Singapore Exchange (SGX) - RHB Invest 2023-05-22: April Trading Data Disappoints

Singapore Exchange (SGX) - April Trading Data Disappoints

SGX (SGX:S68) | SGinvestors.ioSGX (SGX:S68)
  • Singapore Exchange (SGX)’s April market statistics came in below estimates. Both securities daily average value (SDAV) and derivatives daily average volume (DDAV) registered declines. See SGX's announcement dated 12 May 2023. Implied FY23 (Jul 2022 to Jun 2023) SDAV and DDAV (based on data till April) are tracking 2% and 5% below our forecasts.
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  • Stay NEUTRAL and S$9.80 target price, 5% upside from the current SGX's share price.

Securities volumes decline for four straight months.

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  • For each month in 2023, the SDAV has now registered a y-o-y decline. The year-to-date securities market turnover value and SDAV for FY23 are tracking 14% and 13% below the numbers for the same period in FY22. The implied FY23F SADV, based on data through February, is 2.3% below our estimate.
  • We believe SGX could continue to see weakness in its cash equities business. We maintain our FY23F SDAV estimate of S$1,119m, which remains below consensus.

Total derivatives traded volumes in April down 25% m-o-m

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Shekhar Jaiswal RHB Securities Research | 2023-05-22

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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