Razer, SEA reportedly mulling secondary listing in SGX

SGX trading activities will get a boost if the listings fall through.

Multiple reports of US-listed tech companies, along with HK-listed Razer, and SEA are mulling secondary listings in the Singapore Exchange have a potential to further boost trading activities in the trading platform according to a report by RHB.

“These listings would attract investors and further boost trading activities on the SGX, although the final outcome and incremental trading volumes are still uncertain now,” RHB said.

Recently, the trading momentum in both equities and derivatives was robust in May, and SGX’s 11MFY21F (Jun) data largely tracks with RHB’s forecasts.

According to RHB’s report, total securities trading value rose by 12% YoY or 12% MoM to c.$30b. Securities average daily value (SADV) grew 6% YoY or 24% YoY, while for derivatives, total contracts traded increased by 6% YoY or 3% MoM to c.18m. Derivatives average daily value (DADV) rose by 14% MoM (flat YoY).

“We raise FY22-23F earnings by 6% and 3%, premised on higher FY 2022 and FY 2023 SADV/DADV assumptions of $1.4b/1.07m and $1.2b/1.08. Our TP rises to $12.30 (25x FY22F P/E) as a result of the positive earnings revisions,” RHB said.

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