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SGX...can buy and hold...and hold...like SPH. Grandchildren will be super huat...
SGX
• Upgrade target price from S$5.67 to S$7.84; upgrade stock to Outperform from
Underperform. Our higher SDAV assumptions raise our DDM-based target price
from S$5.67 to S$7.84 (WACC 9.0%, terminal growth 3.8%). Our new target implies
20x CY10 P/E and 5% dividend yields. SGX’s P/E now looks more attractive than
other Asian bourses. Markets are starting to pull back after a strong 10-week rally.
Having underperformed somewhat in the past month, SGX looks good for one to
position for the next wave. Upgrade to Outperform.
• Derivatives could also recover. Rising equity markets tend to sooth most
concerns. Tracking the four key index futures contracts in SGX’s derivatives stable,
March and April volumes have already recovered from Nov 08-Feb 09 levels.
Trading has been particularly strong in MSCI Taiwan futures contracts. Activity in
Nifty 50 contracts is likely to surge in May as well. Our previous fear was that the
slowdown in SGX’s derivatives business at the turn of the year hinted at something
more structural. That concern seems overblown.
CIMB 22May09
i'm sticking to my initial view..the rally was up on no fundamentals..
from opening 6.9 to 6.77.. abt 10c gain (less commissions and charges)
let's see how it pans out for the day..looking good so far
Mind the trend...
trade with the trend, not against the trend...
though no one can see the trend... hehehe...
looks like time to short this fella again..short term DYODD
i CFD shorted this one today $5.85..even tho i'm a great fan..but i'm a short term trader..
i go where the wind blows..
SGX Results posted... think it will shoot back to $8 or more
3Q FY2009 Highlights
• NPAT $55.3 million: 20.6% lower qoq
(2Q FY2009: $74.7 million)
• YTD FY09 net profit margin remains above 50%
• YTD FY09 operating leverage at 138%
• Robust risk management and regulation
• Continued focus on cost management and investment in technology
• Quarterly base dividend: 3.5 cents
powerful chiong started ... watch out fellow, buddy .....
ur cash, u decide.
How true?? citi is the 1st to dwgrade SGX even be4 market dw....
20 Apr 2009 09:57 CST DJ MARKET TALK: Citigroup Upgrades SGX To Buy; S$8.00 Target 0157 GMT [Dow Jones] STOCK CALL: Citigroup upgrades Singapore Exchange (S68.SG) to Buy from Sell, raises target price to S$8.00 from S$4.70. Says SGX is "passing the earnings trough," raises FY09-FY11 earnings estimates by 17-42% based on broker's new STI target of 2400, expectation for average daily market turnover (ADT) of S$1.68 billion in FY10 vs previous forecast of S$0.92 billion. Notes stock up over 50% in just over a month, so may be vulnerable to near-term volatility and corrections, but says SGX is, "high beta play to STI recovery," as stock tends to significantly outperform broader STI during bull markets but sharply underperform in bear market. Says ADT key driver of profits, rising market means rising market cap so higher value of shares traded, gets further leverage from rising turnover velocity as STI rises. Adds fundamental positives include diversification of revenue streams, lean cost base, policy of distributing almost all its earnings as dividends. Shares last down 1.3% at S$6.10 vs STI down 1.1%.
SGX chiong from 4.00 straight to 6 plus within 1 month plus.. Any TA experts can foresee this ?
SGX will revamp their website on 08 May.
Key updated features are:
1. Company All-in-One Page. From live stock price to recent corporate action and stock chart, this page provides users a comprehensive overview of the company information at one glance. Users of this popular page will be able to enjoy minimal clicks and easier navigation.
2. Investor Tools. Six different types of online investment calculators are available to help investors with different needs:
a. Investment calculator
b. Financial calculator
c. Profit & Loss calculator
d. Extended Settlement calculator
e. Dividend discount calculator
f. Structured Warrant calculator
3. Technical analysis tools. Twelve new tools will be added to the basket of existing technical tools for investors who chart and analyse stock performance to make investment decisions.
“The improved website reflects several enhancements which are a result of valuable market feedback coming from our user community. The significant investment made on this website is in line with SGX’s continuing efforts to strengthen its infrastructure and technology capabilities to meet evolving market needs and add value to our stakeholders,” said Mr. Muthukrishnan Ramaswami, Senior Executive Vice President and Chief Operations Officer at SGX.
The improved website underscores SGX’s promise to be a highly trusted marketplace, providing reliable and timely information for all market participants, ensuring a fair, orderly and transparent marketplace. In striving to do so, SGX remains committed to delivery excellence to its stakeholders and working closely with market participants to stay relevant.
SGX ANNOUNCES THIRD QUARTER PROFIT OF $55.3 MILLION FOR FY2009 SGX results for 3Q FY2009 ended 31 March 2009 versus 3Q FY2008 Net profit: $55.3 million, 45.5% lower on market weakness Operating revenue: 30.9% decrease to $119.8 million Operating expenses: flat at $54.2 million with technology investments maintained Strong secondary market with $6.46 billion raised* New product initiatives launched, including Extended Settlement contracts Singapore Exchange Limited (SGX) today announced a net profit of $55.3 million for the third quarter of its financial year 2009 (3Q FY2009). This is 45.5% lower compared to 3Q FY2008 ($101.5 million) and 25.9% lower compared to 2Q FY2009 ($74.7m million). Operating revenues decreased 30.9% to $119.8 million (3Q FY2008: $173.3 million). Operating expenses were maintained at $54.2 million (3Q FY2008: $53.7 million) despite recent increase in technology-related expenditure. Mr Hsieh Fu Hua, Chief Executive Officer of SGX said: “The quarter has been challenging with all revenue categories affected. Nonetheless, there are opportunities that SGX can take advantage of in derivatives, commodities and OTC clearing. As regulator, SGX continues to work closely with market professionals and listed companies to uphold governance standards.” Please refer to the “CEO’s Statement” and “Financial Highlights”, as attached, for details. The complete 3Q FY2009 financial statements are available on the Investor Relations page of our website at www.sgx.com. (SGX SP, SGXL.SI) *Includes funds raised from placements and rights issues. CEO’s Statement SGX announced a third quarter profit of $55.3 million, a 45.5% decrease from 3Q FY2008 ($101.5 million) and 25.9% lower compared to 2Q FY2009 ($74.7 million). In line with our dividend policy, the directors are pleased to declare a base dividend of 3.5 cents per share on a tax exempt one-tier basis. Financials Operating revenue in 3Q FY2009 fell 30.9% to $119.8 million (3Q FY2008: $173.3 million) as all revenue categories registered a decline. Securities market revenue dropped 42.6% to $55.3 million (3Q FY2008: $96.3 million) and net derivatives clearing revenue decreased 19.9% to $31.2 million (3Q FY2008: $39.0 million). Stable revenue was $33.3 million, a 12.3% decline from a year ago (3Q FY2008: $38.0 million). Operating expenses were maintained at $54.2 million (3Q FY2008: $53.7 million), despite an increase in technology-related depreciation and system maintenance costs. Recent technology initiatives include a new securities trading engine, an upgraded derivatives trading engine and SGX Prime, the new pre-settlement matching system. Securities Market The 3Q FY2009 securities daily average trading value (SDAV) of $0.91 billion was 51.9% lower compared to 3Q FY2008 ($1.90 billion), and a 11.3% drop compared to 2Q FY2009 ($1.03 billion). The financial year-to-date (YTD) SDAV was $1.08 billion. The annualised trading velocity in 3Q FY2009 was 58%, down from 3Q FY2008 (68%) and 2Q FY2009 (67%). There were three1 new listings in 3Q FY2009 (3Q FY2008: 11 listings2 ) with a total market capitalisation of $0.50 billion (3Q FY2008: $3.60 billion), raising $19.1 million (3Q FY2008: $695.5 million). While IPO activity was weak, secondary fund raising3 through rights issuance was active. Total funds raised in the secondary market amounted to $6.46 billion in 3Q FY2009 (3Q FY2008: $0.38 billion) and $8.41 billion YTD FY2009 (YTD FY2008: $9.71 billion). Measures were introduced to facilitate equity fund raising in the secondary market. SGX launched five new Exchange Traded Funds (ETFs), including Asia’s first inverse ETF. The YTD FY2009 trading activity in ETFs rose to $2.12 billion (YTD FY2008: $1.57 billion). Derivatives Market Futures trading volume fell 20.5% to 11.8 million contracts this quarter (3Q FY2008: 14.8 million contracts). There was a 21.0% decline in trading activity in the MSCI Taiwan futures to 3.4 million contracts (3Q FY2008: 4.3 million contracts) mainly due to reduced trading from proprietary trading desks of investment banks. Trading in the CNX Nifty futures shrank 51.1% to 1.4 million contracts (3Q FY2008: 2.9 million contracts), attributable to a muted interest in the Indian market. However, the Nikkei 225 futures product trading volume rose 1.8% to 5.8 million contracts (3Q FY2008: 5.7 million contracts). Despite the fall in futures trading volume this quarter, the YTD FY2009 futures trading volume rose 12.7% to 44.4 million contracts (YTD FY2008: 39.4 million contracts4 ). Structured warrants trading activity remained lacklustre, as trading value dropped 61.5% to $2.72 billion (3Q FY2008: $7.07 billion). Structured warrants on foreign underlying securities accounted for 64.3% of total trading value (3Q FY2008: 58.5%). A key milestone in the development of the domestic equity derivatives business segment was the launch of the Extended Settlement (ES) contracts on 20 February 2009. With support from all major retail brokers, trading activity and open interest are building up. SGX embarked on various initiatives to grow the options market. Implemented on 6 April 2009, the initiatives include enhancing the existing Nikkei 225 Index Options and MSCI Taiwan Index Options contracts, launching the MSCI Singapore Index Options contract and introducing a web-based electronic trade registration system, “eNLT”. The introduction of eNLT will enable SGX to clear longer-dated futures contracts, beginning with the Nikkei 225 futures product. Commodities In 3Q FY2009, SGX AsiaClear’s OTC commodities clearing business cleared 20,312 contracts, a jump of 55% year-on-year (3Q FY2008: 13,064 contracts). Its trading and clearing network now reaches out to over 280 counterparty accounts. Since our acquisition of the Singapore Commodity Exchange (SICOM) in June 2008, a new Board of Directors has been established. SICOM has also launched an electronic trading platform in September 2008 to widen its distribution network. Technology SGX remains committed to our investment in technology, improving trading, clearing, data and web capabilities. These improvements position SGX to provide a wider range of services, and take advantage of opportunities in algorithmic trading, commodities clearing and information services businesses. An enhanced web site will be launched in May 2009. The web site contains information on SGX as a listed company and regulator, the SGX market place, listed companies, and new investment analysis tools to serve the investor community. Work is proceeding on the new derivatives clearing system which is scheduled to be launched in December 2009. This system will provide enhanced capacity and capability to clear new classes of derivatives and commodities products. Risk Management and Regulation In response to the global financial turbulence and the challenging market environment, SGX has increased interaction with listed companies, their Boards and auditors to heighten vigilance on high risk areas. Listed companies have been reminded of the obligation to maintain high standards of disclosure, which include promptly disclosing price-sensitive information and clarifying or confirming market rumours. Revisions were made to listing rules to further enhance corporate governance, disclosure requirements and market efficiency. SGX also issued public consultations on revisions to the Derivatives Clearing Fund structure, processes for managing non-delivery of securities, and proposed listing rules for life science companies on SGX Catalist. 1 Includes one Reverse Takeover (RTO). 2 Includes two RTOs. 3 Includes funds raised from placements and rights issues. 4 The number of CNX Nifty Index futures contracts (IN) multiplied by five for comparison purposes as the contract size was reduced fivefold in November 2007.
Ha ha, strange, no news on report yet, so far. Wat gonna be 2morrow???
Most coy's results r expected not better than d preceeding ones owing to d gloomy economy in local. MFTs at papers highlighted oftenly.
Many sifus in d forum also added that after days of STI rallies n penny stocks up trend, expected correction near d corner. Worth for consideration loh, if u dun mind.
Ref to d above, if DJ tonite surge, then ought to plan for wat to do tomorrow liao, on your portfolios.
No calling, for sharing.
So does the result consider good despite the current situation? div remain 3.5 cent
Ha ha, now trading vol alrdy clocks 1948.8m.
Its 1H 09 earning shed to 159.166m as compared to d preceeding ones of 286.419m.
Its last 3Q report was on 14 Apr. Today, may be after lunch it will announce d result. Gonna be bad liao. SGX last done -10cts.
FYI, no calling.
But the whole month of March it vol is too thin
willysoh ( Date: 15-Apr-2009 11:41) Posted:
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not even pass half a day, the market trading vol surge up more than 1700 mill. shares le ... wah lau eh ... SGX huat la
Hi,
any think they will post good third quarter result ?
Can anyone help on SGX chart? up, dw or along side?
"The operator of the
city’s derivatives and securities market will announce earnings
for the third-quarter ended March after market close today. The
stock dipped 0.3 percent to S$6.18."