Singapore Exchange - Steadying The Ship
- SGX (SGX:S68)'s 1HFY22 (Jul 2021 to Dec 2021) core net profit of S$222m was in line with our/consensus estimates. Key drag was subdued treasury income and weak er cash equities.
- SGX’s A50 volumes have sustained through the introduction of HKEX’s competing product – a key positive. Scientific Beta and BidFX contributions are growing.
- Reiterate ADD call on SGX.
- We SGX's expect earnings upside to come from Scientific Beta, BidFX and MaxxTrader as they gain scale. Market volatility should also bode well for SGX’s derivatives segment. Incoming Fed rate hikes should also spur portfolio rotation volumes and stronger treasury income, albeit with a time lag.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
Andrea CHOONG CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-05 2022-02-05
Read also CGS-CIMB's most recent report:
2022-03-21 Singapore Exchange - Fuelled By Volatility
Target prices by 2 other brokers at SGX Target Prices.
Listing of broker reports at SGX Analyst Report.
SGX Share Price History,
SGX Dividends & Corp Actions,
SGX News Articles