To The Moon

💫Since Macquarie Warrants ran an article (https://warrants.com.sg/marketnews/highlight/todayhighlight/7820) on 20 January stating Macquarie Research’s upgraded views on SGX and its results announcement on 5 February a potential price catalyst, $SGX(S68.SI)$ has zipped up another 6.4% to a new record high of $18.50 as of 905AM today

✳Trending SGX call warrant $SGX MB eCW260630(QABW.SI)$ which had seen demand ahead of its earnings result, has consequently gained five times more – by +32.1% to SGD 0.074

✴Trending put warrant $SGX MB ePW260730(RSFW.SI)$ on the other hand, is down 32.8% to SGD 0.039 💨Yesterday, SGX released its January 2026 trading statistics showing that its turnover surged 66% compared to the same period last year, adding further tailwind to its share price rally this morning

✍Macquarie Research (MQ) published a research report yesterday on 10 February summarising SGX’s latest January stats, their rating and share price target

👀Read more for the full article containing excerpts of MQ’s report and important disclaimers

SGX reports January 2026 statistics

– Derivatives volume was up 34% YoY and securities turnover increased 66% YoY; January is normally a low base, but this year has started strong with many market events.

– For 7MFY26, derivatives volume grew 6% YoY (versus MQ’s FY26 estimate of 9%), and securities value rose 26% YoY (versus MQ’s 23% FY26 estimate)

Key highlights for January 2026 Securities turnover rose 34% MoM/66% YoY, while securities daily average value (DAV) increased 41% MoM/58% YoY. Velocity (turnover/market cap) was 38%, below monthly average for the fiscal year of 39%.

Equity Index Futures volume increased 19% MoM/26% YoY. oFTSE China A50 Index Futures volume increased 24% MoM/34% YoY. o NSE IX Nifty 50 Futures volume increased 9% MoM/2% YoY. o MSCI Singapore volume decreased 2% MoM/5% YoY. o Taiwan index future volume increased 30% MoM/19% YoY

FX Futures volume increased 3% MoM/43% YoY. o USD/CNH futures volume increased 14% MoM/30% YoY. o INR/USD futures volume fell 11% MoM/rose 46% YoY.

Metal and dry bulk commodity futuresvolume increased 14% MoM/56% YoY, driven by iron ore, which increased 14% MoM/ 55% YoY

MQ has a Neutral rating and S$18.40/share price target based on a Dividend Discount Model stock methodology

Dividends are pre-set, and SGX now trades at a premium to global peers at 28x P/E

Note: Macquarie Research is independent from the Warrants business, what the Macquarie Warrants desks quote from Macquarie Research may not reflect the complete analysis of Macquarie Research on the relevant company over time.

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Macquarie has trending call and put warrants on tight spreads and high liquidity tracking SGX.

The trending call warrant QABW (https://warrants.com.sg/tools/livematrix/QABW ) is trading 9% higher to SGD 0.073 as of 930AM this morning on the back of SGX’s 1.7% increase to SGD 18.47.

Trending put warrant RSFW (https://warrants.com.sg/tools/livematrix/RSFW) is 9.3% lower to SGD 0.039 on SGX’s stock move.

As one might already have noted, the warrants cost a fraction of SGX’s share price and tends to move in greater percentages than the share price due to their gearing effect. However, one may also wish to note that this geared effect is a double-edged sword, causing the warrants to fall in greater magnitude than the shares should your view be wrong.