Singapore Exchange 03 (Feb 11 - Dec 24)

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

Postby winston » Wed May 27, 2020 1:27 pm

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SGX reduces licence agreement with MSCI from February 2021; continues to serve global investors with pan-Asian multi-asset solutions

SGX and MSCI will retain their partnership on MSCI Singapore Index products and will both
work to extend it well beyond 2021; MSCI Singapore futures and options remain listed

Licence agreement for all other MSCI products will expire in February 2021

SGX continues to grow a one-stop, multi-asset platform to trade and manage Asian risk
comprehensively across equities, fixed income, currencies and commodities

Singapore Exchange (SGX) today reaffirmed its commitment to providing market participants with a single platform to trade and risk-manage Asia across asset classes, as it reduces its licence agreement with MSCI Inc.

This comes on the back of a decision between MSCI and SGX to let SGX’s licence agreement with
MSCI, other than for MSCI Singapore, expire in February 2021. MSCI Singapore futures and options will remain listed on SGX.

Loh Boon Chye, Chief Executive Officer of SGX, said, “SGX has had a long and fruitful partnership with MSCI. Over the past 23 years, we have worked together to build an international offshore market for global investors to access Asia through regional and single-country products.

We will work closely with the relevant stakeholders in managing their open interest as we gradually discontinue our MSCI equity index futures and options contracts, except for MSCI Singapore, next year.

While this may have a near-term impact on our equities derivatives open interest, our multi-asset portfolio shelf has reached a critical mass.

SGX’s track record in derivatives positions us well to refresh and grow our suite of pan-Asian access products in a new direction.”

Anchored on access to Asia’s biggest economies – China, Japan and India – across asset classes, SGX will continue to broaden and deepen coverage of Asia by developing more derivatives products on its own or in collaboration with its partners.

https://links.sgx.com/FileOpen/20200527 ... eID=612498
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Wed May 27, 2020 1:33 pm

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MSCI contracts are ~15% of Equity Derivatives DAV; ~12% of Total Derivatives DAV

Potential proforma 10% to 15% impact to FY2021 NPAT, assuming full 12 months and
before mitigating actions
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Wed May 27, 2020 1:57 pm

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Singapore Exchange shares post steepest drop since 2008 on end of MSCI licence

SINGAPORE, May 27 (Reuters) - Shares in bourse operator Singapore Exchange Ltd suffered their steepest daily fall in more than a decade, after the company said its profit would be hit when a licence to offer a suite of regional equity derivatives ends in February 2021.

Hong Kong Exchanges and Clearing Ltd <0388.HK> will instead host trade in the contracts, which are tied to MSCI Inc's indexes and licensed from MSCI.

Singapore Exchange estimates a potential 10-15% hit to next year's profit as a result.

Shares fell 10% on Wednesday to a two-month low when a trading halt was lifted.

If sustained, it would be the steepest daily percentage fall since 2008, though the price is roughly steady year to date.

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

Postby winston » Wed May 27, 2020 5:49 pm

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Derivatives Business Hit By MSCI Agreement Expiry

Neutral (Maintained)
Target Price (Return): SGD8.60 (-13.1%)
Price: SGD9.90
Market Cap: USD7,470m
Avg Daily Turnover (SGD/USD) 47.7m/33.5m

Stay NEUTRAL with new SGD8.60 TP from SGD9.70, 13% downside, offset by c.4% FY20F (Jun) yield.

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

Singapore Exchange is reducing its licence agreements with MSCI from Feb 2021, with an expected 10-15% hit to its FY21 earnings.

The share price could see short-term weakness, but ought to be supported by respectable yields.

Source: RHB

https://research.rhbtradesmart.com/atta ... ea4202.pdf
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Thu May 28, 2020 11:07 am

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MSCI licence agreement expires Feb 2021

We cut our FY20-22F EPS by 2.2-10.0% to reflect lacklustre Apr-May market statistics and the MSCI licence expiring on Feb 2021.

This affects SGX’s entire MSCI product suite (12% of derivative volumes FYTD 2020) except for MSCI Singapore futures and options.

We downgrade the stock from Add to Reduce; our S$8.00 TP is now pegged to 0.5 s.d. below historical average of 20.7x FY21F P/E.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 6C0FE07BD4
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Thu May 28, 2020 11:33 am

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FULLY VALUED (Downgrade from HOLD)
Last Traded Price ( 26 May 2020): S$9.90 (STI : 2,530.30)
Price Target 12-mth: S$7.40 (-25% downside) (Prev S$10.00)

What’s New

SGX reduces licence agreement with MSCI from February 2021; only MSCI Singapore Index products will be retained

MSCI ex-Singapore products contributed c.15%/12% of equity derivative contract and total derivative contract volumes

Management expects NPAT impact to range from 10-15% for FY21F; FY22F likely to be worst hit

Downgrade to FULLY VALUED, revised TP to S$7.40

Source: DBS

https://researchwise.dbsvresearch.com/R ... =feechkhea
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Wed Jun 03, 2020 9:20 am

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The Singapore Exchange (SGX) will launch 10 Singapore Single Stock Futures (SSFs) on June 15 in response to growing demand for a broader suite of Singapore-linked equities products, it said on Tuesday.

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

Postby winston » Wed Jun 24, 2020 3:38 pm

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Singapore Exchange (SGX SP, BUY, TP: SGD9.20)

Continued SADV Robustness a Catalyst; U/G BUY

Company Update

Upgrade to BUY from Neutral, with new SGD9.20 TP from SGD8.60, 15% upside, supported by c.4% FY21F (Jun) yield.

Our TP is pegged to 24x FY21F EPS.

In this report, we raised Singapore Exchange’s assumed FY21 securities average daily value (SADV) by 15% to SGD1.32bn, given the recent weeks’ SADV strength.

We believe the economic recovery from COVID-19 could give rise to more volatility in the equities market and hence increase trading.

Source: RHB

https://research.rhbtradesmart.com/atta ... 44097c.PDF
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby behappyalways » Mon Jun 29, 2020 3:09 pm

SGX to fully acquire cloud-based forex trading platform BidFX for $178.3 mil
https://www.theedgesingapore.com/news/f ... x-1783-mil
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Re: Singapore Exchange 03 (Feb 11 - Dec 20)

Postby winston » Wed Jul 01, 2020 2:22 pm

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Singapore Exchange Ltd (SGX SP) - Acquiring remaining stake in BidFX

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, with base dividend payout of 7.5 cents per quarter. HOLD.

Source: OCBC
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