Singapore Exchange Ltd (SG:S68)
SGX:S68
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Singapore Exchange
(SGX:S68)
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Rating:76Outperform
Price Target:
S$27.00
▲(26.58% Upside)
Action:Reiterated
Date:06/18/26
The score is driven primarily by strong financial performance (high margins, solid cash generation, conservative leverage) and a constructive earnings update with reiterated targets and committed dividend increases. Technicals are supportive but look stretched (overbought signals), while valuation is the main drag due to a high P/E and only modest yield.
Positive Factors
High margins and consistent profitability
SGX’s sustained gross margins above 70% and net margins near 47% reflect durable pricing power and low incremental costs in exchange and post-trade services. High operating leverage supports persistent margin sustainability, enabling reinvestment, dividends and resilience across market cycles.
Negative Factors
Execution and timing risk for new initiatives
Key strategic growth levers (Global Listing Board, China secondary-listing route, regulated crypto futures) face uncertain issuance timelines and client adoption. Delays or weak take-up could push out revenue, require additional investment, and compress expected returns from these multi-year initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins and consistent profitability
SGX’s sustained gross margins above 70% and net margins near 47% reflect durable pricing power and low incremental costs in exchange and post-trade services. High operating leverage supports persistent margin sustainability, enabling reinvestment, dividends and resilience across market cycles.
Read all positive factors
Singapore Exchange (S68) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$26.24B
Dividend Yield2.27%
Average Volume (3M)2.00M
Price to Earnings (P/E)40.3
Beta (1Y)0.68
Revenue Growth7.79%
EPS Growth-0.86%
CountrySG
Employees1,140
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)0.61
Shares Outstanding1,071,642,500
10 Day Avg. Volume1,841,210
30 Day Avg. Volume1,995,413
Financial Highlights & Ratios
PEG Ratio2.75
Price to Book (P/B)7.24
Price to Sales (P/S)11.62
P/FCF Ratio20.58
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$22.10Price Target Upside3.61% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.68
Revenue Forecast (FY)S$1.50B
Singapore Exchange Business Overview & Revenue Model
Company Description
Singapore Exchange Limited (SGX), established in Singapore in 1999, functions as a comprehensive securities and derivatives exchange alongside its clearing house operations. The company organizes its extensive activities into several key segments:...
How the Company Makes Money
SGX primarily earns revenue by charging fees for operating markets and the related post-trade and information infrastructure. Key revenue streams include: (1) Trading and listing services: SGX charges issuer-related fees (initial listing, annual l...
Singapore Exchange Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call conveyed broad-based, multi-asset growth with record half-year revenue and earnings, margin expansion, strong FX, equities and commodities momentum, a solid balance sheet and committed dividend increases. Headwinds were limited to a decline in treasury income, a $15m impairment at Scientific Beta, modest cost increases from investments, and execution/timing risks for some new initiatives. Overall, positives around diversified revenue growth and strategic initiatives materially outweigh the contained negatives.Positive Updates
Record Half-Year Revenue and Earnings
Group net revenue rose 7.6% to $695 million and adjusted group NPAT increased 11.6% to $357 million, delivering the highest half-year revenue and earnings for SGX.
Negative Updates
Decline in Treasury Income
Treasury income declined due to the global rate environment and collateral currency mix, reducing total net revenue growth (total net revenue up 7.6% vs. net revenue ex-TI up 10%), and contributing to pressure on equity derivatives revenue.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Half-Year Revenue and Earnings
Group net revenue rose 7.6% to $695 million and adjusted group NPAT increased 11.6% to $357 million, delivering the highest half-year revenue and earnings for SGX.
Read all positive updates
Company Guidance
Management reiterated unchanged FY‑26 expense and CapEx guidance and confidence in its medium‑term targets, including a 6–8% CAGR in organic top‑line growth (excluding treasury income) and a committed dividend lift of S$0.025 each quarter through end‑FY28 (interim dividend S$0.11; H1 dividend S$0.2175, >20% YoY); H1 results backing this guidance included group net revenue up 7.6% to $695m (net revenue ex treasury income +10% YoY, +8% half‑on‑half; total net revenue ~+8%), adjusted NPAT +11.6% to $357m, adjusted expenses +3.8%, adjusted operating profit margin +1.4ppt and adjusted NPAT margin +1.8ppt, and a leverage ratio of 0.8x with Moody’s AA2 rating; segment metrics cited to support outlook included equities‑cash revenue +16% (SDAV +20% to SGD1.51bn; small/mid‑cap SDAV >2x and ~50% of SDAV growth; ETFs/SDRs >10% of SDAV growth), overall derivatives DAV +8% (equity derivatives revenue -6% to -$10m but volumes stable at 91m contracts), FICC revenue +$20m/+12% (26% of group revenue) with commodities volumes +24% (iron ore record), SGX FX net revenue +8% with record ADV of USD180bn (c. +32% YoY; ~39% CAGR since inception) and a target for SGX FX to deliver mid‑ to high‑single‑digit EBITDA contribution.Singapore Exchange Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.42B | 1.37B | 1.23B | 1.19B | 1.10B | 1.06B |
| Gross Profit | 993.11M | 1.02B | 884.11M | 1.02B | 933.17M | 898.49M |
| EBITDA | 902.50M | 888.14M | 815.18M | 753.33M | 641.23M | 632.36M |
| Net Income | 650.70M | 647.98M | 597.91M | 570.89M | 451.40M | 445.41M |
Balance Sheet | ||||||
| Total Assets | 4.16B | 4.14B | 3.98B | 3.78B | 3.86B | 3.02B |
| Cash, Cash Equivalents and Short-Term Investments | 2.05B | 1.51B | 1.13B | 1.07B | 1.09B | 1.10B |
| Total Debt | 722.54M | 688.10M | 728.01M | 727.22M | 788.87M | 539.18M |
| Total Liabilities | 1.87B | 1.94B | 2.02B | 2.08B | 2.31B | 1.63B |
| Stockholders Equity | 2.29B | 2.20B | 1.96B | 1.70B | 1.54B | 1.38B |
Cash Flow | ||||||
| Free Cash Flow | 765.47M | 773.56M | 551.23M | 417.38M | 562.07M | 524.51M |
| Operating Cash Flow | 836.52M | 841.67M | 615.80M | 470.66M | 606.22M | 569.80M |
| Investing Cash Flow | 179.53M | -265.90M | -137.90M | -5.79M | -555.82M | -209.21M |
| Financing Cash Flow | -464.60M | -449.36M | -459.69M | -428.43M | -106.36M | -207.79M |
Singapore Exchange Technical Analysis
Positive
21.33
Price Trends
21.55
Positive
19.89
Positive
18.30
Positive
Market Momentum
0.58
Negative
75.38
Negative
93.31
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:S68, the sentiment is Positive. The current price of 21.33 is below the 20-day moving average (MA) of 22.25, below the 50-day MA of 21.55, and above the 200-day MA of 18.30, indicating a bullish trend. The MACD of 0.58 indicates Negative momentum. The RSI at 75.38 is Negative, neither overbought nor oversold. The STOCH value of 93.31 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:S68.
Singapore Exchange Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | S$26.24B | 40.29 | 29.01% | 2.27% | 7.79% | -0.86% | |
74 Outperform | S$112.71B | 7.62 | 24.77% | 4.71% | -5.80% | -2.09% | |
72 Outperform | S$187.55B | 17.17 | 15.87% | 5.06% | -5.26% | -3.07% | |
72 Outperform | S$3.90B | 24.01 | 7.18% | 4.63% | 9.92% | 3.40% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | S$65.52B | 7.21 | 9.22% | 6.49% | -9.13% | -21.93% |
* Financial Sector Average
SG:S68
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SG:IBKD
PT Bank Central Asia Tbk Shs UnSp Singapore Depositary Receipt Repr 2/1 Sh
0.90
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Singapore Exchange Corporate Events
SGX Group Posts Strong May Volumes as Singapore Becomes Southeast Asia’s Largest Stock Market
Jun 10, 2026
Singapore Exchange (SGX Group) operates equity, fixed income, currency and commodity markets from its Singapore headquarters, offering listing, trading, clearing and related services to global investors while emphasising robust risk management and...
Tech tilt grows as SGX’s iEdge Singapore Next 50 outperforms STI
Jun 8, 2026
Singapore Exchange’s SGX Indices unit has completed its June 2026 quarterly review of the iEdge Singapore Next 50 indices, which track the next cohort of 50 sizeable and tradable Singapore-listed companies outside the top 30 by market value....
STI Holds Steady as FTSE Russell Refreshes Reserve List in June Review
Jun 4, 2026
FTSE Russell, in partnership with SPH Media Trust and SGX Group, has confirmed that there will be no changes to the constituents of the Straits Times Index following the June 2026 quarterly review, maintaining continuity for investors who use the ...
SGX RegCo Imposes Three-Year Limit for Long-Suspended Issuers
May 22, 2026
Singapore Exchange Regulation is tightening its oversight of long-suspended issuers by imposing a three-year limit for companies to resolve substantive issues underlying trading halts. The move seeks to minimise prolonged suspensions, reinforce ma...
JustCo makes SGX Mainboard debut as first pure-play flexible workspace listing
May 22, 2026
JustCo Holdings Limited, a leading flexible workspace provider headquartered in Singapore, operates 54 centres across 12 Asia-Pacific cities and serves a broad client base from startups and SMEs to multinational corporations through its tiered por...
SGX April 2026 Data Shows Higher Equity Volumes but Softer Turnover Value
May 13, 2026
Singapore Exchange reported that total stock market turnover volume rose to 40.6 billion shares in April 2026 from 38.1 billion in March, even as turnover value slipped to S$43.2 billion from S$52.8 billion and overall turnover velocity eased to 4...
SGX Group Reshapes Tech and Operations Leadership for Next Growth Phase
May 6, 2026
Singapore Exchange (SGX Group), a leading multi-asset market infrastructure provider, runs equity, fixed income, currency and commodity markets with integrated listing, trading, clearing and post-trade services, alongside data and index offerings....
SGX Backs Baltic Exchange as It Disputes Mercuria TD3C Benchmark Claim
May 3, 2026
Singapore Exchange has responded to media reports that its subsidiary, Baltic Exchange Information Services, is facing a claim from Mercuria Energy Trading over the production of the TD3C tanker freight benchmark amid ongoing events in the Gulf. S...
SGX RegCo Unveils New Global Listing Board Rules to Align With Nasdaq and Boost Dual Listings
Apr 30, 2026
Singapore Exchange Regulation is rolling out a dedicated Global Listing Board rulebook aimed at companies seeking cross-border listings, particularly growth-oriented firms with an Asian nexus that want access to U.S. capital while remaining reacha...
SGX adds DA Financial Service as new derivatives trading member
Apr 28, 2026
Singapore Exchange Group has admitted DA Financial Service (S) Pte. Ltd., a Singapore-based capital markets services provider specialising in futures and options brokerage for professional and institutional clients, as a new trading member of its ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.