Singapore Exchange - RHB Invest 2024-09-10: Strong Securities Data; Upgrade Estimates

• With more than 20% y-o-y growth, Singapore Exchange (SGX)'s August securities turnover data came in well ahead of our estimates. Total derivatives trading volume was largely in line with our estimates.
• - Read this at SGinvestors.io -
• We see downside risks to our treasury income estimates amidst potentially lower interest rates and expect the elevated SDAV to moderate in 2HFY25.

SDAV grew 28% y-o-y and 19% m-o-m.

• August saw the second consecutive month of strong securities trading data for SGX, with SDAV of S$1,370m being the highest since May 2022. The implied 1HFY25 SDAV was significantly above our estimate.
• - Read this at SGinvestors.io -
• SGX noted that the growth in trading activity originated from both institutional and retail clients and across stock segments. Retail investors net purchased S$685m of securities, which was the highest in 10 months. (See SGX market fund flow data)
• Year-to-date returns from the Straits Times Index (STI) stood at 6.7%, even as the benchmark declined 0.4% m-o-m to 3,442.93 points.

The derivatives business remains strong.

• Read more at SGinvestors.io.

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

Read also RHB's most recent report:
2026-03-16 Singapore Exchange - Better Market Statistics, Unchanged Risk-reward.

Previous report by RHB:
2026-02-16 Singapore Exchange - Policy Tailwinds, But Valuation Caps Upside.

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