SGX saw broad-based growth across all business segments in FY25. FY26 outlook remains upbeat, with the cash equity business to be bolstered by the MAS EQDP, and the derivative business driven by risk management demand amid heightened global uncertainties.
FY25 results in line.
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Net revenue (i.e. excluding transaction-based expenses) rose 11.7% y-o-y to S$1,298.2m, driven by broad-based growth across all business segments. Revenue of: fixed income, currencies and commodities (FICC), cash equities, equity derivatives, and platform and others segments rose 8.6%, 18.7%, 13.8% and 3.0% y-o-y, respectively, in FY25.
Excluding treasury income (which dropped 4.7% y-o-y amid a lower interest rate environment), group net revenue rose 13.9% y-o-y, reflecting business volume expansion across key segments.
Operating statistics of key business segments:
FICC: Strong currency and commodity performance.
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Over-the-counter (OTC) FX headline average daily volume (ADV) rose 28.5% y-o-y. The fixed income subsegment saw 843 bond listing in FY25, raising S$296.0b (FY24: 1,015 listings, S$296.3b raised).
Cash equities: Improved investor interest and investment flows.
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Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
