▌What’s on the Table…

Singapore Exchange (ADD, tp:SGD11.61) – Digital edge
SGX targets high-single-digit revenue growth in the medium term (FY15-20 CAGR: c.6%). Ramp up of Scientific Beta and BidFX will drive this growth. Initiatives of building an integrated FX marketplace, a digital bond issuance and trading platform, and ESG solutions may differentiate SGX from peers. Reiterate Add. SGX ’ s strategy of capturing customers in a multi-asset ecosystem while enhancing its digital capabilities is a smart beta play.