SGX

SGX: CS maintains its OUTPERFORM rating with a TP of $9.25, implying a 24% upside for SGX. SGX released its February figures, with the value traded declining 16% y/y due to a high base in 2012. Average daily turnover down 2% y/y to $1.76b, given fewer trading days this Feb due to Chinese New Year. Beating estimates by 16%. Derivatives markets maintains its strong growth trend, with volumes up 32% y/y. CS notes that the sustained strength in volumes will lead to both consensus earnings upgrades and upside risk to stock price. CS values SGX based on 25x forward earnings, on it's 8-yr historical average.