Singapore Exchange - Maybank Research 2023-08-17: Multi-Asset Strategy Working; Yields At A Ceiling.

Singapore Exchange - Multi-Asset Strategy Working; Yields At A Ceiling.

SGX (SGX:S68) | SGinvestors.ioSGX (SGX:S68)
  • Singapore Exchange (SGX)’s FY23 (Jul 2022 to Jun 2023) core-earnings were ahead of MIBG/Street expectations. Its diversification away from cash equities towards a multi-asset strategy is delivering defensive earnings.
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Derivatives delivering defensiveness

  • Fixed income, currencies and commodities business (FICC) segment saw a 33% y-o-y jump in 2HFY23 revenues, while equity derivatives increased +14% y-o-y. Combined, these segments contributed 59% of total FY23 revenues.
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  • However, we note that 96% of the 2HFY23 y-o-y derivative revenue delta was from treasury income reflecting aggressive interest rate hikes during the period, and with the outlook for further rate hikes diminished a similar trajectory is unlikely, in our view.

Promising medium term initiatives, but…

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Thilan Wickramasinghe Maybank Research | 2023-08-17

Read also Maybank's most recent report:
2024-02-01 Singapore Exchange (SGX) - At A Cross-roads; Low Yield & Slow Growth. .

Price targets by 5 other brokers at SGX Target Prices.

Listing of research reports at SGX Analyst Reports.

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