Singapore Exchange Limited - Phillip Securities 2023-02-13: Derivatives & Treasury Income Boost Growth

Singapore Exchange Limited - Derivatives & Treasury Income Boost Growth

  • SGX (SGX:S68)'s 1HFY23 (Jul to Dec 2022) revenue of S$571mil met our estimates, at 48% of FY23e, and adjusted PATMI of S$237mil also met our estimates, at 49% of FY23e. 1HFY23 dividend was unchanged at 16 cents. See SGX's dividend dates.
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  • FICC grew 35% y-o-y, led by increased volumes in commodity and currency derivatives and higher contribution from OTC FX.
  • We maintain BUY on SGX with an unchanged target price of S$11.71. Our estimates remain unchanged, and our target price remains pegged to +2 standard deviation of its 5-year mean or 26x P/E.

The Positives

Treasury income surged in 1HFY23.

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  • 1HFY23 treasury income on collateral balances held in trust was reported at S$47mil, which surged 124% y-o-y from 1H22’s treasury income of S$21mil and made up 96% of FY22’s treasury income of S$49mil.

Higher fees from FTSE China A50 and Nifty 50 contracts.

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Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @

Glenn Thum Phillip Securities Research | 2023-02-13

Previous report by Phillip:
2022-12-08 Singapore Exchange (SGX) - Growth = Derivatives Volumes + Pricing + Treasury Income.

Price targets by 6 other brokers at SGX Target Prices.
Listing of research reports at SGX Analyst Reports.

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

SGX Stock / REIT Search


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