- 3Q18 PATMI beat our estimates by 11%. Revenue of S$222mn is the highest since listing. It was securities revenue that exceeded our expectations.
- Derivatives business drove revenue growth with volumes surging by 34% YoY. FX derivatives enjoyed a stellar 89% spike in volumes.
- SGX will launch new Indian equity derivative products by June18, linked to a so-called “publicly available reference price”.
- Maintain BUY. Our target price raised to S$9.20 (previously S$8.89), in-line with the increase in our FY18e earnings by 4%.
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