SGX

SGX: 1QFY15 net profit fell 16% y/y to $78m, while revenue declined 8% to $169m. Securities revenue fell 29% to $49.1m (29% of revenue) with volatility halving to 6%, and daily average traded value falling 27% amid a challenging market. This was partially offset by derivatives revenue (+4% to $53.7m), driven by strong performances of FTSE China A50 futures and Iron Ore products. Deutsche comments that this is decent results in a low volatility environment, as such the house maintains its Buy call. Interim DPS of 4¢. Latest broker ratings: Deutsche maintains Buy with TP of $8.70