Singapore Exchange 1HFY25 Results - Phillip Securities 2025-02-07: Dividends Disappoint Despite Earnings Surge

Singapore Exchange 1HFY25 Results - Dividends Disappoint Despite Earnings Surge

Published:
SGX (SGX:S68) | SGinvestors.io
  • SGX's 1HFY25 revenue of S$682mil and earnings of S$340mil were above our estimates, with 1HFY25 revenue and PATMI at 53%/55% of FY25e. The variance came from higher-than-expected Equities - Cash and - Derivatives revenue.
  • - Read this at SGinvestors.io -
  • FICC grew 14% y-o-y, led by continued growth in commodity and currency derivatives volumes, higher OTC FX revenue, and a recovery in listing revenue. Equities revenue recovered (+21% y-o-y) from a turnaround in SDAV and equity derivatives volumes, while fees remained stable.
  • Treasury income was flat y-o-y, we believe, due to higher average yields on margin deposits from a steepening yield curve being offset by a decline in margin balances.
  • - Read this at SGinvestors.io -

The Positives

FICC – Currency and Commodities grow again.

  • Currency and commodities trading and clearing revenue was the main contributor, rising by 23% in 1HFY25, led by increased currency derivatives volumes (+43% y-o-y) and commodity derivatives volumes (+15% y-o-y).
  • SGX’s OTC FX continued to surge, with revenue rising 36% y-o-y and headline average daily volume (ADV) rising 35% y-o-y in 1HFY25. 1HFY25 OTC FX headline ADV grew to US$136bn (1HFY24: US$100bn), surpassing SGX’s FY25 target of US$100bn early. However, SGX did not provide any new guidance for ADV targets and mentioned that the aim would be to maintain the current levels.

SDAV and derivatives volumes turnaround.

  • Read more at SGinvestors.io.



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



Glenn Thum Phillip Securities Research | https://www.poems.com.sg/ 2025-02-07



Previous report by Phillip:
2024-02-05 Singapore Exchange - FICC Revenue Support Growth.

Price targets by 5 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





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