SGX

SGX: Citi previews SGX’s results, maintains Sell with TP$5.81. FY13 net profit forecasted at $323m in line with consensus. Highlights that a 3rd round of QE has not materially shown improvement in turnover with turnover velocity still low at 50%. High freq trading still 1QFY13 forecast is a 10% qoq increase though down 8% yoy. Equities turnover for Sep 12 qtr is up 19% qoq with futures and options volume stable at approx 19m contracts.