Company Reports

Singapore Exchange reported full-year results for fiscal 2026 with underlying net profit after tax up 25% to SGD 759 million on the back of 14% revenue growth, partially offset by accelerating 6% expense growth.

For the foreseeable future, we expect Singapore Exchange to focus on maintaining or reclaiming its status as a regional financial hub in a deglobalizing world. Singapore is a small city-state, which by itself would arguably be too small to run a very profitable exchange business. Therefore, Singapore and SGX have had to focus outward to broaden their catchment zone for business. Singapore offers foreign companies a strong legal system, business-friendly climate, mature financial ecosystem with sector expertise in REITs, and an outsize pool of domestic capital that needs to be deployed. As a result, the number of foreign companies listed on SGX accounts for around 40% of total listings, which is at multiples higher than at peer exchanges. It has become the dominant venue for some of the most liquid and widely traded equity derivatives products for various regional markets, including the FTSE China A50 Index Futures and the Indian Nifty 50 Index Futures. However, over the past decade, SGX has faced increasing competition from Hong Kong Exchanges and Clearing, or HKEx, and the development of a native financial ecosystem in China, through the Shanghai Stock Exchange and the Shenzhen Stock Exchange. As a result, there has been a dearth of new listings on SGX, with only a minor pickup recently, ultimately affecting the long tail of trading and clearing business. Additionally, HKEx has launched competing derivatives products to SGX’s FTSE China A50 Index Futures, and the Indian government has transferred the Nifty 50 Index Futures market to Indian exchanges. Our outlook is for no improvement to SGX’s listings business, but for SGX’s derivatives business to maintain its regional status.

We expect Singapore Exchange’s strategy for the foreseeable future to focus on maintaining or reclaiming its status as a regional financial hub in a deglobalizing world. Singapore is a small city-state, which by itself would arguably be too small to run a very profitable exchange business. Singapore and SGX have therefore had to focus outward, in order to broaden their catchment zone for business. Thereto, Singapore offers foreign companies a strong legal system, business-friendly climate, mature financial ecosystem with sector expertise in REITs, and an outsize pool of domestic capital that needs to be deployed. As a result, the number of foreign companies listed on SGX make up around 40% of total listings, which is multiples higher than peer exchanges. It has become the dominant venue for some of the most liquid and widely traded equity derivatives products for various regional markets, including the FTSE China A50 Index Futures and the Indian Nifty 50 Index Futures. However, over the past decade, SGX has faced increasing competition from Hong Kong Exchanges and Clearing, or HKEx, and the development of a native financial ecosystem in China, through the Shanghai Stock Exchange and the Shenzhen Stock Exchange. As a result, there has been a dearth of new listings on SGX, which ultimately effects a long tail of trading and clearing business. Additionally, HKEx has launched competing derivatives products to SGX’s FTSE China A50 Index Futures, and the Indian government has transferred the Nifty 50 Index Futures market to Indian exchanges. Our outlook is for no improvement to SGX’s listings business, but for SGX’s derivatives business to maintain its regional status.

Singapore Exchange's monthly statistics to May 2026 show trading activity continued to grow at double digits throughout the year. Currency and commodity derivative volumes and cash equity volumes, which account for nearly 40% of revenue, grew by around a fourth and a third, respectively.

We expect Singapore Exchange’s strategy for the foreseeable future to focus on maintaining or reclaiming its status as a regional financial hub in a deglobalizing world. Singapore is a small city-state, which by itself would arguably be too small to run a very profitable exchange business. Singapore and SGX have therefore had to focus outward, in order to broaden their catchment zone for business. Thereto, Singapore offers foreign companies a strong legal system, business-friendly climate, mature financial ecosystem with sector expertise in REITs, and an outsize pool of domestic capital that needs to be deployed. As a result, the number of foreign companies listed on SGX make up around 40% of total listings, which is multiples higher than peer exchanges. It has become the dominant venue for some of the most liquid and widely traded equity derivatives products for various regional markets, including the FTSE China A50 Index Futures and the Indian Nifty 50 Index Futures. However, over the past decade, SGX has faced increasing competition from Hong Kong Exchanges and Clearing, or HKEx, and the development of a native financial ecosystem in China, through the Shanghai Stock Exchange and the Shenzhen Stock Exchange. As a result, there has been a dearth of new listings on SGX, which ultimately effects a long tail of trading and clearing business. Additionally, HKEx has launched competing derivatives products to SGX’s FTSE China A50 Index Futures, and the Indian government has transferred the Nifty 50 Index Futures market to Indian exchanges. Our outlook is for no improvement to SGX’s listings business, but for SGX’s derivatives business to maintain its regional status.

Singapore Exchange reported half-year results for fiscal 2026 with adjusted net profit after tax up 12% to SGD 357 million on the back of 8% revenue growth and a 4% increase in expenses.

We expect Singapore Exchange’s strategy for the foreseeable future to focus on maintaining or reclaiming its status as a regional financial hub in a deglobalizing world. Singapore is a small city-state, which by itself would arguably be too small to run a very profitable exchange business. Singapore and SGX have therefore had to focus outward, in order to broaden their catchment zone for business. Thereto, Singapore offers foreign companies a strong legal system, business-friendly climate, mature financial ecosystem with sector expertise in REITs, and an outsize pool of domestic capital that needs to be deployed. As a result, the number of foreign companies listed on SGX make up around 40% of total listings, which is multiples higher than peer exchanges. It has become the dominant venue for some of the most liquid and widely traded equity derivatives products for various regional markets, including the FTSE China A50 Index Futures and the Indian Nifty 50 Index Futures. However, over the past decade, SGX has faced increasing competition from Hong Kong Exchanges and Clearing, or HKEx, and the development of a native financial ecosystem in China, through the Shanghai Stock Exchange and the Shenzhen Stock Exchange. As a result, there has been a dearth of new listings on SGX, which ultimately effects a long tail of trading and clearing business. Additionally, HKEx has launched competing derivatives products to SGX’s FTSE China A50 Index Futures, and the Indian government has transferred the Nifty 50 Index Futures market to Indian exchanges. Our outlook is for no improvement to SGX’s listings business, but for SGX’s derivatives business to maintain its regional status.

Singapore Exchange's monthly statistics to November 2025 show activity is elevated across the exchange, despite last year's outsize volatility. Strength in foreign exchange, commodities, and cash equities more than offset slightly softer equity derivatives volumes year-to-date.

Singapore Exchange reported full-year results for fiscal 2025 with adjusted net profit after tax up 16%, primarily due to a 12% increase in net revenue and strong cost-discipline.

We expect Singapore Exchange’s strategy for the foreseeable future to focus on maintaining or reclaiming its status as a regional financial hub in a deglobalizing world. Singapore is a small city-state, which by itself would arguably be too small to run a very profitable exchange business. Singapore and SGX have therefore had to focus outward, in order to broaden their catchment zone for business. Thereto, Singapore offers foreign companies a strong legal system, business-friendly climate, mature financial ecosystem with sector expertise in REITs, and an outsize pool of domestic capital that needs to be deployed. As a result, the number of foreign companies listed on SGX make up around 40% of total listings, which is multiples higher than peer exchanges. It has become the dominant venue for some of the most liquid and widely traded equity derivatives products for various regional markets, including the FTSE China A50 Index Futures and the Indian Nifty 50 Index Futures. However, over the past decade, SGX has faced increasing competition from Hong Kong Exchanges and Clearing, or HKEx, and the development of a native financial ecosystem in China, through the Shanghai Stock Exchange and the Shenzhen Stock Exchange. As a result, there has been a dearth of new listings on SGX, which ultimately effects a long tail of trading and clearing business. Additionally, HKEx has launched competing derivatives products to SGX’s FTSE China A50 Index Futures, and the Indian government has transferred the Nifty 50 Index Futures market to Indian exchanges. Our outlook is for no improvement to SGX’s listings business, but for SGX’s derivatives business to maintain its regional status.

We expect Singapore Exchange’s strategy for the foreseeable future to focus on maintaining or reclaiming its status as a regional financial hub in a deglobalizing world. Singapore is a small city-state, which by itself would arguably be too small to run a very profitable exchange business. Singapore and SGX have therefore had to focus outward, in order to broaden their catchment zone for business. Thereto, Singapore offers foreign companies a strong legal system, business-friendly climate, mature financial ecosystem with sector expertise in REITs, and an outsize pool of domestic capital that needs to be deployed. As a result, the number of foreign companies listed on SGX make up around 40% of total listings, which is multiples higher than peer exchanges. It has become the dominant venue for some of the most liquid and widely traded equity derivatives products for various regional markets, including the FTSE China A50 Index Futures and the Indian Nifty 50 Index Futures. However, over the past decade, SGX has faced increasing competition from Hong Kong Exchanges and Clearing, or HKEx, and the development of a native financial ecosystem in China, through the Shanghai Stock Exchange and the Shenzhen Stock Exchange. As a result, there has been a dearth of new listings on SGX, which ultimately effects a long tail of trading and clearing business. Additionally, HKEx has launched competing derivatives products to SGX’s FTSE China A50 Index Futures, and the Indian government has transferred the Nifty 50 Index Futures market to Indian exchanges. Our outlook is for no improvement to SGX’s listings business, but for SGX’s derivatives business to maintain its regional status.

Singapore Exchange shares have risen nearly 50% over the past year, propped up by increased derivative trading volumes amid global uncertainty. However, the recent May 2025 market statistics show momentum has slightly cooled since the first half of fiscal 2025.

We expect Singapore Exchange’s strategy for the foreseeable future to focus on maintaining or reclaiming its status as a regional financial hub in a deglobalizing world. Singapore is a small city-state, which by itself would arguably be too small to run a very profitable exchange business. Singapore and SGX have therefore had to focus outward, in order to broaden their catchment zone for business. Thereto, Singapore offers foreign companies a strong legal system, business-friendly climate, mature financial ecosystem with sector expertise in REITs, and an outsize pool of domestic capital that needs to be deployed. As a result, the number of foreign companies listed on SGX make up around 40% of total listings, which is multiples higher than peer exchanges. It has become the dominant venue for some of the most liquid and widely traded equity derivatives products for various regional markets, including the FTSE China A50 Index Futures and the Indian Nifty 50 Index Futures. However, over the past decade, SGX has faced increasing competition from Hong Kong Exchanges and Clearing, or HKEx, and the development of a native financial ecosystem in China, through the Shanghai Stock Exchange and the Shenzhen Stock Exchange. As a result, there has been a dearth of new listings on SGX, which ultimately effects a long tail of trading and clearing business. Additionally, HKEx has launched competing derivatives products to SGX’s FTSE China A50 Index Futures, and the Indian government has transferred the Nifty 50 Index Futures market to Indian exchanges. Our outlook is for no improvement to SGX’s listings business, but for SGX’s derivatives business to maintain its regional status.

We increase our fair value estimate for wide-moat Singapore Exchange by 4% to SGD 13.60. The exchange reported strong results as volatility around the US election resulted in strong revenue growth in the company’s derivatives segment. Adjusted net profit after tax of SGD 320 million was up 27% from the previous corresponding period, as increased revenue from high volatility provided operating leverage on a mostly fixed cost base.

We expect Singapore Exchange’s strategy for the foreseeable future to focus on maintaining or reclaiming its status as a regional financial hub in a deglobalizing world. Singapore is a small city-state, which by itself would arguably be too small to run a very profitable exchange business. Singapore and SGX have therefore had to focus outward, in order to broaden their catchment zone for business. Thereto, Singapore offers foreign companies a strong legal system, business-friendly climate, mature financial ecosystem with sector expertise in REITs, and an outsize pool of domestic capital that needs to be deployed. As a result, the number of foreign companies listed on SGX make up around 40% of total listings, which is multiples higher than peer exchanges. It has become the dominant venue for some of the most liquid and widely traded equity derivatives products for various regional markets, including the FTSE China A50 Index Futures and the Indian Nifty 50 Index Futures. However, over the past decade, SGX has faced increasing competition from Hong Kong Exchanges and Clearing, or HKEx, and the development of a native financial ecosystem in China, through the Shanghai Stock Exchange and the Shenzhen Stock Exchange. As a result, there has been a dearth of new listings on SGX, which ultimately effects a long tail of trading and clearing business. Additionally, HKEx has launched competing derivatives products to SGX’s FTSE China A50 Index Futures, and the Indian government has transferred the Nifty 50 Index Futures market to Indian exchanges. Our outlook is for no improvement to SGX’s listings business, but for SGX’s derivatives business to maintain its regional status.

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.

We expect Singapore Exchange’s strategy for the foreseeable future to focus on maintaining or reclaiming its status as a regional financial hub in a deglobalizing world. Singapore is a small city-state, which by itself would arguably be too small to run a very profitable exchange business. Singapore and SGX have therefore had to focus outward, in order to broaden their catchment zone for business. Thereto, Singapore offers foreign companies a strong legal system, business-friendly climate, mature financial ecosystem with sector expertise in REITs, and an outsize pool of domestic capital that needs to be deployed. As a result, the number of foreign companies listed on SGX make up around 40% of total listings, which is multiples higher than peer exchanges. It has become the dominant venue for some of the most liquid and widely traded equity derivatives products for various regional markets, including the FTSE China A50 Index Futures and the Indian Nifty 50 Index Futures. However, over the past decade, SGX has faced increasing competition from Hong Kong Exchanges and Clearing, or HKEx, and the development of a native financial ecosystem in China, through the Shanghai Stock Exchange and the Shenzhen Stock Exchange. As a result, there has been a dearth of new listings on SGX, which ultimately effects a long tail of trading and clearing business. Additionally, HKEx has launched competing derivatives products to SGX’s FTSE China A50 Index Futures, and the Indian government has transferred the Nifty 50 Index Futures market to Indian exchanges. Our outlook is for no improvement to SGX’s listings business, but for SGX’s derivatives business to maintain its regional status.

We increase our fair value estimate for wide-moat Singapore Exchange by 2% to SGD 12.70 following full-year results. Adjusted net profit after tax of SGD 526 million was in line with our expectations, up 5% on the prior corresponding period, or PCP.

Fiscal year to date, trading volume on the Singapore Exchange for currencies and commodities derivatives rose 44% compared with the same period last year. The increase primarily reflects higher demand for iron ore futures, propelled by a rebound in iron ore prices in the first half and increased transactions in foreign exchange futures. Metal and dry bulk volumes increased around 50% year-to-date on the previous corresponding period, while foreign exchange increased by around a third.

We expect Singapore Exchange’s strategy for the foreseeable future to focus on maintaining or reclaiming its status as a regional financial hub in a deglobalizing world. Singapore is a small city-state, which by itself would arguably be too small to run a very profitable exchange business. Singapore and SGX have therefore had to focus outward, in order to broaden their catchment zone for business. Thereto, Singapore offers foreign companies a strong legal system, business-friendly climate, mature financial ecosystem with sector expertise in REITs, and an outsize pool of domestic capital that needs to be deployed. As a result, the number of foreign companies listed on SGX make up around 40% of total listings, which is multiples higher than peer exchanges. It has become the dominant venue for some of the most liquid and widely traded equity derivatives products for various regional markets, including the FTSE China A50 Index Futures and the Indian Nifty 50 Index Futures. However, over the past decade, SGX has faced increasing competition from Hong Kong Exchanges and Clearing, or HKEx, and the development of a native financial ecosystem in China, through the Shanghai Stock Exchange and the Shenzhen Stock Exchange. As a result, there has been a dearth of new listings on SGX, which ultimately effects a long tail of trading and clearing business. Additionally, HKEx has launched competing derivatives products to SGX’s FTSE China A50 Index Futures, and the Indian government has sought to transfer the Nifty 50 Index Futures market to Indian exchanges. Our outlook is for no improvement to SGX’s listings business, but for SGX’s derivatives business to maintain its regional status.