CGS-CIMB Research, DBS Group Research, PhillipCapital, and RHB Resesarch are upgrading their calls on the Singapore Exchange (SGX), following its record revenue posted for FY2020 and a dividend increase announced last week. 

See: SGX posts 16.6% increase in 4Q20 earnings of $121.1 mil; reports highest revenue since listing of $1.05 bil

Operating revenue for 4Q20 grew 12.2% y-o-y to $278.4 million. For FY20, the bourse registered 15.7% higher revenue y-o-y at $1.05 billion, the highest since its listing. SGX declared a dividend of 8 cents per share for 4Q2020, up from 7.5 cents the previous quarter, even amid a call from the Monetary Authority of Singapore (MAS) to moderate FY2020 dividends. 

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