Singapore Exchange Ltd (SG:S68)
SGX:S68
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Singapore Exchange
(SGX:S68)
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Rating:75Outperform
Price Target:
S$24.50
▲(14.86% 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
Strong free cash flow generation
A 15.8% increase in free cash flow and healthy operating cash-to-net-income metrics indicate durable cash generation. This supports ongoing investment in platform upgrades, consistent dividend increases and balance sheet flexibility to fund strategic initiatives without over-reliance on external financing.
Negative Factors
Dependence on treasury income
A meaningful swing in treasury income demonstrates sensitivity to the interest-rate and collateral-currency environment. If treasury income remains weak, it can permanently reduce total net revenue and compress reported growth despite healthy core fees, complicating near-term targets.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
A 15.8% increase in free cash flow and healthy operating cash-to-net-income metrics indicate durable cash generation. This supports ongoing investment in platform upgrades, consistent dividend increases and balance sheet flexibility to fund strategic initiatives without over-reliance on external financing.
Read all positive factors
Singapore Exchange (S68) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$23.27B
Dividend Yield2.27%
Average Volume (3M)2.00M
Price to Earnings (P/E)13.2
Beta (1Y)0.67
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$19.73Price Target Upside-7.52% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.66
Revenue Forecast (FY)S$1.46B
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
SGX primarily earns revenue by operating market infrastructure and charging fees across the trading and post-trade lifecycle.
1) Trading and listing-related fees (Securities market)
- Securities trading: SGX charges fees linked to the execution o...
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
21.33
Price Trends
18.97
Positive
18.01
Positive
17.15
Positive
Market Momentum
0.66
Negative
74.27
Negative
88.57
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 above the 20-day moving average (MA) of 20.15, above the 50-day MA of 18.97, and above the 200-day MA of 17.15, indicating a bullish trend. The MACD of 0.66 indicates Negative momentum. The RSI at 74.27 is Negative, neither overbought nor oversold. The STOCH value of 88.57 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$23.27B | 13.24 | 29.01% | 2.27% | 11.28% | 8.34% | |
74 Outperform | S$97.57B | 12.12 | 24.77% | 4.71% | 0.69% | -0.06% | |
73 Outperform | S$161.69B | 14.63 | 15.25% | 5.06% | 2.67% | 6.32% | |
72 Outperform | S$3.79B | ― | 7.18% | 4.63% | 7.87% | -4.03% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | S$59.45B | 12.70 | 9.22% | 6.49% | -0.76% | 4.96% |
* Financial Sector Average
SG:S68
Singapore Exchange
21.73
7.71
54.96%
SG:D05
DBS Group Holdings
56.90
17.04
42.75%
SG:O39
OCBC
21.71
6.66
44.22%
SG:U11
UOB
36.00
3.26
9.97%
SG:U10
UOB-Kay Hian Holdings Limited
3.85
2.16
127.68%
SG:IBKD
PT Bank Central Asia Tbk Shs UnSp Singapore Depositary Receipt Repr 2/1 Sh
0.95
-0.16
-14.63%
Singapore Exchange Corporate Events
UI Boustead REIT debuts on SGX Mainboard with S$1.9b logistics and industrial portfolio
Mar 12, 2026
Singapore Exchange’s Mainboard has welcomed the listing of UI Boustead REIT under the stock code UIBU, further expanding its roster of real estate investment trusts. The IPO introduces a cross-border portfolio spanning Singapore and Japan, r...
SGX Logs Six-Year High in Trading Volumes as Equities, ETFs and Derivatives Surge
Mar 12, 2026
Singapore Exchange reported a strong February 2026, with securities daily average value jumping 45% year-on-year to S$2.1 billion and total securities turnover up 30% to S$38.5 billion, marking the highest SDAV in six years. Trading in all stock s...
SGX reshuffles iEdge Singapore Next 50 indices in March 2026 review
Mar 11, 2026
SGX Indices has completed its March 2026 quarterly review of the iEdge Singapore Next 50 suite, updating constituents with changes taking effect from the start of trading on 23 March 2026. The review underscores SGX’s ongoing index maintenan...
FTSE Russell Leaves Straits Times Index Constituents Unchanged, Revamps Reserve List
Mar 5, 2026
FTSE Russell, in partnership with SGX Group and SPH Media Trust, has completed its March 2026 quarterly review of the Straits Times Index and confirmed there will be no changes to its current constituents. The STI, which serves as Singapore’...
SGX Starts 2026 With Surge in Trading, Record ETF Volumes
Feb 10, 2026
Singapore Exchange Group started 2026 with a sharp pickup in trading and capital markets activity, underscoring its role as a regional hub for equities and derivatives. Turnover in the stock market jumped 66% year-on-year in January to S$34.6 bill...
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...
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.