SGX

SGX: Releases its latest monthly stats: Equity markets in June 2013 saw average daily turnover (ADT) of $1.61b, +59.2% y/y but -10% m/m. Strong y/y increase was mainly due to the very low base in 2012. Derivative volumes maintained their recent strong growth trend with volumes up 63.7% Y/Y, while in depository services, revenue was up 61% Y/Y in June. We note that ytd 2013 still appears to be shaping up to be a much better year in terms of trading vol vs 2012. CS maintains Buy with $9.25 TP.