Singapore Exchange Ltd (SGX: S68) Stock: Latest News, Analyst Forecasts, Dividends and What Investors Are Watching (Dec 21, 2025)

SINGAPORE — Dec 21, 2025 — Singapore Exchange Ltd (SGX: S68) is heading into the final stretch of 2025 with a rare combination of tailwinds: a stronger local equity tape, a steady dividend step-up plan, new product launches in crypto derivatives, and a policy push to make Singapore’s listings ecosystem more competitive globally.

As of the latest available trade heading into the weekend, SGX shares were around S$16.87, sitting just ~5.7% below the stock’s all-time high of S$17.89 (Oct 6, 2025), and up roughly 35% over the past year by TradingView’s data. ^[1]

That’s the scoreboard. Now for what’s driving it—and what could move the stock next.

SGX share price and market cap: where the stock stands into year-end

SGX (S68) is trading near the top of its historical range after a strong run in 2025. TradingView data puts SGX’s market capitalisation at about S$18 billion, reflecting how investors have re-rated the exchange operator as Singapore’s equity market activity picked up and SGX’s multi-asset derivatives franchise stayed strategically relevant. ^[2]

Why it matters: SGX is not a “typical” listed company. It’s a market infrastructure business—meaning its earnings are heavily influenced by trading volumes, market volatility, new product adoption, and regulatory changes that affect listings and investor participation.

The most important December 2025 SGX catalyst: November trading stayed robust

The freshest official pulse-check on market activity came from SGX’s 10 Dec 2025 monthly update and its November 2025 market statistics report.

Cash equities: turnover jumped, and the STI hit a new high in November

SGX said securities turnover surged 18% year-on-year to S$35.5 billion in November, with securities daily average value rising to about S$1.8 billion (+24% YoY). In the same month, SGX noted the Straits Times Index (STI) rose month-on-month and hit a new high of 4,575.91 during November. ^[3]

The detailed statistics report adds the mechanics behind that headline:

Turnover value:S$35,545 million
Turnover volume:29,263 million shares
Trading days: 20 (securities)
Total market capitalisation (listed securities):S$1,034,736 million
Overall turnover velocity:45% ^[4]

For SGX the listed company, higher cash equities value traded is a direct “mood ring” for sentiment and participation—especially when it’s being led by index names and REITs (which SGX explicitly highlighted as a driver). ^[5]

Derivatives: volumes cooled month-on-month, but key franchises stayed sticky

SGX also reported that broader regional market consolidation moderated equity derivatives activity in November, and the stats show total derivatives volume at 25.9 million contracts (down from October’s 29.5 million, and about -1% YoY). ^[6]

But “moderated” doesn’t mean “quiet.” SGX’s November commentary pointed to continued interest in several core risk-management contracts:

FTSE China A50 Index Futures open interest increased to 1.07 million contracts (SGX cited US$16.2B notional). ^[7]
FTSE China H50 Index Futures daily average volume hit another record, cited at 10,810 contracts (US$388M notional). ^[8]
FTSE Taiwan Index Futures volume rose month-on-month and was up year-on-year to 1.63 million contracts, with SGX tying momentum to AI-related optimism in Taiwan equities. ^[9]

This is the SGX investment thesis in miniature: even when one pocket cools, SGX tends to have multiple “volume engines” across equity index, FX, commodities, and now crypto derivatives.

Crypto perpetual futures: from “announcement” to early volume proof

One of SGX’s most watched 2025 product bets is its move into institutional-grade crypto perpetual futures.

Reuters reported that SGX would launch bitcoin and ether perpetual futures on Nov 24, 2025, offered to institutional and accredited investors. ^[10]
CoinDesk later reported that SGX’s Bitcoin perpetual futures debuted with around US$35 million in volume (in its reporting window). ^[11]
SGX’s own December market update said the bitcoin and ethereum perpetual futures chalked up “credible volume” in their first week, with activity trending up day by day and averaging about US$100 million notional traded weekly, with participation from both traditional finance and crypto-native players. ^[12]

Investors will read this as an early adoption signal rather than a mature revenue stream. The strategic question is whether SGX can create a sticky, regulated venue for institutional crypto risk management—without running into the fee compression and “race-to-the-bottom leverage” dynamics seen on some offshore crypto derivatives venues.

SGX and Cboe Australia: takeover speculation got a firm “no”

Early December also brought a classic market distraction: M&A chatter.

After reports that SGX might be looking at Cboe Australia, SGX publicly denied it was pursuing such a deal. The Straits Times quoted SGX saying it was “not exploring or considering an acquisition of Cboe Australia.” ^[13]

Reuters, in a separate Dec 4 story about other potential bidders for Cboe’s exchange assets, also noted SGX said it was not interested in Cboe Australia after media speculation. ^[14]

For SGX stock watchers, this matters for two reasons:

It removes a near-term uncertainty premium (good for “steady compounder” investors).
It keeps focus on SGX’s organic strategy: listings reform, product expansion, and cross-border connectivity.

The biggest medium-term narrative: the SGX–Nasdaq dual listing bridge (target mid-2026)

If crypto perps are the “new product” storyline, the SGX–Nasdaq dual listing bridge is the “ecosystem upgrade” storyline.

What’s been announced

Reuters reported on Nov 19, 2025 that Singapore—via MAS and SGX—plans to make it easier for companies to establish dual listings on SGX and Nasdaq, with the bridge expected to go live around mid-2026. The initiative is aimed at Asian companies with a market cap of at least S$2 billion and global ambitions, and includes a regulatory approach intended to allow a single set of offering documents aligned with U.S.-comparable disclosure requirements. ^[15]

Nasdaq’s own press release described the proposed framework similarly and reiterated the expected mid-2026 timeline, subject to regulatory processes. ^[16]

A detailed Straits Times report (republished by the Singapore Institute of Directors) adds more color on how Singapore expects to widen investor access and improve liquidity—emphasising the goal of “absolute fungibility” between counters, and pointing to strong early interest from parts of the venture capital ecosystem. ^[17]

Why SGX shareholders care

This isn’t just “nice PR.” If implemented well, a dual listing bridge could:

make SGX more competitive for regional growth companies (especially those tempted to go straight to the U.S.),
increase listing-related and trading-related activity over time,
and potentially deepen liquidity around higher-quality issuers—an area Singapore has been trying to improve for years.

The key word is execution. The market will watch the details: eligibility thresholds, disclosure and enforcement standards, how fungibility works operationally, and whether the bridge actually attracts the kinds of issuers that bring sustained trading activity.

Singapore’s market reform wave: listing rules, IPO process, and incentives

SGX’s outlook in late 2025 is also tied to Singapore’s broader effort to revive its equities market.

Streamlining IPO reviews under SGX RegCo

Channel NewsAsia reported that Singapore plans to streamline the listing process by consolidating prospectus and listing suitability reviews under SGX RegCo, so prospective issuers deal with a single entity rather than multiple bodies. ^[18]

Earlier 2025 measures: tax rebates and a S$5B liquidity programme

Earlier in 2025, Reuters reported Singapore announced a package including tax rebates for new listings and a S$5 billion Equity Market Development Programme designed to support investments in Singapore-listed companies and boost vibrancy/liquidity. ^[19]

Reuters also reported additional proposals in May 2025 aimed at easing listing requirements as part of the same “make SGX more competitive” campaign. ^[20]

“Value Unlock” and institutional capital allocations

Reuters’ Nov 19 report described a S$30 million “Value Unlock” programme to help listed firms improve investor engagement and shareholder returns, alongside additional allocations under the equity market development programme. ^[21]

The Straits Times report provides granular details on grants within the Value Unlock programme and how the EQDP capital is being deployed across multiple asset managers and strategies. ^[22]

For SGX shareholders, reforms like these can be slow-burn catalysts—but they can change the long-term “earnings gravity” of the exchange if they translate into better listings quality, improved coverage, and a healthier trading ecosystem.

Cross-border access: Indonesia-Singapore depository receipts linkage

Another “connectivity” initiative in 2025 was the Indonesia-Singapore depository receipts linkage.

A Reuters brief reported that Singapore investors gained access to Indonesian blue-chip companies via newly launched Singapore depository receipts under the Indonesia-Singapore DR linkage. ^[23]

Cross-border products like SDRs matter because they can expand SGX’s investable universe and create additional trading flows—particularly from retail participation, which SGX highlighted as a driver for SDR turnover in its November market commentary. ^[24]

Dividends and fundamentals: SGX’s “steady step-up” plan remains central

A big part of the SGX stock story is that it behaves like a “market infrastructure + shareholder returns” compounder.

Reuters reported in August 2025 that SGX posted record annual profit since its 2000 listing and declared a higher quarterly dividend, while also outlining a plan to increase dividends by 0.25 Singapore cents quarterly through FY2028. ^[25]

SGX’s FY2025 financial results document similarly states the intent to implement a steady dividend increase of 0.25 cents every quarter from FY2026 to FY2028, subject to earnings growth. ^[26]

On valuation inputs investors commonly track, TradingView lists SGX’s 2025 dividend yield at about 2.5%, with the prior year higher—reflecting that yield moves with both payouts and the share price. ^[27]

Dividend investors will likely frame the next 12–24 months around one core question: Can earnings grow enough to “fund” the dividend step-up while preserving strategic investment capacity?

Analyst forecasts for SGX (S68): target range and next earnings date

Forecasts are always a probabilistic creature (half math, half psychology, occasionally half astrology). Still, consensus ranges help define what the market considers “reasonable.”

TradingView’s compiled analyst estimates show:

Max target:S$19.20
Min target:S$14.70 ^[28]

Against ~S$16.87, that implies roughly +14% upside to the top-end target and ~13% downside to the low-end target (directionally, not a promise).

TradingView also flags Jan 29, 2026 as the next earnings report date on its calendar. ^[29]

Separately, SGX’s own monthly updates and market statistics releases mean investors often treat every month-end as a “mini earnings preview”—because trading volumes and market activity are such direct inputs into revenue.

The 2026 checklist for SGX stock investors

As of Dec 21, 2025, SGX (S68) has multiple potential drivers, but also clear “watch points”:

1) Can cash equities momentum hold?
November was strong, helped by index names and REITs. If turnover stays elevated into 2026, it strengthens the case that Singapore’s market reforms are translating into real participation. ^[30]

2) Will derivatives volumes re-accelerate if volatility returns?
November derivatives volumes cooled versus October, but SGX highlighted continued strength in key risk contracts (China, Taiwan, India-linked activity). ^[31]

3) Do crypto perpetuals become a meaningful franchise—or just a headline?
Early volume indicators were positive, but sustained institutional adoption, risk controls, and product expansion will decide whether this becomes material. ^[32]

4) How real is the SGX–Nasdaq bridge in practice?
Mid-2026 is the stated goal; the market will want concrete implementation details, issuer pipelines, and evidence of investor demand on both sides. ^[33]

5) Dividend execution vs. earnings reality
The step-up plan is attractive—but it’s explicitly tied to earnings growth. Investors will track whether SGX’s multi-asset strategy continues to deliver resilient profitability through different market regimes. ^[34]

Bottom line: SGX stock is priced like a winner—now it has to keep earning it

SGX (S68) is entering 2026 with a rare blend of cyclical and structural supports: higher equity participation, a policy-backed reform wave, a credible dividend roadmap, and new growth options in crypto derivatives and cross-border access products.

But the stock is also trading near its highs, which means the market is already voting “yes” on a lot of that story. The next phase is less about announcements and more about measurable follow-through: volumes, listings quality, product adoption, and margin durability.