Singapore Exchange 03 (Feb 11 - Dec 24)

Re: Singapore Exchange 03 (Feb 11 - Dec 19)

Postby winston » Tue Feb 18, 2020 9:21 am

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Recent positives in the price

We now appreciate Scientific Beta better, and raise SGX's FY20-22F EPS by 0.5-4.8% to factor in its earnings potential. Our TP rises to S$9.40.

We stay wary of competition risks, and think SGX is fairly valued at 22.4x FY21F P/E, its 10-year historical mean. Maintain Hold with c.3% yield.

Jan monthly data show 12.1% and 27.0% mom surge in derivatives volume and SDAV respectively, but still below our FY20 projections.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 5BEB159457
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Thu Mar 05, 2020 10:14 am

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Safer haven; upgrade to Add

We upgrade SGX from Hold to Add on recent pullback; it offers 8% upside to our TP and a 3.5% dividend yield; it is now our top pick in the financial sector.

We see SGX as a near-term beneficiary of market volatility, and defensive play amid macro concerns. Scientific Beta adds a structural growth element.

Feb monthly data was encouraging: SDAV surged to S$1.35bn (+11% mom, +28% yoy), and derivatives contracts to 24m (+23% mom, +32% yoy).

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... EA354887CA
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby behappyalways » Tue Apr 07, 2020 2:43 pm

SGX expected to see higher earnings on Covid-19 volatility: RHB
https://www.theedgesingapore.com/capita ... tility-rhb
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Thu Apr 09, 2020 2:42 pm

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BRIEF-Singapore Exchange Says March Total Securities Market Turnover Value Up 124% To S$48.2 Bln

April 9 (Reuters) - Singapore Exchange Ltd :

* TOTAL SECURITIES MARKET TURNOVER VALUE HIGHER BY 124% YEAR-ON-YEAR IN MARCH TO S$48.2 BILLION

* TOTAL DERIVATIVES TRADED VOLUME ROSE 41% Y-O-Y IN MARCH TO ABOUT 33 MILLION CONTRACTS

* IN MARCH, SECURITIES DAILY AVERAGE VALUE (SDAV) ROSE 114% Y-O-Y TO S$2.2 BILLION

* MARCH TOTAL COMMODITIES DERIVATIVES VOLUME UP 76% Y-O-Y TO 3.1MILLION CONTRACTS

* IN MARCH, MARKET TURNOVER VALUE OF EXCHANGE-TRADED FUNDS INCREASED MORE THAN EIGHT TIMES Y-O-Y TO S$1.2 BILLION

* MARCH PETROCHEMICALS DERIVATIVES VOLUME UP 136% Y-O-Y DUE TO HEIGHTENED VOLATILITY IN OIL MARKET

* TOTAL EQUITY AND DEBT FUNDRAISING ON SGX REACHED S$11BILLION DURING MARCH

* NEARLY QUARTER OF FUTURES CONTRACTS TRADED ON SGX CHANGED HANDS DURING U.S. & EUROPEAN TIME ZONES; SHOWS ROUND-CLOCK RISK MANAGEMENT

Source: Reuters
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Fri Apr 24, 2020 10:51 am

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Singapore Exchange ($10.16, down 23 cents) reported 3Q FY2020 results.

Fixed Income revenue increased 24% to $4.0mln with listing revenue increasing 29% and corporate actions increasing 11%. There were 325 bond listings raising $135.8bln, compared to 276 listings raising $133.6bln a year earlier.

For Currencies and Commodities, derivatives revenue increased 23% to $41.5mln, accounting for 14% of total revenue.

Trading and clearing revenue grew as commodities futures volumes increased 34% to 7.0mln contracts.

This was driven primarily by increased volumes in our iron ore derivatives contracts.

Currency futures volume also increased 45% to 7.8mln contracts.

Treasury and other revenue increased mainly from higher treasury income. Treasury income increased primarily due to higher margin balances, which grew from higher open interest as
customers use our currency and commodity derivatives contracts for portfolio risk management.

Equities revenue increased 31% to $217.3mln, and accounted for 73% of total revenue.

Cash revenue increased 38% to $111.3mln, accounting for 38% of total revenue.

SGX recorded 5 new equity listings which raised $701.5mln, compared to 5 new equity listings
raising $38.6mln a year earlier. Secondary equity funds raised were $478.9mln

Daily average traded value (DAV) increased 58% to $1.61bln. Total traded value increased by 63% to $101.4bln. This was made up of Cash Equities , where total traded value increased by 64% to
$96.6bln, and Other Products, where traded value increased 39% to $4.8bln.

Equities derivatives revenue increased 24% to $106.0mln, accounting for 36% of total revenue. Clearing revenue increased as equity derivatives volume increased 24% to 61.5mln contracts.
This was mainly due to higher volumes in Nikkei 225, MSCI Taiwan, and Nikkei 50 index futures contracts.

Treasury and other revenue increased mainly from higher treasury income.

Treasury income increased mainly due to higher margin balances, which grew from higher open interest as customers use equity derivatives contracts for portfolio risk management.

Lastly, Data, Connectivity and Indices revenue increased 26% to $33.0mln, accounting for 11% of total revenue. Market data and indices revenue increased 53% mainly due to the consolidation of revenues from Scientific Beta Pte. Ltd, which was acquired in January 2020, excluding which, Market data and indices revenue would be comparable.

Connectivity revenue increased 7% from higher derivatives connectivity and continued growth of colocation services business.

Despite the robust performance by SGX, we recommend investors to “Take Profi t”. This is because :-
1) the results might have already been priced in due to recent price surge prior to the results and note that SGX is the only STI component stock that is positive for the year;
2) Valuations are not cheap at 26.8x PE and 10.3x PB and a lack of increase in interim dividend (being only maintained at 7.5 cents) will likely disappoint some on the yield front (2.9% dividend
yield) despite the good results; and
3) we note a hint of caution by Mgmt on their outlook as SGX expects a global recession and guided higher expenses due to their latest acquisition of Scientific Beta as well as potential normalization of “trading” and “new listing” volumes going forward as new accounts are limited by the “circuit breaker” period to at least 1 June’2020.

Source: Lim & Tan
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Fri Apr 24, 2020 10:51 am

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Singapore Exchange ($10.16, down 23 cents) reported 3Q FY2020 results.

Fixed Income revenue increased 24% to $4.0mln with listing revenue increasing 29% and corporate actions increasing 11%. There were 325 bond listings raising $135.8bln, compared to 276 listings raising $133.6bln a year earlier.

For Currencies and Commodities, derivatives revenue increased 23% to $41.5mln, accounting for 14% of total revenue.

Trading and clearing revenue grew as commodities futures volumes increased 34% to 7.0mln contracts.

This was driven primarily by increased volumes in our iron ore derivatives contracts.

Currency futures volume also increased 45% to 7.8mln contracts.

Treasury and other revenue increased mainly from higher treasury income. Treasury income increased primarily due to higher margin balances, which grew from higher open interest as
customers use our currency and commodity derivatives contracts for portfolio risk management.

Equities revenue increased 31% to $217.3mln, and accounted for 73% of total revenue.

Cash revenue increased 38% to $111.3mln, accounting for 38% of total revenue.

SGX recorded 5 new equity listings which raised $701.5mln, compared to 5 new equity listings
raising $38.6mln a year earlier. Secondary equity funds raised were $478.9mln

Daily average traded value (DAV) increased 58% to $1.61bln. Total traded value increased by 63% to $101.4bln. This was made up of Cash Equities , where total traded value increased by 64% to
$96.6bln, and Other Products, where traded value increased 39% to $4.8bln.

Equities derivatives revenue increased 24% to $106.0mln, accounting for 36% of total revenue. Clearing revenue increased as equity derivatives volume increased 24% to 61.5mln contracts.
This was mainly due to higher volumes in Nikkei 225, MSCI Taiwan, and Nikkei 50 index futures contracts.

Treasury and other revenue increased mainly from higher treasury income.

Treasury income increased mainly due to higher margin balances, which grew from higher open interest as customers use equity derivatives contracts for portfolio risk management.

Lastly, Data, Connectivity and Indices revenue increased 26% to $33.0mln, accounting for 11% of total revenue. Market data and indices revenue increased 53% mainly due to the consolidation of revenues from Scientific Beta Pte. Ltd, which was acquired in January 2020, excluding which, Market data and indices revenue would be comparable.

Connectivity revenue increased 7% from higher derivatives connectivity and continued growth of colocation services business.

Despite the robust performance by SGX, we recommend investors to “Take Profi t”. This is because :-
1) the results might have already been priced in due to recent price surge prior to the results and note that SGX is the only STI component stock that is positive for the year;
2) Valuations are not cheap at 26.8x PE and 10.3x PB and a lack of increase in interim dividend (being only maintained at 7.5 cents) will likely disappoint some on the yield front (2.9% dividend
yield) despite the good results; and
3) we note a hint of caution by Mgmt on their outlook as SGX expects a global recession and guided higher expenses due to their latest acquisition of Scientific Beta as well as potential normalization of “trading” and “new listing” volumes going forward as new accounts are limited by the “circuit breaker” period to at least 1 June’2020.

Source: Lim & Tan
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Fri Apr 24, 2020 12:03 pm

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Singapore Exchange Q3 profit hits 13-year high as trading volume surges

By Anshuman Daga SINGAPORE, April 24 (Reuters) - Singapore Exchange's profit jumped 38% to a 13-year high in theJanuary-March quarter as extreme market volatility amid thecoronavirus outbreak boosted equities and derivatives tradingvolumes.

"With uncertainty around the eventual economic and financial impact of COVID-19 and path to recovery, these elevated levels of volatility are likely to be prolonged," Chief Executive Loh Boon Chye said in a statement on Friday.

Net profit for SGX's third quarter rose to S$137.5 million($96.5 million) from a year earlier. Total revenue rose 29% toS$295.8 million, a record according to Refinitiv data.

SGX said revenue from currencies and commodities derivatives trading climbed 23%, accounting for 14% of overall revenue,while revenue from equities derivatives trading rose 24% andaccounted for 36% of overall revenue.

Citi analyst Robert Kong cautioned in a note that data so far in April suggested the daily average value of equities securities trading had fallen 37% from March, while derivatives trading had also moderated from record levels seen last month.

"We still prefer SGX over banks but recognize that moderating turnover suggests a less upbeat earnings trajectory going forward," he said.

SGX's shares, which have been big outperformers so far this year, dropped 5% in early trade on Friday but are still up 8% this year compared with a 22% slump in the main Straits Times index <.STI>.

Source: Reuters
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Mon Apr 27, 2020 9:29 am

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Reaching new highs

3QFY6/20F net profit rose to S$137.5m (+38.0% yoy, +38.8% qoq), due to robust growth in SDAV (S$1.61bn) and derivatives volumes (76.4m).

We expect market volatility to persist in the near-term, with rising interest and funds to be deployed into the market. SGX is still our more defensive pick.

Maintain Add with a higher TP of S$10.50, now pegged to 24.4x FY21F P/E, 0.5 s.d. above its 10-year historical mean and c.3% dividend yield.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... A70096F77A
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Mon Apr 27, 2020 9:47 am

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SADV Peakish In 3QFY20
Neutral (Maintained)
Target Price (Return): SGD9.70 (-4.9%)
Price: SGD10.20
Market Cap: USD7,641m

Stay NEUTRAL and a higher SGD9.70 TP from SGD9.10, 5% downside, pegged to 24x FY21F P/E.

Singapore Exchange’s 3QFY20 (Jun) net profit surged 38% YoY to SGD137m, as securities average daily value (SADV) rose 58% YoY to SGD1.61bn.

9MFY20 earnings of SGD351m accounted for 80% and 77% of our pre-results and consensus’ FY20 estimates. SGX is unattractive, as the SADV appears peakish after March’s surge.

Source: RHB

https://research.rhbtradesmart.com/atta ... d659bf.PDF
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Mon Apr 27, 2020 3:56 pm

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Singapore Exchange (SGX SP): HOLD (downgrade from BUY)
Market Cap: US$7,636 | Average Daily Value: US$32.3m
Price Target: S$10.00 (Upside 3.7%) (Prev S$9.60)

Medium-term outlook remains intact

Net profit of S$138m (+38%y-o-y) beat consensus estimates
3QFY20 saw strong revenue growth across all segments
Interim dividend of 7.5 Scts declared (unchanged y-o-y)
Downgrade to HOLD, with revised TP of S$10, on rich near-term valuations

Source: DBS

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