Brokers' take

Singapore Exchange | Buy Target price: S$9 July 24 closing price: S$7.50 RHB, July 24

SGX recorded FY2018 securities average daily value (SADV) of S$1.24 billion, which is in line with our expectation of S$1.2 billion, and higher than FY2017's S$1.12 billion.

Looking ahead, we are bullish on SADV, and have assumed FY2019 SADV of S$1.39 billion. Global developments, including further hikes in the US Federal funds rate (FFR) and trade war concerns, could stimulate more switching of stock holdings in investors' portfolios, and in turn generate trading volume.