- Our FY26-28F earnings forecast for SGX are 5-6% above consensus. Our dividend estimates exceed guidance, but implied ~3% FY26 yield remains well below the market yield. With SGX's share price up 27% year-to-date, much optimism appears priced in.
- - Read this at SGinvestors.io -
July securities data.
- Securities market turnover rose to S$33.8bn (+27% y-o-y, +30% m-o-m), with securities daily average value (SDAV) at S$1.47bn (+27% y-o-y, +19% m-o-m), implying 1HFY26 SDAV being 11% above our estimate.
- - Read this at SGinvestors.io -
- We forecast y-o-y SDAV growth of 8.8%, 5.0%, 5.0% for FY26-28.
- July saw listings of NTT DC REIT (SGX:NTDU) (Mainboard), Info-Tech Systems (SGX:ITS) (Mainboard), China Medical System (SGX:8A8) (secondary), and Lum Chang Creations (SGX:LCC) (Catalist). SGX expects heightened IPO activity with ~30 firms in the pipeline (vs our assumption of 15 in FY26 and 10 each in FY27-28).
July derivatives data.
- Read more at SGinvestors.io.
