Education
About Us
Working with TipRanks
Follow Us
Singapore Exchange Ltd (SPXCY)
OTHER OTC:SPXCY
Top Page
Singapore Exchange
(OTC:SPXCY)
Rating:80Outperform
Price Target:
$29.00
▲(14.58% Upside)
Singapore Exchange (SPXCY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.54B
Dividend Yield1.91%
Average Volume (3M)2.08K
Price to Earnings (P/E)27.7
Beta (1Y)0.30
Revenue Growth13.26%
EPS Growth10.25%
CountryUS
Employees1,140
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)0.43
Shares Outstanding535,821,200
10 Day Avg. Volume1,115
30 Day Avg. Volume2,085
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.88
Enterprise Value/Revenue9.02
Enterprise Value/Gross Profit9.98
Enterprise Value/Ebitda16.66
Forecast
1Y Price Target
$29.00Price Target Upside14.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering0
Singapore Exchange Business Overview & Revenue Model
Company DescriptionSingapore 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, Connectivity, and Indices segments. The Fixed Income, Currencies, and Commodities segment offers fixed income issuer, trading and clearing, and collateral management services. The Equities segment provides issuer, securities trading and clearing, securities settlement and depository management, derivatives trading and clearing, and collateral management services. The Data, Connectivity, and Indices segment offers market data, connectivity, and indices services. It also provides counterparty guarantee, and depository and related services for securities and derivatives transactions; bond trading services; front-line regulatory functions; computer and software maintenance; operates an electronic foreign exchange trading platform; and management consultancy services for index activities. In addition, the company offers membership and management services to related corporations; distributes bulk freight market indices and information; and operates an electricity market, as well as provides administration services for index calculation, risk analyses, and financial research. It has an agreement in relation to a global partnership to grow New Zealand's Exchange's dairy derivatives market together. Singapore Exchange Limited was incorporated in 1999 and is headquartered in Singapore.
How the Company Makes MoneySingapore Exchange makes money through several key revenue streams. The primary sources of revenue include securities trading and clearing fees, which are charged to market participants for executing trades and clearing transactions. Additionally, SGX earns from listing fees paid by companies that list their shares on the exchange. The derivatives market is another significant contributor, with fees generated from trading and clearing of derivative contracts. SGX also derives income from its depository services, where it charges for the safekeeping and administration of securities. Market data and connectivity services provide another revenue stream, as SGX charges for access to real-time market data and connectivity solutions. Furthermore, SGX engages in partnerships and collaborations, both regionally and globally, to enhance its product offerings and expand its market reach, thereby contributing to its earnings.
Singapore Exchange Earnings Call Summary
Earnings Call Date:Aug 07, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jan 29, 2026
Earnings Call Sentiment Positive
The earnings call reflects a strong positive momentum for SGX Group with record-breaking revenue and profit, broad-based growth across segments, and a solid IPO pipeline. The company also announced a significant dividend increase. However, there were concerns about a slowdown in equity derivatives revenue momentum and the impact of lower interest rates on treasury income. Despite these lowlights, the overall performance and strategic initiatives indicate a positive outlook.Q4-2025 Updates
Positive Updates
Record-Breaking Revenue and Profit
SGX Group achieved its highest-ever revenue and net profit, with group net revenue increasing by 11.7% to $1,298 million and adjusted NPAT increasing by 15.9% to $610 million.
Strong Performance in Equities Cash Segment
The Equities Cash segment saw net revenue increase by $62 million or 19%, driven by a 26.5% increase in SDAV to $1.34 billion, the highest in four years.
Derivatives and SGX FX Growth
Derivatives net revenue grew by $44 million or 9%, with derivatives daily average volume increasing by 17.2%. SGX FX net revenue grew by $23 million or 25%, with average daily volumes increasing by 28% to USD 143 billion.
Dividend Increase and Future Growth
The Board proposed raising the final quarterly dividend to $0.105 per share, up 17% year-on-year, with a steady increase planned every quarter from FY '26 to FY '28.
IPO Pipeline and Market Expansion
SGX has over 30 companies in the IPO pipeline, with recent successful listings such as the NTT Data Center REIT IPO and China Medical System's secondary listing.
Negative Updates
Equity Derivatives Revenue Momentum Slowdown
Equity derivatives revenue growth slowed in the second half of FY 2025, growing at 6% compared to 20% in the first half, attributed to market normalization.
Interest Rate Impact on Treasury Income
Lower interest rates have impacted SGX's treasury income, although specific quantification of this impact was not provided.
Company Guidance
During the call, SGX Group provided comprehensive guidance for FY 2025, highlighting a record performance with an 11.7% increase in group net revenue to $1,298 million and a 15.9% rise in adjusted net profit after tax (NPAT) to $610 million. The company's multi-asset strategy led to a 19% surge in equities cash revenue, while derivatives revenue increased by 9%, supported by a 17.2% growth in derivatives daily average volume. The Board proposed a 9% increase in total dividends to $0.375 per share and outlined a plan for steady dividend growth of $0.0025 per quarter from FY 2026 to FY 2028. The company's strong balance sheet, with a leverage ratio of 0.8x and interest coverage ratio at 54x, positions it well for future investments and shareholder returns. Looking forward, SGX aims for a 6% to 8% revenue growth target, excluding treasury income, and plans to strategically invest in technology and expand its market reach, while also exploring bolt-on acquisitions to complement its core strengths.Singapore Exchange Financial Statement Overview
Summary
Singapore Exchange demonstrates strong financial health with consistent revenue growth, high profitability margins, and effective cash flow management. The balance sheet reflects a stable financial position with controlled leverage. While the company shows slight margin compression, overall financial performance remains robust, supporting its growth trajectory in the financial industry.Income Statement
The company exhibits strong revenue growth with an 11.28% increase in the latest year, indicating robust business expansion. Gross profit and net profit margins are high at 74.31% and 47.28%, respectively, showcasing operational efficiency and profitability. However, a slight decline in gross profit margin from the previous year suggests potential cost pressures.85
Very Positive
Balance Sheet
The balance sheet is solid with a manageable debt-to-equity ratio of 0.31, reflecting prudent financial leverage. Return on equity is strong at 29.45%, indicating effective use of shareholder funds. However, the equity ratio is moderate, suggesting room for improvement in asset financing through equity.78
Positive
Cash Flow
Cash flow performance is impressive with a 40.33% growth in free cash flow, highlighting strong cash generation capabilities. The operating cash flow to net income ratio of 0.70 suggests efficient conversion of earnings into cash. The free cash flow to net income ratio of 0.92 further underscores robust cash flow management.82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.32B | 1.37B | 1.23B | 1.19B | 1.10B | 1.06B |
| Gross Profit | 1.19B | 1.02B | 1.07B | 1.03B | 948.48M | 918.62M |
| EBITDA | 715.33M | 888.14M | 815.18M | 621.53M | 569.84M | 553.53M |
| Net Income | 656.31M | 647.98M | 597.91M | 570.89M | 451.40M | 445.41M |
Balance Sheet | ||||||
| Total Assets | 4.00B | 4.14B | 3.98B | 3.78B | 3.85B | 3.02B |
| Cash, Cash Equivalents and Short-Term Investments | 1.30B | 1.51B | 1.13B | 1.07B | 1.09B | 1.10B |
| Total Debt | 719.45M | 688.10M | 728.01M | 727.22M | 788.87M | 539.18M |
| Total Liabilities | 1.96B | 1.94B | 2.02B | 2.08B | 2.30B | 1.63B |
| Stockholders Equity | 2.03B | 2.20B | 1.96B | 1.70B | 1.54B | 1.38B |
Cash Flow | ||||||
| Free Cash Flow | 668.20M | 773.56M | 551.23M | 392.39M | 539.38M | 507.65M |
| Operating Cash Flow | 745.65M | 841.67M | 615.80M | 446.70M | 583.53M | 552.94M |
| Investing Cash Flow | -78.04M | -265.90M | -137.90M | 12.34M | -549.72M | -197.96M |
| Financing Cash Flow | -478.75M | -449.36M | -459.69M | -432.89M | -108.70M | -209.92M |
Singapore Exchange Technical Analysis
Positive
25.31
Price Trends
24.76
Positive
23.20
Positive
20.95
Positive
Market Momentum
0.24
Positive
52.59
Neutral
7.04
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPXCY, the sentiment is Positive. The current price of 25.31 is below the 20-day moving average (MA) of 25.32, above the 50-day MA of 24.76, and above the 200-day MA of 20.95, indicating a neutral trend. The MACD of 0.24 indicates Positive momentum. The RSI at 52.59 is Neutral, neither overbought nor oversold. The STOCH value of 7.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SPXCY.
Singapore Exchange Peers Comparison
Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $99.76B | 33.45 | 10.89% | 1.07% | 11.44% | 29.10% | |
80 Outperform | $13.54B | 27.69 | 30.82% | 1.91% | 13.26% | 10.25% | |
78 Outperform | $53.64B | 35.92 | 13.28% | 1.06% | 23.55% | 49.91% | |
77 Outperform | $94.40B | 25.35 | 13.62% | 4.05% | 11.15% | 13.98% | |
70 Outperform | $24.33B | 27.27 | 20.64% | 1.12% | 18.99% | 17.97% | |
68 Neutral | $17.80B | 11.87 | 10.23% | 3.74% | 9.69% | 1.18% | |
68 Neutral | $76.84B | 28.93 | 27.96% | ― | 57.56% | 84.56% |
* Financial Sector Average
Performance Comparison
SPXCY
Singapore Exchange
25.31
8.91
54.33%
CBOE
Cboe Global Markets
232.58
23.71
11.35%
CME
CME Group
261.94
51.73
24.61%
ICE
Intercontinental Exchange
174.27
14.37
8.99%
NDAQ
Nasdaq
93.48
22.74
32.15%
COIN
Coinbase Global
299.07
144.02
92.89%
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.