Brokers' take

Singapore Exchange > Hold (downgraded) OCBC Investment Research, April 26 April 26 close: S$7.40 Fair value: S$7.60

SINGAPORE Exchange (SGX) saw another quarter of record derivatives revenue - the third consecutive quarter.

Derivatives revenue rose 31.6 per cent year-on-year (yoy) or 5.5 per cent quarter-on-quarter (qoq) to S$119 million, or 52 per cent of total group revenue. Equities and fixed income revenue now accounted for a smaller 36.6 per cent of revenue. Management maintained its full year guidance of operating expenses of S$445-S$455 million with technology-related capital expenditure at S$60-S$65 million.