- 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.
Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2024-09-10
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 3 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
