SGX

SGX: UBS maintains Buy but reduces TP to $8.70 from $9.30, citing excessive discount. Note that current share price suggests a much lower trading vol for a prolonged period, which is excessively pessimistic. SGX is now trading at a 23% discount to the HKE’s PE vs the average 9% seen in the past 5yrs. High frequency trading in the securities starting in August could boost the velocity and in turn provide a catalyst for the stock.