SGX

SGX: Trading and clearing volumes in SGX continues to grow in March, with daily average value for securities was 20% higher yoy at $1.6b, although it was 11% lower from the previous mth. Total securities value traded was up 9% yoy and flat mom at $31.5b. Meanwhile, the total volume for derivatives rose 27% yoy and 10% mom to 9.56m contracts. The average daily derivatives volume also grew 34% to 473,028 contracts vs a year ago. Meanwhile, the value of bond listings dropped 40% yoy and grew 12% mom earlier to US$15b. CS maintains O/p on back of the latest stats, with a $9.25 TP, implying a 25x forward P/E, in-line with average. Believe that given stronger volumes, the stock is now below its longer-term averages on both absolute and relative metrics.