SGX - RHB Invest 2015-10-22: Derivatives Surge YoY But Soften Sequentially
SINGAPORE EXCHANGE LIMITED SGX S68.SI SGX - Derivatives Surge YoY But Soften Sequentially
- 1QFY16 net profit of SGD99.3m (+28% YoY) was in line, representing 28% of our FY16 forecast.
- 1QFY16 SADV of SGD1.23bn rose 27% YoY, while derivatives average daily contracts traded surged 82% YoY to 862,000.
- Maintain BUY with an unchanged TP of SGD8.13, pegged to 23x FY17 P/E.
- While our TP is only 8% higher than current traded price, investors get an additional 4% dividend yield.
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