Financial Performance - Group revenue increased by 3.1% to approximately S$1.23 billion, driven by strong growth in currencies and commodities, while adjusted expenses rose by 2.5% to S$604 million, resulting in a 4.5% increase in Group earnings to S$526 million [2][3][4] - The derivatives franchise, which includes equities, commodities, and currencies, accounted for about 45% of total revenue, with revenue from derivatives growing by approximately S$12 million or 2% due to an 8% increase in volumes [3][4] - Treasury Income (TI) was slightly lower year-on-year, and excluding TI, Group revenue growth would have been 3.6% [4][5] Business Line Performance - The Fixed Income, Currencies, and Commodities (FICC) segment now accounts for 26% of total revenue, with a growth rate exceeding 20% per annum over the last three years [9][21] - Revenue from equity derivatives decreased by 8%, contributing about 27% to total Group revenue, primarily due to lower volumes in Nifty derivatives [10][11] - Cash market revenue declined by 2% due to a 4% drop in securities traded volume, maintaining a 27% contribution to Group revenue [11] - Platform revenue grew by 6%, driven by increased market data and connectivity services, contributing 20% to total revenue [11] Market Performance - The average daily volume (ADV) for OTC FX increased by 47% to US$111 billion, surpassing the target of US$100 billion [4][23] - Commodities volume grew by 50% year-on-year, with iron ore contracts seeing significant adoption [23][24] - Open interest for listed FX futures increased by 76% year-on-year, with notable single-day volume records for RMB and Indian rupee futures [22][30] Company Strategy and Industry Competition - The company aims to grow Group revenues excluding treasury income by 6% to 8% CAGR in the medium term, focusing on low to mid-teens growth in OTC FX and exchange-traded derivatives [33] - The multi-asset strategy has proven effective, with FICC, equities, and cash equities derivatives collectively contributing 80% of total revenues [20][21] - The company is exploring opportunities for M&A while maintaining a focus on organic growth and enhancing its product offerings [66] Management Commentary on Operating Environment and Future Outlook - Management highlighted the importance of a collaborative ecosystem to enhance market liquidity and investor engagement [39][45] - The company expects to manage expenses effectively while investing in modernization and infrastructure upgrades, with CapEx projected to increase to S$70 million to S$75 million in FY '25 [17][18] - The outlook for treasury income remains uncertain due to external factors, but the company is focused on growing its derivatives business [56][58] Other Important Information - The Board proposed a final quarterly dividend of $0.09 per share, bringing the total dividends for FY '24 to $0.345 per share, representing an annualized increase of almost 6% [18] - The company has set aside S$8 million for initiatives aimed at improving the vibrancy of the securities market, which may not become a recurring expense [8][43] Q&A Session Summary Question: Thoughts on the MAS-sponsored review of the equity market - Management emphasized the need for a collaborative ecosystem approach to enhance liquidity and demand in the stock market, rather than relying solely on SGX's initiatives [36][39] Question: Clarification on trading technologies and their valuation - Trading technologies play a crucial role in connecting global users to various futures exchanges, and their recent revaluation reflects their expanded business and importance in the ecosystem [37][40] Question: Details on the S$8 million provision for securities market initiatives - This provision is aimed at supporting the broader ecosystem and enhancing market vibrancy, and it is considered a one-off expense [43][44] Question: Expectations for more listings this year - Management noted a low base in previous years and indicated that companies are preparing for IPOs, with a more favorable macro environment expected [46][47] Question: Insights on capital expenditure and its impact on operating expenses - Management acknowledged that increased CapEx will likely lead to higher OpEx due to depreciation, but they aim to manage overall expense growth [49][50] Question: Future dividend growth expectations - The company aims for mid-single-digit CAGR growth in dividends, contingent on revenue and net profit growth [51][66] Question: FX ADV target and growth potential - The company aims to increase the contribution of OTC FX to mid to high-single-digit percentages of Group EBITDA in the medium term [54] Question: Treasury income outlook amid rate cuts - Management indicated that treasury income is influenced by various factors, and they prefer to focus on growing the derivatives business for more predictable income [55][58]

| --- | --- | |------------------------------------------------------------------------------|-------| | | | | | | | FY2024 Results | | | Analyst and Media Briefing | | | | | | Loh Boon Chye, Chief Executive Officer Ng Yao Loong, Chief Financial Officer | | | 8 August 2024 | | | Singapore Exchange | | Commodities | Equity Derivatives | Fixed Income | FX | Indices | Securities Forward Looking Statements This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties ...

Singapore Exchange Limited (OTCPK:SPXCF) Q2 2024 Earnings Conference Call January 31, 2024 8:00 PM ET Company Participants Dominic Lim - Head of Investor Relations Ng Yao Loong - Chief Financial Officer Loh Boon Chye - Chief Executive Officer Lee Beng Hong - Head of Wholesale Markets and Platforms Michael Syn - President Pol de Win - Head of Global Sales and Origination Conference Call Participants Harsh Modi - JPMorgan Chase & Co. Nick Lord - Morgan Stanley Thilan Wickramasinghe - Maybank Jovi Ho - The Edg ...

| --- | --- | |------------------------------------------------------------------------------|-------| | | | | | | | 1H FY2024 Results | | | Analyst and Media Briefing | | | | | | Loh Boon Chye, Chief Executive Officer Ng Yao Loong, Chief Financial Officer | | | 1 February 2024 | | | Singapore Exchange | | Commodities | Equity Derivatives | Fixed Income | FX | Indices | Securities Forward Looking Statements This presentation may contain forward-looking statements that involve assumptions, risks and uncertai ...

| --- | --- | |------------------------------------------------------------------------------|-------| | | | | | | | FY2023 Results | | | Analyst and Media Briefing | | | | | | Loh Boon Chye, Chief Executive Officer Ng Yao Loong, Chief Financial Officer | | | 17 August 2023 | | | Singapore Exchange | | Commodities | Equity Derivatives | Fixed Income | FX | Indices | Securities Forward Looking Statements This presentation may contain forward-looking statements that involve assumptions, risks and uncertaintie ...

Singapore Exchange Ltd (OTCPK:SPXCF) Q4 2023 Earnings Conference Call August 16, 2023 9:00 PM ET Company Participants Dominic Lim - Head, IR Ng Yao Loong - CFO Loh Boon Chye - CEO Conference Call Participants Jayden Vantarakis - Macquarie Capital Securities Tan Yong Hong - Citi Thilan Wickramasinghe - Maybank Harsh Modi - JPMorgan Gurpreet Singh Sahi - Goldman Sachs Andrea Choong - CIMB Research Tabitha Foo - DBS Bank Dominic Lim Good morning to everybody here today, and to those viewing this session over w ...

Singapore Exchange Ltd (OTCPK:SPXCF) Q2 2023 Earnings Conference Call February 8, 2023 8:00 PM ET Company Participants Dominic Lim - Head, IR Ng Yao Loong - CFO Loh Boon Chye - CEO Mike Syn - Head, Equities & Senior MD Conference Call Participants Nicholas Lord - Morgan Stanley Harsh Modi - JPMorgan Chase & Co. Andrea Choong - CIMB Research Tabitha Foo - DBS Bank Dominic Lim Good morning, ladies and gentlemen. Welcome to SGX Group's First Half FY 2023 Results Briefing. Today's agenda will be as follows: Fir ...

| --- | --- | |------------------------------------------------------------------------------|-------| | | | | | | | FY2022 Results | | | Analyst and Media Briefing | | | | | | Loh Boon Chye, Chief Executive Officer Ng Yao Loong, Chief Financial Officer | | | 18 August 2022 | | | Singapore Exchange | | Commodities | Equity Derivatives | Fixed Income | FX | Indices | Securities Forward Looking Statements This presentation may contain forward-looking statements that involve assumptions, risks and uncertaintie ...

Singapore Exchange Limited (OTCPK:SPXCF) Q2 2022 Earnings Conference Call February 4, 2022 5:00 AM ET Company Participants Dominic Lim - Head, IR Ng Yao Loong - CFO Loh Boon Chye - CEO Conference Call Participants Aakash Rawat - UBS Securities Rikin Shah - Credit Suisse Robert Kong - Citi Thilan Wickramasinghe - Maybank Jayden Vantarakis - Macquarie Capital Securities Dominic Lim Good evening, ladies and gentlemen. Welcome to the SGX Group First Half FY 2022 Results Briefing. Our agenda for today will be as ...

SGX (OTCPK:SPXCF) Q4 2021 Earnings Conference Call August 5, 2021 9:00 PM ET Company Participants Loh Boon Chye - CEO Ng Yao Loong - CFO Conference Call Participants Gurpreet Singh Sahi - Goldman Sachs Nick Lord - Morgan Stanley Harsh - JPMorgan Operator Good morning, ladies and gentlemen. Welcome to the SGX FY 2021 results briefing. The agenda for this morning will be as follows. First the presentation of our financial highlights and performance by Ng Yao Loong, our CFO. This will be followed by business u ...