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ozone2002
Supreme |
22-Jan-2015 10:06
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Great biz to be vested in, divy ard 4% not too bad in this market environment although PE is high at 23x gd luck dyodd HOLD S$7.90 STI : 3,354.46 Price Target : 12-Month S$ 7.30 (Prev S$ 6.95) Reason for Report : Earnings and TP revisions Potential Catalyst: Revival of the securities market Where we differ: Below consensus Analyst LIM Sue Lin +65 66823711 [email protected] Result Summary FY Jun (S$ m) 2Q 2015 2Q 2014 1Q 2015 yoy % chg qoq % chg P& L Items Securities Revenue 51.7 52.2 49.1 (1.1) 5.2 Derivatives Revenue 76.4 52.5 53.7 45.6 42.2 Other Revenue 67.0 59.8 66.0 12.0 1.5 Total Revenue 195.1 164.5 168.9 18.6 15.5 Operating expenses 93.5 76.3 81.9 22.5 14.2 Pre-tax profit 103.6 89.0 88.9 16.5 16.5 Net profit 86.6 74.9 77.6 15.6 11.6 Daily average Securities volume (bn) 1.47 2.59 1.79 (43.1) (17.8) Securities value (S$bn) 1.04 1.00 0.97 4.3 7.6 Velocity (%) 36% 35% 32% Derivatives volume (m) 0.655 0.422 0.450 55.2 45.4 Open interest (m) 3.00 3.60 3.07 (16.7) (2.4) Financial Summary FY Jun (S$ m) 2014A 2015F 2016F 2017F Turnover 687 750 818 873 Operating Profit 372 390 421 437 EBITDA 419 444 475 491 Net Pft (Pre Ex.) 320 330 356 369 EPS (S cts) 29.8 30.7 33.1 34.4 EPS Pre Ex. (S cts) 29.8 30.7 33.1 34.4 EPS Gth (%) (5) 3 8 4 EPS Gth Pre Ex (%) (9) 3 8 4 Net DPS (S cts) 26.9 27.7 29.8 30.9 BV Per Share (S cts) 85.9 89.7 95.2 99.8 PE (X) 26.5 25.7 23.9 23.0 PE Pre Ex. (X) 26.5 25.7 23.9 23.0 EV/EBITDA (X) 18.4 17.4 16.1 15.5 Net Div Yield (%) 3.4 3.5 3.8 3.9 P/Book Value (X) 9.2 8.8 8.3 7.9 Net Debt/Equity (X) CASH CASH CASH CASH ROAE (%) 35.4 35.0 35.8 35.3 At A Glance Issued Capital (m shrs) 1,071 Mkt. Cap (S$m/US$m) 8,461 / 6,329 Avg. Daily Vol.(&lsquo 000) 2,216 ICB Industry : Financials ICB Sector: General Financial Principal Business: Singapore Exchange Limited owns and operates Singapore' s Securities and derivatives exchange and their related clearing houses. The Company also provides ancillary securities processing and information technology services to participants in the financial sector. Source: Company, DBS Bank, Bloomberg Finance L.P. Surge in derivatives revenues 2QFY15 earnings in line surge in derivatives activities securities market continued to drag Earnings raised by 1-3% on higher derivatives revenues but offset by higher expenses Ongoing efforts are in the pipeline to revive the securities business Maintain HOLD, TP lifted to S$7.30 Highlights Derivatives activities surged Despite a slight revival in trading values, securities revenues declined due to a drop in clearing fees. Derivatives revenues soared, driven by growth for China A50 futures and Iron Ore derivatives. The surge in the China A50 futures activities may not be sustainable in our view. Other revenues were flattish q-o-q. Higher expenses were related to variable staff costs. A based DPS of 4 Scts was declared. Outlook Raised earnings by 1-3% on higher derivatives revenues but offset by higher expenses While we adjust our securities revenues down on lower clearing fees, we raised our forecasts for derivatives as we expect derivatives trades to continue to shine. Expenses are raised within the guided range of S$360-370m for FY15F. Our TP is lifted to S$7.30 following the revision in earnings. Ongoing efforts to revive the securities business SGX continues its efforts to enhance the Securities market starting with the reduction of the standard board lot size to 100 from 1,000 on 19 January. The minimum price of S$0.20 for a stock will be implemented in Mar 15. The other initiatives: (1) collateral requirement for securities trading, (2) short position reporting requirements, (3) transparency of trading restrictions, and (4) reinforcing the SGX listings and enforcement framework, will be implemented over the next few quarters. Valuation We have a HOLD recommendation with a S$7.30 target price based on the dividend discount model which implies 23x CY15F EPS. Downside to the stock price should be limited, supported by dividend yield of 4% based on a 90% dividend payout assumption. Risks Market activity Slower-than-expected market activity will derail revenue generation. Derivatives, which is a growing revenue generator, could be at risk if products do not generate sufficient trading volumes. |
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wctim9986
Member |
21-Jan-2015 14:10
Yells: "Fire in the hole*_*" |
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Can SGX break $8.0??? 
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infoshare
Senior |
21-Jan-2015 11:49
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Mr Vasu Menon, vice-president of wealth management in Singapore at OCBC Bank, said the change will allow investors with odd lots (100 shares and above) to sell the stock in the regular market instead of what is called the odd-lot market, where prices are at a discount to the market value. Lot sizes of less than 100 shares will still have to be transacted in the odd-lot market. " My sense is that investors here have become more sophisticated over the last few years, especially after the global financial crisis, and the decision to buy a stock depends on an individual' s assessment of a stock' s fundamentals and not just about its affordability," he said. - See more at: http://www.straitstimes.com/news/business/more-business-stories/story/new-sgx-trading-rules-what-you-need-know-20140831#sthash.kpPf4EmW.dpuf |
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K.tan79
Member |
16-Jan-2015 14:01
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Dun want to use more then mine princple amount ( amount that i set for stock) ... |
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BigCannonFairy
Master |
16-Jan-2015 14:00
Yells: "Slingless David" |
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? lol
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K.tan79
Member |
16-Jan-2015 13:59
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:D but not buying in :D |
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BigCannonFairy
Master |
16-Jan-2015 13:56
Yells: "Slingless David" |
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I see. Goodluck. Cheers
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K.tan79
Member |
16-Jan-2015 13:55
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Boss, morning lowest 7.69 now back 7.8 ( opening 7.970) and still moving up now |
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BigCannonFairy
Master |
16-Jan-2015 13:52
Yells: "Slingless David" |
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Where is the fast recovery?
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K.tan79
Member |
16-Jan-2015 13:47
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Yes boss, However, it seem like there is a fast recovery :D http://mysgx.com/stocks/S68 |
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BigCannonFairy
Master |
16-Jan-2015 12:19
Yells: "Slingless David" |
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Save your bullet bro.
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K.tan79
Member |
16-Jan-2015 11:29
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Did SGX, just slip down ..... and bounce up shortly? |
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ytoh1688
Veteran |
12-Jan-2015 14:00
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why cheong????..
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Hulumas
Supreme |
12-Jan-2015 13:40
Yells: "INVEST but not TRADE please!" |
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Cheong forward Cheong backward ?
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kenzo1975
Member |
12-Jan-2015 13:13
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what' s the news? good performance stock. hahaha..... |
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YueBuQun
Member |
05-Jan-2015 12:06
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Cheong up Cheong down Cheong in Cheong out Cheng left Cheong right
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pineapple123
Member |
05-Jan-2015 11:20
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Taken profit :) shorted at 7.82 out at 7.65 .. Dont know if anyone followed but congrats if you did! | ||||
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pineapple123
Member |
02-Jan-2015 15:17
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cheong down ah!
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wangerism
Master |
02-Jan-2015 15:11
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cheong ah
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pineapple123
Member |
02-Jan-2015 14:50
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Targetting 765 first.. | ||||
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