Singapore Exchange - RHB Invest 2024-05-20: Strong Operating Data For Feb-Apr 2024

Singapore Exchange - Strong Operating Data For Feb-Apr 2024

SGX (SGX:S68) | SGinvestors.ioSGX (SGX:S68)
  • Singapore Exchange (SGX) reported strong operating data for Feb-Apr 2024. Securities daily average value (SDAV) has stayed around S$1.2bn for 3 consecutive months now, and derivatives daily average volume (DDAV) has seen y-o-y improvement year-to-date in CY24.
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  • While the annualised FY24F SDAV should still see a y-o-y decline, we remain optimistic on seeing improvements in FY25F– 26F SDAV. Our FY24F-26F profit is a tad below consensus estimates.

The last 3 months of SDAV have been stronger than expected.

  • SGX reported Feb-Apr 2024 Securities Daily Average Value (SDAV) of S$1,252m (+13% y-o-y, +34% m-o-m), S$1,190m (-2% y-o-y, -5% m-o-m), and S$1,212m (+24% y-o-y, +2% m-o-m). This is a significant improvement from the previous 5 months, when the SDAV was well below the S$1bn mark in each month.
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  • We believe SGX's SDAV will remain elevated in the near term, given the rebalancing of indices, which has recently seen the announcement of the removal of five Singapore stocks from the MSCI Index.
  • Based on data for the Jan-Apr 2024 period, the implied SDAV for 2HFY24 is 8% ahead of our estimates.

Strong interest in derivative products continues.

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Shekhar Jaiswal RHB Securities Research | 2024-05-20

Read also RHB's most recent report:
2024-06-11 Singapore Exchange - Strong Operating Data; Rolling Forward Valuations.

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


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