Singapore Exchange - RHB Invest 2024-02-06: In-Line 1HFY24 Results

• Singapore Exchange (SGX)’s 1HFY24 (Jul to Dec 2022) revenue and adjusted PAT rose 3.6% and 6.2% – in line.
• Revenue was driven by treasury income and the fixed income, currencies and commodities (FICC) business, which saw strong growth in volume. Cash equities and equity derivatives businesses underperformed.
• - Read this at SGinvestors.io -

FICC is still the main engine of growth.

• The fixed income, currencies and commodities (FICC) business as a whole reported robust revenue growth for 1HFY24, which was mostly driven by increases in commodities volumes (+48%), on-exchange currency volumes (+24%), and over-the-counter or OTC FX average daily volume (+46%).
• - Read this at SGinvestors.io -
• Moving forward, we predict SGX's FICC business revenue will keep growing and could overtake all other revenue contributors, mostly from increased demand for risk management products due to an uncertain macroeconomic outlook.

Unexciting equities business; outlook could get slightly better.

• Read more at SGinvestors.io.

Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2024-02-06 SGinvestors.io

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