SGX

SGX: CLSA expects 1QFY13 adjusted net profit to decline 5% yoy to $83m. Driving this expected drop in earnings ist he continuing weakenss in the equities business, where turnover levels remain sluggish. Notes income from derivatives will again soften the blow somewhat, as contracts traded remains healthy, but it will not be enough to prevent a yoy decline for the quarter. The house keeps a Sell ratign with TP $5.75.