SGX

SGX: To report 2Q13 results after the close on 22 Jan. OSK maintain Sell and cuts TP to $6.50 from $5.30, note that 2Q13 securities market ADT was down 9% QoQ to S$1.23b, though it represented a 12% YoY rise. Assume a FY13 ADT of S$1.50b, whilst 1HFY13 ADT at a softer S$1.29b. Maintain earnings forecast, however, given the recent rise in share prices of Asian exchanges, raise target PE (for FY14) to 21x, from 17x previously.