Broker Name: DBS Group Research
Date of Report: 24 June 2026
Excerpt from DBS Group Research report.
Report Summary
- Stock: Singapore Exchange Ltd (SGX)
- Ticker: SGX SP
- Action: BUY
- Target Price: SGD26.40 (12-month)
- Key Idea: SGX is Singapore’s sole exchange operator and stands out for its multi-asset strategy, offering diversified exposure across equities, fixed income, foreign exchange, and commodities. The company is benefitting from structural changes and inflows to the Singapore market, driven by the Equity Market Development Programme (EQDP), robust derivatives business growth, and heightened demand for risk management tools.
- Highlights:
- Sustained momentum in equities and derivatives with daily average value at multi-year highs.
- Only one-third of the SGD6.5bn EQDP has been deployed, suggesting further upside from future tranches and continued government support.
- EPS growth expected to be 8-13% across FY27-28F, with potential for further dividend increases as management targets a steady rise in dividends per share.
- SGX’s premium valuation (TP: SGD26.40, ~34x FY27F PE) is justified by ongoing structural growth and its position as a key beneficiary of regional capital inflows.
- Implications: Investors can look for further price and earnings upside as government policy and market inflows continue to support SGX’s growth. The BUY call is supported by strong business momentum, robust EPS outlook, and continued positive catalysts from further EQDP deployment and capital management initiatives.
above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS website : https://www.dbs.com/
