SGX: CS downgraded the counter to Neutral (from Outperform), with TP of $8.00 (from $10.00), given continued weak market activity.
The key investment case for SGX is the longer-term growth through both equities growth and success in its strategy to become an Asian regional gateway, with derivatives being the medium-term driver.
Nearer term, its fortunes are more linked to current equity market volumes.
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