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Following a meeting with SGX's management, we raise FY27F and FY28F (Jun) profit forecasts by 6.2% and 7.6% on materially higher securities daily average traded value (SDAV) assumptions.
- - Read this at SGinvestors.io -
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SGX's share price trades at a material premium to regional peers and against its historical valuations. We see limited scope for a rerating as our estimates already sit above consensus’.
SDAV estimates raised meaningfully.
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Our model now reflects 10% and 14% jumps in SDAV assumptions for FY27F and FY28F, reflecting our confidence in the durability of the current elevated trading environment. The structural factors underpinning this view are the Equity Market Development Programme (EQDP) continuing to anchor SDAV, and a genuine broadening of investor participation in stocks beyond the STI – as seen from the STI's share of total value traded declining from 85% a year ago to ~74%.
- - Read this at SGinvestors.io -
Higher tax rate and cost growth offset some volume uplift.
- 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/ 2026-06-26
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
