SGX
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-0.32
SGX
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Singapore Exchange: BUY S$7.95 Bloomberg: SGX SP
Derivatives driven
Price Target : 12-Month S$ 10.50 (Prev S$ 11.50)
by: LIM Sue Lin +603 2711 0971
· 3Q11 underlying net profit of S$77m (ex-ASX-SGX related expenses) driven
by derivatives revenues. Base 4 Scts DPS was declared.
· Trimmed earnings by 8-9% for FY11-13 as we were overly optimistic of ADRs
and underestimated proportion of the capped trades.
· Maintain Buy TP cut to S$10.50 from S$11.50.
Higher revenues led by derivatives. SGX reported 3QFY11 net profit of S
$67m. Excluding ASX-SGX related expenses (of S$12m), underlying net profit
was S$77m. Securities revenues declined in tandem with lower average daily
trading volumes and values in 3QFY11. While derivatives volume was stronger
(+28% qoq), the depreciating US$ to S$ dampened the overall increase in
derivatives revenues (+14% qoq). Revenue also lifted by higher listing and
corporate action revenues as well as market data revenues.
FY11-13 earnings trimmed by 8-9%. We were overly optimistic with the ADRs,
underestimated the proportion of the securities capped trades and
overestimated the positives of derivatives revenues without taking into
account the depreciating US$ to S$. We trim our FY11-13 average daily
values to S$1.77bn (from S$1.99bn), $1.95bn (from S$2.20bn) and S$2.08bn
(from S$2.34bn) respectively. We also reduce our derivatives revenues by
3-7% for FY11-13. All in, our FY11-13 earnings are lowered by 8-9%.
Back to business as usual. SGX will continue to focus on its ‘business as
usual’ activities such as building on its Asian Gateway strategy, further
enhancing its systems and infrastructure as well as launch new products and
services. No further ASX-SGX transaction related expenses are expected
going forward. Capex should peak in FY11, but depreciation build up would
likely continue.
Maintain Buy with lowered TP of S$10.50. Maintain Buy, with TP lowered to
S$10.50 based on the Dividend Discount Model assuming a 90% dividend
payout, 8% growth and cost of equity of 11.6% and implied target PE of 27x.
//DBSV
//**
Diversify your portfolio, invest in land and get a double returns in 4 to 5 years.
Where?
http://www.youtube.com/watch?v=kMOvjDJeOuQ
How?
Msg(Contact) me here for details.
Not malaysians. MALAYAN. They are considered as LOCALS not foreigns. Family members lived at both sides. we have many local talents silently around.
niuyear ( Date: 19-Apr-2011 13:06) Posted:
Actually , long long time ago, we already got foreign talents.
Many Malaysians were here in singapore and got hold of singapore pink i/cs.
They are now singaporeans. Ironically, can hear voices of these people against foreign talents, is the world very funny??? hahaha!
hlfoo2010 ( Date: 19-Apr-2011 13:01) Posted:
| If I not wrong 20% are " RESERVED for Foreigners " ,correct be if i am wrong???? |
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Actually , long long time ago, we already got foreign talents.
Many Malaysians were here in singapore and got hold of singapore pink i/cs.
They are now singaporeans. Ironically, can hear voices of these people against foreign talents, is the world very funny??? hahaha!
hlfoo2010 ( Date: 19-Apr-2011 13:01) Posted:
If I not wrong 20% are " RESERVED for Foreigners " ,correct be if i am wrong?????
niuyear ( Date: 13-Apr-2011 11:02) Posted:
Singapore island - a slaughtered field by Foreign talents..?
The slaughter, long and painful.. |
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If I not wrong 20% are "
RESERVED for Foreigners " ,correct be if i am wrong?????
niuyear ( Date: 13-Apr-2011 11:02) Posted:
Singapore island - a slaughtered field by Foreign talents..?
The slaughter, long and painful...
niuyear ( Date: 13-Apr-2011 10:50) Posted:
SAD story!!
20 millions can build a GOOD university for all true blue singaporeans !!!!! Just a university, mainly for only Singaporeans plse.. |
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not hold any SGX, I plan to enter some but saw the price drop so much and decided give up this counter.
Anyway, which blue chip are you recommended? Plan to get some blue chips in short to medium term investment.
risktaker ( Date: 19-Apr-2011 09:40) Posted:
| funds are selling sgx. i suggest u sell now if not u sure regret. u will not see above 8 for a long time. good luck |
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funds are selling sgx. i suggest u sell now if not u sure regret. u will not see above 8 for a long time. good luck
likely to see low $7 soon. bosayor
leolim818 ( Date: 19-Apr-2011 09:09) Posted:
| SGX fell a lot, anyone know what is the target price for this? Current price seems quite attractive.
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sell sell sell huat ah :) 8888
SGX fell a lot, anyone know what is the target price for this? Current price seems quite attractive.
How to justify ministers' and MPs' pay and allowances if you aren't abit generous with FT's pay? No one wants to become a Minister or MP and no one want to work in Singapore? Flawed argument!
Singapore island - a slaughtered field by Foreign talents..?
The slaughter, long and painful...
niuyear ( Date: 13-Apr-2011 10:50) Posted:
SAD story!!
20 millions can build a GOOD university for all true blue singaporeans !!!!! Just a university, mainly for only Singaporeans plse...
junction ( Date: 09-Apr-2011 09:34) Posted:
Are we seeing a repeat of bringing in 'foreign talents' and pay them huge salaries and then saw these 'talents' bring down NOL, SGX, Chartered Semiconductor, etc into Red ink before being rescued by local 'second class talents'. DBS is also a victim of foreign talent and is still paying the price of taking over Dao Heng Bank at way above market price - just as SGX bending over backwards to take over ASX - as well as structured ( structured against its clients) products started by another foreign 'talent'.
Now SGX has wasted a projected $20 million on a 'merger' nobody wants - $7.5 milliion this quater alone. Lessons not learnt |
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SAD story!!
20 millions can build a GOOD university for all true blue singaporeans !!!!! Just a university, mainly for
only Singaporeans plse...
junction ( Date: 09-Apr-2011 09:34) Posted:
Are we seeing a repeat of bringing in 'foreign talents' and pay them huge salaries and then saw these 'talents' bring down NOL, SGX, Chartered Semiconductor, etc into Red ink before being rescued by local 'second class talents'. DBS is also a victim of foreign talent and is still paying the price of taking over Dao Heng Bank at way above market price - just as SGX bending over backwards to take over ASX - as well as structured ( structured against its clients) products started by another foreign 'talent'.
Now SGX has wasted a projected $20 million on a 'merger' nobody wants - $7.5 milliion this quater alone. Lessons not learnt?
niuyear ( Date: 08-Apr-2011 13:09) Posted:
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Singapore Exchange, Asia’s second largest listed bourse, will pay incoming CEO Magnus Bocker a guaranteed base salary of S$750,000 ($520,800) a year and a minimum variable bonus of S$933,000 for his first seven months… Bocker… will also get S$4.77 million over three years as compensation for loss of long-term incentives and bonuses at his present job. His other perks include a housing allowance of S$300,000 per annum for the first two years, a club membership, and a car and driver.
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The CEO Magnus Bockers - did he regret becoming CEO of SGX? |
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I think you should read again.
limkt009 ( Date: 09-Apr-2011 11:49) Posted:
| You seem to paint the picture that Singaporeans are stupid....nothing venture nothing gained. Are you one of them? |
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You seem to paint the picture that Singaporeans are stupid....nothing venture nothing gained. Are you one of them?
Are we seeing a repeat of bringing in 'foreign talents' and pay them huge salaries and then saw these 'talents' bring down NOL, SGX, Chartered Semiconductor, etc into Red ink before being rescued by local 'second class talents'. DBS is also a victim of foreign talent and is still paying the price of taking over Dao Heng Bank at way above market price - just as SGX bending over backwards to take over ASX - as well as structured ( structured against its clients) products started by another foreign 'talent'.
Now SGX has wasted a projected $20 million on a 'merger' nobody wants - $7.5 milliion this quater alone. Lessons not learnt?
niuyear ( Date: 08-Apr-2011 13:09) Posted:
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Singapore Exchange, Asia’s second largest listed bourse, will pay incoming CEO Magnus Bocker a guaranteed base salary of S$750,000 ($520,800) a year and a minimum variable bonus of S$933,000 for his first seven months… Bocker… will also get S$4.77 million over three years as compensation for loss of long-term incentives and bonuses at his present job. His other perks include a housing allowance of S$300,000 per annum for the first two years, a club membership, and a car and driver.
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The CEO Magnus Bockers - did he regret becoming CEO of SGX?
alexchia01 ( Date: 08-Apr-2011 11:10) Posted:
SGX seems about to Run...
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I would not short SGX...
With Australia rejecting SGX takeover bid, SGX is most likely to shoot back to $9.00 and above.
Mind you... SGX has over $60m traded today, one of the top 10 dollars traded counter, with majority are Buy Ups.
If SGX made a gap up on Monday, I would still Buy.
Isolator ( Date: 08-Apr-2011 11:33) Posted:
To support risktaker sifu... I will short if it get above 8.40....
risktaker ( Date: 07-Apr-2011 19:00) Posted:
NBZ ........... Tomorrow Friday !!! I will start short the market.
NBZ....
Number 1 on my list is SGX.
Maybe got some hope for ASX merger deal already..... thats why all the ang mo
sell.
Credit Sussie sell heavily yesterday over 1000 lots and today local BBs
(Philip CFD, KimEng CFD, CIMB CFD, Etc) turn shorts on 8.32 all the way down to
8.06 ...
Today SGX cover back to 8.15 but that was short covering... by the
local traders. Currently theres no Buyer in SGX. Only Sellers PURE BIG SELLERS.
BBs are selling/Shorting SGX ---- YOU KNOW
WHAT TO DO :P
Good Luck :) Wish you huat ah.
HUAT AH 888
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DBSV (8 Apr): TP $11.50
Deal is rejected. It is reported that Australia has formally rejected the SGX-ASX deal. Extracted from the statement made by Wayne Swan, “However, FIRB's recommendation, which incorporated advice from ASIC, the RBA and the Australian Treasury, was that not having full regulatory sovereignty over the ASX-SGX holding company would present material risks and supervisory issues impacting on the effective regulation of the ASX's operations, particularly its clearing and settlement functions. Australia's financial regulators have advised me that reforms to strengthen our regulatory framework should be a condition of any foreign ownership of the ASX to remove these risks.” Yesterday, SGX had sent written responses to the Foreign Investment Review Board (FIRB) about the bid. SGX has not amended the terms of the proposed merger. SGX and ASX maintain their belief that the merger proposal would result in significant benefits for Australia and Singapore, market users and the shareholders of SGX and ASX.
Opportunities on existing business. Regardless of the deal, SGX still has ample opportunities in its existing business and is well positioned to leverage on the prospects within Asia. SGX will continue to pursue organic and other strategic growth opportunities, including further dialogue with ASX on other forms of co-operation. We do not think SGX is in a rush to pursue another M& A so soon.
Maintain Buy and S$11.50 TP. Our TP is based on the Dividend Discount Model assuming a 90% dividend payout, 8% growth and cost of equity of 11.6% and implied target PE of 27x.
Singapore Exchange, Asia’s second largest listed bourse, will pay incoming CEO Magnus Bocker a guaranteed base salary of S$750,000 ($520,800) a year and a minimum variable bonus of S$933,000 for his first seven months… Bocker… will also get S$4.77 million over three years as compensation for loss of long-term incentives and bonuses at his present job. His other perks include a housing allowance of S$300,000 per annum for the first two years, a club membership, and a car and driver.
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The CEO Magnus Bockers - did he regret becoming CEO of SGX?
alexchia01 ( Date: 08-Apr-2011 11:10) Posted:
SGX seems about to Run...
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Fri, Apr 08, 2011
AFP |
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| Canberra blocks Australia-Singapore bourse merger |
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SYDNEY, Australia - Australian Treasurer Wayne Swan officially blocked the proposed merger of the Australian and Singapore stock exchanges Friday, branding it a takeover that would damage national interests.
" Let's be clear here: this is not a merger. It's a takeover that would see Australia's financial sector become a subsidiary to a competitor in Asia," he said.
" It was a no-brainer that this deal is not in Australia's national interest."
Swan said Australia's " economic and regulatory sovereignty over the ASX would be at risk" if the deal went through, making Australia's bourse a junior partner.
" (This) could only be justified if there were very substantial benefits for our nation, such as greatly enhanced opportunities for Australian businesses and investors to access capital markets.
" Given the size and nature of the SGX, the opportunities that were offered under the proposal were clearly not sufficient to justify this loss of sovereignty."
The ASX and Singapore Exchange Limited announced plans last October to create one of the world's largest and most diversified financial trading hubs in a Aus$8.4 billion ($8.7 billion) deal.
But the proposal hit hurdles in Australia, where concerns over foreign ownership and Singapore's democracy and rights record were raised.
Swan's decision was the first time since 2001 that an application has been rejected by the Foreign Investment Review Board and the Treasurer was at pains to make clear that Australia welcomed foreign investment.
" The Australian government's longstanding policy is to welcome foreign investment," he said.
" Such investments are subject to review on a case-by-case basis ... which allows the Treasurer to prohibit a particular acquisition on national interest grounds.
" It is important to emphasise that this occurs very rarely."
Nevertheless, Australia's attitude to the merger could see the ASX fall behind its peers, analysts say, amid a climate of global consolidation among exchanges.
Last week, the Nasdaq and Intercontinental Exchange joined forces to make an $11.3 billion bid for NYSE Euronext.
The London Stock Exchange has meanwhile proposed merging with the Toronto bourse to create one of the world's biggest trading platforms.
Swan though said the Australian Treasury, the Reserve Bank of Australia, and the Australian Securities and Investments Commission had all raised concerns about regulatory oversight when it came to SGX's takeover bid.
" It is important that we continue to build Australia's standing as a global financial services centre in Asia to take best advantage of the benefits of our superannuation savings system," he said.
" I had strong concerns that the proposed acquisition would be contrary to these objectives. "
In coming to a decision, he said he had to consider the proposal's potential benefits and implications for Australian businesses, investors and the community, and decided they were not enough to green-light the deal.
In particular, he pointed to the SGX being a smaller regional exchange, based on the number of companies listed and the value of those listings, and he was not prepared for the ASX to effectively become " a junior partner" .
" At the end of the day this takeover was more about growing Singapore's financial sector than Australia's," he said.
" The deal just doesn't stack up whatever yardstick you use."
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To support risktaker sifu... I will short if it get above 8.40....
risktaker ( Date: 07-Apr-2011 19:00) Posted:
NBZ ........... Tomorrow Friday !!! I will start short the market.
NBZ....
Number 1 on my list is SGX.
Maybe got some hope for ASX merger deal already..... thats why all the ang mo
sell.
Credit Sussie sell heavily yesterday over 1000 lots and today local BBs
(Philip CFD, KimEng CFD, CIMB CFD, Etc) turn shorts on 8.32 all the way down to
8.06 ...
Today SGX cover back to 8.15 but that was short covering... by the
local traders. Currently theres no Buyer in SGX. Only Sellers PURE BIG SELLERS.
BBs are selling/Shorting SGX ---- YOU KNOW
WHAT TO DO :P
Good Luck :) Wish you huat ah.
HUAT AH 888
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