- Singapore Exchange (SGX)'s 1HFY23 (Jul-Dec 2022) core PATMI came in a tad higher than estimates amid a lower-than-estimated increase in operating expenses. We lift FY24F-25F profit by 2% each.
- We maintain that the short-term outlook for cash equities remains weak amid an uncertain macroeconomic outlook. Low market valuations could further delay new listings.
- - Read this at SGinvestors.io -
SGX 1HFY23 earnings review.
- See SGX's announcement dated 09 Feb 2023 – SGX's 1HFY23 operating numbers and revenue are tracking our estimates. Revenue at S$571m was up ~10% y-o-y. Growth was driven by an increase in derivatives trading and clearing revenue, and treasury income. This more than compensated for the decrease in revenue from weaker capital-raising and cash equity businesses.
- - Read this at SGinvestors.io -
- SGX reported an EBITDA of S$334m (+ ~9% y-o-y) and core net profit of S$237m (+ ~7% y-o-y). It declared an interim quarterly dividend of S$0.08, bringing total 1HFY23 dividends to S$0.16/share (unchanged).
Barring additional M&A, there is scope for higher dividends.
- Read more at SGinvestors.io.
Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2023-02-10
Read also RHB's most recent report:
2024-03-18 Singapore Exchange - Adjusting Estimates.
Previous report by RHB:
2024-02-15 Singapore Exchange (SGX) - Derivatives Volume Continues To Improve.
Price targets by 5 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
