Broker Name: Maybank Research Pte Ltd
Date of Report: December 11, 2025

Excerpt from Maybank Research Pte Ltd report.

Report Summary
• Maybank upgrades Singapore Exchange Ltd (SGX) to a higher price target (SGD18.81) and maintains a BUY rating, citing strong structural growth in trading volumes and operating leverage.
• Recent market reforms, increased IPO momentum, and new initiatives like the SGX-NASDAQ dual listing bridge are expected to further boost SGX’s earnings, dividends, and status as a regional financial hub.
• Operating revenue and net profit are forecasted to grow steadily, with upside risks to both earnings and dividends due to higher trading activity and cost control.
• SGX is positioned as the main beneficiary of regional safe haven flows and structural changes in the equities market, supporting a positive medium-term outlook.

above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research Pte Ltd website : www.maybank-keresearch.com