Biggest companies in Singapore: your guide to the most-valuable SG brands

What are the biggest companies in Singapore? Find out here with our guide to the biggest stocks in the country by both market cap and revenue.

• The biggest Singaporean companies by market cap
• The biggest Singaporean companies listed elsewhere
• The biggest SG companies by revenue

What are the 20 biggest companies in Singapore by market cap?

As of August 2023, the most valuable companies listed in Singapore are as follows:

The biggest company in Singapore: DBS Bank (SGX:D05)

The biggest company in Singapore is DBS Group, the holding company behind DBS Bank. DBS, which previously stood for Development Bank of Singapore, is one of the ‘big three’ banks in the country. You can see the others at two and three in our list respectively: OCBC and UOB.

DBS changed its name in 2003 to reflect its status as a global bank and is a big player outside of Singapore – particularly across south-east Asia, with major operations in China, Hong Kong, Indonesia, South Korea and Taiwan. It is the largest bank in SE Asia by holdings.

Originally founded in 1968 as a government institution, the Singapore government retains a controlling 29% stake in DBS via its sovereign wealth fund, Temasek Holdings.

The rest of the top ten companies in Singapore

2. OCBC Bank (SGX:O39)

The Overseas China Banking Corporation, OCBC Bank for short, is both the second-biggest bank and stock trading provider in Singapore. It was formed in the 1920s by the consolidation of three different companies: the Ho Hong Bank, the Chinese Commercial Bank and the Oversea-Chinese Bank.

OCBC Bank may have a market cap of over $20 billion lower than DBS – and fewer assets – but it is the biggest bank in SE Asia by revenues and profits. When ordered by revenue, it is the third-biggest company in Singapore, and the only bank in the top five.

Both DBS and OCBC have reported positive earnings in 2023, partly due to their reputation as safe bets in periods of economic uncertainty.

3. UOB (SGX:U11)

Last in Singapore’s ‘big three’ banks is the United Overseas Bank, or UOB. It was founded in 1935 as the United Chinese Bank, aiming to cater to Singapore’s large Chinese population. However, it became UOB in 1965.

Much like OCBC and DBS, UOB has significant operations across SE Asia, and is one of the biggest banks in the region. However, it is smaller than its competitors in market cap, assets and revenues.

Together, UOB, OCBC and DBS have a strong impact on the performance of Singapore’s benchmark index, the Strait Times Index (Singapore Index). Their combined weighting is around 45%.

4. Singtel (SGX:Z74)

Singtel is the most valuable non-banking company in Singapore. It has a market cap of just below $30 billion. It is the country’s biggest telecommunications provider, with the leading market share in fixed-line, mobile and broadband services. Singapore has one of the highest rates of mobile penetration in the world, at 165%.

Like DBS, Singtel is majority owned by Temasek Holdings, the investment fund run by the Singapore government. Outside of Singapore, the company has a major market share in Australia.

5. Wilmar International (SGX:F34)

Fifth on our list is Wilmar International, a leading Asian agriculture business that primarily cultivates and sells palm oil, alongside other oils, fats, sugar and more. A massive multinational, Wilmar has over 300 subsidiary companies and employs 100,000 people across 50 countries.

One of Wilmar International’s biggest customers is Unilever, and together the two companies sit on the Roundtable for Sustainable Palm Oil.

By revenue, Wilmar is Singapore’s biggest company by some distance – earning $65 billion in 2022. Its founder, Kuok Khoon Hong, is one of the wealthiest people in the country.

6. Singapore Airlines (SGX:C6L)

Singapore Airlines (SIA) is the flag carrier for Singapore and one of the biggest airlines in the world. It is based out of Singapore Changi Airport.

Targeting the luxury end of the market, Singapore Airlines is rated five stars by Skytrax and is a five-time winner of the title of world’s best airline. It was an early adopter of the Airbus 380, the world’s largest passenger aircraft.

SIA is another stock that is majority-owned by the Singapore government via Temasek Holdings. Despite its 55% golden share, the government has insisted that it does not get involved with the day-to-day management of the business.

7. CapitaLand Invest (SGX:9CI)

The investment arm of the larger CapitaLand group, CapitaLand Invest is the seventh biggest company in the country when measured by market cap. It is one of the largest real estate companies in Asia, with a particular focus on shopping malls, offices and integrated developments in Singapore and China – although it is expanding globally.

CapitaLand is perhaps best known as the manager of a portfolio of REITs, including the CapitaLand Integrated Commercial Trust and CapitaLand Ascendas REIT, placed 11th and 12th on our list respectively.

It is 53% owned by CapitaLand, which is in turn 100% owned by Temasek Holdings.

8. ThaiBev (SGX:Y92)

As you may have guessed from the name, ThaiBev isn’t a Singaporean company at all. But it is listed on the SGX instead of the Stock Exchange of Thailand (SET) – because the SET has banned the listing of alcohol-related companies – which earns it a spot on this list. It is also a component of the Strait Times Index.

ThaiBev has a portfolio of drinks brands, including Chang beer, Mekhong rum and SangSong rum.

9. Jardine Cycle & Carriage (SGX:C07)

Jardine Cycle & Carriage is an investment holding company. It is 75% owned by Jardine Matheson, the Hong Kong-based multinational, and has operated in Singapore since 1926.

The company holds a majority stake in Astra International, the largest independent automotive group in SE Asia, which makes, sells and services cars and motorbikes across the region. Astra itself is listed in Indonesia.

10. Keppel (SGX:BN4)

Keppel Corp is a conglomerate of multiple affiliated businesses, focusing on property, connectivity and infrastructure. It was founded by Temasek Holdings in 1968, which today holds a 21% stake in the company.

The business provides infrastructure for the renewables and clean energy sectors. In early 2023, it sold its oil rig building business, Keppel Offshore & Marine, to Sembcorp.

Trade the big Singaporean companies

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Largest Singapore companies listed elsewhere

Shares in several major Singaporean companies trade on stock exchanges in other countries, but would feature above if they were listed on the SGX:

1. Sea (Garena) (NYSE:SEA)

Sea is a tech conglomerate. It is headquartered in Singapore but listed on the New York Stock Exchange. Its $23.45 billion market cap means it would be the fifth-biggest company on the SGX.

Originally founded as Garena, a video game developer, the company rebranded to Sea in 2017. It has three primary businesses:

• Garena, its video game division, which released Free Fire in 2017
• SeaMoney, a digital payments service
• Shopee, an e-commerce platform

2. Grab (Nasdaq:GRAB)

Another Singaporean tech company that chose to list on a US exchange, Grab is the company behind the Grab app. Operating across SE Asia, Grab is a super app that enables users to get rides, order food, process payments, send parcels and more.

Before its listing via a SPAC in 2021, Grab was the first decacorn – a private start-up worth more than $10 billion – in SE Asia.

3. Flex (Nasdaq:FLEX)

Flex is domiciled in Singapore, but with headquarters in Austin, Texas and a listing on the Nasdaq exchange. It is a manufacturing company, with a focus on original design manufacturing and electronics.

Singapore’s biggest companies by revenue

Market cap isn’t the only measure of a company’s size. Here are the top Singaporean companies by revenue, according to the 2022 Global Fortune 2000:

As you can see, many of the same names appear on both lists, with two notable exceptions: Olam and China Aviation oil.

Olam Group is a global food and agriculture business, founded originally in Nigeria but now listed and headquartered in Singapore. It generates huge revenues but has comparatively small profit margins – earning less than $470 million in profit from its $35 billion revenue. Wilmar’s margins, in contrast, were twice as big.

China Aviation Oil is a key supplier of jet fuel to the People’s Republic of China. It has profit margins that are even lower than Olam’s, turning its $17.6 revenue into just $40 million profit according to Forbes.