Singapore Exchange Ltd (SG:S68)
SGX:S68
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Singapore Exchange
(SGX:S68)
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Rating:75Outperform
Price Target:
S$20.00
â–˛(2.46% Upside)
Action:ReiteratedDate:02/09/26
The score is driven primarily by strong financial performance and a constructive earnings update with reiterated growth targets and committed dividend increases. Offsetting factors are a relatively high P/E and a mostly neutral technical picture with only modest momentum.
Positive Factors
High profitability & margins
SGX's exchange business generates structurally high margins driven by fee-based trading, clearing and data services. Sustained gross margins (>70%) and ~47% net margin indicate pricing power and low incremental costs, enabling durable cash generation and reinvestment capacity over the next 2–6 months.
Negative Factors
Treasury income decline
Treasury income is sensitive to interest-rate conditions and collateral currency mix; its decline reduced reported revenue growth and pressured equity derivatives revenue despite stable volumes. This income line can introduce volatility to reported results and compress near-term revenue and margins if rates remain unfavorable.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability & margins
SGX's exchange business generates structurally high margins driven by fee-based trading, clearing and data services. Sustained gross margins (>70%) and ~47% net margin indicate pricing power and low incremental costs, enabling durable cash generation and reinvestment capacity over the next 2–6 months.
Read all positive factors
Singapore Exchange (S68) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$21.06B
Dividend Yield2.27%
Average Volume (3M)2.00M
Price to Earnings (P/E)13.2
Beta (1Y)0.68
Revenue Growth11.28%
EPS Growth8.34%
CountrySG
Employees1,140
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)0.32
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$18.84Price Target Upside-3.48% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.65
Revenue Forecast (FY)S$1.45B
Singapore Exchange Business Overview & Revenue Model
Company Description
Singapore Exchange Limited, together with its subsidiaries, operates as an integrated securities and derivatives exchange, and related clearing houses in Singapore. It operates through Fixed Income, Currencies, and Commodities; Equities; and Data,...
How the Company Makes Money
Singapore Exchange generates revenue through various key streams, primarily from transaction fees, listing fees, and clearing and settlement services. Transaction fees are charged on trades executed on the exchange, contributing significantly to i...
Singapore Exchange Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 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
19.52
Price Trends
18.13
Positive
17.51
Positive
16.71
Positive
Market Momentum
0.44
Negative
66.81
Neutral
85.45
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 19.52 is above the 20-day moving average (MA) of 18.68, above the 50-day MA of 18.13, and above the 200-day MA of 16.71, indicating a bullish trend. The MACD of 0.44 indicates Negative momentum. The RSI at 66.81 is Neutral, neither overbought nor oversold. The STOCH value of 85.45 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | S$21.06B | 13.24 | 30.82% | 2.27% | 11.28% | 8.34% | |
74 Outperform | S$96.94B | 12.12 | 24.77% | 4.71% | 0.69% | -0.06% | |
73 Outperform | S$162.39B | 14.63 | 15.25% | 5.06% | 2.67% | 6.32% | |
72 Outperform | S$3.47B | ― | 9.75% | 4.63% | 7.87% | -4.03% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | S$60.88B | 12.70 | 9.22% | 6.49% | -0.76% | 4.96% | |
49 Neutral | S$870.11M | -1.88 | -0.19% | 3.76% | -9.47% | 131.72% |
* Financial Sector Average
SG:S68
Singapore Exchange
19.67
6.62
50.76%
SG:D05
DBS Group Holdings
57.15
13.35
30.47%
SG:O39
OCBC
21.57
5.27
32.31%
SG:U11
UOB
36.85
1.12
3.14%
SG:U10
UOB-Kay Hian Holdings Limited
3.53
1.81
105.35%
SG:YF8
Yangzijiang Financial Holding Ltd.
0.25
-0.09
-26.90%
Singapore Exchange Corporate Events
SGX RegCo Moves to Broaden Use of Broker Custody Accounts to Modernise Market Infrastructure
Jan 30, 2026
Singapore Exchange Regulation is proposing rule amendments to encourage broader use of broker custody accounts for SGX-listed securities, aligning Singapore’s post-trade custody framework with global market practices. By shifting more invest...
SGX boosts ASEAN income access with listing of UOBAM Ping An dividend ETF
Jan 29, 2026
Singapore Exchange’s securities platform has added the UOBAM Ping An FTSE ASEAN Dividend Index ETF to its roster, broadening income-focused access to Southeast Asian equities for investors. The ETF, managed by UOB Asset Management, tracks th...
The Assembly Place Lists on SGX Catalist to Drive Regional Co-Living Expansion
Jan 23, 2026
Singapore Exchange’s Catalist board has welcomed the listing of The Assembly Place Holdings Ltd. under the stock code “TAP”, marking a key milestone for the fast-growing community living operator and adding to the more than 200 e...
SGX RegCo Proposes Smaller Board Lot Sizes to Boost Access to Higher-Priced Stocks
Jan 23, 2026
Singapore Exchange Regulation is consulting the public on a proposal to cut standard board lot sizes for higher-priced stocks on SGX’s stock market, aiming to lower the minimum investment outlay and make such securities more affordable for i...
AI CX Platform Toku Lists on SGX Catalist to Fuel Global Expansion
Jan 22, 2026
Singapore Exchange’s Catalist board has welcomed the listing of Toku Ltd., an AI-driven customer experience platform, under the stock code “TKU”, with the shares opening at S$0.26. The debut underscores SGX Catalist’s growi...
SGX adds China-focused CSI A500 ETF as cross-border ETF link deepens
Jan 20, 2026
Singapore Exchange has welcomed the listing of the CSOP CSAM CSI A500 Index ETF under the Shenzhen Stock Exchange–SGX ETF Link, giving investors a more convenient route to access China’s A-share market via a broad-based benchmark of 50...
SGX RegCo Unveils Proposed Rules for New Global Listing Board with Nasdaq
Jan 9, 2026
Singapore Exchange Regulation is consulting on detailed listing rules for a new Global Listing Board designed to support streamlined dual listings on SGX and Nasdaq, following a broader equities market review aimed at strengthening Singapore’...
SGX Ends 2025 With Record Derivatives Volumes and Surging Securities Activity
Jan 9, 2026
SGX Group capped a strong 2025 with robust December trading activity, underscoring sustained momentum in Singapore’s stock and derivatives markets. Securities turnover for December surged 29% year-on-year to S$25.8 billion, driving full-year...
SGX Group Announces CRO Transition as Veteran Risk Chief Agnes Koh Steps Down
Jan 6, 2026
Singapore Exchange (SGX Group) announced that long-serving Chief Risk Officer (CRO) Agnes Koh will step down at the end of the current quarter, with Deputy CRO Ivan Han becoming CRO-designate immediately and formally assuming the role on 1 April 2...
Concord New Energy secures secondary listing on SGX Mainboard to fuel global renewables push
Jan 6, 2026
Singapore Exchange (SGX) has welcomed Concord New Energy Group Limited to its Mainboard via a secondary listing under the stock code “SEG”, broadening the renewable energy player’s access to international capital. The move marks ...
SGX RegCo Names Dr Sung Cheng Chih as New Chairman, Succeeding Professor Tan Cheng Han
Dec 31, 2025
Singapore Exchange Regulation (SGX RegCo) has appointed Dr Sung Cheng Chih as its non-executive and independent chairman with effect from 1 January 2026, succeeding Professor Tan Cheng Han, who is stepping down after almost nine years on the board...
Leong Guan Holdings Limited Debuts on SGX Catalist
Dec 11, 2025
Leong Guan Holdings Limited has been listed on the SGX Catalist, marking a significant milestone for the company. This listing is expected to bolster Leong Guan’s growth by enabling expansion into new export markets, diversification of produ...
SGX Group Reports Strong November Trading Activity
Dec 10, 2025
In November, SGX Group reported strong trading activity in the Singapore stock market, with the Straits Times Index reaching a new high and turnover increasing significantly. The commodities sector saw a year-on-year rise in activity, particularly...
SGX Announces Quarterly Rebalancing of iEdge Singapore Next 50 Indices
Dec 9, 2025
Singapore Exchange Limited (SGX) has announced the quarterly rebalancing results for the iEdge Singapore Next 50 Indices, which will take effect on 22 December 2025. The changes include the addition of Golden Agri-Resources Ltd, Yangzijiang Mariti...
No Changes to Straits Times Index Constituents in December 2025 Review
Dec 4, 2025
FTSE Russell has announced that there will be no changes to the constituents of the Straits Times Index (STI) following the December 2025 quarterly review. The STI is reviewed quarterly to ensure it accurately represents the investable universe fo...
Infinity Development Joins SGX Catalist, Expanding Regional Presence
Dec 3, 2025
Infinity Development Holdings Company Limited has successfully listed on the SGX Catalist under the stock code ‘ZBA’, marking a significant milestone in its growth trajectory. This dual listing, alongside its presence on the Hong Kong ...
UltraGreen.ai Debuts on SGX Mainboard, Boosting MedTech Presence
Dec 3, 2025
UltraGreen.ai Limited has successfully listed on the SGX Mainboard, marking a significant milestone in the company’s growth and its role in advancing fluorescence-guided surgery. The listing is expected to enhance UltraGreen.ai’s abili...
SGX Orb Awards 2025 Highlights Multi-Generational Financial Insights
Nov 27, 2025
The SGX Orb Awards 2025 celebrated excellence in financial journalism, highlighting diverse and multi-generational perspectives on capital markets. This year’s awards introduced a special category for youth, encouraging innovative ideas on t...
SGX Partners with Nasdaq for Global Listing Board
Nov 19, 2025
SGX Group has partnered with Nasdaq to launch a Global Listing Board, enabling companies with a market capitalization of S$2 billion and above to dual list in the U.S. and Singapore. This initiative aims to streamline regulatory processes, reduce ...
Yangzijiang Maritime Development Ltd. Debuts on SGX Mainboard
Nov 18, 2025
SGX Securities has announced the listing of Yangzijiang Maritime Development Ltd. on its Mainboard under the stock code ‘8YZ’. This listing marks a significant milestone for the company, which aims to capitalize on growth opportunities...
SGX Derivatives Launches Institutional-Grade Crypto Perpetual Futures
Nov 17, 2025
SGX Derivatives is set to launch Bitcoin and Ethereum perpetual futures on November 24, 2025, marking a significant advancement in institutional crypto trading. This initiative aims to bring the discipline and transparency of global financial mark...
SGX Indices Launches CSI SGX Asia 100 Indices for Broader Asian Market Exposure
Nov 12, 2025
SGX Indices has launched the CSI SGX Asia 100 Indices, enhancing its suite of Asia-focused benchmarks in collaboration with China Securities Index Co., Ltd. This new set of indices provides diversified exposure to the largest companies across majo...
SGX Group’s October Performance Boosted by Institutional Inflows and Market Connectivity
Nov 11, 2025
SGX Group reported a strong performance in October, driven by institutional inflows and active risk management amid global economic shifts. The securities market saw a 26% year-on-year increase in turnover, with significant contributions from inde...
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.