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Singapore Exchange Ltd (SPXCY)
OTHER OTC:SPXCY
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Singapore Exchange
(OTC:SPXCY)
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Rating:80Outperform
Price Target:
$29.00
▲(11.24% Upside)
Singapore Exchange's strong financial performance and positive earnings call are the most significant factors contributing to its high score. The company's robust revenue growth, high profitability, and strategic initiatives for future expansion highlight its solid position in the industry. Technical analysis supports a positive trend, although valuation metrics suggest the stock may be slightly overvalued. Overall, the outlook remains favorable, driven by strong fundamentals and strategic growth plans.
Singapore Exchange (SPXCY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.98B
Dividend Yield2.28%
Average Volume (3M)15.63K
Price to Earnings (P/E)28.6
Beta (1Y)0.28
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. Volume13,482
30 Day Avg. Volume15,633
Financial Highlights & Ratios
PEG Ratio0.37
Price to Book (P/B)0.96
Price to Sales (P/S)1.54
P/FCF Ratio2.73
Enterprise Value/Market Cap0.85
Enterprise Value/Revenue9.02
Enterprise Value/Gross Profit9.98
Enterprise Value/Ebitda16.66
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Singapore Exchange Business Overview & Revenue Model
Company DescriptionSingapore Exchange (SPXCY) is a leading stock exchange in Asia, providing a platform for the trading of securities, fixed income, derivatives, and commodities. It operates a diverse range of markets, including equities, debt, and foreign exchange, and offers services such as clearing, settlement, and depository functions. The exchange serves as a crucial hub for investors, issuers, and financial institutions, facilitating capital raising and investment opportunities across various sectors.
How the Company Makes MoneySingapore Exchange generates revenue through multiple streams, primarily from trading fees, clearing and settlement fees, and listing fees. Trading fees are charged on transactions executed on the exchange, while clearing and settlement fees are collected for processing trades and ensuring the transfer of securities. Additionally, SPXCY earns revenue from initial public offerings (IPOs) and ongoing listing fees from companies that choose to list their shares on the exchange. The exchange also derives income from market data services and technology solutions provided to market participants. Strategic partnerships with financial institutions and technology providers enhance its service offerings and contribute to its revenue growth.
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
Negative
26.07
Price Trends
26.12
Negative
25.32
Positive
22.78
Positive
Market Momentum
0.02
Negative
48.43
Neutral
74.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPXCY, the sentiment is Negative. The current price of 26.07 is below the 20-day moving average (MA) of 26.19, below the 50-day MA of 26.12, and above the 200-day MA of 22.78, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 48.43 is Neutral, neither overbought nor oversold. The STOCH value of 74.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SPXCY.
Singapore Exchange Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $13.98B | 28.59 | 30.82% | 2.28% | 13.26% | 10.25% | |
75 Outperform | $27.03B | 27.74 | 21.51% | 1.09% | 16.74% | 26.74% | |
74 Outperform | $102.79B | 27.63 | 13.35% | 3.87% | 5.84% | 8.51% | |
73 Outperform | $49.72B | 31.05 | 14.07% | 1.17% | 16.41% | 68.03% | |
71 Outperform | $86.71B | 27.69 | 11.32% | 1.24% | 8.96% | 30.16% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $76.58B | 24.58 | 26.00% | ― | 47.86% | 96.46% |
* Financial Sector Average
SPXCY
Singapore Exchange
26.07
8.69
50.00%
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Singapore Exchange Corporate Events
SGX Group’s Earnings Call: Record Profits and Growth
Aug 13, 2025
The recent earnings call for SGX Group was marked by a strong positive sentiment, reflecting the company’s robust financial performance and strategic growth initiatives. The company reported record revenue and net profit, driven by significant growth in its derivatives and FX segments. Despite facing some challenges, such as impairments and a decline in the interest coverage ratio, the overall outlook remains optimistic, with a commitment to enhancing shareholder returns through increased dividends.
Singapore Exchange Reports Strong FY2025 Performance
Aug 8, 2025
Singapore Exchange Limited (SGX) is a leading multi-asset exchange in Asia, offering a comprehensive range of services including equities, fixed income, currencies, and commodities trading. SGX is recognized for its robust regulatory framework and diverse product offerings, making it a pivotal player in the financial markets sector.
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.