- Singapore Exchange (SGX)’s FY24 (Jun) core profit was ~5% above estimates due to better cost control and higher-than-estimated other income. It also paid a higher final dividend.
- We raise FY25-26 profit forecast for SGX by 5-6% to account for higher revenue and better margins. We see downside risks to our treasury income estimates amidst potentially lower interest rates.
- - Read this at SGinvestors.io -
Management guidance.
- SGX aims to grow revenue (excluding treasury income) at a 6-8% CAGR in the medium term. This will be driven mainly by low to mid-teen percentage growth in its over-the-counter (OTC) FX and exchange-traded derivatives businesses.
- - Read this at SGinvestors.io -
- SGX expects capex to remain below the historical average of 7% of revenue over the next cycle. It also reiterated its medium-term target to grow DPS at a mid-single-digit percentage CAGR.
Our estimates.
- Read more at SGinvestors.io.
Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2024-08-12
Read also RHB's most recent report:
2024-12-09 Singapore Exchange (SGX) - November Data Is Tracking Estimates.
Previous report by RHB:
2024-11-20 Singapore Exchange (SGX) - Raising Earnings Estimates.
Price targets by 2 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
