Top Page
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$18.88B | 29.11 | 30.82% | 2.27% | 11.28% | 8.34% | |
78 Outperform | S$168.85B | 15.00 | 17.10% | 5.06% | 2.67% | 6.32% | |
71 Outperform | $95.68B | 13.01 | 12.87% | 4.71% | 0.69% | -0.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | S$3.05B | 13.84 | 10.50% | 4.63% | 7.87% | -4.03% | |
65 Neutral | S$64.00B | 10.83 | 12.80% | 6.49% | -0.76% | 4.96% | |
64 Neutral | S$1.24B | 3.71 | 8.61% | 3.76% | -9.47% | 131.72% |
Singapore Exchange Corporate Events
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’s position as an international equities hub. The proposed framework would create a harmonised pathway for companies to access capital and liquidity in both North America and Asia using a single set of offering documents and a simplified review process, supported by legislative changes to Singapore’s Securities and Futures Act. Key admission criteria include a minimum market capitalisation of S$2 billion, a requirement that issuers be listed or accepted for listing on the Nasdaq Global Select Market, local governance and compliance touchpoints in Singapore, retail allocation via designated brokerages, and the appointment of an issue manager, collectively signalling tighter standards but potentially higher-quality cross-border listings for investors.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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 securities daily average value to its highest level since 2010, while derivatives volumes across equities, FX and commodities hit a record 329 million contracts for the year, reflecting strong institutional demand for risk-management tools. The Straits Times Index delivered standout returns in 2025, outperforming most ASEAN peers, alongside rising retail participation and net institutional buying of small- and mid-cap stocks. Capital-raising activity continued with multiple new Mainboard and Catalist listings, and SGX reinforced its role as a key derivatives hub, with strong growth in MSCI Singapore Index contracts and record volumes and open interest in China A- and H-share futures, consolidating its status as a leading gateway for China exposure.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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 2026. Koh, who joined SGX in 2005 and led its risk function through events such as the Global Financial Crisis and the collapse of MF Global, will move into a special advisory role from July, ensuring continuity as Han – a senior executive with experience spanning FX, rates, equities products and regulatory engagement – takes over. The planned succession underscores SGX Group’s emphasis on maintaining strong risk management and operational resilience amid increasingly complex global markets, while preserving institutional knowledge through Koh’s ongoing advisory capacity.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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 a strategic milestone in CNE’s global expansion, reinforcing its commitment to stronger corporate governance and deeper engagement with global investors as it supports the transition from fossil fuels to clean energy. For SGX, the listing underscores its ambition to position itself as Asia’s leading multi-asset hub for transition finance, leveraging Singapore’s role at the intersection of artificial intelligence, next-generation energy systems and global capital markets, and offering CNE a broader platform to attract diverse investors, customers and partners for scaling renewable infrastructure.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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 and as the unit’s inaugural chairman. Dr Sung, a former Chief Risk Officer at GIC and co-founder of Avanda Investment Management, brings deep financial markets and risk management experience to SGX RegCo as it moves to implement recommendations from the Equities Market Review Group, while Professor Tan’s tenure is credited with strengthening SGX RegCo’s standing as a trusted independent regulator and advancing governance, board renewal and diversity in Singapore’s capital markets.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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 product offerings, and upgrades to manufacturing facilities with sustainable initiatives. The move also highlights the company’s strategic plans for acquisitions and joint ventures to further scale its operations. SGX’s support underscores its commitment to fostering ambitious businesses in Singapore’s food manufacturing sector.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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 in iron ore, freight, and petrochemical contracts. The introduction of new Singapore Depository Receipts and increased interest in China and India equities further bolstered SGX’s market position. Taiwan’s market also benefited from AI demand, contributing to the overall robust performance.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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 Maritime Development Ltd, and Centurion Accommodation Reit, while Nanofilm Technologies International Ltd, Samudera Shipping Line Ltd, and Aztech Global Ltd have been removed. This rebalancing reflects SGX’s ongoing efforts to maintain a dynamic and representative index, potentially impacting the market positions of the included and excluded companies.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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 most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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.
The most recent analyst rating on (SG:S68) stock is a Buy with a S$20.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.
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.
The most recent analyst rating on (SG:S68) stock is a Hold with a S$16.00 price target. To see the full list of analyst forecasts on Singapore Exchange stock, see the SG:S68 Stock Forecast page.