- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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.
- Read more at SGinvestors.io.
