Singapore Exchange - OCBC Investment 2024-02-01: Controlling Costs Effectively

• Singapore Exchange (SGX) reported 1HFY24 operating revenue of S$592.2m, representing y-o-y growth of 3.6%. This was driven largely by its Fixed Income, Currencies and Commodities (FICC) business (+28.1% y-o-y) and to a smaller extent its Platform and Others segment (+8.0%), but partially offset by declines seen at its Equities – Cash (-5.6% y-o-y) and Equities – Derivatives (-6.9% y-o-y) segments.

1HFY24 core PATMI grew 6.2% y-o-y to S$251.4m and met our expectations –

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• Adjusting for one-off items, SGX’s core PATMI for 1HFY24 would have increased by 6.2% y-o-y to S$251.4m. This accounted for 48.6% of our FY24 forecast, which we deem to be within expectations.
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Commodity & currency derivatives the main growth driver

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Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-04-28 Singapore Exchange - Positives Likely Priced In.

Previous report by OCBC:
2025-04-10 SGX - Expect Increased Trading Activities From Market Volatility.

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 Dividend Payout Dates & Corporate Actions,
SGX News