Singapore Exchange 03 (Feb 11 - Dec 24)

Re: Singapore Exchange 03 (Feb 11 - Dec 17)

Postby behappyalways » Thu Oct 26, 2017 7:09 pm

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Re: Singapore Exchange 03 (Feb 11 - Dec 17)

Postby behappyalways » Sun Jan 21, 2018 9:56 pm

posts-flat-2q-earnings-88-mil-higher-costs-offset-revenue-rise
https://www.theedgesingapore.com/posts- ... venue-rise
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Re: Singapore Exchange 03 (Feb 11 - Dec 17)

Postby winston » Mon Jan 22, 2018 10:13 am

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SGX: Lowering expense guidance

Singapore Exchange (SGX) reported a flat set of 2QFY18 results.

Net earnings were flat at S$88.3m. Equities and Fixed Income Revenue fell, while Derivatives and Market Data and Connectivity improved.

Management guided for lower operating expenses in FY18 from its earlier guidance. Management is going ahead with dual class shares and launching Indian single stock futures soon. In terms of pipeline and mandates, indication is that this is healthy and likely to be better than 2017.

We have moved our valuation peg from 22x earnings to 24x earnings to be in line with the recent re-rating of its listed peers.

Based on 24x FY18 earnings, SGX’s fair value estimate moves up from S$7.87 to S$8.16. At current price, the dividend yield is 3.8%.

Source: OCBC
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Re: Singapore Exchange 03 (Feb 11 - Dec 18)

Postby behappyalways » Wed Jan 24, 2018 9:10 pm

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Re: Singapore Exchange 03 (Feb 11 - Dec 18)

Postby behappyalways » Fri Feb 09, 2018 12:56 pm

Singapore Exchange's January market turnover value rises 40% to $29.4 billion over 22 trading days
https://www.theedgesingapore.com/singap ... ading-days
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Re: Singapore Exchange 03 (Feb 11 - Dec 18)

Postby winston » Mon Feb 12, 2018 9:43 pm

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Singapore Exchange shares fall most in nine years after end of India licensing pact

NSE, together with other Indian markets, said on Friday night that they would end all licensing agreements with their foreign counterparts, and stop offering live prices to overseas venues.

The steps would make it impossible for SGX to keep offering derivatives based on India’s benchmark Nifty 50, among its flagship products.

“NSE’s decision could result in at least a 4 percent cut to SGX’s total revenue”.


Source: BLOOMBERG

https://www.japantimes.co.jp/news/2018/ ... oGZHOhuaM8
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Re: Singapore Exchange 03 (Feb 11 - Dec 18)

Postby winston » Mon Feb 12, 2018 10:06 pm

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We downgrade SGX to Sell from Buy as we cut our 12-month target price to S$6.6 from S$8.7, implying 16% potential downside.

India exchanges’ decision to cut off data access to foreign exchanges for derivatives products is likely, in our view, to cause the following four pressure points for the stock:
(1) Nifty F&O and INR futures revenue loss,
(2) lower market data revenues,
(3) collateral damage for other derivatives and
(4) multiple compression.

We lower our EPS estimates by up to 11% for FY18-20E, reflecting the first two of these (leaving other derivative revenues unchanged for now), while lower forecast growth means our DDM-derived target multiple declines to 19X CY18E P/E (prior 24X CY18E P/E).

Source: GS
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Re: Singapore Exchange 03 (Feb 11 - Dec 18)

Postby winston » Tue Feb 13, 2018 3:24 pm

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SGX (SGX SP, BUY, TP: SGD9.00)
​Impacted By Nifty 50 Index Futures Trading

The announcement by India’s national stock exchanges to stop providing data feeds to foreign rivals – and eventually stop the trading of offshore derivatives tied to the country’s benchmark indices – would be a negative for SGX.

This is the case as the SGX Nifty 50 Index futures account for 12% of total derivatives traded on the domestic bourse.

SGX has indicated that it would work on new product developments to help offset this adverse impact.

We are not adjusting our earnings, as we await more information from the company (over the next few months) on new products – we also maintain our BUY recommendation.

Nonetheless, we did a sensitivity analysis, which shows that a 10% fall in DADV could lower SGX’s fair value to SGD8.36 vs our current unchanged TP of SGD9.00 (14% upside).

Source: RHB
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Re: Singapore Exchange 03 (Feb 11 - Dec 18)

Postby behappyalways » Sat Apr 21, 2018 8:59 pm

SGX's 3Q earnings up 21% to hit 10-year-high of $100.5 mil
https://www.theedgesingapore.com/3q-ear ... h-1005-mil
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Re: Singapore Exchange 03 (Feb 11 - Dec 18)

Postby behappyalways » Tue Jul 31, 2018 11:56 am

Singapore Exchange posts FY18 earnings of $363 mil, highest in five years
https://www.theedgesingapore.com/singap ... five-years
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