Broker Name: UOB Kay Hian
Date of Report: 11 June 2026
Excerpt from UOB Kay Hian report.
Report Summary
- Stock Focus: Singapore Exchange (SGX SP)
- Action: Maintain HOLD
- Target Price: S\$21.70 (raised from S\$19.16)
- Highlights:
- SGX reported robust trading activity for May 2026, with cash equity daily average value up 79.4% year-on-year and derivatives daily average volume up 26.5% year-on-year.
- Core earnings forecast for FY26: S\$739m (+21% yoy).
- Earnings forecasts for FY26-28 raised by 8-11% due to stronger-than-expected operating statistics.
- Trading activity and risk management demand expected to remain strong due to market volatility and Singapore’s equity market development initiatives.
- Valuation at 27.1x FY28F PE, a premium to global peers.
- Key risk: Weaker-than-expected trading activities.
Call to Action: Investors should note the HOLD recommendation and the increased target price of S\$21.70. The report suggests waiting for a better entry point due to current valuation premium.
Ticker: SGX SP
above is an excerpt from a report by UOB Kay Hian. Clients of UOB Kay Hian can be the first to access the full report from the UOB Kay Hian website : https://research-api.uobkayhian.com/assets/disclaimer/df64a6ea-7980-447c-ae9e-fd19b93257dc
