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Singaporean (SGX) Market Analysis & Valuation

UpdatedApr 25, 2026
DataAggregated Company Financials
Companies505
  • 7D-1.1%
  • 3M1.7%
  • 1Y29.4%
  • YTD6.2%

Over the last 7 days, the market has dropped 1.1%, driven by a pullback of 2.2% in the Financials sector. As for the longer term, the market has actually risen by 29% in the last year. 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
Sat, 25 Apr 2026S$951.3bS$532.5bS$60.4b14.6x15.7x1.8x
Mon, 23 Mar 2026S$944.6bS$533.0bS$60.5b13.8x15.6x1.8x
Wed, 18 Feb 2026S$937.1bS$559.0bS$56.2b14.9x16.7x1.7x
Fri, 16 Jan 2026S$916.8bS$562.5bS$55.3b15.1x16.6x1.6x
Sun, 14 Dec 2025S$875.1bS$562.9bS$55.3b14.7x15.8x1.6x
Tue, 11 Nov 2025S$861.4bS$563.9bS$55.5b14.5x15.5x1.5x
Thu, 09 Oct 2025S$852.8bS$564.0bS$56.4b14.9x15.1x1.5x
Sat, 06 Sep 2025S$826.7bS$563.0bS$56.3b14x14.7x1.5x
Mon, 04 Aug 2025S$787.5bS$543.4bS$52.3b13.9x15.1x1.4x
Wed, 02 Jul 2025S$747.3bS$541.1bS$51.3b12.9x14.6x1.4x
Fri, 30 May 2025S$735.3bS$548.5bS$51.5b12.5x14.3x1.3x
Sun, 27 Apr 2025S$723.9bS$552.2bS$47.5b11.5x15.2x1.3x
Tue, 25 Mar 2025S$739.9bS$555.8bS$47.6b11.7x15.5x1.3x
Thu, 20 Feb 2025S$734.1bS$545.0bS$45.1b11.9x16.3x1.3x
Sat, 18 Jan 2025S$715.9bS$547.5bS$43.6b11.9x16.4x1.3x
Mon, 16 Dec 2024S$717.9bS$545.8bS$43.6b11.7x16.5x1.3x
Wed, 13 Nov 2024S$704.6bS$540.8bS$44.3b11.3x15.9x1.3x
Fri, 11 Oct 2024S$698.9bS$535.3bS$44.0b11.6x15.9x1.3x
Sun, 08 Sep 2024S$684.0bS$544.1bS$44.7b11.1x15.3x1.3x
Tue, 06 Aug 2024S$646.2bS$543.5bS$43.8b11.2x14.8x1.2x
Thu, 04 Jul 2024S$672.2bS$548.7bS$44.6b12x15.1x1.2x
Sat, 01 Jun 2024S$661.5bS$548.3bS$44.5b11.8x14.9x1.2x
Mon, 29 Apr 2024S$654.0bS$547.7bS$47.0b11.7x13.9x1.2x
Wed, 27 Mar 2024S$646.1bS$545.0bS$47.1b11.4x13.7x1.2x
Fri, 23 Feb 2024S$648.1bS$549.9bS$49.5b11.9x13.1x1.2x
Sun, 21 Jan 2024S$645.4bS$571.7bS$52.0b12.2x12.4x1.1x
Tue, 19 Dec 2023S$644.6bS$571.0bS$52.2b12.4x12.4x1.1x
Thu, 16 Nov 2023S$649.5bS$575.0bS$53.2b12.3x12.2x1.1x
Sat, 14 Oct 2023S$663.9bS$574.8bS$52.5b12.5x12.7x1.2x
Mon, 11 Sep 2023S$673.4bS$574.3bS$52.5b12.9x12.8x1.2x
Wed, 09 Aug 2023S$695.7bS$588.0bS$59.3b12.1x11.7x1.2x
Fri, 07 Jul 2023S$674.1bS$579.9bS$56.8b11.8x11.9x1.2x
Sun, 04 Jun 2023S$675.5bS$579.6bS$56.9b11.2x11.9x1.2x
Tue, 02 May 2023S$702.0bS$570.2bS$53.5b11.6x13.1x1.2x
Price to Earnings Ratio

13.1x


Total Market Cap: S$702.0bTotal Earnings: S$53.5bTotal Revenue: S$570.2bTotal 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 4.1% 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-1.12%
Tech4.66%
Materials4.35%
Energy2.90%
Consumer Staples1.52%
Real Estate0.29%
Consumer Discretionary0.21%
Healthcare-0.79%
Industrials-1.16%
Utilities-1.81%
Financials-2.19%
Telecom-3.46%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 49.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 14.4% 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 24% 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$4.335.9%
+S$944.5m		96.8%PE10.6xIndustrials
C38U CapitaLand Integrated Commercial TrustS$2.483.8%
+S$686.3m		15.9%PB1.2xReal Estate
MZH Nanofilm Technologies InternationalS$1.5479.1%
+S$443.8m		182.6%PE85.1xMaterials
U14 UOL GroupS$10.675.0%
+S$431.8m		84.3%PE18.8xReal Estate
S68 Singapore ExchangeS$21.731.9%
+S$427.9m		51.3%PE35.7xFinancials
See more

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Latest News

AWX
S$6.06
AEM Holdings
7D
19.3%
1Y
396.7%
C38U
S$2.48
CapitaLand Integrated Commercial Trust
7D
3.8%
1Y
15.9%
MZH
S$1.54
Nanofilm Technologies International
7D
79.1%
1Y
182.6%
S63
S$11.02
Singapore Technologies Engineering
7D
-2.2%
1Y
52.4%
S68
S$21.73
Singapore Exchange
7D
1.9%
1Y
51.3%

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).
BN4
S$11.55
Keppel
7D
-3.2%
1Y
73.9%
J36
US$70.94
Jardine Matheson Holdings
7D
-2.6%
1Y
59.8%

J36: Dividend Visibility And Stable Earnings Guidance Will Support Measured Upside Ahead

Analysts have adjusted their view on Jardine Matheson Holdings, lifting the implied fair value estimate from about $80.40 to $84.00 as they recalibrate assumptions for revenue growth, profit margin, and future P/E levels. What's in the News Proposed final dividend of US$1.75 per share for 2025, payable on 13 May 2026, subject to approval at the AGM on 7 May 2026, with shareholders on the register by 20 March 2026 eligible and the shares quoted ex dividend on 19 March 2026 (Key Developments).
BS6
S$4.33
Yangzijiang Shipbuilding (Holdings)
7D
5.9%
1Y
96.8%
H78
US$7.66
Hongkong Land Holdings
7D
-4.7%
1Y
65.1%

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.
D05
S$56.90
DBS Group Holdings
7D
-0.6%
1Y
34.4%
EB5
S$3.10
First Resources
7D
8.4%
1Y
105.3%
TQ5
S$1.17
Frasers Property
7D
9.3%
1Y
44.4%
U14
S$10.67
UOL Group
7D
5.0%
1Y
84.3%
O39
S$21.71
Oversea-Chinese Banking
7D
-4.4%
1Y
36.5%
U11
S$36.00
United Overseas Bank
7D
-3.7%
1Y
0.8%
Z74
S$4.63
Singapore Telecommunications
7D
-3.7%
1Y
23.1%