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.
• - Read this at SGinvestors.io -

SGX's growth drivers.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2026-04-13 Singapore Exchange - Record Market Statistics; New Listings A Constraint.

Previous report by RHB:
2026-03-16 Singapore Exchange - Better Market Statistics, Unchanged Risk-reward.

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 Dividend Payout Dates & Corporate Actions,
SGX News