SGX

SGX: Cooperates with Shanghai Futures Exchange for the developement of the commodity derivatives markets in both China and Singapore. An MOU was signed to jointly explore areas of cooperation including the development of derivatives for energy, metals, chemicals and commodity indexes. This cooperation with SGX will help the internationalisation of China’s futures market and Shanghai Futures Exchange, and increase market efficiency and the economies of both China and Singapore. Bloomberg consensus has SGX with 7 Buys, 7 Holds and 3 Sells, and a 12-month TP of $7.72. In terms of peer valuation, SGX trades at a forward P/E of 20.8x, Hong Kong Exchange at 28.1x, Bursa Malaysia at 21.4x and London Stock Exchange at 15.5x.