SGX

SGX: CLSA expects the upcoming 2Q14 results (due after market on 22 Jan ) to be weak - in fact the worst quarter in two years. The house forecasts adjusted net profit to come in at $71m, -20% q/q and -7% y/y, with earnings driven lower by weakness in equities trading volumes. Last quarter ADT came in at only $1b, likely impacted by the penny stock scandal, precipitating a drop in small cap volumes. CLSA cuts TP to $7 from $7.15, maintains Underperform.