Singapore Exchange (SGX) - RHB Invest 2023-02-10: In-line 1HFY23 Results

Singapore Exchange (SGX) - In-line 1HFY23 Results

  • 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.
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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.
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  • 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.

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Shekhar Jaiswal RHB Securities Research | 2023-02-10

Read also RHB's most recent report:
2024-02-15 Singapore Exchange (SGX) - Derivatives Volume Continues To Improve.

Previous report by RHB:
2024-02-06 Singapore Exchange - In-Line 1HFY24 Results.

Price targets by 3 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


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