Although we remain positive on Singapore Exchange (SGX:S68)’s medium-term outlook and reform-driven tailwinds, the current valuation already reflects much of this improvement. We would stay invested, but not chase the stock here.
- Read this at SGinvestors.io -
We therefore raise earnings modestly, but the uplift to fair value is limited.
What changed.
SGX's February’s securities daily average value (SDAV) of S$2.1bn, the highest level since 2020, is a standout data from last two months' market statistics. 2HFY26 (Jan-Jun 2026) is tracking at ~S$1.83bn SDAV, roughly 10% ahead of our prior 2HFY26 estimate.
- Read this at SGinvestors.io -
The breadth of the securities market recovery is notable as small-and mid-cap turnover surged 135% y-o-y in February signalling that the bull run is not just an index story but is genuinely broadening out across the market. Retail daily turnover jumped 45% y-o-y in February to a 13-year high.
Our assessment.
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/.
