- Singapore Exchange (SGX:S68) remains a key proxy to Singapore’s market reforms and regional risk management needs. Raise SGX's target price to S$20.37. BUY.
Rising momentum
- - Read this at SGinvestors.io -
- Equities – Cash also saw strong growth, and we expect this momentum to accelerate in 2H as market reforms start to be implemented. This should drive higher volumes and a better fee mix.
Stronger 2H cash-equities from reform momentum
- Equities-Cash revenues increased +16% y-o-y. This was led by ADV increasing +19.5% y-o-y to S$1.51bn. In our view, this growth is largely independent of equity market reforms as related implementation has yet to kick-off i.e. EQDP liquidity is only just starting to be deployed. Together with continued safe-haven flows to Singapore, market velocity should see upside risks.
- - Read this at SGinvestors.io -
- We note clearing fees rising +1.8% y-o-y highlighting a shift in mix towards full-fee paying retail and institutional clients. Combined, these developments should broaden and deepen SGX’s Equity-Cash proposition. We raise FY27-28E Equities revenues by 2% each.
Multi-asset platform synergies delivering
- Read more at SGinvestors.io.
Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
Thilan Wickramasinghe Maybank Research | Singapore Research Team Maybank Research | https://www.maybanktrade.com.sg/ 2026-02-05
Read also Maybank's most recent report:
2026-06-12 Singapore Exchange - Positioned For Structurally Higher Growth. BUY.
Price targets by 3 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
