US$7.92
Hongkong Land Holdings
7D
-1.9%
1Y
87.2%

H78: Capital Recycling And Goldman Upgrade Will Support Future Share Re Rating

Narrative Update Analysts have adjusted their price target on Hongkong Land Holdings to reflect a slightly lower assumed discount rate and a modestly reduced future P/E of about 29.66x. The new target is framed around updated fair value work and recent research upgrades on the stock.
C6L
S$6.47
Singapore Airlines
7D
-1.5%
1Y
-1.8%
D05
S$57.20
DBS Group Holdings
7D
-0.9%
1Y
33.4%
EB5
S$3.08
First Resources
7D
8.1%
1Y
101.3%
VC2
S$0.97
Olam Group
7D
9.6%
1Y
2.6%
TQ5
S$1.19
Frasers Property
7D
14.4%
1Y
46.9%
U14
S$10.84
UOL Group
7D
6.0%
1Y
88.2%
O39
S$22.59
Oversea-Chinese Banking
7D
-1.3%
1Y
36.2%
U11
S$37.02
United Overseas Bank
7D
-1.5%
1Y
3.0%
Z74
S$4.78
Singapore Telecommunications
7D
-2.8%
1Y
27.1%