Thursday, September 29, 2011
SGX: DMG downgrades to Neutral with TP $6.90 from $8.90. Note that 1QFY12 securities market ADT was weaker than expectations. For the period of Jul-Sep 2011, securities market ADT of S$1.60b was up from Apr-Jun 2011’s $1.45b, but still below expectations. House lowers FY12 ADT assumption to $1.66b, from $1.90b previously. FY13 ADT assumption is also cut to $1.78b, from $2.02b previously and cut FY12F & FY13F Net Profit by 12% and 11% respectively.