Singapore Exchange - RHB Research 2025-02-24: Higher Number Of New Listings & SDAV Estimates

• Still NEUTRAL on SGX, with new SGX's target price of S$13.60 (up from S$12.80), 6% upside from the current SGX's share price.
• - Read this at SGinvestors.io -
• We lift the number of net new listings and expect the securities daily average traded value (SDAV) to rise in FY26-27 (Jun). Despite the earnings upgrade, its valuation is looking stretched amidst a still moderating growth outlook.

Expect 9 to 12 net new listings on SGX in FY26-27.

• - Read this at SGinvestors.io -
• Therefore, we raise our FY26-27 SDAV estimates by ~5% each. We have left our derivatives estimates unchanged. Overall, our FY26F-27F earnings forecast for SGX have increased by ~2% each.

Valuation basis & earnings sensitivity.

• Read more at SGinvestors.io.

Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2025-02-24 SGinvestors.io

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