SGX

SGX: In the latest trading stats in Dec, Equity markets (35% of revenues) saw December average daily turnover (ADT) down 17% YoY to $0.95b, and remained weak after November ADT of S$0.93 bn (+3%MoM), and below the 2013 average of $1.4b. Derivative volumes increased a little on November and were up 12% YoY, but remained around 19% below May and June highs. Listing (10%), saw just one one new equity listing in the month. Overall, CS maintains Neutral with $8.25 TP, implying 23x 12-month forward earnings (around its eight-year average). See downside risk to forecasts (FY14E ADT of $1.2b) should current weak volumes be sustained.