Singapore Exchange Ltd

S68: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Singapore Exchange: Strong Derivatives Growth Driven by Election Volatility

Roy Van Keulen

Dec 10, 2024

We increase our fair value estimate by 3% to SGD 13.10 for wide-moat Singapore Exchange based on the time value of money. Since August 2024, the stock has increased around 30%. It is now trading close to fair value, as the market recognizes the benefits of derivative-based exchanges against a backdrop of election volatility.

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Singapore Exchange Ltd

Singapore Exchange: Strong Derivatives Growth Driven by Election Volatility

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