SGX

SGX: DB: maintain Buy, TP 7.60 from 8.70, EPS downgrades to reflect equity market weakness. Recent equity market weakness appears to have been reflected in the SGX
share price, lower earnings estimates.

Trough valuations are still some way below current levels although given the stock is trading 17% below its 5yr avg PE, suspect SGX will perform well if a broader market rebound materialises. Lower EPS forecasts by 10-13%. Weaker equity market conditions offset strong derivatives activity.