Singapore Exchange Ltd (SGX: S68) heads into the year-end holiday stretch with its share price hovering near multi-year highs—while the company itself leans harder into a simple, powerful idea: if investors around the world keep needing places to trade, hedge, list, clear, and price risk, the exchange that “hosts the party” gets paid.
One practical note before we dive in: Singapore Exchange is closed on Thursday, 25 December 2025 for Christmas, so the freshest “today” price most readers will see reflects the last trading session (24 December). [1]
Singapore Exchange (S68) share price check: where the stock stands today
As of the last available update from 24 December 2025, S68 traded around S$17.26 (delayed quote), edging up modestly on the day. [2]
That level matters because it sits close to the stock’s recent peak range, reinforcing a theme that’s been building all year: SGX isn’t being priced like a sleepy local exchange operator anymore—it’s being treated more like a multi-asset, volatility-linked “infrastructure” business with multiple growth levers (equities, FX, commodities, clearing, data, and new product launches).
The big December read-through: SGX says November trading stayed robust
The most concrete late-year operating datapoint is SGX Group’s November 2025 market statistics release (dated 10 December 2025). In that update, SGX reported:
- Securities market turnover up 18% year-on-year to S$35.5 billion, described as the best traded value since April
- Securities daily average value up 24% year-on-year to S$1.8 billion
- The Straits Times Index (STI) gained 2.2% month-on-month, reaching a new high of 4,575.91 during November [3]
From a stock-investor perspective, this matters because SGX’s revenue mix is meaningfully exposed to activity levels: when turnover rises and hedging demand increases, exchanges typically enjoy positive operating leverage (more revenue without matching cost increases in the short run).
The same SGX release also flagged ongoing momentum in connectivity products and derivatives, including:
- Continued build-out and stronger turnover in Singapore Depository Receipts (SDRs)
- Persistent interest in regional equity hedging instruments (including China and India-linked contracts)
- Commodities derivatives volume up 6% year-on-year in November amid “risk management” activity
- A “warm reception” for newly launched institutional-only Bitcoin and Ethereum perpetual futures, with early activity trending upward [4]
A late-2025 catalyst: crypto perpetual futures go institutional (and SGX wants it “grown-up”)
Crypto is the sort of market that naturally generates volatility (and therefore hedging demand), but it also comes with reputational and regulatory landmines. SGX’s approach in late 2025 was to push into the category with guardrails.
In November 2025, SGX announced the launch of Bitcoin and Ethereum perpetual futures for institutional-only trading via SGX Derivatives. [5]
What investors should watch here isn’t just headline excitement—it’s whether SGX can turn this into a repeatable, regulated fee stream without diluting its “trusted market infrastructure” branding. Early volumes cited by SGX suggest initial traction, but the durability question is the whole game. [6]
The policy-and-listings storyline: Singapore, SGX and Nasdaq try to make dual listings less painful
A second major theme—arguably the most strategically important for SGX’s long-term equity franchise—is Singapore’s effort to reverse the city’s long-running narrative of more delistings than IPOs and to make the market more relevant for growth companies.
In November 2025, Reuters reported that Singapore’s central bank (MAS) outlined measures that include a dual-listing bridge between SGX and Nasdaq, designed to streamline disclosures and reduce friction for qualifying companies (Reuters referenced a market-cap threshold of at least S$2 billion and an expected timeline around mid-2026). [7]
The Financial Times likewise described a joint arrangement enabling companies to list simultaneously on both exchanges using a single regulatory filing, positioned as part of a broader push to reinvigorate Singapore’s equity market. [8]
For SGX (S68) shareholders, the bull case is straightforward: if these reforms help attract more “quality” listings and sustain trading activity, SGX benefits from:
- listing and issuer services
- secondary market turnover
- derivatives and hedging demand as the ecosystem deepens
- stronger relevance with global institutional allocators
The bear case is also straightforward: capital markets are competitive and global, and even well-designed reforms can be outweighed by bigger liquidity pools elsewhere.
The “real economy” growth lever: SGX is upgrading its trading engine
Exchanges eventually hit a ceiling not because demand disappears, but because the plumbing gets old.
In early November 2025, SGX announced it would roll out a new trading engine—Iris‑ST—for the Singapore stock market in the second half of 2027, aiming to deliver new order types, stronger risk controls, and broader capabilities for member firms. [9]
This is not a next-quarter earnings catalyst. It’s a credibility and competitiveness catalyst—more like a multi-year infrastructure upgrade that, if executed well, reduces the chance SGX gets technologically outclassed.
2025 financial performance: record profit, stronger pipeline, and a clearer dividend path
SGX’s 2025 narrative didn’t come out of thin air—it was powered by results.
In August 2025, Reuters reported SGX posted record annual earnings since its 2000 listing, with:
- Adjusted net profit up 15.9% to S$609.5 million
- Revenue up 11.7% to S$1.30 billion (FY ended June 2025)
- Management pointing to more than 30 companies actively preparing to go public, described as the strongest IPO pipeline in years [10]
Earlier in the year, Reuters also highlighted that SGX delivered its highest ever half-year profit since going public (six months ended 31 December), driven by strength in cash equities and equity derivatives, even as listing revenue remained softer. [11]
If you’re trying to “model the business” in plain English, this is the core: SGX is being pulled by activity (trading/hedging), while it’s also trying to push the market forward with policy reforms and product innovation.
Dividends: why SGX is leaning into “boring, but louder”
For exchange stocks, dividends can be more than shareholder-friendly. They can be strategic.
Reuters reported that SGX declared a final quarterly dividend of 10.5 Singapore cents and planned to raise dividends by 0.25 Singapore cents each quarter from FY2026 to FY2028. [12]
Broker commentary in 2025 reinforced how central the dividend narrative has become:
- Phillip Securities (excerpted via SGinvestors) noted FY25 total dividend at 37.5 cents (+9% y-o-y) and reiterated the plan to increase the dividend by 0.25 cents every quarter from FY26 to FY28—framing this as a baseline with potential upside if earnings outpace expectations. [13]
Dividend trackers also show SGX continuing quarterly distributions through 2025 (with multiple payouts listed across the year). [14]
The investment logic is pretty classical: if SGX can keep growing earnings mid-single digits while raising dividends steadily, it becomes easier for long-only funds to hold it as an “income + defensiveness + Asia volatility” compounder.
Analyst forecasts and targets: what the published research says (as of late Dec 2025)
Analyst views are not gospel, but they’re useful for understanding what the market is already debating.
UOB Kay Hian: HOLD, TP S$17.30, growth moderates off a high base
A UOB Kay Hian research excerpt published via SGinvestors in December 2025 described:
- November securities traded value up strongly year-on-year; when adjusted for a trading day difference, daily averages looked even stronger
- An expectation that trading activity stays high, but year-on-year growth slows due to a high base
- An increase in forecast earnings for FY26–FY28 (as per the excerpt) and commentary that valuation multiples were broadly in line with global peers
- HOLD rating with a target price of S$17.30 [15]
Phillip Securities: ACCUMULATE, TP S$16.90, dividends rise but treasury income can be a headwind
Phillip Securities’ excerpt (also via SGinvestors) emphasized:
- Stronger multi-asset performance drivers, including currency and commodities contributions
- Ongoing growth in OTC FX (with management guidance referenced in the excerpt)
- A clear positive read on the “quarterly dividend increase until FY28” policy
- A caution that treasury income can fall as rates decline
- ACCUMULATE rating with a target price of S$16.90 [16]
Broader “public” growth expectations
Independent forecast summaries also lean toward steady growth rather than explosive expansion. For example, Simply Wall St’s forecast page (updated mid‑December 2025) described SGX as expected to grow earnings and revenue at mid-single-digit rates per annum. [17]
Meanwhile, forecast aggregators show a spread of outcomes depending on methodology; one example (Fintel) displayed a distribution with a median estimate in the high‑S$17 range over a one‑year projection window. [18]
The important takeaway is not the second decimal place—it’s that published targets cluster around the mid-to-high S$16 to S$17+ zone, which is notably close to where S68 traded into late December. [19]
Key risks investors are watching (because reality enjoys ruining neat stories)
Even for a high-quality exchange franchise, the risk list is not decorative:
- Volumes cool if volatility fades
SGX benefits when markets are jumpy and hedging demand is elevated. A calm macro regime can soften turnover and derivatives activity—especially after a strong period creates a high base. [20] - Rates fall and treasury income declines
Exchange operators often earn income on collateral/margins. Broker commentary has highlighted pressure on treasury income when yields decline. [21] - Listings revival takes longer than hoped
Policy reforms can help, but the competitive benchmark is global liquidity. Reuters explicitly framed reforms as part of a broader effort to energize the equities market. [22] - Execution risk on new products and infrastructure
Crypto perpetuals and major trading-engine upgrades can pay off—but only if adoption grows and the rollout is smooth. [23]
What to watch next: the near-term catalyst calendar into 2026
Here are the practical “next things” many market participants will track after the Christmas break:
- Next earnings release window: Investing.com lists SGX’s next earnings report around 29 January 2026. [24]
- Progress on the SGX–Nasdaq dual-listing bridge / Global Listing Board, expected around mid‑2026 (timing and details matter). [25]
- Monthly market statistics (like the November release): if SDAV and derivatives momentum stays strong, it tends to support the “quality compounder” narrative. [26]
- Sustainability reporting requirements tightening from financial years commencing on or after 1 January 2026, which could influence issuer behavior and compliance costs across the market. [27]
Bottom line: why S68 is behaving like a “volatility + reforms” play
As of 25 December 2025, Singapore Exchange Ltd (SGX: S68) is being pulled by three big forces:
- Operational momentum (recently strong turnover and multi-asset activity) [28]
- Structural initiatives (reforms to listings and cross-border access, plus market infrastructure upgrades) [29]
- Shareholder returns discipline (a clearer, rising dividend path that anchors valuation) [30]
If you like businesses that monetize other people’s need to trade, and you believe Asia’s hedging and capital-raising demands keep expanding, SGX is an unusually “clean” way to express that view—provided you’re comfortable with the fact that calm markets and falling rates can make exchange stocks feel less magical for stretches of time. [31]
References
1. www.tradinghours.com, 2. www.marketwatch.com, 3. links.sgx.com, 4. links.sgx.com, 5. www.prnewswire.com, 6. links.sgx.com, 7. www.reuters.com, 8. www.ft.com, 9. www.businesstimes.com.sg, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. sginvestors.io, 14. www.dividends.sg, 15. sginvestors.io, 16. sginvestors.io, 17. simplywall.st, 18. fintel.io, 19. www.marketwatch.com, 20. sginvestors.io, 21. sginvestors.io, 22. www.reuters.com, 23. links.sgx.com, 24. www.investing.com, 25. www.reuters.com, 26. links.sgx.com, 27. www.sgx.com, 28. links.sgx.com, 29. www.reuters.com, 30. www.reuters.com, 31. sginvestors.io
