CIMB in an Apr 13 research report says: "We expect SGX to report a 3Q net profit of $74.6 million (+14% q-o-q, 24.2% of consensus and 24.4% of our full-year estimate). After a lacklustre 2Q, trading activities picked up in 3Q (Jan-Mar 12).
"ADVT grew 25.4% q-o-q to $1.4 billion per day. Derivatives trading also rose 12.4% q-o-q to 18.3 million contracts. Even in the rally in 3QFY12, ADVT averaged a mere $1.46 billion, falling short of our previous ADVT assumptions of $1.5 billion for FY13.
"We lower our FY2012 EPS estimate as ADVT was below expectations in Jan-Mar. Our DDM target price of $6.27 dips slightly as a result. SGX is trading at around 22.9x CY13 P/E, in line with its historical forward mean valuation of 22x. We continue to expect a slowdown in trading activity in 2HCY12. UNDERPERFORM."
"ADVT grew 25.4% q-o-q to $1.4 billion per day. Derivatives trading also rose 12.4% q-o-q to 18.3 million contracts. Even in the rally in 3QFY12, ADVT averaged a mere $1.46 billion, falling short of our previous ADVT assumptions of $1.5 billion for FY13.
"We lower our FY2012 EPS estimate as ADVT was below expectations in Jan-Mar. Our DDM target price of $6.27 dips slightly as a result. SGX is trading at around 22.9x CY13 P/E, in line with its historical forward mean valuation of 22x. We continue to expect a slowdown in trading activity in 2HCY12. UNDERPERFORM."
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