- SGX reported a notable increase in net income, reaching S$648.0 million, an 8.4% rise from the previous year.
- Operating profit saw a significant surge of 23% year-on-year, totaling S$742.8 million, slightly above the estimates.
- Operating revenue climbed to S$1.37 billion, marking an 11% increase and surpassing projections.
- FICC revenue was S$350.1 million, up 8.5% year-on-year, though slightly below expectations.
- Equities Cash revenue experienced an 18% increase, rising to S$396.4 million.
- Equities derivatives revenue reached S$375.5 million, representing a 12% uplift compared to the previous year.
- The final dividend per share increased to S$0.105 from S$0.090 the previous year.
- Staff costs rose by 3.1% to reach S$300.9 million.
- For 2026, SGX forecasts capital expenditure between S$90 million and S$95 million, with expenses expected to increase by 4% to 6%.
- SGX plans to incrementally raise its dividend by S$0.0025 each quarter from FY26 to FY28.
- The company is optimistic about the IPO pipeline and the near-term market outlook.
- SGX is exploring the development of new categories of structured products.
- The medium-term guidance remains on track, with expected group revenue growth of 6%-8%, driven by low to mid-teens growth in OTC FX and exchange traded derivatives.
- OTC FX’s EBITDA contribution to the group is projected to be mid-to-high single digit percentage in the mid-term.
- Expenses are anticipated to increase at a low to mid-single digit rate in the mid-term.
- Capital expenditure is expected to be below the historical average of 7% of group revenue over a typical cycle.
- SGX achieved its highest revenue and net profit since its listing, with strong growth in equities, currencies, and commodities.
- Market outlook from analysts includes 6 buys, 6 holds, and 4 sells based on these findings.
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SGX on Smartkarma
Analysts on Smartkarma, such as Devi Subhakesan, are covering SGX closely. Devi’s recent report, titled “SGX Group (SGX SP): Likely More Listings. Triggered by Trade Tensions, Tax Perks,” expresses bullish sentiment towards SGX. The report highlights that an increase in listings on the SGX could lead to improved cash flow and potentially boost the company’s growth prospects. Devi points out that factors like the escalating trade tensions between the U.S. and China, as well as Singapore’s favorable policy measures introduced in February 2025, are driving the surge in listing interest on SGX. This positive momentum in listings could potentially lead to higher valuations and earnings forecasts for SGX in 2026.
A look at SGX Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 2 | |
| Dividend | 3 | |
| Growth | 4 | |
| Resilience | 4 | |
| Momentum | 4 | |
| OVERALL SMART SCORE | 3.4 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on the Smartkarma Smart Scores, Singapore Exchange Limited (SGX) shows a promising long-term outlook. With solid scores in Growth, Resilience, and Momentum, SGX appears to be positioned well for future success. Its Growth score, particularly, indicating potential for expansion and development in the market, coupled with strong Momentum and Resilience scores, suggests a robust and steady performance. Furthermore, SGX‘s Dividend score signifies a moderate level of dividend payment, providing investors with a potential source of income.
As the owner and operator of Singapore’s Securities and derivatives exchange, SGX plays a vital role in the country’s financial sector. Additionally, the company offers ancillary securities processing and information technology services, further enhancing its position as a key player in the industry. With a balanced set of Smart Scores, SGX appears to have a positive outlook for the long term, making it an interesting prospect for investors seeking stability and growth potential in the market.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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