SGX

SGX: Macquarie downgrades to U/p, TP $6.60. House note of market headwinds ahead. FY3Q results were strong, and the long-term outlook for the growth areas remains positive. But, stock is set for a short term sell-off cyclically as the market cools after a strong CY-1Q13. The stock is up 20% in the past 6mths, and it is trading at 24x FY14E PER, which is pricey in a market downcycle.