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Singaporean (SGX) Market Analysis & Valuation

UpdatedDec 13, 2025
DataAggregated Company Financials
Companies504
  • 7D0.9%
  • 3M4.3%
  • 1Y21.1%
  • YTD21.2%

In the last week, the market has been flat. Meanwhile, the market is actually up 21% over the past year. Looking forward, earnings are forecast to grow by 7.6% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 13 Dec 2025S$875.1bS$562.9bS$55.3b14.7x15.8x1.6x
Mon, 10 Nov 2025S$863.1bS$563.6bS$55.4b14.5x15.6x1.5x
Wed, 08 Oct 2025S$778.6bS$563.5bS$56.4b14.8x13.8x1.4x
Fri, 05 Sep 2025S$823.8bS$563.4bS$56.4b14.1x14.6x1.5x
Sun, 03 Aug 2025S$787.2bS$543.4bS$52.3b13.9x15.1x1.4x
Tue, 01 Jul 2025S$747.3bS$541.1bS$51.3b12.9x14.6x1.4x
Thu, 29 May 2025S$734.4bS$548.3bS$51.4b12.3x14.3x1.3x
Sat, 26 Apr 2025S$723.8bS$552.2bS$47.4b11.5x15.3x1.3x
Mon, 24 Mar 2025S$738.7bS$555.6bS$47.7b11.8x15.5x1.3x
Wed, 19 Feb 2025S$734.1bS$545.0bS$45.1b11.9x16.3x1.3x
Fri, 17 Jan 2025S$714.1bS$547.5bS$43.6b12x16.4x1.3x
Sun, 15 Dec 2024S$717.9bS$545.8bS$43.6b11.7x16.5x1.3x
Tue, 12 Nov 2024S$707.9bS$539.9bS$44.3b11.6x16x1.3x
Thu, 10 Oct 2024S$700.7bS$534.7bS$44.0b11.5x15.9x1.3x
Sat, 07 Sep 2024S$684.0bS$544.1bS$44.7b11.1x15.3x1.3x
Mon, 05 Aug 2024S$669.8bS$544.2bS$43.8b11.6x15.3x1.2x
Wed, 03 Jul 2024S$664.7bS$549.0bS$44.6b11.8x14.9x1.2x
Fri, 31 May 2024S$660.5bS$548.0bS$44.5b11.8x14.8x1.2x
Sun, 28 Apr 2024S$654.0bS$547.7bS$47.0b11.7x13.9x1.2x
Tue, 26 Mar 2024S$640.5bS$545.1bS$47.1b11.5x13.6x1.2x
Thu, 22 Feb 2024S$646.1bS$553.8bS$49.7b12.1x13x1.2x
Sat, 20 Jan 2024S$645.5bS$571.9bS$52.0b12.2x12.4x1.1x
Mon, 18 Dec 2023S$646.2bS$571.1bS$52.2b12.4x12.4x1.1x
Wed, 15 Nov 2023S$641.2bS$576.8bS$53.3b12x12x1.1x
Fri, 13 Oct 2023S$670.1bS$573.7bS$52.4b12.5x12.8x1.2x
Sun, 10 Sep 2023S$673.4bS$574.3bS$52.5b12.9x12.8x1.2x
Tue, 08 Aug 2023S$695.1bS$586.8bS$59.4b12x11.7x1.2x
Thu, 06 Jul 2023S$680.0bS$579.7bS$56.8b11.8x12x1.2x
Sat, 03 Jun 2023S$675.5bS$579.6bS$56.9b11.2x11.9x1.2x
Mon, 01 May 2023S$702.0bS$569.8bS$53.7b11.6x13.1x1.2x
Wed, 29 Mar 2023S$696.4bS$568.5bS$54.1b11.3x12.9x1.2x
Fri, 24 Feb 2023S$697.2bS$560.3bS$58.0b10.7x12x1.2x
Sun, 22 Jan 2023S$707.5bS$558.5bS$58.1b10.6x12.2x1.3x
Tue, 20 Dec 2022S$697.8bS$562.8bS$57.8b10.2x12.1x1.2x
Price to Earnings Ratio

12.1x


Total Market Cap: S$697.8bTotal Earnings: S$57.8bTotal Revenue: S$562.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14.1x202320242025
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 15.8x which is higher than its 3-year average PE of 14.1x.
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 Market0.93%
Telecom1.56%
Financials1.34%
Industrials0.86%
Real Estate0.80%
Tech0.71%
Healthcare0.48%
Consumer Staples-0.0064%
Materials-0.057%
Consumer Discretionary-0.95%
Utilities-1.12%
Energy-1.87%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 23.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 48.9%, 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 below its 3-year average of 10.1x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings growth rate of 4.5% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 14% 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$55.041.6%
+S$2.5b		25.8%PB2.3xFinancials
H78 Hongkong Land HoldingsUS$7.177.3%
+US$1.1b		57.2%PS8.7xReal Estate
Z74 Singapore TelecommunicationsS$4.661.7%
+S$1.3b		48.4%PE12.4xTelecom
O39 Oversea-Chinese BankingS$19.201.5%
+S$1.3b		14.6%PB1.4xFinancials
J36 Jardine Matheson HoldingsUS$69.942.2%
+US$452.5m		61.6%PE206.8xIndustrials
See more

Market Insights

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H78
US$7.17
Hongkong Land Holdings
7D
7.3%
1Y
57.2%
S59
S$3.43
SIA Engineering
7D
-2.3%
1Y
44.7%

SIA Engineering (SGX:S59) Is Looking To Continue Growing Its Returns On Capital

Dec 12
SIA Engineering (SGX:S59) Is Looking To Continue Growing Its Returns On Capital
K71U
S$0.96
Keppel REIT
7D
-7.7%
1Y
12.3%
J36
US$69.94
Jardine Matheson Holdings
7D
2.2%
1Y
61.6%

J36: Share Buybacks And Margin Stability Will Support Measured Upside Ahead

Analysts have raised their price target for Jardine Matheson Holdings from approximately $46.50 to $69.50, citing expectations of stabilizing revenues, a modestly stronger profit margin, and support for a higher future P/E multiple. What's in the News Reaffirmed full year 2025 earnings guidance, with profit expectations left unchanged, signaling confidence in the current outlook (company guidance) Board of Directors authorized a new share buyback plan on November 3, 2025, reinforcing capital return to shareholders (company announcement) Announced a share repurchase program of up to $250 million, with all repurchased shares to be cancelled and the program running through 2026, effectively reducing share capital (company announcement) Valuation Changes The fair value estimate has risen significantly from $46.50 to $69.50 per share, reflecting a higher assessed intrinsic value.
D01
US$4.00
DFI Retail Group Holdings
7D
-2.4%
1Y
72.4%

D01: Future Margins And Earnings Guidance Will Support Fair Share Performance

Analysts have raised their price target for DFI Retail Group Holdings from approximately $3.86 to $4.21, citing a lower discount rate, slightly stronger profit margin expectations, and a modestly higher future price to earnings multiple, despite softer projected revenue growth. What's in the News Company reaffirmed 2025 full year earnings guidance, targeting underlying profit attributable to shareholders between USD 250 million and USD 270 million, supported by forecast organic revenue growth of 0.5% to 1.0% (company guidance).
U96
S$5.92
Sembcorp Industries
7D
-1.2%
1Y
6.5%

U96: Alinta Energy Acquisition Will Drive Future Returns Despite Minor Assumption Trim

Analysts have trimmed their price target for Sembcorp Industries slightly, reflecting a modest recalibration of fair value to approximately S$7.43 from about S$7.46. This follows their incorporation of slightly softer long term revenue growth and profit margin assumptions, partially offset by a marginally higher projected future P/E multiple.
Y92
S$0.47
Thai Beverage
7D
2.2%
1Y
-15.9%

Y92: Future Earnings Multiple Will Support Share Price Upside

Analysts have nudged their price target for Thai Beverage lower to reflect a modestly reduced fair value estimate of approximately 0.56, down from about 0.59. They attribute the change to slower expected revenue growth, slightly softer profit margins and a higher future earnings multiple.
C07
S$33.56
Jardine Cycle & Carriage
7D
-1.4%
1Y
15.4%

Jardine Cycle & Carriage (SGX:C07) Seems To Use Debt Quite Sensibly

Dec 05
Jardine Cycle & Carriage (SGX:C07) Seems To Use Debt Quite Sensibly
D05
S$55.04
DBS Group Holdings
7D
1.6%
1Y
25.8%

D05: Dividend Yield Sustainability And Digital Expansion Will Define Investment Outlook

Analysts have raised their price target for DBS Group Holdings to S$56, up from S$50.50. This revision is attributed to improved earnings growth forecasts and a continued positive outlook, supported by the bank's sector-leading dividend yield.
O39
S$19.20
Oversea-Chinese Banking
7D
1.5%
1Y
14.6%

O39: Future Performance Will Balance Modest Profitability Improvement With Measured Risk Outlook

Analysts have raised their fair value estimate for Oversea-Chinese Banking from $19.05 to $19.29. This change reflects improved growth and profitability metrics in their latest assessment.
S63
S$8.34
Singapore Technologies Engineering
7D
2.1%
1Y
84.1%

Singapore Technologies Engineering (SGX:S63) Has A Pretty Healthy Balance Sheet

Dec 02
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U14
S$8.51
UOL Group
7D
-1.4%
1Y
61.8%

UOL Group Limited's (SGX:U14) Business Is Yet to Catch Up With Its Share Price

Dec 01
UOL Group Limited's (SGX:U14) Business Is Yet to Catch Up With Its Share Price
U11
S$34.72
United Overseas Bank
7D
0.6%
1Y
-7.0%

U11: Future Upside Will Be Capped as Asset Quality Risks Persist

The analyst price target for United Overseas Bank has been revised upward by S$0.10 to S$35.83. This change reflects cautious optimism as analysts cite asset quality concerns that may limit significant upside.
G13
S$0.72
Genting Singapore
7D
-2.0%
1Y
-6.5%
OV8
S$2.61
Sheng Siong Group
7D
-1.9%
1Y
59.1%

Sheng Siong Group Ltd's (SGX:OV8) 25% Price Boost Is Out Of Tune With Earnings

Nov 17
Sheng Siong Group Ltd's (SGX:OV8) 25% Price Boost Is Out Of Tune With Earnings
Z74
S$4.66
Singapore Telecommunications
7D
1.7%
1Y
48.4%