- SGX is well positioned to ride the wave of rotating investment flows back to Asia by providing a venue for trading and managing risks for a broad range of asset classes.
- FY25 core-PAT missed MIBG/Street expectations. This was primarily from weaker equity derivatives, which seems more cyclical than structural. Cash equities is experiencing fresh tailwinds that should see higher market velocity and accelerating IPOs. The new escalating, absolute dividend policy increases medium term yield visibility.
Cash-equities momentum rising.
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- Liquidity rotations to safe haven markets with appreciating currencies, and improving domestic fundamentals should give trading velocity a structural uplift in the medium term. We forecast FY26E ADV to reach S$1.5bn vs S$1.3bn in FY25. This should be positive reinforcement for new IPOs together with policy reforms and ‘risk-on’ investor sentiment.
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Multi-asset pathway to delivering revenue guidance.
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