Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Singaporean (SGX) Market Analysis & Valuation

UpdatedJan 19, 2026
DataAggregated Company Financials
Companies506
  • 7D2.0%
  • 3M10.5%
  • 1Y27.7%
  • YTD3.6%

Over the last 7 days, the market has risen 2.0%, driven by gains in every sector, especially the Financials sector. The market is up 28% over the last 12 months. Earnings are forecast to grow by 7.8% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 19 Jan 2026S$919.5bS$564.6bS$55.3b15.1x16.6x1.6x
Wed, 17 Dec 2025S$872.6bS$562.6bS$55.3b14.4x15.8x1.6x
Fri, 14 Nov 2025S$878.0bS$563.6bS$55.4b14.6x15.8x1.6x
Sun, 12 Oct 2025S$847.9bS$564.3bS$56.4b14.9x15x1.5x
Tue, 09 Sep 2025S$829.2bS$562.9bS$56.4b14.1x14.7x1.5x
Thu, 07 Aug 2025S$801.1bS$542.9bS$52.3b13.9x15.3x1.5x
Sat, 05 Jul 2025S$757.9bS$541.0bS$51.3b13x14.8x1.4x
Mon, 02 Jun 2025S$732.4bS$548.5bS$51.4b12.5x14.2x1.3x
Wed, 30 Apr 2025S$735.6bS$551.6bS$47.5b11.6x15.5x1.3x
Fri, 28 Mar 2025S$744.0bS$556.1bS$47.6b11.9x15.6x1.3x
Sun, 23 Feb 2025S$732.8bS$545.1bS$48.1b12x15.2x1.3x
Tue, 21 Jan 2025S$716.4bS$547.1bS$43.6b11.9x16.4x1.3x
Thu, 19 Dec 2024S$712.3bS$546.0bS$43.6b11.5x16.3x1.3x
Sat, 16 Nov 2024S$707.9bS$541.7bS$43.4b11.6x16.3x1.3x
Mon, 14 Oct 2024S$696.3bS$534.4bS$44.0b11.6x15.8x1.3x
Wed, 11 Sep 2024S$691.8bS$544.7bS$44.7b11.1x15.5x1.3x
Fri, 09 Aug 2024S$649.4bS$544.0bS$44.4b11x14.6x1.2x
Sun, 07 Jul 2024S$671.8bS$547.5bS$44.6b11.9x15.1x1.2x
Tue, 04 Jun 2024S$663.7bS$548.1bS$44.5b11.8x14.9x1.2x
Thu, 02 May 2024S$655.3bS$548.3bS$46.7b12.1x14x1.2x
Sat, 30 Mar 2024S$645.8bS$545.7bS$47.1b11.8x13.7x1.2x
Mon, 26 Feb 2024S$641.2bS$550.2bS$49.5b11.8x12.9x1.2x
Wed, 24 Jan 2024S$641.0bS$571.6bS$52.0b12.1x12.3x1.1x
Fri, 22 Dec 2023S$644.2bS$570.4bS$52.1b12.5x12.4x1.1x
Sun, 19 Nov 2023S$647.3bS$573.8bS$52.5b12.1x12.3x1.1x
Tue, 17 Oct 2023S$664.0bS$574.9bS$52.5b12.5x12.7x1.2x
Thu, 14 Sep 2023S$674.0bS$573.6bS$52.5b12.8x12.8x1.2x
Sat, 12 Aug 2023S$692.6bS$583.3bS$56.0b12.2x12.4x1.2x
Mon, 10 Jul 2023S$673.2bS$578.7bS$56.8b11.8x11.9x1.2x
Wed, 07 Jun 2023S$680.1bS$579.4bS$56.9b11.3x12x1.2x
Fri, 05 May 2023S$702.3bS$570.1bS$54.3b11.6x12.9x1.2x
Sun, 02 Apr 2023S$700.9bS$569.1bS$54.1b11.6x13x1.2x
Tue, 28 Feb 2023S$695.9bS$567.5bS$58.0b11x12x1.2x
Thu, 26 Jan 2023S$707.5bS$558.9bS$58.1b10.7x12.2x1.3x
Price to Earnings Ratio

12.2x


Total Market Cap: S$707.5bTotal Earnings: S$58.1bTotal Revenue: S$558.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14.2x202420252026
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 16.6x which is higher than its 3-year average PE of 14.2x.
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 Market1.97%
Energy4.43%
Tech4.22%
Financials2.57%
Real Estate2.17%
Industrials1.93%
Utilities1.63%
Materials1.43%
Consumer Discretionary0.73%
Telecom0.63%
Healthcare0.55%
Consumer Staples0.19%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 23.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 49.8%, 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 close to its 3-year average of 10.1x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 50% 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 19% 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$59.122.2%
+S$3.5b		35.5%PB2.4xFinancials
O39 Oversea-Chinese BankingS$20.442.7%
+S$2.4b		19.1%PB1.5xFinancials
S63 Singapore Technologies EngineeringS$9.607.0%
+S$2.0b		103.0%PE38.9xIndustrials
H78 Hongkong Land HoldingsUS$8.266.9%
+US$1.1b		97.6%PS10xReal Estate
U11 United Overseas BankS$36.741.8%
+S$1.1b		-1.1%PB1.3xFinancials
See more

Market Insights

Header cover image
Why Didn’t Oil React to Venezuela? 🇻🇪
Maduro is out, the US stepped in… and oil markets barely reacted? Let’s look at why.
Continue reading
Which Markets Will Sink or Swim in 2026? 🌍
Last Week

Which Markets Will Sink or Swim in 2026? 🌍

Latest News

VC2
S$0.92
Olam Group
7D
-2.7%
1Y
-19.7%

The Return Trends At Olam Group (SGX:VC2) Look Promising

Jan 15
The Return Trends At Olam Group (SGX:VC2) Look Promising
H78
US$8.26
Hongkong Land Holdings
7D
6.9%
1Y
97.6%
C6L
S$6.35
Singapore Airlines
7D
-1.2%
1Y
0%

Does Singapore Airlines (SGX:C6L) Deserve A Spot On Your Watchlist?

Jan 14
Does Singapore Airlines (SGX:C6L) Deserve A Spot On Your Watchlist?
S63
S$9.60
Singapore Technologies Engineering
7D
7.0%
1Y
103.0%
J36
US$74.35
Jardine Matheson Holdings
7D
-0.5%
1Y
83.5%

J36: Share Buybacks Will Signal Stronger Capital Returns And Supportive Earnings Outlook

Analysts have lifted their price target for Jardine Matheson Holdings from US$68.10 to US$83.60, citing updated assumptions around the discount rate, revenue growth, profit margins, and future P/E that they see as better reflecting the company’s potential value. What's in the News Jardine Matheson Holdings reaffirmed its earnings guidance for the full year 2025, with profit guidance remaining unchanged.
D01
US$3.94
DFI Retail Group Holdings
7D
-1.3%
1Y
74.3%

D01: Higher Earnings Guidance Will Likely Conceal Ongoing Margin Resilience Concerns

Analysts have trimmed their price target for DFI Retail Group Holdings slightly to reflect a marginally higher discount rate, modestly weaker revenue expectations, and a small uplift in forecast profit margin and future P/E. This results in a fair value estimate now around $3.58.
BN4
S$10.90
Keppel
7D
4.1%
1Y
59.1%
O39
S$20.44
Oversea-Chinese Banking
7D
3.2%
1Y
19.4%

O39: Future Performance Will Reflect Stable Profitability And Slightly Lower Risk Balance

Narrative Update on Oversea-Chinese Banking Analysts have nudged their price target for Oversea-Chinese Banking slightly higher to S$19.29. This reflects updated assumptions around a modestly lower discount rate and a small adjustment to the implied forward P/E multiple, while keeping revenue growth and profit margin expectations broadly unchanged.
E5H
S$0.28
Golden Agri-Resources
7D
-3.4%
1Y
16.7%
U11
S$36.74
United Overseas Bank
7D
2.0%
1Y
-0.8%

U11: Future Returns Will Depend On Asset Quality Execution And Neutral Risk Reward

Analysts have trimmed their 12 month price target for United Overseas Bank to S$38, citing more cautious assumptions on asset quality and a slightly higher implied P/E multiple. They believe this could cap upside relative to peers.
D05
S$59.12
DBS Group Holdings
7D
2.6%
1Y
34.8%

D05: Dividend Reliability And Malaysia Expansion With Fintech Alliances Will Shape Outlook

Analysts have modestly raised their price target on DBS Group Holdings, citing a slightly higher discount rate along with stable long term growth and profitability assumptions, which together support a fair value estimate of about SGD 56.17 per share. What's in the News DBS Group Holdings is actively pursuing a stake in Alliance Bank Malaysia Berhad via government-to-government discussions, with the deal reportedly tied to broader negotiations around the Johor Singapore Special Economic Zone.
Z74
S$4.49
Singapore Telecommunications
7D
0.7%
1Y
43.0%
BS6
S$3.59
Yangzijiang Shipbuilding (Holdings)
7D
-0.8%
1Y
22.5%

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

Dec 27
If EPS Growth Is Important To You, Yangzijiang Shipbuilding (Holdings) (SGX:BS6) Presents An Opportunity
EB5
S$1.99
First Resources
7D
-4.3%
1Y
36.3%
U14
S$10.07
UOL Group
7D
7.7%
1Y
96.3%
S59
S$3.48
SIA Engineering
7D
-6.5%
1Y
48.7%