Broker Name: RHB
Date of Report: 6 January 2026

Excerpt from RHB report.

Report Summary

• RHB maintains a Neutral rating on Singapore Exchange (SGX), with a target price of SGD17.90, reflecting a 4% upside. Strong 1HFY26 earnings are expected, supported by robust year-on-year growth in securities and derivatives trading volumes, but valuation appears stretched.
• The medium- to long-term outlook is positive, underpinned by regulatory initiatives, deployment of the Equity Market Development Programme (EQDP) fund, and supportive macroeconomic drivers. However, RHB advises accumulating on pullbacks due to demanding valuation and modest dividend yields.
• SGX demonstrates strong ESG credentials, with an overall ESG score of 3.3 out of 4, and is on track to achieve significant emissions reductions by FY31. The company has healthy financial metrics, high returns on equity, and maintains a net cash position.

Above is an excerpt from a report by RHB. Clients of RHB can be the first to access the full report from the RHB website: https://www.rhbgroup.com