• SGX is focusing on building a multi-asset exchange, widening its partnerships and networks and growing its international presence.
• Growth pipeline includes M&A targets that will augment its offerings, accelerating the growth of Scientific Beta and building an integrated forex marketplace to increase revenue contributions from the current 6%.
• S$55mn – S$60mn capex set aside to modernise its system architecture, digitalise and invest in its foreign exchange and fixed-income businesses.
• Maintain ACCUMULATE with higher TP of S$11.25, from S$11.01. Our TP is now pegged to its historical five-year mean of 23x FY21e PE vs. -1SD previously in view of its stronger growth prospects.

Investment summary Profits in FY21 are in line with expectations, and costs are under controlled Topsports INT'L announced on May 24 the company's annual results for the year ended February 28, 2021. The company's annual revenue was approximately CNY 36.01 billion, an increase of 6.9% Yoy (2020: CNY 33.69 billion), which was slightly lower than our previous expectation (previous expectation: CNY 37.37 billion), it was approximately 3.6% lower. The company’s cost control during the period was adequate, and its OPM...
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Report type: Weekly Strategy “MSCI Rebalancing, Legal Reforms & System Changes and Aircraft Demand” On 27/5, the trading value of the First Section of the Tokyo Stock Exchange became approx. 5.6 trillion yen, a high level since February 2018. With the international investment index, MSCI, having announced the regular switching of indexes on 12th May, since that switch was to be implemented after the end of trading on 27/5, attention was on the movements of related stocks throughout the closing....
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