Moderate earnings expected for SGX: RHB

RHB points to a two-month-long dip in total securities market turnover and an incoming economic reopening.

SGX is expected to achieve moderate earnings, according to a report by RHB.

This is due to the economic reopening and the greater visibility that it will bring. This environment, RHB’s Shekhar Jaiswal said, can result in lower uncertainty and volatility when compared to the financial years (FY) 2020 and 2021.

A 4% to 5% reduction in FY 2022F to FY 2024F earnings are expected, as well as an 8% lowering of FY 2022 soft securities daily average value estimate. The reason for this, Jaiswal said, is the dependency of revenues on the securities market turnover value, and how they account for c.30% of revenue earned by SGX.

Another factor highlighted by Jaiswal was a two-month-dip in total securities market turnover value. November and December 2021 saw dips of 22% and 20% year-on-year, with total securities market turnover for December ending at $19.6b. This is the lowest reading since February 2019, when the value was at $19.1b.

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