Singapore Exchange (SGX) - RHB Invest 2023-05-05: New Half-Yearly Forecasts; Rolling Forward P/E

• We revise our financial model for Singapore Exchange (SGX:S68) to include half-yearly forecasts and increase our FY23-25F (Jun) EPS by 3-5% to account for higher treasury income and one-off income in 1HFY23.
• - Read this at SGinvestors.io -
• SGX's forward P/E is close to its historical average, which we believe is a fair valuation level.

Key assumptions for SGX financial forecasts

• Our revised financial forecasts are based on securities daily average value (SDAV) assumptions of S$1,119m, S$1,175m and S$1,234m for FY23–25F and derivatives daily average volume (DDAV) assumptions of S$1.05m, S$1.10m, and S$1.16m for the same forecast period.
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SGX's growth drivers.

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Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2023-05-05 SGinvestors.io

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