Singapore Exchange - UOB Kay Hian 2026-02-06: 1HFY26 Broadly In Line; Expect Trading Activities To Sustain At High Levels In 2HFY26

• Singapore Exchange (SGX)’s 1HFY26 core net profit of S$357.3m (+11.6% y-o-y) was largely in line with our expectation, forming 52.4% of our full-year forecast.
• Net revenue (i.e. excluding transaction-based expenses) rose 7.6% y-o-y to S$695.4m, driven by growths in the: fixed income, currencies and commodities (FICC, +16.2% y-o-y); cash equities (+12.5% y-o-y); and platform and other services (+6.8% y-o-y) segments, but partly offset by a decline in the equity derivatives business (- 5.6%). Excluding treasury income (which dropped 5.8% y-o-y driven lower interest rates), group net revenue grew 8.0% y-o-y, in line with management’s medium-term growth guidance of 6-8% p.a..

Disciplined cost management.

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Upbeat trading volume.

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• For the equity derivative business, contract volume was largely stable y-o-y in 1HFY26, at 90.8m, as lower volumes in Nikkei 225, MSCI Singapore, GIFT Nifty 50 and FTSE Taiwan index futures contracts were largely offset by higher volumes in FTSE China A50 index futures contracts.
• SGX declared second interim dividend of 11 cents, in line with the company’s guided dividend policy.

2HFY26 outlook: Expect strong business momentum in cash equities to sustain...

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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/.

Previous report by UOB:
2025-12-12 Singapore Exchange - November Stock Market Activity Stays Robust; 5MFY26 Statistics Beat Our Expectations.

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