Singapore Exchange posts record profit, sees strongest IPO pipeline in years
Adjusted net profit for the year ended June rose 15.9% to S$609.5 million ($475.2 million), driven by higher trading volumes across equities, currencies and commodities, according to SGX. Revenue climbed 11.7% to S$1.30 billion.
"Our IPO pipeline is the strongest in years," CEO Loh Boon Chye told Reuters after the earnings release on Friday.
"A pipeline in our definition is not about marketing to a prospect," he said. "Our pipeline is more refined, they are companies that have really considered that IPO is a route and have engaged advisers to do that."
SGX declared a final quarterly dividend of 10.5 Singapore cents per share, up from 9 cents a year earlier, and said it plans to raise dividends by 0.25 cents each quarter from FY2026 to FY2028.
Shares of SGX dropped 2.5% on Friday, but have gained about 25% year-to-date, LSEG data showed. The domestic benchmark stock index (.STI), opens new tab declined almost 0.8% on the day, but has climbed over 11% year-to-date.
There is growing interest from companies seeking to list on SGX, after the city-state announced measures in February to strengthen its equities market, including a 20% tax rebate for primary listings.
In July, Singapore's central bank said it will place S$1.1 billion with three asset managers as part of a S$5 billion programme under the measures to boost the stock market.
Recent listings in July include NTT DC REIT (NTTD.SI), opens new tab, which raised $773 million in Singapore's largest IPO since 2021, and a secondary listing by Hong Kong-listed China Medical System (0867.HK), opens new tab.
Loh said SGX's multi-asset platform is well-positioned to capture shifting investor flows amid global volatility triggered by heightened geopolitical and trade tensions, including the tariff war under U.S. President Donald Trump's administration.
SGX also plans to expand Singapore Depository Receipts (SDRs) programme, investment products that allow investors to buy shares of overseas companies directly on SGX, beyond Thailand and Hong Kong currently, Loh said.
"We look to launch SDR with Indonesia underlying in the next few months," he said. "We hope to progress with that to other ASEAN markets like Vietnam."
($1 = 1.2826 Singapore dollars)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
5 minutes ago
- Reuters
Rupee rally to hit speed bump on weak Asian cues, tepid equity flows
MUMBAI, Aug 20 (Reuters) - The Indian rupee's rally to a three-week high is at risk of stalling on Wednesday, pressured by a decline in Asian currencies and lacklustre equity flows. The 1-month non-deliverable forward indicated the rupee will open in the 87.10-87.14 range versus the U.S. dollar, compared with 86.95 on Tuesday, when it hit a three-week high of 86.92. Unwinding of long-dollar positions, Prime Minister Narendra Modi's planned tax cuts and cautious optimism on the Ukraine-Russia front drove the rupee to its best day in seven weeks on Tuesday. The "washout" of dollar longs has left positioning much lighter, and it won't be a driver for the rupee anymore, a trader at a Mumbai-based bank said. "And without a pickup in equity flows, it's hard to see the currency holding near 87." While Indian equities have rallied on hopes that Modi's planned tax cuts will bolster growth, foreign flows remain tepid. Overseas investors were net sellers of local shares on Tuesday after putting in just over $100 million the previous day. Asian currencies slipped between 0.1% and 0.5% on the day, while the dollar index inched up to 98.40. Regional equities were mostly lower, tracking the tech-led selloff on Wall Street. U.S. Treasury yields, meanwhile, fell on Tuesday after S&P affirmed the U.S. credit rating. Much of attention was on a meeting between U.S. President Donald Trump, Ukrainian President Volodymyr Zelenskiy and European allies over the Russia-Ukraine war. Focus now shifts to Federal Reserve Chair Jerome Powell's speech on Friday, with markets watching for any pushback against expectations of a September rate cut. Traders are largely confident a cut is coming, with futures pricing in a more than 80% chance. KEY INDICATORS: ** One-month non-deliverable rupee forward at 87.23; onshore one-month forward premium at 12 paise ** Dollar index up at 98.42 ** Brent crude futures up 0.1% at $65.9 per barrel ** Ten-year U.S. note yield at 4.31% ** As per NSDL data, foreign investors bought a net $116.2 million worth of Indian shares on Aug. 18 ** NSDL data shows foreign investors sold a net $12.7 million worth of Indian bonds on Aug. 18
Reuters
35 minutes ago
- Reuters
US dollar strengthens ahead of Jackson Hole meet; NZ dollar drops on dovish RBNZ
TOKYO, Aug 20 (Reuters) - The U.S. dollar gained for a third straight session on Wednesday as traders awaited the Federal Reserve's annual Jackson Hole symposium this week for clues on the path of monetary policy. The New Zealand dollar tumbled after the Reserve Bank said its board also considered a half-point cut in deciding to reduce the cash rate by a quarter point. The kiwi slumped as much as 0.9% to $0.5841, its lowest since April 14. The U.S. dollar index , which measures the currency against six major counterparts, added 0.1% to 98.438, its highest since August 12. In the first two days of this week, it gained about 0.4%. Friday's speech by Fed Chair Jerome Powell is the market's main focus, as traders watch for any pushback against market pricing of a rate reduction next month. Traders now place odds of 84% on such a cut, and expect about 54 basis points of reductions by year-end. "Given the relatively high bar for Powell to meet, there's a bit of risk being baked into the markets that he leans to the hawkish side and the proverbial rug gets pulled from beneath investors," said Kyle Rodda, an analyst at Traders, who ramped up bets for a Fed cut on September 17 after a surprisingly weak payrolls report at the start of this month, were further encouraged after consumer price data showed limited upward pressure from tariffs. However, a hotter-than-expected producer price reading last week complicated the policy picture. Powell has said he is reluctant to cut rates because of expected tariff-driven price pressures this summer. Later on Wednesday, the Fed will issue the minutes of its meeting on July 29 and 30, when it held rates steady, although they may offer limited insight as the meeting came before the weak jobs numbers. The dollar advanced 0.1% to 0.80885 Swiss franc , though it edged slightly lower to 147.56 yen . The euro eased 0.2% to $1.1626, and sterling slipped 0.2% to $1.3463. Australia's dollar declined 0.3% to $0.6435, its weakest since August 1.
Reuters
35 minutes ago
- Reuters
India's stock benchmarks set for muted start amid Asia weakness
Aug 20 (Reuters) - India's equity benchmarks are set for a flat open on Wednesday, pausing after two sessions of gains driven by hopes of tax cuts, while Asian shares tracked a tech sell-off on Wall Street ahead of the Federal Reserve's annual Jackson Hole conference. Gift Nifty futures were trading at 24,967 as of 8:00 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open near Tuesday's close of 24,980.65. Asian markets slipped, with the MSCI Asia ex-Japan (.MIAPJ0000PUS), opens new tab losing 0.8%, following declines in U.S. equities as investors ditched high-flying tech stocks with their lofty valuations, an analyst said. On Tuesday, U.S. President Donald Trump said he hoped his Russian counterpart, Vladimir Putin, would move to end the conflict in Ukraine, but noted that the Kremlin may resist a deal. Trump also signalled possible U.S. air support for Ukraine as part of negotiations to end Russia's war. Meanwhile, investors are awaiting the Fed's annual symposium in Jackson Hole, Wyoming, between August 21-23. Most investors expect a 25-basis-point rate cut next month, but tariff concerns are keeping markets cautious. Lower U.S. interest rates make emerging markets, including India, more appealing to foreign investors. The Nifty and Sensex gained about 0.4% and 0.5%, respectively, on Tuesday, led by Reliance Industries ( opens new tab and auto makers (.NIFTYAUTO), opens new tab, and buoyed by hopes of a demand boost from proposed cuts to the goods and services tax (GST). Foreign portfolio investors (FPIs) were net sellers of Indian shares worth 6.34 billion rupees ($72.8 million) on Tuesday. Domestic institutional investors (DII) bought Indian shares worth 22.61 billion rupees in the last session, marking their 31st straight session of net inflows. ** Lloyds Metals and Energy ( opens new tab emerges as the successful bidder for Tandsi extension coal mine, spanning 338 hectares. ** Dynamic Cables ( opens new tab gets a license from the Bureau of Indian Standards to manufacture Aluminium alloy stranded conductors, fire survival cables. ** Endurance Technologies ( opens new tab approves capacity addition for ABS, disc brake systems for a total investment of 1.36 billion rupees. ($1 = 87.0840 Indian rupees)
