SGX: 2QFYJun11 results. Net profit at $74.2m (+3.4% yoy, flat qoq) came in below avg Street expectations of $84.1m, mainly due to the ASX-SGX transaction related costs of $7.5m, but would otherwise have been largely in-line.
Revenue at $172.2m (+14% yoy, +10% qoq), was driven by increased securities-mkt trading activities which make up 47% of revenue.
Declared interim dividend of 4cts/sh, +6.7% yoy...
Mgt says the US$8.3b offer for ASX is proceeding as planned, hopes to complete the combination in 2011. Will also roll out the SGX Reach initiative in later 2011.
Stock may continue to remain range bound given no major surprises, and overhang pending the completion of the ASX-SGX merger. Technically, support at $8.15 (200MA), resistance at $8.66 (ytd high).
Stock trades at 22.9x fwd consensus P/E.
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