SINGAPORE EXCHANGE

SINGAPORE EXCHANGE (SGX)| BUY

TARGET PRICE: $8.73

MARCH 8 CLOSE: $7.47

Maybank Kim Eng, March 8

The details of the Bursa Malaysia-SGX trading link are still being worked out with the timeline set to be end-2018. We view this as a positive development and expect synergies to come through in this government-to-government initiative.

On SGX India equity derivatives, it is: 1) working with National Stock Exchange to develop a link in Gujarat International Finance Tech city; 2) and to list successor products soon (which require regulators' approvals) and it plans to engage market participants to roll into these successor products from the current SGX Nifty suite of products.