SGX stock: RHB cuts target to SGD 20.30 for Singapore Exchange stock

Published on 10/22/2026 at 21:36 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

RHB cut its target to SGD 20.30 from SGD 22.20 on October 19, 2026. SGX stock costs EUR 14.50 on October 22, 2026 at 9:29 p.m. CEST.

Analyst target and reporting date

RHB lowered its Singapore Exchange target to SGD 20.30 from SGD 22.20 on October 19, 2026.
Fiscal year 2026 net revenue rose 13.90 percent to SGD 1.50 billion.
Singapore Exchange stock costs EUR 14.50 at Lang & Schwarz on October 22, 2026 at 9:29 p.m. CEST.
The annual meeting is scheduled for October 23, 2026.

SGX, SG1J26887955, Illustration mit AI erstellt.

Singapore Exchange (SG1J26887955) faces a lower RHB target of SGD 20.30 after the brokerage cut it from SGD 22.20 in a note dated October 19, 2026. RHB maintained a neutral rating, while its forecasts reflected softer first-quarter trading activity. Singapore Exchange was trading at EUR 14.50 at Lang & Schwarz on October 22, 2026 at 9:29 p.m. CEST.

The Business Times reported that implied securities and derivatives activity for the first half of fiscal 2027 tracked 7.40 percent and 10.20 percent below RHB's expectations. The brokerage also reduced its earnings forecasts for fiscal 2027, fiscal 2028 and fiscal 2029 by 8.30 percent, 8.40 percent and 8.50 percent.

Trading activity sets the test

RHB's assessment puts volume conversion at the center of the valuation debate. Securities daily average value reached SGD 2.00 billion in the first quarter of fiscal 2027, up 33.00 percent year on year but down 8.00 percent from the previous quarter. Derivatives daily average volume fell 11.00 percent quarter on quarter to 1.40 million contracts.

The same report said September securities daily average value rose 27.00 percent year on year to SGD 1.90 billion, while monthly turnover value slipped 3.00 percent from August. Foreign exchange futures provided support, with volume rising 53.00 percent year on year to 9.60 million contracts in September.

Revenue growth meets valuation

For fiscal year 2026, net revenue increased 13.90 percent year on year to SGD 1.50 billion, while adjusted net profit rose 24.60 percent to SGD 759.50 million. Reported net profit was SGD 698.40 million, up 7.80 percent, after a SGD 53.40 million goodwill impairment tied to Scientific Beta, as The Smart Investor reported on October 22, 2026.

Singapore Exchange's market capitalization was SGD 22.36 billion on October 21, 2026, with a price-to-earnings ratio of 32.12 and a dividend yield of 2.08 percent. Its 52-week range was SGD 16.23 to SGD 25.69. The stock's annual meeting is scheduled for October 23, 2026, according to Simply Wall St.

What does the target cut mean?

The revised SGD 20.30 target is below the SGD 22.20 level used by RHB before its October 19 note. The comparison matters because the same report places the exchange operator at 28.90 times forecast fiscal 2027 earnings, while warning that slower turnover could limit operating leverage.

Stock price and investor view

Singapore Exchange combines a 13.90 percent fiscal year 2026 revenue increase with a near-term slowdown in trading indicators. Its earnings profile remains supported by equities, foreign exchange and recurring data and connectivity revenue, but the October 19 RHB revision makes activity growth the immediate valuation test.

Singapore Exchange was trading at EUR 14.50 at Lang & Schwarz on October 22, 2026 at 9:29 p.m. CEST.

The further course of trading is shown by the continuously updated real-time quote of SGX stock.