Global Index Briefing:

Singapore MSCI
Yardeni Research, Inc.

November 30, 2023

Dr. Ed Yardeni
516-972-7683
eyardeni@yardeni.com

Joe Abbott
732-497-5306
jabbott@yardeni.com

Please visit our sites at

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thinking outside the box

Table Of Contents Table Of Contents
Singapore MSCI
Stock Price Index 1
Forward Revenues & Earnings with Annual Squiggles 2
Annual Growth Squiggles 3
Margins & NERI 4
Forward Growth & Valuation 5

November 30, 2023 / Global Index Briefing: Singapore MSCI Yardeni Research, Inc.
www.yardeni.com
 Stock Price Index
Figure 1.
550 550
SINGAPORE (FREE) MSCI STOCK PRICE INDEX
475 (ratio scale) 475

400 400

325 325

11/30
250 250

175 175

yardeni.com
100 100
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

200-day moving average.

Source: MSCI.

Figure 2.
690 690
SINGAPORE (FREE) MSCI, FORWARD EARNINGS, & VALUATION
590 590
Singapore MSCI Index
490 11/30/23 x20 490
Blue Angels Implied Price Index*
11/23/23
390 390
x15

290 290

x10

190 190

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90 90
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

* Implied price index calculated using forward earnings times forward P/Es. Monthly through December 2005, weekly thereafter.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

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 Forward Revenues & Earnings with Annual Squiggles
Figure 3.
390 390
SINGAPORE (FREE) MSCI REVENUES PER SHARE
(analysts’ average forecasts, ratio scale)
340 340

Consensus Forecasts
290 290
Annual estimates
Forward revenues*
240 240

190 190

140 140
23
24 11/23

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90 90
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

* Time-weighted average of consensus estimates for current year and next year. Monthly through December 2005, then weekly.
Source: I/B/E/S data by Refinitiv.

Figure 4.
99 99
SINGAPORE (FREE) MSCI EARNINGS PER SHARE
84 (analysts’ average forecasts, ratio scale) 84

69 69
Consensus Forecasts
Annual estimates
54 54
Forward earnings*

39 39

23
24 24 11/23 24

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9 9
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

* Time-weighted average of consensus estimates for current year and next year. Monthly through December 2005, then weekly.
Source: I/B/E/S data by Refinitiv.

Page 2 / November 30, 2023 / Global Index Briefing: Singapore MSCI Yardeni Research, Inc.
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 Annual Growth Squiggles
Figure 5.
25 25
SINGAPORE MSCI ANNUAL REVENUE GROWTH FORECASTS
(based on analysts’ consensus estimates, percent, weekly)
11
20 20

15 21 22 15

10 10
12

5 23 5
24
17 18 19
13

0 0
14 16
2011 (21.2) 2018 (3.5)
2012 (9.2) 2019 (3.2)
-5 -5
2013 (2.8) 2020 (-9.6)
2014 (-1.8) 2021 (15.1) 15

-10
2015 (-7.0) 2022 (15.4) 20 -10
2016 (-2.4) 2023 (5.3)
2017 (3.0) 2024 (4.2) Latest data thru 11/23/23
yardeni.com
-15 -15
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Source: I/B/E/S data by Refinitiv.

22

Figure 6.
60 60
SINGAPORE MSCI ANNUAL EARNINGS GROWTH FORECASTS
(based on analysts’ consensus estimates, percent, weekly) 21
50 50

40 23 40

30 30

20 20

18
10 14 10
12 17
19
24
0 0
11 13 15
2011 (-2.8) 2019 (4.6) 16
-10 2012 (6.1) 2020 (-38.2) -10
2013 (-3.7) 2021 (52.0)
-20 2014 (9.8) 2022 (77.8) -20
2015 (-3.3) 2023 (38.7)
-30 2016 (-8.2) 2024 (2.0) -30
2017 (7.2)
2018 (12.7) Latest data thru 11/23/23 yardeni.com
20
-40 -40
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Source: I/B/E/S data by Refinitiv.

Page 3 / November 30, 2023 / Global Index Briefing: Singapore MSCI Yardeni Research, Inc.
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 Margins & NERI
Figure 7.
22 22
SINGAPORE (FREE) MSCI PROFIT MARGIN
(using analysts’ average earnings and revenues forecasts)
23
20 20
Consensus Forecasts
Annual estimates 11/23
Forward profit margin* (18.8) 24
18 18

16 16

14 14

12 12

10 10

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8 8
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

* Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2005, weekly thereafter.
Source: I/B/E/S data by Refinitiv.

Figure 8.
20 20
SINGAPORE (FREE) MSCI INDEX NET EARNINGS REVISIONS*

10 10

0 0

Nov

-10 -10

-20 -20

-30 -30
NERI
Sep -1.64
Oct -3.17
Nov -4.74
yardeni.com
-40 -40
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentage
of the total number of forward earnings estimates.
Source: I/B/E/S data by Refinitiv.

Page 4 / November 30, 2023 / Global Index Briefing: Singapore MSCI Yardeni Research, Inc.
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 Forward Growth & Valuation
Figure 9.
45 45
SINGAPORE (FREE) MSCI STEG, STRG, & LTEG
40 (percent) 40
LTEG* (4.5)
35 STEG* (5.6) 35
STRG* (4.3)
30 30

25 25

20 20

15 15

10 10

5 11/23 5

0 0

-5 -5

-10 -10

-15 -15
yardeni.com
-20 -20
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

* STEG is year-ahead forward consensus expected short-term earnings growth. STRG is year-ahead forward consensus expected short-term
revenue growth. LTEG is five-year consensus expected long-term earnings growth.
Source: I/B/E/S data by Refinitiv.

Figure 10.
25 25
SINGAPORE (FREE) MSCI VALUATION MULTIPLE*

Forward P/E (11.2)

20 20

15 15

11/23
10 10

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5 5
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

* Price divided by forward consensus expected earnings per share. Monthly data through December 2005, weekly thereafter.
Source: I/B/E/S data by Refinitiv.

Page 5 / November 30, 2023 / Global Index Briefing: Singapore MSCI Yardeni Research, Inc.
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