Macquarie cuts target to SGD 20.30 for SGX stock

Published on 10/01/2026 at 20:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

FY2026 net revenue rose 13.90 percent to SGD 1.50 billion. SGX stock costs EUR 15.70 on October 1, 2026 after EUR 15.60, plus 0.64 percent.

SGX, SG1J26887955, Illustration mit AI erstellt.

Macquarie cut its target for SGX to SGD 20.30 and downgraded the stock to Underperform from Neutral in a note dated September 14, 2026, according to TradingView. The call puts valuation against a stronger operating base, but also raises the bar for further earnings growth.

August trading activity accelerates

Singapore Exchange reported on September 10, 2026 that securities daily average value rose 35.00 percent year over year in August to SGD 2.20 billion. Total securities market turnover increased 29.00 percent to SGD 43.30 billion, giving the cash market a clear role in the exchange's latest activity gains.

Derivatives traded volume moved in the opposite direction, falling 1.00 percent year over year to 27.10 million contracts in August. Derivatives daily average volume declined 2.00 percent to 1.30 million contracts, showing that growth was strongest in cash equities and selected foreign-exchange products.

FY2026 earnings broaden the base

Singapore Exchange delivered record FY2026 revenue and net profit for the year ended June 30, 2026. The Business Times reported that net revenue rose 13.90 percent to SGD 1.50 billion, while reported net profit increased 7.80 percent to SGD 698.4 million.

The adjusted picture was stronger. Adjusted net profit increased 24.60 percent to SGD 759.5 million in FY2026, while earnings per share reached SGD 0.653. The contrast between reported and adjusted growth makes the quality of the earnings mix central to the valuation debate.

The board also proposed a one-off additional dividend of SGD 0.125 per share. Total FY2026 dividends therefore reached SGD 0.570 per share, up 52.00 percent from the previous financial year, according to The Business Times.

Macquarie sets a higher hurdle

Macquarie said securities average daily value would need to reach SGD 2.90 billion to SGD 3.50 billion to justify the stock's valuation, compared with a current range of SGD 2.00 billion to SGD 2.20 billion. The analyst also cut 2027 through 2029 earnings-per-share estimates by 2.00 percent and cited a 30.00 percent premium to Hong Kong Exchanges and Clearing.

SGX stock trades at EUR 15.70

SGX stock was trading at EUR 15.70 at Lang & Schwarz on October 1, 2026 at 8:47 p.m. CEST, up 0.64 percent versus the prior close of EUR 15.60. The primary-market quote context was SGD 22.61, with a market capitalization of SGD 24.2 billion and a 52-week range of SGD 16.23 to SGD 25.69 as of October 1, 2026.