Singapore Exchange Ltd (SGX: S68) Stock on 10 December 2025: Price, Outlook and Key Drivers

Singapore — 10 December 2025 — Singapore Exchange Ltd (SGX: S68), the operator of Singapore’s securities and derivatives markets, is trading near record territory after a strong year powered by surging derivatives volumes, robust institutional inflows and a flurry of policy moves aimed at reviving the local equity market.

As of mid‑afternoon in Singapore, SGX shares are trading around S$16.6–16.7, down a fraction on the day but up roughly one‑third over the past 12 months, handily beating both the broader Singapore market and the local capital‑markets peer group. ^[1]

At the same time, analysts are split: fundamentals and growth initiatives look solid, but valuation is rich, with the stock now on a price‑to‑earnings ratio close to 28 times.

This article pulls together the latest news, forecasts and analysis as of 10 December 2025, to give a rounded picture of where SGX stands today.

SGX share price today: level, range and recent performance

Intraday data from several market trackers shows Singapore Exchange Ltd changing hands at about S$16.63–S$16.68 this afternoon, down roughly 0.1–0.4% in today’s session. ^[2]

Key price stats as of 10 December 2025:

Current price: ~S$16.6 per share (afternoon quote) ^[3]
52‑week range: approximately S$11.50–S$17.89 ^[4]
1‑year return: roughly 30–35%, outpacing both the Singapore market and the local capital‑markets industry ^[5]
Market capitalisation: around S$18 billion ^[6]

Technical services such as StockInvest and Beansprout note that SGX has been trading in a relatively tight band between about S$16.20 and S$17.30 over the past month, with the price rising in more than half of the last ten sessions and remaining comfortably above its 200‑day moving range. ^[7]

In other words: price momentum is still positive, but not explosive; the big rerating has largely already happened earlier in 2025.

Fresh company news as of 9–10 December 2025

1. iEdge Singapore Next 50 Indices quarterly review

On 9 December 2025, SGX Indices released its latest iEdge Singapore Next 50 quarterly review, reshuffling the next tier of 50 companies sitting just below the Straits Times Index (STI). ^[8]

The Next 50 series is designed to:

Highlight mid‑to‑large cap names just outside the STI’s top 30
Broaden investor attention beyond the usual blue‑chips
Provide new index underlyings for ETFs and derivatives

Investor‑education pieces around SGX’s 2025 AGM emphasised that the Next 50 index is part of a deliberate push to shine more light on the “next cohort” of Singapore champions and deepen liquidity beyond the headline benchmark. ^[9]

For SGX as a listed company, this is important because:

A more vibrant mid‑cap ecosystem means more trading volume, more listings and more index‑related flow, all of which drive fee income.
The index also creates raw material for structured products and derivatives, where SGX already enjoys strong margins.

2. October trading update: institutional inflows still strong

A November communication from SGX Group, summarised by TipRanks on 11 November 2025, showed a 26% year‑on‑year jump in securities turnover in October, driven by institutional inflows and active risk‑management activity. ^[10]

Highlights:

Strong contributions from index and small‑/mid‑cap stocks
Launch of the Indonesia–Singapore Depository Receipt Linkage, which lets investors access Indonesian blue‑chips via depository receipts listed on SGX ^[11]
Surging demand in FTSE China A50 Index futures, benefiting from ongoing geopolitical and macro uncertainty in North Asia

The same TipRanks piece notes that the latest analyst rating captured on its platform is a “Buy” with a S$20.00 price target, alongside a technical sentiment flagging the stock as a short‑term “Buy” and a market cap just above S$18 billion. ^[12]

3. New listings: UltraGreen.ai and the broader IPO pipeline

On 3 December 2025, medical‑imaging company UltraGreen.ai (ULTR.SI) made a strong debut on SGX’s Mainboard, with Reuters reporting a sharp first‑day jump in its share price. That listing is notable because it’s one of the rare non‑REIT IPOs on SGX in recent years, underlining the bourse’s efforts to attract growth and tech names. ^[13]

At SGX’s 2025 AGM, management highlighted that in Q1 FY26 alone (July–September 2025) there were nine new listings raising around S$2.2 billion, with more in the pipeline — an early sign that years of policy tweaks and incentives may be starting to bear fruit. ^[14]

That said, external coverage from outlets such as Fortune has been blunt that Singapore is still playing catch‑up: as of mid‑2025, SGX had only a handful of IPOs versus dozens in Hong Kong, and the domestic market has been called “lacklustre” despite some bright spots. ^[15]

Strategic catalysts: Nasdaq dual listings, derivatives and crypto

Dual‑listing “bridge” with Nasdaq and MAS support

On 19 November 2025, Singapore’s Monetary Authority (MAS) and SGX announced a new “dual listing bridge” that will allow companies with market caps above S$2 billion to list simultaneously on SGX and Nasdaq using a single prospectus. ^[16]

Key points from the MAS / SGX announcements and Reuters coverage:

The framework is expected to go live around mid‑2026
Disclosure requirements will be aligned with U.S. standards, lowering friction for high‑growth Asian firms seeking U.S. capital while maintaining an Asian listing base ^[17]
The initiative is part of a broader package to revitalise Singapore’s equity market, including:
- A S$30 million “Value Unlock” programme to help listed firms improve investor engagement
- Nearly S$4 billion allocated to asset managers under the Equity Market Development Programme, with names like BlackRock and Lion Global appointed to deploy MAS capital into local stocks ^[18]

For SGX shareholders, this matters because easier dual listings:

Increase SGX’s appeal to regional tech and growth companies
Potentially boost listing fees, trading activity and derivatives demand tied to these companies
Reinforce SGX’s role as a gateway between Asian capital and global markets

Crypto perpetual futures and derivatives growth

Product innovation on the derivatives side continues to be one of SGX’s core growth engines.

Recent developments:

In November 2025, SGX’s derivatives arm launched institutional‑grade Bitcoin and Ether perpetual futures, providing a no‑expiry contract structure that mirrors popular crypto‑native instruments while keeping them inside a regulated, exchange‑cleared framework. ^[19]
At the FIA Asia Derivatives Conference in early December, CEO Loh Boon Chye highlighted that SGX derivatives volumes have risen about 17% this year, outpacing roughly 7.9% growth in global derivatives markets. ^[20]

Earlier in 2025, FOW and SGX themselves reported that:

Total derivatives volume in FY2025 (year to June) climbed around 17%, with daily average volume for futures and options up strongly across equity, FX and commodities. ^[21]
July 2025 was particularly strong, with derivatives trading activity up 25% year‑on‑year, and securities turnover up 27% as MAS’s equity‑market initiatives fed through. ^[22]
SGX is targeting 6–8% annual growth for its FX derivatives revenue over the medium term and is open to “bolt‑on acquisitions” to support that expansion. ^[23]

Overlay all of that with 2025 AGM commentary that SGX’s FX business is now among the world’s top three exchange‑backed OTC FX venues by volume, with a sales footprint spanning 12 major cities worldwide, and you can see why derivatives and FICC (fixed income, currencies, commodities) are treated as the structural growth pillars of the group. ^[24]

Fundamentals: revenue, earnings and dividends

FY2025 results and margins

From SGX’s own FY2025 disclosures and investor‑day commentary, plus detailed AGM coverage, a clear picture emerges of a bourse operator whose multi‑asset strategy is working: ^[25]

Group net revenue for FY2025 rose about 11.7% to nearly S$1.3 billion, the highest since listing.
Adjusted earnings climbed 15.9% to roughly S$610 million, with operating profit up more than 20% and margins expanding. ^[26]
Equities – Cash net revenue jumped around 18–19%, driven by a 26.5% increase in securities daily average value to S$1.34 billion, the highest in four years. ^[27]
FICC net revenue rose about 8–9%, helped by higher volumes in OTC FX and currency and commodity derivatives. ^[28]
Equities – Derivatives net revenue increased roughly 14%, supported by double‑digit growth in equity‑index futures like FTSE China A50 and GIFT Nifty 50. ^[29]

Dividend policy and current yield

For income investors, SGX remains a reliable payer:

Total dividends for FY2025 amount to 37.5 Singapore cents per share, up 8.7% from FY2024. ^[30]
Management has guided towards raising the quarterly dividend by 0.25 cents per year from FY2026 to FY2028, effectively signalling a gradual dividend growth path. ^[31]

Against today’s ~S$16.6 share price, that FY2025 payout implies a trailing dividend yield of roughly 2.2–2.3%, not counting future step‑ups. (That’s an approximate calculation: 0.375 ÷ 16.6.)

Combined with capital gains of around a third over the year, total shareholder return has been very robust — one reason why valuation has drifted towards the expensive side.

What do analysts and models say as of 10 December 2025?

Valuation: rich multiples

A new Simply Wall St piece published on 8 December 2025 flags that Singapore Exchange is trading on a price‑to‑earnings ratio of about 27.7x, compared with a Singapore market where roughly half of companies trade below 15x, and sub‑9x multiples are “quite common” in some segments. ^[32]

That article notes that:

EPS grew about 8.3% over the last year
EPS is up roughly 43% over the last three years
Analysts tracked there expect EPS growth of about 7.4% per year over the next three years, versus around 9.3% annual growth for the wider market ^[33]

The authors conclude that investors may be paying a premium multiple for growth that’s only in line with, or slightly below, the broader market, and suggest that upside may be capped if earnings do not accelerate further. ^[34]

Earnings and revenue forecasts

Across several data providers, the near‑term consensus looks broadly aligned:

Earnings per share (EPS) are expected to rise from around S$0.57–0.58 in FY2024 to roughly S$0.61–0.63 for FY2026, then into the mid‑S$0.60s and low‑S$0.70s by FY2028–29, implying mid‑single‑digit annual growth. ^[35]
Simply Wall St summarises this as 6.5% annual earnings growth and 5.7% annual revenue growth over the next few years, with return on equity forecast to reach about 28% in three years’ time. ^[36]
Twelve Data’s analyst consensus (13 analysts) classifies SGX as a “Hold”, with EPS estimates for the year to June 2026 around S$0.63 and for 2027 around S$0.68, and a fairly balanced spread of Buy, Hold and Sell recommendations. ^[37]

Put simply: the sell‑side expects steady, but not explosive, growth in earnings and revenue from here.

Price targets and rating consensus

Different platforms give slightly different snapshots, but the story is consistent:

Beansprout, a Singapore‑focused research site, reports a consensus share‑price target of S$17.423 as of 10 December 2025, implying about 4.5% upside from a reference price of S$16.68. ^[38]
TipRanks’s dedicated forecast page aggregates two “Wall Street” analyst targets with an average in the high‑S$16s to low‑S$17s, and the latest captured broker rating is a “Buy” with a S$20.00 target. ^[39]
GuruFocus and other screeners typically categorise SGX as a high‑quality, dividend‑paying exchange operator but note that it is trading close to the upper end of its historical valuation band. ^[40]

Taken together, the current analyst consensus looks roughly like:

Quality business, moderate growth, valuation already pricing in a lot of good news.

Upside case targets (S$20+ over 12 months) assume that volumes stay elevated and that strategic moves like the Nasdaq bridge and crypto perpetuals lead to structurally higher earnings; more conservative targets cluster just above today’s levels.

Technical outlook and trading behaviour

Short‑term trading and chart‑based services add another lens:

StockInvest’s recent report on SGX’s OTC ticker (SPXCY) describes a modest uptrend, with the stock rising in six of the last ten sessions, small daily fluctuations and rising volume alongside price, a classic “positive but not euphoric” technical pattern. ^[41]
For the primary S68 listing, StockInvest and others place the 30‑day trading range between about S$16.23 and S$17.28, with the stock closing S$16.64 on 9 December after a narrow intraday move. ^[42]
TipRanks flags a short‑term technical “Buy” on SGX, which matches the broader narrative of steady accumulation rather than aggressive speculation. ^[43]

This aligns with the fundamental backdrop: investors are not discovering SGX for the first time; they are fine‑tuning positions around a well‑understood, moderately growing infrastructure asset.

Key opportunities for Singapore Exchange Ltd

From a thematic and strategic perspective, several upside drivers stand out:

Multi‑asset engine
SGX is no longer just an equity‑cash market operator. FICC and derivatives now contribute a sizeable portion of revenue, diversifying earnings away from spot equity turnover. ^[44]
Derivatives and FX leadership
With derivatives volumes growing faster than global peers and an FX business ranked among the top three exchange‑backed OTC venues, SGX is well‑placed to monetise volatility, macro uncertainty and hedging demand across Asia. ^[45]
Policy tailwinds from MAS
The combination of the Equity Market Development Programme, the new dual‑listing bridge with Nasdaq and fee and structure reforms (such as reducing board lots and improving custody structures) is explicitly aimed at boosting liquidity and valuations on SGX. ^[46]
New product innovation (crypto and indices)
Bitcoin/Ether perpetuals, expanded regional indices (CSI SGX Asia 100, Next 50, etc.) and cross‑border depository receipts all increase SGX’s “surface area” with global investors, potentially driving both volumes and data revenues over time. ^[47]
Dividend growth story
A clearly articulated plan to nudge dividends higher each year, backed by expanding margins and strong cashflow, gives income‑oriented investors a reason to hold even if price appreciation slows. ^[48]

Key risks: what could go wrong?

None of this is a free lunch. Several risks are front‑of‑mind in recent analysis:

Valuation risk
With the stock on ~27–28x earnings and a 1‑year share‑price gain of around a third, SGX is no longer cheap. If earnings growth merely tracks expectations (mid‑single digits) rather than accelerating, multiple compression could offset profit growth. ^[49]
Structural challenges in the equity market
Even with MAS support, Singapore’s equity market has suffered years of modest IPO activity and rising delistings, with companies opting for other regional or U.S. venues. Recent articles on flat REIT debuts and Singapore’s IPO gap versus Hong Kong underline that this challenge has not disappeared. ^[50]
Competition from regional exchanges
SGX competes directly with Hong Kong Exchanges and Clearing, Japan Exchange Group and India’s NSE for listings, derivatives and data revenues. As each pushes its own cross‑border initiatives and product suites, fee pressure and share‑of‑wallet battles are likely to intensify. ^[51]
Regulatory and product‑risk in new areas (e.g. crypto)
Moving into crypto perpetual futures is strategically logical but not risk‑free. Regulatory changes, market shocks or idiosyncratic incidents could damage confidence in those products or lead to tighter rules, affecting revenue contribution from this new line. ^[52]
Macro and liquidity risk
As an exchange, SGX is ultimately leveraged to market sentiment, volatility and global risk appetite. A prolonged downturn, sharp rate moves or geopolitical shocks could hit volumes, IPO pipelines and valuations simultaneously.

Bottom line on SGX stock as of 10 December 2025

Putting all the pieces together:

Business quality: High. SGX is a diversified, systemically important exchange operator with strong market positions in Asian derivatives and FX, robust cash generation and a long record of paying and growing dividends. ^[53]
Growth: Solid but not spectacular. Analyst models cluster around 5–7% annual growth in earnings and revenue over the next few years, with ROE rising into the high‑20s. ^[54]
Valuation: Stretched relative to the local market and its own history, with a P/E in the high‑20s and only mid‑single‑digit forecast growth — hence the recent warnings from valuation‑focused commentators. ^[55]
Market view: Consensus sits somewhere between “Hold with a positive bias” and “steady compounder at a full valuation”, with price targets mostly just above current levels and a few more bullish calls banking on upside from Nasdaq, derivatives and policy initiatives. ^[56]

For investors, that translates into a textbook quality‑at‑a‑price situation:

If SGX continues to grow volumes faster than the market, lands more high‑profile listings and successfully monetises its dual‑listing bridge and crypto platforms, today’s valuation could prove justified or even conservative.
If growth slows or policy momentum fizzles, there is clear downside risk from multiple compression, even if the underlying business remains healthy.

Either way, the snapshot on 10 December 2025 is of an exchange operator that has already been rewarded for a strong fundamental turnaround. Future returns from here are likely to depend less on discovering SGX’s strengths — and more on whether it can keep compounding earnings fast enough to grow into its current multiple.

Finally, a necessary reminder: