Core Viewpoint - Inflation is eroding purchasing power, making dividend stocks that grow payouts faster than inflation essential for investors in Singapore to preserve and enhance their purchasing power [1][16]. Group 1: Dividend Stocks Overview - Four Singapore dividend stocks identified as capable of outpacing inflation include Singapore Exchange (SGX), Parkway Life REIT, CapitaLand Integrated Commercial Trust (CICT), and Haw Par Corporation [2][16]. Group 2: Singapore Exchange (SGX) - SGX operates as a multi-asset exchange providing listing, trading, and clearing services across various markets, benefiting from a monopoly position in Singapore [3]. - SGX has consistently increased its dividend payout, with a five-year compound annual growth rate (CAGR) of 4%, from S$0.32 in FY2021 to S$0.375 in FY2025 [4]. - The dividend payout ratio has remained sustainable, ranging from 60.8% to 76.9%, supported by an 8.4% year-on-year growth in net profit from S$598 million to S$648 million in FY2025 [4]. - At a share price of S$16.82, SGX offers a dividend yield of 2.2% [5]. Group 3: Parkway Life REIT - Parkway Life REIT focuses on a diversified portfolio of healthcare and nursing home properties across multiple countries, delivering uninterrupted distribution per unit (DPU) growth since its 2007 listing [6]. - DPU has increased from S$0.0632 at IPO to S$0.1492 in FY2024, representing a 136% increase [6]. - For YTD 3Q2025, PLife REIT reported a DPU of S$0.1156, up 2.3% year-on-year [7]. - The portfolio's weighted average lease expiry (WALE) is 14.68 years, with a healthy gearing ratio of 35.8% [8]. - At a price of S$4.05, PLife REIT has a dividend yield of 3.7% [9]. Group 4: CapitaLand Integrated Commercial Trust (CICT) - CICT is Singapore's largest retail and commercial REIT, with a portfolio that includes retail malls and office towers, allowing for upward rent repricing [10]. - The portfolio occupancy rate is 96.3%, with retail and commercial occupancy rates at 98.6% and 94.6%, respectively [11]. - CICT's DPU has shown stability and growth, increasing from S$0.1058 in FY2022 to S$0.1088 in FY2024 [11]. - At S$2.32, CICT offers a dividend yield of 4.8% [12]. Group 5: Haw Par Corporation - Haw Par operates in healthcare, leisure, property, and investments, known for its Tiger Balm brand, generating stable recurring dividend income [13]. - From FY2020 to FY2024, the dividend per share increased from S$0.30 to S$1.40, with a sustainable payout ratio between 38.8% and 60.2% [14]. - In the latest financial year, 73% of earnings came from investments, with a dividend yield of 2.6% at a share price of S$15.49, excluding a special dividend [15]. Group 6: Investment Implications - With Singapore's inflation projected at 0.5% to 1.5% for 2025, these dividend growers provide meaningful real returns above inflation, making them essential for protecting purchasing power [16]. - Focusing on dividend growth rather than just yield is crucial for long-term inflation protection [17].

Core Insights - TMX Group Limited reported significant increases in trading statistics for October 2025 across its marketplaces, indicating robust market activity and growth compared to previous periods [1][2]. Trading Statistics - Total trading volume in October 2025 reached 18,846,129,482 shares, up from 17,189,380,707 in September 2025 and 11,818,894,460 in October 2024, reflecting a year-over-year increase of 59.4% [2]. - The total value of trades in October 2025 was $388,951,149,042, compared to $378,148,495,945 in September 2025 and $275,535,479,382 in October 2024, marking a 41.1% increase year-over-year [2]. - The number of transactions in October 2025 was 32,543,664, up from 27,283,644 in September 2025 and 21,395,785 in October 2024, representing a 52.0% increase year-over-year [2]. Daily Averages - Daily average trading volume in October 2025 was 856.6 million shares, compared to 818.5 million in September 2025 and 537.2 million in October 2024, showing a 59.5% increase year-over-year [3]. - The daily average value of trades was $17,679.6 million in October 2025, down slightly from $18,007.1 million in September 2025 but up from $12,524.3 million in October 2024, indicating a 41.1% increase year-over-year [3]. - Daily average transactions were 1,479,257 in October 2025, compared to 1,299,221 in September 2025 and 972,536 in October 2024, reflecting a 52.0% increase year-over-year [3]. Year-to-Date Statistics - For the year-to-date in 2025, total trading volume reached 137,167,577,640 shares, a 26.3% increase from 108,571,984,222 in 2024 [4]. - The total value of trades year-to-date in 2025 was $3,279,799,187,060, up 29.9% from $2,524,409,457,579 in 2024 [4]. - The number of transactions year-to-date in 2025 was 257,619,241, representing a 25.1% increase from 205,871,281 in 2024 [4]. Toronto Stock Exchange - In October 2025, the Toronto Stock Exchange recorded a trading volume of 10,276,749,913 shares, up from 9,859,266,723 in September 2025 and 7,410,735,875 in October 2024, indicating a 38.5% increase year-over-year [6]. - The total value of trades on the Toronto Stock Exchange in October 2025 was $359,530,835,199, compared to $354,597,976,029 in September 2025 and $258,170,442,462 in October 2024, reflecting a 39.2% increase year-over-year [6]. - The number of transactions on the Toronto Stock Exchange in October 2025 was 27,510,977, up from 23,443,698 in September 2025 and 18,895,859 in October 2024, representing a 45.7% increase year-over-year [6]. TSX Venture Exchange - The TSX Venture Exchange reported a trading volume of 6,622,291,383 shares in October 2025, an increase from 5,805,056,692 in September 2025 and 3,314,442,275 in October 2024, marking a 99.5% increase year-over-year [10]. - The total value of trades on the TSX Venture Exchange in October 2025 was $6,100,705,074, compared to $4,442,233,002 in September 2025 and $1,432,967,777 in October 2024, indicating a 325.5% increase year-over-year [10]. - The number of transactions on the TSX Venture Exchange in October 2025 was 2,567,858, up from 1,807,632 in September 2025 and 797,469 in October 2024, reflecting a 222.5% increase year-over-year [10]. TSX Alpha Exchange - The TSX Alpha Exchange recorded a trading volume of 1,893,812,483 shares in October 2025, up from 1,480,458,760 in September 2025 and 1,077,118,524 in October 2024, representing a 75.6% increase year-over-year [14]. - The total value of trades on the TSX Alpha Exchange in October 2025 was $22,249,060,790, compared to $18,165,169,218 in September 2025 and $15,360,507,092 in October 2024, indicating a 44.8% increase year-over-year [14]. - The number of transactions on the TSX Alpha Exchange in October 2025 was 2,314,065, up from 1,900,198 in September 2025 and 1,649,664 in October 2024, reflecting a 40.4% increase year-over-year [14]. Montreal Exchange - The Montreal Exchange reported a derivatives volume of 19,430,481 contracts in October 2025, slightly down from 19,774,523 in September 2025 but up from 18,178,423 in October 2024 [22]. - The open interest in contracts on the Montreal Exchange was 33,112,659 in October 2025, compared to 30,757,922 in September 2025 and 22,135,497 in October 2024, marking a 49.6% increase year-over-year [22]. - Year-to-date derivatives volume in 2025 reached 193,994,017 contracts, a 21.1% increase from 160,129,974 in 2024 [23].

Core Viewpoint - Everbright Securities maintains an "Overweight" rating for Hong Kong Exchanges and Clearing (HKEX), citing its unique position and strong financial performance in the first three quarters of 2025, with expectations for continued growth in the fourth quarter due to active market sentiment and policy support for mainland companies listing in Hong Kong [1] Financial Performance - In the first three quarters of 2025, HKEX achieved total revenue of HKD 21.85 billion, a year-on-year increase of 36.6%, with the growth rate accelerating by 4.1 percentage points compared to the first half of the year; Q3 revenue growth was 44.7% year-on-year and 7.7% quarter-on-quarter [2] - The net profit attributable to shareholders for the first three quarters was HKD 13.42 billion, up 44.8% year-on-year, with a growth rate increase of 5.7 percentage points compared to the first half; Q3 net profit growth was 55.8% year-on-year and 10.3% quarter-on-quarter [2] Revenue Breakdown - Trading fees, system usage fees, and settlement fees accounted for HKD 13.1 billion (60.0% of total revenue), up 60.5% year-on-year, with Q3 growth rates of 83.6% year-on-year and 28.2% quarter-on-quarter, driven by heightened trading activity in the Hong Kong stock market [2] - Investment income for the first three quarters was HKD 3.89 billion (17.8% of total revenue), a year-on-year increase of 4.4%, with a narrowing growth rate compared to the first half; net investment income from funds was HKD 1.3 billion, down 7.8% year-on-year [3] - Listing fee revenue was HKD 1.27 billion (5.8% of total revenue), up 17.1% year-on-year, benefiting from increased market volatility and demand for structured products [3] Market Activity - The average daily trading volume for stock securities on the exchange reached HKD 238.7 billion in the first three quarters, a record high, with a year-on-year increase of 132.4%; Q3 growth was 149.9% year-on-year [4] - The average daily trading volume for derivatives was HKD 17.7 billion, up 67.0% year-on-year, with Q3 growth of 59.5% year-on-year [4] - Northbound and southbound trading average daily volumes were RMB 206.4 billion and HKD 125.9 billion, respectively, both record highs, with year-on-year increases of 67.4% and 228.7% [4] New Listings - In the first three quarters of 2025, HKEX saw 69 new listings, a year-on-year increase of 53.3%, raising a total of HKD 188.3 billion, which is a 238.7% increase year-on-year; Zijin Mining's listing in Q3 was the second-largest globally this year, raising HKD 28.7 billion [5] - As of the end of Q3 2025, there were 297 listing applications pending, representing a 253.6% increase from the end of the previous year [5]

Core Insights - JPX Market Innovation & Research (JPXI) is advancing towards Japan Exchange Group's (JPX) goal of becoming a global finance and information platform, supported by Amazon Web Services (AWS) [1][9] - The development of J-WS, JPX's common infrastructure platform on AWS, aims to enhance operational quality and functionality for JPX Group's data and digital services [2][3] Infrastructure and System Migration - JPXI is migrating the Timely Disclosure Network (TDnet) to J-WS to improve system stability, resilience, and cybersecurity [3][4] - The migration will utilize a multi-layered redundant configuration, enhancing resilience against large-scale disruptions [4] Collaboration and Technological Advancements - JPXI is collaborating with Fujitsu Limited to upgrade TDnet's infrastructure, focusing on performance and processing capacity for disclosure materials [4][5] - A new service using AWS's generative AI is being developed to assist listed companies in preparing disclosure documents [5] Future Plans and Ecosystem Development - JPXI plans to create a dedicated platform for secure connections between JPX's exchanges and listed companies, facilitating information management [5][6] - The aim is to build an ecosystem for collaboration among financial institutions, information vendors, and startups using a common data infrastructure [6] Project Delivery and Data Services - JPXI has rapidly delivered key projects like the Carbon Credit Market System and J-LAKE, an integrated data services platform [7] - J-LAKE consolidates market and alternative data, enabling advanced analysis through AI and machine learning [7] Market Vision and Leadership - JPX's long-term vision 'Target 2030' aims to enhance the appeal of Japan's financial and capital markets [8] - Collaboration with AWS is expected to drive innovation in data and digital initiatives, making Japan's capital markets more efficient and transparent [9]

Summary of HKEX 3Q25 Earnings Call Company Overview - **Company**: Hong Kong Exchanges and Clearing Limited (HKEX) - **Ticker**: 0388.HK Key Financial Highlights - **Earnings Per Share (EPS)**: Reported at HK$3.88, representing a 56% year-over-year increase, which is 9% higher than Goldman Sachs estimates (GSe) and 4% above Visible Alpha consensus of HK$3.72 [1][6] - **Total Revenues**: Increased by 6% compared to GSe, with a significant rise of 45% year-over-year when including investment income [6] - **Investment Income**: Approximately HK$1,064 million, down 37% quarter-over-quarter and 14% year-over-year, but 58% higher than expectations due to better yield and margin fund balance [6][7] - **Operating Expenses (OPEX)**: In line with GSe, with a year-over-year growth of 7% [6] - **Net Profit**: Increased by 63% year-over-year, reaching HK$4.9 billion, which is 9% ahead of GSe [6][7] Business Performance - **Trading and Clearing Businesses**: Significant growth attributed to a 150% year-over-year increase in cash equity average daily turnover (ADT) [6] - **Derivatives**: Hong Kong derivatives average daily volume (ADV) increased by 10%, while LME ADV rose by 3% year-over-year [6] - **Non-Transactional Revenue**: Modestly above GSe, indicating stable performance in depository, market data, and listing services [6] Cost Management - **Cost Growth**: Staff costs grew by 9% year-over-year, while non-staff costs increased by 3% [6] - **EBITDA Margin**: Reported at 80%, a cycle high, almost matching 1Q21 levels [6] Investment Outlook - **Rating**: Goldman Sachs maintains a "Buy" rating on HKEX with a target price of HK$544, implying a 27.8% upside from the current price of HK$425.60 [3][9] - **Risks**: Potential risks include increased competition from onshore capital markets, lower market velocity, fee pressure from reduced fees in China, and a deflationary environment in China [8] Additional Insights - **Market Capitalization**: Approximately HK$539.6 billion [9] - **Forecasted Revenue Growth**: Expected to reach HK$30.86 billion by 2027 [9] - **Dividend Yield**: Projected to be around 3.1% by 2027 [9] This summary encapsulates the key financial metrics, business performance, cost management, investment outlook, and additional insights regarding HKEX's third-quarter results for 2025.

Summary of Hong Kong Exchanges (0388.HK) Conference Call Company Overview - **Company**: Hong Kong Exchanges (0388.HK) - **Market Capitalization**: HK$537.1 billion / $69.1 billion - **Current Price**: HK$423.60 - **Target Price**: HK$562.00 - **Upside Potential**: 32.7% Key Financial Highlights - **3Q25 Earnings**: Earnings exceeded expectations, driven by better-than-expected investment income - **Core Profits**: Grew by +101% year-over-year, supported by a +141% year-over-year increase in cash Average Daily Turnover (ADT) [2][20] - **Revised EPS Estimates**: FY25E/26E/27E/28E EPS revised up by +5%/+4%/+4%/+5% [2][20] - **Forward P/E Ratio**: Approximately 30X, below mid-cycle P/E of ~35X [2] Revenue and Growth Projections - **Revenue Forecasts**: - FY25E: HK$28,682.1 million - FY26E: HK$29,784.9 million - FY27E: HK$31,627.6 million [5][20] - **Total Revenue Growth**: Projected at 28.2% for FY25E, followed by 3.8% and 6.2% for FY26E and FY27E respectively [12] - **EPS Growth**: Expected to be 32.8% for FY25E, with subsequent growth rates of 3.1% and 6.0% for FY26E and FY27E [12] Key Drivers for Share Price Re-rating 1. **Consensus Upward Revisions**: Anticipated increases in ADT estimates [2] 2. **P/E Premium Expansion**: Potential for HKEX's P/E to expand relative to Hang Seng Index (HSI) and HSTECH index [2] 3. **Growth of HK-listed Companies**: Expected acceleration in growth rates for companies listed in Hong Kong [2] Important Financial Ratios - **Return on Equity (ROE)**: Projected at 31.0% for FY25E [11] - **Dividend Yield**: Expected to decrease from 3.5% in FY24 to 2.9% in FY25E [11] - **Net Margin**: Anticipated to be 60.4% for FY25E [12] Income Statement Insights - **Total Revenue**: Expected to reach HK$22,374.0 million in FY24, increasing to HK$28,682.1 million in FY25E [15] - **Investment Income**: Operating investment income projected at HK$4,829.2 million for FY25E [15] - **Net Income**: Forecasted net income of HK$17,325.3 million for FY25E [15] Balance Sheet Highlights - **Total Assets**: Expected to grow from HK$381,629.0 million in FY24 to HK$477,451.4 million in FY27E [16] - **Total Liabilities**: Projected to increase from HK$327,222.0 million in FY24 to HK$397,736.5 million in FY27E [18] Conclusion - The company is positioned for significant growth driven by strong earnings performance, favorable market conditions, and strategic revisions in revenue and EPS forecasts. The investment thesis remains positive with a Buy rating supported by a substantial upside potential in share price.

The pan-European exchange group Euronext on Thursday ...

Core Viewpoint - Euronext has announced a share repurchase programme with a maximum amount of €250 million, reflecting its proactive capital allocation strategy and confidence in growth prospects [1][2]. Group 1: Share Repurchase Programme Details - The programme aims to reduce Euronext's share capital, with all repurchased shares to be cancelled [6]. - The maximum amount allocated for the programme is €250 million, and it will run from 18 November 2025 until a maximum of 31 March 2026 [6]. - Euronext plans to repurchase approximately 2% of its ordinary shares, as authorized by the General Meeting on 15 May 2025, with a limit of 10% [6]. Group 2: Financial and Regulatory Compliance - The programme is designed to maintain Euronext's credit rating and financial flexibility while adhering to its dividend policy of a 50% payout of reported net income [2]. - Euronext has established a non-discretionary arrangement with a financial intermediary to conduct the repurchase, ensuring compliance with applicable regulations, including the Market Abuse Regulation [2][3]. Group 3: Company Overview - Euronext is a leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, and settlement [7]. - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.5 trillion, handling 25% of European lit equity trading [8].

Investment Rating - The report maintains a "Buy" rating for the company [6][3] Core Insights - The Hong Kong Stock Exchange (HKEX) reported record high profits driven by high trading activity, with revenue and net profit for the first three quarters of 2025 reaching HKD 218.5 billion and HKD 134.2 billion, respectively, representing year-on-year increases of 36.6% and 44.8% [1][6] - In Q3 2025 alone, the company achieved revenues and net profits of HKD 77.8 billion and HKD 49.0 billion, marking year-on-year increases of 44.7% and 55.8%, and quarter-on-quarter increases of 8% and 10% [1][6] - The report highlights significant growth in various segments, including trading, listing, clearing, custody, data, and investment income, with year-on-year increases of 57.3%, 17.1%, 65.7%, 24.9%, 8.1%, 10.3%, and 4.4%, respectively [1] Summary by Sections Financial Performance - For the first three quarters of 2025, the average daily trading (ADT) in the Hong Kong stock market was approximately HKD 2,564 billion, a year-on-year increase of 126.3%, with Q3 ADT reaching HKD 2,864 billion, up 142.3% year-on-year and 20% quarter-on-quarter [2] - The number of IPOs in the Hong Kong market reached 69 in the first three quarters of 2025, raising HKD 1,883 billion, a year-on-year increase of 238.7% [2] - The report notes that the average daily trading volume for derivatives and LME continued to grow, with contract numbers and commodity ADV increasing by 11% and 4% year-on-year, respectively [2] Investment Income - Margin investment income was a key support for overall investment income, with a 16% increase in margin investment income driven by a 47% year-on-year increase in margin size [3] - The report indicates that external portfolio returns were down 39% year-on-year due to the redemption of external portfolios, which may impact overall investment income for the year [3] Future Outlook - The report expresses optimism regarding the deepening of mutual market access and the appreciation of the Renminbi, leading to an increase in the company's valuation [3] - The forecast for net profit for 2025 has been raised to HKD 180 billion [3]

Core Insights - Euronext announced its trading volumes for October 2025, highlighting its position as a leading European capital market infrastructure [1] Company Overview - Euronext operates across the entire capital markets value chain, including listing, trading, clearing, settlement, and custody services [2] - The company runs MTS, a prominent electronic fixed income trading market, and Nord Pool, the European power market [2] - Euronext provides clearing and settlement services through Euronext Clearing and its CSDs in Denmark, Italy, Norway, and Portugal [2] Market Position - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.5 trillion [3] - Euronext is recognized as the largest global center for debt and fund listings, handling 25% of European lit equity trading [3] - The company offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [3]