SGX (SGX:S68)'s 1HFY26 revenue and earnings met our estimates, at 51%/50% of FY26e. Core operating revenue growth (+6% Equities, +14% FICC) offset the drag from Treasury income (-14%). SGX's Interim quarterly dividend increased by 22% y-o-y to 11 cents, with 1HFY26 dividend at 21.75 cents (+21% y-o-y). SGX has maintained its guidance to increase dividend by 0.25 cents per quarter until FY28.
- Read this at SGinvestors.io -
The Positives
Currency and Commodities growth continue.
- Read this at SGinvestors.io -
SGX’s OTC FX growth was stable, with revenue rising 8% y-o-y and headline average daily volume (ADV) rising 32% y-o-y to US$180bn. SGX has maintained its guidance that OTC FX will contribute mid-to-high single digits to EBITDA in the medium term (1HFY26: 5%, FY25: 5%, FY24: 3%).
Cash equities resurgence & record derivative volumes.
Read more at SGinvestors.io.
Above is an excerpt from a report by Phillip Securities Research. Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
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