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Analysts mostly bullish on EQDP's impact on SGX; Morningstar views tailwind as ‘temporary’

Douglas Toh
Douglas Toh • 8 min read
Analysts mostly bullish on EQDP's impact on SGX; Morningstar views tailwind as ‘temporary’
Van Keulen has a three-star rating on SGX, which according to Morningstar “indicates our belief that investors are likely to receive a fair risk-adjusted return.” Photo: Bloomberg
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Singapore Exchange (SGX) Group’s earnings of $342.7 million for the 1HFY2026 ended December 2025 have inspired mostly positive reactions from analysts.

While the figure was comparable to the same period a year before, the group’s adjusted net profit after tax was an 11.6% y-o-y improvement to $357.1 million. According to SGX, this adjusted line excludes certain non-cash and non-recurring items that have less bearing on its operating performance.

To Maybank Securities analyst Thilan Wickramasinghe, SGX’s 1HFY2026’s core profits were in line with his estimates and ahead of the consensus’ estimate. “Its fixed income, currencies and commodities segment (FICC) business demonstrated strong positioning as a risk management venue amidst significant supply chain uncertainty,” he writes.

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