Singapore Exchange - DBS Research 2022-01-14: Maintain HOLD; No Immediate Catalysts.

Singapore Exchange - Maintain HOLD; No Immediate Catalysts.

  • While SGX (SGX:S68) saw good contributions from all business segments in last two years, including from equities and fixed income, currencies and commodities (FICC) on the back of heightened market volatility, we maintain our HOLD call, as we believe there are no immediate catalysts for the stock, with 1HFY22 equities and derivatives volumes performance mixed.
  • SGX’s FTSE China A50 Index futures, which used to be the only offshore China A50 futures, accounting for ~40% of SGX’s total derivatives volumes, now sees competition from HKEX's MSCI China A50 Connect index futures, which is gaining market share. Should HKEX continue to gain market share, there is potential earnings risk for SGX as well.
  • We continue to monitor the execution of newly acquired Scientific Beta and BidFX as SGX sets its sight on doubling revenues from Data, Connectivity, Indices (DCI) and FICC in the next four years.

Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Rui Wen LIM DBS Group Research | 2022-01-14
SGX Stock Analyst Report HOLD MAINTAIN HOLD 10.200 SAME 10.200

Previous report by DBS Research:
2021-01-25 Singapore Exchange - 1HFY21 Ahead Of Expectations; Valuations Are Getting Rich

Target prices by 2 other brokers at SGX Target Prices.
Listing of broker reports at SGX Analyst Report.

Relevant links:
SGX Share Price History,
SGX Announcements,
SGX Dividends & Corp Actions,
SGX News Articles


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