Singapore Exchange - OCBC Investment 2023-08-22: Modest Growth Expectations

Singapore Exchange - Modest Growth Expectations

SGX (SGX:S68) | SGinvestors.ioSGX (SGX:S68)
  • Singapore Exchange (SGX) recently reported 2HFY23 revenue of S$623.0m, representing y-o-y growth of 7.9% y-o-y. This was driven largely by its Currencies and Commodities business (+35.0% y-o-y) due to higher trading and clearing fees and treasury income, and to a smaller extent its Equities - Derivatives segment, but partially offset by weakness seen at its Fixed Income and Cash Equities businesses.
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  • For SGX’s FY23 results, revenue and PATMI rose 8.7% and 26.5% to S$1,194.4m and S$570.9m, respectively, while core PATMI was up 10.3% to S$503.2m.
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  • SGX's management said that it is targeting to grow its revenue by high-single digit percentage range in the medium term, which would be underpinned by its multi-asset platform. It also intends to increase its dividend by a CAGR of mid-single digit percentage range over the medium term, subject to its earnings growth trajectory.

Mixed outlook

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

OCBC Research Team OCBC Investment Research | 2023-08-22

Read also OCBC's most recent report:
2024-02-01 Singapore Exchange - Controlling Costs Effectively.

Price targets by 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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