SGX - SGX target raised to $10.50 by Phillip Securities; Keeps Buy

Stock Name: SGX
Company Name: SINGAPORE EXCHANGE LIMITED
Research House: Phillip Securities

Phillip Securities lifts Singapore Exchange (S68.SG) target price to $10.50 from $9.00 after raising FY11 EPS estimate by 16.8% to reflect higher revenue on back of bourse operator’s recent growth initiatives, says Dow Jones.



These include offering trading of corporate bonds for retail investors and ADRs of 19 major Chinese companies, launching dark pools.

Broker says if these ADRs successful in Singapore, SGX may enable trading of ADRs of South Korean, Taiwanese, Indian companies. Adds Singapore IPO pipeline remains healthy, with at least six companies seeking to list in 4Q10. Keeps Buy call. Shares flat at $9.47.