
Singapore Exchange Limited (SPXCY)
ValueMarkers Composite Index
24% above intrinsic value ($32)
Singapore Exchange Limited (SPXCY) — VMCI valuation read
Headline read on SPXCY: VMCI of 62/100 versus a Financial Services sector median of 50. The 12-point above-median position is what makes Singapore Exchange Limited a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on SPXCY: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on SPXCY: value (SPXCY trades at 19.0x earnings, 6% above the Financial Services median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Financial Services median (10.0%)), and risk (net debt to EBITDA of 2.2x is the rate-sensitivity line to watch). The value read also implies an EV/EBITDA gap of +4.0x against the Financial Services 12.0x baseline.
SPXCY fell 0.5% over the trailing 7 days, with a -7.0% read on a 30-day basis.
Singapore Exchange Limited, together with its subsidiaries, operates as an integrated securities and derivatives exchange, and related clearing houses in Singapore. It operates through Fixed Income, Currencies, and Commodities; Equities; and Data, Connectivity, and Indices segments. The Fixed Income, Currencies, and Commodities segment offers fixed income issuer, trading and clearing, and collateral management services. The Equities segment provides issuer, securities trading and clearing, securities settlement and depository management, derivatives trading and clearing, and collateral management services. The Data, Connectivity, and Indices segment offers market data, connectivity, and indices services. It also provides counterparty guarantee, and depository and related services for securities and derivatives transactions; bond trading services; front-line regulatory functions; computer and software maintenance; operates an electronic foreign exchange trading platform; and management consultancy services for index activities. In addition, the company offers membership and management services to related corporations; distributes bulk freight market indices and information; and operates an electricity market, as well as provides administration services for index calculation, risk analyses, and financial research. It has an agreement in relation to a global partnership to grow New Zealand's Exchange's dairy derivatives market together. Singapore Exchange Limited was incorporated in 1999 and is headquartered in Singapore.
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