S68 Stock Analysis: SINGAPORE EXCHANGE | SG
Financial Data & Stock Exchanges | SG, Singapore | Market Cap: 22.477m SGD | 12M Return: 19.4% | SG1J26887955 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 77.0M
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Singapore Exchange Limited (SGX) is an investment holding company that operates Singapores integrated securities and derivatives exchange, related clearing houses, and an electricity market. It reports across four segments: Fixed Income, Currencies and Commodities; Equities – Cash; Equities – Derivatives; and Platform & others.
The company runs a vertically integrated model spanning trading, clearing, settlement, depository and collateral services, alongside market data, indices, connectivity and membership offerings. Additional activities include the distribution of bulk freight indices, operation of electronic FX trading platforms and an electronic communication network, and provision of counterparty guarantees for securities transactions. SGX was incorporated in 1999 and is headquartered in Singapore.
Within the Financials sector, the company sits in the Financial Exchanges & Data sub-industry. As the sole securities exchange operator in Singapore, its revenue model is anchored by trading and clearing fees, listing income, and recurring data and connectivity subscriptions.
- Derivatives trading volumes drive core segment revenue growth
- Higher interest rates boost treasury and collateral management income
- Regional exchange competition pressures equities market share
| Net Income: 698.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.17 > 0.02 and ΔFCF/TA -1.32 > 1.0 |
| NWC/Revenue: 83.57% < 20% (prev 90.37%; Δ -6.80% < -1%) |
| CFO/TA 0.19 > 3% & CFO 870.7m > Net Income 698.4m |
| Net Debt (-1.76b) to EBITDA (671.7m): -2.62 < 3 |
| Current Ratio: 1.62 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.07b) vs 12m ago -0.00% < -2% |
| Gross Margin: 74.36% > 18% (prev 73.32%; Δ 1.05% > 0.5%) |
| Asset Turnover: 35.89% > 50% (prev 33.08%; Δ 2.81% > 0%) |
| Interest Coverage Ratio: 35.59 > 6 (EBIT TTM 589.5m / Interest Expense TTM 16.6m) |
| A: 0.29 (Total Current Assets 3.41b - Total Current Liabilities 2.11b) / Total Assets 4.55b |
| B: 0.35 (Retained Earnings 1.61b / Total Assets 4.55b) |
| C: 0.14 (EBIT TTM 589.5m / Avg Total Assets 4.35b) |
| D: 1.08 (Book Value of Equity 2.36b / Total Liabilities 2.18b) |
| Altman-Z'' = 5.08 = AAA |
| DSRI: 1.10 (Receivables 1.17b/936.0m, Revenue 1.56b/1.37b) |
| GMI: 0.99 (GM 73.32% / 74.36%) |
| AQI: 0.58 (AQ_t 0.22 / AQ_t-1 0.38) |
| SGI: 1.14 (Revenue 1.56b / 1.37b) |
| TATA: -0.04 (NI 698.4m - CFO 870.7m) / TA 4.55b) |
| Beneish M = -3.11 (Cap -4..+1) = AA |
As of October 09, 2026, the stock is trading at SGD 20.64 with a total of 5,138,430 shares traded. Over the past week, the price has changed by -8.71%, over one month by -17.11%, over three months by -14.04% and over the past year by +19.37%.
Current recommended Stop Loss: 20.00 (which is 3.1% or 1.3 ATR below the current price).
SINGAPORE EXCHANGE has no consensus analysts rating.
P/E Trailing = 32.2923
P/E Forward = 28.2486
P/S = 14.4132
P/B = 10.3196
P/EG = 2.6467
Revenue TTM = 1.56b SGD
EBIT TTM = 589.5m SGD
EBITDA TTM = 671.7m SGD
Long Term Debt = 299.7m SGD (from longTermDebt, two quarters ago)
Short Term Debt = 628.2m SGD (from shortLongTermDebt, last quarter)
Debt = 47.6m SGD (Leases only: 47.6m)
Net Debt = -1.76b SGD (calculated: Debt 47.6m - CCE 1.81b)
Enterprise Value = 20.7b SGD (22.5b + Debt 47.6m - CCE 1.81b)
Interest Coverage Ratio = 35.59 (Ebit TTM 589.5m / Interest Expense TTM 16.6m)
EV/FCF = 26.27x (Enterprise Value 20.7b / FCF TTM 788.8m)
FCF Yield = 3.81% (FCF TTM 788.8m / Enterprise Value 20.7b)
FCF Margin = 50.58% (FCF TTM 788.8m / Revenue TTM 1.56b)
Net Margin = 44.79% (Net Income TTM 698.4m / Revenue TTM 1.56b)
Gross Margin = 74.36% ((Revenue TTM 1.56b - Cost of Revenue TTM 399.8m) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 4.56 (Enterprise Value 20.7b / Total Assets 4.55b)
Interest Expense / Debt = 34.82% (Interest Expense 16.6m / Debt 47.6m)
Taxrate = 18.64% (160.0m / 858.5m)
NOPAT = 479.6m (EBIT 589.5m * (1 - 18.64%))
Current Ratio = 1.62 (Total Current Assets 3.41b / Total Current Liabilities 2.11b)
Debt / Equity = 0.02 (Debt 47.6m / totalStockholderEquity, last quarter 2.36b)
Debt / EBITDA = -2.62 (Net Debt -1.76b / EBITDA 671.7m)
Debt / FCF = -2.23 (Net Debt -1.76b / FCF TTM 788.8m)
Total Stockholder Equity = 2.22b (last 4 quarters mean from totalStockholderEquity)
RoA = 16.07% (Net Income 698.4m / Total Assets 4.55b)
RoE = 31.46% (Net Income TTM 698.4m / Total Stockholder Equity 2.22b)
RoCE = 23.40% (EBIT 589.5m / Capital Employed (Equity 2.22b + L.T.Debt 299.7m))
RoIC = 20.32% (NOPAT 479.6m / Invested Capital 2.36b)
WACC = 6.49% (E(22.5b)/V(22.5b) * Re(6.44%) + D(47.6m)/V(22.5b) * Rd(34.82%) * (1-Tc(0.19)))
Discount Rate = 6.44% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -36.42 | Cagr: -0.06%
[DCF] Terminal Value 75.70% ; FCFF base≈782.7m ; Y1≈798.8m ; Y5≈874.2m
[DCF] Fair Price = 14.30 (EV 13.6b - Net Debt -1.76b = Equity 15.3b / Shares 1.07b; r=8.35% [WACC [floored]]; 5y FCF grow 1.97% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: 99.85 | Revenue CAGR: 12.52% | SUE: 4.0 | # QB: 1
EPS current Year (2027-06-30): EPS=0.78 | Chg30d=-0.15% | Revisions=+62% | GrowthEPS=+9.4% | GrowthRev=+6.4%
EPS next Year (2028-06-30): EPS=0.83 | Chg30d=-0.02% | Revisions=+58% | GrowthEPS=+7.3% | GrowthRev=+6.5%
[Analyst] Revisions Ratio: +68% (up=17, down=2)