SGX

SGX: Key trends in February were as follows: Equity markets (35% of revenues): Feb average daily turnover was down 41% y/y to $1.05b, relative to 2013 average of $1.4b and CS' FY14 forecast of $1.1b. Derivatives markets (30%): Derivative volumes down 7% y/y, driven by weaker (low margin) Nikkei futures contract volumes, which fell almost 50% q/q. CS maintains NEUTRAL rating with $7.75 TP, implying 23x 12-month forward earnings (below its eight-year average).