Report
Michael Wu
EUR 100.00 For Business Accounts Only

Strong Derivatives Business Underpins SGX's Solid 2Q Result

Singapore Exchange’s second-quarter result reaffirms our thesis the derivatives business will continue to be the profit driver for the narrow-moat-rated exchange. The strong performance in derivatives cannot be said for the securities business as weaker investor sentiments saw daily average volume below SGD 1 billion for the quarter, a first since 2016. The latter is consistent with regional markets. Net profit was 9.2% higher at SGD 96.5 million against the same period last year.
Our forecasts ...
Underlying
Singapore Exchange Ltd.

Singapore Exchange is an investment holding company. Co. and its subsidairies are organised into three main business segments as follows: Securities market, which provides listing, trading, clearing, depository, market data, member services, connectivity, collateral management and issuer services; Derivatives market, which provides trading, clearing, market data, member services, connectivity and collateral management; as well as Other operations, which provides market data, connectivity and other services apart from those listed in the Securities market and Derivatives market segments. Co. and its subsidairies operate primarily in Singapore.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Michael Wu

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