To The Moon

As Singapore’s reporting season approaches, attention is shifting from market performance to earnings delivery. $Straits Times Index(STI.SI)$ reached a record high of 5,561.42 on 15 July and, and delivered a 21.2% total return through 17 July, including an 18.6% price gain.

Investor participation has also strengthened alongside the market’s advance. 

As of 17 July, assets under management in STI ETFs had reached S$5.5 billion, approximately double the level of a year earlier, while Singapore equity ETFs are on track to record a 17th consecutive month of combined net inflows since the Equity Market Development Programme announcements in February 2025, with cumulative net inflows of S$1.6 billion.

Market Flows Highlight Diverse Participation

Market flows also show how participation has broadened across STI constituents. Among STI constituents, the largest 2026 net institutional inflows through the 17 July close, have been recorded by $SIA(C6L.SI)$ $UOB(U11.SI)$ $Wilmar Intl(F34.SI)$ $OCBC Bank(O39.SI)$ $SATS(S58.SI)$ $SGX(S68.SI)$ $UOL(U14.SI)$ $HongkongLand USD(H78.SI)$ $ST Engineering(S63.SI)$ $CapitaLandInvest(9CI.SI)$. 

Note: ADT = Average Daily Trading Turnover, NIF = Net Institutional Flow and NRF = Net Retail Inflow, data as of 17 July 2026.  

Note: ADT = Average Daily Trading Turnover, NIF = Net Institutional Flow and NRF = Net Retail Inflow, data as of 17 July 2026.   


Retail flows have been concentrated in a mostly different set of STI constituents. $DBS(D05.SI)$ $Singtel(Z74.SI)$ $CapLand Ascendas REIT(A17U.SI)$ $Genting Sing(G13.SI)$ $Sembcorp Ind(U96.SI)$ recorded the largest 2026 net retail inflow. Note that $OCBC Bank(O39.SI)$ has booked both net institutional inflow and net retail inflow in the 2026 year through 17 July, while also posting the highest total returns within the STI for the period. 

The divergence between institutional and retail flow leaders highlights how the STI’s advance has been supported by different parts of the market rather than a single investor segment. Moreover, across the entire local stock market, the 2026 year to 17 July has seen S$2.15 billion of net retail inflow, equivalent to more than 80% of the net retail inflows recorded over the whole of 2025.

This makes the coming reporting season an important checkpoint. Results will reveal whether companies are tracking against earnings expectations already reflected in consensus forecasts. Investors will be assessing not only headline profit numbers, but also revenue trends, margins, order-book visibility, demand conditions, capital expenditure, and management commentary.
 

Consensus Earnings Expectations

Current Financial Year (FY) consensus estimates compiled by LSEG Workspace point to roughly 10% earnings growth across STI constituents relative to their most recently reported earnings. Applying current STI constituent weights to earnings-per-share (EPS) forecasts indicates aggregate EPS is expected to increase by around 10% in the constituents' current FYs, with a similar growth rate currently implied for the following FY. Consensus forecasts are dynamic and will continue to evolve as companies report results and analysts update their estimates. 

As STI constituents have different FY-ends, the earnings outlook reflects a mix of reporting periods across the benchmark index. Looking beyond the STI, the consensus forecasts indicate positive forward earnings expectations across a wide range of SGX sectors. Broader earnings expectations continue to be supported by investment-led activity, infrastructure spending and Singapore’s role as a regional transport, trade, and financial hub.
 

STI Reporting Season Begins

The upcoming STI reporting calendar begins with $Keppel DC Reit(AJBU.SI)$ and $Mapletree Ind Tr(ME8U.SI)$ on 23 July, before expanding across the benchmark index over the following two weeks.

$Frasers Cpt Tr(J69U.SI)$ is scheduled to report on 27 July, followed by $SIA(C6L.SI)$ on 28 July. $Keppel(BN4.SI)$ , $Frasers L&C Tr(BUOU.SI)$ , and $Mapletree PanAsia Com Tr(N2IU.SI)$ are scheduled to report on 30 July, with $Seatrium Ltd(5E2.SI)$ following on 31 July.

Early August then brings $CapLand Ascendas REIT(A17U.SI)$ on 5 August, followed by $SGX(S68.SI)$ , $Venture(V03.SI)$ and $DBS(D05.SI)$ on 6 August. $OCBC Bank(O39.SI)$ and UOB follow, reporting on 7 August.
 

How Earnings Expectations Evolve

$SATS(S58.SI)$ provides a useful illustration of how reported results, analyst research and consensus forecasts interact. Earlier in the year, SATS reported FY26 (ended 31 March) earnings per share (EPS) of 19.2 cents. Current consensus forecasts point to FY27F EPS of 21.825 cents.

Following SATS’ FY26 results, $DBS(D05.SI)$ ’ 28 May 2026 reportSteady As She Cargoes highlighted stronger cargo and flight-handling volumes, resilient air cargo demand, Americas ground-handling expansion and higher catering intensity from more direct long-haul flights. DBS also raised its FY27F and FY28F core net income estimates by 2.3% and 0.7% respectively and forecast FY27F EPS of 21.4 cents and FY28F EPS of 25.6 cents. The progression shows how earnings expectations evolve.

SATS reported FY26 EPS of 19.2 cents, DBS subsequently forecast FY27F EPS of 21.4 cents, and the current consensus forecast stands at 21.825 cents. The sequence shows how company results, analyst revisions and broader market expectations become reflected in consensus forecasts ahead of reporting season.

The same framework applies across the larger STI constituents. DBS reported FY25 (ended 31 December) basic EPS of S$3.84, while current consensus forecasts on LSEG Workspace point to S$3.96 in FY26.

OCBC reported FY25 EPS of S$1.63 and is forecast at S$1.71, while UOB reported FY25 basic EPS of S$2.76 and is forecast at S$3.40. Beyond the banks, earnings growth expectations are also evident across industrial, technology, consumer and healthcare sectors.

$ST Engineering(S63.SI)$ , SATS, Seatrium and $YZJ Shipbldg SGD(BS6.SI)$ are among the industrial names where consensus forecasts point to higher earnings relative to reported levels, while $AEM SGD(AWX.SI)$ , $UMS(558.SI)$ , $Frencken(E28.SI)$ and $Nanofilm(MZH.SI)$ are among the technology companies for which consensus forecasts also indicate higher earnings relative to past reported levels.