- While our dividend projections exceed SGX’s guidance of at least a 0.25 cent per quarter increase, the implied yields remain underwhelming. We believe the year-to-date gains of SGX's share price have priced in much of the optimism.
- - Read this at SGinvestors.io -
More IPOs ahead; reiterated guidance.
- SGX has indicated increased IPO activity, with visibility on ~30 companies in the pipeline. Our current forecasts have factored in 15 IPOs for FY26 and 10 each for FY27 and FY28.
- - Read this at SGinvestors.io -
- SGX reiterated its medium-term outlook, which includes a net revenue (excluding treasury income) CAGR of 6–8%, expense growth to remain in the low-to mid-single digits, and capex to rise due to technology modernisation but stay below the historical average of 7% of group revenue.
- Our estimates, which include SDAV growth of 8.8%, 5.0%, and 5.0% for FY26, FY27, and FY28 respectively, and DDAV growth of 7.9%, 9.9%, and 10.1% over the same periods, are in line with this guidance.
Dividends raised despite M&A potential.
- Read more at SGinvestors.io.
