Singapore Stock Market News
Singapore Exchange - FY13 earnings preview
StockFanatic
Publish date: Tue, 16 Jul 2013, 10:31 AM
StockFanatic
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We expect 4QFY13 earnings to beat Street estimates on account of
better-than-expected derivatives trading volume. Going forward, poor
market sentiment could weigh down earnings, although derivatives
should continue to provide some support.
We raise FY13 EPS by 8% to account
for higher derivatives volume but leave
FY14-15 EPS unchanged. Our
DDM-based target price (discount rate
9.5%) rises slightly after our EPS
adjustments. We believe SGX's
premium P/E is unjustified given
headwinds in global markets.
Maintain Underperform with
de-rating catalysts from the latter.
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