- SGX‘s net income for the financial year reached S$648.0 million, up 8.4% year-on-year, compared to S$597.9 million previously.
- Operating profit was S$742.8 million, marking a 23% increase year-on-year and slightly exceeding estimates of S$742.7 million.
- Operating revenue rose to S$1.37 billion, an 11% increase year-on-year, surpassing the forecasted S$1.36 billion.
- FICC (Fixed income, Currency, and Commodities) revenue saw an increase to S$350.1 million, up 8.5% year-on-year, though slightly below estimates of S$362.1 million.
- Equities Cash revenue experienced a significant growth of 18% year-on-year, totaling S$396.4 million.
- Equities derivatives revenue climbed by 12% year-on-year, reaching S$375.5 million.
- The final dividend per share improved to S$0.105, compared to S$0.090 the previous year.
- Staff costs increased by 3.1% year-on-year, totaling S$300.9 million.
- For 2026, SGX anticipates capital expenditure between S$90 million to S$95 million and expects expenses to rise by 4% to 6%.
- SGX plans to increase its dividend by S$0.0025 each quarter from FY26 to FY28.
- The company is optimistic about its initial public offering (IPO) pipeline and the near-term market outlook.
- SGX is exploring the development of new categories of structured products.
- The company is on track with its medium-term guidance announced earlier and expects group revenue growth, excluding treasury income, to be between 6% to 8%, driven by growth in OTC FX and exchange traded derivatives businesses.
- OTC FX’s EBITDA is expected to contribute mid-to-high single-digit percentages to the group EBITDA in the mid-term.
- Mid-term expectations include a low to mid-single-digit expense increase.
- Capital expenditure is projected to remain below the historical average of 7% of group revenue over a cycle in the mid-term.
- SGX reported its highest revenue and net profit since listing, with strong growth observed across equities, currencies, and commodities.
- In the current market analyst ratings, there are 6 buy recommendations, 6 hold, and 4 sell.
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SGX on Smartkarma
Analysts on Smartkarma, such as Devi Subhakesan, are covering SGX Group (SGX SP) with a bullish outlook. Devi Subhakesan‘s recent report titled “SGX Group (SGX SP): Likely More Listings. Triggered by Trade Tensions, Tax Perks” highlights the potential for an increase in listings on the SGX. This surge in listing interest is attributed to escalating U.S.-China trade tensions and associated geopolitical uncertainties.
The report suggests that Singapore’s proactive policy toolkit introduced in February 2025, offering cost savings and regulatory certainty to issuers, could attract more companies to list in Singapore. Analysts believe that an uptick in listings on the SGX can lead to higher cash flow generation, potentially supporting a re-rating of medium-term growth prospects and valuations. This positive sentiment may strengthen valuation multiples and result in upward revisions to 2026 earnings forecasts for SGX.
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, the long-term outlook for Singapore Exchange Limited (SGX) appears positive. With above-average scores in Growth, Resilience, and Momentum, SGX is well-positioned for future success. The company’s strong Growth and Resilience scores indicate its ability to expand and withstand market challenges, while its Momentum score suggests upward trends in performance. Although SGX‘s Value and Dividend scores are not the highest, its overall outlook seems promising due to its solid performance across other key factors.
Singapore Exchange Limited, owning and operating the country’s main securities and derivatives exchange, along with providing vital ancillary services to the financial sector, showcases a balanced performance across different aspects of its business. With a focus on growth, resilience, and momentum, SGX appears to be on a path towards sustained success in the long term.
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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