Singapore Exchange (SGX) has reported record-high revenue and profit for the financial year 2025, according to a recent DBS Group Research report. The report highlights SGX’s strategic investments across multiple asset classes, including equities, fixed income, foreign exchange (FX), and commodities, which are expected to mitigate market cyclicality and drive future growth.
SGX’s management remains optimistic about the initial public offering (IPO) pipeline, which currently includes over 30 companies. This, coupled with the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme, is anticipated to further boost SGX’s share price. The report notes that SGX’s securities daily average value (SDAV) grew by 27% year-on-year, reflecting increased market activity.
The report also outlines SGX’s commitment to increasing dividends, with a proposed 0.25 Singapore cents per share increase each quarter from FY2026 to FY2028, contingent on earnings growth. The final quarterly dividend for FY2025 has been declared at 10.5 Singapore cents per share, up from the previous 9 cents.
DBS maintains a “BUY” rating for SGX, with a target price of SGD18.20, citing the exchange’s robust revenue drivers and strategic positioning. The report warns, however, that slower-than-expected growth across various asset classes could pose risks to these estimates.
As SGX continues to enhance its capabilities and technology infrastructure, it remains on track to achieve its medium-term guidance of 6%-8% growth in net revenue, excluding treasury income. This growth is supported by a strong focus on thematic product development and increased client adoption.
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