Disclaimer

Disclaimer:-Please note that all such analysis is provided by way of information only. All of the information was and should be taken as having been prepared for the purpose of reference only and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the analysis. Any recommendation or advice that may be expressed in or inferred from such analysis therefore does not take into account and may not be suitable for your investment objective.

Tuesday, October 14, 2008

SGX Research Report

by Citi Investment Research (10 Oct)

Q1FY09 preview: Volatility has kept volumes ahead of forecast in Q1FY09 (September 2008 quarter), and hence the SGX could turn in a flat q-o-q profit of $91 million (Q4FY08: $91 million).

However a sharp fall in the Straits Times Index (STI), changes affecting CNX Nifty futures, and lower structured warrants suggest a weaker revenue outlook. STI's Oct 10 close at 1,948 suggests $920 million per day (our base-case forecast) at a 55 per cent velocity; that velocity may weaken if the STI falls further.

We maintain our FY09 profit forecast of $246 million pending the Q1 results announcement on Oct 15.

Bloomberg consensus expects FY09 net profit of $355 million, and EPS of $0.33. Citi's estimate is at 69 per cent of consensus, and remains at the bottom of the range.

-Research Report by Citi Investment Research (10 Oct)
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