Here are the 4 best things about SGX's 4Q13 results

Net profit climbed 5%.

According to Phillip Securities, SGX Ltd announced 4Q13 underlying net profit of S$102.6m, up 5.0% q-q, and 40.1% y-y. This excludes a S$15.0m impairment charge on BSE investment.

Total revenue increased 6.1% q-q to S$202.3m, with strong growth in contributions from both Securities and Derivatives revenue. Marginally higher dividends of S$0.16 (4Q12: S$0.15) was declared in 4Q13, bringing FY13 dividend payout ratio to 89.2%. 

Here's more from Phillip Securities:

The strong 4Q13’s results beat our expectations on 1) higher yield per Derivatives contract, 2) marginally higher average clearing fee per Securities traded value, 3) Higher Securities and Derivatives as discussed in our pre-results report dd 4th Jul 2013 and 4) Higher Securities settlement revenue likely from increased institutional settlement instructions, leading to higher Depository Revenue.

The marginal increase in Dividends was however below our expectations for S$0.18. Div payout ratio was the lowest since FY08, as earnings were retained for future growth.

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