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Singapore Exchange
(SGX:S68)
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Rating:76Outperform
Price Target:
S$25.00
â–¼(-2.23% Downside)
Action:Reiterated
Date:09/07/26
Overall score is supported primarily by strong financial performance (high profitability, improving leverage, and solid cash generation) and a constructive technical uptrend. The key constraint is valuation, with a high P/E and only modest dividend yield.
Positive Factors
Strong revenue growth and profitability
SGX has combined substantial multi-year revenue growth with exceptionally high and consistently strong net margins. This indicates durable earnings power and an efficient operating model, providing capacity to reinvest in market infrastructure, products, and services while supporting resilience through normal business cycles.
Negative Factors
Historical cash-flow conversion volatility
Although recent cash generation is strong, uneven historical conversion from earnings to operating cash flow shows that reported profitability does not translate into cash at a perfectly consistent rate. Such variability can complicate capital planning and makes sustained cash conversion an important execution consideration.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth and profitability
SGX has combined substantial multi-year revenue growth with exceptionally high and consistently strong net margins. This indicates durable earnings power and an efficient operating model, providing capacity to reinvest in market infrastructure, products, and services while supporting resilience through normal business cycles.
Read all positive factors
Singapore Exchange (S68) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$24.58B
Dividend Yield1.91%
Average Volume (3M)2.64M
Price to Earnings (P/E)35.0
Beta (1Y)0.73
Revenue Growth13.78%
EPS Growth7.69%
CountrySG
Employees1,182
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)0.65
Shares Outstanding1,071,642,500
10 Day Avg. Volume3,447,920
30 Day Avg. Volume2,637,518
Financial Highlights & Ratios
PEG Ratio5.65
Price to Book (P/B)10.90
Price to Sales (P/S)16.52
P/FCF Ratio32.51
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$24.88Price Target Upside-2.68% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.78
Revenue Forecast (FY)S$1.67B
Singapore Exchange Business Overview & Revenue Model
Company Description
Singapore Exchange Limited (SGX), established in Singapore in 1999, functions as a comprehensive securities and derivatives exchange alongside its clearing house operations. The company organizes its extensive activities into several key segments:...
How the Company Makes Money
SGX primarily makes money by charging fees for operating financial markets and the infrastructure around them. Key revenue streams typically include: (1) Trading and clearing-related fees: SGX earns transaction-based fees when participants trade o...
Singapore Exchange Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 11, 2027
Earnings Call Sentiment Positive
The call conveyed broad-based, multi-asset growth with record half-year revenue and earnings, margin expansion, strong FX, equities and commodities momentum, a solid balance sheet and committed dividend increases. Headwinds were limited to a decline in treasury income, a $15m impairment at Scientific Beta, modest cost increases from investments, and execution/timing risks for some new initiatives. Overall, positives around diversified revenue growth and strategic initiatives materially outweigh the contained negatives.Positive Updates
Record Half-Year Revenue and Earnings
Group net revenue rose 7.6% to $695 million and adjusted group NPAT increased 11.6% to $357 million, delivering the highest half-year revenue and earnings for SGX.
Negative Updates
Decline in Treasury Income
Treasury income declined due to the global rate environment and collateral currency mix, reducing total net revenue growth (total net revenue up 7.6% vs. net revenue ex-TI up 10%), and contributing to pressure on equity derivatives revenue.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Half-Year Revenue and Earnings
Group net revenue rose 7.6% to $695 million and adjusted group NPAT increased 11.6% to $357 million, delivering the highest half-year revenue and earnings for SGX.
Read all positive updates
Company Guidance
Management reiterated unchanged FY‑26 expense and CapEx guidance and confidence in its medium‑term targets, including a 6–8% CAGR in organic top‑line growth (excluding treasury income) and a committed dividend lift of S$0.025 each quarter through end‑FY28 (interim dividend S$0.11; H1 dividend S$0.2175, >20% YoY); H1 results backing this guidance included group net revenue up 7.6% to $695m (net revenue ex treasury income +10% YoY, +8% half‑on‑half; total net revenue ~+8%), adjusted NPAT +11.6% to $357m, adjusted expenses +3.8%, adjusted operating profit margin +1.4ppt and adjusted NPAT margin +1.8ppt, and a leverage ratio of 0.8x with Moody’s AA2 rating; segment metrics cited to support outlook included equities‑cash revenue +16% (SDAV +20% to SGD1.51bn; small/mid‑cap SDAV >2x and ~50% of SDAV growth; ETFs/SDRs >10% of SDAV growth), overall derivatives DAV +8% (equity derivatives revenue -6% to -$10m but volumes stable at 91m contracts), FICC revenue +$20m/+12% (26% of group revenue) with commodities volumes +24% (iron ore record), SGX FX net revenue +8% with record ADV of USD180bn (c. +32% YoY; ~39% CAGR since inception) and a target for SGX FX to deliver mid‑ to high‑single‑digit EBITDA contribution.Singapore Exchange Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
80
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.56B | 1.37B | 1.23B | 1.19B | 1.10B |
| Gross Profit | 1.31B | 1.02B | 884.11M | 1.02B | 933.17M |
| EBITDA | 957.16M | 888.14M | 815.18M | 753.33M | 641.23M |
| Net Income | 698.41M | 647.98M | 597.91M | 570.89M | 451.40M |
Balance Sheet | |||||
| Total Assets | 4.56B | 4.14B | 3.98B | 3.78B | 3.86B |
| Cash, Cash Equivalents and Short-Term Investments | 2.24B | 1.51B | 1.13B | 1.07B | 1.09B |
| Total Debt | 675.83M | 688.10M | 728.01M | 727.22M | 788.87M |
| Total Liabilities | 2.20B | 1.94B | 2.02B | 2.08B | 2.31B |
| Stockholders Equity | 2.36B | 2.20B | 1.96B | 1.70B | 1.54B |
Cash Flow | |||||
| Free Cash Flow | 792.50M | 773.56M | 551.23M | 417.38M | 562.07M |
| Operating Cash Flow | 874.42M | 841.67M | 615.80M | 470.66M | 606.22M |
| Investing Cash Flow | 330.34M | -265.90M | -137.90M | -5.79M | -555.82M |
| Financing Cash Flow | -529.20M | -449.36M | -459.69M | -428.43M | -106.36M |
Singapore Exchange Technical Analysis
Neutral
25.57
Price Trends
24.30
Negative
23.49
Negative
20.90
Positive
Market Momentum
-0.62
Positive
37.12
Neutral
16.26
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:S68, the sentiment is Neutral. The current price of 25.57 is above the 20-day moving average (MA) of 24.17, above the 50-day MA of 24.30, and above the 200-day MA of 20.90, indicating a neutral trend. The MACD of -0.62 indicates Positive momentum. The RSI at 37.12 is Neutral, neither overbought nor oversold. The STOCH value of 16.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:S68.
Singapore Exchange Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | S$221.09B | 19.62 | 16.23% | 4.09% | -5.30% | -0.44% | |
78 Outperform | S$70.59B | 10.85 | 9.73% | 3.71% | -10.35% | -19.23% | |
77 Outperform | S$144.44B | 18.09 | 13.01% | 3.32% | -2.86% | 7.77% | |
76 Outperform | S$24.58B | 34.98 | 30.05% | 2.05% | 13.78% | 7.69% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | S$3.92B | 12.77 | 13.21% | 3.08% | 36.18% | 40.76% |
* Financial Sector Average
SG:S68
Singapore Exchange
22.74
6.33
38.57%
SG:D05
DBS Group Holdings
77.69
29.92
62.64%
SG:O39
OCBC
31.65
15.95
101.54%
SG:U11
UOB
42.84
9.80
29.67%
SG:U10
UOB-Kay Hian Holdings Limited
3.99
1.61
67.72%
SG:IBKD
PT Bank Central Asia Tbk Shs UnSp Singapore Depositary Receipt Repr 2/1 Sh
0.89
-0.21
-19.16%
Singapore Exchange Corporate Events
Metrocon Holdings debuts on SGX Catalist to fund growth in infrastructure engineering
Sep 15, 2026
Metrocon Holdings Limited, a Singapore-based geotechnical foundation engineering specialist, has built expertise in deep structural piling, earth-retaining structures and ground improvement works across public housing and infrastructure projects. ...
SGX reshapes iEdge Singapore Next 50 indices after ETF debut
Sep 14, 2026
SGX Indices has completed its September 2026 quarterly review of the iEdge Singapore Next 50 Index series, which tracks a universe of mid-cap companies in Singapore with a combined market capitalisation of over S$107 billion. The indices apply fre...
SGX Group Posts Robust August as Securities and FX Derivatives Drive Growth
Sep 10, 2026
Singapore Exchange reported resilient multi-asset performance in August, with securities trading activity leading the gains. Securities daily average value jumped 35% year-on-year to about S$2.2 billion, supported by broad-based participation from...
Straits Times Index Keeps Constituents Unchanged in September Review
Sep 3, 2026
The Straits Times Index, Singapore’s main equity benchmark jointly calculated by FTSE Russell, SPH Media Trust and SGX Group, will see no changes to its constituents or reserve list following the September 2026 quarterly review. First Resour...
SGX Fully Redeems and Delists US$250 Million Notes on Maturity
Sep 3, 2026
Singapore Exchange Limited has redeemed in full its US$250 million 1.234 per cent notes due 2026, issued in 2021 under its S$1.5 billion multicurrency debt issuance programme, paying 100 per cent of principal plus accrued interest at maturity. The...
SGX debuts first active mid-cap ETF tracking iEdge Singapore Next 50
Sep 3, 2026
Singapore Exchange’s SGX Stock Exchange has listed the CGS Fullgoal Singapore Next 50 Active ETF, the first actively managed ETF benchmarked to the home-grown iEdge Singapore Next 50 Index. Managed by CGS International and advised by Fullgoa...
SGX Group wins top FX awards as trading volumes and data business surge
Sep 1, 2026
Singapore Exchange’s SGX Group, anchored in Singapore, has built a reputation for stable, open markets and resilient clearing infrastructure that support issuers, investors and intermediaries worldwide. Its SGX FX franchise integrates listed...
Singapore Exchange starts FY2027 strongly as July trading surges across markets
Aug 12, 2026
Singapore Exchange extended its strong FY2026 performance into the start of FY2027, reporting a surge in July trading activity across securities and derivatives. Securities turnover rose 37% year-on-year to S$46.2 billion with daily values above S...
All-Link Air & Sea debuts on SGX Mainboard to fund ASEAN logistics expansion
Aug 5, 2026
Singapore Exchange’s SGX Stock Exchange has welcomed All-Link Air Sea Limited to its Mainboard under the stock code ALK, with the shares opening at S$0.53. The listing gives the asset-light regional freight forwarder access to capital as it...
Ambiq Micro adds SGX secondary listing to deepen Asia edge AI push
Jul 30, 2026
Ambiq Micro, Inc., a leader in ultra-low power semiconductor solutions for edge AI, has secured a secondary listing on the SGX Stock Exchange Mainboard under the stock code AMQ, complementing its primary listing on the New York Stock Exchange. The...
SGX strikes expanded MSCI deal to launch up to 100 new equity derivatives
Jul 23, 2026
Singapore Exchange is deepening its role as a global derivatives hub with a major expansion of its equity derivatives line-up under a new licensing deal with MSCI. The agreement will see SGX list up to 100 new contracts, broadening its existing As...
SGX Group caps stellar FY2026 with record trading volumes and broad-based market gains
Jul 13, 2026
Singapore Exchange’s SGX Group reported a strong close to its 2026 financial year, with double-digit growth across derivatives, securities and exchange-traded products as global investors turned to its platforms for risk management and equit...
SGX Group Sells Scientific Beta to Refocus on Core Multi-Asset Growth
Jul 8, 2026
Singapore Exchange’s SGX Group has divested its wholly owned subsidiary Scientific Beta to STOXX Ltd in a move that reflects a more disciplined approach to portfolio management and capital allocation. The transaction allows SGX to redeploy c...
Foundation Healthcare makes Mainboard debut on SGX
Jul 8, 2026
Foundation Healthcare Holdings Limited, Singapore’s largest private multi-specialty healthcare platform, has debuted on the SGX Stock Exchange Mainboard under the stock code FHH. The Temasek-backed group operates an extensive network of spec...
SGX Launches Ninth Orb Awards With New Focus on Shareholder Value
Jul 7, 2026
SGX Group has launched the ninth edition of its SGX Orb Awards, an annual programme that honours excellence in financial journalism and content that helps investors navigate increasingly complex global markets. Established in 2018, the awards form...
SGX RegCo rolls out custody overhaul and board lot cuts to boost retail access
Jul 1, 2026
Singapore Exchange Regulation is advancing structural reforms to the Singapore securities market, focusing on custody, board lot sizes, and bid mechanics to align with global practices. The changes aim to enhance investor choice, strengthen oversi...
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.