Phillip Securities analyst Glenn Thum maintained a Buy rating on Singapore Exchange (SPXCF – Research Report) today and set a price target of S$13.90.
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Glenn Thum’s rating is based on a combination of factors that positively influence the Singapore Exchange’s financial outlook. The company’s revenue and earnings for the first half of FY25 surpassed expectations, driven by stronger performance in Equities – Cash and Derivatives. Despite a modest increase in dividends, other areas such as FICC and the OTC FX business showed significant growth, contributing to the overall positive sentiment.
Furthermore, the recovery in equities revenue and the increase in securities daily average value highlight the growing investor interest and market participation. Thum has raised the target price for Singapore Exchange, reflecting the anticipated stable growth from its currency derivatives and OTC FX business, as well as the potential benefits from operating leverage. The continued volatility in the global market and Singapore’s reputation as a safe haven further support the optimistic outlook for the company.
In another report released today, DBS also maintained a Buy rating on the stock with a S$14.00 price target.