Singapore Exchange Ltd (SPXCY)
OTHER OTC:SPXCY
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Singapore Exchange
(OTC:SPXCY)
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Rating:79Outperform
Price Target:
$36.00
▲(30.39% Upside)
Action:ReiteratedDate:02/05/26
The score is driven primarily by strong financial performance (high margins, healthy growth, and strong free cash flow) and a positive earnings update with reiterated growth guidance and rising dividends. Technicals are supportive with an established uptrend. These positives are moderated by a relatively high P/E and only a modest dividend yield.
Positive Factors
Strong cash generation
SGX reported a 40.3% increase in free cash flow and FCF/net income ~0.92, showing durable cash conversion. This reliable cash generation supports sustained dividends, reinvestment in platforms, selective debt paydown and gives the group flexibility to fund growth initiatives through business cycles.
Negative Factors
Treasury income sensitivity
Treasury income is a recurring component of reported net revenue and management flagged material decline from rate and currency moves. This exposes SGX to structural interest‑rate and currency risk that can depress reported top‑line and margins if rate/currency conditions remain unfavorable.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
SGX reported a 40.3% increase in free cash flow and FCF/net income ~0.92, showing durable cash conversion. This reliable cash generation supports sustained dividends, reinvestment in platforms, selective debt paydown and gives the group flexibility to fund growth initiatives through business cycles.
Read all positive factors
Singapore Exchange (SPXCY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.96B
Dividend Yield1.98%
Average Volume (3M)15.63K
Price to Earnings (P/E)13.2
Beta (1Y)0.31
Revenue Growth13.26%
EPS Growth10.25%
CountryUS
Employees1,140
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)0.50
Shares Outstanding535,821,200
10 Day Avg. Volume13,482
30 Day Avg. Volume15,633
Financial Highlights & Ratios
PEG Ratio2.74
Price to Book (P/B)7.21
Price to Sales (P/S)11.57
P/FCF Ratio20.50
Enterprise Value/Market Cap1.23
Enterprise Value/Revenue14.63
Enterprise Value/Gross Profit20.99
Enterprise Value/Ebitda23.10
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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
Singapore Exchange makes money primarily by charging fees across the market lifecycle: (1) Trading and related services: It earns transaction-based fees from trading activity in its securities and derivatives markets, along with fees for related s...
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 strong, broad-based operating performance across multiple business lines with record or multi-year highs in revenue, FX volume, SDAV and derivatives activity. Management highlighted margin expansion, a healthy balance sheet, a meaningful rise in dividends, continued investment in platform and product innovation (including crypto perpetual futures and long-dated JGB futures), and an expanding IPO pipeline including the NASDAQ GLB partnership. Key headwinds were a decline in treasury income, a $15 million impairment at Scientific Beta, a modest fall in equity derivatives revenue (-6%), and some higher operating costs. Overall, the positive operational momentum and financial strength substantially outweigh the identified challenges, which appear manageable and mostly non-recurring or being actively mitigated.Positive Updates
Record Half-Year Financial Performance
Group net revenue increased 7.6% to $695 million; net revenue excluding treasury income grew 10% year-on-year and 8% half-on-half. Adjusted group NPAT rose 11.6% to $357 million. Adjusted expenses increased modestly by 3.8%, and adjusted operating profit margin and adjusted NPAT margin improved by 1.4 and 1.8 percentage points respectively.
Negative Updates
Treasury Income Compression
Treasury income declined materially due to the global rate environment and collateral currency mix, negatively impacting total net revenue and contributing to revenue mix headwinds. Management noted continuing sensitivity to rate moves and currency mix and is managing duration to mitigate impact.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Half-Year Financial Performance
Group net revenue increased 7.6% to $695 million; net revenue excluding treasury income grew 10% year-on-year and 8% half-on-half. Adjusted group NPAT rose 11.6% to $357 million. Adjusted expenses increased modestly by 3.8%, and adjusted operating profit margin and adjusted NPAT margin improved by 1.4 and 1.8 percentage points respectively.
Read all positive updates
Company Guidance
SGX reiterated its guidance to deliver 6–8% organic top‑line CAGR (excluding treasury income), kept FY‑26 expense and CapEx guidance unchanged, and committed to a sustainable, growing dividend with an incremental $0.025 every quarter through end‑FY28; for H1 FY26 management highlighted strong underlying momentum with net revenue ex‑treasury income +10% YoY, total net revenue +7.6% to $695m, adjusted group NPAT +11.6% to $357m, adjusted expenses +3.8%, operating profit and NPAT margins up 1.4ppt and 1.8ppt, and a strong balance sheet (leverage 0.8x, Moody’s AA2); segment metrics cited include equities‑cash revenue +16% (32% of group revenue) with SDAV +20% to SGD1.51bn, derivatives DAV +8%, SGX FX net revenue +8% with ADV USD180bn (+32% YoY) and a 39% CAGR in ADV since inception, FICC revenue +12% ($20m, 26% of revenue) with commodities volume +24%, equity derivatives -6% ($10m, 24% of revenue), platform & other +7% ($8m, 18% of revenue), and an interim dividend of $0.11/share (H1 total $0.2175, >20% YoY); management said it will continue to reinvest for growth while maintaining cost discipline and may reduce debt as bonds mature.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
27.61
Price Trends
28.96
Positive
27.62
Positive
26.31
Positive
Market Momentum
0.76
Negative
71.23
Negative
99.81
Negative
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 27.61 is below the 20-day moving average (MA) of 30.17, below the 50-day MA of 28.96, and above the 200-day MA of 26.31, indicating a bullish trend. The MACD of 0.76 indicates Negative momentum. The RSI at 71.23 is Negative, neither overbought nor oversold. The STOCH value of 99.81 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
85 Outperform | $108.60B | 24.28 | 14.48% | 3.92% | 5.84% | 8.51% | |
80 Outperform | $31.08B | 23.89 | 22.99% | 1.06% | 16.74% | 26.74% | |
79 Outperform | $16.96B | 13.19 | 29.01% | 1.98% | 13.26% | 10.25% | |
72 Outperform | $95.29B | 28.00 | 11.60% | 1.19% | 8.96% | 30.16% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $50.07B | 26.70 | 15.03% | 1.07% | 16.41% | 68.03% | |
65 Neutral | $46.24B | 46.67 | 9.44% | ― | 47.86% | 96.46% |
* Financial Sector Average
SPXCY
Singapore Exchange
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79.70%
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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.