- Maintain BUY with higher SGX's target price of S$14.00, representing a ~24x FY25F P/E which is slightly above 1 standard deviation of its 5-year historical mean. Our target price is based on the dividend discount model.
Highest 1H revenue and net profit since listing.
- - Read this at SGinvestors.io -
- 1HFY25 FICC revenue increased 14% y-o-y and 1% h-o-h to S$173mil on the back of resilient performance in fixed income corporate actions as well as currencies and commodities trading and clearing revenue primarily from higher volumes in OTC FX, currency derivatives and commodity derivatives.
- - Read this at SGinvestors.io -
- Net profit came in at S$340mil, higher by 21% y-o-y and 8% h-o-h. Excluding non-cash and non-recurring items, adjusted net profit was S$320mil, a 27% y-o-y and 17% h-o-h increase.
- 1HFY25 saw S$19mil of net fair value gains on several investments.
Growth across all asset classes.
- Read more at SGinvestors.io.
