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Singaporean (SGX) Market Analysis & Valuation

UpdatedDec 04, 2025
DataAggregated Company Financials
Companies504
  • 7D0.9%
  • 3M5.4%
  • 1Y20.3%
  • YTD20.6%

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 7.5% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 05 Dec 2025S$868.1bS$563.2bS$55.3b15.1x15.7x1.5x
Sun, 02 Nov 2025S$852.9bS$565.1bS$56.6b14.8x15.1x1.5x
Tue, 30 Sep 2025S$823.6bS$563.5bS$56.4b14.6x14.6x1.5x
Thu, 28 Aug 2025S$814.8bS$563.1bS$56.4b13.8x14.5x1.4x
Sat, 26 Jul 2025S$810.4bS$542.4bS$50.8b13.6x16x1.5x
Mon, 23 Jun 2025S$732.6bS$543.0bS$51.3b12.6x14.3x1.3x
Wed, 21 May 2025S$733.0bS$549.6bS$48.7b12.1x15.1x1.3x
Fri, 18 Apr 2025S$706.7bS$551.9bS$47.5b11.4x14.9x1.3x
Sun, 16 Mar 2025S$723.6bS$555.7bS$47.7b11.6x15.2x1.3x
Tue, 11 Feb 2025S$725.1bS$546.6bS$44.8b11.8x16.2x1.3x
Thu, 09 Jan 2025S$727.8bS$548.3bS$43.7b11.9x16.7x1.3x
Sat, 07 Dec 2024S$717.5bS$544.3bS$43.5b11.9x16.5x1.3x
Mon, 04 Nov 2024S$689.8bS$537.1bS$43.8b11.6x15.7x1.3x
Wed, 02 Oct 2024S$711.4bS$539.9bS$44.9b11.6x15.9x1.3x
Fri, 30 Aug 2024S$675.2bS$545.0bS$44.9b11.1x15x1.2x
Sun, 28 Jul 2024S$678.3bS$546.8bS$44.7b11.9x15.2x1.2x
Tue, 25 Jun 2024S$659.1bS$548.2bS$44.4b12x14.8x1.2x
Thu, 23 May 2024S$657.3bS$546.6bS$46.9b11.7x14x1.2x
Sat, 20 Apr 2024S$638.8bS$547.7bS$46.8b11.9x13.7x1.2x
Mon, 18 Mar 2024S$636.2bS$544.2bS$47.1b11.4x13.5x1.2x
Wed, 14 Feb 2024S$635.5bS$554.2bS$49.8b12x12.8x1.1x
Fri, 12 Jan 2024S$656.5bS$570.4bS$52.1b12.5x12.6x1.2x
Sun, 10 Dec 2023S$643.4bS$572.2bS$52.3b12.1x12.3x1.1x
Tue, 07 Nov 2023S$662.0bS$572.8bS$52.1b12.4x12.7x1.2x
Thu, 05 Oct 2023S$670.8bS$575.0bS$52.5b12.4x12.8x1.2x
Sat, 02 Sep 2023S$679.2bS$572.6bS$52.4b13.4x13x1.2x
Mon, 31 Jul 2023S$709.2bS$580.2bS$56.3b12x12.6x1.2x
Wed, 28 Jun 2023S$685.4bS$579.1bS$56.8b11.7x12.1x1.2x
Fri, 26 May 2023S$685.3bS$579.4bS$56.4b11.5x12.1x1.2x
Sun, 23 Apr 2023S$711.5bS$569.6bS$54.0b11.7x13.2x1.2x
Tue, 21 Mar 2023S$587.1bS$559.1bS$48.2b10.9x12.2x1x
Thu, 16 Feb 2023S$704.9bS$560.9bS$58.2b10.5x12.1x1.3x
Sat, 14 Jan 2023S$706.3bS$559.2bS$58.2b10.2x12.1x1.3x
Mon, 12 Dec 2022S$695.8bS$562.0bS$57.8b10.5x12x1.2x
Price to Earnings Ratio

12x


Total Market Cap: S$695.8bTotal Earnings: S$57.8bTotal Revenue: S$562.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Market Price to Earnings3Y Average 14x202320242025
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 15.7x which is higher than its 3-year average PE of 14.0x.
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 Market0.87%
Healthcare2.31%
Financials1.96%
Tech1.06%
Industrials0.70%
Real Estate0.57%
Consumer Discretionary-0.16%
Materials-0.37%
Consumer Staples-0.60%
Telecom-0.61%
Energy-1.26%
Utilities-1.55%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 22.6x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 9.4% which is higher than its past year's earnings decline of 2.4% 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
O39 Oversea-Chinese BankingS$18.953.7%
+S$3.1b		15.8%PB1.4xFinancials
U11 United Overseas BankS$34.461.7%
+S$935.8m		-7.2%PB1.2xFinancials
D01 DFI Retail Group HoldingsUS$3.9314.2%
+US$663.3m		61.1%PS0.6xConsumer Staples
D05 DBS Group HoldingsS$54.210.4%
+S$595.9m		22.5%PB2.2xFinancials
H78 Hongkong Land HoldingsUS$6.542.7%
+US$368.0m		39.4%PS7.9xReal Estate
See more

Market Insights

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D01
US$3.93
DFI Retail Group Holdings
7D
14.2%
1Y
61.1%
F34
S$3.09
Wilmar International
7D
-4.0%
1Y
-0.3%
D05
S$54.21
DBS Group Holdings
7D
0.4%
1Y
22.5%

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

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O39
S$18.95
Oversea-Chinese Banking
7D
3.7%
1Y
15.8%

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S63
S$8.18
Singapore Technologies Engineering
7D
-1.2%
1Y
78.6%

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U11
S$34.46
United Overseas Bank
7D
1.7%
1Y
-7.2%

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.
BN4
S$10.15
Keppel
7D
-1.1%
1Y
47.7%

BN4: Updated Discount Rate And Margins Will Support Fair Valuation Outlook

Analysts have raised Keppel's fair value estimate from $10.61 to $10.99, citing updated forecasts and adjustments in their valuation model. Valuation Changes The Fair Value Estimate has increased slightly from SGD 10.61 to SGD 10.99.
BS6
S$3.46
Yangzijiang Shipbuilding (Holdings)
7D
2.7%
1Y
31.1%

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J36
US$67.19
Jardine Matheson Holdings
7D
1.5%
1Y
47.7%

J36: Share Buyback and Reaffirmed Guidance Will Maintain a Measured Outlook

Analysts have raised their price target for Jardine Matheson Holdings from $70 to $72.10. This reflects slight improvements in revenue growth expectations as well as a marginally lower discount rate.
U96
S$5.96
Sembcorp Industries
7D
-2.8%
1Y
5.5%

U96: Acquisition Pursuit Of Alinta Energy Will Drive Shareholder Value

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G13
S$0.73
Genting Singapore
7D
-2.6%
1Y
-7.0%
C38U
S$2.32
CapitaLand Integrated Commercial Trust
7D
-2.1%
1Y
19.0%

C38U: Future Performance Will Reflect Stable Revenue And Execution Opportunities

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Z74
S$4.65
Singapore Telecommunications
7D
-1.9%
1Y
49.0%
H78
US$6.54
Hongkong Land Holdings
7D
2.7%
1Y
39.4%
P8Z
S$1.26
Bumitama Agri
7D
-14.9%
1Y
37.7%

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U06
S$3.19
Singapore Land Group
7D
4.2%
1Y
81.3%

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