- 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/.
Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2026-03-16
Read also RHB's most recent report:
2026-06-26 Singapore Exchange - Higher Forecasts, Same Constraint.
Previous report by RHB:
2026-06-12 Singapore Exchange - Strong Data, Stretched Valuation; Reviewing Estimates.
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
