Singapore Exchange (SGX: S68) Stock: Latest News, Analyst Forecasts, and What to Watch as of 13 Dec 2025

Singapore Exchange Ltd (SGX: S68) is ending the week with investors focused on an unusually bullish mix of higher cash-equities turnover, market-structure reforms designed to deepen liquidity, and new product/market-connectivity initiatives (including crypto perpetual futures and the planned SGX–Nasdaq dual-listing “bridge”). Shares last closed at S$16.94 on Friday, 12 December 2025, up 1.44% on the day, after trading between S$16.74 and S$16.97. ^[1]

What makes SGX stock interesting right now isn’t just the price action—it’s the story behind it: SGX is increasingly being valued less as a sleepy “local bourse” and more as a multi-asset market infrastructure business with operating leverage when volumes rise, plus optionality from reforms and cross-border listings.

SGX share price check: where the stock stands heading into the weekend

With Singapore markets closed on Saturday (13 December 2025), the most recent on-market reference is Friday’s close:

Last close (Dec 12, 2025): S$16.94
Day move: +S$0.24 (+1.44%)
Day range: S$16.74–S$16.97 ^[2]

In commentary this week, SGX has been described as up roughly mid-30% year-to-date, with analysts explicitly pointing to structurally higher trading activity and potential upside to dividends if elevated turnover persists. ^[3]

The biggest near-term driver: November trading activity came in hot

The most concrete “here-and-now” input into SGX earnings expectations is trading activity—because for an exchange operator, volume and value are oxygen.

Cash equities: turnover value jumped, driven by index names and REITs

In SGX’s November market update (released 10 December), the exchange reported:

Total securities market turnover value:S$35.5 billion, up 18% year-on-year, and described as the best traded value since April
Total securities turnover volume:29.3 billion shares, up 4% year-on-year
Interest was led by index stocks and REITs, with retail participation especially strong in REITs ^[4]

The Straits Times Index (STI) itself rose 2.2% month-on-month in November, pushing calendar YTD gains to 19% and total returns to 25%; the STI hit a new peak of 4,575.91 on 13 November. ^[5]

From a “SGX-the-company” lens, this matters because higher cash-equities turnover tends to flow into revenue while much of the cost base is comparatively stable—creating the classic exchange-operator dynamic: operating leverage.

Commodities and FX derivatives: still doing the heavy lifting

SGX also highlighted strength in non-equity derivatives:

Commodity derivatives volume:5.3 million contracts in November, up 6% year-on-year
SGX tied this to ongoing institutional risk management amid geopolitical developments
It called out iron ore, freight, and petrochemical contracts as areas of focus ^[6]

And in a broader November highlights set, SGX disclosed additional context that often gets overlooked outside professional circles: China equity access products (e.g., A50-linked contracts), India-related activity (including INR/USD), and Taiwan index futures participation. ^[7]

Crypto perpetual futures: small today, strategically loud

One of the more headline-grabbing additions has been crypto derivatives—carefully ring-fenced for institutions.

SGX said Bitcoin and Ethereum perpetual futures for institutional-only trading posted “credible” activity in their first week following a 24 November launch, with average notional traded described around US$100 million weekly and participation from both traditional finance and crypto-native firms. ^[8]

This is unlikely to be a dominant revenue line immediately, but it signals SGX’s intent to compete for institutional flow in newer asset classes—without positioning itself as a retail crypto venue.

The “big system” story: reforms to rebuild Singapore’s equities ecosystem

SGX stock has also been reacting to something more structural: Singapore’s push to make its equities market more competitive, which (if successful) should translate into more trading, more listings, and higher-quality liquidity.

1) Post-trade custody model revamp: shifting toward international norms

A major piece of current analysis (published 12 December) focuses on plans to modernise how investors hold SGX-listed securities—specifically by promoting broker custody/nominee structures and potentially enabling omnibus accounts.

The rationale, as described in the analysis, is to align Singapore more closely with how other major markets operate, reduce friction for internationally active managers, and make participation easier—particularly for investors who want a “single account” experience across markets. A stakeholder consultation was indicated for 1Q2026. ^[9]

This can sound bureaucratic, but it has real market impact: if participation becomes easier and cheaper (and if corporate actions and voting rights processes improve), it can broaden the investor base and increase trading frequency—both of which would be supportive for an exchange operator’s economics.

2) Smaller board lots and market microstructure: the liquidity plumbing

Alongside custody changes, reforms discussed around the equities review include steps like smaller board-lot sizes and market-making incentives intended to lower execution costs and improve liquidity. Reuters’ reporting on the reform package explicitly referenced these initiatives as part of the broader plan. ^[10]

3) Liquidity injection via EQDP and “Value Unlock”

Another demand-side lever is institutional liquidity support through the Equity Market Development Programme (EQDP) plus a “Value Unlock” initiative aimed at improving engagement and shareholder outcomes.

Reuters described allocations nearing S$4 billion under EQDP after a further tranche, including global and local managers; The Straits Times also reported an additional S$2.85 billion allocation for a second tranche of managers. ^[11]

Dec 13’s main fresh angle: turning the SGX–Nasdaq bridge into durable growth

The most directly “13 Dec 2025-dated” SGX-related piece in circulation today is an opinion/feature arguing that the SGX–Nasdaq dual-listing bridge needs ecosystem-wide execution to become a durable growth engine—not just a headline. ^[12]

The article frames the bridge as a mechanism to reposition Singapore as a regional listing gateway for the next generation of Southeast Asian public-market champions, noting the presence of dozens of regional unicorns as a potential pipeline. ^[13]

That’s the strategic bet: make it easier for large Asia-linked growth companies to tap both US depth and Asian investor engagement—without the full burden of two separate listing processes.

SGX–Nasdaq Global Listing Board: what’s confirmed, and what it could mean for SGX stock

The Global Listing Board concept (announced in November, targeted for mid-2026 go-live) is now a central part of the SGX narrative.

What’s confirmed so far

From the joint announcement carried via GlobeNewswire:

SGX and Nasdaq plan a framework to simplify dual listings between Singapore and the US
The initiative is aimed at companies with market capitalisation of S$2 billion and above
It targets a mid-2026 timeframe
A key feature is enabling a single set of offering documents and a streamlined review process to reduce duplication and cost ^[14]

Reuters and the Financial Times similarly described a simplified dual-listing pathway using aligned documentation, and positioned it as part of Singapore’s push to revitalise its equity market. ^[15]

Why this matters for SGX shareholders

For SGX stock, the bridge isn’t just “more listings someday.” It’s about:

Listing franchise and relevance: making Singapore a more realistic venue for large growth companies that might otherwise skip SGX.
Secondary trading activity: dual listings only matter economically if they generate durable liquidity and investor participation.
Ecosystem flywheel: more institutional attention can lead to more research coverage, more derivatives usage, and tighter spreads—supporting turnover and derivatives hedging demand.

The bridge is still subject to regulatory processes and implementation details, so investors should treat it as a credible catalyst-in-development, not guaranteed near-term revenue.

Analysts’ latest calls and forecasts: targets lifted, but not everyone is screaming “buy”

The most actionable “forecast” content around SGX stock this week came from broker analysis published on 12 December:

UOB Kay Hian: Hold, target raised to S$17.30

UOB Kay Hian maintained a “hold” view while raising its target price, highlighting:

Cash-equities traded value growth outperforming projections (Jul–Nov up strongly year-on-year)
Derivatives volumes beating expectations, especially in commodities and FX (with INR/USD noted)
A view that the EQDP should keep helping, but that year-on-year growth may moderate in 2HFY2026 due to a higher base ^[16]

Maybank: Buy, target lifted to S$18.81

Maybank’s stance was more constructive, arguing:

Strong November data supports the idea of a structural shift to a higher average daily value (ADV) environment
Stable operating costs could let operating leverage improve earnings
Market reforms could support valuation and dividends over time
It also pointed to stronger IPO momentum and explicitly referenced the SGX–Nasdaq bridge as a potential listing-flow support ^[17]

Independent “model” style forecasts (useful, but treat carefully)

Some investor platforms project mid-single-digit growth rates for SGX over coming years (earnings/revenue), reflecting a steadier “infrastructure compounder” profile rather than a hyper-growth story. These can be a helpful sanity check, but they’re not a substitute for primary broker research and company guidance. ^[18]

Fundamentals that still anchor the bull case: profit, dividends, IPO pipeline

Zooming out beyond the December headlines, SGX has had a strong recent financial run.

Reuters reported that for the fiscal year ended June 2025, SGX posted:

Revenue:S$1.30 billion
Adjusted net profit:S$609.5 million
CEO commentary indicating 30+ companies preparing to go public (described as the strongest IPO pipeline in years) ^[19]

Dividend policy has also been part of the appeal. Reuters reported SGX declared a quarterly dividend of 10.5 Singapore cents and outlined a plan to increase dividends by 0.25 cents quarterly through FY2028 (as described in the report). ^[20]

For investors, this frames SGX stock as a blend of yield, market-activity upside, and policy-driven structural catalysts.

One rumor SGX has tried to shut down: Cboe Australia acquisition speculation

Not all headlines are “growth catalysts.” In early December, SGX publicly rejected speculation that it was pursuing Cboe Global Markets’ Australian unit.

A Business Times report quoted an SGX spokesperson saying the acquisition speculation was inaccurate and that SGX was not exploring or considering a purchase of Cboe Australia. ^[21]

The market relevance here is simple: investors sometimes price in optionality from acquisitions. When a rumored deal is denied, the story typically shifts back to organic growth and the reform/connectivity agenda.

Risks and reality checks for SGX stock investors

Even with a supportive backdrop, SGX is not a one-way trade. Key risks include:

Normalization risk: November’s strong activity and reform momentum could cool; trading activity can be cyclical and sentiment-driven. (Even bullish analysts flagged that growth rates may moderate off a higher base.) ^[22]
Derivatives dependence on volatility: Some derivatives activity benefits from geopolitical/macro uncertainty; calmer markets can reduce hedging demand. ^[23]
Execution risk on reforms: custody/omnibus accounts, board-lot changes, and market microstructure upgrades are complex; timelines and adoption matter. ^[24]
“Bridge” is still a bridge-to-build: the SGX–Nasdaq framework is targeted for mid-2026 and depends on regulatory implementation details. ^[25]
New products (crypto) bring new scrutiny: even institution-only crypto products can carry reputational and regulatory sensitivity, despite potentially attractive volumes. ^[26]

What to watch next for Singapore Exchange (S68) stock

As of 13 December 2025, the next meaningful signposts for SGX stock are likely to be:

Monthly market statistics (do higher cash-equities ADV and commodities/FX derivatives strength persist?). ^[27]
Details and timelines on custody/omnibus accounts consultation expected in 1Q2026, plus any “baseline” standards for shareholder rights processes. ^[28]
Progress on the SGX–Nasdaq Global Listing Board, especially concrete regulatory harmonisation steps and issuer interest. ^[29]
IPO cadence and non-REIT listing diversity, which matters for the broader “revival” narrative and secondary trading depth. ^[30]

Bottom line

Singapore Exchange Ltd stock is being pulled by a rare alignment: strong recent trading data, visible policy support for equities-market liquidity, and strategic initiatives (Nasdaq connectivity and new derivatives like crypto perpetuals) that broaden the long-term growth story. The sell-side tone has turned more constructive, with higher target prices—but also with repeated reminders that growth rates may cool off a high base. ^[31]