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Singapore Exchange
(SGX:S68)
Singapore Exchange (S68) vs. iShares MSCI Singapore ETF (EWS)
Singapore Exchange Business Overview & Revenue Model
Singapore Exchange Earnings Call Summary
Singapore Exchange Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.37B | 1.37B | 1.23B | 1.19B | 1.10B | 1.06B |
| Gross Profit | 1.02B | 1.02B | 884.11M | 1.02B | 933.17M | 898.49M |
| EBITDA | 857.02M | 888.14M | 815.18M | 753.33M | 641.23M | 632.36M |
| Net Income | 647.98M | 647.98M | 597.91M | 570.89M | 451.40M | 445.41M |
Balance Sheet | ||||||
| Total Assets | 4.14B | 4.14B | 3.98B | 3.78B | 3.86B | 3.02B |
| Cash, Cash Equivalents and Short-Term Investments | 1.51B | 1.51B | 1.13B | 1.07B | 1.09B | 1.10B |
| Total Debt | 688.10M | 688.10M | 728.01M | 727.22M | 788.87M | 539.18M |
| Total Liabilities | 1.94B | 1.94B | 2.02B | 2.08B | 2.31B | 1.63B |
| Stockholders Equity | 2.20B | 2.20B | 1.96B | 1.70B | 1.54B | 1.38B |
Cash Flow | ||||||
| Free Cash Flow | 795.19M | 773.56M | 551.23M | 417.38M | 562.07M | 524.51M |
| Operating Cash Flow | 863.30M | 841.67M | 615.80M | 470.66M | 606.22M | 569.80M |
| Investing Cash Flow | -300.52M | -265.90M | -137.90M | -5.79M | -555.82M | -209.21M |
| Financing Cash Flow | -434.90M | -449.36M | -459.69M | -428.43M | -106.36M | -207.79M |
Singapore Exchange Technical Analysis
Singapore Exchange Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | S$18.14B | 27.97 | 30.82% | 2.31% | 11.28% | 8.34% | |
78 Outperform | $156.08B | 13.86 | 17.10% | 5.15% | 2.67% | 6.32% | |
71 Outperform | S$86.29B | 11.73 | 12.87% | 4.86% | 0.69% | -0.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | S$2.49B | 11.29 | 10.50% | 4.70% | 7.87% | -4.03% | |
65 Neutral | S$57.41B | 9.71 | 12.80% | 6.53% | -0.76% | 4.96% | |
64 Neutral | S$1.53B | 4.60 | 8.61% | 3.67% | -9.47% | 131.72% |
Singapore Exchange Corporate Events
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 for benchmarking purposes. The reserve list for the STI has been updated, with CapitaLand Ascott Trust, Keppel REIT, NetLink NBN Trust, Sheng Siong Group, and Suntec REIT now included. These changes will take effect on 22 December 2025, with the next review scheduled for March 2026.
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 Stock Exchange, is expected to bolster its regional presence and capitalize on growing investor interest in Singapore’s capital markets. The move is seen as a strategic step to pursue new growth opportunities and strengthen its position in the industry.
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 ability to expand its market reach and accelerate commercial execution, reflecting the growing recognition of fluorescence-guided surgery’s impact on surgical precision. This development also underscores the strength of Singapore’s MedTech sector, which continues to attract innovative healthcare technology companies.
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 the future of exchanges, with entries evaluated by an independent panel of industry experts. The initiative underscores SGX’s commitment to investor education and fostering dialogue in the financial community.
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 costs, and enhance market visibility, thereby fostering growth and innovation in both financial hubs. The collaboration is part of broader efforts to strengthen Singapore’s stock market appeal, supported by initiatives like the Anchor Fund @ 65, which aims to boost equity financing for high-growth enterprises.
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 in the evolving maritime industry, focusing on sustainability and innovation. The listing is seen as a strategic move to enhance the company’s investment focus and create long-term value. It also reflects Singapore’s position as a leading international maritime hub, offering new opportunities for both the company and investors.
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 markets to crypto trading, offering institutional-grade products within a regulated framework. By aligning with the iEdge CoinDesk Crypto Indices, SGX aims to enhance price discovery and provide institutions with the trust and scalability needed to confidently engage in crypto markets, potentially shifting a significant portion of the crypto derivatives market onshore.
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 major Asian markets, including China, Hong Kong, India, Indonesia, Japan, Singapore, and South Korea. The indices are designed to offer investors a transparent and rules-based framework, facilitating long-term participation in Asia’s growth. This initiative follows the successful introduction of the CSI SGX Emerging Asia Technology Index in 2024, which has shown significant returns, highlighting SGX’s commitment to strengthening Asia-focused benchmarks.
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 index and small- to mid-cap stocks. The launch of the Indonesia-Singapore Depository Receipt Linkage further deepened ASEAN market connectivity. Additionally, the SGX FTSE China A50 Index Futures experienced a surge in activity due to geopolitical uncertainties, while Taiwan’s equity markets benefited from global AI demand.
SGX Group celebrated its 25th anniversary by raising over S$2.5 million for SGX Cares beneficiaries through the SGX Cares Bull Charge Charity Run, with 5,000 participants. The event, supported by corporate partners and sponsors, highlights SGX’s commitment to social responsibility and community impact, having raised over S$55 million since 2004 for various charities and causes.
SGX Group is set to launch a new trading engine, Iris-ST, aimed at enhancing the Singapore stock market’s capabilities. This engine will introduce new order types, risk controls, and more intuitive counter codes, aligning with the growing investor participation and expanding product offerings. SGX RegCo is seeking feedback on rule amendments to fully utilize Iris-ST’s functionalities, including new auction price collars and a pre-trade risk control system. The consultation period ends on December 31, 2025, with Iris-ST expected to be operational in the latter half of 2027.
Coliwoo Holdings Limited has been listed on the SGX Mainboard under the stock code ‘W8W’, marking a significant milestone for the company. With a 19.5% market share and managing nearly 3,000 rooms, Coliwoo is poised to capitalize on the growing co-living sector in Singapore. The listing proceeds will support its growth strategy to add 800 rooms annually, aiming for nearly 4,000 rooms by the end of 2026. The company is encouraged by favorable market dynamics, including supportive government policies and demographic shifts towards flexible living, and plans to explore regional expansion while delivering sustainable value to shareholders.
SGX RegCo has implemented new measures to advance Singapore towards a more disclosure-based regulatory regime, aligning with developed markets and supported by industry feedback. The company is also seeking feedback on proposed rule changes to consolidate listing review functions under SGX RegCo, as per the Monetary Authority of Singapore’s proposal. These initiatives aim to strengthen Singapore’s position as a leading international capital markets hub by improving liquidity, valuations, and market efficiency while maintaining high regulatory standards. SGX RegCo’s approach focuses on reducing regulatory friction, enhancing investor trust, and ensuring robust disclosures in the listing process.
SGX Securities announced the successful listing of Soon Hock Enterprise Holding Limited on its Mainboard, marking a significant milestone for the company. This listing will enable Soon Hock to leverage the rising demand for high-specification industrial properties in Singapore, a key economic and logistics hub, and accelerate its growth plans through the acquisition of new land and buildings. The listing also underscores SGX’s role as a preferred platform for companies seeking capital and growth opportunities, highlighting the strong investor interest in Singapore’s real estate sector.
SGX Group and Indonesia Stock Exchange have launched a Depository Receipts Linkage, allowing Singapore investors to access Indonesian-listed securities through Singapore Depository Receipts (SDRs). This initiative enhances ASEAN capital market connectivity and provides investors with a simplified and efficient way to trade overseas securities, increasing liquidity and visibility for Indonesian companies in Singapore.
The SGX Group has launched the eighth edition of its annual SGX Orb Awards, which celebrates excellence in financial journalism and content. This year, the awards emphasize multi-generational perspectives by introducing a special youth category and featuring insights from past winners. The initiative aims to inspire dialogue between seasoned professionals and emerging talents, fostering a deeper understanding of the forces shaping capital markets. Additionally, a new Luminaries Series will highlight contributions from former award recipients, marking SGX’s 25th anniversary. The awards continue to empower investors by promoting quality financial content and advancing financial knowledge.
SGX Securities has announced the listing of the LionGlobal Short Duration Bond Fund (Active ETF SGD Class), marking Singapore’s first actively managed bond ETF and the first SGX-listed share class of an existing mutual fund. This development represents a significant innovation in the ETF landscape, offering investors a new tool that combines ETF flexibility with the proven track record of an active fund manager. Managed by Lion Global Investors, the ETF aims to deliver total returns through capital growth and income by investing in a diversified portfolio of high-quality short-term bonds. The listing reflects growing investor demand for differentiated fixed income solutions and enhances retail investor choice in accessing fund investments.
SGX Cares, the corporate social responsibility program of Singapore Exchange, is expanding its community impact by focusing on five priority social causes over the next three years. The initiative aims to benefit over 4,000 individuals through 11 programs, with efforts directed towards empowering children with special needs, supporting seniors, fostering strong families, integrating adults with disabilities, and enhancing social service agencies. The program has welcomed Tasek Academy and Social Services as its sixth beneficiary, joining forces with other organizations to drive sustained impact. Fundraising efforts have gained momentum, raising over S$1.3 million, with various activities organized to support these causes.
Singapore Exchange (SGX) has welcomed the listing of Centurion Accommodation REIT on its Mainboard, marking a significant milestone for both the REIT and its sponsor, Centurion Corporation Limited. This listing not only expands the variety of real estate assets available on SGX but also highlights the growing investor interest in resilient asset classes like purpose-built accommodations. The REIT aims to leverage favorable market fundamentals in key regions to deliver long-term growth and value to its unitholders.
SGX Commodities has been awarded the Commodity Exchange of the Year at the Energy Risk Asia Awards 2025, highlighting its role as a leading hub for global price discovery and risk management. The award underscores SGX’s achievements in expanding its ecosystem, increasing liquidity, and establishing global benchmarks amid market volatility and energy transition. Significant growth was noted in its flagship iron ore volumes and petrochemical derivatives, with new contracts launched to address evolving market needs. SGX continues to innovate with integrated solutions for industries adapting to decarbonization and electrification.
SGX Indices has launched the iEdge Singapore Next 50 Indices, aimed at enhancing the visibility of the next tier of large and liquid mainboard companies beyond the top 30 listed on the Straits Times Index. This initiative is designed to reflect the diversity of Singapore’s stock market and cater to growing investor interest in small- and mid-cap stocks, as evidenced by increased institutional and retail investor activity. The new indices are expected to foster a more vibrant stock market ecosystem by highlighting market opportunities and encouraging broader participation.
SGX Group has announced the inclusion of China Securities (International) Brokerage Company Limited as a new derivatives trading member. This move is part of China Securities’ strategy to expand its global presence and enhance cross-border financial services. The membership highlights the company’s strong compliance framework, risk-management capabilities, and technological infrastructure, marking a significant step in its globalization strategy and expansion into Southeast Asia. The addition of China Securities brings the total number of trading members in SGX’s derivatives market to 69.
Singapore Exchange (SGX) has announced the secondary listing of AvePoint on its Mainboard, marking the first Business-to-Business (B2B) Software-as-a-Service (SaaS) company to be listed on SGX. This milestone highlights SGX’s appeal as a strategic platform for high-growth global technology companies looking to expand their investor base and regional brand presence in Asia. The listing is expected to enhance AvePoint’s footprint in the region, aligning with its global aspirations and connecting it to Singapore’s innovative ecosystem.
SGX Group has been awarded ‘Clearing House of the Year’ by FOW, a derivatives-industry publication, highlighting its excellence in risk management, operational resilience, and innovation. The award reflects industry trust in SGX Group’s leadership as a global central counterparty. Additionally, CEO Loh Boon Chye received a Lifetime Achievement Award, underscoring the company’s significant role in supporting global capital flows and risk transfer, enabling market participants to navigate volatility confidently.
Skylink Holdings Limited has successfully listed on the SGX Catalist under the stock code ‘XZB’, marking a significant milestone for the company. This listing is expected to enhance Skylink’s visibility and provide access to capital markets, supporting its growth strategies and delivering long-term value to shareholders. The inclusion of Skylink in SGX’s Catalist highlights the platform’s appeal to diverse enterprises seeking long-term growth opportunities.
MetaOptics Ltd has successfully listed on the Singapore Exchange’s Catalist, marking a significant milestone as the world’s first pure-play metalens company to go public. This listing is expected to enhance MetaOptics’ global expansion and R&D efforts, contributing to the SGX’s growing technology cluster. The company’s innovative approach in advanced optical technology is anticipated to bring a new dimension to the market, reflecting Singapore’s appeal as a hub for regional and global growth.