- Singapore Exchange (SGX)’s monthly market statistics continued to underwhelm. Both securities daily average value (SDAV) and derivatives daily average volume (DDAV) registered y-o-y decline in May 23.
- - Read this at SGinvestors.io -
- SGX’s forward P/E is close to its historical average, which is a fair valuation level.
Securities volume has declined for 5 straight months.
- SGX’s securities daily average value (SDAV) jumped 7% m-o-m in May as the STI fell 3.4% m-o-m amidst a sharp sell down in bank stocks, especially DBS (SGX:D05). Despite the m-o-m improvement, the SDAV continued to register a y-o-y decline for five consecutive months as it fell 31% to S$1,043m.
- - Read this at SGinvestors.io -
- Singapore Depository Receipts (SDRs) for 3 Thai blue chips started trading on 30 May and Ever Glory United (SGX:ZKX) was listed on the Catalist board. SGX noted that secondary funds raised grew 14% m-o-m, led by CapitaLand Ascendas REIT (SGX:A17U)’s private placement of new units to fund its acquisitions.
- We believe SGX could continue to see weakness in its cash equities business and maintain our FY23F SDAV of S$1,119m, which remains below consensus.
Derivatives volume has declined for 4 consecutive months.
- Read more at SGinvestors.io.
