【SGX S68 交流专区】新加坡交易所 SINGAPORE EXCHANGE LIMITED

tonytan8888

新加坡交易所Singapore Exchange (SGX)

tonytan8888

新加坡交易所Singapore Exchange (SGX)

tonytan8888

新加坡交易所Singapore Exchange (SGX)

tonytan8888

新加坡交易所Singapore Exchange (SGX)

tonytan8888

新加坡交易所Singapore Exchange (SGX)

SINGAPORE, Oct 18 (Reuters) - CIMB Research downgraded Singapore Exchange (SGX) to underperform from neutral and cut its share-price target to S$5.86 from S$5.93.


STATEMENT:

Singapore Exchange , Asia's no. 2 listed bourse by market value, warned market activity in the near-term could be hit, even as it posted an 18 percent forecast-beating rise in quarterly profit on strong derivative revenues.

CIMB cut its fiscal 2012-2014 earnings-per-share estimate as it expects costs to rise from the second quarter, and as October's daily trading value was not promising, the brokerage said.

"Sure, first quarter results were good, with cost-control the star. Unfortunately, subdued costs are a mirage with revenue reflecting a quarter when market lethargy has yet to set in," CIMB said in a report.

Shares of SGX have fallen about 25 percent since the start of the year. They closed at S$6.29 on Monday.

tonytan8888

OCBC Investment Research ==> Download Full Report

Singapore Exchange: Headwinds remain



By Carmen Lee
Tue, 18 Oct 2011, 09:35:46 SGT

Summary: Singapore Exchange (SGX) reported 1QFY12 net profit of S$88m, up 18% YoY. Derivatives volume rose 33% YoY to a record high of 322,152 contracts per day. Current global economic uncertainty has led to near-to-medium term cautious outlook. If protracted, this could cut equity or debt issues coming into the market. As the 1Q numbers were fairly in line with our expectations, we are retaining our full-year net earnings projection of S$324.5m. However, valuations for SGX and its peers have fallen in recent months, and we have lowered our valuation from 25x to 22x earnings, bringing our fair value estimate down from S$7.95 to S$7.00. Yield is decent at more than 4.5%. Maintain BUY. (Carmen Lee)

Better than consensus 1Q earnings. Singapore Exchange (SGX) posted a 12% YoY increase in 1Q FY12 revenue to S$178m, giving net profit of S$88m, up 18% YoY, and slightly better than consensus expectations of S$83m. The strong trading activity in Aug helped to lift SGX’s performance, as average daily trading value for Aug was S$2.0b, contributing to 1Q12 daily value of S$1.6b, an increase of 9% from the previous quarter. What stood out clearly this quarter was the record derivatives volume, up 33% YoY to a record high of 322,152 contracts per day. This resulted in a 26% rise in derivatives revenue to S$43m. Growth was fuelled by the Indian Nifty, Chinese A50 and Rubber futures contracts.

As a recap, several initiatives were introduced in the quarter including Reach (new securities trading platform), continuous trading for the securities market, and reduced minimum bid-ask spreads (to enhance trading). A total of S$1.3b was raised through equity listing, and it was a slow IPO quarter with only six new listings raising S$150m. The board has also declared an interim dividend of 4 cents for 1Q, unchanged from the last year, payable on 16 Nov 2011.

Headwinds remain; expecting quiet equity fund raising. Current uncertainty in the global environment has dimmed the prospects for SGX, as seen from both the decline in its share price as well as management’s cautious outlook for the near term. This could also result in fewer equity or debt issues, as share prices of most stocks are still down year-to-date, and with little price drivers in the near to medium term due to the volatile global environment. Still, SGX’s kicked off the financial year with several positives including strong contribution from its derivatives business and greater awareness and interest in ETFs (which saw a nearly doubling in average daily trading value to S$49m in 1Q).

Maintain BUY, but dropping fair value. As challenges remain ahead, earnings visibility is low. We believe that management will continue to roll out new products, to ready for a return in trading activities. As the 1Q numbers were fairly in line with our expectations, we are retaining our full year net earnings projection of S$324.5m. However, valuations for SGX and its peers have fallen in recent months, and we have lowered our valuation from 25x to 22x earnings, bringing our fair value estimate down from S$7.95 to S$7.00. Yield is decent at more than 4.5%. Maintain BUY.

tonytan8888

一只股票持续下跌到某一平后出现技术性反弹==》 双重底 Reversal   

一旦形成双重底图形，必须注意图形是否肯定穿破阻力线，若穿破阻力线，示意有强烈的需求。



成交量通常因回调而大幅增加。



双重底亦可利用技术分析指标中的资金流向指数及成交量平衡指数(OBV)作分析买卖强势之用。



若股价穿破阻力线，阻力线因此而变为支持线。。。。

tonytan8888

好强的一股气势。。。。。

tonytan8888

期待着下一个双重底。。。。

tonytan8888

双重底形成，耐心等待向上突破颈线。。。。

tonytan8888

新交所（SGX） 目标价：6.78元 建议：购买

（2011-12-30）

股海观潮 　　全球股市是在8月1日开始败跌，而12月传统上是个淡季，因此假若股市明年确实如许多人预期的较为淡静，9月至11月的13亿元日均交易总值，可以是明年日均交易总值的一个良好的估计。 　　新交所股价已经接近5.85元的进场价格，这是根据最糟情况的日均交易总值（12亿5000万元）以及超过4％的隐含股息收益率来计算。即便如此，新交所的每股盈利料达23.5分，每股自由现金流料为28分。 　　衍生产品的交易量将很亮眼，它直至上月时呈现着强劲的增长表现。估计衍生产品将占新交所2012财年集团营收的27％，这个比率将是历史新高。 　　2012财年（截至明年6月底止）的日均交易总值估计为14亿元，这已考虑到明年股市可能较清淡的情况，比之前预期的低。新交所每股6.78元的目标价是锁定于2012财年的预测本益比（25倍），意味着收益率将为4％。 　　该股目前在7.9倍的预测股价净值比交易，低于其历史平均（9倍）水平，历史最低是在2009年时跌至5倍。预料新交所现财年第二季的净利可达7500万元，同比持平，环比则跌15％。
（金英证券）
来源

tonytan8888

突破最重要的阻力点6.92。。。。

吃菜的鸟

怎么没有人关注sgx？ 莫非sgx是冷门股？ 现在想入场呢~~

草根一名

吃菜的鸟 发表于 13-7-2012 12:44 AM
怎么没有人关注sgx？ 莫非sgx是冷门股？ 现在想入场呢~~

我有关注 sgx，上星期买了 ４K 股，这个股没什么人讨论，
希望我们可以多作交流。

icy97

股市交易量减少　新交所全年净利微跌
http://www.zaobao.com/cs/cs120728_003.shtml

（2012-07-28）
过去一年的疲弱股市交易，冲击了新加坡交易所（SGX）的净利。新交所的第四季净利下跌了23％，由7947万元减少至6107万元。

这张成绩单稍微低于市场的预测，根据彭博社的调查，本地六家证券分析员平均预测新交所的第四季净利为6930万元。

这带动新交所全年净利报2亿9175万元，比去年同时期减少1.1％。

如果不包括一次过的减值亏损，新交所的净利将达3亿零390万元，也比去年同时期的3亿1180万元低。

这笔减值亏损主要来自两个项目，其中1100万元的减值亏损来自新交所与孟买交易所（Bombay Stock Exchange）的投资，这主要是因为印度卢比兑新元贬值了；另外110万元的减值亏损则来自新交所与Chi-X Global的联营公司Chi-East结束营业。

新交所建议派发每股15分的年终股息，这意味全年派发的股息将维持在每股27分。

市场人士认为，新交所正面对的挑战，是如何在一个较为疲弱的股市环境中，提高新加坡的股票成交量，并且吸引更多重量级公司前来挂牌上市。

过去一年的动荡国际经济局势，影响了全球股市，冲击股票交易量。根据彭博社的数据，今年4月至6月期间，新加坡的每日平均股市交易量只有11亿元，比去年同时期减少了22％。

展望2013财年，新交所说：“亚洲、欧洲和美国的宏观经济动荡将继续影响市场。

“新交所将继续把焦点集中在扩大客户群和产品种类，并且在适当的时候把握投资机会。我们估计2013财年的资本开支将介于3000万元至3500万元。”

新交所也承诺，董事会的目标是每个季度派每股4分基本股息。

新交所首席执行长博可（Magnus Bocker）昨天再次否认新交所与伦敦证券交易所（LSE）合并的可能性，不过他相信双方还能在更多方面进一步加强合作。

今年来，新交所吸引了五家公司挂牌上市，他希望接下来可以吸引更多公司前来挂牌。

最近，英超豪门曼联（Manchester United）才放弃在新加坡上市，转而改在纽约启动首次公开售股计划（IPO）。至于讨论已久的一级方程式赛车（Formula One，简称F1）上市计划据说也被暂时冻结。

在2012财年，新交所的营收减少了1.9％，由6亿6068万元减至6亿4792万元。主要因为证券交易活动和初次公开售股计划都减少了。

过去一年来，新交所虽然通过午餐时段交易延长了一个半小时的交易时间、将外币报价挂牌基金（ETF）由84只增加至93只，并且允许双货币交易，但证券业务的营业收入还是下跌了了16％，报2亿4400万元。

新交所过去一年的每日平均证券交易值（SDAV）由16亿元减少至13亿元。

2012财年的挂牌上市活动也放缓，只有23家公司挂牌上市，从市场上筹集了8亿2500万元。2011财年则有34家公司挂牌上市，筹资约141亿元。这带动新交所的售股服务营收在2012财年由6600万元下跌至6200万元。

不过，新交所在衍生产品、市场数据、客户服务与联接等方面的营收却都上升。

博可说：“我们通过Reach计划加强了我们的亚细安门户地位、为我们的证券市场添加了新的功能，并且推出了新的衍生产品。我们也将非证券营收提高了12％，并且有效控制了成本。”

icy97

新交所交易额 7月比6月增加
http://www.zaobao.com/cs/cs120804_006.shtml

（2012-08-04）
新加坡交易所（SGX）的7月份衍生品、股票和商品交易量年比虽下滑，但较6月份相比有所增长。

新交所说，与一年前相比，股票的总交易量下滑9％报265亿元，股票的每日平均交易额年比下滑14％到12亿元；与6月份相比，7月份平均交易额则上扬了19％。

凯利板（Catalist）的交易量较一年前跳增了31％，报6亿1400万元，但与此同时，挂牌基金（ETF）交易额年比则减少58％，报3亿4300万元。

证券借贷计划（Securities Borrowing and Lending Programme）较一年前也上涨了37％，日均借票余额（outstanding loan）报2660万元。

衍生品7月份的总交易量年比上扬12％报580万张合同，而每日平均交易量也上扬7％，至27万零798张合同。

中国A50指数期货
成交量是去年同期三倍
交易量增加情况最受瞩目的是中国A50指数期货，7月份的成交量是去年同月份的三倍，达到70万零71张合同；日本Nikkei 225指数期货交易量也上扬7％至190万张合同；MSCI台湾指数期货的交易量则增加4％至140万张合同，但Nifty指数期货的成交量却下滑了8％报110万张合同。
　　
自6月份开始，新交易的MSCI印度尼西亚指数期货总共达到了1万5698张合同。

在商品交易方面，新加坡商品交易所（SICOM）橡胶期货交易量年比增加12％至2万3938张合同。

铁矿石掉期场外（OTC）商品交易十分活跃，比一年前增加一倍，共结算2万零961张合同。

新交所亚洲结算行（AsiaClear）的交易量也较一年前上涨了56％，报3万零615张合同。

icy97

新交所收购能源市场49％股权
http://www.zaobao.com/cs/cs120807_007.shtml

（2012-08-07）
新加坡交易所（SGX）以1764万元收购本地全国电力市场（NEMS）营运商能源市场公司（Energy Market Company）的49％股权。

它说，收购行动标志着它进军电力业，拓展当前的能源产品和场外清算服务组合。它将处于良好位置来推出电力和相关衍生品。在它入股后，能源市场公司继续由原来的董事会和管理层独立运作。

购股行动料对它现财年的每股盈利和净资产值起着略微正面作用。

天然夜行者

吃菜的鸟 发表于 13-7-2012 12:44 AM
怎么没有人关注sgx？ 莫非sgx是冷门股？ 现在想入场呢~~

小弟个人看法是：
股息不高，成长不高，price/lot贵（2lots 都要 13k了），less liquidity

icy97

DBS upgrades Singapore Exchange to 'hold'
http://www.theedgesingapore.com/the-daily-edge/business/40309-dbs-upgrades-singapore-exchange-to-hold.html

Wed, 3 Oct 12:18  
DBS Vickers upgraded Singapore Exchange to ‘hold’ from ‘fully valued’ and raised its target price to
$7.25 from $5.40, citing a gradual pick-up in the bourse’s volumes and values.

SGX shares were down 0.3 % at $6.96 on Wednesday. The stock has advanced 13.5 % so far this year versus the 16 % gain in the broader Straits Times Index.

DBS increased its securities average daily trading volumes estimate to 1.68 billion from 1.57 billion, and average daily trading values forecast to $1.43 billion from $1.34 billion.

“Current valuations are not enticingly attractive but we believe downside should be limited and supported by decent dividend yields of 4-5 %,” DBS said. It raised its 2013-2014 fiscal year earnings estimates by 4 % each.

SGX is slated to report its earnings for the first quarter of 2013 fiscal year on October 18. DBS expects SGX to report net profit of $78 million on the back of $172 million revenues and $74 million expenses for the quarter.

icy97

Singapore Exchange 1Q net falls on lower trading: Updated
http://www.theedgesingapore.com/the-daily-edge/business/40657-singapore-exchange-1q-net-falls-on-lower-trading-updated.html

Thu, 18 Oct 20:37
Singapore Exchange, operator of Southeast Asia’s biggest stock market, said first-quarter profit dropped 15% as stock and derivatives trading volumes fell.

Net income was $74.3 million in the three months ended Sept. 30, from $87.5 million a year ago, the company said in a statement today. That compares with the $75 million average of six analyst estimates compiled by Bloomberg. Operating revenue declined 10% to $160.5 million.

“Securities and derivatives volumes have held up well relative to other markets,” Chief Executive Officer Magnus Bocker said in the statement. “Open interest for derivatives contracts achieved a record high in September, reflecting SGX’s stature as a clearing house of choice in Asia. We are also pleased to see increased capital raising activities this quarter.”

The average value of equities traded daily slipped 15% to $1.36 billion in the July-to-September quarter from a year earlier, according to data compiled by Bloomberg. While average daily derivatives trading volume dropped 4.8% to 306,811 from a year earlier, open interest climbed to a record high of 2.3 million contracts on Sept. 26, SGX said.

Companies raised about US$1.7 billion from initial public offerings in Singapore in the three months through Sept. 30, compared with US$125 million in the same period last year. IHH Healthcare and Far East Hospitality Trust were among this year’s biggest IPOs.

LOST IPOs
While SGX has been trying to woo international companies to list on the city’s bourse, it lost IPOs such as Manchester United Ltd., the English soccer team with a record 19 national league championships, which listed in the U.S. Formula One’s stock sale in the city, where it hosts the sport’s first night race, has been put on hold.

“The numbers are basically in line with expectations,” said Leng Seng Choon, the co-head of research at DMG & Partners Research Pte in Singapore. “There’s some improvement from the mergers and acquisition activities in the recent quarter, that did help the average daily turnover.”

新交所的1Q13 盈利下跌15.1%
http://www.sharesinv.com/zh/articles/34901/

2012年10月19日
在截至2012年9月30日的3个月里，交易所的表现受到交投淡静影响。公司的收入下跌了10.1%至1亿6,050万元；盈利则下跌15.1%至7,430万元。 每日的股票平均交易额为13亿元，去年同期为16亿元，其中已包含了在8月14日当天录得的创纪录54亿元交易额，后者是得益于新加坡的并购活动。另外，衍生品的每日平均交易量为30万6,811张合同，去年同期为32万2,152张合同。除此之外，集资行动也有所增加。在第三季里，10个首次公开售股活动共筹得33亿元。公司尝试通过在9月份推出的亚细安交易联网(ASEAN Trading Link)来增加市场的流通性。有关联网让新加坡、大马交易所及泰国交易所可以连接来进行跨境交易。公司宣布派发每股0.04元的中期股息。

启示: 新交所总裁博可(Magnus Bocker)表示，公司的表现相对同行来说属于稳健。在今年接下来的日子里，公司的重要发展包括双货币交易、人民币交易及清算、以至亚洲股票指数期货。