Singapore Exchange 1HFY24 Results Preview - UOB Kay Hian 2024-01-18: FICC Segment To Become Largest Revenue Contributor

• We expect SGX (SGX:S68) to report higher 1HFY24 revenue (+12% y-o-y) and adjusted PATMI (+12% y-o-y), driven by the FICC segment and higher treasury income.
• Both the cash equities and equity derivatives segments are poised to underperform as 1HFY24 total securities traded value and volumes fell respectively. The FICC segment is set to post record-high revenue driven by robust volumes.
• - Read this at SGinvestors.io -

SGX to release 1HFY24 results on 1 Feb 24

• See Earnings Calendar – Singapore Echange (SGX) is set to release its 1HFY24 results on 1 Feb 24, before the market opens. We list some factors below that would impact its upcoming results.

Weak securities turnover.

• - Read this at SGinvestors.io -
• The larger-than-expected y-o-y drop was largely due to elevated interest rates suppressing trading velocity, coupled with ongoing global geopolitical tensions dampening investor sentiment.
• Also, with SGX’s average clearing fee expected to be lower y-o-y, we reckon that this would lead to a 16% y-o-y fall in 1HFY24 cash equities trading and clearing (T&C) revenue to around S$75m.

Stable derivatives volume.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-02-06 Singapore Exchange - 1HFY26 Broadly In Line; Expect Trading Activities To Sustain At High Levels In 2HFY26.

Previous report by UOB:
2025-12-12 Singapore Exchange - November Stock Market Activity Stays Robust; 5MFY26 Statistics Beat Our Expectations.

Price targets by 5 other brokers at SGX Target Prices.

Listing of research reports at SGX Analyst Reports.

Relevant links:
SGX Share Price History,
SGX Announcements,
SGX Dividend Payout Dates & Corporate Actions,
SGX News