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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 | 810.41M | 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 |
|---|---|---|---|---|---|---|---|
| ― | $18.69B | 28.81 | 30.82% | 2.22% | 11.28% | 8.34% | |
| ― | $147.46B | 13.10 | 17.10% | 4.90% | 2.67% | 6.32% | |
| ― | $75.37B | 10.25 | 12.87% | 5.51% | 0.69% | -0.06% | |
| ― | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
| ― | €2.41B | 10.94 | 10.50% | 4.86% | 7.87% | -4.03% | |
| ― | $57.52B | 9.76 | 12.80% | 5.83% | -0.76% | 4.96% | |
| ― | S$3.72B | 11.18 | 8.61% | 3.25% | -9.47% | 131.72% |
Singapore Exchange Corporate Events
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.
SGX RegCo is proposing changes to streamline the requirements for designated market-makers (DMMs) of exchange-traded funds (ETFs) by removing certain administrative obligations, aligning its practices with global standards. This initiative follows a review of the regulatory framework for ETFs and aims to facilitate more ETF listings, supported by the Monetary Authority of Singapore’s recent enhancements to the Grant for Equities Market Singapore Scheme for ETFs. The proposed changes are expected to improve market efficiency and transparency, benefiting investors and aligning with global market practices.
The Straits Times Index (STI), a key benchmark for Singapore’s stock market, will see no changes to its constituents following the September 2025 quarterly review by FTSE Russell. The STI is a collaborative effort between FTSE Russell, SPH Media Trust, and SGX Group, serving as a basis for various financial products like ETFs and derivatives. The review ensures the index accurately represents the investable universe and facilitates the inclusion of eligible IPO stocks. Changes to the STI reserve list include the addition of Olam Group and Yangzijiang Financial Holding, while CapitaLand Ascott Trust and ComfortDelGro exit the list. These adjustments will take effect on 22 September 2025, with the next review scheduled for December 2025.
SGX Securities has announced the listing of the SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF, marking its first Saudi Arabia-focused ETF. This listing provides Singapore investors with access to Saudi Arabia’s growing bond market, aligning with the country’s Vision 2030 economic diversification goals. The ETF, managed by State Street Investment Management, tracks the J.P. Morgan Saudi Arabia Aggregate Bond Index and has attracted significant interest from international investors, including a strategic investment from Saudi Arabia’s Public Investment Fund.
The Singapore Exchange Regulation (SGX RegCo) and the Accounting and Corporate Regulatory Authority have extended the timelines for climate reporting requirements to aid listed and large non-listed companies in enhancing their reporting capabilities. This extension considers the global economic uncertainties and varying readiness levels among companies, allowing smaller firms more time to develop data processes and learn from larger entities. The updated requirements aim to help companies balance compliance costs with long-term climate reporting capabilities, aligning with Singapore’s net-zero target by 2050.
Dezign Format Group Limited has successfully listed on SGX’s Catalist, marking a significant milestone in its growth journey. The company plans to use the proceeds to expand its operations in Southeast Asia, including opening a production facility in Malaysia and new sales offices in Thailand and Vietnam. This expansion aligns with the growing demand for immersive and experiential offerings, strengthening Dezign Format’s market presence and diversifying its revenue streams. SGX Securities highlights the company’s potential to enhance its position as a creative leader in experiential design as Singapore grows as a lifestyle and experience-driven hub.
Singapore Exchange Limited (SGX) announced that 7RIDGE Investments 3 LP, in which SGX is a Limited Partner, has agreed to sell Trading Technologies International, Inc. The transaction is expected to complete upon meeting certain conditions, after which SGX will receive distribution proceeds as per the fund’s schedule, and the fund will be wound up. SGX’s initial investment in the fund was approximately US$200 million, and the investment has been recorded at a fair value higher than the initial amount. The financial impact of this transaction will be reflected in SGX’s full-year results.