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SGX
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Octavia
Supreme |
11-Feb-2014 09:21
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CS maintains Neutral but lowers TP to $7.75 on the back of continued weak trading volumes in Jan. Valuation implies 23x forward P/E (around its eight-year average). CS believe SGX has a solid longer-term growth profile as a regional hub (especially in derivatives), with nearer term fortunes of the stock more market-volume related. The stand-out area for SGX remains derivatives, where it is starting to build critical mass in many products and has a good chance of becoming a regional trading hub for such contracts. Derivatives accounted for 30% of SGX revenues in FY13, up from 21% in FY10, which CS expect to increase over time. Unfortunately, derivatives are still not large enough to offset the weakness in equities volumes, and as such House believe equities will continue to be the main near-term driver of the stock. | ||||
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Mr_SGX
Member |
10-Feb-2014 09:52
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Seems like there are many ignorant pessimistic blur blur in this thread.. how funny...  |
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spore1
Supreme |
10-Feb-2014 08:29
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sgx may hv a techincal rebounce soon
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Secret_Squirrel
Elite |
08-Feb-2014 20:02
Yells: "Stay curious but skeptical" |
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Recent MAS, SGX propose tougher rules for stocks trading will likely decrease SGX profit if implemented. |
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Octavia
Supreme |
05-Feb-2014 09:21
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SINGAPORE Exchange (SGX) announced on Wednesday that its securities and trading volumes declined in January. Total value of securities traded was S$22.5b, down 44% from $40.1b last year. Its daily average value declined to S$1.1b from S$1.8b. The volume of derivatives declined 7% y/y to 8.8m contracts. Open interest at end-January rose 6% from a year earlier to 3.1m contracts. A total of 44 bonds were listed, raising S$23.8b, an increase of 18% y/y. The biggest debts listed were two Indonesian sovereign bond issues, namely the US$2b 5.875% Notes due 2024 and US$2 billion 6.75% Notes due 2044. There were five new IPOs in January raising $412m, compared with $10m raised from one IPO in January 2013. A total of $6.9b of new OTC financial derivatives transactions were cleared, up 6% y/y. | ||||
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gold123
Member |
26-Jan-2014 23:11
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sgx shortlister target. may see further down
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Mr_SGX
Member |
26-Jan-2014 00:55
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of cos we should respect the market, for sure.. but to the blur blur and the useless TA, only the blur blur will blur blur respect. 
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wangwa
Senior |
25-Jan-2014 12:05
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I m not aware which stock is not down trend at the moment
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marubozu1688
Master |
25-Jan-2014 11:40
Yells: "Be humble in front of Mr. Market." |
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Updated chart for SGX. SGX continues to down trend. http://mystocksinvesting.com/singapore-stocks/singapore-exchange-sgx/sgx-break-7-00-support/
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marubozu1688
Master |
25-Jan-2014 11:33
Yells: "Be humble in front of Mr. Market." |
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Respect the market, Respect fellow traders / investors, respect TA ...... and your money or investment will respect you.
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WanSiTong
Supreme |
23-Jan-2014 09:59
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Derivative is the name of the game 2QFY14 net profit of S$75m fell 5% short of our expectation, but was slightly above consensus?s S$72m. 1H net profit of S$167m formed 43% of our full year estimate and 46% of consensus?s. The deviation came mainly from
lower-than-expected listing fees due to fewer IPOs during the quarter.
Derivatives revenue came in on par with securities revenues for the first time,
each contributing 32% to the topline. We expect catalysts from 1) strong
derivatives earnings delivery, 2) 2H impact of the listing fee hike, and 3) a
potential market rally on the back of a recovery in developed markets. We
maintain our Add rating while trimming our DDM-based target price to
S$8.51 after factoring in 1-4% EPS cuts.
Securities: seasonally slow quarter Securities revenue recorded a 9.6% yoy fall due to lower securities clearing fees as ADVT hit a low of S$1.0bn. However, this was offset slightly by a higher-than-expected clearing rate of 3.2bp (2QFY13: 3.0bp) given the higher proportion of uncapped trades. Derivatives: bright future On par with securities for the first time. Derivatives revenue grew 15%
yoy to S$52.5m, coming in on par with securities revenue for the first time.
While we acknowledge that it was an exceptionally weak quarter for securities,
we see the potential for derivatives to be a strong earnings driver given the
continued interest in the China A50 and Nikkei 225 futures, and iron ore swaps.
The average month-end open interest also rose 45% yoy to 3.6m contracts,
showing that SGX is gaining traction as the derivatives exchange of choice.
New products. During the quarter, SGX launched the MSCI Philippines,
Thailand and India futures. It also introduced maiden FX futures in AUD/JPY,
AUD/USD, INR/USD, KRW/JPY, KRW/USD and USD/SGD. While these new
products may take time to gain traction, we believe they will help to drive
volumes and improve client stickiness given the broader product offering.
Listing fees: look forward to fee hike
Lower than expected in 2Q. Listing revenue of S$10.5m fell below our
expectation of S$14.1m due to the fewer number of IPOs compared to 1Q.
Expect to see effect of listing fee hike in 2HFY14. Given market
expectations of robust capital market activity in 2014 and the full impact of the
fee hike to be felt in 2HFY14, we expect listing fees to jump 39% yoy in |
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Octavia
Supreme |
23-Jan-2014 09:08
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SGX released 2QFY14 results which came in at the lower end of street estimates. Net profit was $75m (-1% y/y, -19% q/q), on the back of revenue of $165m (+2% y/y, -10% q/q). The significantly lower q/q performance was attributed to seasonality patterns, with 2QFY14 traditionally being the weakest quarter for the exchange. Revenue from the securities business, accounting for 32% of total group revenue (37% previously), fell 13% to $52.2m, as securities total traded value declined 18% to $64.1b. The fall in trading was partially offset by a 6% rise in average clearing fees to 3.2 b.p., due to an increase in uncapped trades. Derivatives revenue which also accounted for 32% of total group revenue was up 16% to $52.5m, as increased volumes for the FTSE China A50 futures, Nikkei 225 futures and options, and iron ore swaps contributed to its top-line. Total volumes grew 18% to 26.3m contracts, while average month-end open interest grew 45% to 3.6m contracts. During the quarter, a total of nine listings in the quarter raised $1.4b versus the eight listings which raising $0.8b y/y. Total equity funds of $2.6b were raised, compared with $2.1b previously, while a total of $33.7b was raised from 144 new bond listings, versus 90 bonds raising $39.7b y/y. Going forward, SGX guides that the global economy is showing moderate signs of recovery, and the exchange will continue to invest in new products and services, expand international distribution, and strengthen its regulatory and risk management capabilities. In the next few quarters, SGX aims to introduce products such as foreign exchange futures and new ASEAN equity index futures. At the current price, SGX trades at 20.5x forward P/E, in-line with its regional peers of 22x. Latest broker ratings as follows: CLSA maintains U/p with TP $7.00 Credit Suisse maintains Neutral with TP $7.00 Nomura maintains Neutral with TP $7.60 OCBC maintains Hold with TP $7.22 OSKDMG maintains Neutral with TP $7.80 | ||||
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gold123
Member |
22-Jan-2014 21:43
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sgx heading further down
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Markie
Senior |
22-Jan-2014 21:15
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Profit dropped to S$75 million ($59 million) in the three months ended Dec. 31, compared with S$76.3 million a year earlier, the bourse operator said in a statement. The company was expected to report a profit of S$71 million, according to a median of seven analyst estimates in a Bloomberg survey.
?SGX has done the utmost to make sure they?re diversifying their business, and the result speaks for itself,? Kelly Teoh, a strategist at brokerage IG Ltd. in Singapore, said by phone. Bloomberg |
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Markie
Senior |
22-Jan-2014 20:13
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Results in line with expectations. Would keep | ||||
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Shirleyfong88888
Veteran |
22-Jan-2014 18:02
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Everything dwn lucky interim dividend still e same. | ||||
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WanSiTong
Supreme |
22-Jan-2014 17:28
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Bellow figures are for 2Q 2014. |
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WanSiTong
Supreme |
22-Jan-2014 17:24
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Financial Overview Revenue: $165 million, up 2% from a year earlier Operating profit: $88 million, down 2% Net profit: $75 million, down 2%
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Octavia
Supreme |
20-Jan-2014 09:53
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The Singapore Exchange will launch hot-rolled coil (HRC) steel futures and swap contracts on Feb 17, aiming to tap rising consumption of the alloy in Southeast Asia.
SGX is trying to open up the Asian steel derivatives market by taking on rebar futures in Shanghai, currently the world's most liquid steel futures, but foreign investors aren't allowed to trade there unless they are registered locally. The SGX contracts would add more steel derivatives to a largely illiquid global suite outside China, and their success would depend on participation from traders from the world's biggest steel consumer and producer. The HRC futures and swaps will have a contract size of 20 tonnes and will be cash-settled using a reference price by data provider Steel Index, the bourse said in a statement late on Friday. |
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Octavia
Supreme |
15-Jan-2014 09:49
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CLSA expects the upcoming 2Q14 results (due after market on 22 Jan ) to be weak - in fact the worst quarter in two years. The house forecasts adjusted net profit to come in at $71m, -20% q/q and -7% y/y, with earnings driven lower by weakness in equities trading volumes. Last quarter ADT came in at only $1b, likely impacted by the penny stock scandal, precipitating a drop in small cap volumes. CLSA cuts TP to $7 from $7.15, maintains Underperform. |
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