Singapore Exchange - RHB Invest 2023-03-14: Expecting SGX's Share Price Weakness To Persist

Singapore Exchange - Expecting SGX's Share Price Weakness To Persist

  • Singapore Exchange (SGX)'s implied FY23F (Jul 2022 to Jun 2023) securities daily average value (SDAV) and derivatives daily average volume (DDAV) based on operating data till February 2023 are tracking below our forecast.
  • - Read this at -

SGX's securities volume grew y-o-y in February but was flat m-o-m.

  • Although the STI has outperformed its regional peers, the index was down 3.1% in February amid concerns that the US Federal Reserve could keep interest rates higher for longer, thereby translating into slower economic growth.
  • - Read this at -
  • The year-to-date securities market turnover value and SDAV for FY23 are tracking 11% and 10% below the numbers for the same period in FY22. The implied FY23F SADV, based on data through February, is 2.6% below our estimate.
  • In February, SGX saw the listing of YKGI (SGX:YK9), an established homegrown F&B operator, on its Catalist board.
  • We believe SGX could continue to see weakness in its cash equity business and lower our FY23F SDAV estimates for SGX by 3%, which remain below consensus.

SGX's derivatives business continues to register growth.

  •

Shekhar Jaiswal RHB Securities Research | 2023-03-14

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


You May Also Like

SGX Stock / REIT Search


Most Read

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🎁