Brokers' take

Singapore Exchange | BUY

Jan 21 close: S$6.73

Target price: S$7.80

DBS Group Research, Jan 21

OUTLOOK for the securities and derivatives markets remains challenging. Volatility in the Chinese market, fear of a global recession, slumping oil prices and currency wars continue to weigh on sentiment.

Singapore Exchange (SGX) successfully launched a number of new initiatives in Q2 FY16, including SGX Bond Pro. The results of these initiatives would only be visible over the medium to long term in our view.

The management has guided for lower operating expenses of between S$415 million and S$425 million for the year while technology-related capex is also lower at S$70 million to S$75 million.…