We transfer coverage of Singapore Exchange and assign it a wide moat rating and Medium Morningstar Uncertainty Rating. We raise our fair value estimate to SGD 27 from SGD 16.90, which reflects 20% upside based on the Sept. 25, 2026 closing price.
SGX saw a 50% increase in trading volume for first-half 2026 year on year, which suggests the platform is shrugging off increasing competition.
SGX will likely be more affected by geopolitical tensions of larger countries and their capital flows, given its small catchment size.
|
Metric
|
S68
|
8697
|
00388
|
|---|---|---|---|
Price/Earnings (Normalized) | 31.20 | 30.30 | 24.38 |
Price/Book Value | 9.66 | 7.39 | 7.98 |
Price/Sales | 14.48 | 14.75 | 18.42 |
Price/Cash Flow | 26.56 | 21.88 | 21.89 |
|
Metric
|
S68
|
8697
|
00388
|
|---|---|---|---|
Quick Ratio | 1.62 | 0.00 | 0.82 |
Current Ratio | 1.62 | 1.00 | 1.05 |
Interest Coverage | 50.31 | 520.94 | 3.30 |
|
Metric
|
S68
|
8697
|
00388
|
|---|---|---|---|
Return on Assets (Normalized) | 17.73% | — | 3.66% |
Return on Equity (Normalized) | 33.77% | — | 33.51% |
Return on Invested Capital (Normalized) | 24.93% | — | 26.66% |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
| S&P Global Inc
SPGI
| LOCK|T&?!&&G | LOCK|x<m | $114B | |||
| CME Group Inc Class A
CME
| LOCK|C#^BnDhB | LOCK|^dY | $95B | |||
| Intercontinental Exchange Inc
ICE
| LOCK|gyL<F@^ | LOCK|vb@ | $85B | |||
| Moodys Corp
MCO
| LOCK|ZkskStB | LOCK|m^ | $77B | |||
| Nasdaq Inc
NDAQ
| LOCK|>Ry$&>y | LOCK|YW@B | $51B | |||
| Coinbase Global Inc Ordinary Shares - Class A
COIN
| LOCK|<zk#m&Y | LOCK|d< | $50B | |||
| MSCI Inc
MSCI
| LOCK|JrT#L&$ | LOCK|FH@ | $40B | |||
| Cboe Global Markets Inc
CBOE
| LOCK|g!%<K% | LOCK|&!Vl | $29B | |||
| TransUnion
TRU
| LOCK|nwd@QNp | LOCK|%?V?g | $12B | |||
| FactSet Research Systems Inc
FDS
| LOCK|y@#lR# | LOCK|nkG | $10B |
United States