Report published August 27, 2026
Singaporean Equities: Strong Economy, Robust Earnings, Value Crystallization — UBS Research
Source and citation context
- Issuer
- UBS
- Report date
- August 27, 2026
- Analysis as of
- August 26, 2026
Authors / editors: Wen Ching Lee (CIO Equity Strategist)
Finvaulta summarizes UBS's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
UBS reiterates its Attractive rating on Singapore equities following strong 2Q26 corporate earnings and upward revisions to 2026 GDP growth (5.0%). The market is benefiting from structural wealth inflows, resilient financials, and corporate capital management initiatives driving ROE expansion.
Key Takeaways
- 1.UBS maintains an Attractive stance on Singapore equities driven by positive earnings revisions, projected earnings growth exceeding 10% p.a., and strong economic momentum.
- 2.Singapore's 2026 GDP growth outlook was upgraded to 4.5–5.5% by MTI and 5.0% by UBS following a strong 5.9% y/y expansion in 2Q26.
- 3.The corporate 'Value-Up' movement is gaining traction through dividend hikes, buybacks, asset disposals, and capital optimization, supporting a rise in STI ROE toward 11.4% by 2028.
Table of Contents
- Strong economy, robust earnings, value crystallization
- Singaporean equities
- Our view
- Selection list as of 26 August 2026
- Strong economic momentum provides a conducive backdrop
- Banks remain a bright spot
- Value-Up movement underway
- Valuations and positioning
- Valuations
- 12 month rating history
- Appendix
- Required Disclosures
- Equity selection system
- Risk information
Report data
Selection list as of 26 August 2026 — as of August 26, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Singapore Real GDP Growth | 5.9% | Expanded year-over-year in 2Q26, exceeding advance estimate of 5.7% |
| Singapore Real GDP Growth | 6.1% | GDP growth in the first half of 2026 |
| Singapore Full-Year GDP Growth Forecast (MTI) | 4.5-5.5% | Raised from previous projection of 2.0-4.0% |
| Singapore Full-Year GDP Growth Forecast (UBS) | 5.0% | Raised from 4.1% previously |
| Straits Times Index (STI) YTD Total Returns | 27% | STI annual total return year-to-date |
Document Preview
Access the Full Report
Get unlimited access to institutional research reports. Create an account to get started.
Authors / Editors
Reported Data Context
- Singapore Real GDP Growth: 5.9 % (2Q26) · Source: Singapore's Ministry of Trade and Industry
- Singapore Real GDP Growth: 6.1 % (1H26) · Source: Singapore's Ministry of Trade and Industry
- Singapore Full-Year GDP Growth Forecast (MTI): 4.5-5.5 % (2026) · Source: Singapore's Ministry of Trade and Industry
- Singapore Full-Year GDP Growth Forecast (UBS): 5.0 % (2026) · Source: UBS
- Straits Times Index (STI) YTD Total Returns: 27 % (2026 YTD) · Source: Bloomberg, UBS