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SGX
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stevenk
Senior |
04-Aug-2014 13:21
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x 0
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going up |
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ozone2002
Supreme |
01-Aug-2014 13:27
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Looking much better in future prospects A more stable quarter (DBS) &bull 4Q14/FY14 earnings were in line securities trading values traction were intact while derivatives were stable &bull Guiding for higher capex in FY15F for technologyrelated expenses &bull 16cts final DPS declared, bringing full year DPS to 28 cts, equivalent to 93% payout &bull Maintain HOLD, S$7.05 TP Highlights Stable securities market and derivatives revenues. Finally, a more stable quarter from SGX. While securities trading volumes slipped further, securities trading values improved. Capped trades were lifted from 1 June, and we believe this partially aided the trend. Derivatives revenues were flattish q-o-q and open interest slipped again. Other revenues were higher, reflecting higher listing fees initiated since July 2013. Expenses were seasonally higher as expected relocation expenses incurred during the quarter were one-off. Higher depreciation for risk management and issuer systems should be recurring items. Higher capex in FY15.Capex is expected to be S$45-50m in FY15, higher than FY14, and driven by technology-related capex to support the growing derivatives business. Our View Awaiting for momentum reversion.Market volatility is expected to recover and retailers&rsquo participation should return given SGX&rsquo s various initiatives in market making, liquidity providers and new pricing scheme. But sustainability remains the key. There should be further room for growth in derivatives revenue judging from the strong traction in China A50 futures, India Nifty futures and Iron Ore products. No change in our forecast assumptions at this juncture. Recommendation Maintain HOLD S$7.05 TP.Our TP of S$7.05 is based on DDM implying 20x FY15F EPS maintain HOLD. Downside to the stock price should be limited, supported by dividend yields of 4-5% based on a 90% dividend payout assumption. Financial Summary FY Jun (S$ m) 2013A 2014A 2015F 2016F Turnover 715 687 768 837 Operating Profit 414 372 438 489 EBITDA 456 420 481 532 Net Pft (Pre Ex.) 351 320 366 408 EPS (S cts) 31.4 29.8 34.1 38.1 EPS Pre Ex. (S cts) 32.8 29.8 34.1 38.1 EPS Gth (%) 15 (5) 15 11 EPS Gth Pre Ex (%) 15 (9) 15 11 Net DPS (S cts) 27.9 26.8 30.7 34.2 BV Per Share (S cts) 83.0 84.8 92.1 99.5 PE (X) 22.5 23.7 20.7 18.6 PE Pre Ex. (X) 21.5 23.7 20.7 18.6 EV/EBITDA (X) 14.9 16.0 13.9 12.4 Net Div Yield (%) 4.0 3.8 4.4 4.9 P/Book Value (X) 8.5 8.3 7.7 7.1 Net Debt/Equity (X) CASH CASH CASH CASH ROAE (%) 39.0 35.5 38.6 39.7 |
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ruready
Supreme |
31-Jul-2014 15:12
Yells: "Follow the micro penny , May be this is the last train" |
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x 0
x 0 Alert Admin |
SGX coming ,hk stock exchange trade like hot cake! Hot fund snap up blue chip, | |||||
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stevenk
Senior |
27-Jul-2014 14:46
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Agreed. going up.Target resistance at 7.32 and 7.48. |
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WanSiTong
Supreme |
25-Jul-2014 07:53
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Singapore Exchange (SGX) is our selection of the day. From a chartist point of view, the stock penetrated on the upside of a triangle pattern and also broke above the upper Bollinger band, which could signal a bullish acceleration. In addition, the RSI indicator is supported by a rising trend line and well directed. In conclusion, as long as 6.9 is support, expect further advance towards 7.35 and even 7.5 as likely.
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ytoh1688
Veteran |
21-Jul-2014 08:11
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x 0
x 0 Alert Admin |
Dividend coming? Sd be soon I think |
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remister889
Member |
06-May-2014 11:33
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Securities Trading Fell 17% To S$25.8 Billion In April |
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guoyanyunyan
Supreme |
30-Apr-2014 06:53
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WanSiTong
Supreme |
24-Apr-2014 15:03
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Singapore Exchange - 3QFY14 earnings in-line, stock price to remain range bound near term Written By Stock Fanatic on Thursday, April 24, 2014
SGX reported 3QFY14 earnings of S$75.8mn, up 1% q/q, down 22%y/y and in-line with our estimates. The y/y deceleration in earnings was mainly due to a 37% decline in SDAV (S$1.1B in 3Q), resulting in a 32% y/y decline in securities revenue. Operating expenses were up 1% q/q and 3% y/y to S$77mn. Operating margins declined by 16bps q/q and came in at 53%. Changes in management guidance:
· Operating expense now expected to be between S$310-315mn vs. previously announced range of S$320mn-S$330mn.
· Technology-related capital expenditure now expected to be between $40 million and $45 million, up from previously announced range of between $35 million and $40 million.
 Technical Analysis
The stock is currently trading at 23.9x Dynamic PE, close to mean PE of 23.2x. We expect stock to move in-line with volume trends in next few quarters. Maintain OverWeight TP : $ 8.50. (Read Report) JP Morgan
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Octavia
Supreme |
23-Apr-2014 22:38
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Singapore Exchange Q3 net profit falls 22% 
Singapore Exchange Ltd reported a 22 per cent fall in net profit on Wednesday, hit by a continued slide in share trading volumes, though a steady performance by its derivatives, listings and market data businesses meant it fared better than analysts expected. SGX posted a net profit of S$75.8 million (US$60.33 million) for the March quarter, above the S$73.8 million average of five analysts polled by Reuters. The exchange, Asia' s third largest listed bourse by market value, has been hit by a slide in securities trading volumes following a penny stock crash last October. In March, the volume of securities traded on the exchange was 25 per cent lower than a year ago. Since that crash the bourse and Singapore' s central bank have proposed a series of reforms to try and improve liquidity in the market and reduce the prevalence of penny stocks by raising the minimum share price for a company listed on its main market.
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Octavia
Supreme |
23-Apr-2014 21:44
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Not a gd result.I think partly due to the trio saga and curb on pennies trading by brokerage houses. Net profit down 22%.and all key income area drop in % term (See report) |
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Octavia
Supreme |
23-Apr-2014 21:38
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SGX posts third-quarter net profit of $76 million Revenue: $166 million, down 13% from a year earlier Operating profit: $88 million, down 23% Net profit: $76 million, down 22% Earnings per share: 7.1 cents, down 22% Interim dividend per share: 4.0 cents http://infopub.sgx.com/FileOpen/20140423_SGX_posts_third_quarter_net_profit_FINAL.ashx?App=Announcement& FileID=292662 |
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Heero78
Veteran |
23-Apr-2014 14:52
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x 0
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agree....does not look good. see how is the today' s financial report |
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marubozu1688
Master |
16-Apr-2014 19:22
Yells: "Be humble in front of Mr. Market." |
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x 0
x 0 Alert Admin |
Base on chart, SGX looks weak. http://mystocksinvesting.com/singapore-stocks/singapore-exchange-sgx/sgx-facing-tough-resistance/
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spore1
Supreme |
14-Apr-2014 08:41
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x 0
x 0 Alert Admin |
may head lower
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tanglinboy
Elite |
14-Apr-2014 07:01
Yells: "hello!" |
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x 0
x 0 Alert Admin |
Dividends by blue chips are usually stable |
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k3n888
Member |
14-Apr-2014 00:02
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x 0
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Hi guys, Planning to invest on this now, any advise if this is the right time to buy? If this continues to drop, what' s the lowest price it could go? Also, noticed that last year, they gave dividends just about this time of the year, anyone knows if they plan to do the same? |
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guoyanyunyan
Supreme |
11-Apr-2014 15:07
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x 1
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Lowering clearing fees SGX has just announced lower clearing fees, which will take effect from 1 June, to boost trading activity. Clearing fees will come off from 0.04% to 0.0325% of contract value and the cap of S$600 for contracts of S$1.5m and above will be removed. However, this development is likely to be over-shadowed by yesterday' s announcement by China' s Premier Li Keqiang of mutual market access between the stock markets at Shanghai and Hong Kong. SGX is releasing its 3QFY14 results on 23 Apr and we expect a rather flat quarter. We are projecting net earnings growth of 2.5% to S$74.3m for 3QFY14, anticipating a better 4Q to generate our full year earnings projection of S$336.1m. While the latest announcement is positive, we believe that trading activity will still be largely dictated by global market developments, and on this front, the outlook is fairly muted. At current yield of 4%, we are maintaining our HOLD rating and fair value estimate of S$7.22. ...last:$6.91... |
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WanSiTong
Supreme |
08-Apr-2014 13:26
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x 0
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Singapore Exchange - Volumes slowly recovering Written By Stock Fanatic on Tuesday, April 8, 2014
■ We leave our earnings unchanged following a review of March 2014 trading data, with improving volumes in both equities and derivatives over the past several months.
Key trends in March 2014 were as follows:
1) Equity markets (33% of revenues): March average daily turnover (ADT) was down 28% YoY to S$1.14 bn but up 9% on February, and up 6% on January (and relative to our FY14 forecasts of S$ 1.2bn).
2) Derivatives markets (32%): Derivative volumes were down 1% YoY in March 2014, but up 18% on February and up 8% on January, and ~14% below May and June 2013 highs.
3) Depository services (13%): These fees are more based on equity volumes than value, with volumes down 45% YoY in March.
4) Listings (10%): There were no new equity listings in the month, with bond listings still the main source of new fund raisings.
■ Investment case:
The key investment case for SGX is longer-term growth through both existing market growth and success in its strategy to become an Asian regional gateway, with derivatives being the medium-term driver, in our view. Nearer term, its fortunes are more linked to current market volumes.
■ Catalysts:
Market trading volumes, IPOs and subsequent capital raisings and success of new product launches (fx launched in derivatives).
Technical Analysis
■ Valuation unchanged at S$7.75, implying 23x 12-month forward earnings (below its eight-year average). We retain our NEUTRAL investment rating with TP of $ 7.75, noting strong yield support (4.5%). (Read Report)
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Octavia
Supreme |
07-Apr-2014 16:26
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x 0
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Trading Central notes despite the recent technical rebound, the stock remains capped by a bearish trend line (since May 2013). Even though a continuation of technical rebound cannot be ruled out at the current stage, its extent should be limited by $7.15 (a key resistance). The odds favor a new decline to $6.65 and even $6.50 in extension. |
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