Singapore Exchange - RHB Research 2025-08-20: Strong Start To The New Fiscal Year

• Our FY26-28F earnings forecast for SGX are 5-6% above consensus. Our dividend estimates exceed guidance, but implied ~3% FY26 yield remains well below the market yield. With SGX's share price up 27% year-to-date, much optimism appears priced in.
• - Read this at SGinvestors.io -

July securities data.

• Securities market turnover rose to S$33.8bn (+27% y-o-y, +30% m-o-m), with securities daily average value (SDAV) at S$1.47bn (+27% y-o-y, +19% m-o-m), implying 1HFY26 SDAV being 11% above our estimate.
• - Read this at SGinvestors.io -
• We forecast y-o-y SDAV growth of 8.8%, 5.0%, 5.0% for FY26-28.
• July saw listings of NTT DC REIT (SGX:NTDU) (Mainboard), Info-Tech Systems (SGX:ITS) (Mainboard), China Medical System (SGX:8A8) (secondary), and Lum Chang Creations (SGX:LCC) (Catalist). SGX expects heightened IPO activity with ~30 firms in the pipeline (vs our assumption of 15 in FY26 and 10 each in FY27-28).

July derivatives data.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2026-01-12 Singapore Exchange - Marking To Market 1HFY26 Operating Data.

Previous report by RHB:
2026-01-06 Singapore Exchange - Strong 1HFY26 Earnings Outlook.

Price targets by 2 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