Broker: Maybank Research Pte Ltd
Date of Report: June 12, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary: Singapore Exchange Ltd (SGX SP)
- Action: BUY
- Target Price: SGD 25.25
- Current Price: SGD 22.58
- Key Idea: SGX is positioned for structurally higher growth, driven by accelerated market turnover and strong derivatives growth. Risks to earnings upgrades are on the upside, and SGX’s multi-asset risk management platform makes it a structural beneficiary of global volatility.
- Highlights:
- May market turnover value up 70% YoY, SDAV at SGD 2.4bn (highest since pre-GFC).
- FY26YTD SDAV at SGD 1.8bn, higher than forecasted SGD 1.6bn.
- Derivatives daily average volume up 27% YoY, Asia risk management products leading growth.
- FY26-28E EPS raised by 4-8% due to higher ADV forecasts.
- Blended multi-stage DCF and peer PE valuation raises TP to SGD 25.25 (+12%).
- SGX enjoys high operating leverage and dividend visibility, with payout ratio expected to be 62% in FY26E-27E.
- Implications: Continued market momentum and elevated global volatility favor SGX. Risks are tilted towards further earnings upgrades. Key risk: Weak IPO performance may affect future liquidity and velocity.
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 website : www.maybank.com/investment-banking
