■ 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.