- 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.
- - Read this at SGinvestors.io -
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.
- - Read this at SGinvestors.io -
- 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…
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Thilan Wickramasinghe Maybank Research | https://www.maybank-ke.com.sg/ 2023-08-17
Read also Maybank's most recent report:
2024-08-08 Singapore Exchange (SGX) - Growth Or Yield?.
Previous report by Maybank:
2024-02-01 Singapore Exchange (SGX) - At A Cross-roads; Low Yield & Slow Growth. .
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
