Singapore Exchange 03 (Feb 11 - Dec 24)

[winston]

vested

Singapore Exchange (SGX SP) : FULLY VALUED
Mkt. Cap: US$6,287m I 3m Avg. Daily Val: US$34.7m
Last Traded Price ( 1 Jul 2020): S$8.19
Price Target 12-mth: S$7.40 (10% downside)

FTSE Taiwan Index futures as replacement product

FTSE Taiwan Index futures to be launched as replacement product for MSCI Taiwan futures

Subject to Commodity Futures Trading Commission (CFTC)’s approval

Clearing fees waived till December 2020

Maintain FULLY VALUED, TP S$7.40

Source: DBS

https://researchwise.dbsvresearch.com/R ... =ffchdkhab

[winston]

vested

SGX surprises with higher Q4 dividend on strong set of results

For the fiscal year ended June 30, net profit grew 20.7 per cent to S$471.8m, exceeding analysts' average forecast

by ANGELA TAN

THE Singapore Exchange (SGX) on Thursday surprised with a proposed final quarterly dividend of 8.0 cents per share, up from 7.5 cents a year ago, on a strong set of results.

Chief executive officer Loh Boon Chye reiterated the aim to pay a growing and sustainable dividend, with the annualised dividend for fiscal year 2021 seen at 32 Singapore cents per share.

On lingering concerns that MSCI Inc will migrate licensing for derivatives products on a host of gauges to Hong Kong when its contract with SGX expires next year, Mr Loh promised: "We will also have a new and expanded suite of derivatives products, well ahead of the expiry of our non-Singapore MSCI product licences in February 2021."

For the fiscal year ended June 30, 2020, SGX's net profit grew 20.7 per cent year on year to S$471.8 million, exceeding analysts' average forecast of about S$455.3 million.

Revenue climbed passed S$1 billion to reach S$1.05 billion, up 16 per cent from a year earlier, making it the highest since its listing. Total FY2020 dividend will be 30.5 cents per share.

For the fourth quarter, SGX's net profit grew 16.6 per cent to S$121.1 million, while revenue grew 12.2 per cent to S$278.4 million.

Analysts were looking out for SGX's full year dividend as a signal to how it saw market challenges. Most were expecting it to keep to its base commitment of 30 cents for the full year, or 7.5 cents a quarter.

The final quarterly dividend of 8.0 cents per share will be payable on Oct 9, 2020. Barring unforeseen circumstances, the annualised quarterly dividend going forward will be 32 cents per share, an increase of 7 per cent.

FICC revenue - comprising fixed income as well as currencies and commodities - derivatives revenues - rose 23 per cent to S$171.4 million and accounted for 16 per cent of total revenue.

This was mainly from higher currencies and commodities - derivatives revenue, which rose 25 per cent to S$158.7 million. Revenue from trading and clearing revenue rose 27 per cent to S$108 million. Commodities futures volumes increased 22 per cent, driven primarily by higher volumes in iron ore derivatives contracts.

Equities revenue rose 14 per cent to S$759.7 million, accounting for 72 per cent of total revenue. Its cash equities revenue rose 19 per cent to S$399.3 million. There were 10 new equity listings which raised S$2.3 billion, compared to 20 new equity listings raising S$1.7 billion a year ago. Secondary equity funds raised were S$16.5 billion. Daily average traded value (DAV) rose 26 per cent to S$1.32 billion.

Equities - derivatives revenue increased 8 per cent to to S$360.4 million. Higher volumes were seen in MSCI Singapore, Nikkei 225, Nifty 50, and MSCI Taiwan index futures contracts, which partially offset lower volumes in its FTSE China A50 futures contract.


Source: Business Times

https://www.businesstimes.com.sg/compan ... of-results

[behappyalways]

SGX posts 16.6% increase in 4Q20 earnings of $121.1 mil; reports highest revenue since listing of $1.05 bil
https://www.theedgesingapore.com/capita ... isting-105

[winston]

vested

Singapore Exchange fourth quarter profit jumps 17% as trading volume climbs

SINGAPORE, July 30 (Reuters) - Singapore Exchange Ltd (SGX) reported a nearly 17% increase in its net profit for the quarter ending in June as the bourse benefited from an increase in trading volume.

SGX said on Thursday that profit for its fourth quarter advanced to S$121.2 million from a year ago, while revenue rose 12.2%.

It posted record full-year revenue at S$1.05 billion, up 16% from a year ago, while full-year net profit rose 21%.

"Looking forward to FY2021, market activity could ease following heightened volumes in the second half of FY2020," CEO Loh Boon Chye said in a statement.

Source: Reuters

[winston]

not vested

Building on its multi-asset strength

4QFY20 core net profit of S$121m (+16.6% yoy, -11.9% qoq) was above our/ consensus expectations.

Higher quarterly DPS implies 3.9% FY21F yield.

Improving traction in FTSE Taiwan Index Futures could mitigate earnings loss from MSCI licence expiry; recent M&As offer much synergies to be reaped.

Upgrade from Hold to Add on results beat, priced-in downside risks and potential re-rating catalysts, with S$9.00 TP (pegged to historical mean).

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 988225C728

[winston]

vested

Singapore Exchange Ltd (SGX SP) - Focusing on strategic growth

Operating an integrated securities and derivatives exchange across different asset classes. SGX is the leading securities market in Southeast Asia, exchanging trade stocks and bonds, ETF, warrants, derivatives and infrastructure funds.

The Equities segment contribute an estimated 70-80% to total revenues, while Fixed Income, Currencies and Commodities (FICC) and Data, Connectivity and Indices (DCI) contribute 10-20% each.

Looking ahead, the company expects FICC and DCI to be relatively faster growth areas.

The company has committed to a progressive dividend policy, and guided for annualized dividend of 32 cents/sh (raised from FY20’s payout of 30.5 cents/share).

HOLD.

Source: OCBC

[winston]

vested

The Singapore Exchange (SGX) is set to launch two international real estate investment trust (Reit) futures products, based on indices tracking Reits listed in Singapore, Hong Kong, Malaysia and Thailand.

These products will be the first international Reit futures in Asia.

On Aug 24, SGX will launch the SGX FTSE EPRA Nareit Asia ex-Japan Index Futures, as well as the SGX iEdge S-REIT Leaders Index Futures, the bourse said in a Tuesday press release after market close.

Source: Phillips

[winston]

not vested

Singapore’s stock exchange to partner FTSE Russell for derivatives offerings after MSCI moves futures to Hong Kong

SGX to develop Asian and emerging markets-focused derivatives offerings with FTSE Russell
Partnership agreement comes nearly three months since MSCI said it would move 37 futures and options contracts to Hong Kong’s stock exchange

by Chad Bray

Source: SCMP

https://www.scmp.com/business/banking-f ... erivatives

[winston]

not vested

Singapore Exchange (SGX SP, BUY, TP: SGD9.50)

Good Trading Volumes For July/August; Still BUY

Company Update

Keep BUY with higher SGD9.50 TP from SGD9.20, 10% upside with c.4% FY21F (Jun) yield.

Our TP is pegged to 24x FY21F P/E.

The securities average daily value (SADV) for the first seven weeks of FY21 was SGD1.33bn, in line with our FY21F of SGD1.4bn.

July’s derivatives average daily volume was also robust, driven by China A50 Index Futures’ MoM rise.

Singapore Exchange remains attractive, since the SADV could rise as more news flow emerges on the COVID-19 situation.

Source: RHB

https://research.rhbtradesmart.com/view ... dabf531c0a

[winston]

not vested

A different beat

SGX has evolved from an equities exchange to a pan-Asian, multi-asset platform.

This positions it to benefit from multiple structural trends that are driving demand for risk-management products.

Its balance sheet has the capacity for accretive, bolt-on acquisitions.

While equities is ex-growth, it enjoys high operating leverage and contributes to dividend visibility. Its valuations are un-stretched. Initiate BUY with target price of SGD10.77.

Source: KE

https://factsetpdf.maybank-ke.com/PDF/2 ... 8a8a0d.pdf