Morningstar

Morningstar, Inc.

Equity Bottom-Up

Singapore Exchange’s second-quarter result reaffirms our thesis the derivatives business will continue to be the profit driver for the narrow-moat-rated exchange. The strong performance in derivatives cannot be said for the securities business as weaker investor sentiments saw daily average volume below SGD 1 billion for the quarter, a first since 2016. The latter is consistent with regional markets. Net profit was 9.2% higher at SGD 96.5 million against the same period last year.
Analyst:…

Narrow-moat Singapore Exchange attended our Management Behind the Moat Conference and outlined its growth strategy. Our long-term thesis on the exchange is unchanged along with our fair value of SGD 8.40. At close to 18% discount to our fair value, we continue to see the exchange as undervalued. While the exchange’s earnings are volatile and dependent on capital market conditions, we reiterate our view that the focus should be on the underlying fundamentals on the exchange. For Singapore…

Narrow-moat-rated Singapore Exchange posted a mixed first quarter with stronger derivatives volume offsetting weaker equity turnover. Net profit of SGD 91 million was steady on the same period last year but weaker against last quarter. Dividend of SGD 0.075 per share was in line with the revised dividend policy. There is no change in the operating expense and capital expenditure guidance. We believe the recent weakness in the exchange’s share price provides a good opportunity to enter the stock…

Narrow-moat-rated Singapore Exchange, or SGX, wrapped up fiscal 2018 with a solid fourth-quarter result. Fourthquarter net profit was SGD 83.7 million, slightly lower compared with SGD 85.2 million in the same period last year. This was mainly due to higher staffing costs, which offset higher revenue from both securities and derivatives trading. Fourth-quarter profit tends to be lower against previous quarters in the same year as investments are usually incurred before year-end. Full-year net…

Higher market volatility in the first quarter of 2018 boosted both securities and derivatives turnover, underpinning a strong third fiscal quarter for Singapore Exchange. Thirdquarter net profit of SGD 100.5 million was solid compared with SGD 88.4 million last quarter. Quarterly net profit has not reached SGD 100 million since the fourth quarter of 2013. Our fair value of SGD 8 is unchanged and the exchange is on track to reach our full-year forecast of SGD 366 million, which implies…

Singapore

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.

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