S68 Stock Analysis: SINGAPORE EXCHANGE | SG
Financial Data & Stock Exchanges | SG, Singapore | Market Cap: 26.673m SGD | 12M Return: 59.5% | SG1J26887955 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 65.3M
Warnings
No concerns identified
Tailwinds
Seasonality 11.6 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 along with related clearing houses and an electricity market. The company runs four reporting segments: Fixed Income, Currencies and Commodities; Equities – Cash; Equities – Derivatives; and Platform and Others. SGX was incorporated in 1999 and is headquartered in Singapore.
Its revenue base spans the full exchange value chain, including trading, clearing, settlement, depository and collateral management, treasury management for related corporations, and a suite of data and technology services. Through its Platform and Others segment, SGX also distributes bulk freight indices, provides index administration, operates electronic FX trading platforms, runs an electronic communication network, and offers membership and connectivity subscriptions. Additional activities include front-line regulatory functions, index management consulting, and software maintenance.
As one of Asias leading multi-asset exchange operators, SGX combines traditional securities and derivatives markets with less common adjacent businesses such as freight indices, FX pricing solutions, and an electricity market - a model that diversifies fee streams beyond core equity trading. Financial exchanges typically monetize through a mix of listing fees, transaction/clearing volumes, and recurring market data and connectivity subscriptions, all of which feature in SGXs offering.
- China equity derivatives volumes drive record trading revenue
- Net interest income benefits from elevated rate environment
- ASEAN IPO listings pipeline supports cash equities growth
| 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: 75.45% > 18% (prev 74.31%; Δ 1.14% > 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: 1.11 (Receivables 1.01b/796.1m, Revenue 1.56b/1.37b) |
| GMI: 0.98 (GM 74.31% / 75.45%) |
| 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 = -3.10 (Cap -4..+1) = AA |
As of August 17, 2026, the stock is trading at SGD 25.24 with a total of 1,816,100 shares traded. Over the past week, the price has changed by +2.98%, over one month by +5.78%, over three months by +19.39% and over the past year by +59.49%.
Current recommended Stop Loss: 24.20 (which is 4.1% or 2.3 ATR below the current price).
SINGAPORE EXCHANGE has no consensus analysts rating.
P/E Trailing = 38.6923
P/E Forward = 31.25
P/S = 17.382
P/B = 11.3963
P/EG = 2.933
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 = 24.9b SGD (26.7b + Debt 47.6m - CCE 1.81b)
Interest Coverage Ratio = 35.59 (Ebit TTM 589.5m / Interest Expense TTM 16.6m)
EV/FCF = 31.58x (Enterprise Value 24.9b / FCF TTM 788.8m)
FCF Yield = 3.17% (FCF TTM 788.8m / Enterprise Value 24.9b)
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 = 75.45% ((Revenue TTM 1.56b - Cost of Revenue TTM 382.9m) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 5.48 (Enterprise Value 24.9b / 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 = 6.29% (E(26.7b)/V(26.7b) * Re(6.25%) + D(47.6m)/V(26.7b) * Rd(34.82%) * (1-Tc(0.19)))
Discount Rate = 6.25% (= 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 = 14.33 (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=+3.08% | Revisions=+38% | GrowthEPS=+9.3% | GrowthRev=+6.9%
EPS next Year (2028-06-30): EPS=0.83 | Chg30d=+2.85% | Revisions=+57% | GrowthEPS=+7.0% | GrowthRev=+5.8%
[Analyst] Revisions Ratio: +58% (up=8, down=1)