SINGAPORE EXCHANGE LIMITED SGX S68.SI
Singapore Exchange - Volatility-led improvement
- 1Q16 net profit of S$99m (+28% y-o-y); revenue +30% to S$220m, in line. 5-Sct DPS declared.
- Securities up; continued growth from Derivatives
- Challenging outlook for Securities; diversifying business mix to reduce reliance on Derivatives.
- Maintain HOLD, TP S$7.80.
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