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

Singapore Exchange (SGX) - New Half-Yearly Forecasts; Rolling Forward P/E

SGX (SGX:S68) | SGinvestors.ioSGX (SGX:S68)
  • 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.
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  • 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 | 2023-05-05

Read also RHB's most recent report:
2024-05-20 Singapore Exchange - Strong Operating Data For Feb-Apr 2024.

Previous report by RHB:
2024-03-18 Singapore Exchange - Adjusting Estimates.

Price targets by 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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