Singapore Exchange Ltd (SGX: S68) Stock: Latest News, Price Targets and Outlook as of 8 December 2025

Singapore Exchange Ltd (SGX: S68) has quietly turned into one of Asia’s better-performing exchange stocks. Over the past 12 months its share price has climbed roughly 30–32% and now trades around S$16.8 per share, near the top of its 52‑week range of about S$11.50–17.89. ^[1]

Investors going into 2026 are weighing three things at once: record earnings and a rising dividend, an ambitious push into new products (including crypto derivatives and a Nasdaq dual‑listing tie‑up), and valuations that look full by most traditional yardsticks.

SGX share price snapshot on 8 December 2025

On current numbers, SGX isn’t behaving like a sleepy local bourse:

Share price: ~S$16.8
Market cap: ~S$18 billion
1‑year price return: ~31%
Trailing P/E: about 27–28x earnings
Dividend yield: roughly 2.3–2.6% (based on the new FY2025 dividend) ^[2]

For context, the broader Singapore market trades on much lower multiples; many local stocks sit below 15x P/E, with single‑digit P/Es still common. ^[3]

That gap is the core of the current debate: SGX looks like a quality, low‑beta franchise with very resilient earnings – but the market is already paying a premium for that stability.

Earnings and dividends: record FY2025 performance

SGX’s FY2025 numbers (year ended 30 June 2025) were its strongest since listing:

Net revenue rose 11.7% from S$1,162m to S$1,298m.
Reported NPAT increased from S$598m to S$648m, while adjusted NPAT (stripping out non‑cash and one‑offs) climbed from S$526m to S$610m.
Adjusted NPAT margin improved from 45.3% to 47.0%, and adjusted operating margin from 54.0% to 58.2%. ^[4]

Growth was broad‑based:

Equities – Cash net revenue was up 19%, driven by higher trading activity and better clearing fees.
Derivatives daily average volume rose 17.2% across asset classes.
OTC FX average daily volume surged 28.5% to US$143 billion, the fastest growth among peer exchanges. ^[5]

Balance sheet and leverage are conservative: gross debt is about S$688m, leverage ratio 0.8x EBITDA, and interest coverage a hefty 54x. ^[6]

Dividend trajectory

Shareholders are getting a steadily richer cheque:

FY2025 total dividend: 37.5 cents per share, up 9% year‑on‑year.
Proposed final quarterly dividend: 10.5 cents (+17% y/y).
Management has committed (subject to earnings growth) to raise the quarterly dividend by 0.25 cent every quarter from FY2026 to FY2028. ^[7]

That policy locks in a visible, gently rising income stream – one of the big attractions of the stock for yield‑oriented investors, even if the current yield is modest compared with Singapore’s high‑dividend banks and REITs.

The latest news moving SGX stock in late 2025

1. SGX shuts down Cboe Australia takeover speculation

In early December, the Australian Financial Review reported that SGX had held preliminary talks about buying Cboe Australia, reviving memories of SGX’s blocked attempt to buy the ASX over a decade ago. SGX responded quickly, saying the report was “inaccurate” and that the group “is not exploring or considering an acquisition of Cboe Australia.” ^[8]

The clarification matters for investors: it signals that while SGX is open to bolt‑on deals, it’s not about to launch a large, potentially contentious cross‑border acquisition that could strain its balance sheet or distract management.

2. Strong October volumes and institutional inflows

On 11 November, SGX reported a 26% year‑on‑year jump in securities market turnover for October to S$33.9 billion, with securities daily average value (SDAV) also up 26% to S$1.54 billion. ^[9]

According to SGX and subsequent coverage:

Trading was driven by institutional inflows, particularly into index names and small‑ to mid‑caps.
A new Indonesia–Singapore Depository Receipt Linkage helped deepen ASEAN connectivity. ^[10]

These monthly statistics reinforce the FY2025 story: SGX is increasingly a multi‑asset gateway to Asia, not just a local cash‑equity venue.

3. Crypto derivatives: Bitcoin and Ether perpetual futures

SGX is also pushing further into derivatives innovation. In November, its derivatives arm announced onshore Bitcoin and Ether perpetual futures tied to iEdge–CoinDesk crypto indices, with trading due to start on 24 November 2025. ^[11]

The products are designed for institutional investors, using traditional margining and clearing through SGX’s existing infrastructure, aiming to capture some of the growing demand for regulated crypto exposure without turning the exchange into a speculative casino.

4. IPO pipeline and a share‑buyback boom on SGX

Singapore’s equity market has had a tough decade for new listings, but 2025 looks a bit brighter:

UltraGreen.ai, a medical‑imaging company, raised about US$400m in early December in the largest non‑REIT IPO in eight years on SGX, contributing to roughly US$1.6bn raised across nine IPOs this year – the highest total in Southeast Asia. ^[12]
Across the market, share buybacks by Singapore‑listed companies reached S$1.91bn in the first ten months of 2025, almost 90% more than in 2024 and surpassing the previous full‑year record set in 2015. ^[13]

A busy buyback scene is indirectly good for SGX: it supports trading volumes and signals confidence from listed companies, even if SGX isn’t the one doing the repurchasing.

Strategic initiatives: Nasdaq dual listings and market reform

One of the biggest structural announcements for SGX in 2025 has been its tie‑up with Nasdaq.

In November, SGX Group and Nasdaq unveiled a Global Listing Board / dual‑listing bridge, allowing companies with at least S$2bn market cap to pursue harmonised, simultaneous listings in Singapore and the U.S. ^[14]

Key features and implications:

A single regulatory filing and aligned disclosure framework aim to cut friction for cross‑border listings.
The initiative targets high‑growth Asian firms that might otherwise list only in New York.
Singapore’s monetary authority (MAS) has separately earmarked S$5bn to support market liquidity and new listings as part of a broader equity‑market revitalisation push. ^[15]

For SGX shareholders, this is a strategic swing at a long‑running problem: plenty of local champions (Grab, Sea, etc.) have chosen to list abroad. If the bridge works, SGX could participate in more of those stories without having to own them outright.

Valuation check: is SGX stock expensive?

Several independent research outfits describe SGX as fundamentally strong but fully valued.

P/E premium: Simply Wall St calculates a current P/E of about 27.7x, noting that around half of Singapore‑listed companies trade below 15x earnings, with single‑digit P/Es common. ^[16]
Earnings growth: SGX grew EPS by about 8.3% in the last year and roughly 43% over three years. Consensus expects EPS growth of 7.4% per year over the next three years, broadly in line with, or slightly below, the wider market’s ~9.3% forecast. ^[17]

From that perspective, SGX is priced like a growth compounder, while expected growth is more mid‑single‑digit.

Valuation markers from different sources:

Simply Wall St fair value estimate: about S$16.74, very close to the current price – implying the stock is around fair value on their model. ^[18]
Morningstar raised its fair value from S$13.95 to S$14.50 in August, after FY2025 results. Even after that upgrade, Morningstar argued the shares looked overvalued at around S$16.34, despite liking the business’s wide moat and derivatives‑driven growth. ^[19]

Put simply: the market is giving SGX a safety‑premium multiple for being a profitable, systemically important infrastructure asset. Future returns from here are likely to be driven more by earnings and dividend growth than by further multiple expansion – unless SGX surprises with a new growth leg.

Analyst ratings, price targets and forecasts

Street view

According to TipRanks’ compilation of recent broker research:

Over the past three months, SGX has an average 12‑month price target of S$16.95, only about 0.9% above the current share price.
The average is based on recent targets ranging from S$16.05 to S$17.85.
Across the broader coverage universe, recent months show 6 Buy ratings and 4 Hold ratings, but the formal consensus on TipRanks screens as “Hold”, with no active Sell recommendations. ^[20]

Earnings and revenue expectations are solid but not spectacular:

Next‑quarter EPS is estimated at around S$0.34, up from S$0.29 in the prior quarter.
Next‑quarter revenue is forecast at roughly S$739m, versus S$688m previously. ^[21]

Other fundamental models (for example, Simply Wall St’s longer‑term forecasts) point to revenue growing in the mid‑single digits annually and EPS growth in the low‑ to mid‑single digits, consistent with the idea of SGX as a steady compounder rather than a hyper‑growth story. ^[22]

AI‑based long‑term projections

Meyka, an AI‑driven forecasting platform, offers a more adventurous take:

2026 forecast: S$17.63 (about 5% above today’s price).
2030 forecast: S$39.50 (roughly 135% higher).
7‑year outlook: around S$54.99, implying a ~228% gain from current levels. ^[23]

These long‑dated projections are very model‑dependent; they’re useful as scenario fodder, not as guaranteed trajectories. Still, they highlight how much leverage SGX could have if Asia’s capital‑markets activity and derivatives adoption stay on a strong growth path.

What the research community is saying

Beyond pure numbers, qualitative commentary from banks and research houses adds nuance:

A Singapore Business Review piece earlier in 2025 described a “mixed outlook”: strong H1 FY2025 growth (operating revenue projected up 14.6% and PATMI up 14.7%, driven by a 34% rise in securities turnover and 21% jump in derivatives volumes), but only a ~3% forward dividend yield, below the Singapore market’s ~5.2% average, and limited upside from near‑historical‑average P/E levels. ^[24]
Morningstar’s company reports in 2025 emphasised SGX’s “multi‑asset strategy” and resilient derivatives franchise, but also warned that some of the macro tailwinds (high volatility, rapid rate changes) may moderate, slowing growth from the bumper levels seen in 2023–2024. ^[25]

Put together, the vibe is: excellent business, moderate growth, tidy dividend, full valuation.

Key risks to watch

Even a sturdy infrastructure play like SGX isn’t risk‑free:

Volume and volatility risk: Trading and clearing revenues are tied to market activity. A prolonged period of low volatility or risk‑off sentiment could pressure volumes in equities, derivatives and FX. ^[26]
Competitive pressure: SGX competes with other Asian hubs such as Hong Kong, Mumbai (via GIFT City) and offshore electronic platforms. If competitors capture more index or derivatives flows, SGX’s growth could slow. ^[27]
Regulatory and technology execution: Rolling out the Nasdaq dual‑listing bridge, launching crypto perps and upgrading trading infrastructure all carry regulatory and operational risk. Delays or incidents could dent investor confidence. ^[28]
Valuation risk: At nearly 28x trailing earnings, any disappointment versus growth expectations can translate quickly into price volatility on the downside. ^[29]

Bottom line: SGX stock on 8 December 2025

As of 8 December 2025, Singapore Exchange Ltd looks like:

A high‑quality, systemically important exchange group with record revenue and profit, a strong balance sheet and a clearly articulated dividend‑growth policy. ^[30]
A key beneficiary of rising derivatives and FX activity in Asia, new product launches (including crypto perpetuals) and structural initiatives like the Nasdaq dual‑listing bridge aimed at reviving Singapore’s equity market. ^[31]
A stock that is no longer obviously cheap, trading near or above most fair‑value estimates and near the average of current analyst price targets. ^[32]

For long‑term investors, SGX now looks more like a steady compounding toll‑road on Asian capital flows than a deep‑value play. Future returns are likely to hinge on three things: whether derivatives and OTC FX volumes keep compounding, whether the Nasdaq dual‑listing and other reforms actually pull more large issuers to Singapore, and whether management can keep nudging margins and dividends higher without overreaching on M&A.