S68 Stock Analysis: SINGAPORE EXCHANGE | SG
Financial Data & Stock Exchanges | SG, Singapore | Market Cap: 25.519m SGD | 12M Return: 55.4% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 58.3M
Warnings
No concerns identified
Tailwinds
Seasonality 10.5 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: 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 July 28, 2026, the stock is trading at SGD 23.95 with a total of 2,743,100 shares traded. Over the past week, the price has changed by +1.35%, over one month by -1.16%, over three months by +11.26% and over the past year by +55.37%.
Current recommended Stop Loss: 23.40 (which is 2.3% or 1.3 ATR below the current price).
SINGAPORE EXCHANGE has no consensus analysts rating.
P/E Trailing = 39.0833
P/E Forward = 30.8642
P/S = 17.8362
P/B = 11.0489
P/EG = 3.6062
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 = 23.9b SGD (25.5b + Debt 57.0m - CCE 1.67b)
Interest Coverage Ratio = 34.00 (Ebit TTM 589.5m / Interest Expense TTM 17.3m)
EV/FCF = 39.98x (Enterprise Value 23.9b / FCF TTM 597.9m)
FCF Yield = 2.50% (FCF TTM 597.9m / Enterprise Value 23.9b)
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 = 5.75 (Enterprise Value 23.9b / 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 = 6.63% (E(25.5b)/V(25.6b) * Re(6.59%) + D(57.0m)/V(25.6b) * Rd(30.40%) * (1-Tc(0.18)))
Discount Rate = 6.59% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -36.42 | Cagr: -0.06%
[DCF] Terminal Value 77.97% ; FCFF base≈555.5m ; Y1≈636.8m ; Y5≈937.2m
[DCF] Fair Price = 14.71 (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 (2027-06-30): EPS=0.76 | Chg30d=+1.18% | Revisions=+55% | GrowthEPS=+11.4% | GrowthRev=+8.4%
[Analyst] Revisions Ratio: +55% (up=7, down=1)