- Net Income: S$597.9 million, up 4.7% year-on-year, beating the estimate of S$542.1 million.
- Operating Profit: S$606.4 million, up 2.9% year-on-year, nearly matching the estimate of S$606.5 million.
- Operating Revenue: S$1.23 billion, up 3.1% year-on-year, hitting the estimated figure.
- FICC Revenue: S$322.5 million, up 22% year-on-year, but below the estimate of S$371.6 million.
- Equities Cash Revenue: S$334.9 million, down 3.2% year-on-year, missing the estimate of S$339.7 million.
- Equities Derivatives Revenue: S$334.0 million, down 8% year-on-year, below the estimate of S$339.5 million.
- Final Dividend per Share: S$0.090, up from S$0.085 year-on-year.
- Staff Costs: S$291.7 million, up 5.6% year-on-year.
2025 Year Forecast
- Capital expenditure projected to be between S$70 million to S$75 million.
- Expenses expected to increase by 2% to 4%.
Comments
- Expecting a 2-4% increase in FY expenses.
- FY capital expenditure forecasted at S$70-75 million.
- Anticipates achieving positive operating leverage with low to mid-single digit percentage CAGR expense growth in the medium term.
- Beyond FY2025, capital expenditure expected to rise due to ongoing investments in modernizing exchange trading, clearing platforms, and data centers.
- Growth in group revenue over the past 3 years was below high-single digit percentage CAGR guidance, primarily due to a slowdown in cash equities and underperformance of Scientific Beta.
- Aims to grow group revenue, excluding treasury income, by 6-8% CAGR in the medium term.
Market Recommendations
- 5 analyst buys, 6 holds, and 2 sells.
A look at SGX Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 2 | |
| Dividend | 3 | |
| Growth | 4 | |
| Resilience | 4 | |
| Momentum | 4 | |
| OVERALL SMART SCORE | 3.4 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on the Smartkarma Smart Scores, Singapore Exchange Limited (SGX) shows a promising long-term outlook. With above-average ratings in Growth, Resilience, and Momentum, SGX indicates strong potential for future expansion and stability. The Company’s focus on growth opportunities, its ability to withstand market challenges, and its positive market momentum bode well for its future performance.
Furthermore, SGX‘s moderate scores in Value and Dividend also contribute positively to its overall outlook. These scores suggest that SGX may offer a good balance for investors seeking appreciation potential alongside steady dividend payouts. As the owner and operator of Singapore’s main securities and derivatives exchange, with additional offerings in clearing houses and financial services, SGX has a solid foundation to capitalize on market opportunities and drive long-term value.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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