Broker: Maybank Research Pte Ltd
Date of Report: June 12, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Stock: Singapore Exchange Ltd (SGX SP)
- Action: BUY
- Target Price: SGD25.25 (raised from SGD20.37)
- Key Idea: SGX is positioned for structurally higher growth, supported by accelerating equity market turnover and strong derivatives volume. The platform benefits from global volatility and safe haven flows. Risks to earnings upgrades are on the upside.
- Highlights:
- May equity market turnover up +70% YoY; SDAV at SGD2.4bn, highest since pre-GFC.
- Retail participation is rising, with Catalist velocity up to 73% from 21% a year ago.
- Derivatives daily average volume up 27% YoY, with strong demand for Asia risk management products.
- FY26-28E EPS raised by 4-8% due to higher ADV forecasts.
- Potential risks: Most recent IPOs trade below opening price, possibly affecting IPO momentum and liquidity.
- Implications: SGX’s multi-asset risk management platform is a structural beneficiary from elevated global volatility. Continued momentum could drive upside risk for earnings and Street upgrades.
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 : https://www.maybank-keresearch.com
