Singapore Exchange Limited

SGX:S68 Stock Report

Market Cap: S$13.4b

Singapore Exchange Valuation

Is S68 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of S68 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: S68 (SGD12.43) is trading below our estimate of fair value (SGD13.05)

Significantly Below Fair Value: S68 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for S68?

Key metric: As S68 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for S68. This is calculated by dividing S68's market cap by their current earnings.
What is S68's PE Ratio?
PE Ratio22.3x
EarningsS$597.91m
Market CapS$13.39b

Price to Earnings Ratio vs Peers

How does S68's PE Ratio compare to its peers?

The above table shows the PE ratio for S68 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average21x
AIY iFAST
36.3x17.6%S$2.2b
U10 UOB-Kay Hian Holdings
7.3xn/aS$1.6b
YF8 Yangzijiang Financial Holding
9.5x13.7%S$1.4b
MKTX MarketAxess Holdings
31x10.5%US$8.6b
S68 Singapore Exchange
22.3x4.1%S$13.4b

Price-To-Earnings vs Peers: S68 is expensive based on its Price-To-Earnings Ratio (22.3x) compared to the peer average (21x).

Price to Earnings Ratio vs Industry

How does S68's PE Ratio compare vs other companies in the Asian Capital Markets Industry?

38 CompaniesPrice / EarningsEstimated GrowthMarket Cap
S68 22.3xIndustry Avg. 17.8xNo. of Companies87PE01632486480+
38 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: S68 is expensive based on its Price-To-Earnings Ratio (22.3x) compared to the Asian Capital Markets industry average (17.8x).

Price to Earnings Ratio vs Fair Ratio

What is S68's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

S68 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.3x
Fair PE Ratio19.8x

Price-To-Earnings vs Fair Ratio: S68 is expensive based on its Price-To-Earnings Ratio (22.3x) compared to the estimated Fair Price-To-Earnings Ratio (19.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst S68 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentS$12.43
S$12.12
-2.5%
10.4%S$14.31S$10.12n/a14
Dec ’25S$12.72
S$12.08
-5.0%
10.4%S$14.31S$10.12n/a14
Nov ’25S$11.41
S$11.44
+0.2%
9.1%S$12.80S$10.01n/a13
Oct ’25S$11.31
S$11.16
-1.3%
9.3%S$12.70S$9.90n/a13
Sep ’25S$10.83
S$10.63
-1.9%
6.8%S$12.70S$9.62n/a13
Aug ’25S$9.87
S$10.43
+5.7%
7.1%S$12.40S$9.30n/a12
Jul ’25S$9.39
S$10.21
+8.7%
8.6%S$12.40S$8.96n/a12
Jun ’25S$9.56
S$10.17
+6.3%
8.8%S$12.40S$8.96n/a12
May ’25S$9.36
S$9.94
+6.2%
9.8%S$12.40S$8.50n/a12
Apr ’25S$9.15
S$10.01
+9.4%
9.1%S$12.40S$8.50n/a13
Mar ’25S$9.42
S$9.96
+5.7%
9.3%S$12.40S$8.50n/a13
Feb ’25S$9.39
S$10.12
+7.8%
9.5%S$12.40S$8.97n/a13
Jan ’25S$9.83
S$10.27
+4.5%
8.7%S$12.40S$9.00n/a13
Dec ’24S$9.61
S$10.32
+7.4%
9.8%S$13.00S$9.00S$12.7213
Nov ’24S$9.47
S$10.16
+7.3%
11.6%S$13.00S$8.00S$11.4113
Oct ’24S$9.75
S$10.05
+3.1%
13.0%S$13.00S$8.00S$11.3113
Sep ’24S$9.63
S$10.02
+4.1%
12.5%S$13.00S$8.00S$10.8314
Aug ’24S$9.67
S$9.91
+2.5%
13.2%S$13.00S$8.00S$9.8713
Jul ’24S$9.61
S$9.93
+3.4%
12.6%S$13.00S$8.00S$9.3914
Jun ’24S$9.38
S$9.93
+5.9%
12.6%S$13.00S$8.00S$9.5614
May ’24S$9.57
S$9.64
+0.8%
9.9%S$11.71S$8.00S$9.3613
Apr ’24S$9.40
S$9.61
+2.3%
10.2%S$11.71S$8.00S$9.1513
Mar ’24S$8.66
S$9.69
+11.9%
9.6%S$11.71S$8.00S$9.4214
Feb ’24S$9.14
S$9.79
+7.1%
10.5%S$11.71S$8.00S$9.3914
Jan ’24S$8.95
S$9.91
+10.8%
10.1%S$11.71S$8.00S$9.8315
Dec ’23S$9.16
S$10.12
+10.5%
9.0%S$11.71S$8.00S$9.6116

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/26 10:24
End of Day Share Price 2024/12/26 00:00
Earnings2024/06/30
Annual Earnings2024/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Singapore Exchange Limited is covered by 36 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Wee Siang NgBNP Paribas Securities (Asia)
Ryan FooBofA Global Research
Siti Bte SalikinCFRA Equity Research