Brokers' take

Singapore Exchange Ltd > Neutral April 21 close: S$7.47 Target price: S$7.45 Phillip Securities Research (Singapore), April 21

EXCLUDING one-off loss of S$4 million from the disposal of shares of the Bombay Stock Exchange, Q3 FY06/17 Patmi (profit after tax and minority interests) would have decreased 2 per cent yoy (year on year) to S$87 million, in line with our expectations of S$83 million. Operating expenses decreased because of lower processing and royalties expense and lower professional fees. Total revenue was lower because of weaker y-o-y derivatives trading volume.

Ascott Residence Trust > Hold April 21 close: S$1.09 Target price: S$1.105 OCBC Investment Research, April 21