Singapore Exchange (SGX) Stock: 2025 Share Price, Record Profits and Crypto Futures Outlook

Singapore Exchange Limited (SGX, ticker: S68.SI) has quietly turned into one of the most interesting “picks-and-shovels” plays in Asian markets in 2025. The bourse operator has delivered record earnings, launched institutional crypto derivatives, struck a landmark dual‑listing partnership with Nasdaq, and is sitting on its strongest IPO pipeline in years. ^[1]

As of 5 December 2025, SGX’s share price is trading just below the S$17 mark, after a powerful run-up through the year and a small pullback in late November. Intraday quotes on Friday show SGX around S$16.7–S$16.9 per share, with SGinvestors printing S$16.76 at 11:18 SGT, while Beansprout shows S$16.92 at 09:21 SGT. ^[2]

Over the last twelve months, SGX’s share price has risen by a little over 30%, while total shareholder return (including dividends) is close to 39%, according to recent valuation commentary. ^[3] That’s not the kind of performance you typically associate with a staid market utility.

Singapore Exchange share price on 5 December 2025

Different data vendors disagree slightly on the exact last traded number (delays, intraday moves, and all that market noise), but they broadly agree that SGX is trading in the high‑S$16s on 5 December 2025:

StockAnalysis data shows a closing price of S$16.86 for 5 December, after a modest intraday range between S$16.78 and S$16.90. ^[4]
SGinvestors reports S$16.76, up 0.24% on the morning of 5 December. ^[5]
Beansprout quotes S$16.92, up 1.20% earlier in the session. ^[6]

On those prices, SGX’s market capitalisation is around the mid‑teens of billions of Singapore dollars (MarketScreener puts it at roughly S$14 billion), placing it firmly among Singapore’s blue‑chip names. ^[7]

In performance terms:

As of August 2025, SGX was already up about 25% year‑to‑date. ^[8]
By late November, a separate analysis pegged the year‑to‑date gain at 35.7% with one‑year TSR “nearly 39%”. ^[9]

So the recent consolidation under S$17 is happening after a very strong run. For a stock exchange, SGX’s own stock has been behaving more like a growth play than a sleepy dividend utility.

Record FY2025 results and a bigger dividend

SGX’s share price strength is anchored in hard numbers. For the financial year ended 30 June 2025 (FY2025) the group reported its highest revenue and net profit since listing. ^[10]

Key FY2025 figures (all in Singapore dollars):

Net revenue (operating revenue minus transaction‑based expenses) rose 11.7% to S$1,298.2 million. ^[11]
Net profit attributable to shareholders (NPAT) came in at S$648.0 million, up 8.4% year‑on‑year. On an adjusted basis, NPAT grew 15.9% to S$609.5 million. ^[12]
Adjusted EBITDA increased 16.9% to S$832.0 million, showing strong operating leverage as volumes grew across the platform. ^[13]
Earnings per share (EPS) reached 60.6 Singapore cents (57.0 cents on an adjusted basis). ^[14]

SGX’s board has leaned into that momentum by stepping up shareholder returns:

For FY2025, the total dividend will be 37.5 cents per share, up from 34.5 cents (+8.7%). ^[15]
The final quarterly dividend was raised to 10.5 cents, an increase of 1.5 cents. ^[16]
Management has signalled a planned dividend increase of 0.25 cents per quarter from FY2026 to FY2028, contingent on earnings, effectively committing to a slow but steady dividend growth path. ^[17]

At a share price just under S$17, that FY2025 dividend implies a trailing yield of roughly 2.2%, with a payout ratio of around 62% of reported EPS. That’s not “high-yield REIT” territory, but it’s a solid, growing income stream layered on top of capital appreciation. (Yield estimate derived from SGX’s disclosed dividend and current market price. ^[18])

Growth engines: derivatives, FX and new products – including crypto

SGX’s record numbers aren’t coming from just charging people to trade bank stocks. The business is now a diversified, multi‑asset platform with several distinct engines:

1. FICC – especially FX

The Fixed Income, Currencies and Commodities (FICC) segment delivered net revenue of S$321.6 million, up 8.6%, accounting for nearly 25% of group net revenue. ^[19]

Within that:

OTC FX net revenue jumped 25.3% to S$113.0 million. Average daily volume climbed to US$143 billion, up from US$111 billion, making SGX FX one of the top three exchange‑backed OTC FX platforms globally by volume. ^[20]
Currency derivatives volumes surged almost 50% to 73.6 million contracts, led by contracts such as INR/USD and USD/CNH futures. ^[21]
Commodity derivatives volumes grew 6.2% to 65.3 million contracts, with iron ore futures still a flagship franchise. ^[22]

In March 2025, SGX also announced a partnership with Brazil’s B3 to launch Brazilian real (BRL) futures, its first foray into emerging‑market currencies beyond Asia, broadening its FX footprint into Latin America. ^[23]

2. Equities – cash and derivatives

Equities are still the biggest piece of the pie:

Equities – Cash net revenue rose 18.7% to S$392.7 million, about 30% of total net revenue. Trading and clearing revenue soared almost 32%, helped by a 26.5% jump in securities daily average traded value to S$1.34 billion. ^[24]
Equities – Derivatives net revenue climbed 13.8% to S$345.9 million (about 27% of net revenue), with equity derivatives volumes up 10.3% to 175.8 million contracts, driven by FTSE China A50 and GIFT Nifty contracts. ^[25]

While listing revenue itself dipped (fewer, but larger, deals), secondary fund‑raising and trading activity more than compensated.

3. Platforms, data and connectivity

The “Platform and Others” segment – things like market data, connectivity and indices – delivered S$238 million of net revenue, up 3%. Market data income grew 8% and connectivity revenue 11.8%, reflecting higher co‑location demand and repricing. ^[26]

This is the quietly compounding infrastructure layer: not very glamorous, but high‑margin and sticky.

4. New frontier: institutional‑grade crypto perpetual futures

The headline‑grabbing move in late 2025 has been SGX’s push into regulated crypto derivatives:

In November, SGX Derivatives announced Bitcoin and Ethereum perpetual futures, designed specifically for institutional and accredited investors, with contracts launched on 24 November 2025. ^[27]
The exchange pitches these contracts as a regulated alternative to offshore “bucket shop” crypto venues, with perpetual futures tied to indices co‑developed with CoinDesk and SGX’s own iEdge brand. ^[28]

Taken together with booming FX and existing commodity franchises, SGX is trying to position itself as the institutional hub for risk management across Asia‑centric assets – now including digital assets.

Singapore’s equity market reboot – and SGX’s role

There’s a structural story underneath the quarterly numbers: Singapore is actively trying to revive its equity market, and SGX sits at the centre of those efforts.

For much of the last decade, Singapore saw more delistings than IPOs, as local champions like Grab and Sea opted to list in the US instead. By 2024 the number of listed companies on SGX had dropped to a two‑decade low. ^[29]

In 2025, regulators and SGX started hitting the gas:

The Monetary Authority of Singapore (MAS) unveiled a S$5 billion capital‑market initiative to channel fresh funds into Singapore equities and support new listings, plus a 20% corporate income tax rebate for companies that choose Singapore for their primary listing. ^[30]
MAS, SGX and other stakeholders also launched a “dual listing bridge” with Nasdaq, allowing companies with market caps above S$2 billion to pursue simultaneous listings in Singapore and the US using a single regulatory filing. ^[31]

The market liked this. A Straits Times report notes that, after the SGX‑Nasdaq bridge and related measures were unveiled in mid‑November, SGX’s share price jumped from about S$16.80 on 19 November to above S$17 on 21 November, before settling back near previous levels. ^[32]

At the same time, Singapore’s broader equity market has been strong:

JP Morgan upgraded Singapore equities to “overweight” in February, citing attractive valuations, strong dividends and government measures to revitalise the market, with a target of 4,200 for the STI at the time. ^[33]
By October, SGX reported that the Straits Times Index (STI) had climbed 3% month‑on‑month to 4,428.62, taking year‑to‑date price gains to 16.9% and total returns (including dividends) to 21.9%. Securities turnover in October alone was S$33.9 billion, up 26% year‑on‑year. ^[34]

For SGX the listed company, this matters both directly (higher trading volumes, more listing fees) and indirectly (a stronger perception of Singapore as a capital‑markets hub supports valuation).

IPO pipeline: from NTT DC REIT to UltraGreen.ai

The other part of the reboot is simply: more deals.

On 8 August 2025, SGX’s CEO Loh Boon Chye said that more than 30 companies are preparing to list, describing it as the strongest IPO pipeline in years. Recent measures like the listing tax rebate and MAS’s S$5 billion programme have helped, as have global investors’ search for Asian exposure outside China. ^[35]

Examples from 2025:

NTT DC REIT raised about US$773 million, the largest IPO in Singapore since 2021. ^[36]
Several other REITs and secondary listings added depth to the market. ^[37]
On 3 December 2025, UltraGreen.ai, a medical‑imaging company specialising in fluorescence‑guided surgery and AI‑powered platforms, made a strong debut on SGX: it raised US$400 million, valuing it at US$1.7 billion, and its shares traded about 8% above the IPO price on day one. It’s the largest non‑REIT IPO in Singapore in eight years and the third‑largest IPO in Singapore in 2025. ^[38]

SGX also continues to push product innovation on the indexing side, launching the CSI SGX Asia 100 indices and the iEdge Singapore Next 50 indices to shine more light on mid‑cap and “next‑tier” names beyond the STI. ^[39]

The more vibrant that ecosystem becomes, the more SGX can monetise it via listings, trading, derivatives and data.

Analyst forecasts, valuation and dividend profile

All this good news naturally raises the question: how much of it is already in the price?

Consensus price targets

Different platforms compile slightly different sets of analysts, but the overall message is similar: moderate upside, not screamingly cheap.

Beansprout reports a consensus 12‑month target price of S$17.423, about 3% above the current price of S$16.92. ^[40]
SGinvestors aggregates recent local brokerage calls:
- DBS Research – BUY, S$18.20 target (11 Aug 2025)
- Maybank Research – BUY, S$17.67 (20 Nov 2025)
- RHB Research – NEUTRAL, S$17.40 (12 Nov 2025)
- Phillip Securities – ACCUMULATE, S$16.90 (11 Aug 2025)
- UOB Kay Hian – HOLD, S$16.66 (11 Aug 2025)
- OCBC Investment – HOLD, S$14.78 (28 Apr 2025) ^[41]

Put simply, most brokers sit somewhere between “hold” and “buy”, with target prices clustered in the mid‑ to high‑S$16–18 range.

TipRanks, using a smaller sample of “Wall Street” analysts, shows an average target of S$16.95, implying less than 1% upside from a last price around S$16.80 – essentially “fairly valued”, though that dataset includes only two analysts. ^[42]

Valuation multiples

On today’s price and FY2025 numbers, SGX is not cheap in absolute terms:

Trailing P/E is roughly 27–29x, based on S$16.8–16.9 share price and FY2025 EPS of 60.6 cents. ^[43]
Price‑to‑book is about 8x, using a book value per share of around S$2.06 for the June 2025 quarter (as cited by one valuation tutorial). ^[44]
A Morningstar snapshot also shows SGX trading on rich multiples versus the broad market, with P/E in the high‑20s, P/B above 8 and P/S above 13. ^[45]

However, relative valuation is more nuanced. A January 2025 analysis on Seeking Alpha argued that SGX traded at a discount in P/E terms versus global exchange peers such as Hong Kong Exchanges and Nasdaq, despite its strong competitive position. ^[46] Later, after a pullback, UBS noted in April that SGX was trading at about 20x forward earnings, down from roughly 25x earlier in the year, and upgraded the stock from Sell to Neutral as valuations became “more reasonable”. ^[47]

Since then, the share price has marched higher again, and the current mid‑20s forward multiple (implied by the rally and consensus EPS growth) suggests investors are comfortable paying up for SGX’s monopolistic position and growth optionality, but they are not in speculative frenzy territory.

Dividend outlook

On the income side, SGX offers a mid‑single‑digit dividend growth story:

FY2025 dividend yield is about 2.2% on today’s price. ^[48]
Management’s 0.25‑cent quarterly step‑up plan from FY2026 to FY2028 effectively embeds low‑single‑digit annual dividend growth, assuming earnings track their medium‑term net revenue growth guidance of 6–8% per year (excluding treasury income). ^[49]

Compared with Singapore’s banks and high‑yield REITs, SGX’s yield is modest. But the combination of structural growth + moderate yield + potential multiple expansion is what many analysts seem to like.

Key recent news catalysts as of 5 December 2025

Several news items in the last few weeks are particularly relevant for anyone looking at SGX stock today:

Crypto perpetual futures launch (24 November 2025) – Bitcoin and Ether perpetual futures went live on SGX Derivatives, targeting institutional and accredited investors and aiming to pull institutional flow into a regulated venue. ^[50]
Global Listing Board and Nasdaq dual‑listing partnership (announced 19–20 November 2025) – SGX and Nasdaq will create a Global Listing Board to enable streamlined simultaneous listings with a single disclosure document, aimed at high‑growth firms with market cap above S$2 billion. ^[51]
October 2025 market statistics – SGX reported 26% year‑on‑year growth in securities turnover to S$33.9 billion for October, with SDAV at S$1.54 billion and the STI up 3% month‑on‑month. ^[52]
UltraGreen.ai IPO (3 December 2025) – A S$400 million non‑REIT IPO that traded up on debut, underlining the exchange’s ability to attract growth names in sectors like AI‑enabled healthcare. ^[53]
SGX denies Cboe Australia acquisition rumours (4 December 2025) – SGX publicly refuted media speculation that it was exploring an acquisition of Cboe Australia, stating that the reports were “inaccurate” and that it is not considering such a deal. ^[54]
2025 shareholder Q&A (published 6 October 2025) – SGX reaffirmed its focus on growing liquidity in small‑ and mid‑cap stocks (noting a 50% rise in turnover for that segment in the first eight months of 2025) and highlighted that over S$2.1 billion had been raised via new listings so far in the year. ^[55]

Key risks to the SGX investment case

For all the bullishness, some genuine risks are worth flagging:

Structural headwinds in the local equity market – Even with reforms, Singapore is competing with Hong Kong, the US and increasingly regional venues for listings. The number of listed companies is still down from historical peaks, and success of the Nasdaq bridge is not guaranteed. ^[56]
Regulatory and political risk around derivatives and crypto – New Bitcoin and Ether perpetual futures could boost volumes, but they also expose SGX to shifting regulatory attitudes toward crypto and potential reputational risk if that market runs into turbulence. ^[57]
Valuation risk – After a mid‑30s percentage rally in 2025, the stock is trading on high‑20s earnings and about 8x book. If growth disappoints (say, if IPO pipelines slow again or derivatives volumes normalise), there is room for multiple compression. ^[58]
Competition from other exchanges and OTC venues – For FX and commodities, SGX is strong but not alone. CME, ICE, HKEX and various OTC platforms are not going away, and product innovation is a constant arms race. ^[59]
Macro and market cycle sensitivity – As an exchange operator, SGX is a leveraged play on trading volumes and investor risk appetite. A sharp global risk‑off episode can hurt both volumes and IPO activity, even if the underlying franchise remains sound. ^[60]

SGX stock outlook into 2026: cautiously optimistic, not a free lunch

Putting it all together, the investment narrative around Singapore Exchange Ltd as of 5 December 2025 looks something like this:

The core business is firing on multiple cylinders – record net revenue and profits, broad‑based volume growth across equities, FX and commodities, and expanding high‑margin data and connectivity revenue. ^[61]
Structural reforms in Singapore’s capital markets – MAS’s S$5 billion programme, tax rebates, and the SGX‑Nasdaq bridge – are starting to show up in turnover and in the IPO pipeline, even if the long‑term impact on listing numbers will take years to fully assess. ^[62]
SGX is pushing the frontier with institutional‑grade crypto futures and new cross‑border indices and FX products, betting that global investors want a regulated Asian hub for both traditional and digital assets. ^[63]
The stock already reflects a lot of that optimism, trading at rich absolute multiples but with only low‑ to mid‑single‑digit upside in most broker target prices. ^[64]

For long‑term investors who buy the thesis that Asia’s capital‑market plumbing will keep growing in complexity and volume – and that Singapore will remain one of the region’s key hubs – SGX is a pure‑play way to express that view, with a modest but growing dividend on top.

Crucially, though, this article is informational only, not investment advice. SGX is now a reasonably fully‑valued quality compounder whose near‑term upside will depend on how quickly the new growth initiatives (Nasdaq partnership, crypto futures, FX and index innovations) translate into higher earnings and whether global risk appetite stays supportive.

In other words: SGX has evolved from a simple local exchange into a multi‑asset, regionally‑strategic platform – but the market has noticed. Future returns from here will hinge less on discovering a “hidden gem” and more on how well this already‑discovered gem continues to execute in a very competitive, very global game.