- Singapore Exchange (SGX)'s FY24-to-date (Jul 2023 to Jan 2024) operating data remains a mixed bag, with derivatives volume meeting estimates and securities trading data continuing to disappoint.
- Despite the weak securities trading data, we believe SGX's securities daily average value (SDAV) and cash equities revenue will see some improvement in 2HFY24F, amid recovering economic growth outlook and likely clarity on moderation in the interest rate outlook during 2HCY24, leading to increased interest in Singapore equities, especially REITs.
Singapore was the second most actively traded equities market in ASEAN in Jan 2024.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
- SGX also saw the listing of ProsperCap (SGX:PPC) on its Catalist board in Jan 2024.
- The implied FY24F SDAV, based on the year-to-date data, is still well below our estimate. We do not rule out the possibility of further downgrades to our FY24 forecast for SGX.
YTD derivatives data is tracking estimates.
- Read more at SGinvestors.io.
Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2024-02-15
Read also RHB's most recent report:
2024-03-18 Singapore Exchange - Adjusting Estimates.
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
