Singapore Exchange: Quarterly Dividend Increase Until FY28

Singapore Exchange - Phillip Securities 2025-08-11: Quarterly Dividend Increase Until FY28

Singapore Exchange: Quarterly Dividend Increase Until FY28

SGinvestors.io

Published: 2025-08-12 02:50 AM

SGX's 2HFY25 revenue of S$688mil and earnings of S$308mil were below our estimates, with FY25 revenue and PATMI at 97%/92% of FY25e. The variance came from lower-than-expected FICC and treasury income.

FICC grew by 4% y-o-y, led by continued growth in commodity and currency derivatives volumes and higher OTC FX revenue. Equities revenue rose (+10% y-o-y) from a continued recovery in SDAV and equity derivatives volumes. Treasury income pulled down earnings (-17% y-o-y) from lower average yields on margin deposits as interest rates declined.

The Positives

Currency and Commodities pull up FICC.

This is a partial preview of the article. The complete article, including further analyst commentary on the outlook, valuation, dividend forecast, stock rating, target price, and more, is available on SGinvestors.io. Read the complete article on SGinvestors.io.

SGinvestors.io

Glenn Thum Phillip Securities Research | https://www.poems.com.sg/ 2025-08-11

Read also Phillip's most recent report:
2026-02-06 Singapore Exchange - Core Volumes Overtake Yield Headwinds.

Price targets by 4 other brokers at SGX Target Prices.

Listing of research reports at SGX Analyst Reports.

Relevant links:
SGX Share Price History,
SGX Announcements,
SGX Dividend Payout Dates & Corporate Actions,
SGX News

Singapore Exchange - Phillip Securities 2025-08-11: Quarterly Dividend Increase Until FY28