哇!!! 新交所 Singapore Exchange (SGX) 非常亮丽的业绩报告

一篇 BusinessTimes 的转载:

(SINGAPORE) The volatile financial market and the huge volume of securities transacted as a result of this in its financial first quarter have created a windfall for Singapore Exchange (SGX). For the three months to Sept 30, 2007, the exchange's net earnings surged 173 per cent to $130 million - that's an average of some $2 million net profit a day or about $5,200 for every minute the exchange was open for trading.

Its earnings per share of 12.24 cents exceeded analysts' consensus forecast of 11.5 cents a share. As a reward to investors for its bumper first quarter, SGX has declared a one-tier, tax exempt interim dividend of three cents a share.

SGX's top line jumped 112 per cent to $219.7 million, with revenues from all three categories - securities market, derivatives clearing and stable revenue - chalking up robust growth. But the star performer in the last quarter was the securities market whose revenue nearly tripled to $141.1 million.

The growth was in line with the 185 per cent jump in daily average trading value to $2.6 billion in the three months ended Sept 30, 2007.

Securities market revenue made up 64 per cent of the group revenue.

Meanwhile, stable revenue - which included listing and account maintenance and corporate action fees - expanded by 45 per cent to $41 million. Net derivatives clearing revenue rose 39 per cent to $37.3 million.

Operating expenses increased at a comparatively lower rate of 26 per cent to $58.3 million. The biggest hikes were in staff's variable bonus - up 75 per cent to $13.6 million - and in rental - up 163 per cent to $4.1 million. The huge increase in rental came about as SGX is now leasing its office space after having sold SGX Centre in June this year. Excluding variable bonus, nearly 100 per cent of SGX's operating expenses can be covered by its stable revenue. In other words, every additional dollar of revenue generated by the securities or derivatives market would flow almost entirely to its bottom-line.

The business raked in $124.4 million of cash in the last three months, bringing its cash in the bank to $773.6 million as at Sept 30.

A couple of new initiatives continue to bode well for SGX's prospects going forward. In his statement to shareholders, SGX chief executive Hsieh Fu Hua said that the exchange expects to launch the new sponsor-supervised board by the end of this year. 'The new board aims to attract more growth companies across Asia to list on SGX. Meanwhile, the revision in the minimum bid schedule by January 2008 is expected to improve trading liquidity,' he said.

Not that the exchange has been slack in attracting new listings. Between July and September, the first quarter of SGX's 2008 financial year, it saw 22 new listings which raised a total of $1.9 billion. This compared with six listings which raised $1.1 billion during the same period last year.

The market capitalisation of these new listings totalled $5.1 billion, versus $2.5 billion for those last year.

Mr Hsieh noted that SGX has further diversified the geographical composition of its new listings and has strengthened its real estate investment trusts (Reits) sector with the listing of its first Indian Reit. Meanwhile, collaboration with the Tokyo Stock Exchange has enabled SGX to grow its exchange traded fund (ETF) suite with the launch of a Topix ETF on Aug 30.

SGX should have invested its cash in its own shares if it were allowed to and it would have made its shareholders even happier. According to Mr Hsieh, SGX liquidated $76 million of its investments in market neutral funds as they had reached the end of their three-year investment mandate. The remaining $56 million will be fully liquidated by the end of 2007. For the quarter, the mark-to-market loss of the whole portfolio is $4.3 million. Overall net gain of the portfolio, after hedging costs, is $9.6 million since 2004, or 2.6 per cent a year.

In comparison, in just over three months, that is between July 1 and now, SGX's share price has risen by 70 per cent. And between Sept 1, 2004, and now, the stock has returned a whopping 1,075 per cent, or 121 per cent per year.

Yesterday, SGX closed 10 cents down at $16.30. Analysts' reports issued in the last two weeks have target prices ranging from as high as $18.40 by Goldman Sachs to as low as $11.10 by Macquarie.

另一篇BusinessTimes的报道列出各个交易所的市值:

Close, but not quite there. For sure, there are many admirable successes to speak of - aided by a lengthy bull market for all equities, SGX's market capitalisation of about S$17 billion is second in the region only to Hong Kong's HK$260 billion (S$49.4 billion) and is six times Bursa Malaysia's RM6.5 billion (S$2.8 billion). At current exchange rates, SGX is larger than even the London Stock Exchange, which is valued at around £5 billion (S$15 billion) - no small feat for a company that shortly after listing, saw its shares dip below their offer price.

当然啦, 这样好的东西股价也不便宜, 它的股价在今年里已经倍升了, 又以最近这三个月最为犀利。 所以，对我来说，这股在这阶段，只可远观，不可近看。贴这篇东西上来主要用意是对公司的结构性业物有个基本的概念, 好让来日有个参考. 改天再贴贴马来西亚 Bursa 的分析, 看看那一个比较便宜, 但是, 就目前以前景来说, 还是 SGX 比较有看头.