Singapore Exchange - CIMB Research 2015-10-21: In the price
SINGAPORE EXCHANGE LIMITED SGX S68.SI Singapore Exchange - In the price
- 1QFY16 net profit of S$99.3m was in line at 26% of our full-year forecast.
- DPS was raised to 5 Scts from 4 Scts previously, in line with prior guidance
- We cut our FY16-18 EPS by 2-3% on expectations of lower derivative traded volume and clearing rate, and higher expenses
- We upgrade to Hold from Reduce, as valuations are more palatable at 20x forward P/E, 0.5sd below its historical mean.
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