Singapore Exchange Ltd: April market statistics softer MoM but still robust

Research evidence excerpt

Singapore Exchange Ltd: April market statistics softer MoM but still robust

Update

May 13, 2026 11:49 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MSingapore Exchange Ltd | Asia Pacific Nick Lord

Equity Analyst

April market statistics softer Nick.Lord@morganstanley.comAitong Li +65 6834-6746

Research Associate

Aitong.Li@morganstanley.com +65 6834-6295

MoM but still robust

Singapore Exchange Ltd (SGXL.SI, SGX SP)

Market stats softer vs. very strong March level but still robust ASEAN Financials | Singapore

Stock Rating Overweight

and ahead of MSe. We still expect the "Value Unlock" Industry View In-Line

programme, market structural reforms, the launch of the Global PriceUp/downsidetarget to price target (%) S$20.00(7)

Listing Board (GLB), and Singapore's low-beta market status to Shr price, close (May 13, 2026) S$21.58

52-Week Range S$21.95-13.58

remain positive catalysts for SGX. Sh out, dil, curr (mn) 1,082

Mkt cap, curr (mn) S$23,348

Avg daily trading value (mn) S$44.41

Key Takeaways Fiscal Year Ending 06/25 06/26e 06/27e 06/28e

Following March's robust performance, trading volume in April remained strong, EPS (S$)** 0.60 0.63 0.70 0.74

Prior EPS (S$)* - - - -

with turnover velocity above run rate. ModelWare net inc (S$ 648 682 759 804

mn)

Interest in the SG equity market continues. Institutions were net buyers of small-/ Net income (S$ mn)§ 640 707 774 826

mid-caps for a fourth consecutive month. Next 50 Index +6% MoM (STI +0.6%). EPS (S$)§ 0.59 0.66 0.72 0.77

EBITDA (S$ mn) 777 862 962 1,025

The launch of the Global Listing Board (GLB) is targeted for end-June 2026; the P/E 24.9 34.3 30.8 29.1

P/BV 7.3 9.9 9.4 8.9

next batch of EQDP managers is expected to be appointed around mid-2026. ROE (%) 33.1 31.0 32.1 32.3

S'hldr eqty (S$ mn) 2,199 2,363 2,487 2,615