(S68) SINGAPORE EXCHANGE - SG
Sector: Financial Services | Industry: Financial Data & Stock Exchanges | Exchange: SG (Singapore) | Market Cap: 24.893m SGD | Total Return: 75% in 12m
Avg Turnover: 63.6M
Warnings
Extended 1w
Tailwinds
Rs Leader, Idiosyncratic Leader, Tailwind, Confidence
Singapore Exchange Limited (SGX) operates as a multi-asset exchange providing integrated securities, derivatives, and fixed income trading services. Its business model encompasses the full trade lifecycle, including listing, trading, clearing, settlement, and depository services. The company further diversifies revenue through market data distribution, index administration, and electronic foreign exchange (FX) trading platforms.
As a key infrastructure provider in the Financials sector, SGX functions as a natural monopoly for securities clearing in Singapore. Unlike many global peers, SGX operates a vertically integrated model where it controls both the exchange and the clearing house, allowing it to capture fees at multiple points of the transaction process.
- Derivatives volume growth driven by FX and commodity hedging demand
- Higher interest rates boost treasury income from collateral balances
- Equities market turnover impacted by regional competition and IPO activity
- Diversification into OTC FX platforms scales recurring non-trading revenue
| Net Income: 648.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.14 > 0.02 and ΔFCF/TA 2.08 > 1.0 |
| NWC/Revenue: 109.8% < 20% (prev 85.93%; Δ 23.88% < -1%) |
| CFO/TA 0.20 > 3% & CFO 841.7m > Net Income 648.0m |
| Net Debt (-1.62b) to EBITDA (674.5m): -2.40 < 3 |
| Current Ratio: 2.02 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.07b) vs 12m ago 0.04% < -2% |
| Gross Margin: 74.31% > 18% (prev 71.46%; Δ 2.85% > 0.5%) |
| Asset Turnover: 33.62% > 50% (prev 30.81%; Δ 2.81% > 0%) |
| Interest Coverage Ratio: 34.00 > 6 (EBIT TTM 589.5m / Interest Expense TTM 17.3m) |
| A: 0.36 (Total Current Assets 2.98b - Total Current Liabilities 1.48b) / Total Assets 4.16b |
| B: 0.39 (Retained Earnings 1.63b / Total Assets 4.16b) |
| C: 0.14 (EBIT TTM 589.5m / Avg Total Assets 4.08b) |
| D: 1.22 (Book Value of Equity 2.29b / Total Liabilities 1.87b) |
| Altman-Z'' = 5.91 = AAA |
| DSRI: 0.88 (Receivables 937.7m/952.3m, Revenue 1.37b/1.23b) |
| GMI: 0.96 (GM 71.46% / 74.31%) |
| AQI: 0.63 (AQ_t 0.25 / AQ_t-1 0.41) |
| SGI: 1.11 (Revenue 1.37b / 1.23b) |
| TATA: -0.05 (NI 648.0m - CFO 841.7m) / TA 4.16b) |
| Beneish M = -3.30 (Cap -4..+1) = AA |
As of June 19, 2026, the stock is trading at SGD 24.26 with a total of 2,941,700 shares traded.
Over the past week, the price has changed by +11.80%,
over one month by +14.76%,
over three months by +28.02% and
over the past year by +75.01%.
SINGAPORE EXCHANGE has no consensus analysts rating.
P/E Trailing = 38.1148
P/E Forward = 32.2581
P/S = 17.4741
P/B = 10.5783
P/EG = 3.7596
Revenue TTM = 1.37b SGD
EBIT TTM = 589.5m SGD
EBITDA TTM = 674.5m SGD
Long Term Debt = 299.7m SGD (from longTermDebt, last quarter)
Short Term Debt = 326.4m SGD (from shortLongTermDebt, last quarter)
Debt = 57.0m SGD (Leases only: 57.0m)
Net Debt = -1.62b SGD (calculated: Debt 57.0m - CCE 1.67b)
Enterprise Value = 23.3b SGD (24.9b + Debt 57.0m - CCE 1.67b)
Interest Coverage Ratio = 34.00 (Ebit TTM 589.5m / Interest Expense TTM 17.3m)
EV/FCF = 38.93x (Enterprise Value 23.3b / FCF TTM 597.9m)
FCF Yield = 2.57% (FCF TTM 597.9m / Enterprise Value 23.3b)
FCF Margin = 43.62% (FCF TTM 597.9m / Revenue TTM 1.37b)
Net Margin = 47.28% (Net Income TTM 648.0m / Revenue TTM 1.37b)
Gross Margin = 74.31% ((Revenue TTM 1.37b - Cost of Revenue TTM 352.2m) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 5.60 (Enterprise Value 23.3b / Total Assets 4.16b)
Interest Expense / Debt = 30.40% (Interest Expense 17.3m / Debt 57.0m)
Taxrate = 17.53% (137.8m / 785.9m)
NOPAT = 486.2m (EBIT 589.5m * (1 - 17.53%))
Current Ratio = 1.22 (Total Current Assets 2.98b / Total Current Liabilities 2.44b)
Debt / Equity = 0.02 (Debt 57.0m / totalStockholderEquity, last quarter 2.29b)
Debt / EBITDA = -2.40 (Net Debt -1.62b / EBITDA 674.5m)
Debt / FCF = -2.70 (Net Debt -1.62b / FCF TTM 597.9m)
Total Stockholder Equity = 2.12b (last 4 quarters mean from totalStockholderEquity)
RoA = 15.89% (Net Income 648.0m / Total Assets 4.16b)
RoE = 30.57% (Net Income TTM 648.0m / Total Stockholder Equity 2.12b)
RoCE = 24.37% (EBIT 589.5m / Capital Employed (Equity 2.12b + L.T.Debt 299.7m))
RoIC = 18.64% (NOPAT 486.2m / Invested Capital 2.61b)
WACC = 6.60% (E(24.9b)/V(25.0b) * Re(6.56%) + D(57.0m)/V(25.0b) * Rd(30.40%) * (1-Tc(0.18)))
Discount Rate = 6.56% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -42.22 | Cagr: -0.06%
[DCF] Terminal Value 77.97% ; FCFF base≈555.5m ; Y1≈636.8m ; Y5≈937.2m
[DCF] Fair Price = 14.68 (EV 14.1b - Net Debt -1.62b = Equity 15.7b / Shares 1.07b; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: 95.25 | Revenue CAGR: 7.12% | SUE: N/A | # QB: 0
EPS current Year (2026-06-30): EPS=0.68 | Chg30d=+2.29% | Revisions=+25% | GrowthEPS=+19.2% | GrowthRev=+8.5%
EPS next Year (2027-06-30): EPS=0.74 | Chg30d=+2.74% | Revisions=+25% | GrowthEPS=+9.5% | GrowthRev=+7.7%
[Analyst] Revisions Ratio: +25%