Earnings Season: Do SGX and Keppel Still Have Room to Run?
As the Straits Times Index (STI) recently hit a new intraday high, market attention is now locked on two major Singapore blue chips reporting earnings on 5 Feb 2026: SGX Group and Keppel Ltd.
1) $SGX(S68.SI)$: High Valuation, Even Higher Expectations
SGX is set to report earnings on 5 Feb. As of 3 Feb 2026 (intraday), the stock traded at S$18.13, up +2.84%, with volume surging to 3.37M shares — significantly above its usual average.
The market is clearly positioning for a strong print.
-
EPS (previous period): S$0.60
-
Strong profitability: Gross margin at 74.31%, net margin at 47.28%
-
Solid cash flow: Operating cash flow per share at S$0.81, comfortably supporting its S$0.39 dividend per share
Valuation & Risk
SGX is currently trading at a meaningful premium:
SGX P/E = 29.27 vs Sector Avg P/E = 14.28
While its ROE of 30.62% helps justify a near-30x earnings multiple, it also means the market has very little tolerance for an earnings miss.
Here are the key angles investors will likely focus on:
-
Derivatives & data services revenue: Watch trading income trends and data services growth — both are critical to margin expansion.
-
Cost & recurring revenue mix: The market will pay close attention to the share of recurring revenue driven by connectivity and data subscriptions.
2) $Keppel(BN4.SI)$: Can the Bifrost Cable Ignite Its Transformation Story?
Keppel is expected to report its full-year earnings before market open on 5 Feb. This is more than an earnings report — it’s a real test of its transition toward an asset-light model and its positioning as a digital infrastructure operator.
The Transformation Catalyst: AI Power & Infrastructure
Keppel has been actively reshaping its identity from a traditional conglomerate into an infrastructure asset management company, with a new spotlight on the Bifrost subsea cable system.
Keppel recently disclosed that it signed a Binding Term Sheet with a “global telecom company” to sell the 25-year long-term usage rights (IRU) for a pair of fibres in the Bifrost cable system.
While the company stated the transaction is not expected to have a material impact on earnings this financial year, it does validate Keppel’s ability to monetize strategic infrastructure assets.
With cloud demand accelerating and AI-driven capex expanding rapidly, data centres — and the connectivity layer that supports them (including subsea cables) — are increasingly becoming a core part of Keppel’s valuation narrative.
Earnings Pick
STI is strong, and both companies report on the same day — so let’s do a quick prediction challenge:
After the 5 Feb earnings release, which stock is more likely to hit a “post-earnings high”?
A) SGX (S68.SI) — earnings can still justify the premium 🚀
B) Keppel (BN4.SI) — AI infra / subsea cable narrative re-rates the stock 🔥
C) Both go up (STI momentum lifts all blue chips) 📈
D) Both pull back (already priced in, “sell the news”) 😵
💬Comment your choice + ONE short reason (even 10 words is enough!)
Example:
“A — volume spike shows strong positioning”
or “B — AI infra demand is the real multi-year story”
We’ll come back after earnings to recap the results and see who called it right.
Each participant gets 5 Tiger Coins just for joining.
Each participant who guesses the correct closing price will share 500 Tiger Coins (evenly split).
For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.
Find out more here.
Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.
Other helpful links:
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
For $SGX(S68.SI)$ , expectations are undeniably high, but volume expansion ahead of earnings suggests positioning rather than distribution. As long as derivatives activity and data services show steady growth, the market may be willing to defend the premium valuation, at least in the near term.
For $Keppel(BN4.SI)$ , the AI infrastructure angle is gaining credibility. While Bifrost may not move near-term earnings, it reinforces the asset-light, digital infra story, and markets often re-rate on narrative validation before numbers fully show up. In a strong tape, both can make post-earnings highs — even if fundamentals drive them on different timelines.
@Tiger_SG @TigerStars @Tiger_comments @TigerClub
By pivoting from traditional assets into a high octane AI infrastructure powerhouse, Keppel is rewriting its entire DNA. With the Bifrost subsea cable narrative acting as a massive digital tailwind, Keppel is primed for a major re rating.
Keppel isn't just a Buy. It is a front row seat to the future of Singapore's digital economy & the bulls are already charging!😍😍😍🐂🐂🐂🌈🌈🌈💰💰💰
@Tiger_SG @Tiger_comments @TigerStars @TigerClub @CaptainTiger
新交所市盈率=29.27 vs行業平均市盈率=14.28
而它的淨資產收益率30.62%有助於證明近30倍市盈率的合理性，這也意味着市場已經對盈利失誤的容忍度很低.
以下是投資者可能關注的關鍵角度：
衍生品和數據服務收入：關注交易收入趨勢和數據服務增長——兩者對利潤擴張都至關重要。
成本和經常性收入組合：市場將密切關注由連通性和數據訂閱.
新交所將於2月5日.截至2026年2月3日（盤中），該股交易價格爲新元18.13，向上+2.84%，成交量飆升至337萬股-明顯高於其通常的平均值。
市場顯然正在爲強勁的印刷做好準備。
每股收益（上期）：0.60新元
盈利能力強：毛利率爲74.31%,淨利潤率爲47.28%
穩健的現金流：每股經營現金流量0.81新元，舒適地支撐其每股股息0.39新元
Market sentiment seems cautiously bullish.