- SGX's FY23 (Jul 2022 to Jun 2023) revenue of S$1,194mil met our estimates, at 101% of FY23e, while adjusted PATMI of S$503mil was above our estimates, at 105% of FY23e. Variance came from higher-than-expected treasury income offset by lower listing revenue.
- - Read this at SGinvestors.io -
- FICC grew 32% y-o-y, led by continued growth in commodity and currency derivatives volumes, higher OTC FX revenue and higher treasury income. Equities revenue was flat as higher treasury income was offset by lower trading and clearing, and listing revenue.
- SGX's FY23 dividend increased to S$0.325 (vs FY22: S$0.32). See SGX's dividend dates.
- - Read this at SGinvestors.io -
The Positives
Treasury income surges to record levels.
- SGX's Treasury and Other Income surged 141% y-o-y to S$111mil in 2H23 mainly due to higher interest earned from customer collateral balances . 2H23 treasury income on collateral balances held in trust was reported at S$90mil, which surged 221% y-o-y from 2H22’s treasury income of S$28mil.
- Notably, full-year FY23’s treasury income of S$137mil contributed 20% to SGX's PBT and reached a record level, surpassing the previous high of FY20’s treasury income of S$135mil.
Higher fees from FTSE China A50 and Nifty 50 contracts.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Glenn Thum Phillip Securities Research | https://www.stocksbnb.com/ 2023-08-21
Read also Phillip's most recent report:
2024-02-05 Singapore Exchange - FICC Revenue Support Growth.
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
